Broadcastle Share Discussion Threads

[penpont] 03/12/2002 22:52

Agreed, yet if you were to enter the market tomorrow and try to buy more than a couple of thousand shares, the likliehood is you'd be offered a ridiculous mark up....

[ben franklin] 03/12/2002 21:26

It's good to see yet another director buying after the already substantial recent purchases. The board must be very confident indeed of the full year result with 11 months sales figures now available.

However there still seem to be plenty of shares available, either from Marsh Finance or various Exeter funds. Until these are cleared it will be almost impossible for the share price to make serious progress and as a result the company will remain undervalued.

Management needs to pay some attention to attracting new institutional and private shareholders, and possibly to buying in some of its own shares. There is currently too little demand for and too much supply of Broadcastle shares.

[washbrook] 03/12/2002 17:26

LONDON (AFX) - Broadcastle PLC said its chairman David Stewart bought 25,000
shares in the company at 55 pence each.
The shares represent Stewart's entire holding in Broadcastle and are
equivalent to 0.0758 pct of the share capital.
[e-mail]
ak/

[washbrook] 18/11/2002 10:55

More director buying should move up from here to a possible 12 month high to 64p or higher.

[dumpling] 30/8/2002 15:25

Don't let the tip from IC put you off. Seriously though we may see a little profit taking next week but they are still a Strong Hold.

[daveofdevon] 30/8/2002 06:43

This is looking good. For the second time this month we have a director buying shares including 60,000 reported this week, and today we have a have a BUY tip from Investors Chronicle.

[washbrook] 09/8/2002 13:02

at 30/6/02 at 30/6/01 at 31/12/01
(Unaudited) (Unaudited) (Audited)
£000 £000 £000

Loans and advances to banks 2,658 1,545 9
Loans and advances to customers 52,107 42,111 44,131
Intangible assets 1,295 874 1,324
Tangible fixed assets 5,947 5,486 6,176
Investment property 480 460 480
Other assets 1,387 2,142 2,776
Prepayments and accrued income 139 204 143
---------- ---------- ---------

TOTAL ASSETS 64,013 52,822 55,039

========== ========== =========

Deposits by banks 17,198 14,403 14,162
Customer accounts 27,652 19,651 21,471
Other liabilities 4,717 5,045 5,254
Accruals and deferred income 1,095 1,066 1,227
Provisions for liabilities and charges 93 100 162
Minority interests 949 870 955

Called up share capital 1,648 1,630 1,630
Share premium account 4,807 4,688 4,688
Revaluation reserve 63 43 63
Profit and loss account 5,791 5,326 5,427
----------- ---------- ---------
SHAREHOLDERS' FUNDS 12,309 11,687 11,808
=========== ========== ==========
TOTAL LIABILITIES 64,013 52,822 55,039
=========== ========== ==========

CASH FLOW STATEMENT

NET CASH INFLOW FROM OPERATING ACTIVITIES 3,780 3,128 4,841
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE - (80) (160)
TAXATION (199) (305) (972)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (462) (846) (2,290)
ACQUISITIONS AND DISPOSALS (76) (200) (801)
--------- -------- ---------
3,043 1,697 618
EQUITY DIVIDENDS PAID (531) (341) (873)
--------- -------- ---------
2,512 1,356 (255)
FINANCING 137 (246) (171)
--------- -------- ---------
INCREASE / (DECREASE) IN CASH 2,649 1,110 (426)
========= ======== =========

[salar] 09/8/2002 12:20

Anyone know interims date? Was around this time last year.

[ben franklin] 09/8/2002 08:53

Good results indeed - though this first half was clearly helped considerably by a very sharp increase on fixed asset disposal profits (£148,000 v £10,000 last year). Whilst this shows depreciation policies are conservative it's very hard to know if such a level of fixed asset disposal profit is repeatable in the second half or in future years.

Current trading seems very sound and the second half will benefit from comparison with the weak second half last year. That bore the brunt of the change to a more conservative accounting policy on income recognition.

It's also really good news that the new computer system is up and running successfully. It's amazing how many companies manage to make a mess of implementing new systems.

[washbrook] 09/8/2002 08:15

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Broadcastle PLC
09 August 2002

BROADCASTLE PLC
9 August 2002

INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2002

Broadcastle plc ('Broadcastle'), the specialised bank and finance company,
announces its unaudited interim results for the six months ended 30 June 2002.

Key points:

- Operating income increased 13% to £3.97m (2001: £3.51m).

- Profit before tax and goodwill amortisation increased 30% to £1.35m
(2001: £1.04m).

- Earnings per share increased 37% to 2.63p (2001: 1.92p).

