Preliminary Results
Avon Rubber PLC
6 December 2001
PRELIMINARY RESULTS FOR THE YEAR ENDED 29 SEPTEMBER 2001
Avon Rubber p.l.c. announces its preliminary results for the year
to 29 September 2001 which the Board approved on 5 December 2001
2001 2000
£MILLION £MILLION
TURNOVER 278.0 278.0
TOTAL OPERATING PROFIT
- before exceptionals 8.7 15.4
- continuing operations 10.6 15.8
- discontinued operations (1.9) (0.4)
PROFIT / (LOSS) BEFORE TAX
- before exceptionals 3.4 12.4
- after exceptionals (9.1) 5.7
(LOSS) / EARNINGS PER SHARE
Basic (29.4)p 12.4p
Before exceptional items 7.5p 31.3p
Before exceptional items and
goodwill amortisation 9.7p 33.5p
Diluted (29.4)p 12.4p
DIVIDEND PER SHARE 7.0p 24.2p
* Borrowings reduced by £16.4 million in second half
* Continuing focus on cash generation
*Cost reduction actions starting to show benefits
*Successful disposal of three non core loss making businesses
For further enquiries, please contact:
For further information please contact
Avon Rubber p.l.c
Steve Willcox, Chief Executive 020 7324 8888
Terry Stead, Finance Director (until 3:30pm)
Or
Roger Hunt at Avon Rubber p.l.c 01225 861 100
Golin/Harris Ludgate
Richard Hews/Trish Featherstone 020 7324 8888
INTRODUCTION
At the time of the announcement of our interim results we
indicated that we would dispose of some non core activities,
resolve issues with some of our providers of finance, see
improvement in pre exceptional operating profit compared with the
first half year and reduce borrowings. We have achieved all of
these. The disposals of our automotive businesses in New York
State and our plastic reinforced hose business in Cadillac,
Michigan were announced at the year-end. With the support of our
major bankers and private placement noteholders we have
restructured the financing of the business with little overall
impact on interest costs. The second half pre exceptional
operating profit showed an improvement over the first half and we
successfully reduced net borrowings in the second half year from
£69.4 million to £53.0 million, giving a reduction for the full
year of £11.9 million.
Last year saw a significant reduction in demand in our North
American automotive activities. There was a substantial downturn
in December 2000 and January 2001 as the major automotive
manufacturers rebalanced their inventories. There then followed a
period of relatively consistent demand albeit at levels some 10%
below the previous year. However, our year ended with a further
substantial reduction in demand following the events of 11th
September.
To cope with these falls in demand we have taken actions to reduce
our cost base and breakeven point. However these cost reductions
could not be achieved rapidly enough to prevent a significant fall
in profitability in the year to September 2001. There is a
continuing focus on reducing the fixed cost base of our businesses
to make them more resilient to the rapid demand changes that we
are experiencing.
We now have a Group that is more focused on the core activities of
automotive hose and a selected range of niche technical products.
There are still a small number of non-core activities that will be
sold. We have completed our period of major capital investment and
as a result, capital expenditure will be below depreciation for
some time. These actions, together with an emphasis on working
capital reduction, will continue our focus on cash management.
On 26th October, the Directors confirmed that they had received a
very preliminary expression of interest that may or may not lead
to an offer being made for the company. The Directors will make a
further announcement as and when appropriate.
RESULTS
Total operating profit before exceptional items for the year was
£8.7 million (2000: £15.4 million). After a net interest charge of
£5.3 million (2000: £3.0 million) Group profit before exceptional
items and taxation was £3.4 million (2000: £12.4 million) on a
turnover of £278.0 million (2000: £278.0 million). The Group loss
after exceptional items and before taxation was £9.1 million
(2000: profit £5.7 million).
