Printing equipment specialist Domino Printing Science extended its record of annual sales growth to a 33rd year with these results - which helped propel the shares up 16 per cent on the day the figures appeared and effectively unwound much of the pre-results sell-off. Second-half sales growth came as something of a relief after sales for the four months to August fell 1 per cent.
Then rest of the world unit, largely comprising Asia, accounted for much of the improvement and sales there rose 15 per cent year-on-year to £70.3m, though the core European market - 5 per cent higher at £183.4m - was more mixed. There, Germany did well and the UK benefited from modest comparatives, offsetting weakness in France and Spain. North America is struggling, too, with the US stuck below pre-recession levels. Sure, aftermarket sales - mostly spares and fluids - grew 6 per cent and generate 60 per cent of the total, but original equipment accounts for the rest and uncertainty arising from the eurozone crisis held back fourth-quarter printer orders. However, the group gross margin topped 50 per cent for the first time and the return on sales hit 18.9 per cent.
Barclays Capital expects adjusted pre-tax profit of £58.9m in 2012, giving adjusted EPS of 37.4p (2011: £59.5m/38.7p).
DOMINO PRINTING SCIENCES (DNO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 511p | MARKET VALUE: | £567.5m | |
| TOUCH: | 511-515p | 12-MONTH HIGH: | 722p | LOW: 425p |
| DIVIDEND YIELD: | 3.7% | PE RATIO: | 14 | |
| NET ASSET VALUE | 174p* | NET CASH: | £22.8m | |
| Year to 31 Oct | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2007 | 231 | 31.7 | 20.1 | 9.86 |
| 2008 | 253 | 25.2 | 15.3 | 11.80 |
| 2009 | 256 | 28.0 | 17.8 | 13.00 |
| 2010 | 300 | 52.1 | 34.3 | 15.62 |
| 2011 | 314 | 57.4 | 37.2 | 18.75 |
| % change | +5 | +10 | +8 | +20 |
Ex-div: 7 Mar Payment: 10 Apr *Includes intangible assets of £81.8m, or 74p per share | ||||
