dawson holdings plc ‘quality distribution, logistics & marketing services’ preliminary...
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Dawson Holdings PLC
‘Quality Distribution, Logistics & Marketing Services’
Preliminary Results for the
52 weeks ended
25 September 2004
PBT up 21% to £14.7m* (from £12.1m)(2003 increased by 32%*)
Dawson Holdings PLC - Headline Results
EPS up 26% to 14.9p* (from 11.8p) (2003 increased by 31%*)
Net Debt down to £9.1m (from £15.9m) (2003 reduced from £26.7m)
Dividend increased to 7.3p (from 6.9p)
* Pre exceptional items in 2004 and 2002
Financial Analysis - Turnover
£M 2004 52 weeks
2003 52 weeks
Change
Distribution and marketing services
649.1
615.9
5.4%
Books 46.2 44.7 3.4% 695.3 660.6 5.3% Add: effect of tabloid pricing 5.7 695.3 666.3 4.4%
Financial Analysis - Operating Profits
£M 2004 52 weeks
2003 52 weeks
Distribution and marketing services
16.1
13.9
Books 2.4 2.3 Central costs (1.5) (1.4)
Pre goodwill 17.0 14.8 - amortisation (0.9) (0.9) 16.1 13.9
Financial Analysis - Profit before Tax
£M 2004 52 weeks
2003 52 weeks
Operating profits 16.1 13.9 Property profit 1.5 - Associates 0.3 0.4 Interest (1.7) (2.2) PBT 16.2 12.1 Add back property profit (1.5) PBT pre exceptionals 14.7 12.1
Financial Analysis - Earnings per Share
£M 2004 52 weeks
2003 52 weeks
Profit before tax & exceptional items
14.7 12.1
Tax - underlying (4.8) (4.2) 9.9 7.9 Minorities (0.5) (0.5) Attributable profit 9.4 7.4 EPS pre exceptionals 14.9p 11.8p
Financial Analysis - Cash Flow£M 2004
52 weeks 2003
52 weeks 2002
52 weeks
Operating profit 16.1 13.9 8.4 Depreciation 3.5 3.4 4.4 Goodwill 0.9 0.9 4.3 20.5 18.2 17.1 Disposals etc (0.1) (0.1) 0.2 Stocks (0.1) 0.5 0.4 Debtors (2.2) 5.3 0.6 Creditors 1.9 2.1 0.4
Operating activities 20.0 26.0 18.7
Financial Analysis - Cash Flow
£M 2004 52 weeks
2003 52 weeks
Operating activities 20.0 26.0 Servicing of finance (2.3) (2.6) Tax (4.5) (4.1) Capital expenditure (4.2) (4.4) Acquisitions/disposals - 0.1 Dividends (4.5) (4.1)
Cash inflow 4.5 10.9 Property sales 2.2 -
Issue of shares 0.4
Exchange/non cash (0.3) (0.1)
Reduction in Net Debt 6.8 10.8
• Underlying revenue growth– Newspapers 4.8% (adjusting for tabloids)
• Weekend cover price increases• Compact formats
– Magazines 4.4%• Partworks• Weekly men’s lifestyle titles• Newspaper sponsored books
• Customer focus– Independent retailers
• Focus groups• NFRN wholesaler of the year
– Multiple retailers• Sales based replenishment
– Publishers• DNx
• Market/Industry– Contracts
• Agreed– Trinity Mirror, Marketforce
• 2005 – Mail, COMAG, News International
– Vertical Agreements• OFT/DTI
• European expansion– BA Gate Service– Frankfurt– Paris
• Product mix– Newspapers v magazines
• Direct News delivery– Racing Post
• Travel Brochures– Reducing losses– Price sensitive market
• Marketing services– Solid business– Strategic review for expansion
• Contract renewals– SUPC– NEYAL
• eBooks– Distribution agreement– Strategic investment
• Export– Weak US dollar– New initiatives– North America
Priorities for 2004/5
• News– Implementation of operational & IT initiatives– Contract renewals– Vertical Agreements
• Media Direct– Continue European expansion
• Marketing Services– Marketing services opportunities
• Books– New systems implementation– Export initiatives– Drive the service “ethic”
Current Trading and Prospects
• Sound start to the new financial year
• Continue to build on the steady successful growth of the four divisions, making strategic acquisitions when appropriate.
• Every division has clear strategic plans and underpinning each one is
SERVICE SERVICE SERVICE
PBT up 21% to £14.7m* (from £12.1m)(2003 increased by 32%*)
Dawson Holdings PLC - Headline Results
EPS up 26% to 14.9p* (from 11.8p) (2003 increased by 31%*)
Net Debt down to £9.1m (from £15.9m) (2003 reduced from £26.7m)
Dividend increased to 7.3p (from 6.9p)
* Pre exceptional items in 2004 and 2002
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