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Share Name | Share Symbol | Market | Type |
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Hitech Snt S.A. (CR) | ASE:HIT | Athens | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:1435U Heiton Group PLC 13 January 2004 HEITON GROUP PLC INTERIM ANNOUNCEMENT OF AUDITED RESULTS FOR HALF YEAR ENDED 31st OCTOBER 2003 * Turnover Euro255.5m, up 4% * Pre tax profit (pre exceptional items) of Euro15.0m, up 29% * Adjusted EPS of 27.3c per share, an increase of 23% * Net cash inflow from operating activities increased to Euro19.6m * Interim dividend of 7.0 cent per share, an increase of 13% * Net debt reduced to Euro53.5m, a gearing level of 36% Commenting on the results, Leo Martin, Chief Executive of Heiton Group said, " This is a strong set of results for the Group, with EPS growth of 23% and continued strong cash generation. We are encouraged by the robust performance achieved across all of our divisions and are pleased to report that the new organisation structure, announced last July, is performing effectively. Market conditions in Ireland have been positive with housing and RMI (Repairs, Maintenance and Improvement) performing particularly well during the period. Our Heiton Trade and Heiton Retail divisions, which are positioned to tap into this expanding segment of the construction market, have experienced a period of strong organic growth. The economic outlook for Ireland for 2004 remains optimistic fuelling RMI activity although lower growth levels are expected in the new housing market in 2004. We have experienced stronger trading and profitability in the UK. Considerable progress has been made with our restructuring programme and we remain confident that the work carried out this year will provide a platform for an improved performance going forward. Following the achievements of all the divisions in the first half, your Board remains confident of a satisfactory outturn for the full financial year." -Ends- 13th January 2004 For reference: Leo Martin Peter Byers Group Chief Executive Group Finance Director Heiton Group plc Heiton Group plc Tel : 01 403 4000 Tel : 01 403 4000 Mobile : 087 2563296 Mobile : 086 2466755 Issued on behalf of Heiton Group by Drury Communications Contact: Orla Benson/Billy Murphy Drury Communications Tel: 01 260 5000 Mobile : 087 803 3262/087 231 3085 Interim Results Statement Half year to 31 October 2003 Results and Dividends I am very pleased to report that the first half of the financial year 2003/2004 has been a successful one for your Group. Against a back-drop of sales growth of 4.1% over last year, profit before tax and exceptionals has risen by 29.2% while earnings per share before goodwill and exceptional items has grown by 23% to 27.3c. This result has been enhanced by a profit on property transactions amounting to Euro1.7m during the period. It has also been a good period for cash generation with net debt reducing to Euro53.5m from Euro79.5m in October 2002 and Euro63.2m at April 2003. This strong performance further enhances the Group's balance sheet and positions us well to be able to capitalise on future development opportunities. The Board is proposing an interim dividend of 7.0c, an increase of 12.9% above the 6.2c paid last year. This continues your Board's progressive dividend policy. Operating Review Trading has been very satisfactory in the six months to 31 October 2003 and the programmes announced in July and at the AGM in September have proceeded as planned. Market growth in Ireland has been quite strong with housing and RMI (repairs, maintenance and improvements) performing particularly well during that period. I am happy to report that the new organisation structure whereby the Group operates through three divisions - Heiton Trade, Heiton Retail and Heiton UK - is working well. The greater cohesion and synergy arising from the new structures, together with the strength of the management teams and their programmes, has resulted in an improved performance from each of these divisions. In the UK, the new strategy and restructuring of UK operations were announced in July and are already producing positive results. The UK management team is progressing well towards implementation of the various elements of this restructuring and we remain optimistic that the work will be completed during this financial year giving the UK business a strong platform for development and expansion in the future. Profitability has been significantly enhanced. Heiton Trade Heiton Trade comprises Heiton Buckley, Cork Builders Providers, Heiton Steel, Sam Hire, Wright Window Systems and Morgans Timber. This division has had a successful six months. Turnover growth of 8.3% was achieved, with positive contributions being made by all businesses. Those businesses with a higher exposure to the housing and RMI segments of the construction market have performed especially well and, across the division as a whole, operating profit margins have improved. During the period, management has focused on extracting greater benefits from the integration of these businesses. There will be a greater concentration on the RMI