Interim Results

Caffyns PLC 28 November 2001 CAFFYNS PLC INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2001 * Operating profits in half-year of £1,782,000 (2000: £1,131,000). * Exceptional charges of £114,000 arose on closure of a branch (2000: gains of £1,149,000 on disposal of two branches). * Pre-tax profits (after exceptional items) of £1,287,000 (2000: £ 2,005,000). * Increased interim dividend of 6.0p per ordinary share (2000: 5.5p). CAFFYNS PLC CHAIRMAN'S STATEMENT Turnover in the half-year to 30 September 2001 was £82.5m against £72.7m the previous year. Operating profit was £1,782,000 against £1,131,000 the year before, an increase of 57%. Exceptional losses of £114,000 arose from closure costs but there will be greater exceptional gains on the anticipated disposal of property in the second half. Pre-tax profits are £1,287,000 against £ 2,005,000 which, after allowing for last year's exceptional gain of £ 1,149,000, are most encouraging. The industry is still awaiting the publication of the future regulation after Block Exemption expires in September 2002 but, as our turnover shows, we have experienced stronger demand for new cars this year following the price realignment undertaken by manufacturers in the latter part of 2000. In addition to this, we have increased our sales of used cars and after-sales services. Current international events make the predication of our year-end result difficult, but I am very pleased with our half-year performance and, if the economic climate remains stable, I am optimistic that our year-end result will be an improvement on last year. Your Directors have agreed to pay an increased interim dividend of 6.0p per ordinary share amounting to £204,000. This will be paid on 15 January 2002 to shareholders on the register at 5.00 p.m. on 14 December 2001. A M Caffyn Chairman 28 November 2001 CAFFYNS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2001 Half-year to Half-year to Year to 31 30 Sept 2001 30 Sept 2000 March 2001 Note £'000 £'000 £'000 TURNOVER 82,466 72,700 143,401 ---------- ---------- ------------ OPERATING PROFIT Continuing 1,782 1,387 2,101 operations Discontinued - (256) (1,348) operations ---------- ---------- ---------- TOTAL OPERATING 1,782 1,131 753 PROFIT Exceptional items 2 (114) 1,149 939 ---------- ---------- ---------- 1,668 2,280 1,692 Interest payable (381) (275) (600) ---------- ---------- ---------- PROFIT ON 1,287 2,005 1,092 ORDINARY ACTIVITIES BEFORE TAXATION Taxation 3 (171) (136) 108 ---------- ---------- ---------- PROFIT ON 1,116 1,869 1,200 ORDINARY ACTIVITIES AFTER TAXATION DIVIDENDS 4 (255) (234) (611) (EQUITY AND NON-EQUITY) ---------- ---------- ---------- RETAINED PROFIT 861 1,635 589 ---------- ---------- ---------- Earnings per 5 p p p ordinary share Basic 31.4 54.7 32.8 Diluted 31.3 54.3 32.7 ---------- ---------- ---------- Dividend per 6.0 5.5 15.0 ordinary share ---------- ---------- ---------- The comparative results for the half-year to 30 September 2000 and year to 31 March 2001 have been restated (see note 1) following implementation of FRS19 (deferred tax). CAFFYNS PLC CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2001 30 September 2001 30 September 2000 31 March 2001 £'000 £'000 £'000 FIXED ASSETS Intangible assets 18 - 24 Tangible assets 25,725 23,834 25,022 --------- --------- --------- 25,743 23,834 25,046 --------- --------- --------- CURRENT ASSETS Stocks 17,737 17,699 18,319 Consignment stocks 5,930 1,750 3,777 Debtors 6,826 5,032 6,262 --------- --------- --------- 30,493 24,481 28,358 --------- --------- --------- CREDITORS : amounts falling due within one year Short term 6,300 2,728 4,219 borrowings Obligations under 135 123 129 finance leases Obligations 5,930 1,750 3,777 relating to consignment stock Other 13,936 13,699 15,054 --------- --------- --------- 26,301 18,300 23,179 --------- --------- --------- NET CURRENT ASSETS 4,192 6,181 5,179 --------- --------- --------- TOTAL ASSETS LESS 29,935 30,015 30,225 CURRENT LIABILITIES --------- --------- --------- CREDITORS : amounts falling due after one year Long term borrowings (2,000) (1,000) (2,000) Obligations under (106) (241) (177) finance leases Other (1,417) (2,869) (2,250) --------- --------- --------- (3,523) (4,110) (4,427) --------- --------- --------- PROVISIONS FOR (761) (211) (1,008) LIABILITIES AND CHARGES --------- --------- --------- NET ASSETS 25,651 25,694 24,790 --------- --------- --------- CAPITAL AND RESERVES Called up share 2,935 2,899 2,935 capital Share premium 164 58 164 account Revaluation reserve 4,308 4,577 4,308 Profit and loss 18,244 18,160 17,383 account --------- --------- --------- CAPITAL EMPLOYED 25,651 25,694 24,790 ---------- ---------- --------- The comparative results for the half-year to 30 September 2000 and year to 31 March 2001 have been restated (see note 1) following implementation of FRS19 (deferred tax). CAFFYNS PLC RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Half-year to 30 Half-year to 30 Year to 31 Sept 2001 Sept 2000 March 2001 £'000 £'000 £'000 Profit for the period 1,116 1,869 1,200 Dividends (255) (234) (611) ---------- ---------- ---------- 861 1,635 589 Issue of shares - - 142 Opening 24,838 24,179 24,179 shareholders' funds - previously stated Prior year (48) (120) (120) adjustment (see note 1) ---------- ---------- ---------- Closing 25,651 25,694 24,790 shareholders' funds ---------- ---------- ---------- CAFFYNS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2001 Half-year to Half-year to Year to 31 30 Sept 2001 30 Sept 2000 March 2001 £'000 £'000 £'000 Cash inflow from operating activities Operating profit 1,782 1,131 753 Depreciation 510 449 921 Amortisation of goodwill 6 - 1 Loss on disposal of 74 - - tangible fixed assets (Increase)/decrease in (1,571) 2,198 9 stocks (Increase)/decrease in (701) 818 (275) debtors