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Lees Foods

  • BY: Andrew Hore |
  • POSTED: 27/01/2012 |

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.

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