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RNS Number:3902S
Get Group PLC
24 November 2003
Embargoed 07.00hrs, 24th November 2003
GET Group PLC
'GET' or 'The Group'
Preliminary results for the year ended 31 August 2003
GET Group PLC, the international electrical products supplier, announces record
preliminary results for the year ended 31 August 2003.
Highlights
Year ended 31 August 2003 31 August 2002 % Change
Turnover #73.17m #65.29m +12%
Pre-tax profit #4.53m #4.07m +11%
Earnings per share - diluted 18.71p 17.03p +10%
Final dividend per share 5.20p 4.60p +13%
Total dividend per share for year 7.80p 6.90p +13%
Net shareholders' funds #20.76m #18.84m +10%
* Record profit before tax of #4.53m (2002: #4.07m) - up 12%
* Record EPS - fully diluted earnings of 18.71p (2002: 17.03p) - up 10%
* Total dividend for the full year at 7.80p net per share (2001: 6.90p net)
- up 13%
* Operating margins stable at 7.2%
* Introduction of innovative product ranges during the year
* Continued focus on customer service
* Shareholders' funds increased by #1.87m to #20.76m - up 10%
John Joseph, Chairman of GET Group PLC commented:
"Behind us is a successful year that has fulfilled the Group's expectations.
Ahead lie opportunities that are both challenging and exciting. We aim to grow
our core domestic business with new or evolving product lines and to establish
ourselves further in both the specification sector and international markets.
The Board is understandably confident of another successful year ahead, which
will enable us further to develop and expand our business."
For more information please contact:
GET Group PLC Today: 07774-759200
John Joseph, Chairman Thereafter 020 8368-8833
Shore Capital
Alex Borelli/Simon Edwards 0207 408 4090
Hansard Communications 020-7245-1100
Adam Reynolds 07785-908-158
Chairman's Statement
The year in financial focus
A sharp strategic focus, a range of innovative new products, a broadening of our
customer base, and strong market growth have culminated in a landmark year for
GET Group PLC. Notably, it has been a record year too - in terms of revenue,
pre-tax profit, dividend and earnings per share.
I am delighted to report that, for the year ended 31st August 2003, the Group
has made profits before taxation of #4.5 million - compared to #4.1 million in
2002. on turnover up 12.1% from #65.3 million to #73.2 million, giving earnings
per share on a fully diluted basis of 18.71 p (2002: 17.03p). Net assets per
share now stand at 125.2 p (2002: 114.2p).
In line with expectations, gearing has increased from 38% in 2002 to 54% in
2003. This reflects the increased stock levels associated with new product
introductions for ranges launched at the end of last year and in the current
year. Although the gearing has risen, the EBITDA interest cover of remains high
at 7.8 times (2002: 8.7times).
These impressive results back the Board's continued belief in the fundamental
strength of the Group. With the 8.0% increase in earnings per share and a
positive outlook for the coming year, the Board recommends a net final dividend
of 5.2p per share. This increase of 13% marks the seventh consecutive year of
dividend growth, from 6.9p net for the year in 2002 to 7.8p net for the year in
2003.
Innovation & expansion
Strong domestic growth has seen the Group continue to increase its market share
in a challenging economic climate. Our offer continues to combine innovative
design with unbeatable value. What's more, we have expanded our product ranges
and are placing more emphasis than ever on speed, efficiency and exemplary
customer service.
Crucially, GET prides itself on a deep understanding of consumer needs.
Increasingly discerning and design conscious, today's consumers expect not only
value for money - but also a high level of both quality and style. Innovation is
therefore key to our approach, and underlines our commitment to remaining a
market leader in the electrical accessory industry.
The vision and dedication of our London-based design team has resulted in the
introduction of a number of cutting-edge new product lines, including, in 2003
the launch of a lighting range, which has transformed the Luneta range into a
flagship portfolio of indoor and outdoor lighting solutions. Demand has been
strong, and we are currently supplying to major retailers, garden centres and
the electrical wholesale channel.
In short, GET has sharpened its strategic focus to offer increased choice,
innovation, quality and value to its customers - and their customers too.
