Office2Office - Trading update

Office2Office Trading Update office2office, the leading supplier of office supplies and business services in the UK, announced a trading update on 8th January for the period since its IMS on 15th November 2012, which confirmed group revenue has exceeded that in the same period in 2011. However, following a decline in contract office supplies revenues, 2012 group underlying PBT will be lower than expected within the range of £6.3m-£6.7m. Despite this we see strength in other areas of the business and remain encouraged by recent significant contract wins. We also note that considerable potential growth opportunities still exist within Truline and Business Critical Services that are not factored into our forecasts. Our stance remains buy with a new 175p target price. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2010A 2011A 2012E 2013E Revenue (£m) 207.6 193.5 222.2 242.4 EBITDA1 (£m) 13.0 10.8 9.2 10.3 PBT 1 (£m) 11.2 8.4 6.3 7.5 Basic EPS 1 (p) 25.1 20.7 13.1 16.2 Dividend (p) 11.4 11.4 11.4 11.4 Source: GECR and company Notes: 1 Adjusted for exceptional items and non-cash charges. Buy Target price 175p Key data Share Price 101.50p 52 week high/low 163.75p / 100.00p Primary exchange LSE EPIC OFF Shares in issue 36.31 m Market Cap £36.85m Sector Support Services Valuation Dividend Yield 11.2% 2012 P/E 7.7 2013 P/E 6.3 NAV £20.6m Important: All disclaimer information can be found on the last page of the document

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