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Vista Group PLC (VST)

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Friday 04 May, 2007

Vista Group PLC

Final Results

Vista Group PLC
04 May 2007



FOR RELEASE                         7.00AM                            4 MAY 2007


                                VISTA GROUP PLC
                           ('Vista' or the 'Company')


PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006



Main Points


                                                                              Year               Year
                                                                             ended              ended
                                                                          31.12.06           31.12.05

Turnover                                                                    £7.28m             £7.42m
Adjusted turnover*                                                          £6.79m             £6.36m

Profit before tax                                                           £0.52m             £0.28m
Earnings per share                                                            2.1p               1.3p



*Reported turnover decreased from £7.42 million to £7.28 million due to Vista
ceasing to supply windows to Connaught PLC, initially set up to service an
ongoing door contract, at cost (Window sales in 2006 were £0.5 million and
£1.06million in 2005. After adjusting for the movement in sales of windows, the
underlying sales of our door products increased by £421,000.


*  Strong recovery in sales and profit in the second half

*  Research indicates that market growth will continue

*  Strong order book

*  Excellent start to the new year

*  Customer base continues to grow


For further information:

Vista Group plc
Keith Sadler (Chief Executive)             07803 921 526
                                           0151 608 1423

Keith Salisbury (Non Executive Director)   07810 418 669





                                VISTA GROUP PLC
                           ('Vista' or the 'Company')


PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006


CHAIRMAN'S STATEMENT


Introduction

In my 2005 statement I commented that with the high street, house builders and
shed market being in downturn, the company was preparing for a challenging
twelve months. I am pleased to announce that not only did we deliver a positive
set of half year results we also finished the year with a flourish.

Adjusted turnover* in the year increased 6.7% to £6.79 million with an
accompanying rise in profit before tax of approximately 86% to £0.52 million
(2005:£0.28 million). Earnings per share also rose significantly by 61% from
1.3p to 2.1p.

Operating cash flow was positive and was used mainly to further reduce bank
debt.

Our strategy has remained focussed upon the composite door and in particular the
Social Housing market which has seen volume increase due to the Decent Housing
Initative. Whilst new build and the shed market have dropped our strategy has
enabled the Company to produce a much improved set of results.

Additional contracts have been secured throughout the year for our composite
door product and this continues to provide good visibility of sales. The panel
market continues to remain extremely price competitive and sales of this product
have been hard to find but with new products and literature the directors
believe that sales should increase on 2006.

We have continued to focus on all cost areas and overheads, which has helped to
maintain margins and have successfully applied for a grant with John Moores
University to introduce lean manufacturing and constant improvement techniques
to the company.

We have continued to invest in the business with capital expenditure of £177k on
new vehicles and a further £150k is budgeted for the current financial year


Dividend

At this stage in the development of Vista, we are continuing to focus our
resources on developing the business and the directors will not therefore be
recommending a dividend.


Staff

In what has been another challenging year I am particularly grateful to everyone
at Vista for their loyalty and hard work which is appreciated.


Update on Offer Talks

On 2 March 2007 we announced that the Company had received an approach that may
or may not lead to an offer for the Company. Whilst talks are continuing they
are likely to be protracted and we will provide further updates as and when
appropriate.


Current Trading and Outlook

We have had an excellent start to the year with the first quarter well ahead of
budget. We have a strong order book for both GRP Composite doors and UPVc door
panels and we believe the outlook is very healthy despite market conditions
remaining tough.

We have built our reputation on the quality of our products, speed of delivery
and excellent customer service. Our customer base continues to grow and a good
flow of orders is anticipated in the coming months. Current indications lead the
board to anticipate good progress for the year as a whole.



Gavin Johnson
Chairman
4 May 2007



VISTA GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 DECEMBER 2006


                                                 Note                      2006                      2005
                                                                              £                         £


Turnover                                                              7,280,309                 7,423,319
Cost of sales                                                       (4,797,827)               (5,132,181)
                                                                       ________                  ________

Gross Profit                                                          2,482,482                 2,291,138
Distribution costs                                                    (300,566)                 (315,974)
Administrative expenses                                             (1,535,330)               (1,556,653)
                                                                       ________                  ________

Operating Profit                                                        646,586                   418,511
Interest receivable and similar income                                    3,495                     2,649
Interest payable and similar charges                                  (126,295)                 (140,863)
                                                                       ________                  ________

Profit on ordinary activities before                                    523,786                   280,297
taxation
Taxation on profit on ordinary activities                             (200,994)                  (83,340)
                                                                       ________                  ________

Profit retained for the financial year                                  322,792                   196,957

                                                                       ________                  ________
Earnings per share                                                         2.1p                      1.3p
                                                                       ________                  ________




The Group has no recognised gains or losses other than the profit for the
current financial period.  Accordingly a separate Statement of Total Recognised
Gains and Losses has not been prepared.

