£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Growth Metrics | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Annualisation Factor | 1.0 | 1.0 | 1.0 | 1.0 |
Dividend Yield | 6.0% | 4.3% | 5.7% | 3.5% |
Continuing Operations | ||||
PE Ratio - Adjusted | 10.3 | 10.0 | 6.9 | 12.0 |
PE Ratio - Diluted | 11.3 11.2 |
12.0 10.6 |
7.1 6.7 |
12.3 12.6 |
PEG - Adjusted | n/a | n/a | 0.5 | n/a |
PEG - Diluted | n/a n/a |
n/a n/a |
0.5 0.3 |
n/a n/a |
Return on Capital Employed | 41.84% 43.15% |
40.43% 45.08% |
48.39% 52.14% |
98.03% 98.03% |
Operating Margin | 12.59% 12.99% |
20.36% 22.71% |
24.56% 26.46% |
23.37% 23.37% |
Continuing & Discontinued Operations | ||||
PE Ratio - Adjusted | 10.3 | 10.0 | 6.9 | 12.0 |
PE Ratio - Diluted | 11.3 11.2 |
12.0 10.6 |
7.1 6.7 |
12.0 12.6 |
PEG - Adjusted | n/a | n/a | 0.5 | n/a |
PEG - Diluted | n/a n/a |
n/a n/a |
0.6 0.3 |
n/a n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Net Gearing | 5.49% | (18.77%) | (21.22%) | 6.19% |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Value Metrics | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Price/Book Value | 8.3 | 5.4 | 4.2 | (96.1) |
Price/Tangible Book Value | 8.3 | 5.4 | 4.2 | (96.1) |
Price/ Cash Flow | 27.3 | 10.9 | 8.5 | 8.5 |
Price/Revenue | 1.09 | 1.80 | 1.24 | 2.00 |
Price/R&D | 35.9 | 94.5 | 80.0 | 127.6 |
Net Asset Value per Share (exc. Intangibles) | 11.27p | 23.27p | 22.37p | (1.47p) |
Net Cash per Share | 2.60p | 1.34p | 1.17p | 1.11p |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Annualised Fundamentals | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Continuing Operations | ||||
Revenue | 24.28 | 19.83 | 19.07 | 17.06 |
EBITDA | 4.23 4.33 |
4.89 5.35 |
5.34 5.70 |
4.32 4.32 |
Depreciation | (1.18) (1.18) |
(0.85) (0.85) |
(0.66) (0.66) |
(0.33) (0.33) |
Net Interest | (0.03) (0.03) |
n/a n/a |
(0.06) (0.06) |
0.18 0.18 |
Profit Before Tax | 3.03 3.12 |
4.03 4.50 |
4.62 4.99 |
4.16 4.16 |
Revenue per Share | 85.96p | 70.45p | 75.31p | 70.61p |
Pre-Tax Profit per Share | 10.72p 11.06p |
14.33p 15.98p |
18.26p 19.70p |
17.23p 17.23p |
Market Capitalisation £ (Millions) | 26.19 | 35.29 | n/a | n/a |
Enterprise Value (EV) £ (Millions) | 29.94 | 38.23 | 3.44 | 3.88 |
EBITDA/EV | 14.14% 14.46% |
12.78% 14.00% |
155.22% 165.77% |
111.34% 111.34% |
Operating Margin | 12.59% 12.99% |
20.36% 22.71% |
24.56% 26.46% |
23.37% 23.37% |
Capital Employed £ (Millions) | 7.31 | 9.99 | 9.68 | 4.07 |
Return on Capital Employed | 41.84% 43.15% |
40.43% 45.08% |
48.39% 52.14% |
98.03% 98.03% |
Invested Equity Capital £ (Millions) | 22.82 | 21.54 | 20.63 | 13.80 |
Earnings per Share - Basic | 8.61p 8.77p |
10.89p 12.54p |
13.59p 14.65p |
11.84p 11.84p |
Earnings per Share - Diluted | 8.26p 8.32p |
10.57p 11.93p |
13.12p 13.86p |
11.53p 11.25p |
Earnings per Share - Adjusted | 9.06p | 12.68p | 13.59p | 11.84p |
Earnings per Share Growth - Basic | -21% -30% |
-20% -14% |
15% 24% |
n/a n/a |
Earnings per Share Growth - Diluted | -22% -30% |
-19% -14% |
14% 23% |
n/a n/a |
Earnings per Share Growth - Adjusted | -28% | -7% | 15% | n/a |
PE Ratio - Diluted | 11.3 11.2 |
12.0 10.6 |
7.1 6.7 |
12.3 12.6 |
PEG - Diluted | n/a n/a |
n/a n/a |
0.5 0.3 |
n/a n/a |
Tax Rate | 19.72% | 24.02% | 25.61% | 31.28% |
Dividend Cover | 1.60 1.55 |
2.31 2.28 |
