Final Results
McBride PLC
11 September 2003
11 September 2003
McBRIDE PLC
Preliminary Announcement for the year ended 30 June 2003
McBride supplies over 20 million Private Label household and personal care
products each week to Europe's leading retailers.
Highlights of the full year are as follows:
• Group turnover was £505.0 million, up 4.3% on last year
• Group operating profit was £31.1 million (before goodwill amortisation
of £1.4 million) up £5.0 million (19%)
• Pre tax profit was £26.2 million, up £8.2 million* (46%)
• Net debt was £61.1 million, a reduction of £33.8m; interest cover was 8.3x
• Basic Earnings Per Share for the full year was 10.2p, up 3.2p* (46%)
• Final dividend proposed of 2.1p, up 50%
* 2002 comparative excludes £15.8m goodwill write off
Mike Handley, Chief Executive, commented:
'These results demonstrate the continuing strength of McBride. The market
remains competitive but sales gains in Continental Europe, and continuing
operational improvements across the Group have improved profitability. Cashflow
remains strong and a substantial reduction in debt has been achieved. Since the
year end, trading has been satisfactory.'
For further information please contact:
McBride plc
Mike Handley, Chief Executive 01494 60 70 50
Miles Roberts, Finance Director
Financial Dynamics 020 7831 3113
Andrew Dowler
Overview
• Sales to Continental Europe continue to grow strongly, up 8.6% to
£272.9m million. Operating profits from Continental European operations
improved 32% to £12.9 million.
• Sales to the UK remained the same at £228.5 million. Tight cost control
saw profits in the UK operations rise 12.0% to £16.8 million.
• Improving working capital management and lower capital expenditure levels
have resulted in a significant reduction in net debt - down £33.8m from June
2002
Strategy
McBride's strategy is to work in partnership with the major European grocery
retailers with Private Label household and personal care products across Europe.
The Board is committed to this strategy which continues to serve us well. The
objectives include growing sales and profits, improving the return on capital
and reducing debt.
Key Strengths
Amongst our many strengths, two that particularly stand out are innovation and
flexible scale. We demonstrate innovation in all facets of our business:
product, packaging, manufacturing, logistics, marketing and information systems.
Our ability to meet customer demand with minimal lead times makes McBride the
preferred partner of many major retailers.
Board changes
On 1 September we announced the appointment of 2 additional non-executive
directors: Ms Christine Bogdanowicz-Bindert and Mr Robert Lee. They bring a wide
range of key skills and knowledge to support McBride's growth with particular
relevance to our Central and Eastern European markets and our relationships with
the chemical industry.
Earnings and Dividends
Earnings per share were 10.2p for the year, an increase of 46% over last year's
7.0p (excluding the £15.8m goodwill write off in 2002).
The recommended final dividend, payable on 28 November 2003, is 2.1p. This
represents an increase of 50% over last year's 1.4p. The full year dividend is
2.9p, an increase of 38% over last year's 2.1p.
McBride plc intends to pursue a progressive and sustainable dividend policy that
takes account of the medium term capital requirements of the Group.
Overview of performance
It is pleasing to report that the Group's sales, profit and cash generation have
continued the improvements of last year particularly benefiting from a strong
Continental European performance. The Group's inherent strength is its
combination of scale of operations and the unparalleled experience of the
management team. We have reinforced our Europe wide market leadership by a
combination of sales volume growth, cost controls, increased profitability and
improved cash generation.
Total sales at £505 million were a record for our core household and personal
care business and grew by 4.3%. The share of sales outside the UK again
represented more than half the Group's turnover at 55% versus 53% in the
previous year. Some help was given by the stronger Euro but the underlying
volume and value growth in France and Spain were the main sources of the
increase in CE business. Whilst the UK, as expected, maintained last year's
sales, the strategy to expand sales in CE resulted in growth of 8.6%. Reported
sales for Poland were adversely affected by the Zloty's weakness, although sales
volume grew steadily.
At £31.1 million, the Group's operating profit before goodwill amortisation and
the joint venture was up 19%. The competitive pressures between retailers and
their undoubted buying power again caused selling price deflation. The Group's
strategy to focus on all variable and fixed costs to strengthen margins in these
circumstances, has again, led to improved results. However, the marketing,
logistical and operational excellence of the business is the best safeguard for
future results and customer service levels are the daily benchmarks of
performance for all sites and functions.
Management's vigorous approach to raising our performance in the management of
cash ensured success and has given two clear benefits; interest costs were
reduced and the level of borrowings are less than half those at December 2000.