- The interim dividend is being raised by 7% to 1.50p (2001: 1.40p).

- On outlook, Chairman, Andrew Davison stated:

'The Group has made good progress towards meeting its medium term strategic
goals and the board remains positive about its prospects for the remainder of
2002 and beyond.'

For further information, please contact :

Broadcastle David Cust, Chief Executive 01844 266500
Richard Gordon, Finance Director 01844 266500



CHAIRMAN'S STATEMENT

I am pleased to report a first half profit before tax and goodwill amortisation
of £1,355,000 (2001: £1,043,000). This performance is in line with our annual
target and represents an increase of 30% compared with the same period of 2001.
Our new business levels continue comfortably to exceed those for last year. This
growth has not only raised income levels in the first half of this year, but
will go on contributing in the coming months and years. However, we are
continually mindful in the current climate of the need to be particularly
vigilant in the areas of both of underwriting and collections and accordingly
have recruited extra staff in these two activities over the first half-year. The
core finance business has had an excellent first six months, together with good
contributions from the medical, leisure and invoice discounting sectors.

Our Harton Deposit Bonds continue to attract a good volume of funds and
accordingly, we now hold £27.6 million of balances on customer accounts (2001:
£19.6m).

As part of the Group's strategy of developing business units for specialised
markets, we acquired a 76% shareholding in QMS Finance Limited, since the end of
the first half. This is a new company that will offer invoice discounting to the
private medical sector and will be administered by Cash Express Ltd.

The process of implementing our new computer system has gone very smoothly. The
system is now fully operational and we are in the final stages of parallel
running. The Board owes a big vote of thanks to all our staff who have worked so
diligently over the last few months in order to implement this new facility,
which will enhance both our efficiency and capacity as well as providing more
sophisticated management information.

The Board is delighted to welcome Timothy Wootton as non-executive Director. His
appointment was confirmed in June 2002. Tim brings with him a wealth of Board
level experience in the media industry and with the increasing size and
complexity of the business, strengthens the company's approach to corporate
governance.

The Group has made good progress towards meeting its medium term strategic goals
and the board remains positive about its prospects for the remainder of 2002 and
beyond. The Board has therefore approved an interim dividend of 1.5p per share
(2001: 1.4p), which we believe to be sensible under the prevailing market
conditions.

Finally we are grateful to our shareholders for their continued loyalty during
this period of stock market volatility.


A J Davison
9 August 2002
Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT


6 months 6 months 12 months
to 30/6/02 to 30/6/01 to 31/12/01
(Unaudited) (Unaudited) (Audited)
£000 £000 £000

Interest receivable 3,488 3,241 6,311
Interest payable (1,302) (1,164) (2,423)
--------- ------- --------
NET INTEREST INCOME 2,186 2,077 3,888
Vehicle services 1,298 1,155 2,448
Other operating income 484 276 783
-------- ------- -------

NET INCOME 3,968 3,508 7,119

Administrative expenses (1,274) (1,039) (2,185)
Depreciation and amortisation (865) (748) (1,592)
Provisions for bad and doubtful debts (502) (701) (1,271)
-------- -------- -------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,327 1,020 2,071
Tax on profit on ordinary activities (398) (310) (643)
-------- -------- --------
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 929 710 1,428
Minority interests (70) (89) (175)
-------- -------- --------
GROUP PROFIT ATTRIBUTABLE TO THE SHAREHOLDERS OF 859 621 1,253
BROADCASTLE PLC

Dividends - equity (495) (459) (990)
- non-equity - (80) (80)
--------- --------- ---------

TRANSFER TO RESERVES 364 82 183

========== ========= =========
Earnings per share 2.63p 1.92p 3.86p
Fully diluted earnings per share 2.62p 1.91p 3.84p
Dividend per ordinary share 1.50p 1.40p 3.03p
Equity dividend cover 1.74 1.18 1.18



CONSOLIDATED BALANCE SHEET


at 30/6/02 at 30/6/01 at 31/12/01
(Unaudited) (Unaudited) (Audited)
£000 £000 £000

Loans and advances to banks 2,658 1,545 9
Loans and advances to customers 52,107 42,111 44,131
Intangible assets 1,295 874 1,324
Tangible fixed assets 5,947 5,486 6,176
Investment property 480 460 480
Other assets 1,387 2,142 2,776
Prepayments and accrued income 139 204 143
---------- ---------- ---------

TOTAL ASSETS 64,013 52,822 55,039

========== ========== =========

Deposits by banks 17,198 14,403 14,162
Customer accounts 27,652 19,651 21,471
Other liabilities 4,717 5,045 5,254
Accruals and deferred income 1,095 1,066 1,227
Provisions for liabilities and charges 93 100 162
Minority interests 949 870 955

