23 July 2008
Financial highlights
· Revenue and adjusted operating profit* from continuing activities up by 12% to £106.0m (2007: £94.9m) and by 14% to £8.7m (2007: £7.6m) respectively
· Total revenue up 17% to £111.2m (2007: £94.9m)
· EBITDA** up 8% to £10.0m (2007: £9.3m)
· Reported operating profit down 5% to £6.5m (2007: £6.9m)
· Adjusted operating profit* up 3% to £7.8m (2007: £7.6m)
· Cash inflow from operations up 47% to £8.5m (2007: £5.8m)
· Good cash management held total net debt at 30 April 2008 to £14.6m (30 April 2007: £9.8m) following capital investment totalling £9.1m (including the acquisition of a production facility for Baked Snacks) to facilitate future growth (2007: £1.9m)
· Basic earnings per share down 28% to 29.5 pence (2007: 40.9 pence)
· Adjusted diluted earnings per share down 13% to 35.2 pence (2007: 40.5 pence)
· Excluding the adjusted post-tax losses at Baked Snacks, adjusted diluted earnings per share were up 5% to 42.5p
Operational highlights
· Entry into emerging healthier baked snacks market through The Baked Snacks Company, which incurred start-up adjusted operating losses of £0.9m in the eleven months to the year end
· Extension of Confectionery division product portfolio into growing luxury indulgent box chocolate market and Bailey’s brand chocolates through acquisition of Lir (Ireland)
· Solid start to the current year with sales in the first eleven weeks up 13%