There was an exceptional operating expense of £3.6 million, of
which £2.2 million was for the impairment of the assets of Pacer
Tool and Plastics Inc., where the future expected performance does
not support the carrying values. There was a further charge of
£1.0 million relating to the costs incurred in transferring work
from our former Croydon facility to France and the Czech Republic.
In addition, losses of £8.9 million (including £3.2 million of
goodwill previously written off directly to reserves) were
incurred in respect of the disposal of certain operations. Of the
losses, £7.5 million (of which £3.2 million was in respect of
goodwill) was shown as an impairment charge in the interim
statement in anticipation of expected disposals and charged
against operating profit. However, given the completion of those
disposals in the second half of the year, this has been
reclassified as part of the loss on disposal. £11.1 million of the
total exceptional charges of £12.5 million had no cash impact.
The taxation credit of £0.9 million for the year compares to a
£3.0 million charge in 2000.
The loss after taxation, exceptional items and minority interests
was £8.2 million (2000: profit £3.5 million) and basic loss per
share was 29.4p (2000: earnings per share 12.4p). Profit after
taxation and minority interests but before exceptional items was
£2.1 million (2000: £8.7 million) and earnings per share on this
basis was 7.5p (2000: 31.3p).
Capital expenditure was £5.8 million (2000: £22.1 million). Our
major investments in Wiltshire were completed in 2000 and this
accounts for £10.6 million of the £16.3 million reduction in the
year. We would expect capital expenditure to be below depreciation
(2001: £11.9 million) for some time.
We have focused strongly on cash management in order to reduce
Group borrowings. During the year our net borrowings decreased by
£11.9 million to £53.0 million (2000: £64.9 million) and during
the second half of the year net borrowings were reduced by £16.4
million.
AUTOMOTIVE COMPONENTS
At constant exchange rates, sales were down 4.6% at £206.4 million
(2000: £216.2 million). Whilst sales in Europe showed a small
increase, North American sales were down 10.3% at £92.8 million
(2000: £103.4 million).
Following the sharp downturn in North America in December 2000 and
January 2001 as the major North American automotive companies
rebalanced their inventories, volumes remained at generally low
levels for the remainder of the year with a further sharp downturn
following the events of 11th September. Since the year-end demand
is returning to more normal levels. We reported at the time of the
announcement of our interim results that we had taken actions to
mitigate the effects of the demand downturn in December and
January but these did not fully offset the impact of this reduced
demand.
In Europe we did not see the full benefit of the transfer of work
from Croydon to France and the Czech Republic but by the end of
the year most of the transfer problems had been overcome and the
benefits were apparent. There is increasingly aggressive pricing
in Europe for low pressure hose, mainly from facilities in Eastern
Europe. We are well placed with low labour cost operations in
Portugal and the Czech Republic, but the UK has become
increasingly uncompetitive for the manufacture of these products
and we have announced to the employees at our Trowbridge, UK hose
factory the start of a consultation process to consider the
possible closure of that unit. In addition, we plan to restructure
our European Automotive activities to provide clearer
accountability and lower costs. The costs of any such closure and
restructuring would be approximately £7.5 million in 2002, of
which £6.0 million would be in cash and realise an estimated £3.0
million in annualised benefits.
We took the decision to develop our facility in Orizaba, Mexico to
be our coolant hose factory for North America. We have supplied
product for the VW Beetle from this site and have now won new
business in North America, with major contracts due to start in
2003. This low cost high quality facility, supported by sales and
engineering based in USA, will enable us to continue to win
business on new North American platforms.
At the end of the year we disposed of our two businesses in New
York State. These non core businesses had sales of £11.4 million
and made losses in the year of £0.8 million.
TECHNICAL PRODUCTS
Sales at constant exchange rates were marginally ahead at £71.7
million (2000: £71.1million) with operating profit down by £1.5
million at £2.6 million (2000: £4.1 million).
