Business
Interim Results
Interim Results.
About this update from Smiths News Plc
[{"type":"text","content":"\n RNS Number : 9915Q Smiths News PLC 23 April 2009 \n \n\nSmiths News PLC\nUnaudited Interim Results for the six months ended 28 February 2009\n\nFinancial highlights:\n\n\nRevenue of £609.5m, down 1.4% (2008: £618.4m)\n\n\nUnderlying(2) profit before tax of £15.3m, down 5.0% (2008: £16.1m)\n\n\nUnderlying(2) earnings per share of 7.6p, down 3.8% (2008: 7.9p) \n\n\nFree cash flow (1) of £6.1m, up £1.9m \n\n\nInterim dividend unchanged at 2.2p\n\n\n\n\n\n\n\n\n\n\n6 months to \n\n\n6 months to\n\n\n\n\n\n6 months to\n\n\n6 months to\n\n\n\n\n\n\n\n\n\n\nFeb 2009\n\n\nFeb 2008\n\n\n\n\n\nFeb 2009\n\n\nFeb 2008\n\n\n\n\n\n\n\n\n\n\nUnderlying(2)\n\n\nUnderlying(2)\n\n\nChange\nFav / (adv) \n\n\nStatutory\n\n\nStatutory\n\n\nChange\nFav / (adv)\n\n\n\n\nRevenue\n\n\n£609.5m\n\n\n£618.4m\n\n\n(1.4)%\n\n\n£609.5m\n\n\n£618.4m\n\n\n(1.4)%\n\n\n\n\nProfit before tax\n\n\n£15.3m\n\n\n£16.1m\n\n\n(5.0)%\n\n\n£10.7m\n\n\n£16.1m\n\n\n(33.5)%\n\n\n\n\nEarnings per share\n\n\n7.6p\n\n\n7.9p\n\n\n(3.8)%\n\n\n6.8p\n\n\n7.9p\n\n\n(13.9)%\n\n\n\n\nInterim dividend \n\n\n2.2p\n\n\n2.2p\n\n\n-\n\n\n2.2p\n\n\n2.2p\n\n\n-\n\n\n\n\nFree cashflow (1)\n\n\n£6.1m\n\n\n£4.2m\n\n\n45.2%\n\n\n£6.1m\n\n\n£4.2m\n\n\n45.2%\n\n\n\n\nNet Debt (3)\n\n\n£49.7m\n\n\n£57.1m\n\n\n13.0%\n\n\n£49.7m\n\n\n£57.1m\n\n\n13.0%\n\n\n\n\n\nOperational highlights:\n\n\nRobust performance in very difficult market conditions\n\n\nCost savings of £1.6m achieved\n\n\nTotal contract gains of £322m per annum (including News International)\n\n\nAcquisition of Bertrams book wholesaling business for a consideration of £8.6m plus £7m working capital injection\n\n\nOn-going review of The Returns Company - £3.1m impairment charge taken\n\n\n\n\nCommenting on the results, Mark Cashmore, Chief Executive said:\n\n'Against a backdrop of difficult market conditions Smiths News has performed robustly, taking swift action to control costs whilst maintaining business momentum. \n\n'I am also pleased to report that we have made significant strategic progress in the year to date. We have secured growth for our news distribution business through major new contract gains which was largely due to our clear focus on delivering the highest standards of service and efficiency. In addition, the recent acquisition of ...