date:May 24, 2012
oods division. Shirley and Black estimated that 80% of the growth was volume-driven describing it as high-quality.
Commendable
Earnings before interest and tax (EBIT) was 50% lower year-on-year but this was expected following the incorporation of Uniq, they said. On a proforma basis we estimate underlying EBIT was ahead 6070%. We deem this profit out-turn to be commendable in challenging markets.
Nicola Mallard, analyst with Investec Securities, said the results revealed a good start to th