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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
RNS Number:4853T Armour Group PLC 02 November 2005 ARMOUR GROUP PLC (THE "GROUP") Preliminary Results for the year ended 31 August 2005 FINANCIAL HIGHLIGHTS * Sales of #35.5 million (2004: #31.1 million) up 14% * Profit before interest, taxation and amortisation of goodwill of #4.3 million (2004: #3.7 million) up 16% * Profit after taxation of #2.1 million (2004: #1.7 million) up 22% * Cash inflow from operating activities of #3.7 million (2004: #2.5 million) up 48% * Recommended dividend of 0.55p (2004: 0.45p) up 22% * Underlying earnings per share of 5.5p (2004: 4.7p) up 17% OPERATIONAL HIGHLIGHTS ARMOUR AUTOMOTIVE * New business won * Increased sales in both retail and export markets * New distribution agreement * Market leader in the in-car communications and entertainment sector ARMOUR HOME ELECTRONICS - Product * Acquisition of Myryad, extending brand portfolio * Two new distribution agreements * Won nine awards at the 2005 What Hi-Fi Sound and Vision awards ceremony * Busy programme of new product launches ARMOUR HOME ELECTRONICS - Services * Acquisition of The Hi-End extending our service provision * Entered into the higher margin retro-fit and large special project markets Bob Morton, Chairman of Armour Group plc commented: "The Group has an outstanding brand and product portfolio, exceptional channels to market and a firm commitment to new product development. The Board remains confident with regard to the future prospects of the Group." For further information please visit www.armourgroup.uk.com or contact: George Dexter Chief Executive Armour Group plc Tel: 01892 502700 CHAIRMAN'S STATEMENT RESULTS AND DIVIDEND I am pleased to report another year of strong growth and record results for Armour Group plc for the year ended 31 August 2005. The Group's operating profit before interest, taxation and amortisation of goodwill rose by 16% to #4.3 million (31 August 2004: #3.7 million). Group sales were up 14% at #35.5 million (31 August 2004: #31.1 million). Basic underlying earnings per share increased by 17% to 5.5p (31 August 2004: 4.7p). Equity shareholders' funds rose by 13% to #18.5 million (31 August 2004: #16.4 million) and the Group's cash inflow from operating activities rose by 48% to #3.7 million (31 August 2004: #2.5 million). The Board is recommending a dividend for the year of 0.55p (31 August 2004: 0.45p) per ordinary share, which represents a 22% increase over last year. The dividend is payable on 6 January 2006 to shareholders on the register on 9 December 2005. ARMOUR AUTOMOTIVE Armour Automotive has performed well in testing market conditions. We have won new business, increased sales in the retail and export markets, entered into a new distribution agreement and invested in people, new product development and facilities. Our proprietary brands of Autoleads, the specialist range of connectivity solutions for in-car entertainment and communications, Mutant, the range of affordable high quality amplifiers and speakers for the in-car market, and Veba, the range of in-car audio-visual entertainment systems, have proved to be resilient in the weaker economic environment. Sales in our retail business increased by 2%, which demonstrates the strength of these brands in their respective markets. Autoleads and Veba also play a major part in our non-retail business where they have maintained or increased their market share, supplying products across Europe to customers such as Vodafone, Sony and BMW. Our proprietary brands of CTI, the range of specialist GSM and GPS aerials and antennae for the automotive aftermarket, and RM Audio, the range of in-vehicle customer branded speakers and head units, have had a frustrating year with lower than expected sales. Despite this, both brands have continued to make a positive contribution to the results of the Division and secure new business, which should increase sales in the new financial year. During the year, we looked to exploit our excellent distribution channels by finding complementary products that we can sell alongside our existing product portfolio. In August 2005, we entered into an agreement with Mio Technology Limited to distribute the Mio range of high quality in-car and portable satellite navigation products to the automotive market in the United Kingdom. Satellite navigation is the fastest growing sector of the automotive