|
|
Notes |
2002 |
|
2001 |
|
|
|
|
|
|
|
|
Continuing
activities |
Discontinued
activities |
Total |
|
|
|
£000 |
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
Turnover |
1 |
117,647 |
|
108,987 |
7,607 |
116,594 |
|
Cost of sales |
|
88,810 |
|
82,861 |
6,644 |
89,505 |
|
|
|
Gross Profit |
|
28,837 |
|
26,126 |
963 |
27,089 |
|
|
|
|
|
|
|
|
|
Selling and distribution costs |
|
8,776 |
|
9,103 |
559 |
9,662 |
|
Administrative expenses |
|
12,184 |
|
12,651 |
886 |
13,537 |
|
|
|
Operating profit/(loss) |
|
7,877 |
|
4,372 |
(482) |
3,890 |
|
|
|
|
|
|
|
|
|
Share of operating profit in associates |
|
60 |
|
8 |
- |
8 |
|
(Loss) on sale of business activities |
|
- |
|
- |
(562) |
(562) |
|
Interest receivable |
|
48 |
|
72 |
- |
72 |
|
Interest payable |
|
(508) |
|
(400) |
- |
(400) |
|
|
|
Profit/(loss) on ordinary activities before taxation |
|
7,477 |
|
4,052 |
(1,044) |
3,008 |
|
Taxation charge/(credit) |
|
2,254 |
|
1,085 |
(157) |
928 |
|
|
|
Profit/(loss) on ordinary activities after taxation |
|
5,223 |
|
2,967 |
(887) |
2,080 |
|
Equity minority interest |
|
(24) |
|
65 |
- |
65 |
|
|
|
Profit/(loss) for the financial year attributable to shareholders |
|
5,199 |
|
3,032 |
(887) |
2,145 |
|
Dividends |
|
2,948 |
|
2,948 |
- |
2,948 |
|
|
|
Retained proffit/(loss) for the financial year |
|
2,251 |
|
84 |
(887) |
(803) |
|
|
|
Earnings per share and diluted earnings per share |
2 |
14.9p |
|
8.3p |
(2.5p) |
5.8p |
|
|
|
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
There are no recognised gains or losses in the year ended 30 June 2002 other than the profits attributable to shareholders of the Company of £5,199,000 (2001: £2,145,000). |
 |
CONSOLIDATED BALANCE SHEET - at 30 June 2002 |
|
|
2002 |
2001 |
|
|
|
|
|
|
|
|
£000 |
£000 |
|
|
Fixed assets |
|
|
|
|
Intangible assets |
66 |
74 |
|
|
Tangible assets |
31,425 |
29,120 |
|
|
Investments |
468 |
432 |
|
|
|
|
|
31,959 |
29,626 |
|
|
|
|
Current assets |
|
|
|
|
Stocks |
11,997 |
10,896 |
|
|
Debtors |
21,939 |
23,579 |
|
|
Cash at Bank and in hand |
2,231 |
- |
|
|
|
|
|
36,167 |
34,475 |
|
|
|
|
Creditors: amounts falling due within one year |
|
|
|
|
Trade and other creditors |
24,572 |
25,893 |
|
|
Taxation |
1,410 |
495 |
|
|
Proposed dividend |
2,098 |
2,098 |
|
|
|
|
|
28,080 |
28,486 |
|
|
|
|
Net current assets |
8,087 |
5,989 |
|
|
|
|
Total assests less current liabilities |
40,046 |
35,615 |
|
|
Creditors: amounts falling due after more than one year |
4,831 |
2,794 |
|
|
Provisions for liabilities and charges |
598 |
451 |
|
|
Equity minority interest |
112 |
114 |
|
|
|
|
Net assets |
34,505 |
32,256 |
|
|
|
|
Capital and reserves |
|
|
|
|
Called up share capital |
4,352 |
4,352 |
|
|
Share premium |
26,907 |
26,907 |
|
|
Revaluation reserve |
2,021 |
2,168 |
|
|
Capital redemtpion reserve |
693 |
693 |
|
|
Profit and loss account |
532 |
(1,864) |
|
|
|
|
Equity shareholders' funds |
34,505 |
32,256 |
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENT - for the year ended 30 June 2002 |
|
|
2002 |
2001 |
|
|
|
£000 |
£000 |
|
|
Net cash inflow from operating activities |
12,271 |
6,307 |
|
|
|
|
Returns on investments and servicing of finance |
|
|
|
|
Interest received |
48 |
72 |
|
|
Interest paid |
(432) |
(400) |
|
|
Interest element of lease/ hire purchase payments |
(76) |
- |
|
|
|
|
Net cash outflow from returns on investments and servicing of finance |
(460) |
(328) |
|
|
|
|
Taxation |
|
|
|
|
UK corporation tax paid |
(938) |
(2,325) |
|
|
|
|
Capital expenditure and financial investment |
|
|
|
|
Purchase of tangible fixed assets |
(4,487) |
(5,052) |
|
|
Proceeds from sale of tangible fixed assets |
226 |
547 |
|
|
|
|
|
(4,261) |
(4,505) |
|
|
|
|
Acquisitions and disposals |
