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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Armour Grp | LSE:AMR | London | Ordinary Share | GB0000496611 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS No 5973x
ARMOUR TRUST PLC
11th December 1997
RESULTS TO 31ST OCTOBER 1997
- Sales #12.25 million (1996: #17.75 million including
#3.6 million attributable to confectionery division sold
in 1996)
- Profits before tax #422,000 (1996: #539,000 including
confectionery profits of #107,000)
- Earnings per share after exceptionals 0.8p (1996:
0.7p)
- Interim dividend 0.2p (1996: 0.46p)
The dividend is covered four times.
The talks with other parties mentioned in the July
statement and the Annual Report issued in September 1997
have been ended by mutual agreement. It is the Board's
strategy to continue to refocus the group's activities in
order to achieve enhanced shareholder value. To this end
a number of initiatives have been undertaken which the
Board anticipates will lead to a resumption of improving
profitability.
Enquiries:
Andrew Balcombe 0171 497 0000
Chief Executive
Keith Martin
Director of Finance
CHAIRMAN'S STATEMENT
Turnover for the half year amounted to #12.25 million
(1996: #17.75m). The 1996 figure includes #3.6 million
attributable to the confectionery division (sold in
August 1996), Jean-Marie Pascal (sold in May 1997), and
Solid Products which is no longer actively selling in the
market. Profits before tax were #422,000 (1996:
#539,000 including #107,000 from the confectionery
division). Earnings per share for the current half year
amounted to 0.8p (1996: 0.7p after exceptional items).
The Board has declared a dividend of 0.2p per share
(1996: 0.46p) payable on 4th May, 1998 to shareholders
on the register on 6th March 1998 in accordance with the
dividend policy stated in the latest Annual Report, which
was that dividends payable would reflect the earnings
performance of the group.
POLCO
Sales for the first half of #3.4 million were 27% below
the equivalent last year. Approximately two thirds of
the reduction was accounted for by a first half shortfall
in the gift division due to the pattern of deliveries to
major customers. However, the downturn in automotive
accessory sales has continued, as has margin pressure,
due to consolidation of the trade into larger customer
groups and also due to unseasonally warm weather which
led to an inevitable reduction in sales of winter related
product. Polco's strategy is to widen its product base
with an emphasis on exclusive lines and more leisure
orientated goods.
RADIOMOBILE
Radiomobile's turnover for the period was marginally
ahead of last year. The strong growth in turnover of
specialist Kicker products has been offset by a decline
in automotive security sales. A number of new launches
of security related products are taking place which
should alleviate this decline. Radiomobile's small but
growing Swedish subsidiary traded profitably in the
period. The division as a whole produced profits
slightly below the 1996 equivalent.
BLUECOL
The Chemicals Division six months performance was
satisfactory overall although there was a sales decline
at Autosheen and Cords. Substantial progress has been
made at Bluecol during the last six months in customer
and product development which is expected to show
benefits in sales and profits in the second half.
PERSONAL CARE
Airfresh's profitability reflected the benefits of better
utilisation of productive capacity and improved overhead
recovery from the input of the business of its French
subsidiary, Patt SA, despite the effect of the strong
pound on exports.
House of Despina's turnover was 5% below last year
largely due to a decline in export sales as a result of
currency pressures. Although its national client base
has improved substantially, increases in domestic
business were not enough to compensate for lower exports.
A reorganisation is being undertaken to enable House of
Despina to meet changing customer demand and restore
profitability.
Colour Direct has sold all its stock and now offers
licences of its patented product within the international
hair care market.
RECENT DEVELOPMENTS
In the statement issued in July and the Annual Report
issued in September 1997, it was announced that the
company was in talks with other parties which might lead
to an offer for the company. These talks have ended by
mutual agreement. It is the Board's strategy to continue
to refocus the group's activities in order to achieve
enhanced shareholder value. To this end a number of
initiatives have been undertaken which the Board
anticipates will lead to a resumption of improving
profitability.
