16 May 2012 – final results
A solid set of results has been released for the year ended 29 February 2012. Revenue broke through the £1bn barrier, rising by 9% to £1,088.3m. Adjusted profit before tax was £7.3m (2011: £8.4m), which translated into adjusted earnings per share of 3.19p down marginally from 3.23p a year earlier. A final dividend of 0.4p per share has been declared, taking the total for the year to 0.6p (2011: 0.5p).
The balance sheet is in good shape, although net cash slipped from £13.6m to £3.5m. Tangible net assets per share are 41.6p (2011: 40.1p), which should offer support to the share price. The company has performed well despite very tough trading conditions and the long term outlook looks bright. March and April trading were well ahead of the prior year and budget levels and there is potential for acquisitions to drive further value. On balance the shares are a BUY.