We continue to benefit from the high levels of capital investment in the 1990's.
Whilst capital expenditure was lower it reflected the on-going levels following
the completion two years ago of several major projects. A key area of cash
improvement after balancing debtors and creditors has been the management of
stock. Here the availability of detailed information for all finished goods and
raw material/packaging items from the SAP integrated systems, is helping to
improve controls thereby reducing stock levels and improving customer service.
In terms of customer satisfaction, it is very pleasing to everybody involved in
the UK business to have achieved two outstanding 'firsts' last year. For a
record breaking third consecutive year the UK was voted by buyers as 'Best in
Class' for the household goods sector in the Grocer magazine survey. This was
followed in June by the Gold Award for Private Label excellence in competition
between ten product sectors. The buyers voted McBride better than many
well-known food, drink and non-food companies.
UK
The market continues to be very competitive as the large retailers compete on
all aspects of their customer offer. Last year saw Private Label sales continue
to grow their share of the household products sector as the retailers increased
their focus on building store traffic and improving store margins.
Despite this growth, Private Label share in our sector still remains below that
for 'all commodity groups'. This represents a significant opportunity for our
customers and McBride to grow Private Label sales to our mutual benefit.
It is therefore encouraging that all Private Label household products held a
combined share of 23.7% with strong performance in McBride core categories of
Laundry Liquid Sachets +12.3%, Laundry Tablets +1.8% Auto Dishwashing Tablets
+3.3% Washing Up Liquids and Toilet Care improving share by +0.9%. Our business
in the UK has leading shares in all these categories with modest improvements in
sales.
The personal care business had an excellent year. Against a continuing backdrop
of a difficult market, initiatives were taken to develop the Private Label and
Minor Brand offers. Our activities are focused on Hair Care, Bath and Shower
products and Oral Care. During the year Private Label grew it's volume share of
the market whilst the value share was marginally lower resulting in slightly
reduced sales.
It is against this market background that our overall sales in the UK remained
unchanged at £228.5m.
Having successfully established our position in the Liquid Laundry Sachets
sector, the business has once again been at the forefront of innovations with
the launch of Powder Pods. The initiative continues the development of offering
the consumer the convenience of soluble sachets combined with the cleaning power
of Laundry Powders in an easy to use format. Initial sales of the powder pods
are encouraging.
The UK personal care business continued the improvement in its operational
performance established last year as well as gaining new retailer brand
contracts. In addition to the successful roll out of SAP, we are pleased that
the Bradford delivered an improved performance.
The UK business continued its niche brand development programme which saw
Surcare, the sensitive skin household product range, grow sales by 24%. This
year has also seen the relaunch of Clean'N'Fresh, our value brand of household
products, and the launch of Captivate, a personal care range.
These niche brands have a key role in the development of sales to the
Convenience and Independent trade sectors where the lower absolute levels of
volume inhibit Private Label growth. By offering a range of value brands of good
quality we believe there is a mutual opportunity to grow sales in these sectors
of the Grocery trade.
Aerosol Products Limited (APL)
Last year we reported that the aerosol joint venture in the UK had been
operationally and financially restructured and although it was early days for
the new phase of the joint venture we were pleased to report that the losses had
been stemmed. It is, therefore particularly pleasing to report that our optimism
was justified with a contribution of £0.9m (McBride share, £0.5m) at the
Operating Profit level.
Sales of £30.1m (McBride share £15.1m) were in line with expectations and the
new management team have continued their excellent work in the control of the
cost base and are continually working to improve its sales and operating
performance. Customer service levels are vastly improved despite some persistent
supplier performance difficulties.
Continental Europe
Our Continental European business (McBride CE) sells in all member States of the
European Community in mainland Europe, with its head office located in Belgium
and production sites in five member states. As we reported last year, retailer
consolidation led by the French multiples and some German and Dutch retailers
has created the right environment for Private Label to grow.
In Continental Europe, McBride's focus is on growth in all countries especially
France and Spain.
We entered Spain eight years ago through acquisition and it is now our fourth
largest market with significant growth opportunities.
Similarly McBride entered the Netherlands through acquisition, however it is a
more developed retail market and growth is therefore more difficult.
In France substantial progress has been made following a series of small
acquisitions to expand our product offer. Development of our relationships with
major French retailers has underpinned this growth.
McBride has been, for many years, a significant supplier to a number of German
retailers outside their domestic market. Indeed two German retailers are already
in the Group's Top Ten customers. Germany is the most recent market McBride has
started to develop; a sales office was established three years ago and we are
now winning contracts to supply in Germany.
