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Lees Foods
- BY: Andrew Hore |
- POSTED: 27/01/2012 |
- COMMENTS: Add yours
Macaroon bars and coconut snowballs maker Lees Foods is getting a £500,000 refund from HM Revenue & Customs.
This relates to overpaid output tax between 1973 and 1995 and the cash should be received in the next few weeks.
The balance sheet is already strong. Net cash was £972,000 at the end of June 2011. Underlying interim profit dipped from £564,000 to £505,000 due to higher ingredients costs.
At 211.5p a share, up 7.5p, Lees is valued at £5.17m. Pro forma net assets will be £5.38m, although that includes £1.8m of intangible assets.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf
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