Chief executive Adrian Gunn said that
Broker Peel Hunt expects adjusted pre-tax profit of £9.3m for 2012, giving adjusted EPS of 29.2p.
|ORD PRICE:||221p||MARKET VALUE:||£52m|
|TOUCH:||218-223p||12-MONTH HIGH:||245p||LOW: 193p|
|DIVIDEND YIELD:||7.1%||PE RATIO:||11|
|NET ASSET VALUE:||107p||NET DEBT:||64%|
|Year to 31 Jul||Turnover (£m)||Pre-tax profit (£m)||Earnings per share (p)||Dividend per share (p)|
Ex-div: 2 Nov
Payment: 2 Dec
Margin pressure at the contract business is a concern and, while trading since the period ended has remained strong, today's uncertain economic conditions carry risks. Still, it's hard to ignore the impressive yield, while a forward PE ratio of eight is hardly demanding. Good value.
Last IC view: Buy, 208p, 15 April, 2011