Business
Preliminary Results Announcement yr ended 31-8-13
Preliminary Results Announcement yr ended 31-8-13.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 5955Q Smiths News PLC 16 October 2013 \n \n\nSmiths News PLC\nPreliminary Results Announcement for the year ended 31 August 2013\n \nSmiths News PLC (or \"the Group\"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading distributor of consumable products to the education market, is pleased to announce preliminary results for the year ended 31 August 2013.\n \n\n\n\n\nUnderlying results\n\n\nFY 2013\n\n\nFY 2012\n\n\nChange\n\n\n\n\nRevenue\n\n\n£1,810.8m\n\n\n£1,803.9m\n\n\n+0.4%\n\n\n\n\nUnderlying (1) profit before tax\n\n\n£53.0m\n\n\n£47.5m\n\n\n+11.6%\n\n\n\n\nUnderlying (2) earnings per share\n\n\n22.4p\n\n\n19.9p\n\n\n+12.6%\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£1,810.8m\n\n\n£1,803.9m\n\n\n+0.4%\n\n\n\n\nStatutory Profit before tax\n\n\n£41.9m\n\n\n£36.6m\n\n\n+14.2%\n\n\n\n\nStatutory earnings per share\n\n\n17.1p\n\n\n15.2p\n\n\n+12.5%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend per share\n\n\n9.3p\n\n\n8.6p\n\n\n+8.1%\n\n\n\n\nFree cash flow (3)\n\n\n£32.6m\n\n\n£27.2m\n\n\n+19.8%\n\n\n\n\nNet Debt (6)\n\n\n£98.5m\n\n\n£100.5m\n\n\n-2.0%\n\n\n\n\n \n2013 HIGHLIGHTS:\n· Strong financial performance:\n- Revenue growth despite challenging market conditions\n- Underlying PBT £53.0m, up 11.6%\n- Free cash flow £32.6m, up 19.8%\n· Strategic targets progressing:\n- Smiths News: 53% of revenues secured, £800m per annum,\n £6.2bn total to 2019 and beyond\n- Bertrams: diversifying sales mix, international sales +30.2%, digital sales +38.0%, Wordery annualised sales of £15m\n- The Consortium: delivering above expected acquisition returns, pro forma(7) profits +15.3%, new management team in place\n- Group: 29% of profits outside of newspaper and magazine wholesaling,\n on track to achieve 50% by 2016\n· Strong shareholder returns:\n- Underlying EPS of 22.4p, up 12.6%\n- Final dividend of 6.3p, making a full year dividend of 9.3p, up 8.1%\n \nMark Cashmore, Group Chief Executive commented:\n\"We continue to make good progress against our medium term strategic objectives. We have grown Group revenue and in...