Our new facility at Hampton Park West, Wiltshire was fully
operational for the whole year. It is a major supplier of
rubberware to the European dairy market and was severely disrupted
by the effects of the outbreak of foot and mouth disease during
the year. We are pleased to see that this appears to be under
control and the market is returning to normal. Sales of aerosol
sealing gaskets were down and increased efforts were targeted at
winning sales of more highly specified products at better margins.
Sales of business machine components from the UK were reduced in
line with lower demand from the major customer Xerox, while the
production unit in our facilities in the Czech Republic has
continued to perform well and we anticipate increasing demand in
this area during 2002.
In North America, Hi Life continues to perform well. Zatec
established blade assembly in our automotive facility in Juarez,
Mexico for a new contract with Lexmark. In September we disposed
of our Nylaflow industrial hose business to members of its
management team. This business had sales for the year of £4.6
million and made an operating loss of £1.1 million.
The development programme for the Joint Services General Purpose
Mask has continued to progress to plan. Since the year-end we have
delivered over a thousand prototype masks for assessment and we
remain confident that we will be awarded the next phase of the
programme in early 2002. Since 11th September interest in this
area of our business has increased and we are working with the
emerging Homeland Security infrastructure in the USA to make our
respirator expertise available.
We are continuing to rationalise our portfolio of technical
product businesses by seeking to dispose of activities which are
outside our core business areas.
FINANCING
Net debt at the year end stood at £53.0 million compared with the
opening net debt of £64.9 million, resulting in year end gearing
of 63.6% (2000: 72.4%).
During the second half of the year we repaid $30 million of the
$60 million private placement and increased our other term loans
by $29.5 million. These new term loans will be coterminous with
the rescheduled private placement.
We are planning for capital expenditure to be below depreciation
again this year. We shall also continue our drive to reduce
working capital and plan further disposals of non core businesses.
DIVIDEND
The Board is recommending a final dividend of 3.5p per share
(2000: 17.2p per share) which will be paid on 12 February 2002 to
ordinary shareholders on the register on 18 January 2002. When
added to the interim dividend of 3.5p per share (2000: 7.0p per
share) the total dividend is 7.0p per share (2000: 24.2p per
share).
OUTLOOK
We expect all markets to remain challenging with volatility of
schedules continuing to feature in our major original equipment
contracts. However, inventories of vehicles at the Big Three US
domestic automotive manufacturers are substantially below those of
a year ago, which will feed through into higher production volumes
if sales are maintained.
We will continue to focus on improving the performance of core
businesses and the restructuring of European activities with
emphasis on UK operations and support services. We will divest non
core units when satisfactory arrangements can be achieved.
There is great uncertainty in all areas of business activity and
so our priority will remain cash management with a focus on
working capital reduction. This will be supported by the company
wide launch of our 'Six Sigma Breakthrough' programme which is
being led by Main Board Director, Lee Richards. By reducing costs
and increasing efficiency within the company, we will create
greater certainty in those areas which we can influence, as a
counter to the uncertainties of the external environment.
