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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Chloride Grp. | LSE:CHLD | London | Ordinary Share | GB0001952075 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 374.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5527E
Chloride Group PLC
28 October 2004
CHLORIDE GROUP PLC
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
28 October 2004
Through rigorous focus on innovation, flexibility and reliability, Chloride is
the supplier of choice for power protection solutions. Its strengths derive
from applying innovative technologies and industry-leading customer service to
the protection of critical applications worldwide.
HIGHLIGHTS
* Sales up 3% to #77.7 million (2003: #75.1 million) - 9% growth at
constant exchange rates
* Total Solutions approach leads to further good growth in service
revenues in excess of 12%
* Operating profit before goodwill amortisation up 30% to #4.4 million
(2003: #3.4 million)
* Adjusted earnings per share before goodwill amortisation up 30% at
1.23p (2003: 0.95p). Basic EPS up 89% at 0.72p (2003: 0.38p)
* Order intake up 9% at #83.6 million (2003: #76.8 million) compared to
an estimated global growth rate of c. 5%
* Interim dividend up 6.25% at 0.85p (2003: 0.80p), reflecting the
Board's continued confidence in future performance
Commenting on the outlook, Chairman Norman Broadhurst said:
'We continue to see signs of improvement in a number of our market sectors.
Chloride is making good progress but our markets remain extremely competitive.
We believe that our continuing initiatives to increase competitive advantage are
allowing us to respond effectively to the opportunities in our key sectors.
We enter the second half with a stronger order book and greater confidence that
we can deliver further improvements in performance as our markets recover.'
Enquiries:
Chloride Group PLC All day on 28 October 2004
Keith Hodgkinson (Chief Executive) Tel: 020 7796 4133 (gcg hudson sandler)
Neil Warner (Finance Director) Thereafter, tel: 020 7834 5500
gcg hudson sandler Tel: 020 7796 4133
Andrew Hayes / James Hill
CHAIRMAN'S STATEMENT
OVERVIEW
Chloride has demonstrated good sales and profit growth in the first half of the
year. It is encouraging to note that, despite continuing pricing pressure, our
order book is significantly ahead of that at the last year-end in March and that
Chloride continues to outperform the market. We are now realising good
opportunities in the oil and gas, energy, health, retail, telecom-related and
government sectors.
Businesses throughout the world are demanding higher levels of power quality for
their mission-critical applications. Increasing failings in power quality and
reliability pose serious and growing risks both to business and critical public
infrastructure, and the demand for constant, clean power will continue to drive
the market for power protection in developed and developing countries.
FINANCIALS
Total sales were increased by 3% to #77.7 million (2003: #75.1 million)
representing growth of 9% at constant exchange rates. Operating profit before
goodwill amortisation was up an encouraging 30% to #4.4 million (2003: #3.4
million), after absorbing the adverse impact of pricing pressures in the DC
telecom business in France and a disappointing performance in China. Product
margins overall have been maintained and once again double-digit growth in
service revenues benefited the bottom line. Fixed overhead costs continued to
be tightly managed.
Profit before tax and goodwill amortisation increased by 29% to #3.9 million
(2003: #3.0 million), delivering adjusted earnings per share before goodwill
amortisation of 1.23p - an increase of 30%.
Net debt increased to #16.6 million (31 March 2004: #14.4 million), mainly due
to strategic investments in the business, including updating and expanding our
Lyon facility, which is experiencing good growth in the oil and gas and energy
sectors, and a major investment in IT to improve business processes and
operating efficiency.
DIVIDEND
Given our growing confidence in the prospects for the market and Chloride's
ability to deliver further improvements in performance, the Board is pleased to
announce an increase of 6.25% in the interim dividend to 0.85p (2003: #0.80p).
Payment will be made on 7 December 2004 to shareholders on the register at the
close of business on 5 November 2004.
TRADING
Over the first half of the year, despite ongoing challenging market conditions,
sales were up 9% at constant exchange rates, with particularly good growth being
achieved in the oil and gas, energy, health, retail, government and
telecom-related sectors.
Increased investment in the oil and gas and energy sectors continues to open up
opportunities for us, with important projects in the North Sea and Middle East
countries. The telecom-related sector is also displaying encouraging signs of
growth particularly in the call centre- and data centre-related areas.
Government projects have proved to be an area of strong growth. Chloride now
has more than 200 UPS systems installed at NHS and private healthcare sites in
the UK, and provides solutions for a broad range of applications in local
government and the emergency services across the country.
Service is a critical element of our Total Solutions approach and a key
criterion in the selection of power protection suppliers by blue-chip customers.
Service sales continued to grow strongly during the first half of the year,
with sales growth in excess of 12%. Service now accounts for 29% of total
revenues.
