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Havelock Europa PLC (HVE)

  Print      Mail a friend       Annual reports

Wednesday 05 April, 2000

Havelock Europa PLC

Final Results - Year Ended 31 December 1999

Havelock Europa PLC
5 April 2000


        HAVELOCK EUROPA PLC - PRELIMINARY ANNOUNCEMENT

'The Company remains on track for a strong recovery in 2000'
                               
*    Havelock Europa, the retail interiors and point  of  sale
     display business, announces pre-tax profits in line  with
     Board expectations for the year ended 31 December 1999 of
     £0.9m  (1998: £1.5m) after exceptional charges  of  £0.2m
     (1998: £2.0m).

*    On  turnover  of £56.6m (1998: £79.4m), operating  profit
     after   exceptional  charges  amounted  to  £2.4m  (1998:
     £2.9m).

*    Reflecting confidence that the Company will make a strong
     recovery in the current year, a final dividend per  share
     of  1.0p (1998: 0.75p), is proposed, making 1.50p  (1998:
     2.50p) for the year.

*    Retail  Interiors turnover was markedly lower  at  £30.9m
     (1998:  £55.5m) as Havelock's principal customers  placed
     less  business  because of very tough conditions  in  the
     high  street, but encouraging progress was  made  in  the
     banking  sector  through  winning  major  contracts  with
     Lloyds  TSB  and  HSBC. Overheads in  the  Division  were
     reduced by £2.5m.

*    Point of Sale Display turnover increased to £25.7m (1998:
     £23.9m) as both Hartcliffe and Showcard performed well.

*    The first quarter has witnessed a significant increase in
     the  value of orders within the Retail Interiors Division
     whilst,  within  the  Point of Sale Display  Division,  a
     number of new opportunities are being explored for global
     brands  covering  not only traditional markets,  such  as
     cosmetics, healthcare, confectionery and drinks, but also
     a  number of new areas, notably in the electronic  goods,
     telecommunications,  entertainment,  media  and   leisure
     markets.

*    Michael  Kennedy, Chairman, stated 'Although the  Group's
     results  for  2000 will be affected by the  usual  marked
     seasonal  bias in favour of the second half, a number  of
     positive factors give the Board continued confidence that
     the  Group  will effect a strong recovery in the  current
     year.'

Enquiries:

Havelock Europa PLC                               01383-820044
  Hew Balfour (Chief Executive)          07801 683851 (mobile)

Bankside Consultants Limited                     020-7220 7477
  Charles Ponsonby



OVERVIEW

The  Board  is pleased to report that the Company  remains  on
track for a strong recovery in 2000.

In  line with Board expectations, pre-tax profit for the  year
ended 31 December 1999 amounted to £902,000 (1998: £1,503,000)
after exceptional charges of £183,000 (1998: £2,045,000).   On
turnover  of  £56.6  million (1998: £79.4 million),  operating
profit  after  exceptional charges amounted  to  £2.4  million
(1998:  £2.9  million).  Basic earnings per  share  were  1.6p
(1998: 3.9p).

As   previously  announced,  the  Retail  Interiors   Division
experienced  very difficult trading conditions  in  the  first
half, although the worst effects of these were mitigated by  a
substantial lowering in its cost base.  There was, however,  a
marked  upsurge in orders in the last quarter.  The  Point  of
Sale Display Division continued to perform well.

DIVIDEND

Reflecting  confidence that the Company  will  make  a  strong
recovery  in  the current year, a final dividend of  1.0p  per
share (1998: 0.75p per share) is proposed.  If approved at the
AGM  on 22 June 2000, the dividend will be paid on 3 July 2000
to shareholders on the register at the close of business on  5
June  2000.  Including the interim dividend of 0.50p per share
(1998: 1.75p per share) paid on 29 December 1999, the proposed
dividends for the year total 1.50p per share (1998: 2.50p  per
share).

