News blog
Freshwater UK
- BY: Andrew Hore |
- POSTED: 16/11/2009 |
PR firm Freshwater UK reported a second half profit improvement but full year profits still fell by four-fifths.
Gross profits fell from £7.51m to £6.7m in the year to August 2009, while pre-tax profit dived from £1.17m to £240,000. The final dividend has been cut by two-thirds to 0.5p a share, which takes the total for the year to 1.25p a share, compared with 3p a share the year before.
Net debt was £855,000 at the end of August 2009. There is also potential deferred consideration of £700,000.
Freshwater will benefit from cost cutting this year. Annaulised savings of £1.4m will be made. Revenues from the energy, transport and health sectors remain strong. House broker Charles Stanley forecasts a recovery in profits to £1m in the year to August 2010.
At 31p a share, Freshwater is valued at £4.79m. The shares are trading on six times prospective earnings for 2009-10.
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