 |
|
Financial History 2007 |
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CONSOLIDATED INCOME STATEMENT
for the year ended 30 June 2007 |
|
|
|
2007 |
2006 |
|
Notes |
£'000 |
£'000 |
Continuing operations |
|
|
|
|
|
|
|
Revenue |
1 |
103,601 |
94,426 |
Cost of sales |
|
(71,800) |
(63,775) |
| |
|
|
|
Gross profit |
|
31,801 |
30,651 |
Selling and distribution costs |
|
(11,927) |
(11,203) |
Administrative expenses |
|
(11,498) |
(10,884) |
| |
|
|
|
|
|
8,376 |
8,564 |
Profit on disposal of property |
|
637 |
242 |
| |
|
|
|
Operating profit |
|
9,013 |
8,806 |
|
|
|
|
Finance revenue |
|
72 |
22 |
Finance costs |
|
(883) |
(568) |
Other finance expense - pensions |
|
(400) |
(786) |
Share of post tax profit in associates |
|
- |
23 |
| |
|
|
|
Profit before taxation |
1 |
7,802 |
7,497 |
Tax expense |
4 |
(2,248) |
(2,310) |
| |
|
|
|
Profit for the year from continuing operations |
|
5,554 |
5,187 |
|
|
|
|
Discontinued operations |
|
|
|
|
|
|
|
Profit/(loss) for the year from discontinued operations |
6 |
1,370 |
(1,243) |
| |
|
|
|
Profit for the year |
|
6,924 |
3,944 |
|
|
|
|
Profit for the year attributable to: |
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|
|
Equity holders of the parent |
|
6,889 |
3,928 |
Minority interest |
|
35 |
16 |
| |
|
|
|
|
|
6,924 |
3,944 |
|
|
|
|
|
|
Pence |
Pence |
Basic earnings per share |
|
|
|
- continuing operations |
|
15.6 |
14.7 |
- discontinued operations |
|
3.9 |
(3.6) |
| |
|
|
|
|
3 |
19.5 |
11.1 |
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|
|
Diluted earnings per share |
|
|
|
- continuing operations |
|
15.6 |
14.6 |
- discontinued operations |
|
3.8 |
(3.5) |
| |
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|
|
3 |
19.4 |
11.1 |
| |
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CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the year ended 30 June 2007 |
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|
2007 |
2006 |
|
£'000 |
£'000 |
Income and expense recognised directly in equity |
|
|
|
|
|
Actuarial gain on defined benefit pensions |
4,676 |
3,784 |
Movement in cash flow hedging position |
99 |
1 |
Exchange differences on retranslation of foreign operations |
(6) |
- |
Tax on items taken directly to or transferred from equity |
(1,754) |
(1,135) |
| |
|
|
Net income recognised directly in equity for the year |
3,015 |
2,650 |
Profit for the year |
6,924 |
3,944 |
Total recognised income for the year |
|
|
attributable to parent company equity holders |
9,939 |
6,594 |
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|
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|
|
|
Attributable to: |
|
|
Equity holders of the parent |
9,904 |
6,578 |
Minority interest |
35 |
16 |
| |
|
|
|
9,939 |
6,594 |
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CONSOLIDATED BALANCE SHEET
at 30 June 2007 |
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|
2007 |
2006 |
Assets |
Notes |
£'000 |
£'000 |
Non-current assets |
|
|
|
Property, plant and equipment |
|
22,877 |
25,407 |
Goodwill |
5 |
14,966 |
5,556 |
Other intangible assets |
|
4,171 |
563 |
Financial assets |
|
17 |
34 |
Deferred tax assets |
|
4,917 |
7,292 |
| |
|
|
|
|
|
46,948 |
38,852 |
Current assets |
|
|
|
Inventories |
|
13,714 |
14,626 |
Trade and other receivables |
|
28,916 |
31,744 |
Cash and short term deposits |
|
4,814 |
167 |
Derivative financial assets |
|
106 |
1,346 |
| |
|
|
|
|
|
47,550 |
47,883 |
Non-current assets classified as held for sale |
|
678 |
1,618 |
| |
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Total assets |
|
95,176 |
88,353 |
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Liabilities |
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|
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Non-current liabilities |
|
|
|
Interest bearing loans and borrowings |
|
(14,873) |
- |
Employee benefits payable |
|
(17,561) |
(24,307) |
Provisions |
|
(1,125) |
(430) |
Deferred tax liabilities |
4 |
(1,352) |
(1,245) |
| |
|
|
|
|
|
(34,911) |
(25,982) |
Current liabilities |
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|
|
Bank overdraft |
|
(2,837) |
(2,817) |
Interest bearing loans and borrowings |
|
(12) |
(722) |
Trade and other payables |
|
(22,523) |
(31,684) |
Provisions |
|
(214) |
(962) |
Income tax payable |
|
(2,468) |
(534) |
Derivative financial liabilities |
|
- |
(1,333) |
| |
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|
(28,054) |
(38,052) |
| |
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Total liabilities |
|
(62,965) |
(64,034) |
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| |
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Net assets |
|
32,211 |
24,319 |
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Equity |
|
|
|
Called up share capital |
7 |
4,479 |
4,412 |