In the growing Continental European market our reported sales were £272.9m up
almost 8.6% in £ Stg with sales in local currency up 2.5% year on year. Sales in
Spain and Germany showed impressive 37.4% and 36.0% growth in local currency
respectively while The Netherlands improved 6.1% and France our second largest
market grew by 5.2%
Intersilesia's sales were impacted by the economic downturn in Poland and yet
ended marginally up on the previous year in local currency. The main
consequences of the weak Zloty were inflation on raw materials and imported
products, the latter stimulated a 23% increase in local production volume. By
European standards Intersilesia has a state of the art facility and is
undergoing value engineering of its cost base to further improve its competitive
position. McBride has made excellent progress through it's sales offices in the
Hungarian and the Czech Republics with sales up 50% and 140% respectively. From
the initial 1999 acquisition in Poland followed by substantial expansion of
production and warehousing McBride now has a solid foundation from which it can
expand its Central European business.
International - Rest of World
Rest of World covers all markets outside Europe. Against the backdrop of a
stronger Euro and the impact of the Middle East crisis, sales declined by 14%.
Operations
The Group is the most comprehensively positioned European supplier not only of
household and personal care products but of any Private Label product category
sold through Grocers. This strength is becoming increasingly recognised by our
customers especially given our reputation for Private Label development and
expertise in manufacture and supply. Underpinning our commercial strategies is a
network of 16 factories, in seven countries including the APL joint venture in
the UK. During the year the closure of the Industrial and Institutional
products factory on the Estaimpuis site in Belgium was announced. This non-core
activity comprised two major customers who are in the process of re-sourcing
their requirements with full co-operation between us. All financial
consequences of this small closure have been reflected in these results.
Production sites focus on product technologies and we therefore have 2 laundry
powder units, 2 aerosol units, 2 personal care units and 10 household liquids
units. The number of household liquids sites is a direct consequence of the need
to avoid the transport costs of shipping products over large distances.
During the last 10 years a net £186.6m has been invested in capital equipment in
addition to various acquisitions. Our plants are well invested and achieve
world class standards. Investment in SAP information systems across the Group
is enabling the business to focus on operational performance. This received
further impetus during the year as we improved measurement and benchmarking
matrices based on Group wide common nomenclature and definitions. This programme
focused on capacity utilisation, productivity, efficiency of mixing, filling and
blow moulding and will continue to strengthen the Group's cost effectiveness
into the future.
McBride's scale of business in terms of volume, complexity, tighter lead times
and speed of change can now be managed on an integrated basis through SAP. The
benefits of the information systems investment projects are coming through and
will continue to flow going forward.
Financial Review
Pre-tax profit for the full year was £26.2m, a substantial improvement over the
previous year of £18.0m before the write off of goodwill in the joint venture.
This improvement was backed by strong cash flows that reduced debt by £33.8m to
£61.1m.
Between June 2002 and June 2003 the Euro appreciated against sterling by nearly
7%. As over half the Group's activities are based in Euro's this currency
movement has impacted upon the consolidated results for June 2003. However,
since the Group's UK operations have some direct costs that are denominated in
Euro's the overall effect of the stronger Euro on the Group's operating profit
and post tax profit is not significant.
Turnover grew by 4.3% to £505m, aided by strong organic growth in the
Continental European business and a currency translation effect from the
strengthened Euro. Improving operating efficiency lifted margins before goodwill
amortisation, to 6.2% from 5.4% last year. The Group has experienced a second
year of relatively stable raw material prices.
Group operating profit therefore rose to £29.7m (£24.8m) whilst Group operating
profit before depreciation and goodwill amortisation (EBITDA) increased to
£53.0m from £44.7m. The charge for depreciation rose from £18.6m to £21.9m
reflecting work on reviewing the asset base.
The Group's net interest charge for the year was £3.6m, an improvement from last
year (2002: £4.4m) due to lower average borrowings and some modest reductions in
interest rates. Group interest cover was 8.3x compared to 5.7x last year.
The taxation charge, under FRS19 that requires a full provision for deferred
tax, of £7.9m for the year equates to an effective rate of 29% (2002: 26%) based
upon profit before goodwill amortisation. This rate is still below the
mainstream rate of tax in the countries in which the Group operates due to the
recognition of previously written off of ACT. However, the effective tax rate is
expected to normalise over the next 2 years as this ACT benefit is exhausted.
