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Havelock Europa PLC (HVE)

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Thursday 29 April, 2010

Havelock Europa PLC

Preliminary Announcement

RNS Number : 0040L
Havelock Europa PLC
29 April 2010
 



 

 

Thursday 29 April 2009

 

 

HAVELOCK EUROPA PLC - PRELIMINARY ANNOUNCEMENT

 

 

Havelock (HVE.L), the retail and educational interiors and point of sale printing group, announces its results for the year to 31 December 2009.

 

Key points - financial

 

·   Revenue decreased by 21% to £108.5m.

·   The underlying† pre-tax result was a loss of £2.0m (2008: profit of £8.0m), a fully diluted loss per share of 3.1p (2008: EPS of 14.9p).

·   The reported pre-tax loss was £5.9m (2008: profit of £7.7m), a fully diluted loss per share of 10.7p (2008: EPS of 14.1p).

·   Year end net debt increased to £19.4m (2008: £11.7m). Havelock has now agreed new bank facilities totalling £33m, which the Board considers adequate.

·   No final dividend is proposed and no dividends for 2010 are expected.

 

† Underlying excludes exceptional costs of £3.6m (2008: nil) and amortisation of intangibles (other than software) of £0.3m (2008: £0.3m)

 

Key points - commercial

 

·   Educational Interiors revenue increased by 9% to £56.8m, but the Division made a loss, principally caused by the effects encountered in the integration of the IT systems and operations of ESA McIntosh and Retail Interiors.

·   Retail Interiors revenue reduced by 47% to £31.9m, as all customers reduced expenditure, and the Division also made a loss.

·   Revenue in Point of Sale Printing reduced by 21% to £19.7m, but the Division continued to make a satisfactory level of profit, with gross margins maintained as a result of recent investment in modern equipment.

 

Key point - Board

 

·   The Board's search for a new permanent Chief Executive is well underway.

 

 

Current trading and prospects

 

Malcolm Gourlay, Chairman, said: "Since the year end, Havelock has experienced an encouraging increase in the level of enquiries and in new orders received.  The Board believes that it has rectified the operational issues which arose in 2009 and that the cost savings generated through the integration are now being realised.  It is looking for opportunities to increase the level of savings above the £2m per annum achieved so far.



The Board's expectation for the half year is for the Interiors Division to trade at a lower level than in 2009 but with a second half performance in line with the historical pattern of a strong second half emphasis reflecting the demands of our retail and education customers.  Since the end of the year, the Group has incurred exceptional costs relating to its refinancing and Board reorganisation, and its current cost saving programmes will lead to further one-off costs.  For the full year, however, the Board continues to believe that there should be a significant improvement in the Group's trading". 

 

 

Enquiries:


Havelock Europa PLC


  David Hurcomb (Interim CEO)

  Grant Findlay (Finance Director)

 

07836 353 179

07768 745 960

Bankside Consultants Limited


  Charles Ponsonby

  Rose Oddy

020 7367 8851

020 7367 8853

 



PRELIMINARY STATEMENT

 

The Board had expected 2009 to be an exceedingly challenging year, in a testing economic climate.  Nevertheless, it is disappointing to announce an underlying pre-tax loss of £2 million in 2009.

 

FINANCIAL OVERVIEW

Revenue from continuing operations decreased by 21% to £108.5 million (2008: £137.6 million).

 

The underlying result, excluding exceptional costs of £3.6 million (2008: nil) and amortisation of intangibles other than software of £0.3 million (2008: £0.3 million), was a pre-tax loss of £2.0 million (2008: profit of £8.0 million).  The fully diluted loss per share on this basis was 3.1p (2008: earnings of 14.9p).  The reported pre-tax loss was £5.9 million (2008: profit of £7.7 million) and the reported fully diluted loss per share from operations amounted to 10.7p (2008: earnings of 14.1p).

 

£3.2 million of the £3.6 million exceptional costs are attributable to the transfer of the Retail Interiors manufacturing operation from Dalgety Bay to Kirkcaldy and its integration with ESA McIntosh, the principal Educational Interiors business.  The balance of the costs related to cost saving initiatives at the other business units. 