accessories market and a new area for Armour Automotive. Sales of this new range have, thus far, been good. Armour Automotive remains the market leader in the in-car communications and entertainment market in the United Kingdom with its formidable brands and channels to market. ARMOUR HOME ELECTRONICS Armour Home Electronics has had a good year with increases in sales and operating profit, two acquisitions, two new distribution agreements and a busy programme of new product launches. Product Our product based business, which designs, manufactures and sells products into the hi-fi, home theatre and home entertainment market, has increased both sales and profit due to the rising demand for specialist home automation products in the United Kingdom. The home automation market is still in its infancy in the United Kingdom and Europe. We anticipate that our sales will grow significantly over the coming years as the market develops. Our impressive brand portfolio, which includes both proprietary and third party brands, has performed well. The proprietary brands, which include the award-winning QED, a range of interconnects and cables, Goldring, a range of turntables, styli and accessories, and Systemline, a range of multi-room entertainment systems, account for 70% of our product sales. They are sold in over 60 countries around the world and are amongst the leading brands in their markets. In November 2004, we added to our proprietary brand portfolio through the acquisition of Myryad Systems Limited ("Myryad"). Myryad designs and manufacturers high end hi-fi separates. Its product range has filled an important gap in our brand and product portfolio. Systemline Modular, the new generation of Systemline multi-room entertainment products, has proved to be a huge success. Monthly sales since January 2005 have increased at a dramatic rate. It is now part of the build programme in at least one region of almost every major home builder in the United Kingdom. There are now over 45,000 new homes under construction, which are scheduled to offer Systemline Modular to the home buyer. In line with our strategy of maximising our distribution channels, we have recently signed two new distribution agreements. In July 2005, we agreed with Universal Electronics BV to distribute its award winning Nevo SL remote control device. Then, in September 2005, we agreed with Audica Limited to distribute its high end lifestyle home cinema speakers. These products complement our existing product portfolio and have the potential to deliver good future organic growth. At the 2005 What Hi-Fi Sound and Vision awards ceremony, we won nine product awards, which is unprecedented at this ceremony. There were five awards for QED cables and one each for Goldring, Myryad, Grado and Nevo. The product based business has consolidated its position as one of the leading suppliers of specialist hi-fi, home theatre and home entertainment equipment in the United Kingdom. Services The services based business, which provides specialist custom design and installation services to home builders, architects and homeowners in the home automation market, has made good progress over the past year. The business has grown profitably through a combination of organic development and acquisition. In September 2004, we acquired The Hi-End Limited ("Hi-End"), which has extended our service provision from the new build into the higher margin retro-fit and large special project markets. This expansion now enables us to offer a complete range of services. Our services based business is one of the leading providers of custom installation services for the home automation market in the United Kingdom. PEOPLE The continued success of the Group in this more challenging economic environment is a testament to the hard work, dedication and professionalism of our employees. I would like to acknowledge the Board's appreciation of their commitment and efforts over the last year. OUTLOOK The Group has continued to grow despite the uncertainty in the economy. It has an outstanding brand and product portfolio, exceptional channels to market and a firm commitment to new product development. The Board remains confident with regard to the future prospects of the Group. BOB MORTON Chairman 2 November 2005 Consolidated Profit and Loss Account For the year ended 31 August 2005 31 August 2005 31 August 2004 Note Excluding Amortisation of Total Total amortisation of goodwill goodwill #000 #000 #000 #000 Turnover Continuing 33,913 - 33,913 31,113 operations Acquisitions 2 1,539 - 1,539 - 35,452 - 35,452 31,113 Operating profit Continuing 4,134 (700) 3,434 3,078 operations Acquisitions 2 133 (108) 25 - 4,267 (808) 3,459 3,078 Net interest (470) (200) Profit on ordinary 2,989 2,878 activities before taxation Taxation on profit 3 (864) (1,131) on ordinary activities Profit on ordinary 2,125 1,747 activities after taxation Dividend 4 (296) (237) Profit for the year 1,829 1,510 retained Earnings per 5 ordinary share Basic 4.0p 3.5p Basic - underlying 5.5p 4.7p Diluted 3.8p 3.3p Diluted - underlying 5.3p 4.4p Consolidated Statement of Total Recognised Gains and Losses For the year ended 31 August 2005 31 August 2005 31 August 2004 #000 #000 Profit for the year 2,125 1,747 Currency translation differences on foreign (2) (7) currency net investments Total recognised gains and losses relating to 2,123 1,740 the year Consolidated Balance Sheet At 31 August 2005 31 August 2005 31 August 2004 #000 #000 Fixed assets Intangible assets 14,533 13,068 Tangible assets 1,714 1,765 16,247 14,833 Current assets Stocks 7,648 5,904 Debtors 6,937 7,207 Cash at bank and in hand 116 1,081 14,701 14,192 Creditors: amounts falling due within one year Creditors (7,178) (8,961) Borrowings (2,553) (599) (9,731) (9,560) Net current assets 4,970 4,632 Total assets less current liabilities 21,217 19,465 Creditors: amounts falling due after more than one year Creditors (192) - Borrowings (2,502) (3,048) (2,694) (3,048) Net assets 18,523 16,417 Capital and reserves Called up share capital 5,482 5,341 Share premium account 3,861 3,723 Other reserves 444 444 Profit and Loss Account 8,936 7,109 Share trust reserve (200) (200) Equity shareholders' funds 18,523 16,417 Consolidated Cash Flow Statement For the year ended 31 August 2005 Note 31 August 2005 31 August 2004 #000 #000 #000 #000 Net cash inflow from operating 6(a) 3,650 2,462 activities Returns on investments and servicing of finance Interest received 12 54 Interest paid (395) (156) Bank loan arrangement costs (13) (135) Interest element of finance lease (9) (9) rentals Net cash outflow from returns on (405) (246) investments and servicing of finance Corporate taxation paid (1,427) (843) Capital expenditure and financial investment Payments to acquire tangible assets (885) (854) Sale of tangible assets 127 76 Net cash outflow from capital (758) (778) expenditure and financial investment Acquisitions and disposals Purchase of subsidiary undertakings (3,587) (13,177) Net cash acquired with subsidiary 142 1,812 undertakings Net cash outflow from acquisitions (3,445) (11,365) and disposals Dividend paid (237) (138) Net cash outflow before financing (2,622) (10,908) Financing Issue of ordinary share capital 279 4,914 New bank loans - 4,000 Repayment of bank loans (571) (286) Capital element of finance lease (35) (40) rental repayments Net cash (outflow)/ inflow from (327) 8,588 financing Net cash outflow after financing, 6(b) (2,949) (2,320) being the decrease in cash in the year Notes to the preliminary financial information 1. Basis of preparation The financial information set out in this announcement does not constitute the Group's financial statements for the year ended 31 August 2005 and the year ended 31 August 2004. Financial statements for the year ended 31 August 2004 have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified and did not contain statements under section 237 (2) or 237 (3) of the Companies Act 1985. The full audited accounts of Armour Group plc for the year ended 31 August 2005 are expected to be posted to shareholders no later than 16 November 2005 and will be available to the public at the Company's registered office, Lonsdale House, 7-9 Lonsdale Gardens, Tunbridge Wells, Kent, TN1 1NU from that date. 2. Acquisitions In September 2004, the Group acquired The Hi-End Limited. The consideration was #1.8 million, all of which was paid during the year. In November 2004, the Group acquired Myryad Systems Limited. The consideration for the equity was #0.5million, #0.3 million of which is deferred and payable over the next three years. Further consideration, up to a maximum of #2.0 million, may be payable over the next three years but this is subject to the value of sales of Myryad branded products made by the Group in the four years after acquisition in accordance with the measurement calculations and procedures agreed with the vendors at acquisition. These calculations take account of the payments made for the equity and require a significant increase in sales over historical performance. It is too early to judge whether these targets will be achieved and consequently only the deferred consideration of #257,000 for the equity has been recognised. 