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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:4371X Armour Group PLC 07 April 2004 ARMOUR GROUP plc Interim Results for the six months ended 29 February 2004 CHAIRMAN'S STATEMENT RESULTS AND DIVIDEND I am pleased to report an excellent set of results for the six months to 29 February 2004. The financial highlights are as follows: * Sales of #13.9 million (28 February 2003: #7.0 million) up 98%. * Operating profit after amortisation of goodwill of #1.4 million (28 February 2003: #0.3 million) up 404%. * Basic underlying earnings per share of 2.3p (28 February 2003: 0.7p) up 229%. * Equity shareholders' funds of #15.7 million (28 February 2003: #8.9 million) up 76%. * Net debt position was #3.2 million (28 February 2003: Net funds #4.9 million). The Board is not recommending an interim dividend. OPERATIONS Auto Electronics Division The Audio Electronics Division, which has changedits name to the Auto Electronics Division, has had yet another record six months with sales increasing by 23% and operating profit by 83%. Our strong market position and the further development of our proprietary brands through the introduction of new products has resulted in increases in our market share and continued organic growth. The Autoleads range of specialist connectivity solutions for in-car entertainment and communications has driven organic growth with sales increasing by 18% over the same period last year. Sales from one of its core products, the telemute range of leads, has risen by over 108% as a result of the change in legislation on 1 December 2003 restricting the use of mobile phones in vehicles. The CTI range of specialist GSM and GPS aerials and antennae for the automotive and marine aftermarkets has benefited from both the change in legislation regarding the use of mobile phones in vehicles and the Division's increasingly strong position in the in-vehicle cellular market. In the first six months of the year, a number of new blue chip customers have been secured. The Veba branded range of in-car audio-visual entertainment systems has achieved considerable success in the past six months and consolidatedits position as one of the leaders in the professional fit end of the market. Our focus remains on our skills as a solution designer and provider, which has resulted in the winning of significant contracts from BMW and Hyundai. The initial orders for these two contracts total in excess of #800,000. Given that we have designed model specific solutions for these customers, we can expect ongoing sales of these systems throughout the lifecycle of the vehicle, which could be up to seven years. On the retail side, our audio-visual products and services are being sold by an additional 60 specialist retailers and rolled out by a national retail chain across 230 of its stores. Elsewhere in the brand portfolio, the RM Audio range of mid-market car audio products has secured new headunit business from both Fiat (UK) and Claas, the agricultural vehicle manufacturer. The new Mutant range of mid-priced speakers and amplifiers has been successfully launched and is now selling well through our retail customer base. Home Electronics Division The Home Electronics Division was formed on 31 October 2003 through the acquisition of Veda Products Limited, QED Audio Products Limited, Goldring Products Limited and Integrated Media Installations Limited. All four of the businesses are involved in the design, manufacture and supply of high end products and services to the specialist hi-fi, home theatre and entertainment market. The Home Electronics Division has strong, market leading, proprietary brands, which include QED, Systemline, Cinemax, Arca and Goldring. The Division has made a significant contribution to the Group in its first four months of ownership with the return on sales being well in excess of 10%. There is a good pipeline of new products coming through into sales, which includes QED's high performance interconnects such as the Performance Sqart, the awards winning Qunex OT home theatre cable and QED XT300 speaker cable, the new Goldring GR1 turntable and the new Systemline Modular multi-room entertainment system. This last product has been specifically designed to lower the entry point for multi-room entertainment systems and thereby open up the residential market. It is targeted at the general new build housing market and it secured its first sales in February 2004. The process of creating an integrated operating structure in the Division and realising the synergies identified at the time of acquisition has begun. The management of the four businesses has been consolidated into a single streamlined team to run the Division, a co-ordinated product development programme has been put in place and a purchasing review is being undertaken, which is aimed at reducing our manufacturing and sourcing costs. It is expected that these actions