Business
Interim Results for the six months to 28 Feb 2011
Interim Results for the six months to 28 Feb 2011.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 7994E Smiths News PLC 13 April 2011 \n \n\nSmiths News PLC\nUnaudited Interim Results for the six months ended 28 February 2011\n \nSmiths News PLC (or \"the Group\"), the UK's leading wholesaler of newspapers and magazines and a leading wholesaler of books, is pleased to announce its interim results for the six months ended 28 February 2011.\n \nFinancial highlights:\n· Revenue of £872.3m, down 5.2% (2010: £919.8m)\n· Underlying(1) profit before tax of £19.2m, up 11.0% (2010: £17.3m)\n· Profit before tax £18.7m, up 22.2% (2010: £15.3m)\n· Underlying earnings per share(2) of 7.8p, up 8.3% (2010: 7.2p)\n· Interim dividend of 2.6p, up 8.3% (2010: 2.4p)\n· Positive free cash flow(3) of £2.5m, (2010: £4.1m)\n \nOperating highlights:\n· Outstanding performance in the delivery of operational efficiencies\no £11m generated in H1, on track to deliver £20m for the full year\no 3 year efficiency target of £20m increased to £30m\n· Regional Press gains continue to gather momentum\no £7m of new contract wins secured\no Largest UK distributor of Regional Press\n· Continued growth in International book sales up 28% in H1\no US sales up by 50% with France, Germany and Scandinavia up 25%\n· Diversification plans progressing well\no £70m of funds available to underpin growth aspirations\no Preferred sectors now identified with activity accelerating over the coming months\n \nMark Cashmore, Group Chief Executive commented:\n \n\"Our operational progress over the last six months has been pleasing. Despite a number of challenges across the Group's markets, we have delivered a solid financial performance, increasing our confidence in achieving the full year consensus and underpinning our commitment to a progressive dividend policy.\n \n\"The corporate development strategy is progressing well and we have identified clear acquisition targets in our preferred sectors. I look forward to being able to update the market further later in the year.\"\n \nEnquiries:\n \n\n\n\n\nSmiths News PLC\nMark Cashmore, Group Chi...