Updates

Card Factory - Another special dividend expected

June 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares moved back towards their highs after Card Factory announced strong results for the year ending 31 January with revenue, pretax profit and eps rising 8%, 25% and 17.2% to £382m, £82m and 19.1p, respectively. In spite of spending almost £83m on ordinary and special dividends (of 23.5p a share) strong cash flow meant net debt only rose £20m to £123.8m giving net debt / EBITDA of just 1.3x.During the year like-for-like store sales growth was 2.8% (FY’15: 1.8%), close to the upper end of its five year range. This was driven by improvements to its card offerings, new EPOS system benefits and further market share gains as stores mature. Meanwhile, 50 net new stores opened (60 openings, 10 clo ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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