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Share Name | Share Symbol | Market | Type |
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Esports Mogul Limited | ASX:ESH | Australian Stock Exchange | 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% | 0.0035 | 0.003 | 0.004 | 0.00 | 01:00:00 |
RNS Number:3343S East Surrey Holdings PLC 21 November 2003 East Surrey Holdings PLC EAST SURREY ANNOUNCES SOLID INTERIM RESULTS AS IT ANNOUNCES PHOENIX ACQUISITION East Surrey Holdings plc, ("East Surrey"), the water and gas utility company, has today announced its interim results for the six months to 30 September 2003. * Turnover #26.6 million (2002: #25.9 million) * Operating profit #5.6 million (2002: #5.4 million) * Pre-tax profit #3.7million (2002: #9.4 million*) * Earnings per share 5.6p (2002: 18.1p*) * Interim dividend 4.75p (2002: 4.6p) * Acquisition of two Independent Gas Transporters *Includes exceptional profits on disposals and prior year tax adjustment Pat Barrett, Chairman, commenting on the results said, "We are delighted to be announcing the acquisition of the 75.5% of Phoenix that we do not already own. This is an important and very exciting step in the development of the Group. "Meanwhile, the core operations have continued to perform well. I look forward to the future of the enlarged Group with confidence." This statement is published at the same time as the formal circular to shareholders announcing the agreement, subject to shareholder approval, to acquire the 75.5 per cent. of Phoenix Natural Gas Ltd. that is not already owned by East Surrey, and the placing and open offer to raise funds to finance the acquisition. This investment, which is explained in the circular, will allow shareholders to fully participate in the expected growth of the natural gas market in the Greater Belfast area. -ends- Date: 21 November 2003 For further information contact: East Surrey Holdings plc 01737 772000 Phil Holder, Managing Director Nick Fisher, Finance Director City Profile 020 7448 3244 Simon Courtenay Interim results for the six months ended 30 September 2003 The following is the full text of the interim results for the six months ended 30 September 2003 which were released earlier today: Chairman's Statement This statement is published at the same time as the formal announcement of our agreement, subject to shareholder approval, to acquire the 75.5 per cent. of Phoenix Natural Gas that we do not already own, and the placing and open offer to raise funds to finance the acquisition. This investment, which will be explained in more detail in a circular to be sent to Shareholders later today, will allow shareholders to fully participate in the expected growth of the natural gas market in the Greater Belfast area. As regards other strategic activities, Sutton and East Surrey Water has continued to achieve its targets despite difficult operating conditions and E.S. Pipelines has acquired two independent public gas transporters to consolidate its operations. Operating profits for the six months ended 30 September 2003 were #5.6m (2002: #5.4m) on a turnover of #26.6 million (2002: #25.9 million). Sutton and East Surrey Water Turnover in Sutton and East Surrey Water increased by 1.0 per cent. to #18.8 million (2002: #18.6 million). This increase was less than the rate of inflation because of the 1.21 per cent. price reduction agreed by OFWAT to reflect a lower number of customers switching to meters than anticipated. Due to the warm weather this summer, demand from domestic customers has been high. As a result, metered income is ahead of forecast at the half year. However, the additional costs associated with high demand and with repairing significantly more burst mains than usual due to increased ground movement have adversely affected operating costs. The overall impact of all these factors was to leave operating profits unchanged at #5.8 million. At the operational level, it is well known that August, September and October have been some of the hottest and driest months on record. During the summer period rainfall was only 77 per cent. of normal levels with September being the eighth consecutive month of below average rainfall. Despite these problems we continued to supply without interruption despite daily average demand in August being 35 per cent. above typical levels. However, if rainfall over the course of the winter does not reach long-term average levels then there could be resource difficulties next summer. In other operating areas we have continued to meet our leakage targets and maintain our high levels of customer service. Our business plan, submitted to OFWAT in mid-August, showed that there are a number of issues that require further clarification before the final business plan is submitted in April 2004. We are encouraged by OFWAT's initial response to those