News blog
Printing.com
- BY: Andrew Hore |
- POSTED: 09/06/2008 |
Printing.com made further progress in 2007-08.
The franchised printing business had 261 outlets in the UK and Ireland at the beginning of June this year – five owned by the company and the rest franchised.
The company’s turnover rose 11% to £12.1m in the year to March 2008. The total value of sales through franchisees increased 16% to £24.6m. Capacity has been increased at the Manchester print works to more than £40m.
Profit growth was more modest but there was still a 6% improvement to £2.42m. A higher depreciation charge has held back growth. This was in line with the market consensus but slightly lower than house broker Brewin Dolphin was expecting.
Net cash was £1.1m even though Printing.com pays out substantial dividend’s to shareholders. A final dividend of 2p a share was announced taking the total for the year to 3p, against 2.5p the year before. A further rise to 3.5p a share is expected this year but net cash is also forecast to rise to £1.6m.
The development of overseas operations is taking longer than hoped. New Zealand’s master licence agreement holder is up and running. There are plans for operations in France and Australia.
The shares rose 1p to 41p, valuing Printing.com at £18.4m. Brewin Dolphin forecasts profits of £2.7m this year, which puts the shares on 10 times prospective earnings. The forecast yield is 8.5%.
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