Consolidated Profit and Loss Account
for the year ended 29 September 2001
2001
Before Exceptional
Exceptional Items
Items (notes 3&4) Total
Note £'000 £'000 £'000
------------------------------------------
Turnover 2
Continuing operations 262,031 - 262,031
Discontinued operations 16,010 - 16,010
-------- -------- --------
Total turnover 278,041 - 278,041
Cost of sales (243,781) (952) (244,733)
-------- -------- --------
Gross profit 34,260 (952) 33,308
Net operating expenses
(including £617,000
(2000: £623,000)
goodwill amortisation) (25,645) (2,604) (28,249)
-------- -------- --------
Operating profit
Continuing operations 10,496 (3,556) 6,940
Discontinued operations (1,881) - (1,881)
-------- -------- --------
Group total operating profit 8,615 (3,556) 5,059
Share of profits of joint
venture and associate 119 - 119
Total operating profit
including joint venture
and associate 2 8,734 (3,556) 5,178
Profit on disposal of
fixed assets - - -
Loss on disposal of
operations 4 - (8,916) (8,916)
(Loss)/profit on ordinary
a ctivities before interest 8,734 (12,472) (3,738)
Interest receivable 2,516 - 2,516
Interest payable (7,837) - (7,837)
-------- -------- --------
(Loss)/profit on ordinary
activities before taxation 3,413 (12,472) (9,059)
Taxation 5 (1,266) 2,184 918
-------- -------- --------
(Loss)/profit on ordinary
activities after taxation 2,147 (10,288) (8,141)
Minority interests (30) - (30)
-------- -------- --------
(Loss)/profit for the year 2,117 (10,288) (8,171)
Dividends
(including non-equity
interest) 7 (1,961) - (1,961)
-------- -------- --------
Loss for the year 156 (10,288) (10,132)
======== ======== ========
Rate of dividend
Cumulative Preference 7%
Ordinary 7.0p
(Loss)/earnings per
ordinary share 8
Basic (29.4)p
Before exceptional items 7.5p
Before goodwill amortisation
and exceptional items 9.7p
Diluted (29.4)p
2000
Before Exceptional
Exceptional Items
Items Total
Note £'000 £'000 £'000
------------------------------------------
Turnover 2
Continuing operations 258,707 - 258,707
Discontinued operations 19,290 - 19,290
-------- -------- --------
Total turnover 277,997 - 277,997
Cost of sales (231,842) (1,984) (233,826)
-------- -------- --------
Gross profit 46,155 (1,984) 44,171
Net operating expenses
(including £617,000
(2000: £623,000)
goodwill amortisation) (30,891) (4,688) (35,579)
-------- -------- --------
Operating profit
Continuing operations 15,648 (6,672) 8,976
Discontinued operations (384) - (384)
-------- -------- --------
Group total operating profit 15,264 (6,672) 8,592
Share of profits of joint
venture and associate 161 - 161
-------- -------- --------
Total operating profit
including joint
venture and associate 2 15,425 (6,672) 8,753
Profit on disposal of
fixed assets - 25 25
Loss on disposal of
operations 4 - - -
-------- -------- --------
(Loss)/profit on ordinary
activities
before interest 15,425 (6,647) 8,778
Interest receivable 2,871 - 2,871
Interest payable (5,911) - (5,911)
-------- -------- --------
(Loss)/profit on ordinary
activities
before taxation 12,385 (6,647) 5,738
Taxation 5 (4,360) 1,400 (2,960)
-------- -------- --------
(Loss)/profit on ordinary
activities
after taxation 8,025 (5,247) 2,778
Minority interests 717 - 717
-------- -------- --------
(Loss)/profit for the year 8,742 (5,247) 3,495
Dividends
(including non-equity
interest) 7 (6,735) - (6,735)
-------- -------- --------
Loss for the year 2,007 (5,247) (3,240)
======== ======== ========
Rate of dividend
Cumulative Preference 7%
Ordinary 24.2p
(Loss)/earnings per
ordinary share 8
Basic 12.4p
Before exceptional items 31.3p
Before goodwill amortisation
and exceptional items 33.5p
Diluted 12.4p
There is no material difference between the profit as stated above
and that calculated on an historical cost basis.