TRADING

Retail interiors

Turnover  was  markedly lower at £30.9  million  (1998:  £55.5
million)  as  our  principal customers reduced  the  level  of
business  they placed with us because of very tough conditions
in  the high street.  A substantial restructuring exercise was
carried  out  in  response  to  this,  achieving  savings   in
overheads  during  the year of £2.5 million.   The  management
team  within  the Division performed creditably in  sustaining
the percentage level of gross margin and in controlling a very
difficult  situation.  Whilst turnover with the  Group's  long
term  relationship customers, Boots The Chemists and  Marks  &
Spencer,  fell  by almost exactly 50 per cent  in  each  case,
encouraging  progress was made in the banking  sector  through
winning major contracts with Lloyds TSB and HSBC.  Substantial
business  was  transacted with Primark,  a  significant  value
retailer, in the form of the fit-out of nine new stores.

Point of Sale Display

Point  of  Sale  Display turnover increased to  £25.7  million
(1998:   £23.9 million).  There was a strong performance  from
Hartcliffe  and  a  number of new customers, including  Tesco,
were  added  to Showcard Print's portfolio.  Showcard  Display
also performed well.

Middle East Joint Venture

After an encouraging start at the end of 1998, the collapse in
oil  prices in early 1999 and the associated loss of  consumer
confidence made for difficult trading conditions for  much  of
the  year.  This, coupled with the start-up costs of equipping
and  opening the new manufacturing facilities in Bahrain,  led
to an unsatisfactory result for the year.

FINANCE

Net  debt at 31 December 1999 amounted to £13.5 million (1998:
£12.9  million) after funding a capital expenditure  programme
of  some  £2.3  million, 90 per cent of which was  centred  on
expansion in the Point of Sale Display Division.  The interest
charge  was  £1.08  million (1998: £1.46  million).   The  tax
charge  in  1999 is unusually high, reflecting the  fact  that
losses in the overseas joint venture are not eligible for  tax
relief.

CURRENT TRADING AND PROSPECTS

The  first quarter has witnessed a significant increase in the
value  of  orders within the Retail Interiors  Division.   New
customers  added  include Post Office Counters,  with  whom  a
three  year exclusive contract for the manufacture and  supply
of  open  plan desking systems has been signed,  and  for  the
first  time for four years a programme of work is in hand  for
House of Fraser.

In  the banking sector, our relationships with Lloyds TSB  and
HSBC  continue  to  strengthen and a number  of  exciting  new
initiatives  are  in  place for Bank of  Scotland,  where  the
volume  of  business is expected to increase  in  the  current
year.

Our  Middle  East  Joint  Venture is now  firmly  established,
assisted  by the recovery in the local economy.  Order  intake
in  the first quarter is substantially up on the corresponding
period last year.  A profit for the year in this new arena  of
operations   is   expected  and  longer  term  prospects   are
encouraging.

Within  the  Point of Sale Display Division, we are continuing
to  develop  our customer base away from our dependence  on  a
relatively  small number of major retailers.  Specifically,  a
number  of  new  opportunities are being explored  for  global
brands   covering  not  only  traditional  markets,  such   as
cosmetics,  healthcare, confectionery and drinks, but  also  a
number   of  new  areas,  notably  in  the  electronic  goods,
telecommunications, entertainment, media and leisure  markets.
Within  this  arena, there is an opportunity to  provide  pre-
packaged point of sale display products to the brand owners in
addition  to point of purchase material normally sold  to  the
retailer.   An early win involved the launch of Virgin  Mobile
and  this  has been followed by a greatly increased  level  of
enquiries from other potential customers.

The Company is vigorously pursuing a number of new avenues for
growth  associated with changing channels of  distribution  in
retail and financial services markets.  In addition, the Board
continues  actively  to  examine all options  which  have  the
potential to create value for shareholders.

Although the Group's results for 2000 will be affected by  the
usual marked seasonal bias in favour of the second half, these
positive factors give the Board continued confidence that  the
Group will effect a strong recovery in the current year.

