flat iwp to sell off more non-core arms
IWP, manufacturer and distributor of home and personal care products, reported a slight increase in profit yesterday and said that it maycore activity.
The group reported that the annual pre-
The tax profit before the exception and goodwill amortization is 30 euros. 1m (£23. 7m).
The company recently sold Irish wire products to management and sold the paneling center to Heiton.
Now it wants to deal with the Repro center that supplies the printing industry.
The business is likely to be sold to management.
Chief executive Joe Moran warned that the disposal plan could dilute the proceeds.
However, the group has been through two years of difficult trading and restructuring, and the management\'s re-adjustment means that the current transaction has improved.
Moran acknowledged that growth was modest last year, but believes that the IWP strategy focused on home products and personal care will deliver strong results.
He also said that IWP may consider buying back shares in the market.
\"Our disposal plan may curb earnings per share (EPS)
Growth in the short term, but it gives us a stronger balance sheet and creates opportunities for growth by investing, acquiring, or buying through stock from time to increase shareholder returns
\"Support in the market,\" he said . \"
During the year ended last March, adjusted EPS rose by 3. 5pc to 29.
08, slightly higher than the broker\'s estimate.
The turnover of the group increased by 18. 7 pc to 565 euro. 1m (£445m)
Operating cash flow rose 46 pc to 63 euros. 4m (£49. 93m)
Moran said he was satisfied with the development because more cash needed to be created.
Capital expenditure will fall by 8 euros (£6. 3m)
But the group still has a net debt of 166 euros. 2m (£130m), down euro 8. 7m (£6. 68m)
This is despite the group\'s € 6. 4m (£5m)
Its net position was hit by the strength of the pound.
The home products sector is facing fierce price competition in the UK, but its liquid toilet rim product has a strong outlook, while it has secured the entire air care private label category at Sainsbury.
In terms of personal care, in the UK, the collection of cosmetics 2000 series increased by 20 PCs year on year, and the Dutch business also completed a management reshuffle.