segment of the market with the product range, merchandising, marketing and support systems all geared towards increasing our share of this growing sector of the construction market. Development of the existing infrastructure continues with the completion of the new facility in Ballyshannon, Co Donegal which is due to be opened early in 2004. Further, plans to consolidate two or more businesses on a single site (eg Sam Hire with Heiton Buckley) are well advanced in two locations around the country. Wright Windows has had a very successful period of trading and it has a full forward order book. In summary, this has been a good period of trading for Heiton Trade while the foundations are being laid for further growth in the future including the examination of suitable acquisition opportunities. Heiton Retail Heiton Retail brings together Atlantic Homecare and the Panelling Centre. These businesses have met the strong growth targets which were set for them with turnover rising by 10.3% and a significant improvement in operating margins. During the period, the official opening of "In-House at the Panelling Centre" took place in Santry, Dublin. This new showroom is one of the largest of its kind in Ireland and represents an excellent offer to the kitchen trade and consumer alike. It offers a doubling of showroom and warehouse space, enhances considerably the display of kitchen units in the new showrooms and is already attracting a noticeable increase in activity. In November, the Atlantic store in Galway relocated to a new 50,000sq ft unit and this has performed extremely well in its early weeks. Also in November, Atlantic announced the planned opening of three new stores which are to be located in Tullamore, Wexford and Limerick. These developments, together with the improved organic performance, offer the Retail division good prospects for the future. Heiton UK Trading during the first half has been successful and a significant improvement on last year. Profitability has risen significantly over last year's levels notwithstanding the negative currency translation effect. The Heiton UK management team is well advanced in tackling their restructuring programme. The dry lining business has now been closed resulting in increased profitability for the business and lower investment levels. The level of stocks in the garage doors division has been steadily reduced during the period with a view to disposal in the second half of the year. The plan for the Southern division, based in Surrey, will be to transfer into a new location during the second half of the year. Given the improved location, this should help to improve trading from a significantly reduced asset base. The site will then be put on the market for disposal at an optimum time. In addition, one of the two sites in the North (Farnworth) is actively being marketed. UK management remains positive regarding the outlook for their business with an expectation that the restructuring work being carried out this year will provide a good platform for a continued improved performance in the future. Board and Management As announced at the annual general meeting in September, we are delighted to have secured the services of Mr. Willie Cotter as a new non-executive director. Mr Cotter was officially appointed on 18 September 2003. Until recently, Mr Cotter was Chief Executive of Bank of Ireland Asset Management, the largest fund management company in Ireland. Finance As mentioned earlier, the generation of positive cashflow has been a feature of the Groups' performance in recent years. Cashflow from operating activities of Euro19.6m is above the historically record level achieved last year while net cash flow before financing of Euro9.6m is Euro7.5m above last years levels. These have been delivered following the successful trading results for the period, a continuation of the higher levels of working capital turnover, the disposal of certain under-utilised fixed assets including a site in Santry, Dublin, which yielded a net surplus amounting to Euro1.7m and the concentration of capital expenditure into revenue enhancing projects. The result of this work has been a reduction in net debt from Euro63.2m at 30 April 2003 to Euro53.5m at 31 October 2003. Outlook The economic outlook for the second half of the year looks positive in both Ireland and the UK, although the growth level in the Irish housing market is unlikely to remain as strong as it has been throughout 2003. Nevertheless, following the achievements of all divisions in the first half, your Board remains confident of a satisfactory outturn for the full financial year. Richard Keatinge Chairman 13 January 2004 HEITON GROUP PLC GROUP PROFIT AND LOSS ACCOUNT for the HALF YEAR TO 31 OCTOBER 2003 Twelve Six Six Months to Months to Months to 30 April 2003 31 October 2003 31 October 2002 Audited Unaudited Unaudited Euro'000 Euro'000 Euro'000 479,077 Turnover 255,521 245,450 27,304 Operating profit before operating exceptional item 17,075 14,319 (13,098) Exceptional goodwill write-off and restructuring 0 0 costs 14,206 Operating profit 17,075 14,319 - Exceptional items - property gains 1,694 - 14,206 