(all numbers GBPs)
Revenues 92,395MM +43%
Cash flow from operations 26,673MM +900%
EBITDA 27,302MM +73%
Net earnings 24,526MM +94%
EPS 0.147 +2100%
EBIT per slaughtered KG decreased from Q3 by 20% to £0.70.
The numbers are good and the stock is dirt cheap if not cheaper((P/E 3.9) yet the stock took a good tumble yesterday. The reason was the lack of dividend. Although the release says:
The dividend policy will be reviewed by the Board on a regular basis as appropriate for the cash position of the Company with the view of setting a defined strategy within 2011.
I got the impression from the conference call that all cash flows generated during the next couple of years will be used to expand the production. Considering that the October dividend was called "interim" this move was unexpected. The company would be afford to pay 0.40 NOK annually and still grow the business both organically and through acquisitions. I may just be paranoid but I think there might be a takeover attempt underway.
Link to the report
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