Called up share capital 1,648 1,630 1,630
Share premium account 4,807 4,688 4,688
Revaluation reserve 63 43 63
Profit and loss account 5,791 5,326 5,427
----------- ---------- ---------
SHAREHOLDERS' FUNDS 12,309 11,687 11,808
=========== ========== ==========
TOTAL LIABILITIES 64,013 52,822 55,039
=========== ========== ==========



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

6 months 6 months 12 months
to 30/6/02 to 30/6/01 to 31/12/01

Profit for the period 859 621 1,253
Dividends (495) (539 (1,070)
--------- -------- --------
364 82 183
Issue of shares 137 1,877 1,877
Issue costs - (48) (48)
Revaluation - - 20
Redemption of preference shares - (2,000) (2,000)
--------- -------- --------
Net increase in shareholders' funds 501 (89) 32
Shareholders' funds at 1 January 2001 11,808 11,776 11,776
--------- -------- ---------
Shareholders' funds at 30 June 2001 12,309 11,687 11,808
========= ======== ========



CASH FLOW STATEMENT

RECONCILIATION OF OPERATING PROFIT TO NET OPERATING CASH FLOWS

6 months 6 months 12 months
to 30/6/02 to 30/6/01 to 31/12/01
(Unaudited) (Unaudited) (Audited)
£000 £000 £000

Profit on ordinary activities before taxation 1,327 1,020 2,071
Decrease in accrued income and prepayments 4 13 78
(Decrease)/increase in accruals and deferred income (132) 128 74
Provision for bad and doubtful debts 502 701 1,271
Loans and advances written off net of recoveries (608) (215) (667)
Profit on sale of tangible fixed assets (144) (10) (48)
Depreciation and amortisation 865 748 1,592
---------- ---------- ---------
NET CASH INFLOW FROM TRADING ACTIVITIES 1,814 2,385 4,371
Net increase in loans and advances to banks and
customers (7,869) (1,256) (3,393)
Net increase in deposits by banks and customers
accounts 9,217 2,475 4,054
Net decrease / (increase) in other assets 1,700 (559) (955)
Net (decrease) / increase in other liabilities (1,082) 83 764
----------- ---------- ---------
1,966 743 470
========== ========== =========
NET CASH INFLOW FROM OPERATING ACTIVITIES 3,780 3,128 4,841
========== ========== =========



CASH FLOW STATEMENT

NET CASH INFLOW FROM OPERATING ACTIVITIES 3,780 3,128 4,841
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE - (80) (160)
TAXATION (199) (305) (972)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (462) (846) (2,290)
ACQUISITIONS AND DISPOSALS (76) (200) (801)
--------- -------- ---------
3,043 1,697 618
EQUITY DIVIDENDS PAID (531) (341) (873)
--------- -------- ---------
2,512 1,356 (255)
FINANCING 137 (246) (171)
--------- -------- ---------
INCREASE / (DECREASE) IN CASH 2,649 1,110 (426)
========= ======== =========


NOTES TO THE PROFIT AND LOSS ACCOUNT

BASIS OF PREPARATION

The figures for the six months to 30 June 2002 have been prepared using the
accounting policies adopted by the group for the year ended 31 December 2001.
The figures for the year to 31 December 2001 are taken from the accounts filed
with the Registrar of Companies. The Auditors' Report on the 2001 accounts was
unqualified and contained no statement under section 237(2) or 237(3) of the
Companies Act 1985. At 31 December 2001 the Group adopted an actuarial method
of recognising finance income. The comparative figures for the six months to 30
June 2001 are reported using the 'rule of 78' being the method used in previous
years.

TAXATION

The half-year figure for taxation is based on a tax charge of 30% for the whole
year.

DIVIDEND

The interim dividend is 1.50p per share payable on 1 October 2002. Warrants will
be posted on 30 September 2002 to shareholders on the register at close of
business on 6 September 2002.

