We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Name | Symbol | Market | Type |
|---|---|---|---|
| VanEck Commodity Strategy ETF | AMEX:PIT | AMEX | Exchange Traded Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.1772 | 0.37% | 47.8714 | 48.01 | 47.91 | 48.01 | 541 | 00:03:43 |
Hot Features
Premium
RNS Number:9583Q
Pilkington's Tiles Group PLC
16 October 2003
16 October 2003
PILKINGTON'S TILES GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Pilkington's Tiles Group plc, one of the UK's leading tile manufacturers and
distributors, announces interim results for the six months ended 30 September
2003.
The Chairman said that: "the programme of operational improvements initiated
some eight months ago.is beginning to generate real benefits. There was a
significant increase in sales in each one of the continuing operations in the
first half year".
KEY POINTS
Interim '03 Interim '02
* Sales, #'000 - total 15,353 13,860
* - continuing operations 15,353 12,815
* (Loss)/Profit before tax, #'000 (599) (765)
* (Loss)/earnings per share (p) (0.23) (0.29)
* Gearing % 37.2 33.4
* 20% SALES INCREASE in continuing operations.
* IMPROVEMENT IN PROFITABILITY, but constrained by costs of improvement
programme.
* POOLE LAND REVALUED : estimated realisation price range, #7.05m to
#14.30m vs. #5.17m to #11.54m in March '02.
* PENSION PROPOSALS ACCEPTED by members.
Commenting on the outlook for the Group, the Chairman, Tony Palmer, concluded
that: "whilst the improvement in trading will continue, the profit out turn for
the full year is likely to fall below original expectations".
For further information please contact:
Mary-Lorraine Hughes, Chief Executive 0161 727 1015
Mark Hesketh, Finance Director 0161 727 1015
Pilkington's Tiles Group PLC
Kevin Wilson 07796 697594
Arbuthnot Securities
INTERIM REPORT 2003
CHAIRMAN'S STATEMENT
FINANCIAL HIGHLIGHTS : PILKINGTON'S TILES GROUP PLC
6 months to 6 months to 6 months to
30 September 2003 30 September 2002 March 2003
(unaudited) (unaudited) (audited)
Sales(#'000) - total 15,353 13,860 27,374
- continuing operations 15,353 12,815 25,771
Operating (loss)/profit after exceptional (391) (592) (2,287)
items (#'000)
(Loss)/profit before tax (#'000) (599) (765) (2,695)
(Loss)/earnings per share (p) (0.23) (0.29) (1.04)
Key Issues
* 20% sales increase in continuing operations;
* improvement in profitability, but constrained by costs of improvement
programme;
* pension scheme proposals accepted by members;
* Poole land revalued.
Introduction
The Board initiated a programme of operational improvements some eight months
ago, which were focussed on the ceramic business in particular. These are
beginning to generate real benefits and as a result Group sales increased
significantly by 11% to #15.3 million in the 6 months ended 30 September 2003,
compared to #13.9 million in the previous corresponding period. There was a
significant increase in sales in each one of the ongoing divisions : on a
continuing operations basis there was a 20% year-on-year increase in Group
sales.
Group profitability also improved to restrict the loss before tax to #599,000
compared with a loss before tax of #765,000 in the previous comparable period.
Compared to the immediately preceding six month period (the second half of the
2002/03 year), there was an appreciable improvement in operating profit,
although limited by the cost of implementing the planned sales initiatives.
OPERATIONAL REVIEW
Ceramics
It was stated in the Annual Report that rebuilding ceramic sales is the highest
priority and in fact they increased by 18% to #11.7m in the first half compared
to the same period last year. This was largely the result of an improvement in
sales into the multiples sector, reversing the trend identified in last year's
interim statement. Sales of own manufactured product continued to show some
decline in the period as a whole, but volumes started to increase in the second
quarter as initiatives targeted at home produced product began to take effect.
The integration of products sourced from abroad into both the branded and
own-label portfolios is showing increasing benefit; these overwhelmingly being
products which our UK factories do not have the capability of producing.
Operating profitability showed only a slight improvement as margins were held
back due to the sales mix and the planned investment required to stimulate the
necessary improvement in sales.
Terrazzo
Turnover in the Terrazzo business increased by 26% to #2.1 million, compared to
the comparable period, due largely to increased supermarket activity. The
operating profit of #0.4 million represents a 63% increase over the first half
of last year. The division has introduced a number of new products aimed at
broadening the market base of the business and these should contribute to
maintaining progress in the second half of the financial year.
Access Flooring
This business has increased its turnover significantly over the previous period
to #1.5 million, due primarily to certain large contracts, although these have
also impacted on margins. This has reduced operating profit to #112,000
compared to #169,000 in the same period last year. Nevertheless, the business
has been successful in continuing to broaden its range of activities, and we
remain confident in the continued development of this business.
Supply and Fix
As a consequence of the Board's decision last year, this business has now ceased
and, with the exception of collection of outstanding monies, will undertake no
further contracts. The loss in the half of #39,000 is due to the costs of
managing the closure of the activity and adjustments to our expectations of the
collectability of debtors.
