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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Grampian | LSE:GRMP | London | Ordinary Share | GB00B6WZ0930 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 470.00 | 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:5526K
Grampian Hldgs PLC
25 September 2001
Date 25 September 2001
Contacts David McGibbon 020 7929 5599
Finance Director & Company Secretary (on 25 September)
Grampian Holdings plc 0141 357 2000
(thereafter)
David Bick 0207 929 5599
Holborn Public Relations david.bick@holbornpr.co.uk
Tom Cassidy 0141 226 3700
Media House
GRAMPIAN HOLDINGS plc
Interim Results
* Half year to 3 August 2001
- Continuing Operations
Turnover up 2.8% to #43.69m;
Operating profits, before goodwill, up 26.6% to #4.62m;
Operating margins up from 8.6% to 10.6%
- Group
Operating profits, before goodwill, up 28.6% to #6.93m;
UKSIP Headline earnings per share up 25% to 3.05 pence;
Dividend per share maintained at 2.30 pence
* Current Trading
- For The Malcolm Group, order books remain satisfactory, despite a
slowdown in the market
* Proposed Return of Capital
- Disposal of properties for #13m; announcement expected shortly;
- Board to shortly set out details to shareholders for the return of
cash.
Commenting, Chairman, Sir Donald MacKay said:
"Overall, the foundations are in place for the company to progress well this
year.
"For The Malcolm Group, in the Logistic Services division, activity levels
remain satisfactory, despite a slowdown in the market. Demand for rail
traffic remains strong and the division is well placed to progress this year.
"In the Construction Services division, order books are also satisfactory.
The key focus will remain the delivery of improved margins.
"Following the disposal of EWM for #49 million, the Board shortly expects to
announce the disposal of the retained properties for #13 million. Following
this, the Board will shortly write to shareholders setting out its proposals
for returning approximately #45m in cash."
Grampian Holdings plc, the Scottish based Group whose principal business is
The Malcolm Group, announces interim results for the half year to 3 August
2001.
Results
Turnover for continuing operations, at #43.69m showed an increase of 2.8%
against #42.49m for the first half of 2000/01.
Operating profits for continuing operations, and before goodwill amortisation
were #4.62m, an increase of 26.6% against #3.65m for the first half of last
year.
The results of the EWM Group, shown as discontinued operations, showed an
operating profit of #2.31m for the first half against #1.74m for the
comparative period last year.
Total group operating profits, before goodwill amortisation, amounted to #
6.93m (2000/01 #5.39m) an increase of 28.6%.
After goodwill amortisation, group operating profits at #6.67m showed an
increase of 25.6% against #5.31m for the first half of 2000/01.
Group profits before non operating exceptional items and taxation were #5.07m
compared with #3.76m in 2000/01. The disposal of the EWM Group results in a
net charge of #55.96m, being the goodwill reinstated on disposal of #63.32m
offset by a gain on the sale of the business of #7.36m. As a result, the
group shows a loss before taxation of #50.89m.
UKSIP (formerly IIMR) headline earnings per share were 3.05 pence against 2.44
pence in 2000/01, an increase of 25.0%.
Dividend
Your directors have declared an interim dividend on ordinary shares of 2.30
pence per share, the same as last year.
The interim dividend will be paid on 3 December 2001 to shareholders on the
register on 2 November 2001.
The Malcolm Group
The integration of the Malcolm family companies, acquired in February, was
successfully completed and these businesses made a meaningful contribution.
Total turnover at #43.69m showed an increase of 2.8% against #42.49m.
Operating profits, before goodwill amortisation, at #5.06m, showed an increase
of 21.6% against #4.16m, the comparative figure for the first half last year.
A satisfactory performance achieved in difficult market conditions.
Logistic Services
In a challenging market, performance in the first six months was robust.
Turnover was 7.2% ahead at #26.30m compared with #24.54m for the first half of
last year.
Activity levels were satisfactory throughout the first half year. The new
rail freight operations proved successful. The level of rail traffic not only
at Crick but also at Grangemouth created a need for additional rail capacity
to cope with the increasing demands.