Share premium |
7 |
- |
27,406 |
Other reserve |
7 |
1,251 |
1,401 |
Capital redemption reserve |
7 |
- |
693 |
Capital reserve - own shares |
7 |
(133) |
(133) |
Hedging reserve |
7 |
100 |
1 |
Foreign currency reserve |
7 |
(6) |
- |
Profit and loss account reserve |
7 |
26,482 |
(9,495) |
| |
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|
Equity attributable to equity holders of the parent |
32,173 |
24,285 |
Minority interest |
7 |
38 |
34 |
| |
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Total equity |
|
32,211 |
24,319 |
| |
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CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2006 |
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|
2007 |
2006 |
Operating activities |
Notes |
£'000 |
£'000 |
|
|
|
|
Operating profit from continuing operations |
|
9,013 |
8,806 |
Adjustments for: |
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|
|
Depreciation |
|
3,433 |
2,887 |
Amortisation |
|
207 |
142 |
Impairments |
|
469 |
- |
Gain on disposal of property, plant and equipment |
|
(1,039) |
(297) |
Gain on sale of investments |
|
(32) |
(78) |
Increase in inventories |
|
(228) |
(3,138) |
Increase in receivables |
|
(893) |
(1,746) |
(Decrease)/increase in trade and other payables |
|
(1,671) |
3,906 |
Movement in provisions |
|
(779) |
9 |
Movement in retirement benefit obligations |
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(2,470) |
(2,272) |
| |
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Cash generated from continuing operations |
|
6,010 |
8,219 |
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|
|
Profit/(loss) before taxation from discontinued operations |
|
2,090 |
(1,819) |
Depreciation |
|
579 |
273 |
Movement in working capital from discontinued operations |
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(9,295) |
2,149 |
| |
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Cash flow from discontinued operations |
8 |
(6,626) |
603 |
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Tax paid |
|
(1,339) |
(1,264) |
| |
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Net cash (outflow)/ inflow from operating activities |
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(1,955) |
7,558 |
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Investing activities |
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Purchase of property, plant and equipment |
|
(2,716) |
(4,953) |
Payments to acquire intangible fixed assets |
|
(353) |
(390) |
Proceeds from sale of property, plant and equipment |
|
2,424 |
1,108 |
Acquisition of subsidiary undertakings net of cash acquired |
(12,432) |
(50) |
Proceeds from sale of business activities |
8 |
8,150 |
201 |
Proceeds from sale of investments |
8 |
305 |
281 |
| |
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Net cash outflow from investing activities |
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(4,622) |
(3,803) |
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Financing activities |
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|
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Interest paid |
|
(811) |
(546) |
Equity dividends paid |
2 |
(3,309) |
(3,271) |
New borrowings (net of arrangement fees) |
|
14,860 |
- |
Repayment of amounts borrowed |
|
(725) |
(831) |
Proceeds from issue of share capital |
|
1,195 |
22 |
| |
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Net cash inflow/(outflow) from financing activities |
|
11,210 |
(4,626) |
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| |
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Net increase/(decrease) in cash and cash equivalents |
4,633 |
(871) |
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Cash and cash equivalents at beginning of year |
|
(2,650) |
(1,780) |
Effect of foreign exchange rate changes |
|
(6) |
1 |
| |
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|
Cash and cash equivalents at end of year |
8 |
1,977 |
(2,650) |
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Cash and cash equivalents comprise: |
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Cash and short term deposits |
|
4,814 |
167 |
Bank overdrafts |
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(2,837) |
(2,817) |
| |
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|
|
1,977 |
(2,650) |
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Notes
1. Segment information
Primary reporting format - business segments
The following tables present revenue and profit and certain asset and liability information regarding the group's business segments for the years ended 30 June 2007 and 2006.
Segment revenue represents revenue from external customers arising from the sale of goods, plus inter-segment revenue. Inter-segment transactions are priced on an arm's length basis.
