Interim Results - Part 2
Porvair PLC
28 June 2000
PART II
For further information contact :
Porvair plc
Ben Stocks, Chief Executive
Mark Moran, Group Finance Director
today 0207 466 5000
at all other times 01553 761111
Buchanan Communications
Charles Ryland/Catherine Miles 0207 466 5000
PORVAIR plc ('Porvair')
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2000
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 31 May 2000 (unaudited)
Six Six Year
months months ended
ended ended 30
31 May 31 May November
2000 1999 1999
(restated)
Note £'000 £'000 £'000
Turnover
Continuing operations 1(a), 31,655 30,730 62,535
(including share of joint 1(b)
venture)
Less : share of joint (432) (531) (964)
venture ---------------------------
31,223 30,199 61,571
==========================
Group operating profit 2,417 1,716 4,912
before goodwill
amortisation
Goodwill amortisation (1,056) (1,056) (2,113)
---------------------------
Group operating profit 1,361 660 2,799
before joint venture -
continuing operations
Share of joint venture 5 40 62
--------------------------
Group operating profit 1(c) 1,366 700 2,861
including joint venture
Interest payable (net) (399) (395) (749)
--------------------------
Profit on ordinary 967 305 2,112
activities before taxation
Tax on profit on ordinary
activities (605) (409) (987)
---------------------------
Profit/(loss) on ordinary
activities after taxation 362 (104) 1,125
Equity minority interests 2 (2) 6
--------------------------
Profit/(loss) for the 364 (106) 1,131
period attributable to
shareholders
Dividends 3 (616) (591) (1,644)
--------------------------
Retained loss for the (252) (697) (513)
period ---------------------------
Earnings per share
- basic and diluted 2(a) 1.4p (0.4)p 4.4p
- basic and diluted 2(b) 5.5p 3.7p 12.6p
before goodwill
amortisation
Dividend per share 3 2.4p 2.3p 6.4p
CONSOLIDATED BALANCE SHEET
as at 31 May 2000 (unaudited)
31 May 31 May 30
2000 1999 November
(restated) 1999
£'000 £'000 £'000
Fixed assets
Goodwill 19,656 21,710 20,712
Tangible assets 19,451 19,241 19,368
Investments in joint
venture
Share of gross assets 182 273 292
Share of gross liabilities (157) (275) (272)
-------------------------------
25 (2) 20
-------------------------------
Other investments - 4 -
-------------------------------
39,132 40,953 40,100
-------------------------------
Current assets
Stocks 11,668 11,934 11,052
Debtors 14,965 13,963 13,217
Cash at bank and in hand 898 566 665
------------------------------
27,531 26,463 24,934
Creditors
Amounts falling due within
one year (13,239) (12,001) (12,029)
--------------------------------
Net current assets 14,292 14,462 12,905
--------------------------------
Total assets less current
liabilities 53,424 55,415 53,005
Creditors
Amounts falling due after
more than one year (10,291) (12,500) (9,787)
Provisions for liabilities
and charges (377) (261) (320)
--------------------------------
42,756 42,654 42,898
--------------------------------
Capital and reserves
Called up share capital 514 514 514
Share premium account 1,191 1,211 1,211
Other reserves 5,224 5,024 5,092
Profit and loss account 35,797 35,865 36,049
-------------------------------
Total equity shareholders' 42,726 42,614 42,866
funds
Equity minority interests 30 40 32
-------------------------------
42,756 42,654 42,898
===============================
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 May 2000 (unaudited)
Six Six Year
months months ended
ended ended 30
31 May 31 May November
2000 1999 1999
(restated)
Note £'000 £'000 £'000
Net cash inflow from 4 2,361 1,979 8,649
operating activities
Returns on investments and
servicing of finance (227) (356) (760)
Taxation (231) (90) (535)
Capital expenditure (1,427) (2,711) (4,320)
Acquisitions and disposals - (359) (418)
Equity dividends paid (1,053) (1,053) (1,644)
Financing 105 3,176 430
(Decrease)/increase in cash (472) 586 1,402
RECONCILIATION OF MOVEMENTS
IN EQUITY SHAREHOLDERS' FUNDS
for the six months ended 31
May 2000 (unaudited)
Six Six Year
months months ended
ended ended 30
31 May 31 May November
2000 1999 1999
(restated)
£'000 £'000 £'000
Profit/(loss) for the period 364 (106) 1,131
Dividends (616) (591) (1,644)
------------------------------
Retained loss for the period (252) (697) (513)
Capital redemption (20) - -
Exchange differences 132 116 184
------------------------------
Net reduction in equity
shareholders' funds (140) (581) (329)
Opening equity shareholders'
funds 42,866 43,195 43,195
-----------------------------
Closing equity shareholders'
funds 42,726 42,614 42,866
=============================
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 May 2000 (unaudited)
Six Six Year
months months ended
Ended Ended 30
31 May 31 May November
2000 1999 1999
(restated)
£'000 £'000 £'000
Profit/(loss) attributable to
shareholders 364 (106) 1,131
Exchange differences on
translation of net assets of
subsidiary undertakings and
foreign borrowings 132 116 184
