| |
|
|
|
2004 |
2003 |
|
| |
|
|
|
|
|
| |
|
|
|
Total |
Continuing
activities |
Discontinued
activities |
Total |
|
| |
|
|
Notes |
£000 |
£000 |
£000 |
£000 |
|
| |
Turnover |
1 |
115,312 |
117,425 |
2,499 |
119,924 |
|
| |
Cost of sales |
|
85,209 |
88,555 |
2,086 |
90,641 |
|
| |
|
|
| |
Gross profit |
|
30,103 |
28,870 |
413 |
29,283 |
|
| |
|
|
|
|
|
|
|
| |
Selling and distribution costs |
|
9,803 |
9,199 |
72 |
9,271 |
|
| |
Administrative expenses |
|
12,054 |
11,933 |
392
|
12,325 |
|
| |
|
|
| |
Operating profit/(loss) |
1 |
8,246 |
7,738 |
(51) |
7,687 |
|
| |
Share of operating profit in associates |
|
50 |
55 |
- |
55 |
|
| |
Profit on fixed asset disposals |
|
880 |
305 |
- |
305 |
|
| |
Sale / termination of businesses: |
|
|
|
|
|
|
| |
|
Business closure costs |
|
| - |
- |
(875) |
(875) |
| - |
- |
(2,388) |
(2,388) |
|
|
| |
|
Goodwill write off |
|
|
| |
|
|
- |
- |
(3,263) |
(3,263) |
|
| |
Interest receivable |
|
13 |
39 |
- |
39 |
|
| |
Interest payable |
|
(242) |
(361) |
- |
(361) |
|
| |
|
|
| |
Profit/(loss) on ordinary activities |
|
|
|
|
|
|
| |
before taxation |
|
8,947 |
7,776 |
(3,314) |
4,462 |
|
| |
Taxation charge/(credit) |
|
2,459 |
2,302 |
(246) |
2,056 |
|
| |
|
|
| |
Profit/(loss) on ordinary activities |
|
|
|
|
|
|
| |
after taxation |
|
6,488 |
5,474 |
(3,068) |
2,406 |
|
| |
Equity minority interest |
|
(7) |
(22) |
- |
(22) |
|
| |
|
|
| |
Profit/(loss) for the financial year |
|
|
|
|
|
|
| |
attributable to shareholders |
|
6,481 |
5,452 |
(3,068) |
2,384 |
|
| |
Dividends |
2 |
3,225 |
3,035 |
- |
3,035 |
|
| |
|
|
| |
Retained profit/(loss) for the financial year |
|
3,256 |
2,417 |
(3,068) |
(651) |
|
| |
|
|
| |
Basic earnings per share |
3 |
18.6p |
15.7p |
(8.8)p |
6.9p |
|
| |
|
|
| |
Diluted earnings per share |
3 |
18.5p |
15.6p |
(8.8)p |
6.8p |
|
| |
|
|
| |
Dividend per share |
2 |
9.3p |
|
|
8.75p |
|
 |
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 30 June 2004 |
|
|
2004 |
2003 |
|
|
|
|
|
|
£000 |
£000 |
|
|
Profit for the financial year attributable to shareholders |
6,481 |
2,384 |
|
|
Currency translation differences on foreign currency net investments |
(6) |
(9) |
|
|
|
|
|
Total recognised gains and losses for the year |
6,475 |
2,375 |
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
at 30 June 2004 |
|
|
|
Restated |
|
|
|
2004 |
2003 |
|
|
|
|
|
|
£000 |
£000 |
|
|
Fixed assets |
|
|
|
|
Intangible assets |
50 |
58 |
|
|
Tangible assets |
25,901 |
28,411 |
|
|
Investments |
515 |
493 |
|
|
|
|
|
|
26,466 |
28,962 |
|
|
|
|
|
Current assets |
|
|
|
|
Stocks |
11,745 |
11,698 |
|
|
Debtors |
26,875 |
24,192 |
|
|
Cash at Bank and in hand |
5,625 |
4,608 |
|
|
|
|
|
|
44,245 |
40,498 |
|
|
|
|
|
Creditors: amounts falling due within one year |
|
|
|
|
Trade and other creditors |
24,966 |
25,608 |
|
|
Corporation Tax |
1,151 |
1,202 |
|
|
Proposed dividend |
2,185 |
2,185 |
|
|
|
|
|
|
28,302 |
28,995 |
|
|
|
|
|
Net current assets |
15,943 |
11,503 |
|
|
|
|
|
Total assests less current liabilities |
42,409 |
40,465 |
|
|
Creditors: amounts falling due
after more than one year
|
1,907 |
3,656 |
|
|
Provisions for liabilities and charges |
1,040 |
704 |
|
|
Equity minority interest |