At Crick, in Northamptonshire, the potential for our new depot is now being
fully exploited in terms of both flexibility and utilisation of our fleet
through this key location. With the opening of Crick, the company has an
integrated depot infrastructure, which will enable it to develop its business
throughout the UK. New markets have already started to open up with
opportunities for additional business with a number of blue chip customers.
Construction Services
The division was busy throughout the first half of the year, and activity
levels were satisfactory. Turnover for the division was #17.39m against #
17.96m last year. A key target for this division was to improve margins this
year and, in a very competitive market, this is being achieved. Our strategy
of entering into partnerships with major contractors on large contracts has
proved successful.
For The Malcolm Group as a whole, operating margins before goodwill
amortisation were 11.6% against 9.8% for the first half of last year. Given
the competitive marketplace, this can be viewed as a satisfactory performance.
EWM Group
The trading results for the EWM Group, which traded as part of the group
throughout the first half-year, have been included as discontinued operations.
Total sales for that period at #72.27m were 8.6% ahead of the first half
last year at #66.57m. Operating profits, before exceptional items were #3.79m
compared with #1.74m for the first half of 2000/01.
During the first half of the year, the company undertook a major project to
examine all aspects of supply chain management. The total cost of this
project at #1.48m is shown as an operating exceptional item in these results.
After this charge, EWM Group operating profits were #2.31m against #1.74m for
the first half of last year.
Total retail sales for the period were up 9.1% against the same period last
year. Like for like sales were also up by 9.1%.
Prospects
For The Malcolm Group, in the Logistic Services division, activity levels
remain satisfactory, despite a slowdown in the market. With the
infrastructure now in place and strong demand for rail traffic, the division
is well placed to progress this year.
In the Construction Services division, order books are also satisfactory. The
key focus will remain the delivery of improved margins and containing costs.
For the company as a whole, there is no doubt that trading conditions are
challenging. However, we believe that the foundations are now in place to
enable the company to progress well this year.
Proposed return of capital
The disposal of the EWM Group was concluded on 25 July for a cash
consideration of #49m. The Board wishes to express its appreciation to all
EWM employees for their contribution to the successful running of the business
up to disposal.
Certain properties, occupied by the EWM Group and owned by Grampian, were not
included as part of this disposal. The Board has announced previously its
intention to dispose of these properties with anticipated proceeds of #13
million, and the Board expects to make an announcement on this disposal
shortly.
Following completion of these disposals, the Board intends to return to
shareholders an amount of approximately #45m. The proposed return of cash to
shareholders will also require the sanction of the Court before it can take
place. In the event that Court sanction is not obtained, the Board intends to
make a substantial return of cash to shareholders using existing distributable
reserves.
The Board will write to all shareholders shortly setting out the proposals for
returning cash, and expects the cash to be returned later this year.
