Interim Results
2004年9月17日 - 4:01PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:0580D
Vista Group PLC
17 September 2004
FOR RELEASE 7.00AM 17 SEPTEMBER 2004
VISTA GROUP PLC
("Vista Group")
(Leading manufacturer of PVC door panels and composite doors)
UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2004
Main Points*
6 months ended Year 6 months ended
30 June ended 30 June
2004 1 January 2003
(unaudited) 2004 (pro-forma)
(pro-forma)
#'000 #'000 #'000
Turnover 4,400 7,477 4,399
EBITDA 614 1,260 646
Profit before tax 371 1,068 547
Basic earnings per share 1.7p 4.8p 2.6p
* Good first half results despite difficult trading conditions
* Continuing capital investment programme
* Production capacity expanded
Current Trading and Outlook
* Major customer in receivership
* Delayed orders impact sales for the second half
* Results for full year likely to be well below market expectations
* Confident that 2005 will show a substantial improvement
For further information:
Keith Sadler (Chief Executive) 07803 921526
Keith Salisbury (Non Executive Director) 0161 831 1512
Beattie Financial
Grace Marriner / Jo Clewlow 020 7398 3300
VISTA GROUP PLC
(Leading manufacturer of PVC door panels and composite doors)
INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2004
Chairman's Statement
Trading conditions in the second quarter were some of the most difficult for
several years. Turnover in the six months ended 30 June 2004 of #4.4 million was
in line with the equivalent six months of 2003 which, given the trading
environment, was an impressive performance. However, throughout the period
margins were under pressure and one of our major customers suffered severe
financial difficulties forcing us to stop supplying them on several occasions.
Partly as a result of these factors, profit before tax fell by 32% to #371,000
compared to the proforma figures for the six months ended 30 June 2003. Earnings
per share, of 1.7p, declined by 35% compared to the pro - forma figure for the
first half of 2003.
We have continued to invest in our factory on Merseyside with capex in the first
six months amounting to #172,000 with a further #30,000 budgeted for the second
half of the year. During the period, three compacting machines were delivered,
which has enabled us to reduce the cost of removing waste from the business by
recycling all paper, plastic and polythene. Two new diamond bead glue machines
and six pneumatic presses, which will reduce glue waste and increase the quality
of the door panels, have also been delivered and are now fully operational. We
are currently updating our computer systems through grant assistance, which will
increase efficiency across the plant.
Current Trading and Outlook
We have had a frustrating start to the second half of the year with BHD Group
Limited, one our major customers, going into receivership owing us #330,000 of
which we expect to recover #200,000 from our insurance company. We may also have
to write-off some of the stock that had been manufactured ready for delivery.
Two of our major customers have also postponed major contracts until 2005. These
factors will have an adverse impact on our budgets for the second half of the
year and our results for the year are likely to be substantially below market
expectations.
The markets in which we operate have remained extremely competitive and we have
suffered an approximate increase of 8% in our raw material costs which we have
not been able pass on to our customers.
On a positive note export sales to Eastern Europe have been encouraging and we
expect to see a further increase in export orders in the second half. We are
also in active discussions with a number of local councils which could lead to a
number of substantial orders.
The Board will not be proposing an interim dividend as it intends to conserve
cash for ongoing investment in the business.
We have a strong balance sheet which will sustain us through this difficult
period and are confident that we can look forward to a much more encouraging
2005 when a number of major contracts should come on stream.