Profit before interest and taxation 18,769 14,319 (5,083) Interest payable (2,085) (2,713) 9,123 Profit before taxation 16,684 11,606 (3,214) Taxation (2,398) (1,859) 5,909 Profit for financial period 14,286 9,747 Dividends: (9) Preference (4) (4) (7,076) Ordinary (3,472) (3,045) (1,176) Profit/(loss) retained for the period 10,810 6,698 Earnings per ordinary share 43.08c - Pre-goodwill and pre-exceptional items 27.30c 22.19c 38.33c - Basic earnings per share pre-exceptional 25.52c 19.80c item 11.99c - Basic earnings per share 28.96c 19.80c 11.97c - Diluted earnings per share 28.77c 19.77c 14.40c Dividend per ordinary share 7.00c 6.20c GROUP BALANCE SHEET As at 31 OCTOBER 2003 30 April 2003 31 October 2003 31 October 2002 Audited Unaudited Unaudited Euro'000 Euro'000 Euro'000 Fixed Assets 128,987 Tangible assets 128,224 132,610 30,641 Intangible assets 29,895 42,095 2,831 Financial assets 2,831 2,831 162,459 160,950 177,536 Current assets 62,650 Stocks 61,382 64,662 99,796 Debtors 107,616 105,647 17,965 Cash at bank and in hand 13,347 15,361 180,411 182,345 185,670 Creditors - Amounts falling due within one year (15,680) Bank overdraft and other debt (25,801) (13,730) (1,213) Deferred acquisition consideration (6,293) (4,131) (116,284) Other liabilities (120,597) (114,641) (133,177) (152,691) (132,502) 47,234 Net current assets 29,654 53,168 209,693 Total assets less current liabilities 190,604 230,704 Creditors - Amounts falling due after more than one year (65,500) Bank loans and other debt (41,062) (81,160) (5,757) Deferred acquisition consideration 0 (2,929) (71,257) (41,062) (84,089) Provisions for liabilities and charges (868) Deferred taxation (868) (865) 137,568 148,674 145,750 137,568 Shareholders' funds 148,674 145,750 GROUP CASH FLOW STATEMENT For the HALF YEAR ENDED 31 OCTOBER 2003 Twelve Six Six Months to Months to Months to 30 April 2003 31 October 2003 31 October 2002 Audited Unaudited Unaudited Euro'000 Euro'000 Euro'000 46,088 Net cash inflow from operating activities 19,624 19,223 Returns on investments and servicing of finance (4,904) Interest and preference dividends paid (2,027) (2,632) (5,422) Taxation paid (2,477) (3,628) (5,375) Capital expenditure less disposal proceeds (713) (2,200) (5,082) Acquisition: Purchase of new undertakings (806) (4,992) (6,752) Equity dividends paid (4,047) (3,705) 18,553 Net cash inflow before financing 9,554 2,066 Financing Issue of new share capital/(Purchase of own shares ) (685) 568 (747) (14,268) (Decrease) in debt (14,725) (502) (14,953) (14,157) (1,249) 3,600 (Decrease)/Increase in cash (4,603) 817 Reconciliation of net cash flow to movement in net debt 3,600 (Decrease)/Increase in cash above (4,603) 817 14,268 Decrease in debt above 14,725 502 (22) Finance leases acquired with new undertakings 0 (22) (207) Debt acquired with new undertakings 0 (207) (849) New finance leases (423) (614) 16,790 Change in net debt 9,699 476 (80,005) Net debt at beginning of period (63,215) (80,005) (63,215) Net debt at end of period (53,516) (79,529) Notes to the Interim Report For the HALF YEAR ENDED 31 OCTOBER 2003 Twelve Six Six Months to Months to Months to 30 April 2003 31 October 2003 31 October 2002 Audited Unaudited Unaudited Euro'000 Euro'000 Euro'000 Turnover 314,522 Heiton Trade 173,115 159,779 85,317 Heiton Retail 46,711 42,347 399,839 Total Ireland 219,826 202,126 79,238 Heiton UK 35,695 43,324 479,077 Total 255,521 245,450 Reconciliation of movements in Shareholders' Funds 5,909 Profit for the financial period after taxation 14,286 9,747 (7,085) Dividends (3,476) (3,049) (1,176) 10,810 6,698 (685) Issue of new share capital/(purchase of own shares) 568 (747) Currency translation adjustment on foreign currency (390) net investment (272) (20) (2,251) Net addition to/(reduction in) shareholders' funds 11,106 5,931 139,819 Shareholders' funds at beginning of period 137,568 139,819 137,568 Shareholders' funds at end of period 148,674 145,750 Reconciliation of operating profit to net cash inflow from operating activities 14,206 Operating profit 17,075 14,319 0 Exceptional property gain 1,694 0 8,611 Exceptional goodwill write-off 0 0 1,218 Exceptional write-down of tangible fixed assets 0 0 11,330 Depreciation & amortisation 5,215 5,558 (304) Profit on disposal of tangible fixed assets (2,437) (527) 35,061 Cash inflow from trading 21,547 19,350 1,535 Stocks 1,268 (477) (1,609) Debtors (7,820) (7,357) 11,101 Creditors 4,629 7,707 11,027 Cash (outflow)/inflow from working capital (1,923) (127) 46,088 Net cash inflow from operating activities 19,624 19,223 Ordinary Shares Interim Dividend: 7.0c gross per share, subject to dividend withholding tax, if appropriate Dividend payment date: 11 March 2004 Ex Dividend date: 21 January 2004 Record date: 23 January 2004 6% Cumulative Preference Shares Interim Dividend: 3.81c gross per share, subject to dividend withholding tax, if appropriate Dividend payment date: 1 April 2004 Ex Dividend date: 21 January 2004 Record date: 23 January 2004 This information is provided by RNS The company news service from the London Stock Exchange END IR UURWRSRRAAAR
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