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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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RNS Number:7779Z
Longmead Group PLC
06 July 2007
THE LONGMEAD GROUP plc
("Longmead" or "the Company")
Interim results for the 26 weeks ended 28 April 2007
CHAIRMAN'S STATEMENT
Trading Results
During the six months under review turnover was almost exactly the same as last
year at #1.171 million (2006: #1.173 million). Up to the end of March, sales
were ahead of budget but April was a very disappointing month with a significant
shortfall in sales to one major customer. Our General Trade sales have been good
throughout the period with a number of new accounts being added, and we are
optimistic that we can continue to grow this part of our business.
Margins have improved slightly in the period despite the difficulty in obtaining
price increases following increases in raw material costs. Our overheads have
been kept in line with budget although we have experienced increases in interest
costs.
For the six months, the Company made a small loss of #36,000 (2006: #54,000
loss) arising, almost entirely, from the shortfall of sales in April.
Product Development
New products, launched last year and aimed primarily at our General Trade
customers have performed well. The range of bathroom furniture has been a
success and we are looking to expand this product range in the future. There has
been a steady improvement in our door furniture sales arising from the
introduction of new products. We have been developing a new range of ceramic
products for the non-bathroom market and these should be launched within the
next few weeks.
We are at present evaluating our existing ranges and developing new products for
the Kitchen, Bathroom and Bedroom Exhibition at the NEC in Birmingham in March
2008.
Balance Sheet
Our Balance Sheet at the end of the period was very close to budget. In spite of
the introduction of new products, our stocks have fallen by some #46,000. Due to
the shortfall in sales in April and strict credit control, our debtors are
#80,000 less than last year. We have continued to repay the Medium Term Loan
which stood at #650,000 at the period end. Our overall cash position shows an
improvement of #80,000 compared with budget. Our net assets per share have
fallen slightly to 25.4p per share.
Future Prospects
There is a great deal of uncertainty in the economy at present. Interest rates
have continued to rise and further increases are likely. The second half of the
year has started slowly and has not been helped by the weather in June which has
affected overall retail sales. The continuing rise in house prices will
inevitably impact on consumer spending at some stage, with increasing interest
rates reducing disposable income.
It is our intention to continue to develop and promote General Trade sales
through product development and strong marketing. We have continued to reduce
overheads, and the second half will show a reduction compared with the first
half.
We are looking to improve our overall results in the second half but much
depends on the overall economic situation.
REW Newman
Chairman
5 July 2007
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR 26 WEEKS ENDED 28 APRIL 2007
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
28 April 2007 29 April 2006 28 Oct 2006
#'000 #'000 #'000
TURNOVER 1,171 1,173 2,288
Cost of sales (713) (731) (1,427)
_____ _____ _____
Gross profit 458 442 861
Operating costs (466) (471) (979)
_____ _____ _____
OPERATING (LOSS)/PROFIT (8) (29) (118)
Interest receivable - - -
Interest payable (28) (25) (52)
_____ _____ _____
(LOSS)/ ON ORDINARY
ACTIVITIES BEFORE
TAXATION (36) (54) (170)
Tax on profit on
ordinary activities - - -
_____ _____ _____
(LOSS) ON ORDINARY
ACTIVITIES AFTER (36) (54) (170)
TAXATION
Dividends - - -
_____ _____ _____
RETAINED (LOSS)
FOR THE PERIOD (36) (54) (170)
===== ===== =====
(LOSS)/ PER ORDINARY
SHARE (PENCE) (0.64)p (0.97)p (3.05)p
UNAUDITED CONSOLIDATED BALANCE SHEET
AT 28 APRIL 2007
Unaudited Unaudited Audited
as at as at as at
28 April 2007 29 April 2006 28 Oct 2006
#'000 #'000 #'000
FIXED ASSETS
Intangible Assets 14 17 16
Tangible Assets 1,260 1,355 1,306
_____ _____ _____
1,274 1,372 1,322
_____ _____ _____
CURRENT ASSETS
Stocks 1,247 1,267 1,293
Debtors 460 563 541
Cash at bank and in hand 2 3 2
_____ _____ _____
1,709 1,833 1,836
CREDITORS: amounts
falling due within one year (871) (897) (972)
_____ _____ _____
NET CURRENT ASSETS 838 936 864
_____ _____ _____
TOTAL ASSETS LESS
CURRENT LIABILITIES 2,112 2,308 2,186
CREDITORS: amounts
falling due after one year (694) (738) (732)
PROVISIONS FOR
LIABILITIES & CHARGES - - -
_____ _____ _____
1,418 1,570 1,454
===== ===== =====
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 253 258 255
Profit and loss account (810) (663) (776)
_____ _____ _____
TOTAL EQUITY
SHAREHOLDERS' FUNDS 1,418 1,570 1,454
===== ===== =====
UNAUDITED CASH FLOW STATEMENT
FOR 26 WEEKS ENDED 28 APRIL 2007
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
28 April 2007 29 April 2006 28 Oct 2006
#'000 #'000 #'000
CASH FLOW FROM OPERATING
ACTIVITIES (Note 1) 156 17 (42)
Returns on investment and
servicing of finance (32) (30) (51)
Taxation - - -
Capital expenditure and
financial investment - (3) (2)
_____ _____ _____
NET CASH INFLOW/(OUTFLOW)
BEFORE FINANCING 124 (16) (95)
Financing - (Decrease) in
debt (39) (43) (77)
_____ _____ _____
INCREASE/(DECREASE) IN
CASH 85 (59) (172)
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
28 April 2007 29 April 2006 28 Oct 2006
#'000 #'000 #'000
Operating (loss) (8) (29) (118)
Depreciation 48 50 100
(Profit) on sale of fixed assets - (1) (3)
Decrease in stock 46 37 11
Decrease/(increase) in debtors 81 (143) (120)
(Decrease)/increase in creditors (11) 103 88
_____ _____ _____
Net cash inflow/(outflow) from
operating activities 156 17 (42)
===== ===== =====
Note 2: Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
28 April 2007 29 April 2006 28 Oct 2006
#'000 #'000 #'000
Increase/(decrease) in
cash in the period 85 (59) (172)
Cash inflow from decrease in
debt and lease financing 39 43 77
_____ _____ _____
Movement in net debt in period 124 (16) (95)
Net debt at beginning of period (1,286) (1,191) (1,191)
_____ _____ _____
Net debt at end of period (1,162) (1,207) (1,286)
===== ===== =====
ANALYSIS OF NET DEBT
At Cash flow Other At
29 Oct 2006 Non-cash 28 April 2007
changes
#'000 #'000 #'000 #'000
Cash 2 - - 2
Overdraft (589) 85 - (504)
_____ _____ _____ _____
(587) 85 - (502)
Debt due within one year (57) 34 (34) (57)
Debt due after one year (628) - 34 (594)
Finance leases (14) 5 - (9)
_____ _____ _____ _____
TOTAL (1,286) 124 - (1,162)
===== ===== ===== =====
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 29 April 2006: 5,584,391 and 52 weeks to 28
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 2006 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.
Nominated Adviser:
Smith & Williamson Corporate Finance Limited
Azhic Basirov / Siobhan Sergeant
020 7131 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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