24 September 2013 – final results
Annual results to 31 May from this supplier of solid fuel and bulk material logistics have revealed revenue 36.5% higher at £843.3m, whilst underlying pre-tax profit on continuing operations rose by 5.9% to £52.2m. Diluted earnings per share on the same basis rose by 7.7% to 134.6p although the dividend was raised by over 15% to 20.5p. Net debt at the year end had risen slightly to £77.9m (2012: £77.7m). These results have benefited from strong performances in the UK coal distribution business and the core material handling services business. Although the year proved challenging, there are more encouraging signs in the UK and with further progress expected in the current year we rate the shares a BUY.