Final Results
Financial
· Revenues increased by 0.6% to £222.4 million (2013: £221.1 million)
· Profit before tax and exceptional items increased by 60.4% to £7.5 million (2013*: £4.7 million)
· EBIT margin increased to 4.5% (2013*: 3.4%)
· Basic EPS 7.8p (2013*: 4.6p)
· Cash generated from operations £4.6 million (2013: £8.3 million)
· Net debt £32.9 million (2013: £27.5 million)
Operational
· Successfully delivered our strategy to rebalance the business, revitalise our brand and restore profitability
- FMCG division grew by 7.8% to £111.0 million (2013*: £103.0 million):
- Sales in UK Commercial, our largest channel, increased by 9.7% to £99.4 million (2013*: £90.6 million)
- International sales grew by 4.9% to £6.4 million (2013: 6.1 million). Prospects for our International channel continue to be encouraging, although it is still a small proportion of overall sales
- Private label sales fell by 17.5% to £5.2 million (2013: £6.3 million)
- Significant investment committed to our manufacturing facilities
· Retail division delivered 1.1% growth in like-for-like sales over the period (2013: 0.8% decline), our best performance for more than six years:
- Own Store sales were £94.9 million (2013*: £102.5 million) with a net 36 stores closed during the year in line with the strategy
- Consumer Direct sales increased by 14.3% to £6.4 million (2013*: £5.6 million)
- Franchise sales rose by 1.2% to £8.6 million (2013: £8.5 million)