At constant exchange rates we achieved double digit sales growth in our largest
market, Europe, reflecting improved market conditions and indicating an increase
in market share. Sales were also up in the USA, where we took advantage of the
growth in demand for power conditioned UPS in the retail sector and power
conditioners in the semiconductor sector.
TOTAL SOLUTIONS
The objective of our Total Solutions approach is to provide an industry-leading
combination of high-quality, innovative products and services with the
flexibility and reliability to meet our customers' power protection needs on a
global basis. This total package differentiates Chloride from its competitors
and provides competitive advantage with blue-chip customers who demand
leading-edge products and lifetime support for their mission-critical
applications.
Our product development programme keeps Chloride at the forefront of power
protection technology, with projects in the first half year including new high
power UPS products in the 70-net and 90-net ranges, a new tower and rack mounted
range of low power UPS systems, and an upgrade to our industry-leading remote
monitoring system, LIFE.net, which will make this key part of our solution
available to our low power range of UPS systems.
At our Lyon facility, the modular Apodys range of products based on vector
digital control technology that was introduced towards the end of the last
financial year has proved successful with our customers in the oil and gas and
energy sectors. During the current year, we will be launching Aposyc, an
important software tool which will enable us to improve our response and service
to customers.
OUTLOOK
Chloride continues to make good progress in growing markets despite intense
competition. As we enter the second half, we are encouraged by the improving
order trends in our key market sectors, which indicate that we are building
market share, particularly in Europe, our largest geographic market.
The upturn in the trading environment, together with our continuing initiatives
to increase competitive advantage and align our Total Solutions approach with
our customers' needs, give us confidence that we can deliver further
improvements in performance in the second half year.
Norman Broadhurst
Chairman
SUMMARISED CONSOLIDATED PROFIT AND LOSS ACCOUNT
(UNAUDITED)
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
#000 #000 #000
153,171 Turnover 77,698 75,115
8,394 Operating profit before goodwill amortisation 4,372 3,369
(2,654) Goodwill amortisation (1,225) (1,342)
5,740 Operating profit 3,147 2,027
(835) Net interest payable (495) (360)
4,905 Profit on ordinary activities before taxation 2,652 1,667
(2,281) Tax on profit on ordinary activities (1,147) (933)
2,624 Profit on ordinary activities after taxation 1,505 734
353 Minority interests 195 174
2,977 Profit for the period 1,700 908
(3,916) Dividends (2,019) (1,897)
(939) Loss retained (319) (989)
Earnings per share
2.37p Adjusted 1.23p 0.95p
1.26p Basic 0.72p 0.38p
1.25p Diluted 0.72p 0.38p
SUMMARISED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
At At At
31 March 30 September 30 September
2004 2004 2003
as restated
(see note 6)
#000 #000 #000
Fixed assets
35,547 Goodwill 34,891 39,572
18,168 Tangible assets 19,247 13,871
53,715 54,138 53,443
Current assets
26,077 Stocks 28,619 27,432
53,437 Debtors 52,980 48,840
9,992 Cash at bank and in hand 10,212 10,407
89,506 91,811 86,679
64,274 Creditors: amounts falling due within one year 63,017 68,464
25,232 Net current assets 28,794 18,215
78,947 Total assets less current liabilities 82,932 71,658
Creditors: amounts falling due after more than
15,438 one year 19,991 5,081
13,031 Provisions for liabilities and charges 12,425 13,077
50,478 Net assets 50,516 53,500
50,946 Equity shareholders' funds 51,179 53,887
(468) Minority interests (663) (387)
50,478 Total capital employed 50,516 53,500
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
(UNAUDITED)
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
#000 #000 #000
10,308 Cash inflow from operating activities 3,986 2,970
(835) Returns on investments and servicing of finance (495) (360)
(2,537) Taxation (200) (263)
(8,083) Capital expenditure (2,898) (1,839)
(444) Acquisitions and disposals - (90)
(3,791) Equity dividends paid (2,018) (1,895)
Cash outflow before use of liquid
(5,382) resources and financing (1,625) (1,477)
Management of liquid resources
10,111 Net decrease in short-term deposits 307 9,883
Financing
(5,293) Net cash inflow/(outflow) from financing 3,503 (9,244)
(564) Increase/(decrease) in cash 2,185 (838)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
(UNAUDITED)
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
#000 #000 #000
2,977 Profit for the period 1,700 908
Currency translation differences on foreign currency
(3,702) net investments 499 (586)
(725) Total recognised gains for the period 2,199 322
RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
(UNAUDITED)
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
as restated
(see note 6)
#000 #000 #000
2,977 Profit for the period 1,700 908
(3,916) Dividends (2,019) (1,897)
(3,702) Exchange adjustments 499 (586)
88 New share capital issued 45 -
37 Share premium thereon 8 -
19 Movement in respect of own shares - 19
(4,497) Net increase/ (decrease) in equity shareholders' 233 (1,556)
funds
55,443 Opening equity shareholders' funds 50,946 55,443
50,946 Closing equity shareholders' funds 51,179 53,887
NOTES TO THE INTERIM FINANCIAL STATEMENTS
(UNAUDITED)
1 SEGMENTAL INFORMATION
Year to Six months to Six months to
31 March 2004 30 September 2004 30 September 2003
Profit/(loss) Profit/(loss) Profit/
(loss)
before before before
Turnover interest Turnover interest Turnover interest
#000 #000 #000 #000 #000 #000
121,399 8,278 Europe 60,823 4,197 58,448 3,409
20,858 727 Americas 10,983 645 11,018 290
10,914 (611) Asia and Australasia 5,892 (470) 5,649 (330)
153,171 8,394 Total 77,698 4,372 75,115 3,369
- (2,654) Goodwill amortisation - (1,225) - (1,342)
153,171 5,740 77,698 3,147 75,115 2,027
2 PREPARATION OF THE INTERIM FINANCIAL STATEMENTS
The interim financial statements, which are unaudited, have been prepared on the
basis of the accounting policies set out in the 2004 annual report.