EMPLOYEES AND MANAGEMENT
We highlighted in the annual report the many challenges confronting our business
and its employees. The first half improvement in trading, in what continue to
be highly competitive and ever changing market sectors, reflects their skill and
commitment.
BALANCE SHEET
Net debt at 30 September 2003 was #4.8 million compared to #5.2 million at 31
March 2003, and gearing improved to 37.2% from 42.6% at the financial year end.
We have recently completed a revaluation of all of the Group's land and
buildings assets and this has resulted in a revised existing use valuation of
#5.25 million, an uplift of #1.14 million, which has been transferred to the
revaluation reserve.
STRATEGY
The Board remains totally committed to the market sector focussed programme of
initiatives outlined in the last Annual Report, and this continues to guide the
operational strategy for the Group.
A number of serious expressions of interest in the assets of the business are
being actively pursued, with the Board balancing issues of timing, certainty and
potential upside to maximise value and to achieve the best outcome for all
stakeholders. The Board will keep shareholders updated with any further
developments, but has also taken the opportunity to revalue the Poole land in
the meantime. In October 2003 the revised valuations of the land at Poole have
given a range of estimated realisation price, based on a number of alternative
assumptions, of between #7.05 million and #14.30 million, compared to a range
based on similar assumptions, of between #5.17 million and #11.54 million which
was announced in March 2002. Shareholders should refer to this previous
announcement with regard to the terms of the estimated valuations.
PENSIONS
The Group made certain proposals at the year-end to members of the defined
benefit pension scheme designed to address the pension fund deficit and to
reduce the impact of the scheme on the Group. These changes, following full
consultation and member approval, have now been accepted and the scheme was
closed to further accrual on 31 August 2003. The scheme actuaries have now
reported and as at 1 September 2003 the scheme, taking into account the changes
noted above, had a deficit of #3.9 million on an actuarial basis. This compares
to the #4.2 million calculated as at 30 November 2002 based on the scheme
structure at that time. The company is currently in negotiation with the
trustees of the scheme with respect to the funding of this deficit but it is
estimated, as previously announced, that the company's annual contributions may,
as a consequence, increase materially.
OUTLOOK
It is encouraging that the benefits of the investments made in the business in
terms of people, time and money, are beginning to be realised in the real
improvements in trading outlined in this statement. Trading conditions continue
to be challenging but the Board believes that the strategies being adopted
represent the best way forward for the Group, albeit the time frames may be more
extended than initially envisaged.
The expectation of the Board was for further increase in the pace of change and
significant recovery in profitability in the second half of the year. However,
the Board believes that, whilst the improvement in trading will continue, the
profit out turn for the full year is likely to fall below original expectations.
H A (Tony) Palmer
Chairman
Interim results
Unaudited results for the six months ended 30 September 2003
Note 6 months to 6 months to 12 months to
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover
-ongoing operations 2 15,353 12,815 25,771
-discontinued operations - 1,045 1,603
15,353 13,860 27,374
Operating loss before exceptional and restructuring costs
-ongoing operations 2 (352) (381) (1,669)
-discontinued operations (39) (111) (224)
Exceptional items and restructuring costs
- ongoing operations 3 - - (206)
- discontinued operations - (100) (188)
Operating loss for the period
-ongoing operations (352) (381) (1,875)
-discontinued operations (39) (211) (412)
(391) (592) (2,287)
Interest (208) (173) (408)
Loss on ordinary activities before taxation (599) (765) (2,695)
Taxation 4 180 230 770
Loss after tax (419) (535) (1,925)
Dividends on ordinary shares
-interim 5 - -
-final - - -
Loss transferred to reserves (419) (535) (1,925)
Loss per ordinary share
before exceptional and restructuring costs
-basic 6 (0.23)p (0.25)p (0.88p)
-diluted 6 (0.23)p (0.25)p (0.88p)
Loss per ordinary share
-basic 6 (0.23)p (0.29)p (1.04p)
-diluted 6 (0.23)p (0.29)p (1.04p)
Group Statement of total recognised gains and losses
6 months to 6 months to 12 months to
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Loss for the period (419) (535) (1,925)
Revaluation of land & buildings 1,140 - -
Total recognised gains and losses relating to the 721 (535) (1,925)
period
Reconciliation of shareholders' funds
Total recognised gains and losses 721 (535) (1,925)
Shareholders' funds at 1 12,238 14,163 14,163
April
Shareholders' funds at 30 September/31 March 12,959 13,628 12,238
Unaudited consolidated balance sheet as at 30 September 2003
As at As at As at
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Intangible assets 764 813 790
Tangible assets 15,338 15,675 14,904
16,102 16,488 15,694
Current Assets
Stocks 4,917 5,351 5,083
Debtors 4,741 4,502 4,368
Cash at bank and in hand 1 1 1
9,659 9,854 9,452
Creditors: amounts falling due within one year (10,642) (8,851) (10,093)
Net current (liabilities)/assets (983) 1,003 (641)
Total assets less current liabilities 15,119 17,491 15,053
