Electronics Production |
44% increase in Turnover for Abacus
Abacus Group increased its turnover by 44% to £257m for the year ended 30th September 2006 (2005: £179m). For the same period Abacus gross profit increased 48% to £64.7m before exceptionals (59% increase to £63.9m after exceptionals).
Financial Highlights for Abacus full year ended September 30th 2006
-44% increase in Turnover to £257m (2005: £179m)
-48% increase in Gross profit to £64.7m before exceptionals (59% increase to £63.9m after exceptionals)
-Gross margin at 25.2% increased from 24.4%, before exceptionals (24.9% compared to 22.5% in 2005, after exceptionals) - reflecting Axess and Deltron acquisitions.
-47% increase to £11.9m (2005: £8.1m) Profit before tax, amortisation and exceptionals (Loss before tax, after amortisation and exceptionals £0.1m, 2005, profit of £4.0m).
-£12m amortisation and exceptional charge, of which £8.0m integration costs, £1.4m Trident restructuring and £2.6m amortisation of intangibles.
-Earnings per share of 13.6p, same as 2005 pre amortisation and exceptionals (0.0p compared to 6.1p in 2005, post amortisation and exceptionals).
-Dividend unchanged at 7.2 p per share. Dividend expected to increase in future years as benefits from integration of recent acquisitions materialise.
“The Group now has a broader operations base, a wider mix of product and a greater depth of management. The geographical spread has also changed radically during the past year. In 2007 the Abacus Group sales will no longer be dominated by the with nearly half the business being overseas. All these factors considerably enhance the opportunities for us going forward as well as delivering a more cost effective and higher margin business. In these circumstances the Board has confidence for the future", Abacus Chairman Harry Westropp commented on the results.
