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Printing.com

  • BY: Andrew Hore |
  • POSTED: 13/11/2007 |

Printing.com continues to grow in the UK and has started to add overseas franchises. 

So far there are franchisees in New Zealand and Iceland and Printing.com is starting to supply a new franchisee in France. Revenues are modest at the moment – New Zealand might generate around £50,000 this year – but they could grow substantially. Failing to sign up a US master franchisee is a disappointment but the management is still working on this.

The total retail sales from the network rose 15% to £12.1m in the six months to the beginning of October 2007. There are 224 outlets in the UK and Ireland, of which 49 are franchisees and the rest bolt-ons to those franchises.

Printing.com’s turnover increased 14% to £6.44m, while profit were 5% higher at £968,000. Capital investment to increase capacity led to a higher depreciation charge. There is now more than £15m a year of spare capacity.

The dividend is being increased from 0.6p to 1p a share. That could partly be a rebasing of the dividend because last year’s final was 1.9p a share. It is unlikely the final will be increased by the same amount.

House broker Brewin Dolphin forecasts a rise in profits from £2.3m to £2.5m in the year to March 2008. Depreciation will rise again the second half but it should then stabilise. At 51.5p, the shares are trading on 14 times forecast earnings and a prospective yield of 5.5%.

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