HSP HARGREAVES SERVICES PLC ORD 10P

HARGREAVES SERV Currency GBX

Income Statement (£ m)	31-May-12	31-May-11	31-May-10	31-May-09	31-May-08
Continuing Operations
Revenue	688.26	552.26	459.78	503.09	404.90
Operating Profit/(Loss)	49.48	43.06	35.24	29.85	22.13
Net Interest	8.76	7.60	5.06	4.88	4.56
Profit Before Tax	43.12	36.93	30.72	26.17	17.86
Profit After Tax	30.81	26.82	21.35	18.71	12.68
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	30.81	26.82	21.35	18.71	12.68
Attributable to:
Minority Interests	-1.35	-2.22	-0.79	-0.68	-0.42
Equity Holders of Parent Company	29.46	24.60	20.56	18.03	12.26

Continuing EPS
Earnings per Share - Basic	109.00p	91.85p	77.53p	68.53p	46.66p
Earnings per Share - Diluted	106.12p	90.50p	75.61p	67.27p	45.74p
Earnings per Share - Adjusted	121.90p	103.70p	88.80p	76.30p	51.10p
Continuing and Discontinued EPS
Earnings per Share - Basic	109.00p	91.85p	77.53p	68.53p	46.66p
Earnings per Share - Diluted	106.12p	90.50p	75.61p	67.27p	45.74p
Earnings per Share - Adjusted	121.90p	103.70p	88.80p	76.30p	51.10p

Dividend per Share	16.40p	14.20p	12.40p	10.80p	9.30p

Balance Sheet (£ m)	31-May-12	31-May-11	31-May-10	31-May-09	31-May-08
Assets
Non-Current Assets
Property, Plant & Equipment	91.81	82.96	81.39	66.19	60.40
Intangible Assets	29.83	31.62	34.61	36.69	25.67
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.14	0.00	0.00	0.95	0.59
Other Financial Assets	0.00	0.00	0.00	0.00	0.04
Other Non-Current Assets	6.54	4.16	4.22	5.05	5.88
	128.31	118.74	120.22	108.88	92.57
Current Assets
Inventories	112.03	105.94	81.96	60.69	43.45
Trade & Other Receivables	114.78	66.07	62.37	55.03	52.02
Cash at Bank & in Hand	45.85	17.24	16.98	1.06	10.02
Current Asset Investments	6.05	0.27	0.52	0.75	0.75
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	278.71	189.53	161.83	117.54	106.24

Total Assets	407.02	308.26	282.04	226.41	198.81

Liabilities
Current Liabilities
Borrowings	-43.31	-32.05	-31.92	-45.91	-26.23
Other Current Liabilities	-122.95	-93.62	-65.32	-64.68	-66.44
	-166.26	-125.67	-97.24	-110.59	-92.66

Net Current Assets	112.45	63.86	64.59	6.95	13.58

Non-Current Liabilities
Borrowings	-82.41	-51.19	-73.27	-24.33	-30.00
Provisions	-12.76	-12.70	-14.81	-15.28	-13.74
Other Non-Current Liabilities	-9.23	-4.05	-6.95	-4.54	-14.35
	-104.40	-67.94	-95.02	-44.15	-58.09

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-270.66	-193.61	-192.26	-154.74	-150.75

Net Assets	136.36	114.65	89.78	71.67	48.06

Capital & Reserves
Share Capital	2.71	2.68	2.66	2.64	2.63
Share Premium Account	32.11	31.49	30.43	29.43	29.18
Other Reserves	1.91	1.55	2.04	1.65	-4.85
Retained Earnings	97.80	74.16	51.81	35.79	20.43
Shareholders Funds	134.52	109.89	86.94	69.51	47.38

Minority Interests/Other Equity	1.84	4.77	2.84	2.16	0.68
Total Equity	136.36	114.65	89.78	71.67	48.06

Ratios - based on IFRS	31-May-12	31-May-11	31-May-10	31-May-09	31-May-08
Continuing Operations
PE Ratio - Adjusted	6.36	10.03	6.87	6.29	11.72
PEG - Adjusted	0.36	0.60	0.42	0.13	0.15
Earnings per Share Growth - Adjusted	17.55%	16.78%	16.38%	49.32%	77.43%
Dividend Cover	7.43	7.30	7.16	7.06	5.49
Revenue Per Share	2546.95p	2062.05p	1733.77p	1912.68p	1541.25p
Pre-Tax Profit per Share	159.56p	137.88p	115.83p	99.49p	67.98p
Operating Margin	7.42%	8.03%	7.59%	5.80%	5.44%
Return on Capital Employed	20.67%	24.35%	19.73%	24.85%	22.93%

Continuing & Discontinued Operations
Dividend Yield	2.12%	1.37%	2.03%	2.25%	1.55%
Dividend per Share Growth	15.49%	14.52%	14.81%	16.13%	3.33%
Net Asset Value per Share (exc. Intangibles)	386.50p	291.74p	196.73p	124.37p	82.65p
Net Gearing	59.37%	60.06%	101.44%	99.52%	97.54%

Data is provided by Morningstar

HARGREAVES SERV - Fundamentals