plans, which showed a reasonable approach to financing issues but is more contentious on some operating cost and efficiency issues. We are currently preparing for our meetings with OFWAT and look forward to some constructive discussions. As announced by the Company on 3 October 2003, Sutton and East Surrey Water has agreed with OFWAT that adjustments to Sutton and East Surrey Water's charges for 2004/05 should be carried forward and taken into account in the calculation of prices for 2005/10. The total impact of this adjustment over the five year period 2005/10 will be #1.16 million (equivalent to #0.23 million per annum) before tax in 2002/03 prices. Phoenix Natural Gas Ltd Phoenix Natural Gas continues to make good progress and is achieving its operational targets. East Surrey Holdings' share of turnover increased by 13 per cent. to #3.2 million although this was lower than anticipated due to an 'early turn-off' in the spring caused by the warm weather at that time followed by an unusually hot summer. However, the number of connections reached 61,000 by the end of the September. East Surrey Holdings' share of the loss in the summer period was #0.4 million (2002: #0.5 million). At the beginning of October, Phoenix Natural Gas increased its prices by 10.8 per cent. This increase included amounts for inflation and the increased cost of natural gas. Since my last report, the regulator (OFREG) has decided to award preferred bidder status to another company for natural gas distribution licences to new areas of Northern Ireland. Phoenix Natural Gas considered that this was a flawed process and applied for a judicial review of the decision, which is scheduled to start later this month. Neither the preferred bidder status nor the judicial review will have any effect on Phoenix Natural Gas' existing business covering the Greater Belfast area. Phoenix Natural Gas is in discussions with OFREG regarding the conversion of its current licence (the Phoenix Licence) to one which is based on regulatory asset value, whereby the value of the business increases with investment and short term under-recoveries and is depreciated over an appropriate period for a gas infrastructure business. Any revision to the existing Phoenix Licence would require the consent of Phoenix Natural Gas. E.S. Pipelines I am very pleased to report that on 28 October 2003 we acquired the natural gas networks operated by United Utilities plc for a cash consideration of #3.1 million. These networks comprise around 10,000 revenue-earning connections, which the Directors anticipate will increase to 12,000 over the course of the next two years, and will provide a sound revenue stream and firm basis from which E.S. Pipelines can grow. In addition, E.S. Pipelines continues to find and develop its own projects and has recently started construction at Culloden, Llay, Invergorden and Alloa. Work also continues on major projects at St Osyth, Cleveland and Edinburgh Waterfront. In all there are 50 projects currently being constructed or earning revenue. We mentioned in our 2003 Financial Statements that the Office of Gas and Electricity Markets (OFGEM) was consulting on changes to the methodology that determines natural gas transportation charges. OFGEM has now completed this process and issued proposed guidelines. Essentially the proposal will allow E.S. Pipelines to offer reduced capital contributions, but higher than standard transmission charges, for customers wishing to connect to our natural gas networks. The proposal protects the position of infill developments, in which E.S. Pipelines specialises and is a satisfactory outcome to what could have been a serious threat to E.S. Pipelines' viability. Non-core companies in the Group have performed well generating profits of #0.5 million (2002: #0.4 million). Last year's results included #0.1 millon from discontinued operations. Demand at both Advanced Minerals Limited and Allmat (East Surrey) Limited have exceeded expectations. Financing costs of #1.9 million (2002: #0.2 million) included bond indexation charges of #1.5 million (2002: #nil) reflecting the change in the Retail Price Index over the period. Last year there was no increase in that index in the period. The tax charge for the period of #0.4 million (2002: #0.1 million benefit) does not include any prior year tax adjustments although last year's results included #1.8 million of such refunds. Dividends The results reported are consistent with our long-term plan. Therefore, in line with its policy of increasing dividends in line with inflation across the full financial year and providing real increases when Phoenix Natural Gas becomes cash generative, the Board has declared a dividend of 4.75 pence (2002: 4.60 pence). The interim dividend will be paid on 12 January 2004 to shareholders on the register on 12 December 2003. New shares