During the year, the corporate structure of the Group was reorganised to
maximise utilisation of ACT and thereby reducing taxation payments.
Capital expenditure, which in the full year amounted to £8.5m (2002: £10.5m),
was incurred mainly on efficiency improvement projects, new capacity and the
continued rollout of the SAP information systems. This lower level of
expenditure partly results from the high level of previous year's expenditure
combined with a drive to increase existing asset utilisation and efficiency
across the Group. This lower level is below our normalised rate of expenditure.
Net debt improved significantly throughout the year, falling from £94.9m at June
2002 to £61.1m at the year end despite adverse exchange movements of £(4.0)m.
This strong performance was aided by significant improvements in working capital
and lower capital expenditure. Cashflow per share, before dividend payments,
joint-venture settlement and exchange movements amounted to 23.4p (2002: 12.2
p).
Gearing, interest cover and Net Debt/ EBITDA ratios all improved to 78% (2002:
147%), 8.3x (2002: 5.7x) and 1.15 (2002: 2.12) respectively. This directly
impacted the Group by reducing the cost of borrowing.
The Group's pre tax return on average capital employed was 19.6%, up from 15.0%
last year due to better margins and greater asset turnover.
Aerosol Products Limited (APL)
Following the significant operational and financial restructuring in June 2002,
APL has traded profitably and been cash generative throughout the current year.
APL's cash generation enabled a reduction in interest bearing working capital
and therefore interest charges. APL remains a joint venture, held in the Group
Accounts at a net liability of £(1.7)m.
Pension Accounting - FRS17
Last year, due to rising costs and uncertainty surrounding investment returns,
the UK closed its defined benefit pension scheme to new employees; it was
replaced by a defined contribution scheme. The defined benefit scheme currently
has 579 active members, 78 pensioners and 412 deferred members. During the year,
due to the increasing costs of providing for pensions, the scheme changed the
benefits active members will be entitled to receive on future service. Under FRS
17 rules, the valuation of the scheme at the year end showed gross assets
amounted to £32.9m (2002: £35.6m) and the liabilities to £47.7m (2002: £42.3m)
leaving a shortfall of £10.4m (2002 £4.7m) after taxation. An actuarial
valuation is currently underway; any material shortfall will need to be made up
over the remaining service lives of the active members; this is currently 11
years.
Outlook and Prospects
These results demonstrate the continuing strength of McBride. The market remains
competitive but sales gains in Continental Europe, and continuing operational
improvements across the Group have improved profitability. Cashflow remains
strong and a substantial reduction in debt has been achieved. Since the year
end, trading has been satisfactory.
McBRIDE plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Total Total
Year ended Year ended
30 June 30 June
2003 2002
Note £m £m
Turnover
Continuing operations and share of joint venture 520.1 500.6
Less: share of joint venture's turnover (15.1) (16.6)
Total Group turnover 2 505.0 484.0
Cost of sales (301.5) (297.6)
Gross profit 203.5 186.4
Distribution costs (27.4) (26.2)
Administrative costs
Before goodwill amortisation (145.0) (134.1)
Goodwill amortisation (1.4) (1.3)
Administrative costs including goodwill amortisation (146.4) (135.4)
Group operating profit 2 29.7 24.8
Share of joint venture's operating profit/(loss) 0.5 (1.5)
Write-off of goodwill in joint venture - (15.8)
Profit on ordinary activities before interest 30.2 7.5
Group interest receivable and similar income 0.6 0.6
Group interest payable and similar charges (4.2) (5.0)
Share of joint venture's interest payable and similar charges (0.4) (0.9)
Profit on ordinary activities before taxation 26.2 2.2
Group tax on profit on ordinary activities (7.9) (5.6)
Share of joint venture's tax credit on ordinary activities - 0.2
Profit/(Loss) on ordinary activities after taxation 18.3 (3.2)
Equity minority interest (0.1) (0.2)
Profit/(Loss) for the year 18.2 (3.4)
Dividends proposed (5.2) (3.7)
Retained profit/(loss) for the year 13.0 (7.1)
