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Armour Trust PLC (AMR)

  Print      Mail a friend       Annual reports

Wednesday 12 July, 2000

Armour Trust PLC

Second Interim Results

Armour Trust PLC
12 July 2000

              TWELVE MONTHS ENDED 30 APRIL 2000

In  the  twelve  months ended 30 April 2000  the  Group  has
improved   operating   profits,  maintained   earnings   and
significantly strengthened the balance sheet. Profits before
tax  were £0.9 million (1999: £0.7 million) and earnings per
share  were  1.9p  (1999: 1.8p). Sales  were  £24.6  million
(1999: £20.8 million). Shareholders' funds increased by £6.5
million  from  £3.2  million  to  £9.7  million.  The  Group
generated £7.8 million of cash eliminating net borrowings of
£3.5  million  and  giving the Group £4.3  million  of  cash
balances at 30 April 2000.

No interim dividend will be paid. The Board will consider  a
final  dividend when announcing the results for the extended
period to 31 August 2000.

Change of Accounting Reference Date
The  Board  has  decided to change the accounting  reference
date  of  the Group such that the financial effects  of  the
disposals  and  reorganisation, including  the  disposal  of
Polco,  which results in a large accounting loss, are  shown
in the same accounting period.  The new accounting reference
date  will  be  31 August with the current financial  period
being  extended to sixteen months and ending  on  31  August

Strategic Reorganisation
The   strategic  reorganisation  that  the  Group  has  been
pursuing  has  meant  that the past year  has  been  one  of
considerable change. Within the last twelve months the Group
has acquired Autoleads, disposed of Bluecol and Airfresh and
today,   announced  the  proposed  sale   of   Polco.   This
reorganisation  has  been aimed at  putting  Armour  into  a
position  of strength and the Board believes that  with  the
completion  of  the disposal of Polco the  Board  will  have
achieved  this objective. The Group now has a  strong,  cash
positive  balance  sheet  and  a  sound  business  in  audio
electronics which offers the prospect of sustained growth.

Continuing Business
The acquisition of Autoleads in July 1999 and the subsequent
merger   of  Radiomobile  into  it,  to  create  the   Audio
Electronics  Division,  has produced  a  strong  and  robust
business. The opportunities for this division which  markets
the  three key brands of Autoleads, Radiomobile and  Kicker,
are exciting.

Within the Autoleads brand the potential of the new cellular
range  of products has started to be realised.  The backbone
of  earnings is generated from the core range of intelligent
leads and harnesses where continual development maintains  a
leading  edge  position. In addition, a working relationship
is  being developed with Sony Europe whereby a range of  car
audio  accessories  manufactured under the  Autoleads  brand
will  be  supplied  to the Sony network on  a  pan  European
basis. This opportunity, which is still in its early stages,
offers   considerable   growth  potential   to   the   Audio
Electronics Division.

The   merger  of  Radiomobile  into  the  Audio  Electronics
Division,  at  a  cost  to the Group of  approximately  £0.1
million  which  was expensed against profit  in  the  second
interim results, has resulted in a material reduction of the
ongoing  operating costs of the new division. The  resulting
improvements  in  operating efficiency will  mean  that  the
Radiomobile  brand,  which has had a very  difficult  twelve
months,  due  to intense price competition, is  expected  to
make   a   significantly  enhanced   contribution   in   the
forthcoming period.

The  Kicker  Europe  distribution hub  successfully  started
operations in January 2000. The set up of
Kicker  Europe, the costs of which have also  been  expensed
against  the  profits  reported in the  second  and  interim
results,  has  already  stimulated  additional  demand  from
European distributors as a result of better product support,
improved  marketing, shorter lead times and lower  costs  of
supply.  Since January three further distributors have  been
appointed bringing the total European distributors served to
thirteen.  The  prospects for the Kicker product  range  are

Discontinued Businesses
In  recent  times,  maintaining the returns  in  the  Polco,
Bluecol and Airfresh businesses became
increasingly  difficult  due to the  market  conditions  and
greater competition and whilst all these businesses have 
been profitable in the twelve months  to  30 April 2000, 
their performance was below expectations. In the
Board's  opinion the decision to dispose of these businesses
was  essential  to protect Shareholder value  and  give  the
Group  the  necessary financial strength  and  structure  to
pursue opportunities in the higher growth technology sector.

The  future  prospects  for Armour  are  promising  and  its
structure  is  now  compact, focused and financially  strong
with  operating activities generating quality returns  in  a
growth  sector.  The  Group is well  placed  to  pursue  its
interest  in  the  technology markets through  both  organic
development and acquisition.