CONSOLIDATED STATEMENT
OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 29 September 2001
2001 2000
£'000 £'000
(Loss)/profit for the year (8,171) 3,495
Premium paid on redemption of
preference shares (84) -
Net exchange differences on
overseas investments 1,143 309
-------- --------
Total (losses) and gains for the year (7,112) 3,804
======== ========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 29 September 2001
2001 2000
£'000 £'000
Opening shareholders' funds 87,963 89,557
(Loss)/profit for the year (8,171) 3,495
Dividends (1,961) (6,735)
Net exchange difference on overseas
investments 1,143 309
Redemption of preference shares (584) -
Goodwill resurrected on disposal
of operations 3,215 1,337
-------- --------
81,605 87,963
======== ========
Equity shareholders' funds 81,605 87,463
Non-equity shareholders' funds - 500
-------- --------
81,605 87,963
======== ========
CONSOLIDATED BALANCE SHEET
At 29 September 2001
2001 2000
£'000 £'000
Fixed Assets
Intangible assets 13,553 13,154
Tangible assets 100,865 112,687
Investments 647 1,051
-------- --------
115,065 126,892
Current Assets
Stocks 22,534 26,836
Debtors - Amounts falling due
within one year 47,246 56,528
Debtors - Amounts falling due
after more than one year 6,802 8,146
Cash at bank and in hand 13,586 7,585
-------- --------
90,168 99,095
Creditors
Amounts falling due within one year 66,189 71,782
-------- --------
Net current assets 23,979 27,313
Total assets less current liabilities 139,044 154,205
Creditors
Amounts falling due after more than
one year 51,029 56,116
Provisions for liabilities and charges 4,689 8,385
-------- --------
Net assets 83,326 89,704
======== ========
Capital and reserves
Ordinary share capital 27,824 27,824
Preference share capital - 500
Share premium account 34,070 34,070
Revaluation reserve 2,578 2,575
Capital redemption reserve 500 -
Profit and loss account 16,633 22,994
-------- --------
Shareholders' funds
(inc. non-equity interests) 81,605 87,963
Minority interests (equity interests) 1,721 1,741
-------- --------
Total capital employed 83,326 89,704
======== ========
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
For the year ended 29 September 2001
2001 2000
Note £'000 £'000
Operating activities
Total operating profit 5,178 8,753
Goodwill amortisation 617 623
Depreciation & impairment 14,146 11,911
Movement on working capital
and provisions 7,132 (3,048)
Other movements 1,141 1,472
-------- --------
Net cash inflow from operating
activities 28,214 19,711
Returns on investments and
servicing of finance (4,682) (4,250)
Corporation tax received / (paid) 1,281 (4,112)
Net capital expenditure (6,170) (21,961)
Capitalised development expenditure (990) (1,391)
Purchase of fixed asset investments (98) -
Sale of operations 2,002 2,399
Equity dividends paid (5,731) (6,700)
-------- --------
Net cash inflow / (outflow)
before financing 13,826 (16,304)
Financing
Purchase of own preference shares (584) -
Movement in loans and finance
leases (3,745) (1,805)
-------- --------
Increase / (decrease) in cash in
the period 9,497 (18,109)
======== ========
Reconciliation of net cash flow
to movement in net debt
Increase / (decrease) in cash
in the period 9,497 (18,109)
Movements in loans and
finance leases 3,745 1,805
Amortisation of loan costs (279) (59)
Finance lease transferred on
sale of subsidiary - 5
Exchange differences (985) (2,221)
-------- --------
Movement in net debt in the year 11,978 (18,579)
Net debt at the beginning of
the year (64,945) (46,366)
-------- --------
Net Debt at the end of the year 9 (52,967) (64,945)
======== ========
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. The figures and financial information for the year ended 29
September 2001 do not constitute the statutory financial
statements for that year. Those financial statements have not yet
been delivered to the Registrar, nor have the auditors yet
reported on them. The company's accounting period ends on the
Saturday nearest to 30 September each year. The period ended 29
September 2001 consisted of 52 weeks (2000: 52 weeks).
This preliminary announcement has been prepared using accounting
policies that are consistent with the policies detailed in the
financial statements for the year ended 30 September 2000 except
for the introduction of the following:
* During the year Financial Reporting Standards (FRS) 17
(Retirement Benefits) and 18 (Accounting Policies) became
effective. These standards have been reflected in these
financial statements to the extent considered appropriate. In
accordance with the transitional arrangements contained in FRS
17, disclosure in respect of the closing balance sheet only
(without comparatives for the previous period) has been made.
