Preliminary results 2010
26 February 2010
| Revenue | Up 2% to £970.9 million (2008: £953.9 million), down 3% at constant currency |
|---|---|
| Adjusted operating profit* | Down 1% to £115.3 million (116.6 million) down 6% at constant currency |
| Adjusted profit before tax* | £91.7 million (£91.3 million) |
| Adjusted earnings pers share* | 39.4 pence (39.3 pence) |
| Free cash flow | Up 63% to £76.7 million (47.2 million) |
| Dividend per share | Maintained at 20.0 pence |
| Profit before taxation | Up 2% to £61.7 million (£60.4 million) |
| Basic earnings per share | Up 9% to 26.6 pence (24.5pence) |
* before exceptional items of £12.7 million (£11.5 million) and
amortisation of customer contracts of £17.3 million (£19.4 million)
Nordic
“We report a good set of results against a difficult economic background with a significant increase in free cash flow, a strengthened balance sheet and earnings slightly ahead of last year.”
“The group remains well placed in its markets and has further strengthened its position in strategic growth sectors through recent acquisitions. Looking at 2010, we do not expect any marked improvement in our markets, but we will receive the full benefit of the reductions we made to the group’s cost base last year. Overall, with our strong free cash flow and robust balance sheet, the Board believes that the group is positioned to benefit once growth returns to its markets.”
The Davis Service Group Plc
Peter Ventress, Chief Executive
Kevin Quinn, Finance Director
Telephone 020 7269 7291 (today until 12 noon)
Telephone 020 7259 6663 (thereafter)
Financial Dynamics
Richard Mountain
Telephone 020 7269 7291
Download full press release (PDF 556KB)
Highlights
Nordic
- Adjusted operating profit maintained at £51.2 million, with the benefit of foreign exchange
- Strengthened market position in facilities through recent acquisition, a strategic growth sector
- Adjusted operating profit increased 12% to £32.7 million, with the benefit of foreign exchange
- Improvement in German Healthcare delivering increased operating margin
- Strengthened market position in German Workwear through recent acquisition, a strategic growth sector
- Adjusted operating profit down 6% to £37.6 million
- Business cost model improved in hotels and workwear
- Higher revenues in healthcare services, a strategic growth sector
- Succession of CEO managed smoothly
- Board strengthened from 1st March 2010 with three new Non Executive Directors
- £188 million of long term funding secured
“We report a good set of results against a difficult economic background with a significant increase in free cash flow, a strengthened balance sheet and earnings slightly ahead of last year.”
“The group remains well placed in its markets and has further strengthened its position in strategic growth sectors through recent acquisitions. Looking at 2010, we do not expect any marked improvement in our markets, but we will receive the full benefit of the reductions we made to the group’s cost base last year. Overall, with our strong free cash flow and robust balance sheet, the Board believes that the group is positioned to benefit once growth returns to its markets.”
For further information contact:
The Davis Service Group Plc
Peter Ventress, Chief Executive
Kevin Quinn, Finance Director
Telephone 020 7269 7291 (today until 12 noon)
Telephone 020 7259 6663 (thereafter)
Financial Dynamics
Richard Mountain
Telephone 020 7269 7291
Download full press release (PDF 556KB)