28 |
36 |
|
|
|
|
|
Net assets |
39,434 |
36,069 |
|
|
|
|
|
Capital and reserves |
|
|
|
|
Called up share capital |
4,352 |
4,352 |
|
|
Share premium |
26,909 |
26,907 |
|
|
Revaluation reserve |
1,727 |
1,874 |
|
|
Capital redemption reserve |
693 |
693 |
|
|
Capital reserve-own shares |
(164) |
(164) |
|
|
Profit and loss account |
5,917 |
2,407 |
|
|
|
|
|
Equity shareholders' funds |
39,434 |
36,069 |
|
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2004 |
|
|
2004 |
2003 |
|
|
|
|
|
|
£000 |
£000 |
|
|
Net cash inflow from operating activities |
9,637 |
9,464 |
|
|
|
|
|
Returns on investments and servicing of finance |
|
|
|
|
Interest recieved |
13 |
39 |
|
|
Interest paid |
(85) |
(147) |
|
|
Interest element of lease/hire purchase payments |
(157) |
(214) |
|
|
Dividends paid to minority interests |
(15) |
(16) |
|
|
|
|
|
Net cash outflow from returns on investments and servicing of finance |
(244) |
(338) |
|
|
|
|
|
Taxation |
|
|
|
|
UK corporation tax paid |
(2,192) |
(2,095) |
|
|
|
|
|
Capital expenditure and financial investment |
|
|
|
|
Purchase of tangible fixed assets |
(2,490) |
(2,217) |
|
|
Proceeds from sale of tangible fixed assets |
264 |
1,520 |
|
|
|
|
|
|
(2,226) |
(697) |
|
|
|
|
|
Acquisitions and disposals |
|
|
|
|
Sale of subsidiary undertaking |
- |
109 |
|
|
Net cash disposed of with subsidiary undertaking |
- |
(108) |
|
|
|
|
|
|
- |
1 |
|
|
|
|
|
Equity dividends paid |
(3,225) |
(2,948) |
|
|
|
|
|
Cash inflow before use of liquid resources and financing |
1,750 |
3,387 |
|
|
|
|
|
Financing |
|
|
|
|
Issue of ordinary share capital |
2 |
- |
|
|
Repayment of amounts borrowed |
(735) |
(688) |
|
|
|
|
|
|
(733) |
(688) |
|
|
|
|
|
Increase in cash in the year |
1,017 |
2,699 |
|
|
|
|
|
NOTES ON THE ACCOUNTS
for the year ended 30 June 2004 |
|
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 on ordinary activities before taxation attributable to each of the classes of activity of the Group are as follows:
|
|
|
Segmental analysis
|
|
|
2004 |
|
|
2003 |
|
|
|
|
|
|
|
|
Continuing
activities |
|
|
|
Turnover |
Total Profit |
Turnover |
Total Profit |
Profit |
|
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
Engineering products |
|
|
|
|
|
|
|
- Precision Components |
36,836 |
2,684 |
37,440 |
1,749 |
1,749 |
|
|
- Industrial Products |
38,046 |
747 |
46,285 |
2,196 |
2,259 |
|
|
Building products |
40,430 |
4,954 |
36,132 |
3,986 |
3,986 |
|
|
Leonardo |
- |
- |
67 |
12 |
- |
|
|
|
|
|
Sub total |
115,312 |
8,385 |
119,924 |
7,943 |
7,994 |
|
|
|
|
|
|
|
|
|
|
Pension deficit cost |
|
(139) |
|
(256) |
(256) |
|
|
|
|
|
|
115,312 |
8,246 |
119,924 |
7,687 |
7,738 |
|
|
|
|
|
Share of operating profit in associates |
|
50 |
|
55 |
55 |
|
|
Profit on sale of land |
|
880 |
|
305 |
305 |
|
|
Business closure costs |
|
- |
|
(875) |
- |
|
|
Goodwill write off |
|
- |
|
(2,388) |
- |
|
|
Net interest |
|
(229) |
|
(322) |
(322) |
|
|
|
|
|
|
|
8,947 |
|
4,462 |
7,776 |
|
|
|
|
|
Engineering Products has been split between Precision Components and Industrial Products, to highlight the relative performance of the two subdivisions. Comparative figures have been restated to show the split on the same basis.
