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Caxton posts higher headline earnings

Feb 16 2011 17:37
I-Net Bridge
Johannesburg - Caxton and CTP Publishers and Printers [JSE:CAT] on Wednesday posted a 15.9% increase in headline earnings per share to 63.7 cents from 55c for the six months to December 2010.

The latest financial results marked the resumption of growth in both revenues and profits.

Revenue rose 8.6% to R2.37bn from R2.18bn, lifting earnings per share to 58.8c from 54.4c.

Profit from operating activities after depreciation, as a percentage of turnover, was relatively unchanged, having gone up to 12.9% from 11.6%.

Caxton declared a dividend of 40c (2009: 40c), and preference dividend of 357c (2009: 357c).

Advertising expenditure over the past year was up with television experiencing good growth of more than 25%, mainly as a result of the 2010 Fifa World Cup.

Print advertising declined as a percentage of total spend but nevertheless posted modest growth of about 4.5%, it said.

Consumer spending, Caxton said, had improved with retail and wholesale sales growing in excess of the inflation rate.

Notwithstanding the substantial amounts expended on new plant and other investments, the company remained in a strong financial position, it said.

Cash and cash equivalents of R1.49bn at December 2010 were similar to those held at December 2009 of R1.50bn.

Associated companies in the main achieved budgeted profits.


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