International strategy
In line with our long-term strategy, the Group is broadening its scope beyond
the domestic market. A new International Division has therefore been
specifically created to develop our business overseas. I am pleased to announce
sales have progressed in both the US and the Middle East markets and the group
firmly believes there is considerable scope to further progress these
opportunities.
Specification strategy
New product development and a growing client base have helped the Group to
become an increasingly important player in the specification sector,where
product is supplied to major building projects through the recommendation of
architects.In particular, our complete range of Grid systems has enabled us to
meet the needs of both new build domestic and larger industrial projects.
In the past year, GET has been chosen to supply to a number of major building
contractors and high-profile developments. These include the #150 million Crosby
Group development at Clarence Dock Leeds, an exclusive complex that now
showcases our Luneta lighting range.
And with further specification projects in the pipeline, the Group is confident
that this side of our business will become an invaluable asset over the coming
years.
People
This year, Lance Joseph, Deputy Chairman of the Group, took over as Group Chief
Executive. In his new role, Lance will continue to oversee all major product
innovation and design decisions: a responsibility that is critically important
to the Company's reputation for quality, reliability and value for money.
Meanwhile, the appointment of Gerry Barnett as Group Commercial Director
highlights the Group's dedication to building long-term relationships with
suppliers and customers alike. Formerly Group Sales Director, Gerry is now
responsible for all Sales & Marketing, as well as the expansion of the new
International Division.
The Group is also set to move to a new head office in Potters Bar by the end of
2003. The new premises herald an exciting new era for GET and will help us to
continue to attract the quality of staff needed to maintain the Company's solid
growth.
Finally, after this year of record results, I would personally like to thank
each and every member of staff and the Board for their hard and conscientious
work. It is with their commitment in mind that I look forward with confidence to
the future expansion of GET Group PLC.
The year ahead
Behind us then, is a successful year that fulfilled the Group's expectations.
And ahead lie opportunities that are both challenging and exciting. We aim to
grow our core domestic business with new or evolving product lines and to
establish ourselves further in both the specification sector and international
markets. The Board is understandably confident of another successful year ahead,
which will enable us to develop further and expand our business.
JOHN JOSEPH
CHAIRMAN
Group Profit and Loss Account
Year ended Year ended
31st August 2003 31st August 2002
#'000 #'000
Turnover 73,168 65,292
Cost of sales (55,529) (49,942)
--------- ---------
Gross profit 17,639 15,350
Distribution costs (2,754) (2,505)
Administrative expenses (9,731) (8,409)
Other operating income 131 268
--------- ---------
Operating profit 5,285 4,704
Profit on disposal of operations - 586
Provision for reorganisation costs - (574)
--------- ---------
Profit on ordinary activities before interest 5,285 4,716
Interest receivable and similar income 9 34
Interest payable and similar charges (769) (685)
---------- ----------
Profit on ordinary activities before taxation 4,525 4,065
Tax on profit on ordinary activities (1,391) (1,222)
---------- ----------
Profit on ordinary activities after taxation 3,134 2,843
Dividends (1,291) (1,138)
---------- ----------
Retained profit 1,843 1,705
====== ======
Earnings per share - basic 19.24p 17.52p
Earnings per share - diluted 18.71p 17.03p
Net dividend per share 7.80p 6.90p
Group Balance Sheet
As at As at
31st August 31st August
2003 2002
#'000 #'000
Fixed assets
Intangible assets 152 184
Tangible assets 7,652 7,126
Investments 390 308
--------- ---------
8,194 7,618
--------- ---------
Current assets
Stocks 22,460 15,841
Debtors 10,980 9,980
Cash at bank and in hand - 132
--------- ---------
33,440 25,953
Creditors:
Amounts falling due within one year (18,634) (11,476)
--------- ---------
Net current assets 14,806 14,477
--------- ---------
Total assets less current liabilities 23,000 22,095
Creditors:
Amounts falling due after more than one year (2,107) (2,775)
