REC RECORD PLC ORD 0.025P

RECORD 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	20.54	28.20	33.42	46.80	66.23
Operating Profit/(Loss)	6.55	12.35	16.39	25.86	39.27
Net Interest	0.00	0.00	0.00	0.01	0.01
Profit Before Tax	6.71	12.54	16.61	26.77	40.39
Profit After Tax	4.91	8.93	11.91	19.28	27.91
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	4.91	8.93	11.91	19.28	27.91
Attributable to:
Minority Interests	0.01	-0.03	0.00	0.00	0.00
Equity Holders of Parent Company	4.91	8.91	11.91	19.28	27.91

Continuing EPS
Earnings per Share - Basic	2.23p	4.03p	5.39p	8.73p	12.65p
Earnings per Share - Diluted	2.23p	4.03p	5.38p	8.72p	12.62p
Earnings per Share - Adjusted	2.23p	4.03p	5.39p	8.73p	12.65p
Continuing and Discontinued EPS
Earnings per Share - Basic	2.23p	4.03p	5.39p	8.73p	12.65p
Earnings per Share - Diluted	2.23p	4.03p	5.38p	8.72p	12.62p
Earnings per Share - Adjusted	2.23p	4.03p	5.39p	8.73p	12.65p

Dividend per Share	3.34p	2.59p	6.16p	4.59p	0.00p

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	0.18	0.23	0.21	0.37	0.61
Intangible Assets	1.14	1.09	0.54	0.00	0.00
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	0.00	0.07	0.14	0.15	0.05
	1.32	1.38	0.88	0.51	0.66
Current Assets
Inventories	0.00	0.00	0.00	0.00	0.00
Trade & Other Receivables	5.07	6.90	8.33	7.74	8.92
Cash at Bank & in Hand	24.57	24.73	21.86	29.80	22.55
Current Asset Investments	0.03	0.00	0.10	0.00	0.00
Other Current Assets	1.08	3.02	0.94	0.00	0.00
	30.75	34.65	31.22	37.54	31.46

Total Assets	32.07	36.04	32.11	38.05	32.12

Liabilities
Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	-3.44	-5.94	-6.41	-10.86	-13.57
	-3.44	-5.94	-6.41	-10.86	-13.57

Net Current Assets	27.31	28.72	24.82	26.68	17.89

Non-Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	0.00
Provisions	-0.02	0.00	0.00	0.00	0.00
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00
	-0.02	0.00	0.00	0.00	0.00

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-3.46	-5.94	-6.41	-10.86	-13.57

Net Assets	28.62	30.10	25.70	27.19	18.55

Capital & Reserves
Share Capital	0.06	0.06	0.06	0.06	0.06
Share Premium Account	1.81	1.81	1.81	1.81	1.81
Other Reserves	0.02	0.02	0.02	0.02	0.02
Retained Earnings	24.47	27.26	23.82	25.31	16.67
Shareholders Funds	26.35	29.15	25.70	27.19	18.55

Minority Interests/Other Equity	2.26	0.95	0.00	0.00	0.00
Total Equity	28.62	30.10	25.70	27.19	18.55

Ratios - based on IFRS	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Continuing Operations
PE Ratio - Adjusted	4.93	5.77	11.09	7.56	6.76
PEG - Adjusted	-0.11	-0.23	-0.29	-0.24	0.08
Earnings per Share Growth - Adjusted	-44.67%	-25.23%	-38.26%	-30.99%	89.66%
Dividend Cover	0.67	1.56	0.88	1.90	n/a
Revenue Per Share	9.33p	12.76p	15.15p	21.19p	30.00p
Pre-Tax Profit per Share	3.05p	5.67p	7.53p	12.12p	18.30p
Operating Margin	31.92%	43.81%	49.04%	55.25%	59.29%
Return on Capital Employed	24.40%	43.21%	66.01%	98.47%	217.80%

Continuing & Discontinued Operations
Dividend Yield	30.36%	11.14%	10.31%	6.95%	0.00%
Dividend per Share Growth	28.96%	-57.95%	34.20%	n/a	n/a
Net Asset Value per Share (exc. Intangibles)	11.39p	12.68p	11.37p	12.28p	8.38p
Net Gearing	-93.24%	-84.84%	-85.06%	-109.59%	-121.54%

Data is provided by Morningstar

RECORD - Fundamentals