News blog
William Sinclair
- BY: Andrew Hore |
- POSTED: 15/04/2010 |
William Sinclair says trading has been positive in the six months to March 2010.
Like-for-like peat-free compost sales are 44% ahead. Peat-based compost sales have risen 1% and this is still the largest part of the business. The overall market has been weak so these are good figures.
William Sinclair is starting to mass produce its sustainable peat substitute material.
William Sinclair has provisionally agreed with Natural England about the closure of the Bolton Fell peat bog operations and the compensation due to the company.
The interim agreement involved an advanced payment of £9m to Sinclair, which has been received. There is still work to do on assessing the full compensation payable. Sinclair believes it should be much more than £9m. If no agreement is reached by the end of November 2011, then it will be referred to the Lands Tribunal for a decision.
Net debt fell from £8.7m to £7m in the year to September 2009. Debt is higher in the spring but the £9m received will strengthen the balance sheet.
William Sinclair’s revenues were £46.3m in the year to September 2009, compared with £54.8m in the previous 15 months. There was an underlying revenue decline of nearly 5%. William Sinclair made profits of £1.24m in the year to September 2009, against £882,000 before exceptional charges in the 15 month period.
Revenues were £22.3m in the six months to March 2009 and there was a small loss reported. William Sinclair makes its profit in the second half.
House broker Arbuthnot’s 2009-10 profit forecast is £1.73m.
At 112.5p a share, the company is valued at £18.6m and the shares are trading on less than 16 times 2009-10 earnings. The prospective yield is 2.8%.
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