issued pursuant to the proposed placing and open offer will not qualify for the interim dividend but will rank pari passu with existing shares in all other respects. Following the acquisition of Phoenix, the directors of East Surrey Holdings look forward to the future of the Enlarged group with confidence. Pat Barrett Chairman 21 November 2003 Consolidated Profit and Loss Account For the six months ended 30 September 2003 Six months ended Six months ended Year ended _________________ _________________ _________________ 30 Sept 30 Sept 30 Sept 30 Sept 31 March 31 March 2003 2003 2002 2002 2002 2003 Note #'000 #'000 #'000 #'000 #'000 #'000 _________________________ _______ _______ _______ _______ _______ _______ Turnover: Group and 2 26,623 25,905 55,550 share of joint venture Less: Share of joint (3,189) (2,831) (9,007) venture turnover _________________________ _______ _______ _______ Group turnover 23,434 23,074 46,543 Operating costs (17,127) (16,859) (33,567) _________________________ _______ _______ _______ Group operating profit 6,307 6,215 12,976 Joint venture Share of operating (419) (516) 596 (loss)/ profit Amortisation of licence (115) (100) (176) _________________________ _______ _______ _______ (534) (616) 420 Amortisation of goodwill (174) (174) (347) _________________________ _______ _______ _______ Total operating (708) (790) 73 (loss)/profit on joint venture _________________________ _______ _______ _______ Total operating profit - 5,599 5,425 13,049 Group and share of joint venture Exceptional items 3 Profit on sale of - 2,414 2,414 subsidiary Profit on disposal of - 1,815 1,815 tangible fixed asset _________________________ _______ _______ _______ Net exceptional profits - 4,229 4,229 Net interest (payable)/receivable - Group (1,930) (251) (2,127) - Joint Venture 18 17 38 _________________________ _______ _______ _______ 4 (1,912) (234) (2,089) _________________________ _______ _______ _______ Profit on ordinary 2 3,687 9,420 15,189 activities before taxation Taxation on profit of 5 (416) 103 515 ordinary activities _________________________ _______ _______ _______ Profit on ordinary 3,271 9,523 15,704 activities after taxation Dividends - equity and 6 (2,862) (2,787) (7,914) non-equity shares Retained Profit for the 409 6,736 7,790 period ======================== ======= ======= ======= Basic and fully diluted earnings per share - Basic and diluted 7 5.6p 18.1p 29.5p - Before exceptional 5.6p 10.4p 21.6p items - Before exceptional 5.6p 6.7p 15.4p items and prior year tax adjustment ======================== ======= ======= ======= The turnover, operating profit and exceptional profits of the Group arise solely from continuing operations. Consolidated Balance Sheet As at 30 September 2003 30 Sept 30 Sept 30 Sept 30 Sept 31 March 31 March 2003 2003 2002 2002 2003 2003 Note #'000 #'000 #'000 #'000 #'000 #'000 ________________________ _______ _______ _______ _______ _______ _______ Fixed Asset Intangible assets 113 119 116 Tangible assets 126,075 110,921 117,821 Investment in joint venture 8 - Share of gross assets 61,834 58,241 61,647 - Share of gross liabilities (7,912) (7,455) (7,989) - Goodwill 4,322 4,669 4,496 ________________________ _______ _______ _______ Total Investment in joint venture 58,244 55,455 58,154 ________________________ _______ _______ _______ 184,432 166,495 176,091 Current assets 9 78,846 83,852 76,981 Creditors: Amounts falling due (27,244) (21,138) (19,626) within one year ________________________ _______ _______ _______ Net current assets 51,602 62,714 57,355 ________________________ _______ _______ _______ Total assets less current 236,034 229,209 233,446 liabilities Creditors: Amounts falling due (95,885) (89,886) (93,631) after more than one year Provisions for liabilities and 10 (6,690) (7,336) (6,759) charges ________________________ _______ _______ _______ Net assets 2 133,459 131,987 133,056 ====================== ======= ======= ======= Share capital and reserves Called up share capital 15,212 15,212 15,212 Other reserves 15,550 15,550 15,550 Profit and loss account 102,447 100,984 102,038 ________________________ _______ _______ _______ Shareholders funds 11 133,209 131,746 132,800 Minority interest - non equity 250 241 256 ________________________ _______ _______ _______ 133,459 131,987 133,056 ====================== ======= ======= ======= Summarised Consolidated Cash Flow Statement For the six months ended 30 September 2003 Six months ended Six months ended Year ended ___________________________ ________________ _______________ ________________ 30 Sept 30 Sept 30 Sept 30 31 March 31 March Sept 2003 2003 2002 2002 2003 2003 Note #'000 #'000 #'000 #'000 #'000 #'000 ___________________________ _______ _______ _______ ______ _______ _______ Net cash inflow from 12 15,679 10,012 18,246 operating activities Net cash outflow from (695) (174) (660) returns on investments and servicing of finance UK corporation tax 2,093 (1,330) (1,771) received / (paid) Capital expenditure and financial investment Purchase of tangible fixed (11,977) (7,946) (18,556) assets Sale of tangible fixed 44 252 705 assets Exceptional proceeds on - 2,799 2,799 disposal of subsidiary Exceptional proceeds on - 4,095 4,095 disposal of tangible fixed assets ___________________________ _______ _______ _______ Net cash outflow from (11,933) (800) (10,957) capital expenditure and financial investment Acquisitions and disposals Purchase of interest in (673) (1,678) (3,969) joint venture Net cash disposed with - (2) (2) subsidiary ___________________________ _______ _______ _______ Net cash outflow from (673) (1,680) (3,971) acquisitions and disposals Equity dividends paid (4,632) (4,482) (6,772) ___________________________ _______ ______ _______ Net cash (outflow)/inflow (161) 1,546 (5,885) before management of liquid resources and financing Management of liquid 11,040 (650) 1,760 resources Financing: Bank loans received 399 - 1,411 Bank loans repaid (146) - (79) Loan notes repaid - (15) (31) Capital element of finance - - (157) lease rental payments ___________________________ _______ _______ _______ Net cash inflow/(outflow) 253 (15) 1,144 from financing ___________________________ _______ ______ _______ Increase/(decrease) in 11,132 881 (2,981) cash ===================== ===== ===== ====== Consolidated Statement of Total Recognised Gains and Losses For the six months ended 30 September 2003 Six months Six months Year ended ended Ended 30 Sept 2003 30 Sept 2002 31 March 2003 Note #'000 #'000 #'000 __________________________ _________ _________ _________ Total gains and losses recognised since the last annual 3,271 9,523 15,704 report ============================== ======== ========== =========== Notes to the accounts 1. Basis of preparation The interim Financial Statements have been prepared on the basis of the accounting policies set out in the Group financial statements for the year ended 31 March 2003. The statements do not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. 2. Segmental analysis Six months ended Gas 30 Sept 2003 Water joint venture Other Total #'000 #'000 #'000 #'000 ________ ________ ________ ________ Turnover 18,759 3,189 4,675 26,623 Operating profit/(loss) 5,829 (419) 478 5,888 Amortisation of goodwill and intangible asset - (289) - (289) Exceptional items - - - - Interest (payable)/receivable (2,405) 18 475 (1,912) ________ ________ ________ ________ Profit/(loss) on ordinary activities before taxation 3,424 (690) 953 3,687 ________ ________ ________ ________ Net assets 60,860 58,244 14,355 133,459 ======= ======== ======= ======== Six months ended Gas 30 Sept 2002 Six months ended 30 Sept 2001 Water joint venture Other Total #'000 #'000 #'000 #'000 ________ ________ ________ ________ Turnover 18,575 2,831 4,499 25,905 ________ ________ ________ ________ Operating profit/(loss) 5,853 (516) 362 5,699 Amortisation of goodwill and other intangible asset - (274) - (274) Exceptional items - - 4,229 4,229 Interest (payable)/receivable (842) 17 591 (234) ________ ________ ________ ________ Profit/(loss) on ordinary activities before taxation 5,011 (773) 5,182 9,420 ________ ________ ________ ________ Net assets 59,796 55,455 16,736 131,987 ======= ======= ======= ======= Year ended 31 March 2003 Gas Water joint venture Other Total #'000 #'000 #'000 #'000 ________ ________ ________ ________ Turnover 37,167 9,007 9,376 55,550 ________ ________ ________ ________ Operating profit 12,016 596 960 13,572 Amortisation of goodwill and other intangible - (523) - (523) asset Exceptional items - - 4,229 4,229 Interest (payable)/receivable (3,262) 38 1,135 (2,089) ________ ________ ________ ________ Profit on ordinary activities before taxation 8,754 111 6,324 15,189 ________ ________ ________ ________ Net assets 58,478 58,154 16,424 133,056 ======= ======= ======= ======= 3. Exceptional items Profit on disposal of subsidiary during the year ended 31 March 2003 The Classic Water Company Ltd was sold on 23 July 2002 producing a profit of #2,414,000. There is no tax liability arising from this disposal. Profit on disposal of tangible fixed asset during the year ended 31 March 2003 Land at Kenley was sold producing a profit of #1,815,000. Within the tax charge, a provision of #291,000 has been made relating to this profit. 