 

Year end net debt increased to £19.4 million from £11.7 million as a result of the pre-tax loss, the payment of dividends totalling £1.8m and the increased share of activity represented by Educational Interiors, requiring more working capital.

 

BANK FACILITIES

On 12 January 2010, the Board announced that it was discussing revised terms for its bank facilities and had obtained from its bank a waiver of the year end interest covenant test.

 

The Company has now agreed new facilities with its bank, which total £33 million.  Of this, £22 million is committed until July 2012.  The Board believes these facilities will be adequate for the Group's requirements.

 

TRADING OVERVIEW

Educational Interiors revenue increased by 9% to £56.8 million (2008: £52.1 million), but the Division made a loss.  This was principally caused by the effects of considerable operational issues encountered in the integration of the IT systems and operations of ESA McIntosh and Retail Interiors.  Exceptionally poor weather at the end of the year also contributed, with slippage in programmes and additional costs from aborted deliveries and unrecovered costs of site installation teams. 

 

Retail Interiors revenue reduced by 47% to £31.9 million (2008: £60.4 million) and the Division also made a loss.  The reduced revenue reflected lower levels of activity by all customers.  Against this background, the programme to integrate ESA McIntosh and Retail Interiors into an Interiors Division was undertaken with the aim of streamlining operations and reducing costs.  This project has now been completed and, following resolution of the problems in the IT integration previously referred to, is now generating cost savings of at least £2 million per annum.

 

Revenue in Point of Sale Printing reduced by 21% to £19.7 million (2008: £25.1 million), reflecting lower levels of activity by all customers.  The Division continued to make a satisfactory level of profits, with gross margins maintained as a result of recent investment in modern equipment.

 

BOARD

On 1 April 2010, as part of the Board's succession planning process, Havelock announced that Hew Balfour had stepped down as Chief Executive and a director.

 

On the same day, the Board appointed David Hurcomb as interim Chief Executive and a director of the Company with immediate effect.  David, who is aged 46, was until December 2009 a director of Carillion plc, a £5 billion revenue, fully listed, support services company with construction interests.  Previously, David was a director of Mansell plc, a substantial construction contractor.

 

The Board's search for a permanent replacement appointment as Chief Executive is well under way.

 

DIVIDENDS

The Board is not proposing a final dividend in respect of the year to 31 December 2009 and does not expect, at this stage, to pay any dividends in respect of 2010.

 

An unchanged interim dividend of 1.2p per share was declared on 25 August 2009 and paid on 28 December 2009.

 

CURRENT TRADING AND PROSPECTS

Since the year end, Havelock has experienced an encouraging increase in the level of enquiries and in new orders received.  The Board believes that it has rectified the operational issues which arose in 2009 and that the cost savings generated through the integration are now being realised.  It is looking for opportunities to increase the level of savings above the £2 million per annum achieved so far.

 

In 2010, the Board is not expecting a full return to normal trading conditions in the markets in which the Group operates.  The level of PFI related revenue in Educational Interiors will fall as a consequence of the reduction in activity in Scotland following the completion in 2009 of a large number of projects.  However, Retail Interiors has been successful in winning business from new customers, including H&M and Orange.  The business has also been appointed as one of four National Contractors to the Lloyds Banking Group.  All of these opportunities will generate revenue in 2010, which is expected to increase in subsequent years.  Order intake at Point of Sale has resumed growth over levels in 2009.

 

The Board's expectation for the half year is for the Interiors Division to trade at a lower level than in 2009 but with a second half performance in line with the historical pattern of a strong second half emphasis reflecting the demands of our retail and education customers.  Since the end of the year, the Group has incurred exceptional costs relating to its refinancing and Board reorganisation, and its current cost saving programmes will lead to further one-off costs.  For the full year, however, the Board continues to believe that there should be a significant improvement in the Group's trading. 