Roger A Pinnington

12 July 2000

Unaudited Consolidated Profit and Loss Account
For the 12 months ended 30 April 2000

                                    Six        Six      Twelve       
                                 months     months      months     Year
                                  ended      ended       ended    ended
                                     30         30          30       30
                                  April      April       April    April
                                   2000       1999        2000     1999
                      Notes  (Unaudited)(Unaudited) (Unaudited)(Audited)
                                  £'000      £'000       £'000    £'000
Continuing operations               770      1,935       2,643    4,422
Acquisitions                      3,454          0       4,544        0
Discontinued operations           8,965      7,433      17,451   16,328
                         2(a)    13,189      9,368      24,638   20,750
Operating profit                                            
Continuing operations              (16)      (303)        (26)    (285)
Acquisitions                        228          0         333        0
Discontinued operations             173        716         802    1,370
Total operating profit   2(b)       385        413       1,109    1,085
Income from fixed asset               0          1           0        1
Profit on sale of        3            5          0          83        0
tangible assets
Profit on disposal of               342         17         331       90
Profit before amounts                                       
written off investments             732        431       1,523    1,176
Amounts written off      4            0          0       (250)        0
Profit on ordinary                                          
activities before                   732        431       1,273    1,176
Net interest payable               (207)      (194)      (386)    (452)
Profit on ordinary                                          
activities before                   525        237         887      724
Taxation of profit on               (85)        53       (120)        0
ordinary activities
Profit on Ordinary        5                                 
activities after                     440       290         767      724
taxation and retained
for the period
Earnings per ordinary share
Basic                               1.1p       0.7p       1.9p      1.8p
Fully diluted                       1.1p       0.7p       1.9p      1.8p

Group Balance Sheet
As at 30 April 2000

                                                    30   30 April
                                                 April       1999
                                                  2000  (Audited)
                                     Notes  (Unaudited         
                                                  £000       £000
Fixed assets                                                 
Intangible assets                                1,255        55
Tangible assets                                  1,080     2,399
Investments                                          0       250
                                                 2,335     2,704
Current assets                                               
Stocks                                           4,571     3,736
Debtors                                          5,531     4,542
Cash at bank and in hand              6(b)       4,309        43
                                                14,411     8,321
Creditors : amounts falling due                              
within one year
Borrowings                            6(b)           0     (554)
Others                                         (7,015)   (4,133)
                                               (7,015)   (4,687)
Net current assets                               7,396     3,634
Total assets less current                        9,731     6,338
Creditors : amounts falling due                              
after more than one year
Borrowings                            6(b)           0   (3,000)
Provisions for liabilities and                       0     (134)
Net assets and equity                    5       9,731     3,204
shareholders' funds

Consolidated Cash Flow Statement

For the twelve months ended 30 April 2000

                                       Six        Six     months      Year
                                    months     months      ended     ended
                                     ended      ended         30        30
                                        30         30      April     April
                                     April      April       2000      1999
                                      2000       1999 (Unaudited)(Audited)
                            Notes    £'000      £'000       £'000    £'000
Net   cash   inflow   from   6(a)    1,211      2,654       1,076    2,018
operating activities       
Returns on investment and                                        
servicing of finance
Interest paid                        (101)      (168)       (352)    (370)
Interest received                        0          1           0        8
Income  from  fixed  asset               0          1           0        1
Net cash outflow from                                            
returns on investment                (101)      (166)       (352)     (361)
and servicing of finance
Corporation taxation paid             (29)          0       (124)      (19)
Capital expenditure                                              
Payments    to     acquire           (288)      (153)       (772)     (373)
tangible assets
Disposal    of    tangible              66         42         973       370
Net  cash (outflow)/inflow                                       
from                                 (222)      (111)         201       (3)
capital expenditure
Acquisitions and disposals                                       
Purchase   of   subsidiary           (677)       (45)     (1,680)      (55)
Net   overdrafts  acquired                                       
with                                     0          0       (276)         0
subsidiary undertakings
Sale of businesses                   8,948         14       8,969       330
Net  cash inflow/(outflow)                                       
from                                 8,271        (31)      7,013       275
acquisitions and disposals
Equity dividends paid                    0           0          0       (75)
Issue  of  ordinary  Share               6           0          6          0
Increase  in cash  in  the           9,136       2,346      7,820      1,835


1.   Accounting Policies

The  second  interim  financial statements  for  the  twelve
months  ended 30 April 2000 have been prepared on the  basis
of  accounting policies consistent with those set out in the
Group's annual report and financial statements for the  year
ended 30 April 1999.

Financial   Reporting  Standard  No.   10:    Goodwill   and
Intangible  Assets  was adopted in the financial  statements
for the year ended 30 April 1999.

