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RNS Number:2586J
Country & Metropolitan PLC
27 March 2003
27 March 2003
Country & Metropolitan PLC
Interim Results for the four months ended 31 December 2002
Country & Metropolitan PLC ("C&M"), the fully listed house builder and leading
developer of brown field regeneration projects announces interim results for the
four months ended 31 December 2002.
Financial Highlights
4 months to 6 months to
31 December 2002 28 February 2002
Turnover #25.7m #14.1m up 82.2%
Operating profit #3.2m #1.6m up 97.8%
Pre tax profit #2.53m #1.71m up 48%
Earnings per share 9.29p 7.39p up 25.7%
Interim dividend 0.70p 0.61p up 14.8%
Operational Highlights
* C&M predominantly focused on activities in the North of England
* The Group owns or controls land totalling 4,000 plots of which 1,250
plots have planning consent
* The Group has a 50% equity interest in a joint venture company that
has conditionally contracted to purchase High Royds Hospital in Menston near
Leeds - a 280 acre site which will be one of the largest mixed use urban
villages in the North of England
* Completed the purchase of Haverlock Hospital in Sunderland where
planning is expected for approximately 250 homes
* Record forward sales of #35.1 million
* Current annualised rental income of #980,000
David Laing, Group Chairman, commented on the Interim Results:
"The Group is now within the top twenty five house builders in the country in
terms of volume, with a large proportion of our developments in the North of
England where market conditions are buoyant. The demand for housing,
particularly at the affordable end of the market, provides the Group with a very
positive outlook both in terms of growth and profitability. The current forward
sales of #35.1 million are ahead of budget and the Board is confident of the
prospects of the Group for the period ending 30 June 2003."
For further information:
Country & Metropolitan Tel: 01895 824111
Stephen Wicks, Chief Executive
Nish Malde, Finance Director
Buchanan Communications Ltd Tel: 020 7466 5000
Mark Edwards/Jeremy Garcia
Chairman's Statement
Following your Board's decision to change the Group's financial year end from 31
August to 30 June, it gives me enormous pleasure to report another strong set of
results for the period of only four months ended 31 December 2002.
Turnover has increased to #25.7 million, an increase of 82.2% over the previous
period for the six months ended 28 February 2002. The gross margin is healthy
at 23.9% against 23.4% in the previous period. Operating profits (before
amortisation of goodwill) increased by 97.8% to #3.2 million compared to #1.6
million in the previous period. Pre-tax profits (before amortisation of
goodwill) increased to #2.53 million against #1.71 million for the six months
ended 28 February 2002, an increase of 48%.
Earnings per share (before amortisation of goodwill) rose to 9.29p (six months
to 28 February 2002: 7.39p), an increase of 25.7% over the previous period and
the directors are pleased once again to raise the interim dividend to 0.70p (28
February 2002: 0.61p) per share, an increase of 14.8%. The interim dividend
will be paid on 11 July 2003 to shareholders on the register on 20 June 2003.
This performance demonstrates significant progress year on year and the compound
annual increase in earnings per share (before amortisation of goodwill) for the
interim results over the last four years is 16.3%.
Shareholders' funds at the period end amounted to #20.9 million (28 February
2002: #15.5 million), an increase of 34.6%, representing net assets per share of
110.3p (28 February 2002: 93.1p).
The Board being conscious of the overheating in the market place in the South
East has now focused its house building activities in the North of England. The
acquisition of NorthCountry Homes Group Limited ("NorthCountry") has
strengthened the Group's activities both in the North and in volume house
building, enabling the Group to take longer term decisions on some of the more
complex Country & Metropolitan schemes to enable their full potential to be
maximised.
The Group has continued to purchase land prudently in prime locations, generally
resulting in healthy value uplifts on securing planning consents. Our site at
Poole Hospital, Middlesborough received planning consent for 94 units during the
four months ended 31 December 2002 and we have sold 51 of the new build plots at
a price close to the purchase price for the entire site. We have also acquired
a 50% interest in a joint venture company that has conditionally contracted to
purchase High Royds Hospital in Menston near Leeds. This site comprises of 280
acres and will be one of the largest mixed use urban villages in the North of
England. It will include the conversion of approximately 300,000 square feet
of listed buildings and 550,000 square feet of new build providing 600 homes and
130,000 square feet of commercial space.
We completed the purchase of Haverlock Hospital in Sunderland during September
2002 where planning is expected for approximately 250 homes.
The land bank for the first time buyer market is being increased in the various
markets in which NorthCountry operate at prudent prices which continue to
generate handsome margins.
The Group owns or controls land totalling 4,000 plots of which 1,250 plots have
planning consent.
Our current annualised rental income is now #980,000.
Country & Metropolitan has accumulated an interest in excess of 11% in Headway
PLC, an AIM quoted company, as a trade investment and we are considering various
options.
The Group is now within the top twenty five house builders in the country in
terms of volume, with a large proportion of our developments in the North of
England where market conditions are still buoyant. The demand for housing,
particularly at the affordable end of the market, provides the Group with a very
positive outlook both in terms of growth and profitability.
The current forward sales of #35.1 million are ahead of budget and the Board is
confident of a successful outcome for the period of 10 months ending 30 June
2003.
