The Investment Column: Booker
Wednesday 23 June 1999
The statement, following the group's change of year-end, marks the near- completion of the group's re-organisation after Stuart Rose took control of the troubled distributor in October. Since his arrival, he's notched up pounds 150m of exceptional charges incurred in slimming the group down to a focused cash-and- carry player.
Mr Rose says there will be no more operating exceptionals, but there may be some costs in the remaining disposals, a salmon farm and a US poultry business. He also expects debt to fall to under pounds 300m by the year- end. In the meantime, he has suspended dividends "for the foreseeable future".
Now he wants Booker to be the largest, most efficient, customer-friendly and profitable player in the business. So far it is only the largest and it faces some tough competition. Wal-Mart's imminent arrival could make the market even fiercer.
Analysts expect full-year profits of pounds 29m and earnings of 8.5p per share this year, putting the shares, down a penny at 87.5p yesterday, on a rating of 10. That sounds cheap, but Booker has much to prove and the rating is fair.
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Expert urges cat lovers to own just one animal each
- 4 Yes, the iPhone 6 is a miracle, but it's Apple's tax affairs that deserve a double take
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...