Office2Office - New FD Appointed

Office2Office New FD Appointed office2office, the leading supplier of office supplies and business services in the UK, announced the appointment of Hugh Cawley as Group Finance Director on 21st February 2013. He replaces Mark Cunningham, who resigned from the board on 30th January 2013. Mr. Cawley has considerable experience in listed company leadership and restructuring, and has a skill set that will compliment o2o's growth plans in both the short and long term. We also note the recent share price performance and reiterate our opinion that despite shorter term financial setbacks, we see considerable strength in many areas of the business, notably within Truline and Business Critical Services. Our stance remains buy with a 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 99.50p 52 week high/low 163.75p / 91.50p Primary exchange LSE EPIC OFF Shares in issue 36.31 m Market Cap £36.13m Sector Support Services Valuation Dividend Yield 11.5% 2012 P/E 7.6 2013 P/E 6.1 NAV £20.6m Important: All disclaimer information can be found on the last page of the document

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