Business
Preliminary Results for the year ended 31/08/12
Preliminary Results for the year ended 31/08/12.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 7470O Smiths News PLC 16 October 2012 \n \n\nSmiths News PLC\nPreliminary Results Announcement for the year ended 31 August 2012\n \nSmiths News PLC, the largest UK newspaper and magazine wholesaler, a leading UK book wholesaler and a leading distributor of consumable products to the education market, is pleased to announce preliminary results for the year ended 31 August 2012.\n \n\n\n\n\nUnderlying results\n\n\nFY 2012\n\n\nFY 2011\n\n\nChange\n\n\n\n\nRevenue\n\n\n£1,803.9m\n\n\n£1,734.4m\n\n\n+4.0%\n\n\n\n\nUnderlying (1) Profit before tax\n\n\n£47.5m\n\n\n£38.6m\n\n\n+23.1%\n\n\n\n\nUnderlying (1) earnings per share\n\n\n19.9p\n\n\n15.5p\n\n\n+28.4%\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£1,803.9m\n\n\n£1,734.4m\n\n\n+4.0%\n\n\n\n\nStatutory Profit before tax\n\n\n£36.6m\n\n\n£32.1m\n\n\n+14.0%\n\n\n\n\nStatutory earnings per share\n\n\n15.2p\n\n\n12.1p\n\n\n+25.6%\n\n\n\n\nDividend per share\n\n\n8.6p\n\n\n8.0p\n\n\n+7.5%\n\n\n\n\nFree cash flow (2)\n\n\n£27.2m\n\n\n£22.5m\n\n\n+20.9%\n\n\n\n\nNet Debt (3)\n\n\n£100.5m\n\n\n£63.3m\n\n\n+58.8%\n\n\n\n\n \n2012 HIGHLIGHTS:\n \n· Performance ahead of market expectations with underlying profit before tax up 23%\n· Significant momentum on diversification strategy \no Acquisition of The Consortium giving access to growing markets\no 28% of proforma(6) profits from outside of newspaper and magazine wholesaling\n· Growth and progress across the business\no Secured £200m revenue per annum from the News International Contract to 2019\no Strong performance from international and digital books markets\n· Excellent performance on cost savings and efficiencies \no £5m efficiencies delivered from Smiths News with a further £20m expected by 2015\no £2.5m year 1 synergies from integration of Dawson Holdings\n· Continuing to enhance shareholder value\no EPS of 19.9p up 28%\no Full year dividend of 8.6p up 7.5%\n \nMark Cashmore, Group Chief Executive commented:\n \n\"I am delighted to report another 12 months of strong financial performance with underlying profits, cash flow and earnings all up by over 20% per annum...