Business
Audited Preliminary Results Year Ended 31 Aug 2018
Audited Preliminary Results Year Ended 31 Aug 2018.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 4153G Connect Group PLC 06 November 2018 \n\n6 November 2018\n \n \nConnect Group PLC\n('Connect Group' or 'the Group')\n \nAudited Preliminary Results Announcement for the year ended 31 August 2018\n \nA year of significant challenge and changes\n \nConnect Group, a leading UK specialist distributor, today announces its audited preliminary results for the year ended 31 August 2018.\n \n\n\n\n\nAdjusted continuing results\n\n\nFY18\n\n\nFY17\n\n\n% Change\n\n\n\n\nRevenue\n\n\n£1,534.3m\n\n\n£1,594.3m\n\n\n(3.8%)\n\n\n\n\nProfit before tax\n\n\n£28.4m\n\n\n£48.0m\n\n\n(40.8%)\n\n\n\n\nEarnings per share\n\n\n9.3p\n\n\n15.5p\n\n\n(40.0%)\n\n\n\n\nStatutory continuing results\n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n£1,534.3m\n\n\n£1,594.3m\n\n\n(3.8%)\n\n\n\n\n(Loss)/profit before tax\n\n\n(£35.5m)\n\n\n£34.2m\n\n\n(203.8%)\n\n\n\n\n(Loss)/earnings per share\n\n\n(15.5p)\n\n\n11.0p\n\n\n(240.9%)\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nDividend per share\n\n\n3.1p\n\n\n9.8p\n\n\n(68.4%)\n\n\n\n\nFree cash flow \n\n\n£20.2m\n\n\n£28.7m\n\n\n(29.6%)\n\n\n\n\nNet debt\n\n\n£83.4m\n\n\n£82.1m\n\n\n(1.6%)\n\n\n\n\n \nHeadlines:\n \n· Adjusted continuing profit before tax £28.4m, down £19.6m\n· Performance driven by losses in Tuffnells and Pass My Parcel and weaker trading in Smiths News\n· Free cash flow of £20.2m, down £8.5m\n· No final dividend - making a full year dividend of 3.1p, down 68.4% (FY 2017: 9.8p)\n· Smiths News - impacted by shortfalls to cost reduction targets and disappointing World Cup sales\n· Pass My Parcel closed in light of continued losses\n· Tuffnells materially impacted by operational integration, leading to service and efficiency shortfalls, and coinciding with more competitive trading conditions\n· Statutory continuing loss before tax of £35.5m, includes a goodwill impairment for Tuffnells of £46.1m\n· Appointment of Jos Opdeweegh as Chief Executive Officer from 1 September 2018\n·  ...