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John Swan & Sons

  • BY: Andrew Hore |
  • POSTED: 13/08/2013 |

Livestock auctioneer John Swan & Sons reported a loss for the year to April 2013 but a land revaluation meant that the NAV increased. 

The current market value of the fixed assets calculated by Savills is 3.55m. This is based on existing use. The NAV has risen from 5.15m to 6.27m. At 387.5p a share, John Swan is valued at 2.36m, which is less than two-fifths of the NAV.

On the negative side, there was a large cash outflow on the back of the 362,000 loss, compared with a 239,000 profit in 2011-12, as revenues declined. However the previous year benefited from a 234,000 positive pension adjustment against an 18,000 charge in 2012-13. Net cash fell from 1.06m to 593,000. 

Trading was hit by the poor weather conditions last year. Sheep prices were lower and fewer cattle meant that John Swan could not take full advantage of higher cattle prices. Trading has improved in the current year.

The dividend is unchanged at 5p a share. The yield is 1.3%.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf

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