15 April 2014 – final results
The group, which is the largest dedicated provider of accident repair services in the UK, has announced its final results for the year to 31 December 2013. Revenues for the year were marginally higher at £156.6m (2012: £155.9m) although underlying pre-tax profit fell to £3.1m (2012: £5.5m) after a poor first half. The second half of the year saw a much improved performance as measures to improve efficiency came through. Underlying earnings per share for the year fell to 5.1p (2012: 9.9p) and the dividend was reduced to 2.9p (2012: 5.5p). At the year end the group had net cash of £6.3m (2012: £5.1m). There has been an encouraging start to the current financial year and the group has bank facilities in place of £20m to help fund future expansion. This will include acquisitions as well as organic growth and the group looks well placed to continue its recovery. Pre-tax profits in the current financial year could rise to £4.9m for earnings per share of 8.4p – we re-iterate our recommendation of BUY.