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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ladenburg Thalmann Financial Services Inc | AMEX:LTS | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 3.49 | 0 | 01:00:00 |
RNS Number:5131P Litho Supplies PLC 09 September 2003 LITHO SUPPLIES Plc Results for the six months ended 30 June 2003 HIGHLIGHTS * Pretax profits before exceptionals of #0.81m (2002: #0.92m). * Strong cash flow; bank balance of #1.88m (2002: overdraft of #1.79m). * Recommending an increased interim dividend of 1.75p (1.5p) per share. * Challenging market conditions continue but margins are holding up well. * Focused on increasing margins, achieving lowering levels of working capital and further reductions in costs to increase profits and generate more cash. Contacts: Michael Hammond, Chief Executive Tel: 01332 873921 Gerry Mitchell, Financial Director Tel: 0117 9724455 CHAIRMAN'S INTERIM STATEMENT Results for the six months ended 30 June 2003 The unaudited interim results for the six months ended 30th June 2003 show pretax profits of #0.81m (#0.92m), after adding back #2.12m (#0.76m) of exceptional charges incurred in the reorganisation of the business, #2.09m of which relates to a provision for the Litho Supplies (UK) Limited Pension Fund. This has had no cash flow impact on the interim results and is explained in greater detail in the pension section below. The loss before tax after exceptional items was #1.31m (profit of #0.15m). Sales for the six months ended 30 June 2003 were #24.05m (#28.67m), the reduction partly reflecting the closure of the Belgian subsidiary in April 2002. Basic earnings per share for the six months ended 30th June 2003 before exceptional items are 2.43p (2.79p) and after exceptional charges are -4.37p (-0.50p). I am pleased to report continuing improvements in the reduction of stock levels and debtor balances which, together with cost control, has resulted in a cash balance at 30 June 2003 of #1.88m compared with an overdraft balance of #1.78m at 30 June 2002, an improvement of #3.66m. Trading conditions continue to be difficult, but in view of the improvement in our cash position and the strength of our Balance Sheet with no bank overdraft or long term borrowings, the Board is recommending an interim dividend of 1.75p (1.5p) per share. This dividend will be paid on 31 October 2003 to shareholders on the register as at 26 September 2003. The ex dividend date is 24 September 2003. Consumables UK consumable sales, which continue to represent the core activity of the business, were #19.10m (#20.85m). The trend continues to reflect customers moving away from analogue products to digital technology. Demand for our customers' products remains low due to current economic conditions. Combined with overcapacity in the printing industry, this has resulted in pressure on both prices and margins for our customers and ourselves. The change from analogue to digital technology is a continuing feature of our market and it is not until the volume of the higher value digital consumables outweighs the decline in analogue products that we will see a turnaround in these figures. An upturn in our consumables business is likely to occur as a result of a general improvement in the UK economy and thence the advertising market which will in turn start to improve the printing industry and its requirement for both consumable supplies and equipment. We also expect to see some casualties amongst our competitors which will reduce the overcapacity currently keeping prices at a low level. Within our consumables business, we have seen further growth in our Pressroom division as a result of our investment in our technical support facilities. We intend to continue to increase our market share in this area and devote more of our resources to this part of the business. Sales in our Packaging division remain flat, like others in this specific market sector. We have seen substantial growth from a small base in our wide format inkjet consumables sales following a greater focus on this market. We expect this growth to continue. The figures being reported by our competitors suggest that we are faring better than most of them during this difficult period and our margins are holding up well. From 1st July 2003 onwards we have been benefiting from a round of price increases from two of our major suppliers. This increase, the first for several years, will be passed on to customers and will contribute to the top line sales in the second half. It is also again encouraging to see a decline in both the number and value of bad debts during the first half. Our credit management has done well to minimise our exposure at this difficult time. However, I anticipate credit conditions to continue to remain challenging in the second half of 2003. Electronic equipment UK sales of electronic equipment in the first half were #4.77m (#4.49m) which was a creditable performance. The first half of last year had the benefit of orders from the ten day international trade show IPEX 2002 held at the NEC in Birmingham once every four years. We had a successful exhibition in May 2003 at Northprint in Harrogate and took orders to the value of #1.3m, all of which were delivered