GRAMPIAN HOLDINGS plc
Interim Report 2001
The unaudited interim results of the group, following the review by the
Auditors, are:
Half year to 03/08/01 Half year Year
to 02/02/
Contin- Discon- Total to 28/07/ 01
uing tinued 00
Note #000 #000 #000 #000 #000
Turnover
Continuing 43,690 - 43,690 42,494 86,543
operations
Discontinued
operations - 72,267 72,267 66,571 157,337
Total 2
43,690 72,267 115,957 109,065 243,880
Operating profit
Continuing 4,615 - 4,615 3,647 6,371
operations
Continuing
operations
- goodwill (260) - (260) (76) (152)
amortisation
Discontinued - 3,793 3,793 1,739 11,693
operations
Discontinued
operations
- exceptional - (1,480) (1,480) - -
item
Total 2 4,355 2,313 6,668 5,310 17,912
Exceptional items 3
EWM Group loss on
disposal - (55,963) (55,963) - -
(Loss)/profit
before interest
and 4,355 (53,650) (49,295) 5,310 17,912
taxation
Interest
1,603 1,552 3,265
(Loss)/profit on
ordinary
activities (50,898) 3,758 14,647
before taxation
Taxation 7 1,781 1,165 4,716
(Loss)/profit
attributable to (52,679) 2,593 9,931
shareholders
Dividends 8 2,680 2,517 9,148
(Loss)/profit
transferred
(from)/to (55,359) 76 783
reserves
(Loss)/earnings
per ordinary 9 (45.35)p 2.37p 9.08p
share
Diluted (loss)/
earnings per 9 (45.35)p 2.37p 9.07p
ordinary share
UKSIP Headline
earnings per
ordinary share 9 3.05p 2.44p 9.21p
Statement of Total Recognised Gains and Losses
Half year Half year Year
to 03/08/01 to 28/07/00 02/02/01
#000 #000 #000
(Loss)/profit attributable to (52,679) 2,593 9,931
shareholders
Unrealised surplus on revalued freehold - - 7,847
warehousing
Exchange differences on net assets of
subsidiaries (28) 30 110
Total recognised gains and losses (52,707) 2,623 17,888
GRAMPIAN HOLDINGS plc
Interim Report 2001
Unaudited Balance Sheet as at:
03/08/ 28/07/ 02/02/01
01 00
Note #000 #000 #000
Fixed assets
Intangible assets 1,767 253 177
Tangible assets
Land and buildings 58,579 64,866 72,304
Plant and machinery 5,422 5,467 5,174
Motor vehicles 22,600 17,076 15,692
Fixtures and fittings 866 15,709 15,717
87,467 103,118 108,887
Investments 23 23 23
89,257 103,394 109,087
Current assets
Retail properties held for resale 7,682 - -
Stocks 633 33,252 30,237
Debtors 20,301 31,501 23,923
Cash at bank and in hand 33,972 2,030 5,526
62,588 66,783 59,686
Creditors: amounts falling due within one
year
Bank loans and overdrafts 15,982 17,029 36,535
Other borrowing 5,023 1,168 751
Other creditors 26,248 37,296 37,660
47,253 55,493 74,946
Net current assets/(liabilities) 15,335 11,290 (15,260)
Total assets less current liabilities 104,592 114,684 93,827
Creditors: amounts falling due after one 1,061 30,632 1,071
year
Accruals and deferred income
Deferred government grants 220 96 62
Capital contributions - 981 781
Provisions for liabilities and charges 2,978 3,782 4,086
Minority interests (including non-equity - 150 150
interests)
Net assets 100,333 79,043 87,677
Capital and reserves
Called up share capital 29,086 27,357 27,357
Share premium account 19,044 16,049 16,049
Capital redemption reserve 2,811 2,811 2,811
Revaluation reserve 15,082 7,411 15,206
Other reserves - (455) (375)
Profit and loss account 34,310 25,870 26,629
Shareholders' funds 4 100,333 79,043 87,677
GRAMPIAN HOLDINGS plc
Interim Report 2001
Unaudited Cash Flow Statement:
Half Half Year
year year
to 03/08 to 28/07 to 02/02
/01 /00 /01
Note #000 #000 #000
Cash inflow/(outflow) from operating
activities 5 8,981 (112) 32,467
Returns on investments and servicing of
finance (1,505) (1,645) (3,250)
Taxation (1,535) (933) (4,520)
Capital expenditure and financial
investment (2,831) (12,379) (17,171)
Acquisition and disposals 45,933 47 47
Equity dividends paid - - (8,754)
Cash inflow/(outflow) before use of liquid
resources and financing 49,043 (15,022) (1,181)
Financing
Net issue of shares 79 16 16
(Decrease)/increase in debt and lease (18,699) 10,899 2,600
financing
Increase/(decrease) in cash in the period 30,423 (4,107) 1,435
Reconciliation of net cash flow to movement
in net debt
Increase/(decrease) in cash in the period 30,423 (4,107) 1,435
Cash inflow from loans and overdrafts (16,982) (11,151) (3,092)
Cash outflow on repayment of loans 35,558 - -
Repayment of capital on finance leases and
hire 123 252 492
purchase contracts
Change in net debt resulting from cash 49,122 (15,006) (1,165)
flows
Loan notes issued on acquisition (4,407) - -
Finance leases disposed of with 13 - -
subsidiaries
Translation differences - 3 69
Decrease/(increase) in net debt in the
period
44,728 (15,003) (1,096)
Opening net debt (31,760) (30,664) (30,664)
Closing net funds in hand/(debt) 6 12,968 (45,667) (31,760)
GRAMPIAN HOLDINGS plc
Interim Results
Notes to the Accounts
1. Basis of preparation
a) The interim financial information contained in the Interim Report has
been prepared on the basis of the accounting policies set out in the Annual
Review and Accounts for the year ended 2 February 2001. FRS17 Retirement
Benefits will have no effect on the reported financial position of the Group
this year as it will be implemented in accordance with the transition
timetable set out in the standard. The directors do not anticipate FRS18
Accounting Policies will result in any significant changes in accounting
policies although additional disclosures relating to their application may be
required. The Group currently adopts full provision for deferred tax and it
is not anticipated that FRS19 Deferred Tax will affect the basis of the
provision in the accounts.