David Laing
Chairman
27 March 2003
COUNTRY AND METROPOLITAN PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Four months ended Six months ended Year ended
28 February 28 February 31 August
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 25,711 14,109 32,290
Cost of sales (19,559) (10,808) (23,288)
Gross profit 6,152 3,301 9,002
Net operating expenses (3,071) (1,793) (4,051)
Share of profit of associated undertaking 136 118 120
Operating profit - before goodwill amortisation 3,217 1,626 5,071
Goodwill amortisation (178) - (45)
Operating profit - continuing operations 3,039 1,626 5,026
Profit on disposal of investment - 1,136 1,058
Interest receivable and similar income 5 75 136
Interest payable and similar charges (693) (1,128) (2,279)
Profit on ordinary activities before taxation 2,351 1,709 3,941
Tax on profit on ordinary activities (773) (478) (1,198)
Profit for the financial period 1,578 1,231 2,743
Dividends (132) (131) (549)
Retained profit for the period 1,446 1,100 2,194
Basic earnings per share
- before goodwill amortisation 9.29p 7.39p 16.56p
- after goodwill amortisation 8.35p 7.39p 16.29p
Diluted earnings per share
- before goodwill amortisation 9.11p 7.33p 16.36p
- after goodwill amortisation 8.18p 7.33p 16.10p
Dividend per share 0.70p 0.61p 2.75p
COUNTRY AND METROPOLITAN PLC
CONSOLIDATED BALANCE SHEET
31 December 28 February 31 August
2002 2002 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Intangible assets - goodwill 5,120 - 5,298
Tangible Assets 15,592 13,281 15,521
Investments 1,562 252 387
22,274 13,533 21,206
Current assets
Stocks 37,026 20,499 31,938
Debtors - amounts falling due after more than one year - 50 50
- amounts falling due within one year 16,060 12,995 15,666
Cash at bank and in hand 89 952 8,326
53,175 34,496 55,980
Creditors - amounts falling due within one year (40,390) (26,852) (42,235)
Net current assets 12,785 7,644 13,745
Total assets less current liabilities 35,059 21,177 34,951
Creditors - amounts falling due after more than one 14,198 (5,682) (15,532)
year
Provision for liabilities and charges (8) - (12)
Net assets 20,853 15,495 19,407
Share capital and reserves
Called up share capital 189 167 189
Share premium account 9,940 7,529 9,940
Revaluation reserve 2,291 1,954 2,316
Profit and loss account 8,433 5,845 6,962
Shareholders' Funds
Equity interests 20,853 15,495 19,407
Net assets per share 110.3p 93.1p 102.7p
COUNTRY & METROPOLITAN PLC
CONSOLIDATED CASH FLOW STATEMENT
Four months Six months Year
ended ended ended
31 December 28 February2002 31 August2002
2002 (Unaudited) (Audited)
(Unaudited) #'000 #'000
#'000
Net cash outflow from operating activities (3,497) (3,535) 2,154
Returns on investments and servicing of finance
Interest received 56 6 17
Interest paid (1,331) (1,115) (1,977)
Dividends received 100 144 164
Net cash outflow from returns on investments and (1,175) (965) (1,796)
servicing of finance
Taxation
UK Corporation tax paid (1,007) (433) (407)
Tax paid (1,007) (433) (407)
Capital expenditure
Purchase of tangible fixed assets (179) (290) (382)
Sale of tangible fixed assets 187 25 203
Sale of investment - 7,842 7,842
Purchase of investments (1,182) (329) (559)
Net cash inflow / (outflow) from capital expenditure
and financial investment (1,174) 7,248 7,104
Acquisitions and disposals
Acquisition of businesses and subsidiaries - - (11,065)
Net cash balances acquired with subsidiaries - - 13,940
Net cash inflow from acquisitions and disposals - - 2,875
Equity dividends paid (115) (88) (371)
Net cash inflow / (outflow) before financing (6,968) 2,227 9,559
Financing
Repayment of short-term loans (unsecured) - - (25)
New secured loans - 2,150 1,900
Repayment of secured loans (1,953) (3,711) (3,796)
Net capital element of hire purchase contracts (144) (77) (370)
Repayment of Loan Stock (250) (250) (250)
Bank loans received 14,422 10,300 15,078
Bank loans repaid (12,484) (9,204) (13,354)
Net cash inflow / (outflow) from financing (409) (792) (817)
Increase / (decrease) in cash (7,377) 1,435 8,742
NOTES TO THE INTERIM ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2002
1 Basis of preparation
The unaudited interim accounts, for the four months ended 31 December 2002 have
been prepared on the basis of the accounting policies adopted in the accounts of
the Group for the year ended 31 August 2002.
The results for the four months ended 31 December 2002 and the half-year ended
28 February 2002 are unaudited. The comparative figures for the year ended 31
August 2002 are not the Company's statutory accounts for that year. Those
accounts have been reported on by the auditors of the Company and delivered to
the Registrar of Companies. The report of the auditors was unqualified and did
not contain a statement under Section 237(2) or (3) of the Companies Act 1985.
2 Dividends
The interim dividend of 0.70p (28 February 2002: 0.61p) per ordinary share will
be paid on 11 July 2003 to shareholders on the register at the close of business
on 20 June 2003.
3 Earnings per share
The calculation of the basic and diluted earnings per share figures are based on
the following:
Four months ended Six months Year
ended ended
31 December 28 February 31 August
2002 2002 2002
#'000 #'000 #'000
Profit on ordinary activities after tax 1,578 1,231 2,743
Amortisation of goodwill 178 - 45
Profit on ordinary activities before goodwill amortisation
and after tax 1,756 1,231 2,788
'000 '000 '000
Weighted average number of shares in issue during the
period used in the calculation of basic earnings per share 18,901 16,651 16,836
Dilution effect of options treated as exercisable at the
period end 380 135 206
Weighted average number of shares used in the calculation
of diluted earnings per share 19,281 16,786 17,042
Basic earnings per share
- before goodwill amortisation 9.29p 7.39p 16.56p
- after goodwill amortisation 8.35p 7.39p 16.29p
Diluted earnings per share
- before goodwill amortisation 9.11p 7.33p 16.36p
- after goodwill amortisation 8.18p 7.33p 16.10p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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