Increase/(decrease) in 202 (3,149) (169) creditors (Decrease)/increase in (229) - 735 provisions --------- --------- --------- Net cash inflow from 73 1,447 1,975 operating activities --------- --------- --------- Returns on investments and servicing of finance Interest paid (381) (275) (600) Preference dividends paid (51) (50) (102) --------- --------- --------- (432) (325) (702) --------- --------- --------- Taxation Corporation tax 100 (106) (353) refunded/(paid) --------- --------- --------- Capital expenditure and financial investment Purchase of tangible fixed (1,327) (2,324) (3,524) assets Closure costs (114) (92) (260) Sale of tangible fixed 7 3,359 4,024 assets --------- --------- --------- (1,434) 943 240 --------- --------- --------- Acquisitions - - (1,590) --------- --------- --------- Equity dividends paid (323) (316) (502) --------- --------- --------- Cash flow before financing (2,016) 1,643 (932) --------- --------- --------- Financing Issue of shares - - 142 Loan advances/(repayments) 1,000 (1,250) 500 Capital element of finance (65) (60) (118) lease --------- --------- --------- Net cash inflow/(outflow) 935 (1,310) 524 from financing --------- --------- --------- (Increase)/decrease in (1,081) 333 (408) overdrafts --------- --------- --------- Reconciliation of net cash flow to movement in net debt (Decrease)/increase in (1,081) 333 (408) cash in the period Cash (inflow)/outflow from (1,000) 1,250 (500) movements in debt Cash outflow from capital 65 60 118 repayments of finance leases --------- --------- --------- Movement in net debt in (2,016) 1,643 (790) the period Net debt at beginning of (6,525) (5,735) (5,735) period --------- --------- --------- Net debt at end of period (8,541) (4,092) (6,525) --------- --------- --------- CAFFYNS PLC NOTES TO THE INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2001 1. BASIS OF PREPARATION The directors approved this interim statement on 28 November 2001. The interim accounts for the half year ended 30 September 2001 and the comparative figures for the half year ended 30 September 2000 are unaudited, and have been prepared on the same basis as the accounts for the year ended 31 March 2001 except that certain comparative figures have been restated in order to ensure comparability with the interim accounts for the half year ended 30 September 2001. There have been no significant changes to the group's accounting policies other than those required by Financial Reporting Standard Number 19 Deferred Tax (FRS19). The change in policy as a result of adopting FRS19 has meant that the taxation figures disclosed for the six months to 30 September 2000 and year ended 31 March 2001 have been restated. The effect on the figures has not been material. The new accounting policy adopted as a result of FRS 19 is as follows: Deferred tax is recognised on all timing differences where the transactions or events that give the group an obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax on defined benefit pension scheme surpluses or deficits is adjusted against these surpluses. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantively enacted by the balance date. The financial information for the year ended 31 March 2001 has been abridged from the statutory accounts which have been filed with the Registrar of Companies and on which the auditors have given an unqualified audit opinion. The interim financial statements have been reviewed by the company's auditors. A copy of the auditors' review report is set out at the end of this statement. 2. EXCEPTIONAL ITEMS Half-year to 30 Half-year to 30 Year to 31 March Sept 2001 Sept 2000 2001 £'000 £'000 £'000 Net profits on - 1,242 1,199 disposal of tangible fixed assets Closure costs (114) (93) (260) --------- --------- --------- (114) 1,149 939 --------- --------- --------- 3. TAX ON PROFIT ON ORDINARY ACTIVITIES Half-year to Half-year to Year to 31 30 Sept 2001 30 Sept 2000 March 2001 £'000 £'000 £'000 Current UK corporation tax at 30% (Charge)/credit for (388) (243) 150 the period Advance corporation 199 93 (100) tax Over-provision in - - 106 respect of prior years -------- -------- -------- Total corporation tax (189) (150) 156 Deferred tax at 30% Credit/(charge) for 60 40 (148) timing differences in the period ACT set off (42) (26) 100 -------- -------- -------- (171) (136) 108 -------- -------- -------- 4. DIVIDENDS Ordinary shares of 50p each The interim dividend proposed at the rate of 6.0p per share (2000 - 5.5p) is payable on 15 January 2002 to shareholders on the register at the close of business on 14 December 2001. The shares will be marked ex-dividend on 12 December 2001. Preference shares Preference dividends have been paid in October 2001. The next preference dividends are payable in April 2002. 5. EARNINGS PER ORDINARY SHARE The basic and diluted earnings per ordinary share are calculated on the profit after tax and preference dividend and on the weighted average number of ordinary shares as detailed below: Profit after tax and preference dividends Basic Diluted £'000 '000 '000 30 September 2001 1,065 3,396 3,405 31 March 2001 1,098 3,350 3,353 30 September 2000 1,818 3,324 3,349 6. INTERIM STATEMENT The interim statement will be posted to ordinary and preference shareholders by 10 December 2001. Copies will also be available to the public at the registered office of the company at Saffrons Room, Meads Road, Eastbourne, BN20 7DR. INDEPENDENT REPORT REVIEW TO CAFFYNS PLC Introduction We have been instructed by the company to review the financial information set out on pages 3 to 7 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999 /4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2001. Grant Thornton Chartered Accountants Brighton 28 November 2001

Companies

Caffyns (CFYN)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today