will make a positive financial contribution in the current year. OUTLOOK The Group is financially strong. The operating divisions continue to win new business as well as launch new products and brands, which create strong organic growth. The Board looks forward to the second half of the financial year with confidence. Bob Morton Chairman 7 April 2004 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 29 FEBRUARY 2004 Notes Six months to Six months to Twelve months 29 February 28 February to 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Turnover Continuing operations 2 8,570 6,995 15,147 Acquisitions 2,3 5,315 - 928 13,885 6,995 16,075 Operating profit before amortisation of goodwill Continuing operations 1,073 315 1,101 Acquisitions 3 598 - 248 Amortisation of goodwill (264) (36) (113) Operating profit 1,407 279 1,236 Amounts written back to investments Continuing operations - - 24 Profit on ordinary activities 1,407 279 1,260 before interest Net interest (72) 89 141 Profit on ordinary activities 1,335 368 1,401 before taxation Taxation on profit on ordinary 4 (499) (110) (406) activities Profit on ordinary activities 836 258 995 after taxation Dividend - - (138) Profit for the period retained 5 836 258 857 Earnings per ordinary share 7 Basic 1.8p 0.6p 2.5p Basic - underlying 2.3p 0.7p 2.7p Diluted 1.6p 0.6p 2.5p Diluted - underlying 2.1p 0.7p 2.7p CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS TO 29 FEBRUARY 2004 Six months to Six months to Twelve months 29 February 28 February to 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Profit for the period 836 258 995 Currency translation differences on - - (1) foreign currency net investments Total recognised gains and losses relating to the period 836 258 994 CONSOLIDATED BALANCE SHEET AT 29 FEBRUARY 2004 Notes 29 February Restated * Restated * 2004 28 February 31 August (Unaudited) 2003 2003 #000 (Unaudited) (Audited) #000 #000 Fixed assets Intangible assets 13,729 1,164 2,846 Tangible assets 1,570 426 882 15,299 1,590 3,728 Current assets Stocks 4,350 2,705 2,767 Debtors 6,550 2,431 3,956 Cash at bank and in hand 694 4,938 3,407 11,594 10,074 10,130 Creditors: Amounts falling due within one year Borrowings (545) - - Other (7,361) (2,788) (4,408) (7,906) (2,788) (4,408) Net current assets 3,688 7,286 5,722 Total assets less current liabilities 18,987 8,876 9,450 Creditors: Amounts falling due after more than one year Borrowings (3,328) - - Net assets 15,659 8,876 9,450 Capital and reserves Called up share capital 5,261 4,044 4,044 Share premium account 4,156 - - Special reserve account - 4,958 - Profit and Loss Account 6,442 50 5,606 15,859 9,052 9,650 Investment in own shares (200) (176) (200) Equity shareholders' funds 5 15,659 8,876 9,450 * See Note 1 CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS TO 29 FEBRUARY 2004 Notes Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Net cash inflow from operating 6(a) 872 234 1,271 activities Returns on investment and servicing of finance Interest paid (62) - - Interest received 30 89 144 Interest element of finance (5) - (3) lease rentals Net cash (outflow)/inflow from returns on investment and servicing of finance (37) 89 141 Corporate taxation paid (476) (56) (225) Capital expenditure and financial investment Payments to acquire tangible (251) (188) (505) assets Sale of tangible assets 8 4 27 Net cash outflow from capital (243) (184) (478) expenditure and financial investment Acquisitions and disposals Purchase of subsidiary (13,732) - (1,839) undertakings Net cash/(overdraft) acquired 1,812 - (291) with subsidiary undertakings Net cash outflow from acquisitions and disposals (11,920) - (2,130) Dividend paid (135) (95) (100) Net cash outflow before (11,939) (12) (1,521) financing Financing Issue of ordinary share capital 5,373 - - Capital element of finance lease (20) - (22) rental repayments Net cash inflow/(outflow) from 5,353 - (22) financing Net cash outflow after financing, being the decrease in cash in 6(b) (6,586) (12) (1,543) the period NOTES TO THE FINANCIAL STATEMENTS 1. BASIS OF PREPARATION The interim financial statements 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 twelve months to 31 August 2003, with the exception of the classification of own ordinary shares held by the Armour Employees' Share Trust. Previously, in accordance with UITF 13, the own ordinary shares held by the Armour Employees' Share Trust have been shown as fixed asset investments. In accordance with UITF 38, issued on 15 December 2003, this investment in own shares has been transferred to equity shareholders' funds.The comparative figures have been restated to reflect this change. The effect on the Consolidated Balance Sheets at 28 February 2003 and 31 August 2003 is to decrease equity shareholders' funds by #176,000 and #200,000 respectively. The results of the Group for the six months to 29 February 2004, and the comparative figures for the six months to 28 February 2003, are unaudited. The financial information contained herein does not constitute statutory accounts within the meaning of Section 240of the Companies Act 1985. The statutory accounts for the twelve months to 31 August 2003, which were approved by the shareholders at the Annual General Meeting and which have been delivered to the Registrar of Companies, carry an unqualified Auditor's Report. They do not contain a statement under Section 237(2) or 237(3) of the Companies Act 1985. 