|
|
|
|
Proceeds/ deferred consideration from sale of business activities |
379 |
1,220 |
|
|
Purchase of subsidiary undertaking |
- |
(6) |
|
|
Purchase of business activities |
- |
(314) |
|
|
|
|
|
379 |
900 |
|
|
|
|
Equity dividends paid |
(2,948) |
(3,208) |
|
|
|
|
Cash inflow/(outflow) before use of liquid resources and financing |
4,043 |
(3,159) |
|
|
|
|
Financing |
|
|
|
|
Repurchase of ordinary share capital |
- |
(5,752) |
|
|
Repayment of amounts borrowed |
(116) |
(784) |
|
|
Increase in medium term secured borrowings and lease/hire purchase financing |
2,054 |
- |
|
|
|
|
|
1,938 |
(6,536) |
|
|
|
|
Increase/(decrease) in cash in the year |
5,981 |
(9,695) |
|
|
|
|
NOTES |
|
1 Analysis of Turnover and Profits Between Activities and Markets
Turnover comprises the invoice value of goods and services supplied by the Group exclusive of VAT and intra-group transactions.
Turnover and profit/(loss) on ordinary activities before taxation attributable to each of the classes of activity of the Group are as follows:
Segmental analysis
|
|
|
|
2002 |
2001 |
|
|
|
|
|
Turnover |
Profit |
Continuing
activities
turnover |
Continuing
activities
profit |
Total
turnover |
Total
profit |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
Engineering products |
82,663 |
4,261 |
75,466 |
3,252 |
81,202 |
3,332 |
|
Building products |
34,862 |
3,692 |
33,442 |
1,690 |
35,313 |
1,128 |
|
Leonardo |
122 |
(76) |
79 |
(570) |
79 |
(570) |
|
|
|
Operating profit/(loss) |
117,647 |
7,877 |
108,987 |
4,372 |
116,594 |
3,890 |
|
|
|
|
|
|
|
|
|
Loss on sale of business activities |
|
- |
|
- |
|
(562) |
|
Share of operating profit in associates |
|
60 |
|
8 |
|
8 |
|
Net interest |
|
(460) |
|
(328) |
|
(328) |
|
|
|
|
|
7,477 |
|
4,052 |
|
3,008 |
|
|
|
The Leonardo loss for the prior year includes an amount of £318,000 relating to the directors' assessment of the impairment of goodwill.
Geographical analysis
All business operations are located in the United Kingdom and all turnover is generated there with the exception of Elkington China Limited, based in Hong Kong, whose turnover is not significant.
Turnover by destination is as follows:
|
|
|
2002 |
2001 |
2001 |
|
|
|
|
|
|
Continuing
activities
|
Total |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
|
United Kingdom |
104,416 |
94,659 |
101,105 |
|
Europe - EU |
10,346 |
11,514 |
12,534 |
|
- Non EU |
746 |
179 |
287 |
|
Other |
2,139 |
2,635 |
2,668 |
|
|
|
|
117,647 |
108,987 |
116,594 |
|
|
|
2 Earnings Per Share
Both the earnings per share and the diluted earnings per share are based on the profit after tax attributable to shareholders for the financial year of £5,199,000 (2001: £2,145,000). Earnings per share is based on the weighted average number of ordinary shares in issue during the year ended 30 June 2002 of 34,816,788 (2001: 36,718,322). Diluted earnings per share is based on the weighted average number of ordinary shares in issue during the year, after allowing for the exercise of outstanding share options, of 34,852,456 (2001: 36,718,322).
3 Audited Accounts
The above financial information is derived from the statutory accounts for the years ended 30 June 2002 and 30 June 2001, on both of which the auditors have issued an unqualified opinion.
The information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985.
The accounts for the year ended 30 June 2001 have been filed with the Registrar of Companies and the accounts for the year ended 30 June 2002 will be filed in due course.
Copies of the Annual Report and Accounts will be posted to all shareholders on 16 September 2002. Copies will be available from the Company Secretary, The Alumasc Group plc, Burton Latimer, Kettering, Northamptonshire, NN15 5JP.
|
|
