Business
Unaudited Interim Results for 6 mths ended 28/2/13
Unaudited Interim Results for 6 mths ended 28/2/13.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 5144C Smiths News PLC 17 April 2013 \n \n\nSmiths News PLC\nUnaudited Interim Results for the six months ended 28 February 2013\n \nSmiths News PLC, the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading distributor of consumable products to the education and care markets, is pleased to announce interim results for the 6 months ended 28 February 2013.\n \n\n\n\n\nUnderlying results\n\n\n6 months to\nFeb 2013\n \n\n\n6 months to\nFeb 2012\n \n\n\nChange\n\n\n\n\nRevenue\n\n\n£904.7m\n\n\n£893.2m\n\n\n1.3%\n\n\n\n\nUnderlying (1) profit before tax\n\n\n£24.9m\n\n\n£21.5m\n\n\n15.8%\n\n\n\n\nUnderlying (1) basic earnings per share\n\n\n10.3p\n\n\n8.9p\n\n\n15.7%\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£904.7m\n\n\n£893.2m\n\n\n1.3%\n\n\n\n\nStatutory profit before tax\n\n\n£19.9m\n\n\n£18.8m\n\n\n5.9%\n\n\n\n\nStatutory basic earnings per share\n\n\n7.8p\n\n\n7.6p\n\n\n2.6%\n\n\n\n\nDividend per share\n\n\n3.0p\n\n\n2.8p\n\n\n7.1%\n\n\n\n\nFree cash flow (2)\n\n\n£10.2m\n\n\n£6.0m\n\n\n70.0%\n\n\n\n\nNet debt (3)\n\n\n£109.4m\n\n\n£74.0m\n\n\n(47.8%)\n\n\n\n\n \nHighlights:\n· Strong financial performance with underlying PBT up 16%, including the impact of acquisitions\n· Continued strong shareholder returns\n- Underlying EPS of 10.3p up 16%\n- Interim dividend of 3.0p up 7%\n· Strategic targets on track\n- Profit growth in all four divisions\n- 27% of profits outside of newspaper and magazine wholesaling (H112: 17%)\n- Smiths News:\n§ Contract renewals worth over £350m revenue pa to 2019\n§ Ongoing efficiencies reduce cost base by £4m\n- Bertrams:\n§ Growing addressable markets through launch of direct to consumer proposition\n§ Acquired £20m of academic revenues to consolidate European leadership\n- The Consortium:\n§ Performing to expectations with WMS integration on track\nInvesting in multi-channel offer to increase revenue growth\n· On track to meet f...