Business
FY2022 Preliminary Financial Results
FY2022 Preliminary Financial Results.
About this update from Smiths News Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information\n \n \n \n \n \n \n Smiths News plc\n \n \n \n \n (Smiths News or the Company)\n \n \n \n \n \n \n \n \n \n Audited Financial Results for the 52 weeks ended 27 August 2022\n \n \n \n \n \n \n \n Performance ahead of expectations with material debt reduction and increased dividend\n \n \n \n \n Headlines\n \n \n \n ·\n Performance ahead of full year market expectations\n \n \n ·\n Core sales remaining resilient and benefiting from a favourable margin mix\n \n \n ·\n Successful mitigation of inflation in line with expectations\n \n \n ·\n Free cash flow of £48.2m benefitting from £22m of expected one-off inflows\n \n \n ·\n Significant reduction in bank net debt to £14.2m, representing 0.3x EBITDA (ex. IFRS16 leases)\n \n \n ·\n Final dividend of 2.75p proposed, making a full year dividend of 4.15p, a total payment of £10m\n \n \n ·\n Contracts for 35% of our newspaper and magazine revenues re-secured until 2029\n \n \n ·\n New financial year has started well with trading in line with expectations\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FY2022\n \n \n \n \n \n \n FY2021\n \n \n \n \n \n \n % Change\n \n \n \n \n \n \n \n \n Adjusted continuing results\n \n \n \n \n \n \n \n \n \n \n \n \n \n \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 £1,089.3m\n \n \n \n \n £1,109.6m\n \n \n \n \n -1.8%\n \n \n \n \n \n \n EBITDA (ex. IFRS16 leases)\n \n \n \n \n £40.7m\n \n \n \n \n £42.6m\n \n \n \n \n -4.5%\n \n \n \n \n \n \n Operating profit\n \n \n \n \n £38.1m\n \n \n \n \n £39.6m\n \n \n \n \n -3.8%\n \n \n \n \n \n \n Profit before tax\n \n \n \n \n £31.1m\n \n \n \n \n £30.9m\n \n \n \n \n +0.6%\n \n \n \n \n \n \n Earnings per share\n \n \n \n \n 10.8p\n \n \n \n \n 10.8p\n \n \n \n \n -0.0%\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flow and net debt\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Free cash flow\n \n \n \n \n £48.2m\n \n \n \n \n \n \n \n £24.0m\n \n \n \n \n +100.8%\n \n \n \n \n \n \n Bank Net Debt\n \n \n \n \n £14.2m\n \n \n \n \n £53.2m\n \n \n \n \n -73.3%\n \n \n \n \n \n \n Average Bank Net Debt\n \n \n \n \n £49.9m\n \n \n \n \n £82.6m\n \n \n \n \n -39.6%\n \n \n ...