All of the group's activities have arisen from continuing operations.



VISTA GROUP PLC
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2006



                                                      Note                       2006               2005
                                                                                    £                  £
Fixed Assets
Goodwill                                                                    1,863,316          1,973,812
Tangible assets                                                               491,953            525,038
                                                                             ________           ________
                                                                            2,355,269          2,498,850
Current Assets
Stock                                                                         566,120            448,303
Debtors                                                                     1,582,736          1,594,185
Cash at bank and in hand                                                       13,445             36,761
                                                                             ________           ________
                                                                            2,162,301          2,079,249
Creditors: Amounts Falling Due Within One Year

Bank loan subsequently agreed as being more                                         -          (994,071)
than one year
Other                                                                     (2,076,712)        (2,023,670)
                                                                            _________          _________

Net Current assets/(liabilities)                                               85,589          (938,492)
                                                                            _________          _________

Total Assets Less Current Liabilities                                       2,440,858          1,560,358

Creditors: Amounts Falling Due After More than
one year
                                                                            (603,597)           (45,889)

                                                                              _______            _______
Net Assets                                                                  1,837,261          1,514,469
                                                                            _________          _________

Capital and Reserves
Called up share capital                                                        76,911             76,911
Share premium                                                                 895,587            895,587
Profit and loss account                                                       864,763            541,971
                                                                            _________          _________
Equity Shareholders' Funds                                                  1,837,261          1,514,469
                                                                            _________          _________




VISTA GROUP PLC
CONSOLIDATED CASHFLOW STATEMENT
YEAR ENDED 31 DECEMBER 2006



                                                         Note                    2006                2005

                                                                                    £                   £
Net Cash Flows From Operating Activities                                      810,890             999,373
Returns on Investments and Servicing of Finance

                                                                            (122,800)           (138,214)
Taxation                                                                    (117,099)           (267,681)
Capital Expenditure and Financial Investment

                                                                             (59,852)           (119,988)
                                                                            _________           _________
Cash inflow Before Use of Liquid Resources and
Financing
                                                                              511,139             473,490
Financing                                                                   (534,455)           (490,020)
                                                                            _________           _________
Decrease in Cash in the Period                                               (23,316)            (16,530)
                                                                            _________           _________





Reconciliation of Net Cash Flow to Movement in Net Debt


                                                                                2006                 2005
                                                                                   £                    £

Net Debt at 1 January 2005                                               (1,492,798)          (1,889,309)
Decrease in cash in the period                                              (23,316)             (16,530)
Cash outflow in respect of hire purchase                                      70,809               58,265
Repayment of term loans                                                      463,646              431,755
                                                                            ________             ________
                                                                           (981,659)          (1,415,819)

Non cash movements                                                         (112,700)             (76,979)
                                                                           _________            _________

Net Debt at 31 December 2005                                             (1,094,359)          (1,492,798)
                                                                           _________            _________




NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006





 1. The preliminary results do not constitute full statutory accounts within the
    meaning of Section 240 of the Companies Act 1985.

 2. The preliminary results have been prepared in accordance with applicable
    Accounting Standards.  The directors have reviewed the accounting policies
    in accordance with FRS 18 'Accounting Policies' and have concluded that no
    changes were required from the previous year.

 3. The calculation of earning per share is based upon the profit after taxation
    of £322,792 divided by the number of ordinary shares in issue during the
    period, 15,382,116.

 4. RECONCILIATION OF OPERATING PROFIT TO NET CASHFLOW FROM OPERATING ACTIVITIES


                                                                     2006                2005

                                                                        £                   £
Operating profit                                                  646,586             418,511
Depreciation                                                      209,414             192,610
Amortisation of goodwill                                          110,496             110,496
Profit on sale of fixed assets                                    (3,777)             (9,900)
(Increase)/Decrease in stocks                                   (117,817)              49,364
Decrease/(Increase) in debtors                                     24,449           (301,222)
(Decrease)/Increase in creditors                                 (58,461)             539,514
                                                                  _______             _______
Net cash inflow from operating activities                         810,890             999,373
                                                                 ________            ________





 5. A copy of the Annual Report and Accounts for the period ended 31 December
    2006 will be sent to shareholders and copies will be available from the
    Company's Registered Office at Unit H1, Prenton Way, North Cheshire Trading
    Estate, Wirral, Merseyside, CH43 3DU.


 6. The Annual General Meeting of the above Company will be held at Vista Group
    plc, Unit H1, Prenton Way, North Cheshire Trading Estate, Wirral, Merseyside
    CH43 3DU on Monday 18 June 2007 at 9.00am.


                      This information is provided by RNS
            The company news service from the London Stock Exchange