|
|
2003
|
2002
|
|
|
Continuing
activities |
Discontinued
activities |
Total |
Continuing
activities |
Discontinued
activities |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
|
|
|
|
|
|
|
Turnover (see note 1) |
117,425 |
2,499 |
119,924 |
110,530 |
7,117 |
117,647 |
|
Cost of sales |
88,555 |
2,086 |
90,641 |
83,709 |
5,101 |
88,810 |
|
|
|
Gross Profit |
28,870 |
413 |
29,283 |
26,821 |
2,016 |
28,837
|
|
Selling and distribution costs |
9,199 |
72 |
9,271 |
8,599 |
177 |
8,776 |
|
Administrative expenses |
11,933 |
392 |
12,325 |
11,418 |
766 |
12,184 |
|
|
|
Operating profit/(loss)
(see note 1)
|
7,738 |
(51) |
7,687 |
6,804 |
1,073 |
7,877 |
|
Share of operating profit in associates |
55 |
- |
55 |
60 |
- |
60 |
|
Profit on fixed asset disposals |
305 |
- |
305 |
- |
- |
- |
|
Sale / termination of businesses: |
|
|
|
|
- |
|
|
Business closure costs /
loss on sale |
-
- |
(875)
(2,388) |
(875)
(2,388) |
-
- |
-
- |
-
- |
|
|
Goodwill write-off |
|
|
- |
(3,263) |
(3,263) |
- |
- |
- |
|
Interest receivable |
39 |
- |
39 |
48 |
- |
48 |
|
Interest Payable |
(361) |
- |
(361) |
(508) |
- |
(508) |
|
|
|
Profit/(loss) on ordinary activities before taxation |
7,776 |
(3,314) |
4,462 |
6,404 |
1,073 |
7,477 |
|
Taxation charge/(credit) |
2,302 |
(246) |
2,056 |
1,931 |
323 |
2,254 |
|
|
|
Profit/(loss) on ordinary activities after taxation |
5,474 |
(3,068) |
2,406 |
4,473 |
750 |
5,223 |
|
Equity minority interest |
(22) |
- |
(22) |
(24) |
- |
(24) |
|
|
|
Profit/(loss) for the financial year attributable to shareholders |
5,452 |
(3,068) |
2,384 |
4,449 |
750 |
5,199 |
|
Dividends |
3,035 |
- |
3,035 |
2,948 |
- |
2,948 |
|
|
|
Retained (loss)/profit for the financial year |
2,417 |
(3,068) |
(651) |
1,501 |
750 |
2,251 |
|
|
|
Basic earnings per share (see note 2) |
15.7p |
(8.8)p |
6.9p |
12.8p |
2.1p |
14.9p |
|
Diluted earnings per share (see note 2) |
15.6p |
(8.8)p |
6.8p |
12.8p |
2.1p |
14.9p |
|
|
 |
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended June 2003 |
|
|
2003 |
2002 |
|
|
|
|
|
£000 |
£000 |
|
|
Profit for the financial year attributable to shareholders |
2,384 |
5,199 |
|
|
Currency translation differences on foreign currency net investments |
(9) |
(2) |
|
|
|
|
Total recognised gains and losses for the year |
2,375 |
5,197 |
|
|
|
|
CONSOLIDATED BALANCE SHEET - at 30 June 2003 |
|
|
2003 |
2002 |
|
|
|
|
|
£000 |
£000 |
|
|
Fixed assets |
|
|
|
|
Intangible assets |
58 |
66 |
|
|
Tangible assets |
28,411 |
31,425 |
|
|
Investments |
493 |
468 |
|
|
|
|
|
|
28,962 |
31,959 |
|
|
|
|
|
Current assets |
|
|
|
|
Stocks |
11,698 |
11,997 |
|
|
Debtors |
24,356 |
21,939 |
|
|
Cash at Bank and in hand |
4,608 |
2,231 |
|
|
|
|
|
|
40,662 |
36,167 |
|
|
|
|
|
Creditors: amounts falling due within one year |
|
|
|
|
Trade and othe creditors |
25,608 |
24,572 |
|
|
Taxation |
1,202 |
1,410 |
|
|
Proposed dividend |
2,185 |
2,098 |
|
|
|
|
|
|
28,995 |
28,080 |
|
|
|
|
|
Net current assets |
11,667 |
8,087 |
|
|
|
|
|
Total assests less current liabilities |
40,629 |
40,046 |
|
|
Creditors: amounts falling due within one year |
3,656 |
4,831 |
|
|
Provisions for liabilities and charges |
704 |
598 |
|
|
Equity minority interest |
36 |
112 |
|
|
|
|
|
Net assets |
36,233 |
34,505 |
|
|
|
|
|
Capital and reserves |
|
|
|
|
Called up share capital |
4,352 |
4,352 |
|
|
Share premium |
26,907 |
26,907 |
|
|
Revaluation reserve |
1,874 |
2,021 |
|
|
Capital redemtpion reserve |
693 |
693 |
|
|
Profit and loss account |
2,407 |
532 |
|
|
|
|
|
Equity shareholders' funds |
36,233 |
34,505 |
|
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENT - for the year ended 30 June 2003 |
|
|
2003 |
2002 |
|
|
|
|
|
|
£000 |
£000 |
|
|
Net cash inflow from operating activities |
9,464 |
12,271 |
|
|
|
|
Returns on investments and servicing of finance |
|
|
|
|
Interest recieved |
