Business
Audited Preliminary Results
Audited Preliminary Results.
About this update from Smiths News Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0573F\n Smiths News PLC\n 12 November 2020\n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n Smiths News plc\n \n \n ('The Company')\n \n \n \n \n \n Audited Preliminary Results Announcement for the 52 weeks ended 29 August 2020\n \n \n \n \n \n Strong performance delivering on all strategic objectives, returning focus to our core strengths \n \n \n Headlines\n \n \n \n \n \n · \n Performance ahead of revised full year expectations issued on 14 July 2020\n \n \n · \n Uninterrupted service to customers and communities across the UK\n \n \n · \n Trading resilience throughout lockdown and good recovery in fourth quarter\n \n \n · \n All major publisher contracts now secured to at least 2024\n \n \n · \n Robust cost control delivering sustainable operating efficiencies of £6.7m \n \n \n · \n Disposal of Tuffnells removing drag on profits and distraction of loss-making operation\n \n \n · \n New £120.0m three year bank facility agreed in November 2020\n \n \n · \n Bank net debt of £79.5m equivalent to leverage of 2 X EBITDA at the year end\n \n \n \n \n \n Financial performance\n \n \n \n \n \n \n \n \n \n Adjusted continuing results(7)\n \n \n \n \n FY2020\n \n \n \n \n FY2019 \n \n \n restated\n \n \n \n \n % Change\n \n \n \n \n \n \n Revenue\n \n \n \n \n £1,164.5m\n \n \n \n \n £1,303.5m\n \n \n \n \n -10.7%\n \n \n \n \n \n \n EBITDA (excluding IFRS16) (4)\n \n \n \n \n £39.1m\n \n \n \n \n £48.8m\n \n \n \n \n -19.9%\n \n \n \n \n \n \n Profit before tax\n \n \n \n \n £27.9m\n \n \n \n \n £37.6m\n \n \n \n \n -25.8%\n \n \n \n \n \n \n Earnings per share\n \n \n \n \n 9.7p\n \n \n \n \n 11.5p\n \n \n \n \n -15.7%\n \n \n \n \n \n \n Free cash flow \n \n \n \n \n £10.9m\n \n \n \n \n £33.2m\n \n \n \n \n -67.2%\n \n \n \n \n \n \n Bank Net debt (5)\n \n \n \n \n £79.5m\n \n \n \n \n £73.9m\n \n \n \n \n 7.6%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Continuing statutory results(7)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue\n \n \n \n \n £1,164.5m\n \n \n \n \n £1,303.5m\n \n \n \n \n -10.7%\n \n \n \n \n \n \n Profit before tax\n \n \n \n \n £14.8m\n \n \n \n \n £30.3m\n \n \n \n \n -51.2%\n \n \n \n \n \n \n Earnings per share\n \n \n \n \n ...