Final Results
2009年8月14日 - 6:00PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMBLKA
RNS Number : 4455X
Black Arrow Group PLC
14 August 2009
14th AUGUST2009
BLACK ARROW GROUP PLC
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31st MARCH 2009
At a meeting held today the board voted to recommend a final dividend of 1.00p
per share (2008 - 4.00p) for the year ended 3st March 2009. No interim dividend
was declared or paid (2008 - Nil p) and the total distribution for the year will
be 1.00p per share (2008 - 4.00p).
The results are as follows:-
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Group Income Statement | | | | | |
+---------------------------+---------+---------+---------------------+---------+---------+
| For the year ended 31 March 2009 | | | | Year |
| | | | | ended |
+-----------------------------------------------+---------+-----------+---------+---------+
| | | | | Unaudited | | March |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 2009 | | 2008 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | GBP000 | | GBP000 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Revenue | | | | 8,963 | | 13,678 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Cost of sales | | | | (4,847) | | (7,921) |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Gross profit | | | | 4,116 | | 5,757 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Distribution costs | | | | (363) | | (1,036) |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Administrative expenses | | | | (5,131) | | (7,203) |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | (5,494) | | (8,239) |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Group trading loss | | | | (1,378) | | (2,482) |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Other operating income | | | | 96 | | 455 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Net (loss)/gain on disposal of property, | | (37) | | 7,786 |
| plant and equipment | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| Actuarial (loss)/gain on defined benefit | | (378) | | 169 |
| pension scheme | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| Negative fair value movement on revaluation | | (1,360) | | - |
| of investment properties | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| Group operating (loss)/profit from continuing | | (3,057) | | 5,928 |
| operations | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| Finance revenue | | | | 433 | | 283 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Other finance revenue - | | | | 9 | | 32 |
| pensions | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| (Loss)/profit from continuing operations | | (2,615) | | 6,243 |
| before taxation | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| Tax credit/(expense) | | | | 668 | | (1,509) |
| (note 1) | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| (Loss)/profit for the year from continuing | | (1,947) | | 4,734 |
| operations | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| Attributable to: | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Equity shareholders of | | | | (2,053) | | 4,649 |
| the parent | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Minority interest | | | | 106 | | 85 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | (1,947) | | 4,734 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Earnings per share | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Basic, and diluted for (loss)/profit from | | (10.89p) | | 24.04p |
| continuing operations attributable to | | | | |
| ordinary equity holders of the parent (note | | | | |
| 3) | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Group Statement of Recognised Income and Expenses | | |
+---------------------------------------------------------------------+---------+---------+
| For the year ended 31 March 2009 | | | | Year |
| | | | | ended |
+-----------------------------------------------+---------+-----------+---------+---------+
| | | | | Unaudited | | March |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 2009 | | 2008 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | GBP000 | | GBP000 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| (Loss)/profit attributable to shareholders of the | (2,053) | | 4,649 |
| parent undertaking | | | |
+---------------------------------------------------------+-----------+---------+---------+
| Profit attributable to minority interest | 106 | | 85 |
+---------------------------------------------------------+-----------+---------+---------+
| | (1,947) | | 4,734 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Group Balance Sheet | | | | |
+-----------------------------------------------+---------+-----------+---------+---------+
| At 31 March 2009 | | | | Year |
| | | | | ended |
+-----------------------------------------------+---------+-----------+---------+---------+
| | | | | Unaudited | | March |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 2009 | | 2008 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | GBP000 | | GBP000 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Non current assets | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Property, plant and | | | | 3,524 | | 3,941 |
| equipment | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Investment property | | | | 4,839 | | 5,640 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Trade and other | | | | 1,522 | | 1,741 |
| receivables | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 9,885 | | 11,322 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Current assets | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Inventories | | | | 180 | | 451 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Work in progress | | | | 278 | | 200 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Trade and other | | | | 1,921 | | 12,962 |
| receivables | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Income tax receivable | | | | 233 | | - |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Cash and cash equivalents | | | | 9,451 | | 3,143 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 12,063 | | 16,756 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Total assets | | | 21,948 | | 28,078 |
+-------------------------------------+---------+---------+-----------+---------+---------+
| | | | | | |
