24 July 2008
Key Highlights
In 2Q2008, Group revenue grew 4.7 per cent while PATMI rose 29.0 per cent.
The strong performance in 2Q2008 was led by strong growth in the Singapore operationswhich saw a 22.0 per cent increase in turnover.
The UK operations also posted strong PBT gains of 31.6 per cent in Sterling Pounds for2Q2008. As a result of weaker Pound Sterling, PBT was 13.2 per cent in SingaporeDollars.�� Cresset made a smaller loss compared to the previous year for the quarter.
1H2008, overall Group revenue increased 3.4 per cent to $342.7 million while PATMIimproved by 29.5 per cent to $18.2 million.
Interim dividend which was previously declared in Q3 has been brought forward to Q2.
“Both the Singapore and UK operations have continued to improve in their underlyingbusiness performance in 2Q2008 with strong profit growth. The SFI Board is pleased todeclare an earlier interim dividend of 1.8 cents per share,” said Roger Yeo, CEO.
Dividend
The Board has declared an interim dividend of 1.80 cents per share. The book closuredate and the dividend payment date will be announced in due course.
Singapore Operations
All three business segments in the Singapore operations continued to report strong salesgrowth in 2Q2008. As a result, 1H2008 sales from Singapore operations grew 17.5 percent.
In line with the strong sales growth, PBT increased by 14.6 per cent to $13.8 million in1H2008.
UK/Ireland Operations
Improved performance in UK/Ireland operations in 2Q2008 was led by steady sales growthin the Daniels business, which grew by 10.5 per cent in Pound Sterling terms.
Overall UK/Ireland sales, after removing the impact of the weaker Pound Sterling vis-à-visSingapore Dollar, increased by 4.7 per cent while PBT increased 18.5 per cent in 1H2008.
However, when reported in Singapore Dollars, overall sales in UK/Ireland decreased by4.9 per cent for the half year, while PBT saw an increase of 2.2 per cent in 1H2008.
Outlook
Overall, the outlook for FY2008 continues to be for growth in earnings over FY2007.