3. Taxation on profit on ordinary activities 31 August 2005 31 August 2004 #000 #000 UK Corporation Tax at 30% (2004:30%) (947) (1,233) Adjustment in respect of prior years 187 - Overseas taxation (26) (14) Current taxation (786) (1,247) Deferred taxation - current year (60) 121 Deferred taxation - prior year (18) (5) (864) (1,131) The UK taxation charge assessed for the year is lower than the standard rate of UK Corporation Tax primarily due to tax relief arising from the exercise of options and the release of provisions made in the consolidated accounts for unrealised profit in stock. This release was possible following the integration, during the year, of three businesses within the Armour Home Electronics division. 4. Equity dividend 31 August 2005 31 August 2004 #000 #000 Proposed dividend for the year of 0.55p (2004: (296) (237) 0.45p) per ordinary share The Board is recommending a dividend for the year of 0.55p (31 August 2004: 0.45p) per ordinary share. The dividend is payable on 6 January 2006 to shareholders on the register on 9 December 2005. 5. Earnings per ordinary share Basic earnings per share is calculated by dividing the profit for the year of #2,125,000 (31 August 2004: #1,747,000) by the weighted average number of ordinary shares in issue during the year of 52,981,021 (31 August 2004: 49,934,924). Underlying earnings per share is also shown calculated by reference to earnings before the amortisation of goodwill. The Directors consider that this gives a useful additional indication of underlying performance. Diluted earnings per share is calculated with reference to 55,747,383 (31 August 2004: 53,569,068) ordinary shares. The effect of exercise of options on the weighted average number of shares in issue is 2,766,362 (31 August 2004: 3,634,144). 31 August 2005 31 August 2004 #'000 Basic p Diluted p #'000 Basic p Diluted p Profit for the year 2,125 4.0 3.8 1,747 3.5 3.3 Amortisation of goodwill 808 1.5 1.5 599 1.2 1.1 Underlying earnings 2,933 5.5 5.3 2,346 4.7 4.4 6. Group cash flow statement (a) Reconciliation of operating profit to net cash inflow from operating activities 31 August 2005 31 August 2004 #000 #000 Operating profit 3,459 3,078 Depreciation and other amounts written off 792 630 tangible fixed assets Amortisation of goodwill 808 599 Increase in stocks (1,320) (1,740) Decrease/(increase) in debtors 341 (1,231) (Decrease)/increase in creditors (503) 1,131 Loss/(profit) on disposal of tangible fixed 73 (5) assets Net cash inflow from operating activities 3,650 2,462 (b) Reconciliation of net cash flow to movement in net debt 31 August 2005 31 August 2004 #000 #000 Decrease in cash (2,949) (2,320) New bank loans - (4,000) Repayment of bank loans 571 286 Cash outflow from finance leases 35 40 Change in net debt resulting from cash flows (2,343) (5,994) New finance leases (2) (31) Bank loan arrangement costs 13 135 Bank loan arrangement costs expensed (39) (23) Exchange adjustments (2) (6) Movement in net debt in the year (2,373) (5,919) Opening net (debt)/funds (2,566) 3,353 Closing net debt (4,939) (2,566) (c) Analysis of net debt movement 31 August 2004 Cash flow Other Acquisitions Exchange 31 August 2005 #000 #000 non-cash #000 adjustments #000 changes #000 #000 Cash 1,081 (965) - - - 116 Overdraft - (1,984) - - (2) (1,986) 1,081 (2,949) - - (2) (1,870) Short-term (554) 571 (572) - - (555) debt Long-term (3,048) - 546 - - (2,502) debt Finance (45) 35 - (2) - (12) leases (2,566) (2,343) (26) (2) (2) (4,939) Bank loan arrangement costs of #13,000 were incurred during the year which have been fully charged to the Consolidated Profit and Loss Account at 31 August 2005. The other net non-cash changes of #26,000 relate to the further write-off of unamortised bank loan arrangement costs incurred last year. 7. Annual General Meeting The Annual General Meeting will be held at the offices of Arnold & Porter (UK) LLP, Tower 42, 25 Old Broad Street, London, EC2N 1HQ on 9 December 2005 at 12.00 noon. This information is provided by RNS The company news service from the London Stock Exchange END FR EAXFFEANSFFE
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