4. Net interest (payable)/ receivable Six months Six months ended ended Year ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Interest payable: Bond - interest (1,519) (1,479) (2,956) - indexation (1,463) - (1,525) - amortisation of costs (227) (227) (456) __________ __________ __________ Total bond costs (3,209) (1,706) (4,937) Bank loans and overdrafts (37) - (36) Other loans and finance leases (18) (82) (138) __________ __________ __________ Total interest payable and similar charges (3,264) (1,788) (5,111) __________ __________ __________ Interest receivable - Group 1,334 1,537 2,984 - Joint venture 18 17 38 __________ __________ __________ Total interest receivable and similar income 1,352 1,554 3,022 __________ __________ __________ Net interest payable and similar charges (1,912) (234) (2,089) ========= ========= ========= 5. Taxation Six months Six months Year ended ended ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ UK Corporation tax Current tax on income in the period 593 1,561 2,546 Adjustments in respect of prior periods (1) (1,828) (3,124) __________ __________ __________ Total current tax 592 (267) (578) Deferred tax Timing differences and discount (69) 315 (262) Share of joint venture deferred tax (107) (151) 325 __________ __________ __________ Tax on profit on ordinary activities 416 (103) (515) ========= ========= ========= 6. Dividends Six months Six months Year ended ended Ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Ordinary 2,366 2,291 6,922 Preference 496 496 992 __________ __________ __________ 2,862 2,787 7,914 ========= ========= ========= The Directors have declared an interim dividend of 4.75p (4.6p) per ordinary share. This will be paid on 12 January 2004 to shareholders on the register at the close of business on 12 December 2003. The ex-dividend date is 10 December 2003. 7. Earnings per ordinary share Six months ended Six months ended Year ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Profit of ordinary activities after taxation 3,271 9,523 15,704 Preference dividends (496) (496) (992) __________ __________ __________ Adjusted earnings 2,775 9,027 14,712 Exceptional profits net of tax - (3,850) (3,938) __________ __________ __________ Earnings excluding exceptional items 2,775 5,177 10,774 Less prior year tax adjustment (see note 5) (1) (1,828) (3,124) __________ __________ __________ Earnings excluding exceptional items and prior year tax 2,774 3,349 7,650 adjustment ========= ========= ========= Number number Number 000 000 000 Weighted average number of shares in issue 49,798 49,798 49,798 ========= ========= ========= 8. Investments - Joint venture The joint venture was acquired on 19 March 2001 and represents 24.5% of the net assets of Phoenix Natural Gas Limited. A further #0.7 million was invested in the period. 9. Current assets 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Stock 988 1,070 1,104 Debtors 9,003 7,747 7,114 Cash at bank and in hand 68,855 75,035 68,763 __________ __________ __________ 78,846 83,852 76,981 ========= ========= ========= 10. Provisions - deferred tax 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Balance brought forward 6,759 7,041 7,041 Amount charged in the profit and loss account (69) 315 (262) Sale of subsidiary - (20) (20) __________ __________ __________ Balance carried forward 6,690 7,336 6,759 ========= ========= ========= 11. Reconciliation of movements in shareholder's funds Six months ended Six months ended Year ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Profit for the period 3,271 9,523 15,704 Dividend (see note 6) (2,862) (2,787) (7,914) __________ __________ __________ Net addition to shareholders' funds 409 6,736 7,790 Opening shareholders' funds 132,800 125,010 125,010 __________ __________ __________ Closing shareholders' funds 133,209 131,746 132,800 ========= ========= ========= 12. Cash flow from operating activities Six months ended Six months ended Year ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Operating profit 5,599 5,425 13,049 Joint venture operating loss/(profit) 419 516 (596) Depreciation, amortisation and profit / loss on disposals 3,971 3,682 7,104 Decrease in working capital 5,690 389 (1,311) __________ __________ __________ 15,679 10,012 18,246 ========= ========= ========= 13. Reconciliation of net cash flow to movement in net debt Six months ended Six months ended Year ended 30 Sept 2003 30 Sept 2002 31 March 2003 #'000 #'000 #'000 __________ __________ __________ Increase/(decrease) in cash in period 11,132 881 (2,981) Cash (inflow)/outflow from (decrease)/ increase in liquid (11,040) 650 (1,760) resources Cash (inflow)/outflow from (increase)/decrease in debt and (253) 15 (1,144) lease finance __________ __________ __________ Movement in net debt resulting from cash flow (161) 1,546 (5,885) Non cash movement (1,690) (227) (1,980) __________ __________ __________ Movement in net debt in period (1,851) 1,319 (7,865) Net funds at beginning of period (23,676) (15,811) (15,811) __________ __________ __________ Net funds at end of period (25,527) (14,492) (23,676) ========= ========= ========= This information is provided by RNS The company news service from the London Stock Exchange END IR NKDKNOBDKNDB
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