VLX VOLEX PLC ORD 25P

VOLEX Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	01-Apr-12	03-Apr-11	04-Apr-10	05-Apr-09	30-Mar-08
Continuing Operations
Revenue	324.05	305.66	229.00	265.12	223.43
Operating Profit/(Loss)	14.42	14.64	10.25	6.57	4.79
Net Interest	1.16	1.42	2.15	2.23	2.04
Profit Before Tax	12.02	12.67	6.91	3.58	2.15
Profit After Tax	10.75	10.39	5.28	1.59	-0.37
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	-6.35	-3.02
PROFIT FOR THE PERIOD	10.75	10.39	5.28	-4.76	-3.38
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	10.75	10.39	5.28	-4.76	-3.38

Continuing EPS
Earnings per Share - Basic	19.03p	18.28p	9.30p	2.80p	-0.70p
Earnings per Share - Diluted	18.40p	17.59p	9.10p	2.80p	-0.70p
Earnings per Share - Adjusted	27.35p	21.02p	14.80p	10.90p	3.80p
Continuing and Discontinued EPS
Earnings per Share - Basic	19.03p	18.28p	9.30p	-34.10p	-6.00p
Earnings per Share - Diluted	18.40p	17.59p	9.10p	-34.10p	-6.00p
Earnings per Share - Adjusted	27.35p	21.02p	14.80p	3.90p	-1.50p

Dividend per Share	2.21p	0.00p	0.00p	0.00p	0.00p

Balance Sheet (£ m)	01-Apr-12	03-Apr-11	04-Apr-10	05-Apr-09	30-Mar-08
Assets
Non-Current Assets
Property, Plant & Equipment	12.53	7.78	7.50	8.04	7.78
Intangible Assets	3.74	3.26	2.59	2.50	2.19
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	3.53	1.55	0.48	0.69	0.31
	19.81	12.58	10.57	11.23	10.29
Current Assets
Inventories	31.16	32.37	27.50	24.14	35.05
Trade & Other Receivables	66.60	74.14	60.53	59.81	64.23
Cash at Bank & in Hand	27.27	12.72	18.22	16.88	4.32
Current Asset Investments	0.91	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	125.94	119.23	106.25	100.82	103.60

Total Assets	145.75	131.81	116.82	112.05	113.88

Liabilities
Current Liabilities
Borrowings	-1.57	-17.30	-0.35	-0.00	-0.04
Other Current Liabilities	-81.86	-84.23	-71.93	-66.32	-60.43
	-83.43	-101.54	-72.28	-66.33	-60.48

Net Current Assets	42.51	17.69	33.98	34.49	43.12

Non-Current Liabilities
Borrowings	-23.42	-0.07	-25.45	-31.66	-25.28
Provisions	-4.48	-5.02	-4.13	-5.40	-3.89
Other Non-Current Liabilities	-2.31	-1.30	-2.31	-2.39	-1.60
	-30.20	-6.39	-31.89	-39.45	-30.77

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-113.63	-107.93	-104.16	-105.78	-91.25

Net Assets	32.11	23.88	12.66	6.27	22.64

Capital & Reserves
Share Capital	17.64	17.58	14.21	14.21	14.21
Share Premium Account	1.62	1.61	1.36	1.36	1.36
Other Reserves	-5.96	-4.01	3.14	1.53	-1.86
Retained Earnings	18.82	8.70	-6.04	-10.83	8.94
Shareholders Funds	32.11	23.88	12.66	6.27	22.64

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	32.11	23.88	12.66	6.27	22.64

Ratios - based on IFRS	01-Apr-12	03-Apr-11	04-Apr-10	05-Apr-09	30-Mar-08
Continuing Operations
PE Ratio - Adjusted	9.41	14.75	7.47	2.36	20.39
PEG - Adjusted	0.31	0.35	0.21	0.01	-0.37
Earnings per Share Growth - Adjusted	30.10%	42.04%	35.78%	186.84%	-54.76%
Dividend Cover	12.37	n/a	n/a	n/a	n/a
Revenue Per Share	572.71p	537.93p	403.00p	466.57p	393.49p
Pre-Tax Profit per Share	21.25p	22.30p	12.16p	6.31p	3.78p
Operating Margin	4.05%	4.57%	3.40%	1.65%	1.45%
Return on Capital Employed	22.08%	31.90%	21.46%	13.67%	8.17%

Continuing & Discontinued Operations
Dividend Yield	0.86%	0.00%	0.00%	0.00%	0.00%
Dividend per Share Growth	n/a	n/a	n/a	n/a	n/a
Net Asset Value per Share (exc. Intangibles)	45.39p	33.00p	17.73p	6.64p	35.98p
Net Gearing	-7.10%	19.45%	59.80%	235.87%	92.82%

Data is provided by Morningstar

VOLEX - Fundamentals