Most management promises that lack specific targets are, frankly, not worth reading. Booker might be the exception. Its mission statement is “Focus, Drive, Broaden”, but this actually reflects the good performance of what is a fairly everyday business, supplying small shops and restaurants with their grocery needs.
In terms of focus, careful control of cash has left almost £106 million in the bank at the September half-year end. Since July 2012, when Booker issued shares to fund the successful purchase of Makro, the company has returned £180 million to investors.
Another one is due next summer, after the conclusion of the financial year. This puts the shares on a 4.5 per cent yield. As to driving forward and broadening, the company now gets about £1.6