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Dunelm - 32.5p a share special dividend

October 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares soared after Dunelm announced a Â£65.8m special dividend - worth 32.5p a share - roughly equivalent to the cash it was holding at the year-end. But then Dunelm can easily afford it having generated Â£91.9m cash from its operations in the past year. The regular dividend is also increased 21% to 14p.As it was, 2012 results showed pretax profit was up 15% to Â£96.2m, for eps up 20% to 35.3p. Sales were up 12% to Â£603m, a like-for-like improvement of 3.1%. Despite significant headwinds, the gross margin was ahead by 30 basis points to 48.3% primarily reflecting benefits from direct sourcing initiatives.During the period, Dunelm opened 14 superstores taking its estate to 115. Dunelm is targeting 200 stores but says t ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Dunelm - 32.5p a share special dividend

October 2012

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