2013 HIGHLIGHTS:
Strong financial performance:
- Revenue growth despite challenging market conditions
- Underlying PBT £53.0m, up 11.6%
- Free cash flow £32.6m, up 19.8%
Strategic targets progressing:
- Smiths News: 53% of revenues secured, £800m per annum,
£6.2bn total to 2019 and beyond
- Bertrams: diversifying sales mix, international sales +30.2%, digital sales +38.0%, Wordery annualised sales of £15m
- The Consortium: delivering above expected acquisition returns, pro forma(7) profits +15.3%, new management team in place
- Group: 29% of profits outside of newspaper and magazine wholesaling,
on track to achieve 50% by 2016
Strong shareholder returns:
- Underlying EPS of 22.4p, up 12.6%
- Final dividend of 6.3p, making a full year dividend of 9.3p, up 8.1%
Mark Cashmore, Group Chief Executive commented:
"We continue to make good progress against our medium term strategic objectives. We have grown Group revenue and increased profits in all four of our divisions with 29% of profit now coming from outside newspaper and magazine wholesaling, up from 24% in 2012.
Looking ahead, we remain focussed on achieving 50% of profits outside of newspapers and magazines by 2016 and believe our ability to generate significant free cash will support a progressive dividend policy."
