Spice PLC release their results for the year to April 2010

Spice PLC have released their final results for the year to April 2010

Financial Summary

  • Revenue £310.7m up 11%
  • EBITA £36.1m up 8%
  • PBTA £31.5m Unchanged
  • Total dividend 1.62p 8%
  • Net debt £117.5m
  • Pro-forma net debt (post Telecoms business sale) £91.0m

Highlights

  • £31.3 million was spent on acquisitions in the year. £17.0 million on new acquisitions and £14.3 million on earnouts.
  • The supply Division generated revenues of £40.9 million and EBITA of £18.1 million.
  • The Distribution Division generated revenues of £269.8 million and EBITA of £26.7 million
  • The energy business (Supply Division) grew revenue by 32% in fragmented growth markets – record year for new customers. The stated strategy is to grow the successful Energy business which is already a major player in the fragmented global growth market, and build an international presence

Immediate Strategy

  • Capitalise on growth opportunities in utilities and energy markets
  • Further disposal of non-core assets
  • Attention to cost base /re-focus on organic growth
  • Reduce net debt to less than 2x EBITD

Medium Term Strategy

  • Focus on attractive markets with strong underlying regulatory and environmental drivers
  • Leverage Distribution’s technical skills and capabilities in the UK and internationally
  • Grow successful Energy business which is a major player in fragmented global growth market – build international presence
  • Maintain dominant Billing position in the UK and seek to develop USA markets
  • No sacred cows exist. Focus on optimum shareholder value

Related link – Final results presentation

Location: UK,  Leeds

Ref: F231109-490

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