8 November 2016 – final results
A solid set of final results has been released, in line with expectations. The company has returned to profit although revenue dipped in the year to August 20 2016 to £406.8m from £420.8m in the previous financial year. A profit of £60.1m was reported in the year from a £105.2m loss a year earlier. On an underlying basis, profit before tax fell to £52.9m (2015: £60.9m). The company is paying no dividend as it continues to use cash to pay down its debt pile but we are comfortable with this given current circumstances and retain our LONG TERM BUY rating.