The adoption of FRS 18 has not resulted in the change of any
accounting policy.
2. Segmental Information
for the year ended 29 September 2001
2001 2000
£'000 £'000
a)External sales by destination:
United Kingdom 46,207 46,621
Other European 95,506 93,167
North America 132,443 133,933
Rest of World 3,885 4,276
-------- --------
278,041 277,997
-------- --------
2001 2000
Total Total
External operating External operating
Sales Profit/ Sales Profit/
(loss) (loss)
£'000 £'000 £'000 £'000
b) By business sector:
Before exceptional
operating items
Automotive components
Continuing
operations 195,017 6,932 196,771 10,942
Discontinued
operations 11,350 (769) 12,708 663
-------- -------- -------- --------
206,367 6,163 209,479 11,605
-------- -------- -------- --------
Technical Products
Continuing operations 67,014 3,683 61,936 4,867
Discontinued
operations 4,660 (1,112) 6,582 (1,047)
-------- -------- -------- --------
71,674 2,571 68,518 3,820
-------- -------- -------- --------
278,041 8,734 277,997 15,425
-------- -------- -------- --------
c) After exceptional operating items
2001 2000
Total Total
External operating Externaloperating
Sales Profit/ Sales Profit/
(loss) (loss)
£'000 £'000 £'000 £'000
Automotive components
Continuing
operations 195,017 5,577 196,771 6,510
Discontinued
operations 11,350 (769) 12,708 663
-------- -------- -------- --------
206,367 4,808 209,479 7,173
-------- -------- -------- --------
Technical Products
Continuing operations 67,014 1,482 61,936 2,627
Discontinued
operations 4,660 (1,112) 6,582 (1,047)
-------- -------- -------- --------
71,674 370 68,518 1,580
-------- -------- -------- --------
278,041 5,178 277,997 8,753
-------- -------- -------- --------
2001 2000
Total Total
External operating Externaloperating
Sales Profit/ Sales Profit/
(loss) (loss)
£'000 £'000 £'000 £'000
d)By origin:
Before exceptional
operating items:
United Kingdom 77,253 (769) 84,054 (2,656)
Other European 70,508 3,610 59,591 6,023
North-America
- Continuing
operations 114,270 7,774 115,062 12,442
- Discontinued
operations 16,010 (1,881) 19,290 (384)
-------- -------- -------- --------
278,041 8,734 277,997 15,425
======== ======== ======== ========
Total Total
External operating Externaloperating
Sales Profit/ Sales Profit/
(loss) (loss)
£'000 £'000 £'000 £'000
e)After exceptional
operating items:
United Kingdom 77,253 (919) 84,054 (8,558)
Other European 70,508 2,808 59,591 5,253
North-America
- Continuing
operations 114,270 5,170 115,062 12,442
- Discontinued
operations 16,010 (1,881) 19,290 (384)
-------- -------- -------- --------
278,041 5,178 277,997 8,753
======== ======== ======== ========
2001 2000
£'000 £'000
f)Analysis of external sales and
operating profit:
External sales
- First half of year 141,476 139,948
- Second half of year 136,565 138,049
-------- --------
278,041 277,997
======== ========
Total operating profit before exceptional items
- First half of year 3,833 7,106
- Second half of year 4,901 8,319
-------- --------
8,734 15,425
======== ========
3.Exceptional operating items
Continuing
Operations
Cost of sales
Relocating manufacturing from the
United Kingdom to Continental Europe 952
--------
Operating costs
Reduction of work force in North America 190
Legal and professional fees in respect of
debt restructuring 213
Impairment of tangible fixed assets at
Pacer Tool and Plastics Inc. 2,201
--------
2,604
--------
3,556
========
4. Loss on disposal of operations
2001
£'000
Nylaflow Industrial Hose business 1,175
Avon Injected Rubber & Plastics Inc. 4,526
--------
5,701
Goodwill previously written off directly
to reserves in respect of Nylaflow 3,215
--------
8,916
========
Of the losses, £7.5 million (of which £3.2 million was in respect
of goodwill) was shown as an impairment charge in the interim
statement in anticipation of expected disposals and charged
against operating profit. However, given the completion of these
disposals in the second half of the year, this has been
reclassified as part of the losses on disposal.