Roger A. Pinnington
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS
ENDED 31ST OCTOBER 1997
Six months Six months Year to
to to
31st October 1st November 2nd May
1997 1996 1997
Note (Unaudited) (Unaudited)
#'000 #'000 #'000
Turnover
Continuing
operations 12,254 14,267 25,081
Discontinued
operations - 3,482 3,482
------ ------ ------
1(a) 12,254 17,749 28,563
------ ------ ------
Operating
profit
Continuing
operations
Ordinary
trading 656 934 1,213
Exceptional
operating items - - (291)
------ ------ ------
656 934 922
Discontinued
operations - 107 108
------ ------ ------
Total operating
profit 656 1,041 1,030
Loss on
disposal of
businesses - (4,095) (4,307)
Provision at
3rd May 1996 - 3,812 3,812
------ ------ ------
- (283) (495)
Profit on
ordinary
activities
before interest 1(b) 656 758 535
Interest
receivable 2 5 9
Interest
payable (236) (224) (473)
------ ------ ------
Profit on
ordinary
activities
before taxation 422 539 71
Tax on profit
on ordinary
activities (130) (275) (160)
------ ------ ------
Profit/(loss)
on ordinary
activities
after taxation 292 264 (89)
Dividends (75) (174) (377)
------ ------ ------
Profit/(loss)
for the period
taken to
reserves 217 90 (466)
====== ====== ======
Earnings/(loss)
per ordinary
share
After
exceptional
items 0.8p 0.7p (0.2)p
Before all
exceptional
items 0.8p 1.6p 1.9p
Dividend per
ordinary share 0.2p 0.46p 1.0p
====== ====== ======
GROUP BALANCE SHEET AS AT 31ST OCTOBER 1997
31st 1st
October November 2nd May
1997 1996 1997
Note (Unaudited) (Unaudited)
#'000 #'000 #'000
Fixed assets
Tangible assets 3,808 3,794 3,857
Investments 250 250 250
------ ------ ------
4,058 4,044 4,107
------ ------ ------
Current assets
Stocks 5,678 6,106 5,683
Debtors 7,181 8,810 4,921
Cash at bank and
in hand 76 33 131
------ ------ ------
12,935 14,949 10,735
------ ------ ------
Creditors:
amounts falling
due within one
year
Borrowings 2 (6,205) (2,219) (2,192)
Other (5,425) (8,147) (4,504)
------ ------ ------
(11,630) (10,366) (6,696)
------ ------ ------
Net current
assets 1,305 4,583 4,039
------ ------ ------
Total assets
less current
liabilities 5,363 8,627 8,146
Creditors:
amounts falling
due after more
than one year
Borrowings 2 - (3,000) (3,000)
Provision for
liabilities and
charges (117) (145) (117)
------ ------ ------
Net assets 5,246 5,482 5,029
====== ====== ======
Capital and
reserves
Called up share
capital 3,752 3,752 3,752
Share premium
account 5,500 5,500 5,500
Goodwill reserve (9,318) (9,271) (9,318)
Merger reserve 848 848 848
Revaluation
reserve 135 - 135
Profit and loss
account 4,329 4,653 4,112
------ ------ ------
Equity
shareholders'
funds 5,246 5,482 5,029
====== ====== ======
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED
31ST OCTOBER 1997
Six months Six months Year
to to to
31st 1st 2nd
October November May
1997 1996 1997
Note (Unaudited) (Unaudited)
#'000 #'000 #'000
Net cash
(outflow)/inflow
from operating
activities 3 (487) (971) 631
Returns on
investments and
servicing of
finance
Interest paid (216) (224) (451)
Interest received 2 5 9
------ ------ -----
Net cash outflow
from returns on
investments and
servicing of
finance (214) (219) (442)
------ ------ -----
Taxation
Corporation tax
paid (47) (42) (459)
------ ------ -----
Capital
expenditure
Payments to
acquire tangible
assets (168) (379) (741)
Sale of tangible
assets 20 32 133
------ ------ -----
Net cash outflow
for capital
expenditure (148) (347) (608)
------ ------ -----
Acquisitions and
disposals
Purchase of
subsidiary
undertakings and
businesses - (226) (226)
Sale of subsidiary
undertakings and
businesses - 2,842 2,842
------ ------ ------
Net cash inflow
from acquisitions
and disposals - 2,616 2,616
Equity dividends
paid (172) (168) (744)
------ ------ -----
