Manders' strategy starts to pay off
Friday 24 March 1995
It has dumped the old low-margin paint business, where it was a minnow in a pond dominated by sharks, and now concentrates wholly on the more exciting inks operation.
With over £80m spent on expanding the business last year, the strategy is risky, but the results are starting to come through. Yesterday it reported underlying profits up 15 per cent to £11.8m in the year to December and revealed plans to raise turnover by £100m to £250m in the next two to three years.
With £13m still in the bank from a property sale, the company has a war chest of perhaps up to £60m for acquisitions. The target is Europe, particularly Germany, France and Spain, but deals can take 12 to 18 months to pull off, the chairman, Roy Amos, warns.
Last year's reported figures, which showed pre-tax profits more than doubled to £23.9m, were distorted by £12.2m property disposal profits and £2.67m rental income.
Forecast profits of £14m this year would put the shares, up 9p at 312p yesterday, on a prospective multiple of nearly 14. Worth holding while the strategy unfolds.
- 1 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Video: Boxer Vido Loncar brutally assaults referee following defeat
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial with one gunman killed inside parliament
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...