LTC LATCHWAYS PLC ORD 5P

LATCHWAYS Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
Revenue	41.37	39.56	33.85	36.96	35.21
Operating Profit/(Loss)	9.92	9.31	7.61	8.20	8.47
Net Interest	0.00	0.00	0.00	0.01	0.03
Profit Before Tax	9.93	9.33	7.62	8.31	8.62
Profit After Tax	7.37	6.82	5.48	5.74	6.10
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	7.37	6.82	5.48	5.74	6.10
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	7.37	6.82	5.48	5.74	6.10

Continuing EPS
Earnings per Share - Basic	66.04p	61.27p	49.25p	51.61p	54.77p
Earnings per Share - Diluted	63.39p	61.07p	49.12p	51.47p	54.51p
Earnings per Share - Adjusted	66.04p	61.27p	49.25p	54.97p	57.93p
Continuing and Discontinued EPS
Earnings per Share - Basic	66.04p	61.27p	49.25p	51.61p	54.77p
Earnings per Share - Diluted	63.39p	61.07p	49.12p	51.47p	54.51p
Earnings per Share - Adjusted	66.04p	61.27p	49.25p	54.97p	57.93p

Dividend per Share	30.66p	26.95p	23.44p	22.02p	18.94p

Balance Sheet (£ m)	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Assets
Non-Current Assets
Property, Plant & Equipment	3.13	3.06	3.28	3.59	3.44
Intangible Assets	6.47	6.27	6.35	6.63	4.42
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.49	0.26	0.10	0.07	0.13
	10.09	9.59	9.73	10.29	7.99
Current Assets
Inventories	5.39	3.76	3.54	3.93	3.63
Trade & Other Receivables	12.17	11.72	10.28	8.56	9.17
Cash at Bank & in Hand	8.37	10.85	7.16	4.78	4.64
Current Asset Investments	0.06	0.00	0.03	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	25.99	26.33	21.01	17.26	17.43

Total Assets	36.08	35.92	30.74	27.55	25.42

Liabilities
Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	-0.18
Other Current Liabilities	-6.41	-6.14	-5.00	-4.64	-6.45
	-6.41	-6.14	-5.00	-4.64	-6.63

Net Current Assets	19.59	20.19	16.00	12.62	10.81

Non-Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	0.00
Provisions	-0.58	-0.54	-0.53	-0.57	-0.34
Other Non-Current Liabilities	-0.31	-0.34	-0.36	-0.35	0.00
	-0.89	-0.88	-0.89	-0.92	-0.34

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-7.29	-7.02	-5.89	-5.56	-6.96

Net Assets	28.79	28.89	24.85	21.99	18.46

Capital & Reserves
Share Capital	0.56	0.56	0.56	0.56	0.56
Share Premium Account	1.91	1.81	1.81	1.79	1.79
Other Reserves	0.86	0.68	0.50	0.54	0.27
Retained Earnings	25.46	25.85	21.98	19.10	15.85
Shareholders Funds	28.79	28.89	24.85	21.99	18.46

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	28.79	28.89	24.85	21.99	18.46

Ratios - based on IFRS	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
PE Ratio - Adjusted	15.98	16.89	13.81	8.73	14.50
PEG - Adjusted	2.05	0.69	-1.33	-1.71	1.06
Earnings per Share Growth - Adjusted	7.79%	24.41%	-10.41%	-5.11%	13.66%
Dividend Cover	2.15	2.27	2.10	2.50	3.06
Revenue Per Share	370.75p	355.34p	304.11p	332.11p	316.43p
Pre-Tax Profit per Share	89.02p	83.75p	68.41p	74.66p	77.43p
Operating Margin	23.92%	23.48%	22.42%	22.19%	24.04%
Return on Capital Employed	43.39%	40.26%	40.02%	52.21%	59.39%

Continuing & Discontinued Operations
Dividend Yield	2.91%	2.60%	3.45%	4.59%	2.25%
Dividend per Share Growth	13.77%	14.97%	6.45%	16.26%	20.48%
Net Asset Value per Share (exc. Intangibles)	199.79p	203.16p	166.17p	138.02p	126.19p
Net Gearing	-29.08%	-37.57%	-28.80%	-21.72%	-24.16%

Data is provided by Morningstar

LATCHWAYS - Fundamentals