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27
Business Performance Review
I ampleased to report another year of strong improvement in revenue and further investment in new territories,
assets, contracts and businesses.
Revenue
£500.4m
EBITDA
£57.2m
Earnings Before Interest, Tax,
Depreciation and Amortisation
Normalised comprising the underlying
operating profit of £37.5m (2010:
£34.2m) adding back depreciation of
£18.1m (2010: £15.7m) and separately
disclosed gains on property assets of
£2.0m (2010: £8.2m) and less share based
payments of £0.4m (2010: £ 0.7m).
PBT
£34.5m
Profit Before Tax
Normalised comprising the underlying
EBITDA of £57.2m (2010: £57.4m) less
depreciation of £18.1m (2010: £15.7m)
less finance costs of £5.5m (2010:
6.6m) plus finance income of £0.9m
(2010: 0.9m).
EPS
9.7p
Earnings Per Ordinary Share
EPS based on normalised PBT of £34.5m
(2010: £36.0m) and allowing for a 28%
tax charge.
Business
PerformanceReview
Ben Whawell, Chief Financial Officer
The 2010 profit and earnings per share figures have been restated following the reclassification of certain property related assets to continuing operations with the result that
EBITDA and PBT are now stated after £770,000 of property losses previously treated as discontinued.
Results
Total revenue increased by 11.8% to £500.4m (2010: £447.7m).
Underlying EBITDA was £57.2m (2010: 57.4m) and underlying
profit before tax was £34.5m (2010: £36.0m). Last year there
was a final gain of £8.2m on disposal of certain Widnes assets
and this year there is an increase in value of an investment
property interest in held-for-sale assets of £2.1m. We will
continue to show value improvements on properties in the
future at underlying level.
Profit before tax decreased to £29.5m (2010: £33.3m). The
Group has recognised Stobart Properties as a continuing new
segment due to the focus on this area under its new three
year strategy and has therefore reclassified the 2010 figures
accordingly.
Earnings Per Share
Adjusted earnings per share was 9.7p (2010: 10.8p). This is
calculated based on underlying profitability and normalised for
a tax charge of 28%. The weighted average number of shares
in the period increased to 257.3m shares from 240.5m shares.
Basic earnings per share decreased to 9.0p from 11.7p.