office2office plc (the Company or the Group), the managed procurement and business critical services group, announces its unaudited results for the six months ended 30 June 2010.
Highlights:
- Revenue increased to £107.7m (2009: £96.0m)
- Underlying profit before income tax(1) decreased to £6.0m (2009: £6.4m)
- Profit before income tax £3.1m (2009: £4.5m)
- Underlying earnings per share(2) of 12.2p (2009: 12.6p)
- Basic earnings per share of 6.5p (2009: 9.1p)
- Interim dividend per share of 3.6p (2009: 3.6p)
- Net debt at £32.1m (2009: £30.2m) after cash outflow of £4.5m relating to acquisitions and restructuring costs
(1) Profit before income tax, exceptional and non-recurring costs, amortisation, negative goodwill and share option expense
(2) Profit after tax (before the after tax effect of exceptional and non-recurring costs, share option expense,
amortisation of intangibles and negative goodwill relating to acquisitions) divided by the weighted average number of
Ordinary shares in issue.
David Callear, Chairman, said:
“Despite the difficult trading conditions of an economic recession, we have grown our customer base in the private sector and diversified further into business critical services. Our engagement with Government departments at an early stage has provided us with the opportunity to be involved in the development of their procurement policies.
“Further opportunities from our unique Closed Loop initiative and expansion of crossselling activities will enhance our position. We are mindful that volume pressures may continue for the rest of the year, however, we are confident that our actions will have a positive long-term effect.
“The market outlook is uncertain but the Group is better positioned to deal with this than it has ever been.”
For further information, please contact:
office2office plc
Simon Moate, Chief Executive
Mark Cunningham, Finance Director
26h Aug only: 01653 618016
Thereafter: 01603 691102
www.office2office.co.uk
Rawlings Financial PR Limited
Catriona Valentine
Keeley Clarke
Tel: 01653 618016
www.rawlingsfinancial.co.uk