Revenue 5.9% lower at £195.6 million (-2.0% at constant currency)
EBITDA at £44.9 million, remains substantial at 23.0% of Revenue
Pre-tax Profit of £24.3 million, up 20.7%
Further material increase in the net cash position to £61.4 million
Special dividend of 3.0 pence per share paid during the year
Increase of 20% in the annual dividend to 3.0 pence per share
The above-mentioned figures include a profit of £2.4 million on the sale of an industrial building in France, and additional stock and other various provisions.
John Lewis, Non-Executive Chairman, said; 'We have again produced a significant increase in profits against what continues to be a challenging backdrop. This has been a result of removing losses in our Sales & Servicing division whilst continuing to improve the performance of our core Operations business.
Cash generation remains very strong and we have further increased our net cash balance to £61.4 million. This is after an outflow in the second half of the year of £5.1m, relating to the cost of the special dividend of £10.9m offset by the sale of treasury shares of £5.8m. As a result we will be recommending a final dividend of 1.5 pence to give a total dividend for the year of 3.0 pence, representing an increase of 20% over the year.
'The overall revenue for the Group was a little lower than last year and has been on a gently declining trend for some time. The Board is optimistic that going forward this trend will reverse with the progressive rollout of our laundry product - branded Revolution - which we believe has a real commercial opportunity in Europe, beginning in France and Belgium. This, combined with increased penetration and maturity of our Starck photobooths, lower manufacturing costs and expansion into other territories means the Group has strong prospects.
Subject to the risks and uncertainties detailed in the business and financial review, the Board once again anticipates further progress over the coming year.'
Dividends
We have rapidly grown dividends since reintroducing them in 2010. This year, we are pleased to be recommending a final dividend of 1.5 pence to give a total dividend for the year of 3.0 pence, representing a further increase of 20% over the year.
In light of the strength of the balance sheet and mindful of shareholder returns, we also decided to return £10.9m by way of a special dividend of 3.0 pence per share in February 2013.
The Group's net cash position remains extremely healthy and we are anticipating success with our new laundry product, the rollout of which can be comfortably financed from internal resources. It is our stated intention to maintain a progressive dividend policy but the Board has now decided to provide greater clarity for shareholders. Therefore, with the strong provisos that the business moves forward as we expect, that our laundry product achieves its targets and we do not make a material acquisition, we intend to increase the annual dividend by 20% next year. In addition, the Board will consider the scope for a further special dividend.
This dividend policy is intended to demonstrate a strong commitment to improving shareholder returns by more aggressively utilising the strong cash flows of the business combined with the Group's existing cash position.
If approved at the Annual General Meeting on 12 September 2013, the final dividend will be paid on 7 November 2013 to shareholders on the register at the close of business on 27 September 2013. The ex-dividend date is 25 September 2013.
