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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| AIM ImmunoTech Inc | AMEX:AIM | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.0106 | 2.76% | 0.3946 | 0.42 | 0.37 | 0.409 | 138,667 | 00:59:58 |
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RNS Number:2084Z
AIM Group PLC
29 July 2002
29 July 2002
STABILISING DESPITE DIFFICULT MARKET CONDITIONS
AIM Group PLC ("AIM Group"), the aircraft interiors manufacturer, announces
preliminary results for the year ended 30 April 2002.
• Turnover of £56m (2001 - £63m), reflecting the effect of September 11th on
the aviation industry
• Operating profits, before exceptional items, of £2.3m (2001 - £5.6m)
• At 30th April 2002, after repayment of mortgage and bank debt, the Group
had cash balances of £2.8m
• Recommended final dividend of 3.5p per share (2001 - 5.0p), making a total
for the year of 5.3p per share (2001 - 6.8p per share)
• New orders for bullet proof cockpit doors and VIP aircraft interiors
reflect success of refocusing marketing efforts
• Commenting on the results, Jeff Smith, Chairman of AIM Group, said: "The
adverse impact on the aviation industry following the appalling events of
September 11th 2001 has dominated our financial performance for the
financial year. However, with a series of overhead reductions together with
a shift in focus on a much changed market place, for example to include
cockpit security in the US and Europe, we have been able to deal with this
situation swiftly and efficiently.
"The benefits of an extensive range of products coupled with our strong design
and engineering capability are reflected in an order book, which suggests that
our turnover will stabilise this year despite difficult market conditions."
For further information:
Jeff Smith, Chairman Lulu Bridges/ Justin Griffiths
AIM Group PLC Tavistock Communications
Tel: 020 7600 2288 (29th July only) Tel: 020 7600 2288
Tel: 02380 335 111 (thereafter)
CHAIRMAN'S STATEMENT
Results and dividend The adverse impact on the aviation industry following the appalling events of September
11th 2001 has dominated our financial performance for the financial year ended 30th
April 2002. Operating profits, before exceptional items, fell to £2.3m (2001 - £5.6m).
After an exceptional charge of £3.3m (2001 - nil) and a reduced interest charge of
£0.2m (2001 - £0.6m) there was a pre- tax loss of £1.2m. Net assets were equivalent to
160p per share. At the 30th April 2002, after repayment of mortgage and bank debt, the
Group had cash balances of £2.8m.
The Group continues to be cash generative and is encouraged by the outlook for the
current financial year. However, given the net loss for the year, the Board is
recommending a reduced final dividend of 3.5p per share (2001 - 5.0p per share) making
a total of 5.3p per share (2001 - 6.8p per share) for the year. The final dividend
will be paid on 8th November to shareholders on the register at 4th October 2002.
AGM At the forthcoming AGM, to be held on 25th October 2002, the Company will, inter alia,
propose a special resolution seeking general authority for it to purchase up to 14.9
per cent of the issued ordinary share capital. This general authority would only be
exercised when in the best interests of shareholders as a whole. The Board notes that,
should the exercise of this authority be likely to lead to any shareholder holding 30
per cent or more of the issued share capital, then appropriate whitewash proposals
would be put to shareholders at that time.
Review The essential task of management during the financial year was to match capacity to a
sudden and unexpected reduction in demand as swiftly and efficiently as possible. This
was achieved within the period at an exceptional charge of £3.3m, including £2.8m of
additional write down in valuation of stock following events of September 11th 2001,
whereby certain aircraft types have been retired by airlines. The principal action was
to cease aircraft interiors manufacture at our site in Alfreton, Derbyshire and
transfer the activity to our site in Bournemouth. Elsewhere throughout the Group a
series of overhead reductions took place to ensure that we would remain profitable and
competitive at a lower level of activity.
A second priority was to refocus on a much-changed market place and adapt to a new
environment reflecting the difficult conditions faced by the USA carriers and
trans-Atlantic traffic. We therefore switched our emphasis to cockpit security in the
USA and Europe and increased our marketing in the relatively unscathed Middle East and
Asian markets.
Both these actions have been successful. We have already secured orders for more than
500 bullet-proof cockpit doors from a number of airlines and are very hopeful of
further orders in the near future. Great credit is due to our engineering teams in
both the USA and UK who have designed doors to meet stringent requirements in a
remarkably short period of time.
Orders for VIP aircraft interiors from new customers in the Middle East and Asia exceed
£5m and are now in the design phase with deliveries scheduled for the second half of
the current financial year. This represents a marketing breakthrough that is both
timely and encouraging for the future.