2.   Segmental Information

(A)  Turnover
                                Six        Six    months      Year
                             months     months     ended     ended
                              ended      ended        30        30
                                 30         30     April     April
                              April      April      2000      1999
                               2000       1999  
                              £'000      £'000      £'000    £'000
Audio electronics             4,224      1,935      7,187    4,422
Continuing Operations         4,224      1,935      7,187    4,422
Automotive aftermarket        8,965      7,433     17,451   16,519
Personal care                     0          0          0      169
Discontinued operations       8,965      7,433     17,451   16,328
                             13,189      9,368     24,638   20,750
(B)     Total    Operation                                    
                                Six        Six     months      Year
                             months     months      ended     ended
                              ended      ended         30        30
                                 30         30      April     April
                              April      April       2000      1999
                               2000       1999
                        (Unaudited)(Unaudited)(Unaudited) (Audited)
                              £'000      £'000      £'000     £'000
Audio electronics               301        101        515       346
Group                         (359)      (404)      (653)     (631)
Continuing operations          (58)      (303)      (138)     (285)
Automotive aftermarket          443        735      1,247     1,389
Personal care                     0       (19)          0      (19)
Discontinued operations         443        716      1,247     1,370
Operating profit                385        413      1,109     1,085

3.   Profit on Sale of Tangible Assets

In  May 1999, the freehold property at Elmtree was sold  for
its  book value of £220,000.  In October 1999, the leasehold
property at Curdworth was sold for a gross consideration  of
£700,000.  The net book value of Curdworth was £601,000.

4.   Amounts Written Off Investments

In  1996,  the  Group  sold its confectionery  interests  to
Denham Holdings Limited.  Part of the consideration for  the
sale  was  £250,000  preference shares  in  Denham  Holdings
Limited.   In  December 1999, Denham Holdings  Limited  went
into   receivership.   Full  provision  for   the   £250,000
investment   has   been  made  in  the   interim   financial

5.   Reconciliation of Movements in Equity Shareholders'

                                                 Twelve      Year
                             Six        Six      months     ended
                          months     months       ended        30
                           ended      ended          30     April
                              30         30       April      1999
                           April      April        2000 
                            2000       1999 
                     (Unaudited)(Unaudited) (Unaudited) (Audited)
                            £000       £000        £000      £000
Profit retained for          440        290         767       724
the period
Goodwill reinstated        5,753          0       5,753         0
New shares issued              6          0           6         0
Currency translation                                        
differences on                 3          7           1         1
foreign currency net
                           6,202        297       6,527       725
Opening equity             3,529      2,907       3,204     2,479
shareholders' funds
Closing equity             9,731      3,204       9,731     3,204
shareholders' funds

6.        (a)  Reconciliation of Operating Profit to Net
          Cash Inflow from Operating Activities

                                               Twelve      Year
                          Six        Six       months     ended
                       months     months        ended        30
                        ended      ended           30     April
                           30         30        April      1999
                        April      April         2000 
                         2000       1999     
                   (Unaudited)(Unaudited) (Unaudited)  (Audited) 
                         £000       £000        £000      £000
Operating profit          385        413       1,109     1,085
Depreciation of           309        212         553       418
tangible fixed assets
Amortisation of            33          0          45         0
(Increase)/decrease     (865)        695     (2,089)     1,166
in stocks
(Increase)/decrease     (684)      2,710     (2,487)       233
in debtors
(Increase)/decrease      2028    (1,373)       3,996     (881)
in creditors
(Decrease) in               0        (3)       (134)       (3)
Profit on disposal of       5          0         83         0
tangible fixed assets
Net cash inflow from    1,211      2,654       1,076     2,018
operating activities

6.   (b)  Net Funds

                          Short term           Long term
                          borrowings          borrowings
                      Cash at       Bank      Term       Net
                         bank    loans &     loans     funds
                        £'000      £'000     £'000     £'000
Increase in cash        4,266        554     3,000     7,820
Net debt at 30 April       43      (554)   (3,000)    (3,511)
Net funds at 30 April   4,309          0         0     4,309

The cash generated in the year to 30 April 2000 was used  to
repay the £3 million fixed term loan.

7. Earnings per share
Earnings per share is calculated using the weighted  average
number  of  shares in issue during the period of  40,332,466
for  the  six months ended 30 April 2000 and 40,331,807  for
the  year ended 30 April 2000 (six months and year ended  30
April 1999: 40,301,971). Fully diluted earnings per share is
calculated  with reference to 40,820,716 for the six  months
ended  30  April 2000 and 40,713,174 for the year  ended  30
April 2000 (six months ended 30 April 1999: 40,398,062; year
ended 30 April 1999: 40,603,971) ordinary shares.

8. Comparative figures
The  interim results are unaudited. The comparative  figures
for  30 April 1999 are not the Company's statutory financial
statements   for   the  financial  year.   Those   financial
statements  have been reported on by the Company's  auditors
and  delivered  to  the  Registrar of Companies.  The  Audit
Report was unqualified and did not contain a statement under
Section 237(2) or (3) of the Companies Act 1985.

9. Interim Report
This interim report is available upon request to members  of
the  public  at  the Company's Registered  Office,  Lonsdale
House, 7-9 Lonsdale Gardens, Tunbridge Wells, Kent TN1 1NU.


a d v e r t i s e m e n t