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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 |
THE LONGMEAD GROUP plc ("Longmead" or "the Company") Interim Results for the 26 weeks to 29 April 2006 CHAIRMAN'S STATEMENT Trading Results During the six months under review, the Company achieved 96% of its budgeted turnover at £1.173 million (2005: £1.270 million). The shortfall against budget was almost entirely due to lower sales to our major DIY accounts, where all the major DIY groups have reported a fall in sales turnover. More encouragingly our General Trade sales have continued to grow as we reach a much wider range of customers and where our products are gaining increased acceptance. We are budgeting for a further increase in General Trade sales during the second half. The shortfall in sales turnover has resulted in a slightly larger loss than budgeted at £54,000 (2005: £6,000). However, margins have remained steady in spite of a continuing pressure on costs. We have experienced significant increases in metal costs but have been able to compensate by greater efficiency elsewhere. Our overheads are being kept under strict control, and, in spite of large rises in distribution costs we have been able to reduce our total overhead spend by 3%. Product Development The new products which we showed at the KBB Exhibition in January have now started to arrive in the UK. An important part of our product portfolio is bathroom furniture and these products are now available for distribution to customers. Bathroom furniture has a much higher unit sales value and we are therefore expecting to see the average value of orders increasing. Other new products will be arriving in the UK during the next few weeks, which will give an added boost to turnover. Our Marketing Department is currently working on further product development projects to enable the Company to widen, even further, its product offering. Balance Sheet Our Balance Sheet at the end of the period is very much in line with budget. Capital Expenditure has been severely restricted and we have no plans for any expenditure in the second half. Stocks are almost exactly to budget and show a reduction compared with the level at the end of the financial year. Debtors have risen somewhat as a result in the make-up of our customers. The Medium Term Loan is being repaid according to programme and at the period end stood at £708,000, while our current cash situation is better than budget and an improvement on the situation at the end of the last financial year. Future Prospects The results for the last six months have been affected by the shortfall in sales to our major DIY customers. These represent a very important part of our sales and it is difficult to predict how they will perform during the rest of our financial year. However, we are confident that our level of business to other outlets will continue to grow particularly with the arrival of new products and more aggressive marketing. We continue to keep costs strictly under control in spite of unavoidable cost increases in certain areas. In our last statement, your Board felt the Company had turned the corner and we believe this is still the case. The next few months will be difficult in the light of the present economic situation but we are still of the opinion that the current year should show a significant improvement over the previous year. REW Newman Chairman [10] July 2005 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR 26 WEEKS ENDED 29 APRIL 2006 Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 29 April 2006 30 April 2005 29 Oct 2005 £'000 £'000 £'000 TURNOVER 1,173 1,270 2,263 Cost of sales (731) (779) (1,449) _____ _____ _____ Gross profit 442 491 814 Operating costs (471) (473) (972) _____ _____ _____ OPERATING (LOSS)/PROFIT (29) 18 (158) Interest receivable - - - Interest payable (25) (24) (49) _____ _____ _____ (LOSS)/ ON ORDINARY ACTIVITIES BEFORE TAXATION (54) (6) (207) Tax on profit on ordinary activities - - - _____ _____ _____ (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (54) (6) (207) Dividends - - - _____ _____ _____ RETAINED (LOSS) FOR THE PERIOD (54) (6) (207) _____ _____ _____ (LOSS)/ PER ORDINARY SHARE (PENCE) (0.97)p (0.11)p (3.69)p UNAUDITED CONSOLIDATED BALANCE SHEET AT 29 APRIL 2006 Unaudited Unaudited Audited as at as at as at 29 April 2006 30 April 2005 29 Oct 2005 £'000 £'000 £'000 FIXED ASSETS Intangible Assets 17 19 20 Tangible Assets 1,355 1,449 1,398 _____ _____ _____ 1,372 1,469 1,417 _____ _____ _____ CURRENT ASSETS Stocks 1,267 1,281 1,305 Debtors 563 539 421 Cash at bank and in hand 3 4 2 _____ _____ _____ 1,833 1,728 1,824 CREDITORS: amounts falling due within one year (897) (909) (742) _____ _____ _____ NET CURRENT ASSETS 936 915 986 _____ _____ _____ TOTAL ASSETS LESS CURRENT LIABILITIES 2,308 2,384 2,403 CREDITORS: amounts falling due after one year (738) (559) (779) PROVISIONS FOR LIABILITIES & CHARGES - - - _____ _____ _____ 1,570 1,825 1,624 _____ _____ _____ CAPITAL AND RESERVES Called up share capital 558 558 558 Share premium account 1,398 1,398 1,398 Capital redemption reserve 19 19 19 Revaluation reserve 258 263 260 Profit and loss account (663) (413) (611) _____ _____ _____ TOTAL EQUITY SHAREHOLDERS' FUNDS 1,570 1,825 1,624 _____ _____ _____ UNAUDITED CASH FLOW STATEMENT FOR 26 WEEKS ENDED 29 APRIL 2006 Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 29 April 2006 30 April 2005 29 Oct 2005 £'000 £'000 £'000 CASH FLOW FROM OPERATING ACTIVITIES (Note 1) 17 (107) (138) Returns on investment and servicing of finance (30) (25) (50) Taxation - - - Capital expenditure and financial investment (3) (10) (9) _____ _____ _____ NET CASH (OUTFLOW) BEFORE FINANCING (16) (142) (197) Financing - (Decrease)/increase in debt (43) (65) 66 _____ _____ _____ (DECREASE) IN CASH (59) (207) (131) _____ _____ ______ Note 1: Reconciliation of operating profit to net cash inflow from operating activities Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 29 April 2006 30 April 2005 29 Oct 2005 £'000 £'000 £'000 Operating (loss)/profit (29) 18 (158) Depreciation 50 53 104 (Profit) on sale of fixed assets (1) (1) (1) Decrease/(increase) in stock 37 1 (23) (Increase) in debtors (143) (153) (35) Increase/(decrease) in creditors 103 (25) (25) _____ _____ _____ Net cash inflow/(outflow) from operating activities 17 (107) (138) _____ _____ _____ Note 2: Reconciliation of net cash flow to movement in net debt Unaudited Unaudited Audited 26 weeks to 26 weeks to 52 weeks to 29 April 2006 30 April 2005 29 Oct 2005 £'000 £'000 £'000 (Decrease)/increase in cash in the period (59) (207) (131) Cash inflow from decrease in debt and lease and hire purchase financing 43 65 (66) _____ _____ _____ (16) (142) (197) New finance lease and hire purchase obligations - (28) (28) _____ _____ _____ Movement in net debt in period (16) (170) (225) Net debt at beginning of period (1,191) (966) (966) _____ _____ _____ Net debt at end of period (1,207) (1,136) (1,191) _____ _____ _____ ANALYSIS OF NET DEBT At Cash flow Other At 30 Oct 2005 non-cash changes 29 April 2006 £'000 £'000 £'000 £'000 Cash 2 - 3 1 Overdraft (417) - (477) (60) _____ _____ _____ _____ (415) (59) (474) - Debt due within one year (54) 32 (36) (58) Debt due after one year (687) - 36 (651) Finance leases (35) 11 - (24) _____ _____ _____ _____ TOTAL (1,191) (16) - (1,207) _____ _____ _____ _____ Note 3: Earnings per share The loss per ordinary share is calculated on the loss on ordinary activities after taxation and on a weighted average of ordinary shares in issue of 5,584,391 in the period (26 weeks to 30 April 2005: 5,584,391 and 52 weeks to 29 October 2005: 5,584,391). Note 4: Preparation of interim financial statements These unaudited financial statements have been prepared on the basis of the accounting policies set out in the Group's 2005 statutory financial statements. Note 5: Copies of the Accounts Copies of the interim accounts will be sent to shareholders. Further copies will be available from the Company's head office at The Longmead Group plc, Millwey Industrial Estate, Axminster, Devon, EX13 5HU and from the Company's nominated adviser, Smith & Williamson Corporate Finance Limited, at 25 Moorgate, London EC2 6AY for at least one month from the date of this announcement. The Longmead Group PLC
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