5 April 2000



             CONSOLIDATED PROFIT AND LOSS ACCOUNT
              for the year ended 31 December 1999
                               
                                                 1999     1998
                                        Notes    £000     £000
TURNOVER
Group and share of
Joint Venture                                  58,191   80,202
Less: share of Joint Venture's
turnover                                       (1,585)    (800)
                                              -------  -------
                                               56,606   79,402
                                               ======   ======
OPERATING PROFIT
BEFORE EXCEPTIONAL ITEMS                        2,578    4,955
Exceptional reorganisation costs                 (183)  (2,045)
                                              -------  -------
OPERATING PROFIT
AFTER EXCEPTIONAL ITEMS                         2,395    2,910
Share of Joint Venture's operating
(loss)/profit                                    (386)      59
                                              -------  -------
                                                2,009    2,969

INTEREST PAYABLE
LESS RECEIVABLE
Group                                          (1,078)  (1,465)
Joint Venture                                     (29)      (1)
                                              -------  -------
PROFIT ON ORDINARY
ACTIVITIES
BEFORE TAXATION                                   902    1,503
Tax charge on profit on
ordinary activities                         3    (441)    (402)
                                              -------  -------

PROFIT FOR THE
FINANCIAL YEAR                                    461    1,101
Dividend                                         (420)    (701)
                                              -------  -------
RETAINED PROFIT FOR
THE YEAR                                           41      400
                                               ======   ======
BASIC AND DILUTED
EARNINGS PER SHARE                          4    1.6p     3.9p
                                               ======   ======
DIVIDEND PER SHARE                               1.5p    2.50p
                                               ======   ======

There is no material difference between the reported profit
for 1999 and 1998 and the profit for those years restated on
an historical cost basis.

All operations are continuing.


        STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                               
Profit for the financial year                     461    1,101
Exchange gain on investment
in Joint Venture                                   25        -
                                              -------  -------
TOTAL RECOGNISED GAINS
RELATING TO THE YEAR                              486    1,101
                                               ======   ======


                      GROUP BALANCE SHEET
                    as at 31 December 1999

                                                 1999     1998
                                        Notes    £000     £000

FIXED ASSETS

Tangible assets                                13,544   13,538

Intangible Assets - Goodwill                      376      204
Investment in Joint Venture
- share of assets                                 949    1,460
- share of liabilities                           (716)    (912)

                                                  233      548
                                              -------  -------
                                               14,153   14,290
                                              -------  -------
CURRENT ASSETS

Stocks                                      5   6,604    7,141
Debtors                                     6  14,399   16,131
Cash at bank and in hand                           12    3,489
                                              -------  -------
                                               21,015   26,761

CREDITORS - AMOUNTS
FALLING
DUE WITHIN ONE YEAR                         7 (15,940) (21,784)
                                              -------  -------
NET CURRENT ASSETS                              5,075    4,977
                                              -------  -------

TOTAL ASSETS LESS
CURRENT LIABILITIES                            19,228   19,267

CREDITORS - AMOUNTS
FALLING DUE
AFTER MORE THAN
ONE YEAR                                    8 (10,781) (10,981)

Provision for liabilities and charges            (610)    (515)
                                              -------  -------
                                                7,837    7,771
                                               ======   ======
CAPITAL AND RESERVES

Share capital                                   2,803    2,803
Share premium account                       9     242      242
Revaluation reserve                         9     637      637
Profit and loss account                     9   4,155    4,089
                                              -------  -------
EQUITY SHAREHOLDERS'
FUNDS                                           7,837    7,771
                                               ======   ======


               CONSOLIDATED CASH FLOW STATEMENT
              for the year ended 31 December 1999
                               
