I am pleased to report another strong result by the Smiths News Group in what were very challenging conditions for the wider economy and for the consumer. The Group has met its key financial targets, made solid progress towards its strategic objectives and, in August, completed the acquisition of Dawson Holdings PLC (‘Dawson’).
As a result the Group is well positioned for further progress. Despite these challenging conditions, the Group increased its underlying profit before tax to £38.6m (2010: £35.0m), an increase of 10%. Weaker sales in some sectors were compensated by exceptionally good cost control and sustainable efficiencies that will carry through to future years. Free Cash flow of £22.5m (2010: £20.4m) is in line with expectations and an increase in the full-year dividend to 8.0p (2010: 7.4p) reflects the Board’s confidence in the on-going cash generation of the Group.
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Share Price
94.00p [-0.25p] at 06:21pm on 18 May 2012