Berendsen on track to meet forecasts this year

Berendsen, the FTSE 250 European textile maintenance company, said that trading continues to be in line with expectations and that it expects to report 'good' year-on-year progress for 2012.

Berendsen, the FTSE 250 European textile maintenance company, said that trading continues to be in line with expectations and that it expects to report 'good' year-on-year progress for 2012.

However, the company said that while underlying revenue is up 2% in the 11 months ended November 30th, the reported top line is "down slightly" owing to adverse currency movements.

Revenue from its Core Growth businesses was up 3% year-on-year on an underlying basis during the period.

"The trading trends we experienced in the first nine months of the year have continued into the fourth quarter in each of our business lines," the group said.

Operating margins have improved while the group has seen "good growth" in adjusted profit before tax (PBT).

Meanwhile, strong free cash flow means that Berendsen expects to deliver more than £100m in 2012, well above its target of 100% conversion of its adjusted PBT, resulting in a reduction in net debt.

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020