                                                 1999     1998
                                                 £000     £000

CASH INFLOW FROM
OPERATING ACTIVITIES                    10(a)   3,947   6,576
                                              -------  -------
RETURN ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received                                  10     117
Interest paid                                 (1,268)  (1,408)
                                              -------  -------
                                              (1,258)  (1,291)
                                              -------  -------
TAXATION                                        (368)  (1,965)
                                              -------  -------

CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT
Purchases of tangible
fixed assets                                  (1,907)    (325)
Proceeds from sale of
tangible fixed assets                             356      15
                                              -------  -------
                                              (1,551)    (310)
                                              -------  -------

ACQUISITIONS
Acquisition of business                         (640)       -
Joint Venture costs                             (162)     (42)
Payment of deferred consideration
for prior year acquisition                          -    (580)
                                              -------  -------
                                                (802)    (622)
                                              -------  -------
EQUITY DIVIDENDS PAID                           (351)  (1,328)
                                              -------  -------
CASH (OUTFLOW)/INFLOW
BEFORE USE
OF LIQUID RESOURCES
AND FINANCING                                   (383)   1,060
                                              -------  -------

FINANCING AND
MANAGEMENT OF
LIQUID RESOURCES
Repayment of loan notes issued
on acquisition of subsidiaries                  (130)  (3,002)
Movement in deposits
against loan notes                                  -   1,478
Capital element of finance
lease rental payments                           (370)    (303)
Exercise of share options                           -      68
                                              -------  -------
                                                (500)  (1,759)
                                              -------  -------
DECREASE IN CASH
FOR THE YEAR                            10(b)   (883)    (699)
                                              -------  -------


                    NOTES TO THE STATEMENT
                               
1.   The  profit and loss account, balance sheet and  abridged
     cash  flow  statement  do  not constitute  the  Company's
     statutory accounts for 1999 or 1998 but are derived  from
     those  accounts.   The statutory accounts  for  1998,  on
     which the auditors have given an unqualified report, have
     been delivered to the Registrar of Companies.  Those  for
     1999  will  be  delivered following  the  Annual  General
     Meeting.   The  auditors have reported on those  accounts
     which  were  unqualified and did not contain a  statement
     under Section 237(2) or (3) of the Companies Act 1985.

2.   Basis of Consolidation
     The  consolidated  profit and loss  account  and  balance
     sheet  include the financial statements of  the  Company,
     its subsidiaries and its interest in a joint venture made
     up  to  31 December 1999.  The Company owns subsidiaries,
     which are dormant, and all figures in the statement  are,
     unless  otherwise stated, for both the  Company  and  the
     Group.

                                                 1999     1998
3.   Tax Charge on Profit
     on Ordinary Activities                      £000     £000
     UK Corporation Tax
     - Current year at
       30.25% (1998: 31%)                        (489)    (588)
     - Prior year                                  20      152
     Deferred Tax                                  28       34
                                            ------------------
                                                 (441)    (402)
                                                ======   ======

     The  tax charge is high in relation to the profit  earned
     by  the Group as no tax relief is available on the  Joint
     Venture's losses of £415,000.

     No tax is payable by the Joint Venture.

4.   Earnings Per Share
     Based  on  a  profit  £461,000  (1998:  £1,101,000)   and
     28,033,849 (1998: 27,981,499) shares, being the  weighted
     average  number of shares in issue during the  year,  the
     basic earnings per share were 1.6p for 1999 (1998: 3.9p).
     Diluted  earnings  per share were 1.6p  for  1999  (1998:
     3.9p).
                                                 1999     1998
                                                 £000     £000
5.   Stocks
     Raw materials and consumables              2,320    2,793
     Work in progress                           1,346    1,182
     Less: payments to account                     (4)     (16)
     Finished goods                             2,942    3,182
                                              -------  -------
                                                6,604    7,141
                                               ======   ======
6.   Debtors
     Trade debtors                             13,221   14,828
     Other debtors                                206      257
     Prepayments                                  972    1,046
                                              -------  -------
                                               14,399   16,131
                                               ======   ======


