Business
Preliminary Results Announcem
Preliminary Results Announcem.
About this update from Smiths News Plc
[{"type":"text","content":"\n RNS Number : 7311U Smiths News PLC 21 October 2010 \n \n\nSmiths News PLC\nPreliminary Results Announcement for the year ended 31 August 2010\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 preliminary results for the year ended 31 August 2010.\n \nFINANCIAL HIGHLIGHTS:\n\n\n\n\nUnderlying results\n\n\nFY 2010\n\n\nFY 2009\n\n\nChange\n\n\n\n\nRevenue\n\n\n£1,829.6m\n\n\n£1,326.0m\n\n\n38.0%\n\n\n\n\nUnderlying (1) Profit before tax\n\n\n£35.0m\n\n\n£30.5m\n\n\n14.8%\n\n\n\n\nUnderlying (1) earnings per share\n\n\n14.6p\n\n\n13.8p\n\n\n5.8%\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£1,829.6m\n\n\n£1,326.0m\n\n\n38.0%\n\n\n\n\nStatutory Profit before tax\n\n\n£28.1m\n\n\n£18.4m\n\n\n52.7%\n\n\n\n\nStatutory earnings per share\n\n\n11.7p\n\n\n9.9p\n\n\n18.2%\n\n\n\n\nTotal dividend \n\n\n7.4p\n\n\n6.8p\n\n\n8.8%\n\n\n\n\nFree cash flow (2)\n\n\n£20.4m\n\n\n£23.7m\n\n\n(13.9%)\n\n\n\n\nNet Debt (3)\n\n\n£48.0m\n\n\n£49.5m\n\n\n3.0%\n\n\n\n\n \nOPERATING HIGHLIGHTS:\n· Strong performance despite challenging markets\n· Integration of Dawson News now completed\no SAP fully installed with initial network changes complete\no £3m of costs removed with a further £3m secured for 2011\n· Cost savings from base business(6) totalled £2m\no Commitment to remove £20m of costs over the next three years\n· Bertrams continues to trade strongly producing an underlying operating profit of £4m\no Progress driven by strong internet and international sales and new contract momentum\no Relocation of Library Services from Leeds to Norwich\n· £25m of Regional Press gains, with a further £6m to commence November 2010\n· Development of acquisition strategy focused on sustainable markets\n· New £135m bank facility in place until November 2014 providing headroom for growth\n \nMark Cashmore, Group Chief Executive commented:\n \n\"Our business has made excellent progress over the last 12 months, increasing pre tax profit by 15%. We continue to deliver on ou...