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James Cropper: dividend lifted
Posted 18/11/09
The AIM quoted specialist paper and materials group announced encouraging results for the half year ending 26th September 2009.
Reported turnover for the 6 months was £35.9m, a decrease of 5% to the comparable period, but group profit before tax for the year was £1.65m compared with a loss before tax of £261,000 for the same period last year.
Even more encouragingly, the Board decided to increase the interim dividend from 1.1 pence to 2.2 pence, returning it to its 2007 level.
Speciality Papers traded strongly in the first six months of the financial year continuing the recovery that began in the second half of the previous financial year.
Technical Fibre Products (“TFP”) had a a tougher time with turnover in the first six months down 17% on the same period last year.
The Paper Mill Shop (“TPMS”), the Group’s retail operation, traded at a loss in the opening six months.
With declining equity markets the pension deficit increased by £3,838,000 over the six months to £12,914,000 as at 26th September 2009.
Thankfully gearing at 6% is modest with gross drawn down loans totaling £6.0 million at the year end, £5m held cash at bank and plenty of uindrawn facility available.
Net assets at 26th September were £18.27m which compares with the current market capitalization of approx £13m.
Surely worth following at current levels?
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