(Decrease)/
increase in cash
for period (1,068) 869 994
====== ====== =====
NOTES TO THE FINANCIAL STATEMENTS
1. SEGMENTAL INFORMATION
(a) Turnover
Six months to Six months to Year to
31st October 1st November 2nd May
1997 1996 1997
(Unaudited) (Unaudited)
#'000 #'000 #'000
Automotive 5,846 7,188 12,389
Chemical 4,522 4,456 8,221
Personal care 1,886 2,623 4,471
------ ------ ------
Continuing
operations 12,254 14,267 25,081
Discontinued
operations -
confectionery - 3,482 3,482
------ ------ ------
12,254 17,749 28,563
------ ------ ------
(b) Profit before interest and taxation
Six months Six months
to to
31st October 1st
1997 November
1996
(Unaudited) (Unaudited)
#'000 #'000
Automotive 350 724
Chemical 503 582
Personal care (11) (98)
Group (186) (274)
------ ------
Continuing operations 656 934
Discontinued operations -
confectionery - 107
------ ------
Operating profit 656 1,041
Loss on disposal of businesses - (283)
------ ------
Profit on ordinary activities
before interest and taxation 656 758
------ ------
(b) Profit before interest and taxation (continued)
Year to 2nd May 1997
Before Exceptional Total
exceptional operating
operating items
items
#'000 #'000 #'000
Automotive 637 - 637
Chemical 838 - 838
Personal care 188 (291) (103)
Group (450) - (450)
------ ------ -----
Continuing operations 1,213 (291) 922
Discontinued operations
- confectionery 108 - 108
------ ------ -----
Operating profit 1,321 (291) 1,030
------ ------
Loss on disposal of
businesses (495)
-----
Profit on ordinary
activities before
interest and taxation 535
-----
2. BORROWINGS
The #3 million five year fixed term loan matures in May
1998 and is now included in amounts falling due within
one year.
3. RECONCILIATION OF OPERATING PROFIT TO NET CASH
(OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
Six months Six months Year to
to to
31st October 1st November 2nd May
1997 1996 1997
(Unaudited) (Unaudited)
#'000 #'000 #'000
Operating profit 656 1,041 1,030
Depreciation 196 326 528
(Increase)/decrease
in stocks 5 (379) 27
(Increase)/decrease
in debtors (2,325) (3,641) 391
Increase/(decrease)
in creditors 981 1,766 (1,296)
Decrease in
provisions - (84) (57)
(Loss)/profit on
disposal of tangible
fixed assets - - 8
------ ------ ------
Net cash (outflow)/
inflow from
operating activities (487) (971) 631
------ ------ ------
4. The earnings/(loss) per share figures below have been
calculated using the weighted average number of shares in
issue during the period of 37,516,086 (1st November 1996
- 37,039,926; 2nd May 1997 - 37,279,314). The
earnings/(loss) per ordinary share shown on the face of
the profit and loss account is reconciled below.
Six months Six months
to to Year to
31st 1st 2nd May
October November 1997
1997 1996
Pence Pence Pence
per per per
#'000 share #'000 share #'000 share
Profit/(loss)
for the period 292 0.8 264 0.7 (89) (0.2)
Exceptional
operating items - - - - 291 0.8
Loss on
disposal of - - 283 0.9 495 1.3
businesses
---- ----- ---- ----- ---- -----
Earnings before
all exceptional
items 292 0.8 547 1.6 697 1.9
---- ----- ---- ----- ---- -----
5. The interim results are unaudited. The comparative
figures for the year ended 2nd May 1997 are not the
Company's statutory accounts for that financial year.
Those accounts have been reported on by the Company's
auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified and did not
contain a statement under Section 237 (2) or (3) of the
Companies Act 1985.
6. Copies of this interim report are being sent to
shareholders and will also be made available upon request
to members of the public at the Company's Registered
Office, 26th Floor, Centre Point, 103 New Oxford Street,
London WC1A 1DD.
END
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