9 April 2013 – final results
Final results demonstrated what we view as a solid performance in 2012 given the difficult trading conditions. Importantly, the final dividend has been held at 3.6p per share, keeping the total for the year at 5.5p. This represents a yield of 8.4% at the current share price.
Revenue fell by just over 10% to £155.9m (2011: £173.4m), mainly reflecting site closures in 2011. Underlying profit before tax increased to £5.5m (2011: £5.4m) and a statutory profit before tax of £5.1m was recorded (2011: loss of £2.6m). Underlying earnings per share increased by 15% to 9.9p (2011: 8.6p) and statutory earnings per share were 9.2p (2011: loss per share 6.1p). Cash at 31 December 2012 had slipped to £5.1m (2011: £8.0m) but the pension deficit was reduced by £3.4m to £22.7m (2011: £26.1m) during the period. We believe that prospects are good and this makes the current share price look like an attractive entry point. With a healthy yield this is a share for patient investors to sit on and as long term admirers of the business we maintain our BUY rating.