b) Those fixed assets carried at valuation are stated at the same
valuation as at 2 February 2001.
c) The interim results cover the twenty six weeks to 3 August 2001.
Comparative figures for the year ended 2 February 2001 are abridged from
unqualified accounts for the period which have been delivered to the Registrar
of Companies.
d) Half year comparative figures have been adjusted to reflect the
current split between continuing and discontinued operations.
e) The financial information contained in this Interim Report does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1995.
2. Segmental analysis
Turnover Operating profit/(loss)
Half Half Year Half Half Year
year year year year
to 03/ to 28/ to 02/ to 03/ to 28/ to 02/
08/01 07/00 02/01 08/01 07/00 02/01
#000 #000 #000 #000 #000 #000
Continuing
operations
The Malcolm
Group
before 43,690 42,494 86,543 5,063 4,160 7,333
goodwill*
Goodwill - - - (260) (76) (152)
amortisation
The Malcolm 43,690 42,494 86,543 4,803 4,084 7,181
Group
Central costs - - - (448) (513) (962)
Total continuing
operations 43,690 42,494 86,543 4,355 3,571 6,219
Discontinued
operations:
EWM Group 72,267 66,571 157,337 2,313 1,739 11,693
Total 115,957 109,065 243,880 6,668 5,310 17,912
* Due to the immediate integration of the Malcolm Family businesses
acquired on 5 February 2001, it is not possible to identify the turnover and
operating profit arising from this acquisition.
All turnover originates in the United Kingdom.
Segmental analysis: Turnover by destination
Half year Half year Half year
to 03/08/01 to 28/07/00 to 02/02/01
#000 #000 #000
United Kingdom 115,098 107,979 242,057
Europe - EU 508 716 1,297
America 323 352 493
Rest of the world 28 18 33
115,957 109,065 243,880
NOTES (continued)
3. Exceptional items
Half year Half year Half year
to 03/08/01 to 28/07/ to 02/02/01
00
#000 #000 #000
Discontinued operations
EWM Group:
Operating exceptional -
supply chain project (1,480) - -
Non operating:
Gain on sale of the EWM 7,356
Group - -
Goodwill reinstated on
disposal of the EWM Group (63,319) - -
(55,963) - -
Loss on sale of businesses
- Branded Leisure Goods - - * - **
Total non operating exceptional
items (55,963) - -
* Net of the utilisation of provisions of #427,000 made in 1999/00
** Net of the utilisation of provisions of #528,000 made in 1999/00
4. Reconciliation of movements in shareholders' funds
Half year Half year Year
to 03/08/ to 28/07/ to 02/02/
01 00 01
#000 #000 #000
Total recognised gains and losses (52,707) 2,623 17,888
Dividends (2,680) (2,517) (9,148)
Other movements
New shares issued on acquisitions 4,645 - -
New shares issued from options 79 16 16
exercised
Goodwill reinstated on disposal of 63,319 - -
subsidiary
12,656 122 8,756
Opening shareholders' funds 87,677 78,921 78,921
Closing shareholders' funds 100,333 79,043 87,677
5. Reconciliation of operating profit to net cash inflow/(outflow) from
operating activities
Half Half Year
year year
to 02/02
to 03/08 to 28/07 /01
/01 /00
#000 #000 #000
Operating profit 6,668 5,310 17,912
Depreciation and amortisation of fixed assets 6,884 5,667 11,753
Gain on disposal of tangible fixed assets (588) (1,073) (1,374)
Grants released (14) (25) (59)
