Business
Unaudited Preliminary Results year ended 31 Aug 17
Unaudited Preliminary Results year ended 31 Aug 17.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 6489U Connect Group PLC 26 October 2017 \n\nConnect Group PLC\n('Connect Group' or 'the Group')\n \nUnaudited Preliminary Results Announcement for the year ended 31 August 2017\n \nA challenging year with significant strategic progress\n \nConnect Group, a UK leading specialist distributor, is pleased to announce its unaudited preliminary results for the year ended 31 August 2017.\n \n\n\n\n\nAdjusted continuing results (1)\n\n\nFY17\n\n\nFY16 restated (7)\n\n\nChange (8)\n\n\n\n\nRevenue\n\n\n£1,594.3m\n\n\n£1,645.8m\n\n\n-3.1%\n\n\n\n\nProfit before tax\n\n\n£48.0m\n\n\n£50.4m\n\n\n-4.6%\n\n\n\n\nEarnings per share\n\n\n15.5p\n\n\n16.2p\n\n\n-4.3%\n\n\n\n\nStatutory continuing results\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n£1,594.3m\n\n\n£1,645.8m\n\n\n-3.1%\n\n\n\n\nProfit before tax\n\n\n£34.2m\n\n\n£35.2m\n\n\n-2.8%\n\n\n\n\nEarnings per share\n\n\n11.0p\n\n\n11.3p\n\n\n-2.7%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend per share\n\n\n9.8p\n\n\n9.5p\n\n\n3.2%\n\n\n\n\nFree cash flow (including Adjusted items) (2)\n\n\n£28.7m\n\n\n£36.2m\n\n\n-20.7%\n\n\n\n\nNet debt (4)\n\n\n£82.1m\n\n\n£141.7m\n\n\n 42.1%\n\n\n\n\n \nSTRATEGIC HIGHLIGHTS:\n \n· Focused strategy continues, concentrating on opportunities in Early Distribution and Mixed Freight\n· Adjusted continuing PBT £48.0m down £2.4m, due to weaker performance in Mixed Freight\n· Resilient trading in News offset by higher costs in Pass My Parcel\n· Step change in the integration of Smiths News and Tuffnells\n· Plans to deliver an initial £15m of savings over two years\n· Sale of Education & Care for an enterprise value of £64.4m and net cash proceeds of £58.2m\n· Books planned disposal expected in FY18\n· Leverage (4) reduces to 1.2x and bank facilities renewed in October 2017 until January 2021\n· Final dividend of 6.7p up 3.1%, making a full year dividend of 9.8p, up 3.2%\n \nMark Cashmore, Chief Executive Officer, commented:\n \n\"In what has been a challenging year, we have concurrently managed a period of tough trading while refocusing our strategy, restructuring our leadership, a...