                                                 1999     1998
                                                 £000     £000
7.   Creditors: amounts falling due
     within one year
     Bank advances (secured)                      984    3,578
     Loan notes                                 1,359    1,489
     Trade creditors                            7,864    9,862
     Corporation tax                              343      365
     Other taxes and social security            2,241    2,861
     Accruals                                   2,511    3,078
     Dividend: Proposed                           280      211
     Obligations under finance leases             358      340
                                              -------  -------
                                               15,940   21,784
                                               ======   ======

     The  loan notes are repayable at par on the holder giving
     one  month's  notice.  In so far as the  notes  have  not
     already  been redeemed, they will be redeemed in full  by
     the Company on 5 January 2003 at par.

                                                 1999     1998
                                                 £000     £000
8.   CREDITORS: amounts falling due
     after more than one year
     Bank loans (secured)                      10,000   10,000
     Obligations under finance leases             781      981
                                              -------  -------
                                               10,781   10,981
                                               ======   ======

9.   RESERVES
                                                  Re-   Profit
                                       Share valuation and Loss
                                     Premium  Reserve  Account
                                        £000     £000     £000

     At 1 January 1999                   242      637    4,089
     Retained profit for the year          -        -       41
     Exchange gain on investment
     in Joint Venture                      -        -       25
                                      ------   ------   ------
     At 31 December 1999                 242      637    4,155
                                      ======   ======   ======



10.  Cash Flow Statement                         1999     1998
                                                 £000     £000
     a)   Reconciliation of
          operating profit
          to net cash inflow from
          operating activities
          Operating profit after
          exceptional items                     2,395    2,910
          Depreciation and amortisation
          charges                               2,065    1,853
          (Gain)/loss on disposal of
          fixed tangible assets                   (22)      75
          Decrease in stocks                      588      461
          Decrease in debtors                   1,732    1,218
          (Decrease)/increase in creditors     (2,811)      59
                                              -------  -------
          Net cash inflow from
          operating activities                  3,947    6,576
                                               ======   ======
     b)   Reconciliation of net cash flow
          to movement in net debt
          Decrease in cash for the period        (883)    (699)
          Payments on finance leases              370      303
          New finance leases                     (188)    (337)
          Loan notes issued                         -   (2,752)
          Loan notes repaid                       130    3,002
          Movement in deposits
          against loan notes                        -   (1,478)
                                              -------  -------
          Movement in net debt
          in the year                            (571)  (1,961)
          Opening net debt                    (12,899) (10,938)
                                              -------  -------
          Closing net debt                    (13,470) (12,899)
                                               ======   ======
     c)   Analysis of net debt
                                                Other
                                   At             Non    At 31
                                1 Jan    Cash   -Cash      Dec
                                 1999    Flow Changes     1999
                                 £000    £000    £000     £000
          
          Free cash             3,489  (3,477)      -       12
          Overdraft            (3,578)  2,594       -     (984)
                              ------- ------- -------  -------
          Total                   (89)   (883)      -     (972)
                              ------- ------- -------  -------
          DEBT DUE WITHIN
          ONE YEAR
          Loan notes           (1,489)    130       -   (1,359)
          Finance Lease
          creditors              (340)    370    (388)    (358)
                              ------- ------- -------  -------
                               (1,829)    500    (388)  (1,717)
                              ------- ------- -------  -------
          DEBT DUE AFTER
          ONE YEAR
          Finance Lease
          creditors              (981)      -     200     (781)
          Bank Loans          (10,000)      -       -  (10,000)
                              ------- ------- -------  -------
                              (10,981)      -     200  (10,781)
                              ------- ------- -------  -------
          Total net debt      (12,899)   (383)   (188) (13,470)
                               ======  ======  ======   ======
          
11.  The  accounts  for the year ended 31 December  1999  were
     approved by the Directors on 5 April 2000.