Provisions for liabilities and charges (134) (477)
--------- ---------
Net assets 20,759 18,843
===== =====
Capital and reserves
Called up share capital 829 825
Share premium account 5,336 5,267
Other reserves 1,142 1,142
Profit and loss account 13,452 11,609
-------- --------
Shareholders' funds 20,759 18,843
===== =====
Group Cashflow Statement
Year ended Year ended
31st August 31st August
2003 2002
#'000 #'000 #'000 #'000
Net cash inflow from operating activities 589 1,222
Returns on investments and servicing of finance
Interest and other income received 9 34
Interest paid (762) (667)
Interest element of finance lease rental payments (7) (11)
--------- ---------
Net cash outflow for returns on investments and (760) (644)
servicing of finance
Taxation
Corporation tax paid (1,359) (1,049)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (949) (982)
Proceeds from sales of tangible fixed assets 23 71
Purchase of investments (82) (67)
Proceeds from sale of investments - 51
--------- ---------
Net cash outflow from capital expenditure and financial (1,008) (927)
investment
Acquisitions and disposals
Proceeds from sale of division - 1,857
Equity dividends paid (1,188) (1,039)
--------- ---------
Net cash outflow before financing (3,726) (580)
Financing
Increase in amounts borrowed 557 -
Repayment of loans (640) (658)
Capital element of finance lease rental payments (55) (30)
Issue of share capital 73 -
--------- ---------
Net cash outflow from financing (65) (688)
--------- ---------
Decrease in cash (3,791) (1,268)
--------- --------
Reconciliation of operating profit to net cash flow from operating activities
Year ended Year ended
31st August 31st August
2003 2002
#'000 #'000
Operating profit 5,285 4,704
Depreciation 664 880
Amortisation 32 32
Profit on sales of fixed assets - (2)
Cashflow relating to prior years restructuring (350) -
Increase in stock (6,619) (3,154)
Increase in debtors (1000) (283)
Increase/(decrease) in creditors 2,577 (955)
--------- ---------
Net cash inflow from operating activities 589 1,222
--------- --------
Reserves and reconciliation of movements in shareholders' funds
Share Share Other Profit and Total
Capital Premium Reserves Loss Shareholders'
Reserves Funds
#000 #000 #000 #000 #000
Opening shareholders' funds 825 5,267 1,142 11,609 18,843
Issue of new shares 4 69 - - 73
Profit for the financial year - - - 3,134 3,134
Dividends - - - (1,291) (1,291)
--------- --------- --------- --------- ---------
Closing shareholders' funds 829 5,336 1,142 13,452 20,759
--------- --------- --------- --------- ---------
Reconciliation of net cashflow to movement in net debt
Year ended Year ended
31st August 31st August
2003 2002
#'000 #'000
Decrease in cash in the year (3,791) (1,268)
Cash used to decrease debt and lease financing 138 688
--------- ---------
Changes in net debt resulting from cashflows (3,653) (580)
New finance leases (264) -
Net debt at 1st September 2002 (7,275) (6,695)
--------- ---------
Net debt at 31st August 2003 (11,192) (7,275)
--------- --------
Notes to the accounts
1. The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31st August 2002 and 2003, but is derived
from those accounts. Statutory accounts for 2002 have been delivered to the
Registrar of Companies in England and Wales, and those for 2003 will be
delivered following the Company's Annual General Meeting. The auditors have
reported on the 2002 accounts, their report was unqualified and did not contain
statements under section 237(2) or (3) of the Companies Act 1985.
2. All accounting policies adopted are consistent with those adopted in
previous years
3. The Board is proposing a final dividend of 5.20p net per share payable
on 26th January 2004 to shareholders on the register on 19th December 2003.
4. Earnings per share basic are based on the profit for the financial year
and the weighted average of 16.3 million shares in issue (2002: 16.2 million).
Fully diluted earnings per share are based on the weighted average of 16.8
million shares in issue (2002: 16.7 million).
5. Copies of the Annual Report will be sent to shareholders in due course
and additional copies will be available from the Company's registered office at
Key Point, 3-17 High Street Potters Bar, Herts. EN6 5AJ. The Annual General
Meeting will be held at the above registered offices on Friday 23rd January 2004
at 3.30pm.
6. This statement was approved by the Board of Directors on Friday 21st
November 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRBDBSSDGGXB
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