Gavin Johnson
Chairman
17 September 2004
Vista Group Plc
Group Profit and Loss Account
For the Six Months Ended 30 June 2004
6 months Year ended 6 months
ended 1 January Ended
30 June 2004 30 June
2004 (pro-forma) 2003
(unaudited) (pro-forma)
#'000 #'000 #'000
Turnover 4,400 7,477 4,399
______ ______ ______
EBITDA 614 1,260 646
Depreciation (110) (205) (119)
Amortisation of Goodwill (55) - -
______ ______ ______
Operating profit 449 1,055 527
Net Interest (78) 13 20
______ ______ ______
Profit on ordinary activities before
taxation 371 1,068 547
Taxation (111) (325) (141)
______ ______ ______
Profit on ordinary activities after
taxation 260 743 406
Dividends - - -
______ ______ ______
Retained Profit 260 743 406
______ ______ ______
Basic earnings per share 1.7p 4.8p 2.6p
______ ______ ______
Vista Group Plc
Group Balance Sheet
At 30 June 2004
6 months Year ended
Ended 1 January
30 June 2004
2004 (Audited)
(unaudited)
#'000 #'000
Fixed assets
Intangible assets 2,140 2,195
Tangible assets 585 534
_____ _____
2,725 2,729
_____ _____
Current assets
Stock 629 507
Debtors 1,784 1,398
Cash at Bank and in hand 94 151
_____ _____
2,507 2,056
Creditors amounts (2,413) (2,054)
Falling due within one year _____ _____
Net current assets 94 2
_____ _____
Total assets less current liabilities 2,819 2,731
Creditors falling due after (1,585) (1,757)
More than one year _____ _____
Net assets 1,234 974
_____ _____
Capital and reserves
Called up share capital 77 77
Share premium account 896 896
Profit and loss account 261 1
_____ ______
Equity Shareholders' Funds 1,234 974
_____ ______
Vista Group Plc
Group Cash Flow Statement
For the Six Months Ended 30 June 2004
6 months
Ended
30 June
2004
(unaudited)
#'000
Net cash inflow/(outflow) from operating activities 333
Returns on investments and servicing finance (78)
Taxation -
Capital expenditure and financial investment (101)
Acquisitions -
______
Cash Outflow Before Use of Liquid Resources 154
Financing (211)
______
(Decrease)/ Increase in Cash in the Period (57)
______
Notes to the Interim Accounts
for the 6 months ended 30 June 2004-09-15
1. Basis of preparation of the accounts
The financial information given does not constitute statutory accounts within
the meaning of Section 240 (5) of the Companies Act 1985. The interim accounts,
which are abridged and unaudited, have been prepared on the basis of the
accounting policies expected to apply for the year ending 31 December 2004.
2. History and pro-forma figures
Vista Group Plc was incorporated as Readymatch Limited on 8 July 2003 and
re-registered as a public limited company on 21 October 2003. On 13 November
2003 Readymatch plc acquired the entire issued share capital of Vista Panels
Limited from Home Doors (GB) Limited, a member of the BHD Group and, on 18
December 2003, the Group then changed its name to Vista Group Plc.
As the restructured Group has only existed in its present form since 13 November
2003, we are publishing adjusted unaudited pro forma figures for the 6 months
ended 30 June 2003, based on the unaudited pro forma figures for the year ended
1 January 2004, in addition to the unaudited results for the 6 months ended 30
June 2004.
The pro-forma figures are based upon the accounts of Vista Panels Limited as
adjusted for certain exceptional expenditure relating to the directors'
emoluments which are not expected to reoccur. The following assumptions have
been applied:
(i) The net interest for the pro forma figures is that incurred in the accounts
of Vista Panels Limited only and does not include the interest incurred by Vista
Group Plc on the #2.3 million loan used to fund part of the acquisition of the
shares in Vista Panels Limited.
(ii) The tax charge for the pro forma figures is calculated using an average
rate established by reference to the tax charge on profits for the period in
Vista Panels Limited accounts. This percentage has then been applied to the pro
forma profit before tax.
(iii) The pro forma profit and loss accounts also exclude the amortisation of
goodwill on consolidation.
3. Taxation
The taxation charge on ordinary activities is based on an estimated tax rate of
30%.
4. Dividends
The Directors recommend that no interim dividend will be paid.
5. Earnings per share
Earnings per share have been calculated on profit on ordinary activities after
taxation and on the issued number of shares being 15,382,116.
6. Reconciliation of operating profit to net cash inflow from operating
activities
6 months
Ended
30 June
2004
(unaudited)
#'000
Operating profit 449
Depreciation 110
Amortisation of goodwill 55
Decrease/(Increase) in stocks (122)
Increase in debtors (386)
Increase/(Decrease) in creditors 227
______
Cash flow from operating activities 333
______
7. Analysis of net debt
6 months
Ended
30 June
2004
(unaudited)
#'000
Decrease in cash in the period (55)
Repayment of term loans 197
Cash outflow in respect of finance leases 14
____
Changes in net debt 156
Non cash movements being new finance leases (61)
Net debt at 1 January 2004 (2,160)
______
Net debt at 30 June 2004 (2,065)
--------
Debt at 30 June 2004
Cash at bank 94
Hire purchase (84)
Bank loan (2,075)
______
(2,065)
--------
8 Copies of the interim statement will be sent to shareholders shortly and will
be available to the public at the registered office of the Company at Vista
Group plc, Unit H1, Prenton Way, North Cheshire Trading Estate, Wirral,
Merseyside CH43 3DU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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