Our large defence contracts for Nimrod are well into production, and the scope of work
for our missile box contract has been expanded. Business for our new repair station
for composite radomes is growing rapidly. Already we have attracted 34 customers for
21 aircraft types within the first 10 months of operation. This represents an
excellent start and is likely to improve as awareness of our capability spreads amongst
European airlines.
Announcement An announcement was made on the 18th April 2002 that "the Board had received a very
preliminary expression of interest that may or may not lead to an offer being made for
the Company". A further announcement will be made in due course.
Outlook The benefits of an extensive range of products coupled with our strong design and
engineering capability are reflected in an order book, which suggests that our turnover
will stabilize this year despite difficult market conditions.
Following reductions in capacity and operational costs there is every confidence of a
consequent recovery in performance. The expected improvement will be heavily weighted
towards the second half of the financial year in line with our contracted delivery
schedules.
J. C. Smith
Executive Chairman
AIM GROUP PLC
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30th April 2002
Before
Exceptional Exceptional
Items Items Total Total
Unaudited Unaudited Unaudited Restated
2002 2002 2002 2001
Notes £'000 £'000 £'000 £'000
Turnover 56,014 - 56,014 63,441
Cost of sales (43,051) (2,770) (45,821) (46,523)
Gross Profit 12,963 (2,770) 10,193 16,918
Net operating expenses (10,661) (538) (11,199) (11,348)
Operating (loss)/profit 2,302 (3,308) (1,006) 5,570
Impairment of fixed assets - - - (276)
(Loss)/profit on ordinary
activities before interest 2,302 (3,308) (1,006) 5,294
Net interest payable (208) (579)
(Loss)/profit on ordinary
activities before taxation (1,214) 4,715
Tax on (loss)/profit on
ordinary activities 335 (1,765)
(Loss)/profit for the
financial year (879) 2,950
Dividends 2 (783) (1,004)
Retained (deficit)/profit
for the financial year (1,662) 1,946
Basic (loss)/earnings per share 3 (5.95p) 20.08p
Diluted (loss)/earnings per share 3 (5.95p) 20.06p
There were no operating exceptional items in 2001.
AIM GROUP PLC
GROUP BALANCE SHEET
at 30th April 2002
Unaudited Restated
2002 2001
£'000 £'000 £'000 £'000
Fixed assets
Intangible assets 1,007 1,071
Tangible assets 6,926 7,384
7,933 8,455
Current assets
Stocks and work in progress 12,747 14,919
Asset held for disposal - 1,300
Debtors 10,933 11,566
Cash at bank and in hand 2,807 1,293
26,487 29,078
Creditors
Amounts falling due within one year (10,786) (11,328)
Net current assets 15,701 17,750
Total assets less current liabilities 23,634 26,205
Creditors
Amounts falling due after more than one year (21) (786)
Net assets 23,613 25,419
Capital and reserves
Called up share capital 1,478 1,476
Share premium account 11,624 11,604
Revaluation reserve 1,382 1,382
Other reserves (410) (244)
Profit and loss account 9,539 11,201
Equity shareholders' funds 23,613 25,419
AIM GROUP PLC
GROUP CASH FLOW SATEMENT
for the year ended 30th April 2002
Unaudited
2002 2001
£'000 £'000 £'000 £'000
Net cash inflow from operating activities 5,494 10,076
Returns on investment and
servicing of finance
Interest paid (248) (637)
Interest element of finance lease payments (10) (12)
Taxation (784) (784)
Capital expenditure
Purchase of tangible fixed assets (896) (1,033)
Disposal of tangible fixed assets 122 207
Proceeds from disposal of asset held for resale 1,300 -
526 (826)
Equity dividends paid (1,004) (911)
Financing
Issue of ordinary shares 2 110
Inception of finance leases - 102
Debt due within one year:
Repayment of bank loans (697) (1,359)
Repayment of other loan (51) (43)
Capital element of finance lease payments (42) (33)
Debt due beyond one year:
Repayment of other loan (721) -
(1,489) (1,223)
Increase in net cash in the year 2,485 5,683
Reconciliation of net cash flow
to movement in net debt
Increase in net cash in the year 2,485 5,683
Debt repayments 1,511 1,435
Inception of finance leases - (102)
Exchange movements 18 (209)
Movement in net debt in the year 4,014 6,807
Opening net debt (1,265) (8,072)
Closing net cash/(debt)
2,749 (1,265)
AIM GROUP PLC
Statement of Total Recognised Gains and Losses
for the year ended 30th April 2002
Unaudited Restated
2002 2001
£'000 £'000
(Loss)/profit for the financial year (879) 2,950
Net exchange adjustments on foreign currency net investments (166) 467
Total recognised (losses)/gains for the financial year (1,045) 3,417
Prior year adjustment 877 -