and installed by the end of June. As I stated in my last report, we have worked hard on the added value services such as maintenance and technical support in relation to the sale of electronic equipment and this has improved the margin being generated by the division. Sales of Computer to Plate and Digital Printing equipment remain strong, showing confidence from our customer base to invest in their own businesses. The strength of customer balance sheets has sometimes made financing the equipment difficult, but we have been successful in finding innovative ways to overcome funding issues for our customers. Following a review of our business with Xerox, we have decided to invest jointly with them in upgrading our showroom in Scotland and this will be completed shortly. We expect this refurbishment to enhance our profile and ultimately increase further our Digital Printing business in Scotland and the North of England. Pension commitments In conjunction with changes to the company's pension arrangements and the introduction of a new alternative defined contribution group personal pension plan, the Board has made an exceptional provision of #2.09m for the shortfall on the defined benefit Litho Supplies (UK) Limited Pension Scheme. The provision has been charged to the Profit and Loss Account as an exceptional item and provided in accordance with Statement of Standard Accounting Practice (SSAP)24. The provision assumptions used are consistent with the SSAP24 disclosure note in the audited accounts for the year ended 31 December 2002. In accordance with actuarial calculations, the company is making additional monthly contributions of #25,000 to fund the shortfall. Total additional contributions in the period are #150,000 and these have been offset against the provision. Reorganisation Following the reorganisation programme which has been successfully implemented over the last three years, we have concentrated our efforts over the last few months in consolidating the business and making internal improvements, particularly within our computer systems. There remain opportunities ahead to make further improvements and these will be effected as and when appropriate without risking any disruption which could damage the business in either the short or long term. Current trading Whilst opportunities for sales growth in this difficult market will be sought wherever possible, we continue to focus our energies on increasing margins, achieving lower levels of working capital and further reductions in costs to increase profits and generate more cash. As mentioned before, we are beginning to benefit from price increases across a large range of consumable products which should help in providing a similar trading outcome in the second half. Our telesales division is making real progress with increases in both turnover and profitability. Our business solutions company Murodigital, which sells a range of digital mono and colour multi function output devices to the corporate and education market, continues to improve. Its exclusive document binding system, "Fastback", has a new range of hardback covers which will provide further selling opportunities in the corporate sector. The range of laminators and document finishing equipment, with associated consumables, continues to find new buyers in the education sector. We believe that continuing difficult trading conditions may force some of our competitors to consider leaving the market which could provide opportunities for selective bolt-on acquisitions. I should like to thank all our customers and suppliers for their continuing support and particularly our employees for their loyalty and hard work, without whom the very real progress which has been made in the past six months would not have been possible. B C Clark Chairman 9 September 2003 LITHO SUPPLIES Plc UNAUDITED GROUP PROFIT AND LOSS ACCOUNT 6 months Year ended ended 6 months ended 30 June 31 Dec 30 June 2003 2002 2002 Before Excep-tional Excep-tional Costs Costs Total #'000 #'000 #'000 #'000 #'000 Turnover Continuing operations 24,053 - 24,053 26,351 51,476 Discontinued operations - - - 2,317 2,317 Total turnover 24,053 - 24,053 28,668 53,793 Cost of sales Continuing operations 19,867 - 19,867 21,631 42,612 Discontinued operations - - - 1,882 1,882 19,867 - 19,867 23,513 44,494 Gross profit 4,186 - 4,186 5,155 9,299 Distribution costs Continuing operations 1,177 - 1,177 1,340 2,595 Discontinued operations - - - 95 95 1,177 - 1,177 1,435 2,690 Administrative expenses Continuing operations 2,195 2,119 4,314 3,131 4,573 Discontinued operations - - - 275 275 2,195 2,119 4,314 3,406 4,848 Operating profit/(loss) Continuing operations 814 (2,119) (1,305) 249 1,696 Discontinued operations - - - 65 65 Total operating profit/(loss) 814 (2,119) (1,305) 314 1,761 Sale of fixed assets - - - - 251 Sale of business - - - - (711) Closure of business - - - (19) (702) Profit/(loss) before interest and tax 814 (2,119) (1,305) 295 599 Interest receivable 1 - 1 - 3 Interest payable and similar charges (6) - (6) (141) (207) (5) - (5) (141) (204) Profit/(loss) on ordinary activities before taxation 809 (2,119) (1,310) 154 395 Tax on profit on ordinary activities 279 (636) (357) 237 363 Profit/(loss) on ordinary