Fieldens PLC - Final Results
1999年10月8日 - 6:55PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS No 7641d
FIELDENS PLC
8 October 1999
CHAIRMAN'S STATEMENT
It is a year since I joined the Board of Fieldens as Chairman and I am pleased
to be able to report an improvement in profits for the year to 30 June 1999.
Profit after tax for the year was #84,482 (1998: #27,754) on sales of #3.84m
(1998: #3.93m).
Our core agricultural tyre and wheel business recovered in the second half
after a difficult start to the year. Improved gross margins and the
containment of indirect costs over the year served to move the operating
profit forward to #107,363 (1998: #42,916) despite static overall sales.
Further details are included in David Morley's review of operations below.
The improved cash balance reported at the end of last year has been
maintained, but in view of the seasonality of operating cash flows and our
plans for acquisitions, the directors do not recommend an ordinary dividend
for the year.
The operational management and staff have responded promptly and determinedly
during the year to seasonal and market changes. On behalf of the shareholders
I thank them for their continuing contribution to our business which depends
on personal responsiveness to customers' service needs.
Our priority for the growth of the company continues to be development by
acquisition. Although we have not yet been able to report the completion of a
suitable transaction, considerable activity continues in this area. We have
investigated a large number of opportunities, but none has yet afforded us
that mix of price and potential that would add significant value for Fieldens'
shareholders. The financial resources, management skills and professional
support available to us are substantial and a successful first step in this
new direction will not, I am sure, elude us indefinitely.
While the existing trading operations have started the new year on a
satisfactory basis, I look forward to the day when we can take a significant
new step in the development of our company.
D C Bonham
REVIEW OF OPERATIONS
Debate on revisions to the Common Agricultural Policy of the European Union
moved forward in early 1999 and the uncertainty over medium term farming
subsidies has been reduced. However, farming incomes have not improved and
new tractor registrations remain low against historical levels.
We experienced a 17% reduction in agricultural wheel and tyre sales in the
first half of the year. However, international tyre prices bottomed out and
trading margins have improved despite continuing low sales volumes to farmers
and farm machinery dealers. We identified structural changes in the supply
and use of agricultural machinery and accordingly refocussed our sales effort;
we also took a number of measures to reduce indirect costs. Although these
measures created some temporary shortages in capacity in the second half, we
managed to reverse and partly offset the sales shortfall of the first half.
Export sales of tyres and wheels featured less strongly this year than last
and reflect our success in the closing months of last year in meeting what we
expected would be a transient overseas requirement. We have made up more
wheels than in past years, and the strategy of seeking opportunities for the
sale of tyres pre-fitted to wheels is in line with objectives mentioned last
year. For the future, we have set up overseas sources for certain specialised
tyres which we can supply to UK customers already fitted to wheels produced in
our own workshops.
The all terrain vehicle (ATV), garden machinery and power equipment division
had a good year with sales increased by the launch of the new Honda 450 - the
largest machine in Honda's market-leading ATV range and offering an electric
gear change. The servicing section again increased its throughput and
continues to provide an important support for our growing customer base.
A lightweight aluminium version of the Cheetah bead seating tool was
successfully introduced during the year and boosted sales. Margins were
temporarily eroded by the costs associated with this new product's
development.
The new year is not expected to benefit from the launch of a major new ATV
product. However, the customer and product mix that we had at the end of the
year seems more likely to generate sustained demand than has been the case at
the end of some recent years. We continue to seek new customers who will find
value in the differentiated service that we provide.