Earnings/(losses) per ordinary share (pence)
* Basic 10.2 (1.9)
* Diluted 10.1 (1.9)
* Basic before goodwill amortisation, share of joint 11.0 8.9
venture and non operating items
Dividend per share (pence) 2.9 2.1
BALANCE SHEET
Group Group Company Company
As at As at As at As at
30 June 30 June 30 June 30 June
2003 2002 2003 2002
£m £m £m £m
Fixed assets
Intangible assets 9.0 10.4 - -
Tangible assets 126.1 135.4 0.1 0.2
Investments - - 165.0 155.0
Total fixed assets 135.1 145.8 165.1 155.2
Current assets
Stocks 43.3 46.9 - -
Debtors 114.7 110.8 15.2 50.6
Cash at bank and in hand 0.7 1.2 - -
158.7 158.9 15.2 50.6
Creditors: amounts falling due within one (148.4) (232.0) (8.8) (41.4)
year
Net current assets/(liabilities) 10.3 (73.1) 6.4 9.2
Total assets less current liabilities 145.4 72.7 171.5 164.4
Creditors: amounts falling due after more (57.2) (2.4) (5.7) -
than one year
Provisions for liabilities and charges (7.9) (3.9) - -
Investment in joint venture
Share of gross assets 3.4 4.3 - -
Share of gross liabilities (5.1) (6.1) - -
Net investment in joint venture (1.7) (1.8) - -
Net assets 78.6 64.6 165.8 164.4
Capital and reserves
Called up share capital 17.8 17.8 17.8 17.8
Share premium account 139.3 139.3 139.3 139.3
Profit and loss account (78.5) (92.7) 8.7 7.3
Equity shareholders' funds 78.6 64.4 165.8 164.4
Equity minority interest - 0.2 - -
Total shareholders funds 78.6 64.6 165.8 164.4
These financial statements were approved by the Board of Directors on 10
September 2003 and were signed on its behalf by:
M HANDLEY
M W ROBERTS
Directors
CONSOLIDATED CASH FLOW STATEMENT
Year Year Year Year
ended ended ended ended
30 June 30 June 30 June 30 June
2003 2003 2002 2002
£m £m £m £m
Net cash flow from operating activities 61.2 42.3
Returns on investments and servicing of finance (4.3) (4.8)
Taxation (6.9) (5.4)
Operating cash flow after taxation and finance costs 50.0 32.1
Capital expenditure
Cash expenditure on fixed assets (8.8) (10.6)
Disposal of fixed assets 0.3 0.1
Net cash outflow on capital expenditure (8.5) (10.5)
Acquisitions and disposals
Cost of refinancing the joint venture - (16.3)
Deferred consideration payments - 1.0
Net cash outflow on acquisitions and disposals - (15.3)
Equity dividends paid (3.7) (3.6)
Cash inflow before financing 37.8 2.7
Financing (33.7) (9.9)
Increase/(Decrease) in cash in the year 4.1 (7.2)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
DEBT
30 June 30 June
2003 2002
£m £m
Increase/(Decrease) in cash in the year 4.1 (7.2)
Cash inflow from movement in debt 33.3 9.4
Movement on finance leases 0.4 0.5
Change in net debt resulting from cash flows 37.8 2.7
Translation differences (4.0) (4.4)
Movement in net debt in the year 33.8 (1.7)
Net debt at the beginning of the year (94.9) (93.2)
Net debt at the end of the year (61.1) (94.9)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Year Year
ended ended
30 June 30 June
2003 2002
£m £m
Profit/(Loss) for the financial year 18.2 (3.4)
Unrealised foreign currency differences 1.2 0.5
Total recognised gains and losses relating to the financial 19.4 (2.9)
year
Prior year adjustment in respect of the adoption of FRS 19 - (5.0)
- Deferred tax
Total recognised gains and losses since last financial 19.4 (7.9)
statements
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Year ended Year ended
30 June 30 June
2003 2002
£m £m
Opening shareholders' funds as previously reported 64.4 72.5
Prior year adjustment - FRS 19 Deferred tax - (1.5)
Restated opening balances 64.4 71.0
Profit for the financial year 18.2 (3.4)
Equity dividends (5.2) (3.7)
Unrealised foreign currency differences 1.2 0.5
Closing shareholders' funds 78.6 64.4
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1) Exchange rates
The exchange rates against sterling used for the periods were as
follows:
Year ended Year ended
30 June 2003 30 June 2002
Average rate:
Euro 1.52 1.61
Polish Zloty 6.29 5.94
Czech Koruna 47.05 52.05
Hungarian Forint 371.0 398.7
As at As at
30 June 2003 30 June 2002
Closing rate:
Euro 1.44 1.54
Polish Zloty 6.44 6.18
Czech Koruna 45.39 45.08
Hungarian Forint 382.6 377.8
2) Segmental Information
Year ended Year ended
30 June 2003 30 June 2002
£m £m
Turnover by destination is analysed by geographical area as
follows:
UK 228.5 228.5
Continental Europe 272.9 251.3
Rest of world 3.6 4.2