Total recognised (losses)/gains since last annual report (168) 3,417
Note of historical cost profits and losses
for the year ended 30th April 2002
Unaudited Restated
2002 2001
£'000 £'000
Reported (loss)/profit on ordinary activities before taxation (1,214) 4,715
Difference between historical cost impairment charge and actual impairment
charge on the revalued amount - 69
Difference between historical cost depreciation charge and actual depreciation
charge on the revalued amount 47 44
Historical cost (loss)/profit on ordinary activities before taxation (1,167) 4,828
Historical cost (loss)/profit for the year retained after
taxation and dividends (1,615) 2,059
Reconciliation of movements in shareholders' funds
for the year ended 30th April 2002
Unaudited Restated
2002 2001
£'000 £'000
(Loss)/profit for the financial year (879) 2,950
Dividends (783) (1,004)
(1,662) 1,946
Other recognised gains and losses relating to the year
Exchange adjustments (166) 467
Nominal value of shares issued 2 10
Premium on shares issued 20 100
Net change in shareholders' funds (1,806) 2,523
Opening shareholders' funds (originally £24,542,000 before adding the prior
year adjustment of £877,000) 25,419 22,896
Closing shareholders' funds 23,613 25,419
AIM GROUP PLC
Reconciliation of operating (loss)/profit to net cash inflow from operating
activities
for the year ended 30th April 2002
Unaudited
2002 2001
£'000 £'000
Operating (loss)/ profit on continuing activities (1,006) 5,570
Depreciation and amortisation of goodwill 1,240 1,421
Loss on sale of tangible fixed assets 31 4
Decrease in stocks 2,172 1,055
Decrease in debtors 1,295 2,963
Increase/(decrease) in creditors 1,909 (1,459)
Exchange rate adjustments (147) 522
Net cash inflow from operating activities 5,494 10,076
AIM GROUP PLC
Notes to Preliminary Announcement 2002
1 Basis of accounting The accounts are prepared under the historical cost convention as
modified by the revaluation of certain freehold properties and in
accordance with applicable accounting standards. These policies
have been applied consistently throughout the year and the
preceding year. However, following the adoption of Financial
Reporting Standard No. 19 'Deferred Tax' comparative figures have
been restated. The accounts also reflect the adoption of
Financial Reporting Standard No. 18 'Accounting Policies', the
effect of which has had no impact on the results of both the
current and prior years, and the transitional requirements of
Financial Reporting Standard No. 17 'Retirement Benefits'.
2 Dividends Unaudited
2002 2001
£'000 £'000
Paid:
Interim of 1.8p (2001 - 1.8p) 266 266
Proposed:
Final of 3.5p (2001 - 5p) 517 738
783 1,004
3 Earnings per share The calculation of basic earnings per share is based on losses on ordinary
activities after taxation of £879,000 (2001 restated profits - £2,950,000) and
the weighted average number of shares in issue of 14,777,900 (2001 -
14,693,317).
The calculation of diluted earnings per share is based on losses on ordinary
activities after taxation of £879,000 (2001 restated profits - £2,950,000) and
on 14,783,767 ordinary shares, 14,777,900 being the weighted average number of
shares in issue, plus 5,867 being the weighted average number of shares that
would be issued on the conversion of all the dilutive potential ordinary
shares into ordinary shares (2001 - 14,702,907 ordinary shares, 14,693,317
being the weighted average number of shares in issue, plus 9,590 being the
weighted average number of shares that would be issued on the conversion of
all the dilutive potential ordinary shares into ordinary shares).
4 The annual report and accounts will be posted on 9th August 2002 to
shareholders registered at the close of business on 8th August 2002.
5 The Annual General Meeting will be held at 1 Angel Court, London EC2R 7HX on
25th October 2002 at 12 Noon.
6 The final dividend of 3.5p per share, if approved at the Annual General
Meeting, is expected to be paid on 8th November 2002 to shareholders on the
register at the close of business on 4th October 2002.
7 The results for the year ended 30th April 2002 are unaudited. The results for
the year ended 30th April 2001 do not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985, but have been derived from
the full audited financial statements for the year ended 30th April 2001 which
have been filed with the Registrar of Companies. The report of the auditors
on the financial statements for the year ended 30th April 2001 was
unqualified.
This information is provided by RNS
The company news service from the London Stock Exchange
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