EARNINGS PER SHARE

The calculation of earnings per share is based upon earnings after taxation,
minority interest and non-equity dividends. The relevant figures used in the
calculation are stated below:


at 30/6/02 at 30/6/01 at 31/12/01

Earnings for the period 859,000 541,000 1,173,000
Weighted average number of shares outstanding 32,654,152 28,178,297 30,401,305
Average fair value of one ordinary share 49.5p 48.5p 48.4p
Number of shares under option 251,925 633,053 633,053
Weighted average exercise price for shares under option 36.3p 36.2p 36.2p
Number of shares that would have been issued at fair 185,154 472,921 472,921
value


NOTES TO THE CASH FLOW STATEMENT

6 months 6 months 12 months
to 30/6/02 to 30/6/01 to 31/12/01
(Unaudited) (Unaudited) (Audited)
£000 £000 £000
RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Preference dividends paid 0 (80) (160)
========= ======== ========
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of tangible fixed assets (1,231) (1,562) (3,388)
Sale of tangible fixed assets 769 716 1,098
--------- -------- ---------
(462) (846) (2,290)
========= ======== ========
ACQUISITIONS AND DISPOSALS
Investment in associated undertaking (76) (200) (1,070)
Net cash acquired with subsidiary 0 0 269
--------- -------- ---------
(76) (200) (801)
========= ======== =========
FINANCING
Issue of ordinary share capital 137 1,754 1,829
Repayment of share capital - (2,000) (2,000)
-------- -------- --------
137 (246) (171)
========= ======== ========



INDEPENDENT REVIEW REPORT TO BROADCASTLE PLC

INTRODUCTION

We have been instructed by the company to review the financial information for
the six months ended 30 June 2002 which comprises the consolidated profit and
loss account, balance sheet, cash flow statement and related notes. We have
also read the Chairman's statement and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information. Our responsibilities do not extend to any other information.

DIRECTORS' RESPONSIBILITIES

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority, which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

REVIEW WORK PERFORMED

We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of Interim Financial Information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and, based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom auditing standards and therefore provides a lower level of assurance
than an audit. Accordingly, we do not express an audit opinion on the financial
information.

REVIEW CONCLUSION

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2002.

GRANT THORNTON
Chartered Accountants

London Thames Valley Office
Slough

9 August 2002



END




This information is provided by RNS
The company news service from the London Stock Exchange

[washbrook] 09/8/2002 08:13

Excellent interim results out today.

[ben franklin] 08/7/2002 18:36

Can't help with the head forming stuff, but Broadcastle is now being followed by a second broker, ING Barings Charterhouse. Their forecast is dated 28 June, just a couple of days before the half year end, and they are looking for earnings of 5.7p this year and 7.6p next year. That puts Broadcastle on a current PE of just over 10, and a forward PE of less than 8 for next year. Earnings growth for next year is 33%!

Not many companies offer a forward PE of under 8, earnings growth of 33%, and a prospective dividend yield for next year of 6.4%!

[dumpling] 08/7/2002 17:13

A question for the chartists amongst us, of which I am not one, is this a head forming?

[tday] 27/6/2002 14:43

Recommended in 'Investing for Growth' last weekend.

[ben franklin] 26/6/2002 18:38

I don't think the stock overhang has been cleared yet. Marsh Finance still have over 3%, and they'd need to announce it if they went below 3%. Most likely they're just feeding stock to the market makers as and when demand appears. Dealings have gone quiet again today.

Hopefully some decent interims to the end of June will generate more demand and mop up the rest of Marsh's holding.

[dumpling] 25/6/2002 21:58

These shares are normally heavily traded for a fledgling co. Maybe the stock overhang has been cleared.

[ben franklin] 24/6/2002 10:51

A sudden outbreak of buying this morning - anyone know why?

[washbrook] 17/5/2002 20:26

BROADCASTLE: dumpling
consensus..buy
projected yld..6.64%
projected peg..0.80
pe..13.8
div cover..1.3
eps..4.1

[dumpling] 17/5/2002 20:17

Another 1% dumped by Marsh. Don't they know a good share when they see it?

[dumpling] 16/5/2002 00:08

No website on them.

[washbrook] 15/5/2002 08:33

Does anyone know who Marsh Finance Ltd is?
Now has 1.604747m shares=4.92%
last deal on 8.8.2000 had 2.45m

[dumpling] 14/5/2002 17:14

As I said on the other thread a modest PEG of 0.75 plus the divi makes the shares worth 70P. The only thing which will hold them back is if Marsh Finance continue to divest themselves of this stock, causing an overhang. You may have seen that large volumes of shares traded some days has made no difference to the price. I bought in August last year at 48P and have been patiently waiting for this moment. Another great stock is PHP which I bought in April last year. This stock however has had a good run of late and will probably mark time for a few months before the next re-rating. These have made up for Xansa which I bought at 375P.

[washbrook] 14/5/2002 15:47

This stock keeps going up.
Any comments?

[dumpling] 09/5/2002 20:01

PEG of only 0.55. Assuming a realistic PEG of 0.75 for a fledgling co. plus a whopping divi. this share must be good value at 70P.