+-------------------------------------+---------+---------+-----------+---------+---------+
| Current liabilities | | | | | |
+-------------------------------------+---------+---------+-----------+---------+---------+
| Trade and other payables | | | | 829 | | 2,814 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Provisions | | | | 167 | | 232 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Income tax payable | | | - | | 1,509 |
+-------------------------------------+---------+---------+-----------+---------+---------+
| Accruals | | | 132 | | 19 |
+-------------------------------------+---------+---------+-----------+---------+---------+
| | | | | 1,128 | | 4,574 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Non current liabilities | | | | | |
+-------------------------------------+---------+---------+-----------+---------+---------+
| Provisions | | | | 639 | | 202 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Deferred tax liability | | | | 160 | | 580 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Defined benefit pension | | | | 528 | | 167 |
| plan deficit | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 1,327 | | 949 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Total liabilities | | | | 2,455 | | 5,523 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Net assets | | | | 19,493 | | 22,555 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Capital & reserves | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Equity share capital | | | | 3,744 | | 3,819 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Share premium account | | | | 312 | | 312 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Merger reserve | | | | 26 | | 26 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Capital redemption | | | | 1,287 | | 1,212 |
| reserve | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Retained earnings | | | | 13,892 | | 17,045 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Black Arrow Group shareholder's | | | 19,261 | | 22,414 |
| equity | | | | | |
+-------------------------------------+---------+---------+-----------+---------+---------+
| Minority Interests - | | | | 232 | | 141 |
| equity | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Total equity | | | | 19,493 | | 22,555 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | | | |
+---------------------------+---------+---------+---------+-----------+---------+---------+
+--------------------------+-+-+---------+---------+---------+-----------+---------+---------+
| Group Cash Flow Statement | | | | |
+--------------------------------------------------+---------+-----------+---------+---------+
| For the year ended 31 March 2009 | | | | Year |
| | | | | ended |
+--------------------------------------------------+---------+-----------+---------+---------+
| | | | | Unaudited | | March |
+------------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 2009 | | 2008 |
+------------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | GBP000 | | GBP000 |
+------------------------------+---------+---------+---------+-----------+---------+---------+
| Operating activities | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| (Loss)/profit for the year on | | | (1,947) | | 4,734 |
| continuing operations | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Adjustments to reconcile(loss)/ profit for the | | | | |
| year to net cash outflow from operating | | | | |
| activities | | | | |
+--------------------------------------------------+---------+-----------+---------+---------+
| Tax on continuing | | | | (668) | | 1,509 |
| operations | | | | | | |
+----------------------------+-----------+---------+---------+-----------+---------+---------+
| Net finance revenue | | | | (433) | | (283) |
+----------------------------+-----------+---------+---------+-----------+---------+---------+
| Other finance revenue - | | | | (9) | | (32) |
| pensions | | | | | | |
+----------------------------+-----------+---------+---------+-----------+---------+---------+
| (Loss)/gain on disposal of property, | | | 37 | | (7,786) |
| plant and equipment | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Negative fair value movement on | | | 1,360 | | - |
| revaluation of investment properties | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Depreciation of property plant and | | | 205 | | 401 |
| equipment | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Difference between pension contributions paid | | (8) | | 2 |
| and amounts recognised in the income statement | | | | |
+--------------------------------------------------+---------+-----------+---------+---------+
| Actuarial loss/(gain) on defined | | | 378 | | (169) |
| benefit pension plan | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Decrease in inventories | | | 193 | | 656 |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Decrease/(increase) in trade and | | | 2,260 | | (976) |
| other receivables | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| (Decrease)/increase in trade and other | | (1,871) | | 418 |
| payables | | | | |
+--------------------------------------------------+---------+-----------+---------+---------+
| Movement in provisions | | | | 372 | | (347) |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Cash generated from | | | | (131) | | (1,873) |
| operations | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Income taxes paid | | | | (1,495) | | (73) |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Net cash outflow from operating activities | | (1,626) | | (1,946) |
+--------------------------------------------------+---------+-----------+---------+---------+
| | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Investing activities | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Interest received | | | | 433 | | 283 |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Amounts received from | | | | 9,059 | | 356 |
| disposal of property, | | | | | | |
| plant and equipment | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Payments to acquire property, plant and | | (443) | | (2,108) |
| equipment | | | | |
+--------------------------------------------------+---------+-----------+---------+---------+
| Net cash inflow/(outflow) from investing | | 9,049 | | (1,469) |
| activities | | | | |