The type of products sold by each segment is detailed in the Business Review.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated assets comprise deferred tax assets and corporate assets that cannot be allocated on a reasonable basis to a business segment. Unallocated liabilities comprise borrowings, employee benefit obligations, deferred tax liabilities, income tax payable and corporate liabilities that cannot be allocated on a reasonable basis to a business segment. |
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Analysis by business segment 2007 |
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Building products ongoing |
Building products acquisition |
Building products total |
Engineering products |
Elimi- nation |
Continuing operations |
Discontinued operations |
Elimi- nation |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
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|
Sales to external customers |
56,668 |
2,979 |
59,647 |
43,954 |
- |
103,601 |
59,803 |
- |
163,404 |
Inter-segment revenue |
32 |
- |
32 |
1,611 |
(1,643) |
- |
1,963 |
(1,963) |
- |
| |
|
|
|
|
|
|
|
|
|
|
56,700 |
2,979 |
59,679 |
45,565 |
(1,643) |
103,601 |
61,766 |
(1,963) |
163,404 |
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|
|
|
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|
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|
Adjusted operating profit |
6,217 |
355 |
6,572 |
2,174 |
|
8,746 |
2,236 |
|
10,982 |
Acquisition accounting adjustment and brand amortisation |
- |
(370) |
(370) |
- |
|
(370) |
- |
|
(370) |
Loss on sale |
- |
- |
- |
- |
|
- |
(146) |
|
(146) |
| |
|
|
|
|
|
|
|
|
|
Segment operating result |
6,217 |
(15) |
6,202 |
2,174 |
|
8,376 |
2,090 |
|
10,466 |
Profit on disposal of property |
|
|
|
|
|
637 |
- |
|
637 |
| |
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
|
|
|
9,013 |
2,090 |
|
11,103 |
Finance revenue |
|
|
|
|
|
72 |
- |
|
72 |
Finance costs |
|
|
|
|
|
(883) |
- |
|
(883) |
Other finance expense - pensions |
|
|
|
|
|
(400) |
- |
|
(400) |
| |
|
|
|
|
|
|
|
|
|
Profit before tax |
|
|
|
|
|
7,802 |
2,090 |
|
9,892 |
Tax |
|
|
|
|
|
(2,248) |
(720) |
|
(2,968) |
| |
|
|
|
|
|
|
|
|
|
Profit after tax |
|
|
|
|
|
5,554 |
1,370 |
|
6,924 |
|
|
|
|
|
|
|
|
|
|
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|
Analysis by business segment 2006 |
|
Building products total |
Engineering products |
Elimi- nation |
Continuing operations |
Discontinued operations |
Elimi- nation |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
|
Sales to external customers |
55,292 |
39,134 |
- |
94,426 |
39,701 |
- |
134,127 |
Inter-segment revenue |
50 |
1,554 |
(1,604) |
- |
1,604 |
(1,604) |
- |
| |
|
|
|
|
|
|
|
|
55,342 |
40,688 |
(1,604) |
94,426 |
41,305 |
(1,604) |
134,127 |
|
|
|
|
|
|
|
|
Segment operating result |
6,432 |
2,132 |
|
8,564 |
(1,819) |
|
6,745 |
Profit on disposal of property |
|
|
|
242 |
- |
|
242 |
| |
|
|
|
|
|
|
|
Operating profit |
|
|
|
8,806 |
(1,819) |
|
6,987 |
Finance revenue |
|
|
|
22 |
- |
|
22 |
Finance costs |
|
|
|
(568) |
- |
|
(568) |
Other finance expense - pensions |
|
|
|
(786) |
- |
|
(786) |
Share of post tax profit of associate |
|
|
|
23 |
- |
|
23 |
| |
|
|
|
|
|
|
|
Profit before tax |
|
|
|
7,497 |
(1,819) |
|
5,678 |
Tax |
|
|
|
(2,310) |
576 |
|
(1,734) |
| |
|
|
|
|
|
|
|
Profit after tax |
|
|
|
5,187 |
(1,243) |
|
3,944 |
|
|
|
|
|
|
|
|
|
|
Secondary reporting format - geographical segments
Analysis by geographical segment 2007 |
|
United Kingdom |
Rest of Europe - EU |
Europe - Non EU |
Rest of World |
Continuing operations |
Discontinued operations |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Sales to external customers |
81,413 |
11,947 |
1,632 |
8,609 |
103,601 |
59,803 |
163,404 |
| |
|
|
|
|
|
|
|
Segment assets |
85,505 |
- |
- |
56 |
85,561 |
|
85,561 |
Unallocated assets |
|
|
|
|
9,615 |
|
9,615 |
| |
|
|
|
|
|
|
|
| | |