The comparative figures for the year ended 31 March 2004 do not comprise full
financial statements and have been extracted from the 2004 statutory accounts,
which have been filed with the Registrar of Companies. The auditors' opinion on
those accounts was unqualified and did not include any statement under section
237 of the Companies Act 1985.
3 TAXATION
The tax charge provided at the half year is based on the estimated effective tax
rate for each undertaking in the Group applicable to the year to 31 March 2005
as applied to the taxable profits for the period.
4 EARNINGS PER SHARE
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
Million Million Million
Weighted average number of 25p ordinary shares
237.1 - basic and adjusted 237.4 236.2
0.2 Adjustment for shares under option 0.3 0.2
Weighted average number of 25p ordinary shares
237.3 - diluted 237.7 236.4
#000 #000 #000
Profit for basic and diluted earnings per share
2,977 calculations 1,700 908
2,654 Goodwill amortisation 1,225 1,342
5,631 Profit for adjusted earnings per share 2,925 2,250
calculation
2.37p Earnings per - Adjusted 1.23p 0.95p
share
1.26p - Basic 0.72p 0.38p
1.25p - Diluted 0.72p 0.38p
The weighted average number of shares excludes shares held by the Chloride Group
Employee Benefit Trust.
The directors consider that the adjusted earnings per share figures more
accurately reflect the underlying performance of the business.
5 CASH FLOW STATEMENT SUPPORTING INFORMATION
a) Reconciliation of net cash flow to movement in net debt
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
#000 #000 #000
(564) Increase/(decrease) in cash 2,185 (838)
Net cash (inflow)/outflow from movement in debt
and
5,437 lease financing (3,458) 9,244
(10,111) Cash inflow from (decrease) in liquid resources (307) (9,883)
(346) Exchange rate translation differences (587) (356)
(5,584) Increase in net debt (2,167) (1,833)
(8,845) Net debt at 1 April (14,429) (8,845)
(14,429) Net debt at 30 September (16,596) (10,678)
b) Reconciliation of operating profit to net cash flow
Year to Six months to Six months to
31 March 30 September 30 September
2004 2004 2003
#000 #000 #000
5,740 Operating profit 3,147 2,027
6,331 Depreciation and amortisation 3,088 3,003
221 Book (gain)/loss on sale of tangible assets (25) 8
1,892 (Increase)/decrease in stocks (2,005) 1,626
(5,002) Decrease/(increase) in debtors 70 157
1,126 (Decrease)/increase in creditors and provisions (289) (3,851)
10,308 Cash inflow from operating activities 3,986 2,970
Analysis of net debt
c)
At At At
31 March 30 September 30 September
2004 2004 2003
#000 #000 #000
9,614 Cash 10,288 9,859
(6,908) Overdrafts (5,620) (6,996)
(1,131) Debt due within one year (19,700) (8,850)
(15,034) Debt due after more than one year (1,180) (4,694)
(855) Discounted trade bills - (3)
(493) Finance lease obligations (447) (542)
378 Liquid resources 63 548
(14,429) Net debt (16,596) (10,678)
6 RE-STATEMENT OF PRIOR HALF YEAR
The company adopted UIFT Abstract 38 "Accounting for ESOP Trusts" in its
year-end accounts for 31 March 2004. This Abstract requires companies to show
shares owned by employee trusts as a deduction from equity. These amounts had
previously been shown as investments. As a consequence we have re-stated the
balance sheet at 30 September 2003 to conform to this Abstract.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEMFMWSLSEDS
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