 

Malcolm Gourlay                                                                                                29 April 2010

Chairman



 

CONSOLIDATED INCOME STATEMENT

for the year ended 31 December 2009

 

 


 

2009

2009

2009

2008


 

Before

Exceptional

Total



 

exceptional

items




 

items

(note 5)




Note

£000

£000

£000

£000


 





Continuing operations












Revenue

4

108,480


108,480

137,577

Cost of sales


(94,024)

(2,683)

(96,707)

(109,733)



______

______

_____

______

Gross profit


14,456

(2,683)

11,773

27,844

Administrative expenses


(15,670)

(778)

(16,448)

(19,066)









_______

______

_______

_______

Operating (loss)/profit

4

(1,214)

(3,461)

(4,675)

8,778







Finance costs


(1,041)

(180)

(1,221)

(1,103)



______

______

______

______

(Loss)/profit before income tax


(2,255)

(3,641)

(5,896)

7,675







Income tax credit/(expense) 

6

893

1,020

1,913

(2,230)



_______

______

______

_______

(Loss)/profit from continuing operations


(1,362)

(2,621)

(3,983)

5,445







Discontinued operation






Loss net of income tax


-

-

-

(375)







(Loss)/profit for the year(attributable to


_______

_______

______

_______

 equity holders of the parent)

4

(1,362)

(2,621)

(3,983)

5,070



_______

_______

_______

_______







Basic (loss)/earnings per share

7



(10.7p)

13.5p







Diluted (loss)/earnings per share

7



(10.7p)

13.1p







Continuing operations












Basic (loss)/earnings per share

7



(10.7p)

14.5p







Diluted (loss)/earnings per share

7



(10.7p)

14.1p

 

 

 



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 2009

 

 


2009


2008


£000


£000





(Loss)/profit for the year

   (3,983)


     5,070





Actuarial gain/(loss) on defined benefit pension plan

      474


    (2,169)

Tax on items taken directly to equity

 (133)


 607

Cash flow hedges:




Effective portion of changes in fair value

      48


      ( 348)





Net expense recognised directly in equity

      389


    (1,910)


______ 


_______

Total recognised income and expense (attributable to equity holders of the parent)

(3,594)


3,160



_______

 

 



CONSOLIDATED BALANCE SHEET

as at 31 December 2009

 



     



2009

2008



£000

£000


Note



Assets




Non-current assets




Property, plant and equipment


11,780

13,025

Intangible assets


14,641

14,714

Deferred tax assets


1,478

1,803



_______

_______

Total non-current assets


27,899

29,542



_______

_______

Current assets




Inventories

8

10,551

12,593

Trade and other receivables

9

28,431

32,233

Income tax receivable


1,971

-

Cash and cash equivalents


461

4,736



_______

_______

Total current assets


41,414

49,562







_______

_______

Total assets      

4

69,313

79,104



_______

_______

Liabilities




Current liabilities




Interest-bearing loans and borrowings

10

(2,572)

(1,531)

Derivative financial instruments


(351)

(399)

Income tax payable


-

(1,148)

Trade and other payables

11

(23,382)

(28,240)



_______

_______

Total current liabilities


(26,305)

(31,318)



_______

_______

Non-current liabilities




Interest-bearing loans and borrowings

10

(17,311)

(14,880)

Retirement benefit obligations


(5,279)

(6,441)

Deferred tax liabilities


(556)

(907)



_______

_______

Total non-current liabilities


(23,146)

(22,228)



_______

_______

Total liabilities


(49,451)

(53,546)



_______

_______

Net assets


19,862

25,558



_______

_______

Equity




Issued share capital


3,853

3,853

Share premium


7,013

7,013

Other reserves


       2,827

       2,779

Revenue reserves


6,169

11,913



_______

_______

Total equity attributable to equity holders of the parent


19,862

25,558



_______

_______

 



 

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2009

 

 

                             


   



2009

2008



£000

£000

Cash flows from operating activities




(Loss)/profit for the year


(3,983)

5,070

Adjustments for:




Depreciation of property, plant and equipment


1,821

1,811

Amortisation of intangible assets


475

441

Impairment losses on assets classified as held for sale


-

244

Loss on sale of property, plant and equipment


157

1

Net financing costs (before exceptional items)


1,041

1,103

   IFRS 2 charge and net movements relating to equity-  settled plans


(330)

210

Loss on sale of asset held for resale


-

379

Income tax (credit) / expense


(1,913)

2,084

Operating cash flows before changes in working capital and provisions

 


 

(2,732)

 

11,343

Decrease/(increase) in trade and other receivables


3,802

(5,861)

