19 June 2014 – final results
The bathroom accessories group has announced its annual results for the year to 31 March revealing a 9.2% rise in turnover to £218.7m, whilst underlying pre-tax profits were 26.7% higher at £14.6m. Underlying diluted earnings per share were 2.9p, an increase of over 52% and the dividend was raised by 10.9% to 0.51p. These were good results given the mixed market conditions in the UK and a challenging environment in South Africa. The group is aiming to double its revenue to £420m by 2018 through organic growth and acquisition and a confident statement regarding prospects is encouraging. The group disposed of its Australian business last month so that it can focus on its target markets of the UK, Africa and the Middle East. The shares have been very disappointing performers to date but long term holders should be rewarded in time – LONG TERM BUY.