H Young, the owner of Madison and Animal, has published its interim figures and says that Madison continues to outperform its rivals

Madison steams ahead

Last week H Young plc announced its interim figures to cover the results of the nine month period to 30 June 2000.

Pre-tax profits before exceptional costs were £1.58 million for the nine months to June and £0.44 million for the six months to March (1999: £1.4 m) with turnover up to £48m from £44.2m in 1999.

Gearing, including leasing, at the end of June was 132 percent and 144 percent at 31 March 2000.

In the company report available as PDF download from www.hyoung.co.uk WM Caldwell, the PLCs chairman, praises the performance of Madison:

Madison is having another very good year in flat market conditions. Its position clearly dominates the bicycle parts distribution market in the UK to such an extent that significant growth wil have to come from expanding into related markets. Initiatives are currently underway to utilise Madisons first class operation in this way.

This is the data provided by Investors Chronicle.

Mkt Cap (£m): (15.3)

Price (p): 67.5

High/Low (p): 98.5/64

Period: 31/3/00

Turnover (£m): 48.0 (44.2) +9%

Pre-tax profits (£m): 0.32 (1.41) 78%

Earnings (p): 0.70 (4.30) 84%

Interim Dividend (p): 1.50 (1.50)

Yield (%): 7.41

PE: 7.18

Ex-div date: 18 Sep

Recommendation: Change of year-end to December will reduce profits in 2000. Emphasis now in strategic refocusing.

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