Business
Unaudited Interim Results for 6mths ended 29/2/16
Unaudited Interim Results for 6mths ended 29/2/16.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 5683V Connect Group PLC 19 April 2016 \n\nConnect Group PLC\n(\"Connect Group\" or \"the Group\")\n \nUnaudited Interim Results for the six months ended 29 February 2016\n \nGood H1 Performance - In line with management expectations\n \nConnect Group, a leading specialist distributor operating in four divisions; News & Media, Books, Education & Care and Parcel Freight, is pleased to announce its interim results for the six months ended 29 February 2016.\n \n\n\n\n\nAdjusted results(1)\n\n\nSix months to\n29 Feb 2016\n\n\nSix months to\n28 Feb 2015\n\n\nChange\n\n\n\n\nRevenue\n\n\n£948.4m\n\n\n£909.9m\n\n\n+4.2%\n\n\n\n\nProfit before tax\n\n\n£27.2m\n\n\n£24.1m\n\n\n+13.0%\n\n\n\n\nEarnings per share\n\n\n8.9p\n\n\n8.6p\n\n\n+3.5%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStatutory results\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£948.4m\n\n\n£909.9m\n\n\n+4.2%\n\n\n\n\nProfit before tax\n\n\n£19.2m\n\n\n£14.1m\n\n\n+35.9%\n\n\n\n\nEarnings per share\n\n\n6.3p\n\n\n4.6p\n\n\n+37.0%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterim dividend per share\n\n\n3.0p\n\n\n2.9p\n\n\n+3.4%\n\n\n\n\nFree cash flow\n\n\n£18.0m\n\n\n£16.0m\n\n\n+12.5%\n\n\n\n\nNet debt\n\n\n£160.9m\n\n\n£157.9m\n\n\n\n\n\n\n\n \nHighlights:\n \n· Group performance in line with management expectations\n \n· Adjusted revenue up 4.2%\n· Adjusted profit before tax up 13.0%, driven by post acquisition profits and growth in Parcel Freight\n· Adjusted EPS of 8.9p, up 3.5%\n· Strong free cash flow generating £18.0m, up 12.5%\n \n· The Group continues to make good progress on its strategic priorities\n- Impressive revenue and profit growth in Parcel Freight\n- Continued resilience in core News business\n- Pass My Parcel growing customers, services and brand awareness\n- E-commerce initiatives in Books and Education helping to offset currently challenging markets\n \n· Ongoing confidence in Group prospects reflected in DPS of 3.0p up 3.4%\n \n \nMark Cashmore, Group Chief Executive, commented:\n \n\"The Group has performed well in the first half, making pleasing progres...