activities after taxation 530 (1,483) (953) (83) 32 Equity minority interests - - - (25) (25) Profit/(loss) attributable to members of the parent company 530 (1,483) (953) (108) 7 Dividends on equity shares 381 - 381 327 654 Retained (loss)/profit for the period 149 (1,483) (1,334) (435) (647) Earnings per share - basic 2.43p (4.37)p (0.50)p 0.03p - diluted 2.43p (4.37)p (0.50)p 0.03p Dividends per share 1.75p 1.50p 3.00p UNAUDITED GROUP BALANCE SHEET 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2003 2002 2002 #'000 #'000 #'000 Fixed assets Intangible assets 574 630 600 Tangible assets 562 993 603 1,136 1,623 1,203 Current assets Stocks 7,346 8,686 7,788 Debtors 14,460 16,840 14,617 Cash at bank and in hand 1,884 3 204 23,690 25,529 22,609 Creditors: amounts falling due within one year 11,394 14,888 11,054 Net current assets 12,296 10,641 11,555 Total assets less current liabilities 13,432 12,264 12,758 Provisions for liabilities and charges 2,008 - - Net assets 11,424 12,264 12,758 Capital and reserves Called up share capital 2,179 2,179 2,179 Share premium account 13,420 13,420 13,420 Capital redemption reserve 461 461 461 Profit and loss account (4,636) (3,796) (3,302) Equity shareholders' funds 11,424 12,264 12,758 UNAUDITED GROUP CASH FLOW STATEMENT 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2003 2002 2002 #'000 #'000 #'000 Net cash inflow from operating activities 2,171 3,530 5,728 Returns on investments and servicing of finance Interest received 1 - 3 Interest paid (15) (151) (218) Net cash outflow from returns on investments and servicing of finance (14) (151) (215) Taxation Corporation tax paid (152) (155) (604) Capital expenditure and financial investment Payments to acquire tangible fixed assets (59) (40) (92) Receipts from the sale of tangible fixed assets 11 28 602 Net cash inflow/(outflow) from capital expenditure and financial investment (48) (12) 510 Acquisitions and disposals 50 909 1,017 Equity dividends paid (327) (327) (654) Increase in cash in the period 1,680 3,794 5,782 UNAUDITED GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2003 2002 2002 #'000 #'000 #'000 (Loss)/profit attributable to members of the parent (953) (108) 7 undertaking Goodwill previously written off to reserves - 56 - Exchange difference on retranslation of net assets of - (1) (1) subsidiary undertakings Total recognised gains and losses relating to the period (953) (53) 6 RECONCILIATION OF SHAREHOLDERS' FUNDS 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2003 2002 2002 #'000 #'000 #'000 Total recognised gains and losses (953) (53) 6 Dividends (381) (327) (654) Goodwill reinstated on sale of subsidiary - - 762 Total movement during the period (1,334) (380) 114 Shareholders' funds at start of period 12,758 12,644 12,644 Shareholders' funds at end of period 11,424 12,264 12,758 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT) 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2003 2002 2002 #'000 #'000 #'000 Net funds/(debt) at 1 January 204 (5,578) (5,578) Increase in cash 1,680 3,794 5,782 Net funds/(debt) at end of period 1,884 (1,784) 204 Cash at bank and in hand 1,884 3 204 Bank overdrafts - (1,787) - 1,884 (1,784) 204 RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH INFLOW FROM OPERATING ACTIVITIES 6 months 6 months Year ended ended ended 30 June 30 June 31 Dec 2003 2002 2002 #'000 #'000 #'000 Operating profit/(loss) (1,305) 314 1,761 Amortisation of goodwill 26 631 71 Depreciation 92 178 297 Profit on sale of fixed assets (3) - - Decrease in debtors 754 446 2,728 Decrease in stocks 442 296 1,194 Increase/(decrease) in creditors 157 1,665 (230) Increase in provision for pension costs 2,008 - - Exceptional non-operating costs - - (93) Net cash inflow from operating activities 2,171 3,530 5,728 NOTES: 1. The earnings per share have been calculated by dividing the profit/(loss) attributable to the members of the parent undertaking by the number of ordinary shares in issue during the period. The number of shares in issue as at 30 June 2002 and 2003 was 21.79 million. 2. The financial information in this interim statement for the six months ended 30 June 2003 and the comparative figures for the six months ended 30 June 2002 do not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the financial year ended 31 December 2002. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 3. The interim financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts for the year ended 31 December 2002. 4. Changes have been made to the Company's pension arrangements during the six month period ended 30 June 2003. As a result, a provision of #2.09m has been established on the Company's balance sheet at 1 January 2003. This reflects the deficiency on the defined benefit Litho Supplies (UK) Limited Pension Scheme disclosed by the actuarial valuation as at 31 March 2002 (measured on the assumptions outlined in the accounts for the year to 31 December 2002), which has been updated to 31 December 2002 with interest and to allow for the Company's special contributions of #25,000 a month. This information is provided by RNS The company news service from the London Stock Exchange END IR SSMFIASDSESU
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