News blog
William Sinclair
- BY: Andrew Hore |
- POSTED: 01/06/2009 |
William Sinclair has benefited from retailers replenishing their stocks and strong trading ahead of Easter.
The peat and plant foods supplier reported a loss of £211,000 on revenues of £22.3m in the six months to March 2009. There are no direct comparisons because of the change in year end last year. The company makes most of its money in the second half of the year. Last year’s second half profit was £945,000.
Net debt was £17m at the end of March 2009, which is more than £2m lower than 12 months before. The pension deficit increased by £3.1m over the period because of the world economic downturn and it contributed £130,000 to the loss.
Demand for garden products appears to be rising as people spend more time in the garden. The company is finding it more difficult to insure against bad debts and is actively managing the risk of bad debtors.
The Bolton Fell compensation discussions are continuing. This should yield compensation worth millions of pounds - the original offer was £12m.
The interim dividend is unchanged at 1p a share.
At 76.5p a share, William Sinclair is valued at £12.7m.
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