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Preliminary Results to 2 January 2009
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Lincat Group plc
Preliminary results for the 12 months to 2 January 2009
Lincat Group plc (“the Group”), the AIM listed manufacturer of commercial catering appliances, bar equipment and domestic range cookers, announces its preliminary results for the twelve month period to 2 January 2009.
Note: The period ended 2 January 2009 is referred to as “the year”. To aid year-on-year comparisons, the Group has provided pro-forma figures for the twelve month period to 31 December 2007, which formed part of an eighteen month reporting period, and it is these figures that are used in comparisons below.
Summary of the Group’s performance and activities:
- Increase in Group sales from £34.5m to £34.7m
- Operating profit before exceptional items of £5.6m (2007: £6.0m), a return on sales of 16.1%
- Adjusted earnings per share* of 70.3p, an increase of 10% on 2007
- Final dividend of 18.8p proposed, giving a total dividend of 29.0p (2007: 28.0p)
- Strong result from Britannia following its move to new premises in December 2007
- Interim payments totalling £2.0m received against sale of IMC’s redundant Hertfordshire site; balance of £5.5m receivable 30 June 2009
- Operating cash flow of £6.5m in the year
- Year end net debt of £2.9m, gearing of 31%
* Adjusted earnings per share is calculated from profit after tax, after adding back exceptional items and exceptional tax charges.
Commenting on the year's results, Martin Craddock, Chairman, said:
"In the context of a market that weakened markedly in the second half of the year, our operations have delivered another robust performance. Whilst we anticipate weak demand throughout 2009, our strong balance sheet and high level of cash generation puts us in a stronger position than many of our competitors."
Click here to download "Lincat Group plc 2008 Preliminary Results"
Click here to download "Lincat Group plc 2008 Preliminary Results presentation.pdf"
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