Innscor reports a robust set of financials

Innscor reports a robust set of financials
Published: 22 March 2012 (1250 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.

- Byo24News

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