Bottom Line: European label chase
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.RICHARD BREWSTER is playing the same game at Jarvis Porter, the Leeds-based label manufacturer, that he did at David S Smith in the 1980s. Once again he is growing a business rapidly by acquisition.
Mr Brewster plans to cater for the big label users, such as Procter & Gamble, by developing a business that can service them throughout Europe. As yet the Waterlomat operation in Belgium is its only one on the Continent, but with the label business there highly fragmented, Jarvis Porter makes no secret of its plans for more acquisitions.
The fruits of the strategy are evident at the half-year. Profit before tax is up 84 per cent to pounds 3.4m for the six months to 31 August and turnover up 71 per cent at pounds 28m. But these figures are flattered by four recent acquisitions. More to the point, earnings per share are 41 per cent higher at 7.2p. The interim dividend is 1.65p against 1.5p last year.
Despite gearing of only 5 per cent, investors may fear that ambitious growth targets will inevitably lead to a rights issue, especially as the shares are on a prospective p/e of 19 at 277p, up 7p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments