2 October 2012 – final results
The print and marketing services group St Ives has released its annual results for the year to 27 July and these have gone down well with the market. Underlying revenue rose by over 10% to £327m and underlying pre-tax profit was over 15% higher at £24.2m. Earnings per share on the same basis were 8% higher at 15.6p and the total dividend was raised by almost 10% to 5.75p. The improved performance has largely been due to the move away from commoditised print products into marketing services and recent acquisitions have emphasised this. The group has moved into a net debt position, with debt of £13.4m compared to a cash balance of £16.3m a year earlier, but this is due to the acquisitions that have been made and the need for extra working capital to fund the growth that has taken place. However, the group is well-financed and with further growth set to come the shares look GOOD VALUE.