2. TURNOVER Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Group sales by business segment Auto Electronics Division 8,570 6,995 16,075 Home Electronics Division 5,315 - - 13,885 6,995 16,075 Group sales by country of operation United Kingdom 13,726 6,823 15,628 Sweden 316 310 750 Inter-area eliminations (157) (138) (303) 13,885 6,995 16,075 Group sales by country of destination United Kingdom 10,539 5,389 11,960 Rest of Europe 3,014 1,445 3,907 Rest of world 332 161 208 13,885 6,995 16,075 3. ACQUISITIONS On 31 October 2003, the Group acquired four separate companies - Veda Products Limited, QED Audio Products Limited, Goldring Products Limited and Integrated Media Installations Limited - which are involved in the design, manufacture and supply of high end products and services to the specialist hi-fi, home theatre and entertainment market. These companiescomprise the Home Electronics Division. 4. TAXATION ON PROFIT ON ORDINARY ACTIVITIES The taxation charge for the six months to 29 February 2004 is based on the effective taxation rate, which it is estimated will apply to earnings for the full year. 5. RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Profit for the period 836 258 995 Dividend - - (138) Profit for the period retained 836 258 857 New share capital subscribed (net of 5,373 - - costs) Currency translation differences on foreign Currency investments - - (1) Net movement in equity shareholders' 6,209 258 856 funds Opening equity shareholders' funds 9,450 8,794 8,794 Prior year adjustment (Note 1) - (176) (200) Closing equity shareholders' funds 15,659 8,876 9,450 6(a). RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Operating profit 1,407 279 1,236 Depreciation of tangible fixed assets 284 108 281 Amortisation of goodwill 264 36 113 Increase in stocks (252) (290) (27) (Increase)/decrease in debtors (744) 58 (715) (Decrease)/increase in creditors (88) 41 388 Loss/(profit) on disposal of tangible 1 2 (5) fixed assets Net cash inflow from operating 872 234 1,271 activities 6(b). RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT) Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) #000 #000 #000 Decrease in cash (6,586) (12) (1,543) Cash outflow from finance leases 20 - 22 Change in net funds resulting from (6,566) (12) (1,521) cash flows New finance leases (31) - (76) Movement in net debt in the year (6,597) (12) (1,597) Opening net funds 3,353 4,950 4,950 Closing net (debt)/funds (3,244) 4,938 3,353 6(c). ANALYSIS OF NET FUNDS/(DEBT) MOVEMENT 31 August Cash Acquisitions 29 February 2003 Flow #000 2004 #000 #000 #000 Cash 3,407 (2,713) - 694 Loans: Amounts falling due within one - (545) - (545) year Loans: Amounts falling due after more (3,328) (3,328) than one year Finance leases (54) 20 (31) (65) Net funds /(debt) 3,353 (6,566) (31) (3,244) 7. EARNINGS PER ORDINARY SHARE Basic earnings per share is calculated using the weighted average number of shares in issue during the period of 47,567,290 (28 February 2003: 39,477,042 and 31 August 2003: 39,477,042). Underlying earnings per share is also shown calculated by reference to earnings before amortisation of goodwill and amounts written back to investments. The Directors consider that this information gives a useful additional indication of underlying performance. Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Basic earnings per ordinary share #000 p #000 p #000 p Profit for the period 836 1.8 258 0.6 995 2.5 Amortisation of goodwill 264 0.5 36 0.1 113 0.3 Amounts written back to - - - - (24) (0.1) investments Underlying earnings 1,100 2.3 294 0.7 1,084 2.7 Diluted earnings per share is calculated with reference to 51,226,791 (28 February 2003: 39,962,344 and 31 August 2003: 40,406,857) ordinary shares. Six months to Six months to Twelve months to 29 February 28 February 31 August 2004 2003 2003 (Unaudited) (Unaudited) (Audited) Diluted earnings per ordinary #000 p #000 p #000 p share Profit for the period 836 1.6 258 0.6 995 2.5 Amortisation of goodwill 264 0.5 36 0.1 113 0.3 Amounts written back to - - - - (24) (0.1) investments Underlying earnings 1,100 2.1 294 0.7 1,084 2.7 8. COPIES OF INTERIM REPORT 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, Lonsdale House, 7-9 Lonsdale Gardens, Tunbridge Wells, Kent TN1 1NU. This information is provided by RNS The company news service from the London Stock Exchange END IR UNAWRSWRSRAR
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