Half Year Results
· Robust trading performance in conditions markedly different to prior H1, a record half year
· Revenue up 3% to £222.49m (2013: £216.09m)
- including £9.0m contribution from Carmarthen & Pumsaint Farmers business ("CPF")
· PBT reduced by 10% to £4.70m (2013: £5.21m)
- no contribution from CPF in H1 as expected
· EPS decreased by 18% to 19.41p (2013: 23.60p), reflecting additional shares in issue
· Net debt significantly reduced at £10.86m, a decrease of 29% (2013: £15.36m)
· Net assets up 24% to £74.54m (2013: £60.16m)
· Increased interim dividend of 3.40p, a rise of 9.7% (2013: 3.10p, a rise of 8.8%)
- in line with policy to increase payout while maintaining a prudent dividend cover ratio
· Agricultural Division - revenues of £171.50m, operating profit of £2.35m:
- unusually mild weather impacted normal seasonal demand
· Specialist Retail Division - revenues of £50.81m, operating profit of £2.58m:
- reduced demand for weather-related products, particularly bagged feed, in country stores offset by
a strong performance from Just for Pets
· Integration of CPF well underway - will contribute to Group profitability in H2 and beyond
- H1 revenue contribution to both Divisions
· Prospects for the balance of the year are encouraging with a good harvest expected
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