------------------------------
Total recognised gains and 496 10 1,315
losses relating to the period
Prior year adjustment to goodwill - 22,407 22,407
------------------------------
496 22,417 23,722
==============================
NOTES
1 Segmental analysis
Six Six Year
months months ended
ended ended 30
November
31 May 31 May 1999
2000 1999
£'000 £'000 £'000
(a) Turnover analysis by
geographical segment
United Kingdom 4,259 5,817 11,168
Continental Europe 5,840 5,455 10,786
Americas 15,009 14,788 29,142
Asia 4,313 3,442 7,485
Australasia 359 301 751
Africa 1,875 927 3,203
--------------------------
31,655 30,730 62,535
=========================
(b) Turnover analysis by class of
business
Consumer 14,579 14,897 29,701
Filtration 17,076 15,833 32,834
-------------------------
31,655 30,730 62,535
=========================
(c) Operating profit
Consumer 936 977 2,251
Filtration 1,486 779 2,723
Goodwill amortisation (1,056) (1,056) (2,113)
--------------------------
1,366 700 2,861
==========================
(d) Net assets
As at As at As at
31 May 31 May 30
2000 1999 November
(restated) 1999
£'000 £'000 £'000
Consumer division 19,197 19,673 18,672
Filtration division 14,332 14,278 13,011
Goodwill 19,656 21,710 20,712
Net borrowings (10,429) (13,007) (9,497)
---------------------------
42,756 42,654 42,898
==========================
2 Earnings per share
Six Six Year
months months ended
ended ended 30
31 May 31 May November
2000 1999 1999
a) Earnings per share
Earnings £364,000 £(106,000) £1,131,000
Number of shares
(weighted) 25,676,406 25,683,073 25,683,073
Earnings per share 1.4p (0.4)p 4.4p
b) Earnings per share before
goodwill amortisation
Earnings £1,420,000 £950,000 £3,244,000
Number of shares
(weighted) 25,676,406 25,683,073 25,683,073
Earnings per share 5.5p 3.7p 12.6p
3 Dividends
Six Six Year
months months ended
ended ended 30
November
31 May 31 May 1999
2000 1999
£'000 £'000 £'000
Interim dividend of 2.4p
(1999 : 2.3p) 616 591 591
Final dividend of 4.1p - - 1,053
-------------------------------
616 591 1,644
===============================
The interim dividend of 2.4p per share for the six months to 31
May 2000 will be paid on 15 September 2000 to members on the
register on 18 August 2000.
4 Reconciliation of operating profit to net cash inflow from
operating activities
Six Six Year
months months ended
ended ended 30
November
31 May 31 May 1999
2000 1999
(restated)
£'000 £'000 £'000
Group operating profit including
joint venture 1,366 700 2,861
Goodwill amortisation 1,056 1,056 2,113
Depreciation 1,636 1,444 2,909
Loss on sale of fixed 29 197 39
assets
(Increase)/decrease in stocks (455) 1,377 2,287
Increase in debtors (1,467) (1,482) (696)
Increase/(decrease) in creditors 201 (1,273) (802)
Share of joint venture profit (5) (40) (62)
--------------------------
Net cash inflow from 2,361 1,979 8,649
operating activities =========================
5 Reconciliation of net cash flow to movement in net borrowings
Six Six Year
months months ended
ended ended 30
November
31 May 31 May 1999
2000 1999
£'000 £'000 £'000
(Decrease)/increase in cash in the
period (472) 586 1,402
Increase in bank loans - (3,176) (430)
Change in net borrowings from
cash flows (472) (2,590) 972
Translation difference (460) (181) (233)
Movements in net borrowings in period (932) (2,771) 739
Opening net borrowings (9,497) (10,236) (10,236)
Closing net borrowings (10,429) (13,007) (9,497)
6 Analysis of net borrowings
30 Cash Exchange 31 May
November flow Movement 2000
1999
£'000 £'000 £'000 £'000
Cash at bank and in hand 665 189 44 898
Overdrafts (250) (661) - (911)
----------------------------------
(472)
---------------------------------
Borrowings due after 1 year (9,787) - (504) (10,291)
Borrowings due within 1 year (125) - - (125)
----------------------------------
Total (9,497) (472) (460) (10,429)
==================================
7 Statutory group accounts
The interim financial statements have been prepared in
accordance with applicable accounting standards. The
accounting policies applied are those set out in the Annual
Report and Accounts for the year ended 30 November 1999. The
interim results for 31 May 1999 have been restated to
reflect goodwill arising on acquisitions being capitalised
and amortised over its useful economic life which was
first adopted in the accounts for the year ended 30 November
1999.
The interim financial statements do not constitute statutory
accounts as they are unaudited. They have, however, been reviewed
by the auditors and their report to the Group is set out below.
The abridged accounts for the year ended 30 November 1999 set out
above are an extract from the latest statutory accounts of the
Group which have been delivered to the Registrar of Companies.
The report of the auditors on those accounts was unqualified
and did not contain a statement under section 237(2) or (3)
of the Companies Act 1985.
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