Decrease/(increase) in inventories


2,042

(1,260)

(Decrease)/increase in trade and other payables


(4,788)

2,214

Movement relative to defined benefit pension scheme


(1,017)

(867)



_______

_______

Cash (used in)/generated from operations


(2,693)

5,569



_______

_______

Interest paid


(691)

(1,121)

Income taxes paid


(1,365)

(1,905)



_______

_______

Net cash (used in)/from operating activities


(4,749)

2,543



_______

_______

Cash flows from investing activities




Disposal of discontinued operation net of cash disposed of


(91)

192

Acquisition of property, plant and equipment


(733)

(720)

Acquisition of intangible assets


(402)

(502)



_______

_______

Net cash used in investing activities


(1,226)

(1,030)



_______

_______

Cash flows from financing activities




Increase in bank loans


5,000

-

Repayment of loan notes


-

(476)

Repayment of bank borrowings


(996)

(997)

Repayment of finance lease/HP liabilities


(532)

(329)

New finance leases/HP contracts


-

2,350

Dividends paid


(1,772)

(1,772)



_______

_______

Net cash from/(used in) financing activities


1,700

(1,224)



_______

_______

Net (decrease)/increase in cash and cash equivalents


(4,275)

289

Cash and cash equivalents at 1 January


4,736

4,447



_______

_______

Cash and cash equivalents at 31 December


461

4,736



_______

_______

 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2009

 


Share

capital

Share

prem-ium

Merger

reserve

Hedg-ing

reserve

Other

reserve

Revenue

reserve

Total


£000

£000

£000

£000

£000

£000

£000

Current period








At 1 January 2009

3,853

7,013

2,184

(399)

994

11,913

25,558

Total comprehensive income  for the period

-

-

-

48

-

(3,642)

   (3,594)      

Movements relating to share-based payments and the ESOP trust

-

-

-

-

-

(330)

(330)

Dividends to shareholders

-

-

-


-

(1,772)

(1,772)

At 31 December 2009

3,853

7,013

2,184

(351)

994

6,169

19,862









Previous period








At 1 January 2008

3,853

7,013

2,184

(51)

994

9,967

23,960

Total comprehensive income  for the period

-

-

-

(348)

-

3,508

   3,160       

Movements relating to share-based payments and the ESOP trust

-

-

-

-

-

210

210

Dividends to shareholders

-

-

-


-

(1,772)

(1,772)

At 31 December 2008

3,853

7,013

2,184

(399)

994

11,913

25,558

 

 

 



NOTES TO THE STATEMENTS

 

1. The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2009 or 2008 but is derived from the 2009 accounts.  Statutory accounts for 2008 have been delivered to the Registrar of Companies and those for 2009 will be delivered in due course.  The auditors have reported on those accounts; their reports  (i) were unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under either section 498(2) or section 498(3) of the Companies Act 2006.

 

2. Basis of consolidation

 

The consolidated financial statements comprise Havelock  Europa  PLC and its subsidiaries. The financial statements of subsidiaries are prepared to the same reporting date using accounting policies consistent with those of the parent company.  Intra-group transactions and balances, including any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in full.

 

3. Profit before tax

                                                                                                          



    Cost of

     sales

Administrative

Total



  costs





2009

2008

2009

2008

2009

2008


Note

£000

£000

£000

£000

£000

£000

Profit before tax is stated after charging/(crediting):
















Depreciation of property, plant and equipment


881

901

940

910

1,821

1,811

Amortisation of intangible assets


        -

        -

475

441

475

441

(Loss)/gain on sale of property, plant and equipment


      (157)

      -

-

1

(157)        

         1

Non-recurring property costs


-

-

-

300

-

300

 

4. Segment reporting

 

The Group has adopted IFRS 8 Operating Segments in the year. As required by this standard, the Group's operating segments have been determined based on the management information provided to the main board which takes the role of Chief Operating Decision Maker in the Group.  This information is presented by business activity and, within each reporting segment, operating segments have been aggregated as they are considered to be economically similar and meet the aggregation criteria as set out in IFRS 8.  The Group has concluded that the Group's reportable business segments are presented by product/service as follows:

·      Retail Interiors - design, manufacture and installation of interiors for retailers, financial services, hotels and healthcare premises;

·      Educational Interiors - design, manufacture and installation of classrooms, fitted and loose furniture, teaching aids, display boards and fume cupboards for the education sector;

·      Point of Sale - printing of promotional graphics for use in retail, financial services and branded goods businesses.

