Business
Unaudited Interim Results 6 mths ended 28 Feb 18
Unaudited Interim Results 6 mths ended 28 Feb 18.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 6307M Connect Group PLC 01 May 2018 \n\nConnect Group PLC\n(\"Connect Group\" or \"the Group\")\nUnaudited Interim Results for the six months ended 28 February 2018\n \nA challenging first half, with significant reduction in net debt\n \nConnect Group, a leading specialist distributor, is today announcing its Interim Results for the six months ended 28 February 2018.\n \n\n\n\n\nContinuing Adjusted results(1)\n\n\nSix months to\n28 Feb 2018\n\n\nRestated(7)\nSix months to\n28 Feb 2017\n\n\nChange\n\n\n\n\nRevenue\n\n\n£766.5m\n\n\n£793.3m\n\n\n-3.4%\n\n\n\n\nOperating profit\n\n\n£18.0m\n\n\n£25.0m\n\n\n-28.0%\n\n\n\n\nProfit before tax\n\n\n£15.1m\n\n\n£21.7m\n\n\n-30.3%\n\n\n\n\nBasic earnings per share\n\n\n5.0p\n\n\n7.0p\n\n\n-28.6%\n\n\n\n\nStatutory continuing results\n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n£766.5m\n\n\n£793.3m\n\n\n-3.4%\n\n\n\n\nOperating profit\n\n\n£12.4m\n\n\n£19.8m\n\n\n-37.4%\n\n\n\n\nProfit before tax\n\n\n£9.5m\n\n\n£16.5m\n\n\n-42.4%\n\n\n\n\nBasic earnings per share\n\n\n3.1p\n\n\n5.4p\n\n\n-42.6%\n\n\n\n\nInterim dividend per share\n\n\n3.1p\n\n\n3.1p\n\n\n0%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nFree cash flow (including Adjusted items)(2)\n\n\n£10.0m\n\n\n£1.7m\n\n\n495.1%\n\n\n\n\nNet debt(5)\n\n\n£83.6m\n\n\n£149.9m\n\n\n44.2%\n\n\n\n\n \nHeadlines:\n \n· Resilience of Smiths News underpinning Group performance\n· Challenging period for Tuffnells on revenue and costs with profit further impacted by operational inefficiencies\n· Click & Collect proposition being re-engineered\n· Net debt of £83.6m, down £66.3m year on year\n· Interim dividend held at 3.1p\n \nMark Cashmore, Chief Executive Officer, commented:\n \n\"In a period of challenging trading, our profit was impacted by a combination of cost and margin pressures compounded by the extent of change across the Group. The priorities for the second half are clear with action underway to improve the performance of Tuffnells and re-engineer our Click & Collect proposition.\"\n \nThe Group uses certain performance measures for internal reporting purposes and employee incentive arrange...