Hot Features
Premium
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Berendsen (LSE:BRSN) share prices were climbing today on the heels of this morning’s publication of their year-end results. Share prices were up over 9% by 42.00pence to 504.00p as of 12:56 pm GMT.
Year End Results
In announcing the results for the year ending 31 December 2011, the board attributed its excellent performance, at least in part, to its restructuring efforts during the year. The Chairman Christopher Kemball announced “The move to a business line structure is now complete and we have strengthened our capabilities in sales, HR and business development, as well as having developed major group wide programmes in capital efficiency and procurement.”
Salient highlights of the report included:
- Adjusted pre-tax profits increased by 15% from £97.1 million in 2010 to £111.8 million on a 1% increase in revenues for the same period. The company was able to accomplish this despite one-time exceptional costs of £8.5 million invested in the restructuring.
- Adjusted earnings per share were 48.4p, an increase of 16% from 23.4p
- The company will increase its dividend per share by 10% from 21.2pps to 23.4pps.
- Year end cash on hand was £93.1 million, up from £75.5 million in 2010.
- ROI increased from 7.4% to 7.9%
- Free cash flow conversion was at 114% of adjusted after-tax profits at £93.1 million.
Outlook
Mr. Kemball shared the board’s positive outlook for the business’ future, saying, “We remain encouraged by the scope both to accelerate the development of our Core Growth businesses and to enhance the returns of our Manage for Value businesses. We finished the year with a strong balance sheet and a secure long-term funding position.” Looking back at FY2011, Kemball stated, “2011 was my final full year as Chairman and I believe we enter 2012 in good shape with the benefits of our strategic initiatives already gathering momentum. While much of our top line growth is dependent upon economic activity, at this early stage, we anticipate delivering a slightly better performance in 2012 than previously expected.” Mr. Kemball plans to retire after the Annual General Meeting on 26th April 2012.
