Interim Results
2003年6月25日 - 4:00PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:7301M
LPA Group PLC
25 June 2003
LPA GROUP PLC
25 JUNE 2003 - EMBARGOED FOR 7AM
LPA GROUP PLC ("LPA" or the "Company")
INTERIM UNAUDITED GROUP RESULTS FOR THE SIX MONTHS
ENDED 31 MARCH 2003
CHAIRMAN'S STATEMENT
As I reported to Shareholders in the Annual Report for last year and as
commented at the Annual General Meeting, the start of this financial year has
been very difficult. The factory load during the period was weak, and as a
consequence the cost base has been reduced. As a result a loss before tax of
#288,000 was incurred during the six month period ended 31 March 2003, against a
profit of #49,000 in the first half of last year and a loss of #318,000 for the
year as a whole. Sales during the period amounted to #5.919m against #7.819m
last year, a fall of 24.3%. The loss per share amounted to 2.33p against basic
earnings per share of 0.46p last year. Your board does not propose to pay a
dividend in respect of the half year result.
Gearing reduced from 85% at the year end to 81% at the half year end. Net debt
reduced from #3.491m to #3.122m at 31 March 2003. This was achieved despite the
losses, through tight control of working capital and the disposal of two
properties, which had become surplus to requirements. The profit on the sale of
these properties amounted to #106,000.
As reported at the Annual General Meeting, order entry has been much improved
and this has continued. Order entry for the first eight months of the year is
#2.3m ahead of the same period last year, up 36%. The Group returned monthly
profits during the quarter ended 30 April 2003. There are still issues to be
faced but less challenging times are now being enjoyed.
The cost reduction implemented during the first half was essential to the future
of the Group and the cost base is more in line with the sustainable work load,
which when translated in to sales has allowed the Group to make profits.
The improvement in order entry is fairly general across the Group and no really
large orders have been received, most significant orders being in the #250,000
to #750,000 range. There is an expectation that this level of order entry can be
maintained and maybe exceeded, but we will remain cautious and vigilant, to try
to avoid the feast and famine which has been so damaging over the last three
years.
Despite the not unexpected news that Alstom will cease the manufacture of new
rolling stock in the UK, rail has been a better market recently. We expect
aerospace and defence to decline and telecoms to remain depressed although there
are some signs of recovery. Infrastructure, industrial and exports remain
opportunities.
It is early days but the new management structure and the unified sales force
appears to be making progress. There is clear evidence of the business units
working together to reduce cost and improve performance.
Conditions have improved. Much remains to be done and issues resolved. Progress
will be limited during the second half.
MICHAEL RUSCH
CHAIRMAN
25 June 2003
Enquiries:
Peter Pollock
Chief Executive 07881 626 123
Christopher Hardie
Teather & Greenwood Limited 020 7426 9000
Robert Naylor
Teather & Greenwood Limited 020 7426 9000
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 March 2003
#000's 6 months to 6 months to Year to
31 March 2003 31 March 2002 30 Sept 2002
Unaudited Unaudited Audited
TURNOVER 5,919 7,819 13,806
OPERATING (LOSS) / PROFIT (277) 192 (56)
Profit on sale of tangible fixed assets 106 - -
(LOSS) / PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST (171) 192 (56)
Net interest payable (117) (143) (262)
(LOSS) / PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (288) 49 (318)
Tax on profit on ordinary activities 34 1 (27)
(LOSS) / PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION (254) 50 (345)
Dividends - (27) (27)
RETAINED (LOSS) / PROFIT (254) 23 (372)
(LOSS) / EARNINGS PER SHARE
Basic (2.33p) 0.46p (3.16p)
Diluted (2.33p) 0.46p (3.16p)
Adjusted (before amortisation of goodwill) (1.91p) 0.95p (2.17p)
DIVIDEND PER SHARE Nil 0.25p 0.25p
CONSOLIDATED BALANCE SHEET
#000's As at As at As at
31 March 2003 31 March 2002 30 Sept 2002
Unaudited Unaudited Audited
FIXED ASSETS
Intangible assets 1,560 1,967 1,606
Tangible assets 2,891 3,486 3,320
Investments - 2 -
4,451 5,455 4,926
CURRENT ASSETS
Stocks 2,535 2,712 2,350
Debtors 2,645 3,461 2,276
Cash at bank and in hand 4 6 5
5,184 6,179 4,631
CREDITORS: Amounts falling due within one year (3,497) (3,811) (2,611)
NET CURRENT ASSETS 1,687 2,368 2,020
TOTAL ASSETS LESS CURRENT LIABILITIES 6,138 7,823 6,946
CREDITORS: Amounts falling due after more than one year (2,194) (3,209) (2,713)
PROVISIONS FOR LIABILITIES AND CHARGES (69) (90) (104)
NET ASSETS 3,875 4,524 4,129
CAPITAL AND RESERVES
Called up share capital 1,090 1,090 1,090
Share premium account 254 254 254
Revaluation reserve 316 317 317
Merger reserve 230 230 230
Profit and loss account 1,985 2,633 2,238
EQUITY SHAREHOLDERS' FUNDS 3,875 4,524 4,129
CONSOLIDATED CASH FLOW STATEMENT
#000's 6 months to 6 months to Year to
31 March 2003 31 March 2002 30 Sept 2002
Unaudited Unaudited Audited
Net cash inflow from operating activities 390 771 1,596
Returns on investments and servicing of finance (112) (138) (251)
Taxation - - -
Capital expenditure 263 (155) (240)
Acquisition costs (being deferred consideration) (167) (16) (14)
Equity dividends paid - (54) (81)
Net cash inflow before financing 374 408 1,010
Financing (265) (309) (627)
Increase in cash 109 99 383
RECONCILIATION OF OPERATING (LOSS) / PROFIT TO
NET CASH INFLOW FROM OPERATING ACTIVITIES
Operating (loss) / profit (277) 192 (56)
Depreciation and amortisation 320 359 723
Changes in working capital and other non cash items 347 220 929
Cash inflow from operating activities 390 771 1,596
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Increase in cash in the period 109 99 383
Cash outflow from decrease in debt and lease financing 265 309 627
Change in debt resulting from cash flows 374 408 1,010
New hire purchase agreements - (12) (27)
Amortisation of loan costs (5) (5) (11)
Movement in net debt in the period 369 391 972
Opening net debt (3,491) (4,463) (4,463)
Closing net debt (3,122) (4,072) (3,491)
NOTES TO THE INTERIM ACCOUNTS
1. The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 240 of the Companies
Act 1985. The financial information for the full preceding year is based on
the statutory accounts for the financial year ended 30 September 2002.
Those accounts, upon which the auditors issued an unqualified opinion, have
been delivered to the Registrar of Companies.
2. The calculation of earnings per share is based on the loss after tax of
#254,000 (2002: profit after tax of #50,000) and the weighted average
number of ordinary shares in issue during the period of 10,903,229 (2002:
10,903,229). The diluted earnings per share are the same as the basic
earnings per share. The calculation of adjusted earnings per share is based
upon an adjusted loss after tax (which excludes the amortisation of
goodwill) of #208,000 (2002: profit of #104,000).
3. The interim financial information has been prepared on the basis of the
accounting policies set out in the Group's statutory accounts for the year
ended 30 September 2002.
4. All of the tax charge relates to liabilities within the UK.
Note: Copies of this Interim Report are being sent to shareholders. Copies are
also available to the public from the Company's Registered Office, Tudor Works,
Debden Road, Saffron Walden, Essex, CB11 4AN.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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