(Decrease)/increase in capital contributions (141) (102) 248
(Increase)/decrease in stocks (4,438) (996) 2,019
(Increase)/decrease in debtors (1,033) (9,384) (1,609)
Increase/(decrease) in creditors 1,708 1,150 4,666
Decrease in provisions for liabilities and (65) (74) (93)
charges
8,981 473 33,463
Net cash outflow in respect of exceptional - (585) * (996) **
costs
Net cash inflow/(outflow) from operating 8,981 (112) 32,467
activities
* #585,000 relates to exceptional costs
provided for in 1999/00
** #854,000 relates to exceptional costs provided and accrued in 1999/00 and
#142,000 provided and accrued in earlier years
Notes (continued)
6. Analysis of net (debt)/funds in hand
As at Cash Acquisition As at
/
03/02/01 flow disposal 03/08/01
#000 #000 #000 #000
Cash at bank and in hand (excluding 5,365 28,446 - 33,811
cash deposits)
Cash deposits 161 - - 161
Overdraft (1,977) 1,977 - -
3,549 30,423 - 33,972
Debt due within one year (35,083) 18,576 (4,407) (20,914)
Finance leases and hire purchase (226) 123 13 (90)
contracts
(35,309) 18,699 (4,394) (21,004)
Net (debt)/funds in hand (31,760) 49,122 (4,394) 12,968
7. Taxation
The charge for taxation reflects the anticipated effective rate by division
for the year ending 1 February 2002 for the group. The effective rate of tax
differs from the standard rate of 30% due to no tax relief on the disposal of
the EWM Group and the effect of non qualifying depreciation and other
disallowable items.
8. Dividends
Half year Half year Year
to 03/08/ to 28/07/ to 02/02/
01 00 01
#000 #000 #000
Equity - Ordinary - amount 2,680 2,517 9,148
- pence per 2.30p 2.30p 8.00p
share
The interim ordinary dividend of 2.30 pence per share is payable on 3 December
2001 to shareholders on the register on 2 November 2001.
9. Earnings per ordinary share
Earnings per ordinary share are based on earnings as follows:
Half year Half year Year
to 03/08/ to 28/07/ to 02/02/
01 00 01
#000 #000 #000
Earned for the ordinary shareholders - (52,679) 2,593 9,931
basic and diluted
Add back: Non operating exceptional 55,963 - -
items
Goodwill amortisation 260 76 152
Earned for the ordinary shareholders - 3,544 2,669 10,083
UKSIP basis
UKSIP adjustment - pence per share 48.40p 0.07p 0.13p
The UKSIP (formerly IIMR) Headline earnings per share has also been presented
as this figure is used by the investment community. The UKSIP earnings
adjustment this year includes an adjustment for goodwill amortisation as this
item has become more material to an understanding of the group's performance.
Comparative figures have been restated on this basis.
Number of Number of Number of
shares shares shares
Basic weighted average number of 116,161,049 109,399,746 109,413,673
ordinary shares in issue during the
period (excluding shares owned by the
Employee Share Trust)
Dilutive potential ordinary shares - 62,796 109,065 79,019
employee share options
Diluted weighted average number of 116,223,845 109,508,811 109,492,692
ordinary shares
10. This report has been circulated to all shareholders. Copies are
available from the Company Secretary at Stag House, Castlebank Street, Glasgow
G11 6DY. Telephone 0141 357 2000. Fax 0141 334 8709.
- ENDS -
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