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Vianet exits from lower margin activity

By BFN News | 09:55 AM | Tuesday 04 December, 2012


Vianet reports that turnover for the past six months was at £11.19 million (H1 2012: £11.79 million) following exit from lower margin activity Pub closures and disposals resulted in a net reduction of 619 sites in its core Leisure business installation base, although this was offset by gaining 669 higher value iDraughtTM installations. The Group's Vending Solutions division consolidated its performance and was close to breakeven despite delays to commencing a major contract. Although turnover within the Fuel Solutions division was down 10% compared to the same period last year, it operated at a reduced loss level and we were pleased that a monthly profit was achieved in September and October 2012. Gross margins were in line with last year overall as the Group maintained tight control over fixed overheads, which reduced by some 9.0% on last year. The Group's profit before amortisation, share based payments and exceptional items amounted to £1.87 million (H1 2012: £1.91 million). Profit before taxation was £1.26 million (H1 2012: £1.62 million) with the H1 year on year performance adversely affected by a swing in exceptional items; in H1 2012 there was a credit of £0.12 million and in the current year a cost of £0.22 million. Group earnings per share before exceptional costs amounted to 5.26 pence (H1 2012: 3.93 pence), impacted by a reduced taxation charge resulting from the utilisation of historic losses acquired with the Vianet assets in December 2008. In line with the Group's current dividend policy and also to reflect the Board's confidence in prospects for the year as a whole, the Board has declared an interim dividend of 1.70 pence per share (H1 2012: 1.67 pence per share), payable on 29 January 2013 to shareholders on the register as at 14 December 2012. A final dividend of 4.00 pence per share was paid in respect of the year ended 31 March 2012 on 2 October 2012. At 9:55am: (LON:VNET) share price was 0p at 102p Story provided by StockMarketWire.com

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