The amounts disclosed as pension deficit cost have been shown separately because they relate to closed schemes, 89% 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: |
|
|
|
2004 |
2003 |
2003 |
|
|
|
|
|
|
Total |
Continuing
Activities |
Total |
|
|
|
£000 |
£000 |
£000 |
|
|
United Kingdom |
94,236 |
100,377 |
102,876 |
|
|
Europe - EU |
13,127 |
12,514 |
12,514 |
|
|
Europe - Non EU |
1,069 |
680 |
680 |
|
|
Other |
6,880 |
3,854 |
3,854 |
|
|
|
|
|
|
115,312 |
117,425 |
119,924 |
|
|
|
|
|
2.
Dividends
|
|
|
2004 |
2003 |
|
|
|
£000 |
£000 |
|
|
Interim dividend of 3.0p per share (2003: 2.45p), paid 6 April 2004 |
1,040 |
850 |
|
|
Proposed final dividend of 6.3p per share (2003: 6.3p), payable 29 October 2004 |
2,185 |
2,185 |
|
|
|
|
|
|
3,225 |
3,035 |
|
|
|
|
|
|
|
|
|
|
3.
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 £6,481,000 (2003: £2,384,000). Earnings per share is based on the weighted average number of ordinary shares in issue during the year ended 30 June 2004 of 34,817,592 (2003: 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 34,980,410 (2003: 34,864,434). |
|
|
4. Reconciliation of movement in shareholders' funds |
|
|
2004 |
Restated
2003 |
|
|
|
£000 |
£000 |
|
|
Profit attributable to shareholders |
6,481 |
2,384 |
|
|
Dividends |
(3,225) |
(3,035) |
|
|
|
|
|
|
3,256 |
(651) |
|
|
Exchange difference |
(6) |
(9) |
|
|
New shares issued |
2 |
- |
|
|
UITF 17 charge on long-term incentive plan |
113 |
- |
|
|
Goodwill written back on disposals |
- |
2,388 |
|
|
|
|
|
Net increase in shareholders’ funds |
3,365 |
1,728 |
|
|
Opening shareholders’ funds |
36,069 |
34,341 |
|
|
|
|
|
Closing shareholders’ funds |
39,434 |
36,069 |
|
|
|
|
|
|
|
|
|
|
5.
Post balance sheet events
On 31 July 2004 the Company completed the acquisition of Roof-Pro Limited for a cash consideration of £3 million, net of cash acquired.
On 6 September 2004 the Company completed the acquisition of Timloc Building Products Limited for a cash consideration of £3.25 million, based upon a value of net assets acquired of £1.5 million. Any variation in this figure, determined by completion accounts, will reflect in the appropriate adjustment to the purchase price.
6.
Audited Accounts
The above financial information is derived from the statutory accounts for the years ended 30 June 2004 and 30 June 2003, on both of which the auditors have issued an unqualified opinion.
The information does not constitute statutory accounts as defined in Section 240 (1) of the Companies Act 1985.
The accounts for the year ended 30 June 2003 have been filed with the Registrar of Companies and the accounts for the year ended 30 June 2004 will be filed in due course.
Copies of the Annual Report and Accounts will be posted to all shareholders on 15 September 2004. 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 2004. |
|
|