. An analysis of the Group's revenue and results by operating segment for the year is presented below.


Retail
Interiors

Educational Interiors

Point
of Sale

Elimination

Total


2009

2008

2009

2008

2009

2008

2009

2008

2009

2008


£000

£000

£000

£000

£000

£000

£000

£000

£000

£000












External sales

31,939

60,449

56,839

52,055

19,702

25,073

-

-

108,480

137,577

Inter-segment sales

574

1,380

479

551

34

39

(1,087)

(1,970)

-

-


32,513

61,829

57,318

52,606

19,736

25,112

(1,087)

(1,970)

108,480

137,577

Operating (loss)/ profit before net restructuring costs

(1,538)

3,728

(1,427)

2,643

3,105

4,665

-

-

140

11,036

Net restructuring costs (excluding central restructuring costs)

(1,541)

-

(1,797)

-

(78)

-

-

-

(3,416)

-

Unallocated costs (including central restructuring costs of £45,000)









(1,399)

(2,258)

(Loss)/profit from operations

(3,079)

3,728

(3,224)

2,643

3,027

4,665

-

-

(4,675)

8,778

Net financing costs (including restructuring costs of £180,000)









(1,221)

(1,103)

(Loss)/profit before tax









(5,896)

7,675

Tax









1,913

(2,230)

Discontinued operations net of tax









-

(375)

(Loss)/profit for the year









(3,983)

5,070

 

Depreciation and amortisation

464

439

939

946

837

815

-

-

2,240

2,200

Unallocated depreciation









56

52

Total  amortisation and depreciation









2,296

2,252

 

 

 

 

 

 

 

 

Segment assets

 


Retail
Interiors

Educational Interiors

Point
of Sale

Unallocated

Total


2009

2008

2009

2008

2009

2008

2009

2008

2009

2008


£000

£000

£000

£000

£000

£000

£000

£000

£000

£000












Stock and debtors

14,546

18,940

19,336

19,723

4,588

5,671

512

492

38,982

44,826

Property, plant, equipment and software

2,576

2,876

3,778

4,054

5,676

6,315

565

445

12,595

13,690

Total segment assets

17,122

21,816

23,114

23,777

10,264

11,986

1,077

937

51,577

58,516












Intangible assets (excluding software)









13,826

14,049

Deferred tax assets









1,478

1,803

Current tax assets









1,971

-

Cash and cash equivalents









461

4,736

Total assets









69,313

79,104

 

5. Exceptional costs

 

An analysis of exceptional costs is as follows:

                                                                                                                                                                      2009

                                                                                                                                                                      £000

 

Costs of integration of business units (note (a))                                                                                3,260

Other restructuring costs (note (b))                                                                                                           201

3,461

Charged to financing costs:

 

Bank fees (note (c))                                                                                                                                    180

                                                                                                                                                                       

Total exceptional costs                                                                                                                           3,641

 

(a) During the period, the manufacturing operation at Dalgety Bay was transferred to Kirkcaldy and the Havelock Interiors business was integrated with ESA McIntosh. The costs comprise redundancy, removal and exceptional operating costs directly related to the integration.

 

(b) Redundancy costs were incurred in the restructuring of the Educational Supplies and Point of Sale businesses.

 

(c) Fee paid in respect of waiver of bank covenant.

