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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Elements S&P Commodity Trends Indicator -- Total Return Etn | AMEX:LSC | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.46 | 0 | 01:00:00 |
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RNS Number:4835K
London Security PLC
29 April 2003
LONDON SECURITY PLC
Preliminary results for the year ended 31 December 2002
I am again able to report that the Group has delivered excellent results in
difficult market conditions. Financial highlights are:
* Turnover increased by 7% to #48.1million
* Operating profit increased by 9% to #9.3million
* Earnings before interest, tax, depreciation and amortisation (EBITDA)
increased by 7% to #13.7million
* Net gearing reduced from 21% at 31 December 2001 to 10%
* Dividend increased by 27% to 7p per share
* #3.5million invested in acquisition of subsidiaries
Trading Review
The above financial highlights confirm considerable progress made in the year.
This is very encouraging as it follows the tremendous growth reported in 2001.
The turnover of the subsidiaries in Belgium and Holland continued to grow in
2002. Organic growth in the intake of new service contracts fuelled this
increase which was achieved whilst maintaining profit margins.
Throughout the Group initiatives have continued to improve levels of customer
satisfaction.
Future Prospects
The outlook for 2003 is cautiously optimistic. On the fire extinguisher service
side, our objective is to provide a greater range of fire protection services
including improvements to the fire training, fire alarms and risk assessment
services currently offered. Other services such as emergency plans and escape
routes will be offered to provide our customers with a one-stop-shop solution
for their fire protection requirements.
BSI have recommended that Nu-Swift International Limted receive a licence under
ISO 14001, the new environmental standard accreditation. As evidence of our
long-term commitment to the environment, it is our intention to expand this
across our European subsidiaries.
Acquisitions
In addition to organic growth, it remains a principal aim of the Company to grow
through acquisition. Acquisitions are being sought throughout Europe and the
Group will invest at the upper end of the price spectrum where an adequate
return is envisaged.
In 2002 we have been successful in this objective with the acquisitions of Asco
Extinguishers Company Limited and CFP Cavelle Limited in the UK and HUG S.A. in
Switzerland.
Management and Staff
2002 was a year in which the staff excelled and, on your behalf, I would like to
express thanks and appreciation for their contribution.
Dividend
A final dividend of 5p (2001: 4p) per share is proposed, payable on 20 June 2003
to shareholders on the register on 23 May 2003. An interim dividend of 2.0p per
share (2001: 1.5p) was paid in November 2002, making a total dividend for the
year of 7.0p (2001: 5.5p) per share.
Annual General Meeting
The Annual General Meeting will be held at the Grosvenor House Hotel, Park Lane,
London, W.1 on 5 June 2003 at 11.00 a.m..
J.G. MURRAY
Chairman
Consolidated Profit and Loss Account
for the year ended 31 December 2002
Notes Year ended Year ended
31 31 December
December
2002 2001
#'000's #'000's
Turnover 48,078 45,005
Cost of sales (7,288) (6,756)
Gross profit 40,790 38,249
Distribution costs (18,079) (17,357)
Administrative expenses (13,433) (12,348)
Operating profit 9,278 8,544
EBITDA** 13,694 12,839
Depreciation (1,735) (1,637)
Amortisation of goodwill (2,681) (2,658)
Operating profit 9,278 8,544
Income from fixed asset investments 111 93
Net interest payable and others (946) (908)
Profit on ordinary activities 8,443 7,729
before taxation
Taxation (3,840) (3,205)
Profit on ordinary activities 4,603 4,524
after taxation
Dividends (1,014) (797)
Retained profit 3,589 2,821
Basic earnings per ordinary share 31.8p 31.2p
Adjusted earnings per ordinary share 50.3p 49.5p
Dividend per ordinary share 7.0p 5.5p
All of the above results arose from continuing operations. Turnover and operating
profit attributable to acquisitions has not been separately disclosed on the face
of the profit and loss account on the grounds of materiality.
**Earnings Before Interest, Taxation, Depreciation and Amortisation
CONSOLIDATED BALANCE SHEET
as at 31 December 2002
2002 2001
#'000 #000
Fixed assets
Intangible assets 47,128 47,351
Tangible assets 7,363 6,068
Investments 70 70
54,561 53,489
Current assets
Stocks 3,425 2,882
Debtors 9,740 9,457
Cash at bank and in hand 10,303 7,292
23,468 19,631
Creditors: amounts falling due within one year
Finance debt (3,503) (3,090)
Other creditors (13,383) (11,731)
(16,886) (14,821)
Net current assets 6,582 4,810
Total assets less current liabilities 61,143 58,299
Creditors: amounts falling due after more than one year
Finance debt (11,255) (12,848)
Provisions for liabilities and charges (1,907) (1,657)
Net assets 47,981 43,794
Capital and reserves
Called up share capital 1,449 1,449
Share premium 27,476 27,476
Capital redemption reserve 115 115
Merger reserve 2,033 2,033
Profit and loss account 16,908 12,721
Total equity shareholders' funds 47,981 43,794
Consolidated Cashflow Statement
for the year ended 31 December 2002
Year ended Year ended
31 December 31 December
2002 2001
#'000 #'000
Net cash inflow from operating activities 14,980 11,803
Return on investments and servicing
of finance
Interest received 204 366
Interest paid (889) (1,227)
Dividends received 111 93
Net cash outflow from return on (574) (768)
investments and servicing of finance
Taxation
Corporation tax paid (4,034) (612)
Capital expenditure
Payments to acquire intangible fixed assets (52) (66)
Payments to acquire tangible fixed assets (3,343) (2,160)
Receipts from sales of tangible fixed assets 845 212
Net cash outflow for capital expenditure (2,550) (2,014)
Acquisitions and disposals
Payments to acquire subsidiary undertakings (2,714) -
Cash acquired with subsidiary undertakings 331 -
Net cash outflow for acquisitions (2,383) -
Equity dividends paid to shareholders (870) (652)
Net cash inflow before use of liquid resources and 4,569 7,757
financing
Financing
Purchase of own shares - (338)
New long term loans 1,350 -
Repayment of long term loans (2,908) (3,437)
Net cash outflow from financing (1,558) (3,775)
Increase in cash and equivalents 3,011 3,982
NOTES
1 Earnings per Share
The calculation of basic earnings per ordinary share is based on the profit on
ordinary activities after taxation of #4,603,000 (2001 #4,524,000) and on
14,487,316 (2001 14,504,217) ordinary shares, being the weighted average number
of ordinary shares in issue during the period.
The calculation of adjusted earnings per ordinary share is based on a weighted
average of 14,487,316 (2001 14,504,217) ordinary shares in issue prior to 31
December 2002 and on adjusted earnings which comprise:
2002 2001
________________ _______________
#'000 pence #'000 pence
Profit on ordinary
Activities after taxation 4,603 31.8 4,524 31.2
Eliminate effect of
amortisation of goodwill 2,681 18.5 2,658 18.3
Adjusted profit on ordinary
activities after taxation 7,284 50.3 7,182 18.3
2 The results for the year ended 31 December 2002 have been abridged
from the full accounts of the Group for that year which received an unqualified
auditors' report and which have not yet been delivered to the Registrar of
Companies. The results for the year ended 31 December 2001 have been extracted
from the Group's statutory accounts which received an unqualified auditors'
report and have been filed with the Registrar of Companies.
3 The preceding statements have been prepared in accordance with
applicable accounting standards on a basis which is consistent with that applied
in previous periods.
Enquiries:
London Security plc
Richard Pollard, Company Secretary 01422 372852
This information is provided by RNS
The company news service from the London Stock Exchange
END
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