o2o announces preliminary results for year ending 31 December 2010
Financial highlights
|
| 2010 | 2009 |
| Revenue | £207.6m | £187.5m |
| Profit before tax | £4.6m | £8.1m |
| Basic earnings per share | 12.1p | 17.2p |
| Underlying profit before tax(1) | £11.2m | £13.1m |
| Underlying earnings per share(2) | 25.3p | 27.1p |
| Net debt | £31.4m | £27.8m |
| Final dividend proposed - payable 26 May 2011
| £2.8m 7.8p per share | £2.8m 7.8p per share |
| Total dividend for the year | £4.1m 11.4p per share | £4.1m 11.4p per share |
(1)Profit before tax, non-recurring costs of £5.3m (2009: £3.6m), £0.1m share option charges (2009: £0.4m), £0.2m negative
goodwill (2009: £nil) and amortisation of intangibles of £1.4m (2009: £1.0m) (refer to the Consolidated Income Statement).
(2)Profit after tax (before the after tax effect of non-recurring costs, share option charges, negative goodwill and amortisation
of intangibles) divided by the weighted average number of Ordinary shares in issue.
Business highlights:
- Board optimistic about Group opportunities in the longer term and recommends
that the final dividend is maintained at the same level as last year
- Trading for the first quarter of 2011 is in line with management expectations
- TPF*, acquired in February 2010, integrated with AccessPlus and re-launched as
Banner Managed Communication, providing a substantial business process
outsourcing activity and a growing and increasingly significant profit contributor to
the Group
- Strategic “Closed Loop” opportunity strengthened through acquisition of 40%
minority stake in Banner Document Services, giving 100% ownership, and a new
partnership with PHS
- Reduction in public sector sales volumes experienced post General Election, but
has improved since year end
- Private and corporate sector now represent almost two thirds of Group revenue
* Acquisition of the trade and certain assets of the business process outsourcing division of The Print
Factory (London) 1991 Limited (in administration) and DSR Group Limited (in administration) (together
TPF)
Simon Moate, Chief Executive Officer, said: “Our business has been transformed
from a commodity stationery supplier to the public sector to a managed services
organisation serving both corporate and public sector. We are well positioned to
benefit from economic recovery and excited about the emerging opportunities being
presented to us.”
The Preliminary Results 2010 presentation may be viewed at
www.office2office.co.uk.
Download the full announcement.
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