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2014 Domino Interim Statement

2014 INTERIM RESULTS STATEMENT
For the six months ended 30 April 2014

 

 

Half year to 30.04.2014

Half year to 30.04.2013

Change

 

 

 

 

Revenue

£173.8m

£161.9m

+7%

Profit/(loss) before tax

£25.9m

£(3.8)m

 

Underlying profit before tax (note 11)

£27.5m

£25.0m

+10%

Net cash inflow from operating activities before tax (note 8)

£26.5m

£21.2m

+25%

Earnings per share

17.26p

(8.86)p

 

Underlying earnings per share (note 2)

18.36p

16.58p

+11%

Interim dividend per share

7.98p

7.60p

+5%

 
Highlights

 

q  Underlying sales growth of 11 per cent before impact of currencies

q  Double digit sales growth in Europe

q  Strong growth in Asia and North America  

q  New products support double digit growth in equipment revenues

q  Continued investment to build our digital print capability

q  Dividend increased by 5 per cent

 

Peter Byrom, Chairman, commented:  “The Group has delivered underlying sales growth of 11 per cent over the first six months of the year, benefiting from more stable economic conditions in many markets.  This stability has led to increased customer confidence and a general increase in capital investment.  Underlying pre-tax profit increased by 10 per cent and, following another period of strong cash flow, we have increased the interim dividend by 5 per cent to 7.98 pence per share.

 

“Our businesses in Europe and Asia both reported double digit revenue growth and our growth in the USA was 9 per cent.  New products introduced in 2013 have helped increase equipment revenues in the period by 14 per cent despite increased price competition in Asia and other developing markets.

 

“Our new multi-colour N610i digital label press has been well received by customers and we have completed and recognised revenue in respect of eight installations in the first six months.      

 

“We invested £8.9 million in Research and Development. In May 2014, we launched a number of new products at the Interpack exhibition held in Germany.  We have an ongoing programme of investment to maintain product leadership and competitive advantage.

 

“We are pleased with the progress in results over the first six months of 2014 and we remain confident that, subject to continuing stability in market conditions and business confidence, we will meet our expectations for the full year.

 

“We are cautious about prospects for the business in 2015.  The Board believes that results next year could be broadly similar to 2014 as a result of the competitive pricing environment in Asia and other developing markets and the need for additional investment in R&D.

 

We remain optimistic about the longer-term prospects for the business.”

 

 

 

Issued on behalf of Domino Printing Sciences plc by Smithfield Consultants Ltd – Will Swan  T +44 (0)20 7360 4900

Enquiries:

Peter Byrom

Chairman

 

Nigel Bond

Group Managing Director

 

Andrew Herbert

Group Finance Director

T+44 (0)20 7360 4900 until 12.00 /  T+44 (0)1954 781888 after 14.30

           

 

ResponsibilityStatement

 

Weconfirm to the best of our knowledge:

 

a)     thecondensed set of financial statements have been prepared in accordance with IAS34, ‘Interim Financial Reporting’;

b)     theinterim management report includes a fair review of the informationrequired by DTR 4.2.7R (indication of important events during the first sixmonths and description of principal risks and uncertainties for the remainingsix months of the year); and

c)     theinterim management report includes a fair review of the informationrequired by DTR 4.2.8R (disclosure of related parties’ transactions and changestherein).

 

 

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Posted on Friday 24th October 2014