 

6. Income tax expense

 

Recognised in the income statement

 

Continuing operations






2009

2008



£000

£000

Current tax credit/(expense)




Current year


1,684

(2,326)

Adjustments for prior years


70

217



1,754

(2,109)





Deferred tax credit/(expense)




Origination and reversal of temporary differences


8

(165)

Adjustments for prior years


151

44



159

(121)

Total tax credit/(expense) in respect of continuing operations


1,913

(2,230)

Discontinued operations


-

146

Total income tax credit/(expense) recognised in the consolidated income statement


1,913

(2,084)



 

7. Earnings per share

 

The calculation of basic earnings per share and underlying earnings per share at 31 December 2009 is based on the profit attributable to ordinary shareholders as follows:

 


2009

2008

2009

2008


Earnings

Earnings

EPS

EPS


£000

£000

pence

pence

Basic

(3,983)

5,070

(10.7)

13.5

Adjusted for:





Exceptional items (net of associated tax credit)

2,621

-

7.0

-

Amortisation of intangibles that attract no corporate tax deduction

223

296

0.6

0.7

Adjusted

(1,139)

5,366

(3.1)

14.2

Diluted (loss)/earnings per share



(10.7)

13.1

Diluted adjusted (loss)/earnings per share



(3.1)

13.9

 

Continuing operations


2009

2008

2009

2008


Earnings

Earnings

EPS

EPS


£000

£000

pence

pence

Basic

(3,983)

5,445

(10.7)

14.5

Adjusted for:





Exceptional items (net of associated tax credit)

2,621

-

7.0

-

Amortisation of intangibles that attract no corporate tax deduction

223

296

0.6

0.7

Adjusted

(1,139)

5,741

(3.1)

15.2

Diluted (loss)/earnings per share



(10.7)

14.1

Diluted adjusted (loss)/earnings per share



(3.1)

14.9

 

 

Amortisation of intangible assets


2009

2008


£000

£000

Total amortisation of intangible assets

475

441

Less amortisation of computer software

(252)

(145)

Amortisation of intangibles that attract no tax deduction

223

296

 

The weighted average number of shares used in each calculation is as follows:

 

Undiluted earnings per share

 

In thousands of shares






2009

2008





Issued ordinary shares at 1 January


38,532

38,532

Effect of own shares held


  (1,264)

  (852)

Weighted average number of ordinary shares for the year ended 31 December


37,268

37,680

 

Diluted earnings per share

 

In thousands of shares






2009

2008





Weighted average number of ordinary shares for the year ended 31 December


37,268

37,680

Effect of share options on issue


1,085

985

Weighted average number of ordinary shares (diluted) for the year ended 31 December


38,353

38,665

 
8. Inventories

 


2009

2008


£000

£000

Raw materials and consumables             

3,975

3,446

Work in progress             

2,202

1,987

Finished goods

4,374

7,160


10,551

12,593

9. Trade and other receivables

 


2009

2008


£000

£000

Trade receivables

27,157

30,886

Other receivables

216

154

Prepayments

1,058

1,193


   28,431             

   32,233             

10. Interest-bearing loans and borrowings

 



Current liabilities

2009

2008


£000

£000

Secured bank loans

2,000

1,000

Obligations under hire purchase contracts and finance leases

572

531


2,572

1,531

 



Non-current liabilities

2009

2008


£000

£000

Secured bank loans

15,981

12,977

Obligations under hire purchase contracts and finance leases

1,330

1,903


17,311

14,880

 

11. Trade and other payables

 

Amounts disclosed in current liabilities

 


     


2009

2008


£000

£000

Trade payables

15,692

20,373

Other taxes and social security

2,285

3,204

Accruals

5,405

4,663


23,382

28,240

 

12. Bank facilities

 

Subsequent to the year end, new facilities have been agreed with Bank of Scotland which are as follows: 

 

·     A committed working capital facility of £5.5 million, reducing to £5.0 million on 1 July 2010 and to £4.5 million on 1 January 2011, is available until it is next reviewed on 31 July 2011.

·     An increased, committed revolving credit facility of £12.5 million is available until 31 July 2012.

·     The existing £13.0 million term loan, on which annual repayments remain at £2.0 million each September, will now end in 2013 instead of 2015.

·     Existing HP drawings, which total £1.8 million, will remain in place.

 

The costs of renegotiating these bank facilities will be charged as an exceptional cost in 2010.  The interest margin that the Group pays for its bank facilities has increased and most of its borrowings will now be based on LIBOR interest rates instead of base rates.  The Group maintains its existing level of interest cover with approximately £7m of its debt set at fixed interest rates. 

 

13. The accounts for the year ended 31 December 2009 were approved by the Directors on 29 April 2010.

 

 


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