+--------------------------------------------------+---------+-----------+---------+---------+
| | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Financing activities | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Dividends paid to equity | | | (750) | | (389) |
| shareholders of the parent | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Dividends paid to | | | | (15) | | (15) |
| minority interests | | | | | | |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Repayment of capital element of | | | - | | (18) |
| finance lease | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Purchase of own shares | | | | (350) | | (332) |
+--------------------------+-------------+---------+---------+-----------+---------+---------+
| Net cash outflow from financing | | | (1,115) | | (754) |
| activities | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Increase/(decrease) in cash and cash | | | 6,308 | | (4,169) |
| equivalents | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Cash and cash equivalents at the | | | 3,143 | | 7,312 |
| beginning of the year | | | | | |
+----------------------------------------+---------+---------+-----------+---------+---------+
| Cash and cash equivalents at the end | | | 9,451 | | 3,143 |
| of the year | | | | | |
+--------------------------+-+-+---------+---------+---------+-----------+---------+---------+
Note 1
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | | | Year |
| | | | | | | ended |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| Taxation | | | | Unaudited | | March |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | 2009 | | 2008 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | | GBP000 | | GBP000 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
| | | | |
+---------------------------------------------------------+-----------+---------+---------+
| Corporation tax at 28% (2008 - 30%) | (233) | | 1,509 |
+---------------------------------------------------------+-----------+---------+---------+
| Adjustment in respect of previous years | (15) | | - |
+---------------------------------------------------------+-----------+---------+---------+
| Deferred tax adjustment on negative fair value | (420) | | - |
| adjustment on investment properties | | | |
+---------------------------------------------------------+-----------+---------+---------+
| Tax (credit)/expense | (668) | | 1,509 |
+---------------------------+---------+---------+---------+-----------+---------+---------+
Note 2
+------------------------------------------------------+-----------+---------+---------+
| Statement of changes in equity | | | Year |
| | | | ended |
+------------------------------------------------------+-----------+---------+---------+
| | Unaudited | | March |
+------------------------------------------------------+-----------+---------+---------+
| | 2009 | | 2008 |
+------------------------------------------------------+-----------+---------+---------+
| | GBP000 | | GBP000 |
+------------------------------------------------------+-----------+---------+---------+
| | | | |
+------------------------------------------------------+-----------+---------+---------+
| Opening shareholders' equity | 22,414 | | 18,486 |
+------------------------------------------------------+-----------+---------+---------+
| Movement during the year: | | | |
+------------------------------------------------------+-----------+---------+---------+
| (Loss)/profit attributable to shareholders' of the | (2,053) | | 4,649 |
| parent undertaking | | | |
+------------------------------------------------------+-----------+---------+---------+
| Dividends paid | (750) | | (389) |
+------------------------------------------------------+-----------+---------+---------+
| Purchase of own shares | (350) | | (332) |
+------------------------------------------------------+-----------+---------+---------+
| Net (reduction)/increase to shareholders' equity | (3,153) | | 3,928 |
+------------------------------------------------------+-----------+---------+---------+
| | | | |
+------------------------------------------------------+-----------+---------+---------+
| Closing shareholders' equity | 19,261 | | 22,414 |
+------------------------------------------------------+-----------+---------+---------+
Note 3
The calculation of basic and diluted loss per share is based upon losses of
GBP2,053,000 (2008 - profit GBP4,649,000) and 18,845,835 (2008-19,342,234)
ordinary shares of 20p each being the weighted average number in issue during
the year and the previous year.
Note 4
The figures for the year ended 31st March 2008 are based on the Black Arrow
Group plc Annual Report and Accounts 2008 filed with the Registrar of Companies.
The auditors issued an unqualified audit report on the 2008 statutory accounts.
Note 5
The figures for the year ended 31st March 2009 are unaudited and do not
constitute statutory accounts within the meaning of S240 of the Companies Act
1985.
CHAIRMAN'S COMMENTARY
The substantial drop in revenue in the year reflects a further considerable fall
in office furniture activity, occasioned by the poor state of the economy.
This has resulted in increased losses, exacerbated by a drop in the value of our
investment properties and increased provisions in respect of unoccupied
leasehold premises. There was also an actuarial loss on our final salary pension
scheme.
Subsequent to the year end, I announced the disposal of our furniture division
to our management and an outside investor. This transaction was completed in
July and the group is no longer involved in this area of activity, although we
have invested in the new company and retain a 9% shareholding; we have also
provided working capital to the new company on arms length commercial terms.
The group's cash position remains strong which has influenced your directors to
recommend a final dividend of 1.00p per share which, subject to approval at the
forthcoming AGM will be paid on 19th October 2009 to shareholders registered on
the 18th September 2009.
------------------------------------------------------------------
Enquiries:
ARNOLD EDWARD - Chairman
Telephone 020-8572-7474
Nominated Advisor
W H Ireland
David Porter
Telephone 020-7220-1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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