D P Morley
8 October 1999
Enquiries:
Andrew Arends Fieldens 0171 581 5528
Graham Shore Shore Capital 0171 734 7293
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 1999
1999 1998
# #
Turnover 3,841,158 3,928,217
Cost of sales (3,082,308) (3,254,020)
_________ _________
Gross profit 758,850 674,197
Selling and distribution costs (293,822) (334,360)
Administrative expenses (357,665) (296,921)
_________ _________
Operating profit 107,363 42,916
Interest receivable and similar income 16,428 4,332
Interest payable and similar charges (3,386) (10,569)
_________ _________
Profit on ordinary activities
before taxation 120,405 36,679
Tax on profit on ordinary activities (35,923) (8,925)
_________ _________
Profit on ordinary activities
after taxation 84,482 27,754
Dividends (25) (500)
_________ _________
Retained profit transferred to reserves 84,457 27,254
_________ _________
Earnings per ordinary share
Undiluted 1.69p 0.55p
Diluted 1.23p 0.53p*
*Restated to comply with FRS14.
The company has no recognised gains or losses other than the profit for the
year.
All amounts relate to continuing operations.
The retained profit for the year is equivalent to the historical cost profit.
BALANCE SHEET
AS AT 30 JUNE 1999
1999 1998
# # # #
FIXED ASSETS
Tangible assets 577,861 586,671
CURRENT ASSETS
Stocks 750,641 850,099
Debtors 633,446 584,890
Cash at bank and in hand 327,130 341,702
_______ _______
1,711,217 1,776,691
CREDITORS
Amounts falling due within
one year (761,854) (919,720)
_______ _______
NET CURRENT ASSETS 949,363 856,971
_______ _______
TOTAL ASSETS LESS
CURRENT LIABILITIES 1,527,224 1,443,642
CREDITORS
Amounts falling due after
more than one year - (288)
PROVISION FOR LIABILITIES
AND CHARGES (1,217) (1,804)
________ _______
1,526,007 1,441,550
________ _______
CAPITAL AND RESERVES
Called up share capital 252,500 300,000
Share premium account 799,195 799,195
Profit and loss account 426,812 342,355
Capital redemption reserve 47,500 -
_______ _______
Shareholders' Funds (including 1,526,007 1,441,550
non-equity interests) _______ _______
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 1999
1999 1998
# # # #
Net cash inflow from
operating activities 59,973 572,389
Returns on investments and
servicing of finance
Interest received 16,428 4,332
Interest paid (3,386) (10,569)
_______ ______
Net cash inflow/(outflow)
from returns on investments
and servicing of finance 13,042 (6,237)
Taxation
Corporation tax paid (11,885) (1,139)
Corporation tax received - 11,747
Capital expenditure
and financial investment
Payments to acquire
tangible fixed assets (79,426) (37,451)
Receipts from sales
of tangible assets 15,214 13,720
_______ _______
Net cash outflow
from capital expenditure
and financial investment (64,212) (23,731)
Non equity dividend paid (1,475) -
_______ _______
Net cash (outflow)/inflow
before financing (4,557) 553,029
Financing
Capital element of
hire purchase repaid (10,015) (36,965)
_______ _______
Net cash outflow from financing (10,015) (36,965)
_______ _______
(Decrease)/Increase in cash (14,572) 516,064
_______ _______
Reconciliation of net cash flow to
movement in net debt
(Decrease)/Increase in cash (14,572) 516,064
Cash outflow from decrease
in lease financing 10,015 36,965
_______ _______
Change in net debt
resulting from cash flows (4,557) 553,029
New finance leases - (13,850)
_______ _______
(4,557) 539,179
_______ _______
Notes:
1. The information set out in this announcement does not constitute annual
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 30 June 1998 are extracts from the published
accounts for that period which were audited and reported on without
qualification and have been delivered to the Registrar of Companies. The
report and accounts for the year ended 30 June 1999 will be posted to
shareholders in due course.
2. The dividend shown is a preference dividend. No ordinary dividend for 1999
has been recommended.
3. Basic earnings per share has been calculated by dividing the profit for the
period by the 5,000,000 shares in issue at each period end. Diluted earnings
per share has been calculated by dividing the profit for the period by
6,857,828 shares (being the weighted average number of ordinary shares in
issue after allowing for full exercise of conversion rights and options
outstanding during the period).
4. Copies of this announcement are available from the company at Starhouse,
Onehouse, Stowmarket, Suffolk IP14 3EL.
END
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