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Innscor reports a robust set of financials
22 Mar 2012 at 13:26hrs | Views
Innscor reported a robust set of financials showing attributable earnings of $22.5 million, up 59.3% year on year for eps of 4.2 US cents a share. The attributable earnings were just shy of the FY 2011 reported earnings of $26.1 million.
The strong performance was anchored by strong volume growth, increased efficiencies and tight working capital management. EBITDA margins expanded 181bps to 12.0% resulting in EBITDA growing faster than turnover growth. PBT was enhanced by a $5.1 million profit on the disposal of National Foods shares as Innscor reduced its stake to 37.8% through a disposal to Tiger Brands.
Cash generation remained strong with 70.5% of EBITDA converted into cash, despite the significant growth of the debtors' book at TV Sales & Home which grew by approximately $4.2 million.
The balance sheet remained in pristine condition and net gearing improved to 8.5% from 21.5% at year-end. An interim dividend of 0.75 US cents a share was declared. The last date to trade is Friday 23 March 2012.
The strong performance was anchored by strong volume growth, increased efficiencies and tight working capital management. EBITDA margins expanded 181bps to 12.0% resulting in EBITDA growing faster than turnover growth. PBT was enhanced by a $5.1 million profit on the disposal of National Foods shares as Innscor reduced its stake to 37.8% through a disposal to Tiger Brands.
Cash generation remained strong with 70.5% of EBITDA converted into cash, despite the significant growth of the debtors' book at TV Sales & Home which grew by approximately $4.2 million.
The balance sheet remained in pristine condition and net gearing improved to 8.5% from 21.5% at year-end. An interim dividend of 0.75 US cents a share was declared. The last date to trade is Friday 23 March 2012.
Source - Byo24News