Group turnover 505.0 484.0
Share of joint venture's turnover 15.1 16.6
Turnover by destination 520.1 500.6
Turnover by geographical origin is analysed as follows:
UK 235.8 243.1
Continental Europe 269.2 240.9
Group turnover 505.0 484.0
Share of joint venture's turnover 15.1 16.6
Turnover by origin 520.1 500.6
Turnover by class of business is analysed as follows:
Household products 433.9 415.2
Personal care products 71.1 68.8
Group turnover 505.0 484.0
Share of joint venture's turnover 15.1 16.6
Total turnover by class of business 520.1 500.6
2) Segmental Information continued
Year ended Year ended
30 June 2003 30 June 2002
£m £m
Operating profit by geographical origin is analysed as
follows:
UK 16.8 15.0
Continental Europe 12.9 9.8
Group operating profit 29.7 24.8
Non-operating items 0.1 (18.2)
Net interest payable (3.6) (4.4)
Profit on ordinary activities before tax 26.2 2.2
Year ended Year ended
30 June 2003 30 June 2002
£m £m
Operating profit by class of business is analysed as
follows:
Household products 25.5 21.1
Personal care products 4.2 3.7
Group operating profit 29.7 24.8
Non-operating items 0.1 (18.2)
Net interest payable (3.6) (4.4)
Profit on ordinary activities before tax 26.2 2.2
The continuing household business includes goodwill amortisation of £1.4
million.
Year ended Year ended
30 June 2003 30 June 2002
£m £m
Non-operating items consist of the following:
Share of joint venture's operating profit/(loss) 0.5 (1.2)
Share of joint venture's goodwill amortisation - (0.3)
Write-off of goodwill in joint venture - (15.8)
Share of joint venture's interest payable and similar (0.4) (0.9)
charges
Total non-operating items before tax 0.1 (18.2)
Share of joint venture's tax credit on ordinary - 0.2
activities
Total non-operating items after tax 0.1 (18.0)
Year ended Year ended
30 June 2003 30 June 2002
£m £m
Net assets by geographical origin are analysed as
follows:
Continuing operations
UK 68.9 82.2
Continental Europe 83.9 84.9
Total operating assets and liabilities 152.8 167.1
Non-operating liabilities (74.2) (102.5)
Net assets 78.6 64.6
Non-operating liabilities include cash less short and long-term borrowings,
provisions for liabilities and charges and dividends.
It is not possible to provide an analysis of the net assets by class of business
as a number of the Group's operating sites manufacture both Private Label
household and personal care products.
Reconciliation of operating profit to operating cashflow
Year ended Year ended
30 June 2003 30 June 2002
£m £m
Group operating profit 29.7 24.8
Depreciation 21.9 18.6
Goodwill amortisation 1.4 1.3
Loss on disposal of fixed assets 0.1 0.1
Movement in stock 5.3 3.3
Movement in debtors 1.4 (9.6)
Movement in creditors 1.4 3.8
Net cashflow from operating activities 61.2 42.3
Notes:
1. The financial information set out above does not constitute the
company's statutory accounts for the years ended 30 June 2003 or 2002 but is derived
from those accounts. Statutory accounts for 2002 have been delivered to the
registrar of companies. Accounts for 2003 will be delivered in due course.
The auditors have reported on those accounts; their reports were unqualified and
did not contain a statement under section 237(2) or (3) of the Companies Act
1985
2. Share of joint venture. On 5 November 1999 a joint venture, Aerosol
Products was set up from the Hull site of Robert McBride Limited and the
Thetford site of Nichol Beauty Products Limited. Its
results are included in compliance with FRS 9 - Associates and joint ventures.
3. The Annual Report for 2003 will be issued to shareholders on 29th
September 2003 and will be available from the Company Secretary at the Company's
registered office, McBride House, Penn Road, Beaconsfield, Buckinghamshire HP9
2FY; the Annual General Meeting will be held on Tuesday 4th November 2003.
4. The calculation of earnings per share is based on the profit on
ordinary activities after taxation and minority interest divided by the average
number of shares in issue during the year of 177,639,197 (2002 - 177,639,197).
5. If approved at the Annual General Meeting on 4 November 2003, the
final dividend of 2.1p per share will be paid on 28 November 2003 to shareholders
on the register at 31 October 2003.
This information is provided by RNS
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