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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Longmead Grp. | LSE:LGM | London | Ordinary Share | GB0002249075 | 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% | 7.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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THE LONGMEAD GROUP PLC
Preliminary results for 52 weeks ended 30 October 2004
CHAIRMAN'S STATEMENT
Trading Results
The trading results for the year and before exceptional items show a loss of £264,000 (2003: £256,000). This
disappointing result was caused by a decline in turnover in the second half where sales fell to £1.1 million
compared with £1.4 million in the first half, for the reasons reported below. However, after crediting
exceptional items of £317,000 the overall result for the year is a profit of £53,000 (2003: £734,000 loss).
Gross margins in the year were at the anticipated level and we have taken out further costs which have improved
still further the breakeven position. However, these factors did not compensate for the decline in turnover.
Sales
As reported above, turnover declined from £1.4 million in the first half to £1.1 million in the second. This fall
was caused by further delays in bringing products in from the Far East. Although, in my Interim Statement I
advised that the problem of deliveries had been mainly resolved, we still experienced delays right up to the end
of the financial year. The level of turnover was affected further by the cancellation of two promotions which had
been planned, and by another major customer switching to direct import for a number of products.
Since the year end we have seen a great improvement in deliveries, we have launched a complete new range of
products which we are able to deliver ex-stock, and we have been successful in developing business with a number
of builders' merchants. We have also introduced new ranges of products into two of our major accounts. We are
expecting to see an increase in turnover in the first half of the current year.
New Product Development
We have developed, over the last few months, a complete range of lower priced products aimed mainly at the
contract market. New catalogues were distributed just before Christmas and the response has been good. We are
now engaged in updating and improving our range of door furniture with a view to a launch to our general trade
customers later in this financial year.
We will shortly be developing a further range of new bathroom products for presentation at the KBB Exhibition in
January 2006.
Extraordinary General Meeting
On 7 December 2004 the Shareholders of the Company approved resolutions increasing the authorised share capital of
the Company and authorising the Board to issue shares without reference to the rights of pre-emption set out in
Section 89(i) of the Companies Act 1985.
It is our intention to raise additional equity at an appropriate time, by way of a placing of shares, to provide
additional working capital to enable us to diversify our product ranges. A number of discussions are taking place
with potential investors, and shareholders will be advised, in due course, when any agreement is reached.
THE LONGMEAD GROUP PLC
Balance Sheet
At the year end, shareholders' funds stood at £1.83 million, an improvement on the previous year. Bank borrowings
were £928,000 which represented 51% of shareholders' funds. Net assets per share have risen slightly from last
year and are now 32.8p per share. Stocks are still high but the position has been affected by the introduction of
new ranges. With many of our suppliers in the Far East, it is essential that we hold sufficient stock to give our
customers a good service. However, we are making strenuous efforts over the next few months to bring the level of
stock down. Until we can strengthen our Balance Sheet, your Board cannot recommend the payment of a dividend.
Future Prospects
A further reduction in overheads during the last financial year has lowered our breakeven position and made a
return to profitability easier to achieve. The current year has started quite well and the Company is trading
profitably to date. A number of new initiatives are in hand to increase further our product offering. There are
signs that the steps we have put in place to make us less dependent on major DIY stores are beginning to bear
fruit.
The economic climate remains uncertain with a General Election likely later this year. There are conflicting
signals coming from the housing market which is a major factor in influencing the level of household expenditure
and the possibility of tax increases will also lower consumer confidence. However, our margins remain good, our
product portfolio is very relevant to modern requirements, our costs are substantially lower and so we are
cautiously optimistic about the future.
I would, finally, like to thank the management and staff of the Company for their efforts and commitment during
the year.
