Caxton & CTP reports strong financial results amid challenging conditions

CAXTON & CTP Publishers & Printers' share price increased by 4.7% on Friday afternoon after it reported a 16% increase in annual dividend to 70 cents for the year to June 30 off the back of a resilient financial performance.

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Normalised headline earnings a share for the publisher of regional newspapers, printer, packaging & stationery manufacturer, and digital asset delivery company increased by 12% to 178.9 cents. Cash and its equivalent balances ended the year 20.7% higher at R3 billion. The share price traded at R12.25, slightly below the R12.70 it traded at a year before on the same day.

"We delivered commendable results in difficult operating circumstances, characterised by little to no growth and subdued consumer spending in a highly competitive environment," CEO Terence Moolman said in the results.

The earnings growth was in spite of only a 0.9% increase in revenue to R6.71bn. Profit from operating activities before depreciation and amortisation was 10.7% lower at R828.03m. Profit for the year declined 9.1% to R597.79m.