39 |
48 |
|
|
Interest paid |
(147) |
(432) |
|
|
Interest element of lease/hire purchase payments |
(214) |
(76) |
|
|
Dividends paid to minority interests |
(16) |
- |
|
|
|
|
|
Net cash outflow from returns on investments and servicing of finance |
(338) |
(460) |
|
|
|
|
|
Taxation |
|
|
|
|
UK corporation tax paid |
(2,095) |
(938) |
|
|
|
|
|
Capital expenditure and financial investment |
|
|
|
|
Purchase of tangible fixed assets |
(2,217) |
(4,487) |
|
|
Proceeds from sale of tangible fixed assets |
1,520 |
226 |
|
|
|
|
|
(697) |
(4,261) |
|
|
|
|
|
Acquisitions and disposals |
|
|
|
|
Deferred consideration from sale of business activities |
- |
379 |
|
|
Sale of subsidiary undertaking |
109 |
- |
|
|
Net cash disposed of with subsidiary undertaking |
(108) |
- |
|
|
|
|
|
|
1 |
379 |
|
|
|
|
|
Equity dividends paid |
(2,948) |
(2,948) |
|
|
|
|
|
Cash inflow before use of liquid resources and financing |
3,387 |
4,043 |
|
|
|
|
|
Financing |
|
|
|
|
Repayment of amounts borrowed |
(688) |
(116) |
|
|
Increase in medium term borrowings and lease/hire purchase financing |
- |
2,054 |
|
|
|
|
|
|
(688) |
1,938 |
|
|
|
|
|
Increase in cash in the year |
2,699 |
5,981 |
|
|
|
|
|
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 intragroup 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
|
|
|
2003 |
|
|
2002 |
|
|
|
|
Continuing activities
|
|
|
Continuing activities
|
|
|
Turnover |
Total Profit |
Profit |
Turnover |
Total Profit |
Profit |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Engineering products |
83,725 |
3,945 |
4,008 |
82,663 |
4,086 |
2,937 |
|
Building products |
36,132 |
3,986 |
3,986 |
34,862 |
3,608 |
3,608 |
|
Leonardo |
67 |
12 |
- |
122 |
(76) |
- |
|
|
|
Sub total |
119,924 |
7,943 |
7,994 |
117,647 |
7,618 |
6,545 |
|
Pension deficit (cost)/ surplus credit |
|
(256) |
(256) |
|
259 |
259 |
|
|
|
|
119,924 |
7,687 |
7,738 |
117,647 |
7,877 |
6,804 |
|
|
|
Share of operating profit in associates |
|
55 |
55 |
|
60 |
60 |
|
Profit on fixed asset disposals |
|
305 |
305 |
|
- |
- |
|
Business closure costs/loss on sale |
|
(875) |
- |
|
- |
- |
|
Goodwill write off |
|
(2,388) |
- |
|
- |
- |
|
Net interest |
|
(322) |
(322) |
|
(460) |
(460) |
|
|
|
|
|
4,462 |
7,776 |
|
7,477 |
6,404 |
|
|
|
The amounts disclosed as pension deficit (cost)/ surplus credit have been shown separately because they relate to closed schemes, 86% of whose members are not now employed by the Group. |
|
|
|
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: |
|
|
2003 |
2003 |
2002 |
2002 |
|
|
|
|
Continuing Activities |
Total |
Continuing Activities |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
|
United Kingdom |
100,377 |
102,876 |
97,308 |
104,416 |
|
Europe - EU |
12,514 |
12,514 |
10,346 |
10,346 |
|
Europe - Non EU |
680 |
680 |
746 |
746 |
|
Other |
3,854 |
3,854 |
2,130 |
2,139 |
|
|
|
|
117,425 |
119,924 |
110,530 |
117,647 |
|
|
|
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 £2,384,000 (2002: £5,199,000). Earnings per share is based on the weighted average number of ordinary shares in issue during the year ended 30 June 2003 of 34,816,788 (2002: 34,816,788). 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 34,864,434 (2002: 34,852,456).
3. AUDITED ACCOUNTS
The above financial information is derived from the statutory accounts for the years ended 30 June 2003 and 30 June 2002, 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 2002 have been filed with the Registrar of Companies and the accounts for the year ended 30 June 2003 will be filed in due course.
Copies of the Annual Report and Accounts will be posted to all shareholders on 12 September 2003. Copies will be available from the Company Secretary, The Alumasc Group plc, Burton Latimer, Kettering, Northamptonshire, NN15 5JP, and can be viewed on www.alumasc.co.uk, from 16 September 2003. |
|
