MER MEARS GROUP PLC ORD 1P

MEARS GROUP Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	679.53	588.97	523.94	470.15	420.38
Operating Profit/(Loss)	20.60	22.73	18.75	19.77	17.43
Net Interest	2.71	2.20	0.92	1.54	1.11
Profit Before Tax	20.81	20.58	16.35	18.38	16.58
Profit After Tax	19.30	16.91	14.76	13.96	12.78
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	19.30	16.91	14.76	13.96	12.78
Attributable to:
Minority Interests	0.34	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	19.64	16.91	14.76	13.96	12.78

Continuing EPS
Earnings per Share - Basic	21.89p	19.87p	17.70p	18.81p	17.36p
Earnings per Share - Diluted	21.04p	19.03p	16.57p	17.94p	16.82p
Earnings per Share - Adjusted	27.11p	27.16p	24.96p	22.67p	19.60p
Continuing and Discontinued EPS
Earnings per Share - Basic	21.89p	19.87p	17.70p	18.81p	17.36p
Earnings per Share - Diluted	21.04p	19.03p	16.57p	17.94p	16.82p
Earnings per Share - Adjusted	27.11p	27.16p	24.96p	22.67p	19.60p

Dividend per Share	7.65p	7.00p	6.00p	5.00p	4.25p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	15.98	12.68	12.11	12.14	9.52
Intangible Assets	163.64	127.48	124.54	69.47	61.47
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	32.25	9.76	9.99	8.22	5.52
	211.87	149.92	146.64	89.82	76.51
Current Assets
Inventories	11.83	12.54	12.15	17.35	8.39
Trade & Other Receivables	180.27	125.10	109.77	82.93	85.65
Cash at Bank & in Hand	57.62	46.57	21.76	23.51	16.09
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	249.72	184.21	143.67	123.79	110.14

Total Assets	461.59	334.13	290.31	213.62	186.65

Liabilities
Current Liabilities
Borrowings	-15.71	-5.44	-34.12	-17.41	-9.53
Other Current Liabilities	-202.13	-108.56	-99.00	-81.20	-77.77
	-217.84	-114.00	-133.12	-98.61	-87.29

Net Current Assets	31.88	70.20	10.55	25.19	22.85

Non-Current Liabilities
Borrowings	-56.82	-56.33	0.00	0.00	0.00
Provisions	-11.49	-5.30	-6.98	-4.65	-3.16
Other Non-Current Liabilities	-6.62	-6.72	-8.65	-4.44	-0.49
	-74.93	-68.34	-15.64	-9.08	-3.65

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-292.78	-182.35	-148.75	-107.69	-90.94

Net Assets	168.82	151.79	141.55	105.93	95.70

Capital & Reserves
Share Capital	0.92	0.86	0.85	0.74	0.74
Share Premium Account	34.91	33.55	33.24	32.51	31.94
Other Reserves	45.99	39.95	41.15	14.20	14.78
Retained Earnings	87.34	77.43	66.32	58.48	48.24
Shareholders Funds	169.16	151.79	141.55	105.93	95.70

Minority Interests/Other Equity	-0.34	0.00	0.00	0.00	0.00
Total Equity	168.82	151.79	141.55	105.93	95.70

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	12.10	8.10	12.14	12.31	13.47
PEG - Adjusted	-67.22	0.92	1.20	0.79	1.15
Earnings per Share Growth - Adjusted	-0.18%	8.81%	10.10%	15.66%	11.74%
Dividend Cover	3.54	3.88	4.16	4.53	4.61
Revenue Per Share	770.96p	691.77p	628.07p	633.62p	570.93p
Pre-Tax Profit per Share	23.61p	24.17p	19.60p	24.77p	22.52p
Operating Margin	3.46%	3.87%	3.28%	4.20%	4.15%
Return on Capital Employed	24.78%	23.44%	26.24%	32.28%	37.32%

Continuing & Discontinued Operations
Dividend Yield	2.33%	3.18%	1.98%	1.79%	1.61%
Dividend per Share Growth	9.29%	16.67%	20.00%	17.65%	21.43%
Net Asset Value per Share (exc. Intangibles)	6.00p	28.38p	20.06p	49.01p	46.26p
Net Gearing	8.82%	10.01%	8.74%	-5.76%	-6.86%

Data is provided by Morningstar

MEARS GROUP - Fundamentals