2.54 2.74 |
2.37 2.37 |
Interest Cover | 46.88 48.33 |
47.91 53.31 |
24.47 26.31 |
58.85 58.85 |
Continuing & Discontinued Operations | ||||
Earnings per Share - Basic | 8.61p 8.77p |
10.89p 12.54p |
13.59p 14.65p |
11.84p 11.84p |
Earnings per Share - Diluted | 8.26p 8.32p |
10.57p 11.93p |
13.12p 13.86p |
11.77p 11.25p |
Earnings per Share - Adjusted | 9.06p | 12.68p | 13.59p | 11.84p |
Earnings per Share Growth - Basic | -21% -30% |
-20% -14% |
15% 24% |
n/a n/a |
Earnings per Share Growth - Diluted | -22% -30% |
-19% -14% |
12% 23% |
n/a n/a |
Earnings per Share Growth - Adjusted | -28% | -7% | 15% | n/a |
PE Ratio - Diluted | 11.3 11.2 |
12.0 10.6 |
7.1 6.7 |
12.0 12.6 |
PEG - Diluted | n/a n/a |
n/a n/a |
0.6 0.3 |
n/a n/a |
Dividend Cover | 1.60 1.55 |
2.31 2.28 |
2.54 2.74 |
2.37 2.37 |
Return on Equity (ROE) | 10.65% 10.86% |
14.23% 16.39% |
16.67% 17.98% |
20.73% 20.73% |
Operating Cash Flow per Share | 3.43p | 11.61p | 10.98p | 16.62p |
Gross Cash Flow per Share | cn/a | cn/a | cn/a | cn/a |
Cash Incr/Decr per Share | (19.94p) | (2.86p) | 18.32p | (4.22p) |
Capital Expenditure per Share | n/a | n/a | n/a | n/a |
Dividend per Share | 5.65p | 5.50p | 5.35p | 5.00p |
Dividend per Share Growth | 2.73% | 2.80% | 7.00% | n/a |
Dividend Yield | 6.0% | 4.3% | 5.7% | 3.5% |
Shareholders Funds | 22.44 | 21.04 | 20.06 | 13.26 |
Net Borrowings £ (Millions) | 1.23 | (3.95) | (4.26) | 0.82 |
Net Asset Value per Share (inc. Intangibles) | 11.27p | 23.27p | 22.37p | (1.47p) |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing - inc Intangibles | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Shareholders' Funds inc Intangibles | 22.44 | 21.04 | 20.06 | 13.26 |
Net Borrowings £ (Millions) | 1.23 | (3.95) | (4.26) | 0.82 |
Net Gearing | 5.49% | (18.77%) | (21.22%) | 6.19% |
Cash & Near Cash | 2.52 | 6.89 | 7.70 | 3.06 |
Cash | 11.22% | 32.75% | 38.37% | 23.07% |
Gross Borrowings | 3.75 | 2.94 | 3.44 | 3.88 |
Gross Gearing | 16.70% | 13.98% | 17.15% | 29.26% |
Borrowings Under 5 years | 3.75 | 2.94 | 3.44 | 3.88 |
Under 5 years | 16.70% | 13.98% | 17.15% | 29.26% |
Borrowings Under 1 year | n/a | n/a | n/a | n/a |
Under 1 year | n/a | n/a | n/a | n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Gearing - exc Intangibles | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Shareholders' Funds exc Intangibles | 3.18 | 6.55 | 5.67 | (0.36) |
Net Borrowings £ (Millions) | 1.23 | (3.95) | (4.26) | 0.82 |
Net Gearing | 38.67% | (60.27%) | (75.13%) | n/a |
Cash & Near Cash | 2.52 | 6.89 | 7.70 | 3.06 |
Cash | 79.08% | 105.19% | 135.87% | (858.99%) |
Gross Borrowings | 3.75 | 2.94 | 3.44 | 3.88 |
Gross Gearing | 117.75% | 44.92% | 60.74% | 1,089.61% |
Borrowings Under 5 years | 3.75 | 2.94 | 3.44 | 3.88 |
Under 5 years | 117.75% | 44.92% | 60.74% | (1,089.61%) |
Borrowings Under 1 year | n/a | n/a | n/a | n/a |
Under 1 year | n/a | n/a | n/a | n/a |
£ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
Cover | 31-Mar-11 | 31-Mar-10 | 31-Mar-09 | 31-Mar-08 |
Quick Ratio | 0.84 | 1.61 | 1.56 | 0.89 |
Current Ratio | 1.16 | 1.84 | 1.74 | 1.04 |
* GAAP
a. Includes discontinued activities
b. Based on operating cash flow before tax
c. Not disclosed under IFRS
d. Includes non-current assets
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