RNS Number:5654C
Vista Group PLC
08 May 2006
FOR RELEASE 7.00AM 8 MAY 2006
VISTA GROUP PLC
("Vista" or the "Company")
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005
Main Points
Year Year
ended ended
31.12.05 31.12.04
Turnover #7.42m #7.85m
Profit before tax, goodwill amortisation and exceptional
items #390,793 #610,677
Profit before tax #280,297 #371,194
Earnings per share 1.3p 2.2p
* Strong recovery in sales and profits in the second half
* Figures impacted by the loss of #1.1 million turnover resulting from
the collapse of a major customer in the previous year
* Excellent order book for composite doors
* Customer base continues to grow
For further information:
Vista Group plc
Keith Sadler (Chief Executive) 07803 921 526
0151 608 1423
Keith Salisbury (Non Executive Director) 07810 418 669
Cubitt Consulting
Brian Coleman-Smith / Allison Reid / Nia Thomas 020 7367 5100
Background note
Vista Group is the holding company of Vista Panels Ltd, which is based on the
Wirral in the North West of England. The company floated on AIM on 19 December
2003.
It manufactures a range of PVC door panels and composite doors, which are
manufactured from Polyvinyl Chloride ("PVC") or Glass Reinforced Plastic ("GRP")
and foam. The company's customer base includes fabricators, window and door
installers, and local authorities. The company has around 380 customers.
Vista was established in June 1995 as a door manufacturing business focusing
principally on the manufacture of PVC door panels for a wide variety of
customers. In November 1999, Vista was acquired by BHD Group Limited("BHD") and
in May 2000, relocated to its present site that consists of 38,000 sq ft
(including office space and a mezzanine) for additional space to facilitate
increased production. In July 2000, it acquired the assets of a composite door
manufacturing business to meet demand for composite doors from BHD and other
customers. In November 2003, the business was sold again to Keith Sadler and a
group of investors. Six months later BHD went into receivership leaving Vista
with a bad debt of #320,000 (#200,000 insured) plus #120,000 of obsolete stock,
and sales reduced by #1.1 million per year as BHD had a signed a two year supply
agreement that was to end in January 2006.
VISTA GROUP PLC
("Vista" or the "Company")
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2005
Chairman's Statement
Introduction
In my statement last year I commented that with the high street, house builders
and the shed market being in a downturn, the Company was preparing for a
challenging twelve months. The first half of the year reflected the difficult
trading conditions but I am pleased to report that we saw a strong recovery in
trading in the second half of the year. In the light of the difficult trading
conditions and the loss of the #1.1 million in turnover when BHD, at the time
our largest customer, went into receivership the previous year, the overall
result is, I believe, a great credit to the management team.
Results
Year Year
ended ended
31.12.05 31.12.04
Turnover #7.42m #7.85m
Profit before tax, goodwill amortisation and exceptional
items #390,793 #610,677
Profit before tax #280,297 #371,194
Earnings per share 1.3p 2.2p
To illustrate the second half recovery, I set out below the results for the last
two six months' periods:
Six months Six months
ended ended
31.12.05 30.06.05
Turnover #4.02m #3.40m
Profit before tax, goodwill amortisation and
exceptional items #279,701 #111,082
Profit before tax #224,297 #55,844
Earnings per share 1.1p 0.2p
We have continued to invest in the business with capital expenditure in the year
amounting to approximately #200,000. A further #200,000 is budgeted for the
current financial year.
Dividend
At this stage in the development of Vista, we are continuing to focus our
resources on developing the business and the Directors will not therefore be
recommending a dividend.
Operating Review
Vista's two established product ranges are PVC door panels for use in the
manufacture of PVC doors and composite doors. Vista is one of a few companies
that manufacture panels and both polyvinyl chloride ("PVC") and glass reinforced
plastic ("GRP") composite doors most companies supply one or the other and
concentrate on either retail or social housing markets Vista differentiates
itself from other door manufacturers by offering three products to a number of
markets .
Staff
In what has been another challenging year I am particularly grateful to everyone
at Vista for their loyalty and hard work which is appreciated.
Current Trading and Outlook
We have had an improved start to the year with an excellent order book for
composite doors and we believe the outlook for this side of the business is very
healthy. Although market conditions for door panels remain highly competitive,
the Board detects signs that prices are starting to increase.
The costs for electricity and gas have risen sharply but we have managed to
reduce our insurance costs and we are continuing to monitor costs closely.
We have built our reputation on the quality of our products, speed of delivery
and excellent customer service. Our customer base continues to grow and a good
flow of orders is anticipated in the coming months. Current indications lead the
Board to anticipate good progress for the year as a whole.