R E W Newman 24 February 2005
Chairman
THE LONGMEAD GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
52 weeks ended 30 October 2004
Before Exceptional 52 weeks 52 weeks
exceptional costs ended ended
costs (Note 1) 30 October 1 November
2004 2004 2004 2003
£ £ £ £
TURNOVER ? continuing operations
2,500,920 - 2,500,920 2,598,200
Cost of sales (1,536,640) - (1,536,640) (2,255,736)
________ _______ ________ ________
GROSS PROFIT -
964,280 964,280 342,464
Distribution costs (834,083) (834,083) (685,072)
-
Administrative expenses (338,893) 317,491 (21,402) (313,253)
________ _______ _______ _______
OPERATING PROFIT/(LOSS) (208,696) 317,491 108,795 (655,861)
Interest receivable and similar income 141 -
141 5
Interest payable and similar charges (55,736) - (55,736) (78,503)
________ _______ _______ _______
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION (264,291) 317,491 53,200 (734,359)
________ _______
Tax on profit/(loss) on ordinary
activities - -
_______ _______
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION 53,200 (734,359)
_______ _______
RETAINED PROFIT/(LOSS)
FOR THE PERIOD 53,200 (734,359)
======= =======
EARNINGS/(LOSS) PER SHARE 1.31p (13.15)p
There are no recognised gains and losses other than the gains and losses set out in the profit and loss account.
THE LONGMEAD GROUP PLC
CONSOLIDATED BALANCE SHEET
At 30 October 2004
30 October 1 November
2004 2003
£ £
FIXED ASSETS
Intangible assets 21,981 24,981
Tangible assets 1,461,291 1,979,586
________ ________
1,483,272 2,004,567
________ ________
CURRENT ASSETS
Stocks 1,282,030 1,201,628
Debtors 385,455 669,677
Cash at bank and in hand 3,687 9,267
________ ________
1,671,172 1,880,572
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR (739,339) (955,490)
________ ________
NET CURRENT ASSETS 931,833 925,082
________ ________
TOTAL ASSETS LESS
CURRENT LIABILITIES 2,415,105 2,929,649
CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR (584,456) (1,152,200)
________ ________
1,830,649 1,777,449
======== ========
CAPITAL AND RESERVES
Called up share capital 558,439 558,439
Share premium account 1,397,747 1,397,747
Capital redemption reserve 19,000 19,000
Revaluation reserve 265,185 270,257
Profit and loss account (409,722) (467,994)
________ ________
TOTAL EQUITY SHAREHOLDERS' FUNDS 1,830,649 1,777,449
======== ========
THE LONGMEAD GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
52 weeks ended 30 October 2004
2004 2003
£ £
CASH FLOW FROM OPERATING
ACTIVITIES (50,298) (197,392)
Returns on investment and
servicing of finance (55,281) (80,061)
Capital expenditure and
financial investment 772,877 (48,042)
_______ _______
NET CASH INFLOW/(OUTFLOW)
BEFORE FINANCING 667,298 (325,495)
Financing ? (decrease)/increase in debt (645,522)
394,653
_______ _______
INCREASE IN CASH 21,776 69,158
======= =======
NOTES TO THE ACCOUNTS
52 weeks ended 30 October 2004
1. EXCEPTIONAL COSTS
2004 2003
£ £
Stock write-offs - 301,547
Additional depreciation charge relating to write-off of fixed assets - 152,040
Factory closure costs and redundancy payments 16,572 24,666
Reorganisation of Board and compensation for redundancy 20,039 -
Sale of warehouse building (354,102) -
___________ __________
(317,491) 478,253
=========== ==========
2. EARNINGS PER ORDINARY SHARE
The calculation of the basic loss per share is based on the weighted average number of shares in issue
during the financial year of 5,584,391 (2003: 5,584,391) and on the profit attributable to ordinary
shareholders of £53,200 (2003: loss £734,359).
3. The financial information on the Group set out above does not constitute statutory information financial
year within the meaning of section 240 of the Companies Act 1985. The statutory accounts for the 52 weeks ended
30 October 2004 will be finalised on the basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies following the Group's Annual
General Meeting.
4. Copies of the 2004 Report and Accounts will be sent to shareholders in due course. Further copies will be
available from the registered office of The Longmead Group plc, Millwey Industrial Estate, Axminster, Devon,
EX13 5HU and from the Company's nominated adviser, Smith & Williamson Corporate Finance Limited at No 1
Riding House Street, London, W1A 3AS for one month from the date of this announcement.
The Longmead Group plc
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