Preliminary Results
27 February 2009
A Resilient Business in Challenging Times
Financial Highlights
Financial Highlights
| Revenue | Up 16% to £953.9 million (2007: £822.1 million), up 7% at constant currency |
|---|---|
| Adjusted operating profit* | Up 9% to £116.6 million (106.6 million) down 0.7% at constant currency |
| Adjusted profit before tax* | Up 1% to £91.3 million (£90.3 million) |
| Adjusted earnings pers share* | Up 2% to £39.3p (38.4p) |
| Free cash flow | Down 1% to £47.2 million (47.8 million), up 11% for textile maintenance |
| Total dividends per share | Up 3% to 20.0p (19.4p) |
| Profit before taxation | Down 23% to £60.4 million (£78.7 million) |
| Basic earnings per share | Down 34% to 24.5p (37.1p) |
* before exceptional items and amortisation of customer contracts
and intellectual property rights
Operational Highlights
Nordic region
“We are pleased to report continued growth for 2008 and an increased dividend for the year.
“The group is well placed to meet the demands of the current testing conditions. We are responding to the economic uncertainties by taking advance action to reduce costs in those parts of the group that are most directly affected. Our balance sheet will remain robust due to the cash generative nature of our business and by close management of the group’s capital expenditure. We have secure
financing with approximately £190 million of headroom at year-end on our facilities which are committed until at least 2012.
“Uncertain market conditions look set to continue but our management team has considerable experience and is committed to addressing the challenge. The Board remains confident in the medium and long term prospects for the group.”
For further information contact:
The Davis Service Group
Roger Dye, Chief Executive Richard Mountain
Kevin Quinn, Finance Director
Telephone 020 7269 7121
Telephone 020 7269 7121 (today until 12 noon)
Telephone 020 7259 6663 (thereafter)
Financial Dynamics
Richard Mountain
Telephone 020 7269 7121
Download full press release
Operational Highlights
Nordic region
- Organic revenue growth of 4%
- Margin improvement in developed markets of Denmark, Sweden and Norway
- Acquisitions in Baltic countries progressing well
- Organic revenue growth of 7% in Holland, Poland and Workwear in Germany
- Expected decline in German Healthcare being addressed by restructuring programme
- Sales operations commenced in Czech Republic
- Organic revenue growth of 2%
- Profit improvement in core textile maintenance business
- Further progress in Clinical Solutions and Decontamination
“We are pleased to report continued growth for 2008 and an increased dividend for the year.
“The group is well placed to meet the demands of the current testing conditions. We are responding to the economic uncertainties by taking advance action to reduce costs in those parts of the group that are most directly affected. Our balance sheet will remain robust due to the cash generative nature of our business and by close management of the group’s capital expenditure. We have secure
financing with approximately £190 million of headroom at year-end on our facilities which are committed until at least 2012.
“Uncertain market conditions look set to continue but our management team has considerable experience and is committed to addressing the challenge. The Board remains confident in the medium and long term prospects for the group.”
For further information contact:
The Davis Service Group
Roger Dye, Chief Executive Richard Mountain
Kevin Quinn, Finance Director
Telephone 020 7269 7121
Telephone 020 7269 7121 (today until 12 noon)
Telephone 020 7259 6663 (thereafter)
Financial Dynamics
Richard Mountain
Telephone 020 7269 7121
Download full press release