Gavin Johnson
Chairman
5 May 2006
VISTA GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 DECEMBER 2005
Note 2005 2004
# #
Turnover 7,423,319 7,845,381
Cost of sales (5,132,181) (5,186,528)
________ ________
Gross Profit 2,291,138 2,658,853
Distribution costs (315,974) (351,020)
Administrative expenses (1,556,653) (1,650,169)
________ ________
Operating profit pre exceptional item 418,511 657,664
Bad debt and other losses re BHD - (128,987)
administration
________ ________
Operating Profit 418,511 528,677
Interest receivable and similar income 2,649 2,807
Interest payable and similar charges (140,863) (160,290)
________ ________
Profit on ordinary activities before taxation 280,297 371,194
Taxation on profit on ordinary activities (83,340) (27,633)
________ ________
Profit retained for the financial year 3 196,957 343,561
________ ________
Earnings per share 1.3p 2.2p
________ ________
The Group has no recognised gains or losses other than the profit for the
current financial period. Accordingly a separate Statement of Total Recognised
Gains and Losses has not been prepared.
All of the group's activities have arisen from continuing operations.
VISTA GROUP PLC
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2005
Note 2005 2004
# #
Fixed Assets
Goodwill 1,973,812 2,084,308
Tangible assets 525,038 510,781
________ ________
2,498,850 2,595,089
Current Assets
Stock 448,303 497,667
Debtors 1,594,185 1,266,963
Cash at bank and in hand 36,761 54,263
________ ________
2,079,249 1,818,893
Creditors: Amounts Falling Due Within One Year
Bank loan subsequently agreed as being more
than one year (994,071) -
Other (2,023,670) (1,730,388)
_________ _________
Net Current (Liabilities)/ assets (938,492) 88,505
_________ _________
Total Assets Less Current Liabilities 1,560,358 2,683,594
Creditors: Amounts Falling Due After More than
one year (45,889) (1,366,082)
_______ ________
Net Assets 1,514,469 1,317,512
_________ _________
Capital and Reserves
Called up share capital 76,911 76,911
Share premium 895,587 895,587
Profit and loss account 541,971 345,014
_________ _________
Equity Shareholders' Funds 1,514,469 1,317,512
_________ _________
VISTA GROUP PLC
CONSOLIDATED CASHFLOW STATEMENT
YEAR ENDED 31 DECEMBER 2005
Note 2005 2004
# #
Net Cash Flows From Operating Activities 1,003,138 649,870
Returns on Investments and Servicing of Finance (138,214) (157,483)
Taxation (271,446) (29,727)
Capital Expenditure and Financial Investment (119,988) (131,774)
_________ _________
Cash inflow Before Use of Liquid Resources and
Financing 473,490 330,886
Financing (490,020) (428,932)
_________ _________
Decrease in Cash in the Period (16,530) (98,046)
_________ _________
Reconciliation of Net Cash Flow to Movement in Net Debt
2005 2004
# #
Net Debt at 1 January 2005 (1,889,309) (2,159,878)
Decrease in cash in the period (16,530) (98,046)
Cash outflow in respect of hire purchase 58,265 33,287
Repayment of term loans 431,755 395,645
________ ________
(1,415,819) (1,828,992)
Non cash movements (76,979) (60,317)
_________ _________
Net Debt at 31 December 2005 (1,492,798) (1,889,309)
_________ _________
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
2005
1. The preliminary results do not constitute full statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
2. The preliminary results have been prepared in accordance with applicable
Accounting Standards. The directors have reviewed the accounting policies in
accordance with FRS 18 "Accounting Policies" and have concluded that no
changes were required from the previous year.
3. The calculation of earning per share is based upon the profit after taxation
of #196,957 divided by the number of ordinary shares in issue during the
period, 15,382,116.
4. RECONCILIATION OF OPERATING PROFIT TO NET CASHFLOW FROM OPERATING ACTIVITIES
2005 2004
# #
Operating profit 422,276 528,677
Depreciation 192,610 217,921
Amortisation of goodwill 110,496 110,496
Profit on sale of fixed assets (9,900) (2,863)
Decrease in stocks 49,364 9,541
(Increase)/ Decrease in debtors (301,222) 116,956
Increase/ (decrease) in creditors 539,514 (330,858)
_______ _______
Net cash inflow from operating activities 1,003,138 649,870
________ ________
5. A copy of the Annual Report and Accounts for the period ended 31 December
2005 will be sent to shareholders and copies will be available from the
Company's Registered Office at Unit H1, Prenton Way, North Cheshire Trading
Estate, Wirral, Merseyside, CH43 3DU.
6. The Annual General Meeting of the above Company will be held at Vista Group
plc, Unit H1, Prenton Way, North Cheshire Trading Estate, Wirral, Merseyside
CH43 3DU on 12 June2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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