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Autoclenz
- BY: Andrew Hore |
- POSTED: 26/03/2008 |
- COMMENTS: Add yours
Car valeting and vehicle preparation business Autoclenz still generated cash last year even though its profits fell.
Pre-amortisation profits fell from £2.05m to £1.46m on sales down from £28m to £27m in 2007. After paying £500,000 in dividends there was still £467,000 left from the cash generated from operations. Net debt was £3.67m at the end of 2007.
Last summer Autoclenz lost part of its £4m contract with British Car Auctions and that knocked £300,000 off profits. It still has business with BCA worth £1.5m a year. New contracts across the group will more than make up for that shortfall this year.
Autoclenz is trying to grow by offering more services to its existing clients. It has gained three collection and delivery contracts worth more than £4m. This business was acquired last year and should move into profit in the second half of 2008.
Autoclenz is paying a final dividend of 3.7p a share. That takes the total dividend for the year to 5.5p a share. The shares rose 7p to 56p following the results but they are still yielding nearly 10%.
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