The business and assets of Nylaflow (a division of Cadillac Rubber
and Plastics Inc.) were sold on 14 September 2001 for a net
consideration of £341,000.
The loss attributable to this operation before exceptional items
for 2001 was £1,112,000 (2000: £1,047,000).
On 28 September 2001, the business and assets of Avon Injected
Rubber and Plastics Inc. were sold for a net consideration of
£2,688,000. £1,661,000 was paid in cash on completion with the
balance payable by 1 April 2002. The loss attributable to this
operation before exceptional items for 2001 was £769,000 (2000:
£663,000 profit).
The losses are before attributable tax credits of £410,000 in
respect of Nylaflow and £1,371,000 for Avon Injected.
5. The taxation credit/(charge) based on the results for the
year comprises:
2001 2000
£'000 £'000
Current taxation
United Kingdom corporation tax at 30% 87 375
Overseas Taxes (21) (3,719)
Associated company (42) (52)
-------- --------
24 (3,396)
Deferred tax 894 436
-------- --------
918 (2,960)
======== ========
6. Profit and loss accounts of foreign group undertakings are
translated at average rates of exchange and balance sheets are
translated at year-end rates.
7.If approved, payment of the final dividend on the ordinary
shares will be made on 12 February 2002 to shareholders on the
register at the close of business on 18 January 2002. The total
proposed final dividend will be £969,000 (2000: £4,762,000).
8.Basic loss per share amounts to 29.4p (2000: earnings per share
12.4p) and is based on loss after taxation and deduction of
minority interests and non-equity dividends, of £8,194,000
(2000: profit £3,460,000) and 27,824,000 ordinary shares (2000:
27,824,000) being the weighted average of the shares in issue
during the year.
Earnings per share before exceptional items amounts to 7.5p
(2000: 31.3p) and is based on profit after taxation and
deduction of minority interests and non-equity dividends, of
£2,094,000 (2000: £8,707,000).
Earnings per share before goodwill amortisation and exceptional
items amounts to 9.7p (2000: 33.5p) and is based on profit
after taxation and deduction of minority interests and non-
equity dividends of £2,711,000 (2000: £9,330,000).
There is no difference between the weighted average number of
shares in issue and the diluted weighted average number of
shares in issue.
Adjusted earnings per share figures have been calculated in
addition to basic and diluted figures since, in the opinion of
the directors, these provide a better understanding of the
Group's performance.
9. Analysis of net debt
As at Cash Amortisation Exchange As At
30-Sep-00 Flow of loan Movements 29-Sep-01
issue costs
£'000 £'000 £'000 £'000 £'000
Cash at bank
and in hand 7,585 5,852 - 149 13,586
Overdrafts (10,109) 3,645 - (149) (6,613)
Debt due
after 1 year(54,172) 7,400 (279) (756) (47,807)
Debt due
within 1 year(7,423) (4,120) - (225) (11,768)
Finance leases (826) 465 - (4) (365)
------ ------ ------ ------ ------
(64,945) 13,242 (279) (985) (52,967)
====== ====== ====== ====== ======
10. Copies of the directors' report and the audited financial
statements for the year ended 29 September 2001 will be posted to
shareholders by 19 December 2001 and may be obtained thereafter
from the company's registered office at Manvers House, Kingston
Road, Bradford on Avon, Wiltshire, BA15 1AA (Telephone: 01225
861100).
Latest directors dealings
- 1 hour ago SSP Group
- 1 hour ago Real Estate Investors
- 2 hours ago WPP
- 2 hours ago Spectris
- 2 hours ago Clarkson