Creditors: amounts falling due after more than one year (1,840) (2,793) (2,315)
after
Provisions for liabilities and (320) (1,070) (500)
charges
Net Assets 12,959 13,628 12,238
Capital and reserves
Called up share capital 9,247 9,247 9,247
Revaluation reserve 2,721 1,581 1,581
Special reserve 13,130 13,130 13,130
Merger reserve (1,001) (1,001) (1,001)
Profit and loss account (11,138) (9,329) (10,719)
Equity shareholders' funds 12,959 13,628 12,238
Summarised statement of cash flows
for the six months ended 30 September 2003
6 months to 6 months to 12 months to
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Cash inflow from operating activities 801 166 211
Returns on investments and servicing of finance (239) (154) (357)
Tax paid (4) (53) (79)
Capital expenditure:
payments to acquire tangible fixed assets (116) (1,426) (1,774)
receipts from sales of tangible fixed assets 38 12 19
Financing:
repayment of capital elements of finance lease rentals (150) (204) (429)
new bank loans - 1,000 1,250
repayment of bank loans (500) - (1,000)
Decrease in cash (170) (659) (2,159)
Reconciliation of net cash flow to movement in net debt
for the six months ended 30 September 2003
Decrease in cash (170) (659) (2,159)
Repayment of capital elements of finance lease rentals 150 204 429
Cash inflow from new bank loans - (1,000) (1,250)
Cash outflow from repayment of bank loans 500 - 1,000
Change in net debt resulting from cash flows 480 (1,455) (1,980)
Other non cash movements (86) - (135)
Movement in net debt 394 (1,455) (2,115)
Opening net debt (5,213) (3,098) (3,098)
Closing net debt (4,819) (4,553) (5,213)
Reconciliation of operating profit to net cash inflow from operating activities
Operating loss (391) (592) (2,099)
Depreciation charges 872 975 2,056
Profit on sale of fixed assets (2) - (1)
Amortisation of goodwill 26 23 46
Decrease/(increase) in stocks 166 (307) (39)
(Increase)/decrease in debtors (373) 283 417
Increase/(decrease) in creditors 503 (216) (169)
Net cash inflow from operating activities 801 166 211
NOTES TO INTERIM RESULTS
1. The Interim Accounts, which are unaudited, have been prepared using
accounting policies stated in the Company's Report and Accounts for the
year ended 31 March 2003.
2. Segmental analysis of sales and operating profit is as follows:
6 months to 6 months to 12 months to
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
a) Analysis of sales by business group
Ceramics 11,667 9,894 20,382
Terrazzo 2,158 1,713 3,196
Supply and fix - 1,045 1,603
Raised access flooring 1,528 1,300 2,303
Inter company sales - (92) (110)
Total sales 15,353 13,860 27,374
b) Analysis of sales by destination
United Kingdom and Republic of Ireland 15,033 13,381 26,535
Other Europe 235 327 531
Rest of World 85 152 308
Total sales 15,353 13,860 27,374
c) Operating (loss)/profit before exceptional items
and restructuring costs by business group:
Ceramics (498) (455) (1,377)
Terrazzo 365 224 101
Supply and fix (39) (111) (224)
Raised access flooring 116 169 212
Central costs (335) (319) (605)
Total operating loss (391) (492) (1,893)
3. Exceptional and restructuring costs comprise:
6 months to 6 months to 12 months to
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Supply and Fix
- provisions against contract debtors - 100 188
Ceramics
- redundancy costs - - 206
- 100 394
4. The taxation credit for the six months ended 30 September 2003 is based on
an estimated effective rate of tax for the full year ending on 31 March
2003 of 30% after consideration of Group tax losses available for relief,
and adjustments relating to prior years.
5. The Directors do not recommend the payment of an interim dividend.
6. The earnings per share figures are based on the result after taxation for
the respective periods divided by the weighted average number of shares in
issue as follows:
6 months to 6 months to 12 months to
30 September 30 September 31 March
2003 2002 2003
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Loss on ordinary activities before taxation,
exceptional items and restructuring costs (599) (665) (2,301)
Taxation 180 200 676
(419) (465) (1,625)
Loss on ordinary activities before taxation (599) (765) (2,695)
Taxation 180 230 770
(419) (535) (1,925)
'000 '000 '000
Basic weighted average number of shares 184,949 184,949 184,949
Dilutive potential ordinary shares
-employee share options - - -
184,949 184,949 184,949
Earnings per share are shown before exceptional items and restructuring
costs to illustrate the effect of these on earnings per share.
7. Freehold land and buildings were valued by Edward Symmons as at October
2003 on an existing use basis value, and those valuations amounted to
#5.25 million. This compares to a NBV of #4.1 million. The
difference has been transferred to revaluation reserve. The historical
cost of the properties included at valuation is #2.8 million. The open
market value of the above properties at that date was #6.75 million.
8. The financial information contained in this interim statement does 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 March 2003.
Those accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.
9. Additional copies of the Interim Report are available from the Registered
Office of the company at Clifton Junction, P O Box 4, Manchester M27 8LP,
and at our web site www.pilkingtons.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFWFWISDSEIS
1 Year VanEck Commodity Strateg... Chart |
1 Month VanEck Commodity Strateg... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
