Announcements
14 July 2010
Notice of Preliminary Results
15 June 2010
Trading update
24 March 2010
Directors' dealings
24 March 2010
Director Shareholding
02 February 2010
Interim results for the half year ended 30 November 2009
02 February 2010
Management presentation on Interim results 2009/10
Investor Information
Highlights - for the half year ended 30 November 2009 (unaudited)
Financial
- Revenue1 down 11.4% to £175.5 million (H1 2008: £198.1 million)
- Operating profit1 down 21.6% to £2.9 million (H1 2008: £3.7 million)
- Profit before taxation1 up 11.1% to £2.0 million (H1 2008: £1.8 million)
- Headline basic earnings per share1, 2 up 7.1% to 3.0p (H1 2008: 2.8p)
- Interim dividend per share unchanged at 1.0p (H1 2008: 1.0p)
- Net debt reduced by £12.2 million to £17.5 million (30 November 2008: £29.7 million)
- Debt to EBITDA at 1.5 times (31 May 2009: 1.6 times)
1 From continuing operations only; H1 2008 excludes Garden Centres, disposed of in October 2008.
2 Excluding £Nil (H1 2008: £1.3 million) exceptional deferred tax charge arising from the phased withdrawal of industrial buildings allowances.
Operational
Food Distribution
- revenue during the period remained static at £20.6 million (H1 2008: £20.5 million) as increased distribution revenue offset lower levels of re-packing activity. Operating profit increased by 70.0% to a record £1.7 million (H1 2008: £1.0 million) as a result of improved operating efficiencies and increased backload utilisation.
Feeds
- revenue reduced by 16.6% to £41.2 million (H1 2008: £49.4 million) as raw material prices fell and volumes declined with dairy herds continuing to graze into the autumn. Operating profit reduced to £0.5 million (H1 2008: £1.4 million) as margins fell due to increased competition over lower market volumes.
Fuels
- revenue reduced by 11.3% to £113.7 million (H1 2008: £128.2 million) as a result of crude oil prices at significantly lower levels compared to prior year. Operating profit reduced to £0.7 million (H1 2008: £1.3 million) due to lower domestic heating oil demand and, most significantly, the more stable crude oil price compared to a period of record decline in the prior year.