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Share Name | Share Symbol | Market | Type |
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Velocity Data Inc | CSE:VCT | CSE | Common Stock |
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% | 0.035 | 0.03 | 0.04 | 0 | 20:27:03 |
RNS Number:0156T Victrex PLC 09 December 2003 9th December 2003 Victrex plc Results announcement for the year ended 30th September 2003 * Volume up 23% to 1,481 tonnes (2002: 1,205 tonnes) * Turnover up 21% to #71.5m (2002: #59.1m) * Gross margin maintained at 55% * Profit before taxation up 18% to #22.6m (2002: #19.0m) * Final dividend of 5.3p making a total of 7.5p for the year, an increase of 7% Chairman Peter Warry commented: "I am pleased to report a year of continued progress, with good sales and profits growth and further success in developing new product applications. Since the year end, Asia-Pacific has shown further strong growth as the result of our greater focus on this region. Overall, sales volume for the first two months of the new financial year was in line with our expectations. Accordingly, we remain confident in the underlying growth potential for Victrex." Enquiries Victrex plc David Hummel, Chief Executive 0207 357 9477 (9th December 2003) Michael Peacock, Finance Director 01253 897700 (thereafter) Hogarth Partnership Limited Nick Denton / Tom Leatherbarrow 0207 357 9477 Victrex plc Preliminary results statement for the year ended 30th September 2003 I am pleased to report a year of continued progress, with good sales and profits growth and further success in developing new product applications. RESULTS Turnover for the year was #71.5m (2002: #59.1m). Gross profit increased by 21.3% to #39.4m (2002: #32.5m) representing 55.1% of turnover (2002: 54.9%). As forecast, sales, marketing and administrative expenses increased to #16.8m (2002: #13.0m) as a result of our programme of additional investment in product development and marketing, together with higher insurance costs and increased staff bonuses. Earnings before interest, tax, depreciation and amortisation amounted to #27.2m (2002: #23.3m) representing 38.1% of turnover (2002: 39.4%). Compared with the previous year, exchange rates have had an adverse impact of #1.6m on profit due to a weaker Dollar and Yen, partially offset by a stronger Euro. Net interest costs were reduced to #0.3m (2002: #0.5m) resulting in net interest cover of 73 times. Profit before tax was #22.6m (2002: #19.0m) up 18.5% and basic earnings per share were up 17.9% at 19.1p (2002: 16.2p). The overall effective tax rate (including deferred tax) remained at 32.5%. CASH FLOW Cash flow from operating activities increased to #26.1m (2002: #17.1m), primarily as a result of improved trading and a working capital increase of only #0.8m (2002: #6.1m). Capital expenditure payments amounted to #6.5m (2002: #8.8m) and were mainly related to the capacity uprate. Taxation paid was #6.2m (2002: #5.2m) as a result of increased profits. At the year end, the Group was ungeared with net cash of #6.0m (2002: net debt #1.7m), which leaves us well placed to support the future growth of the business. The Group has a committed bank facility of #40m which expires in September 2008, all of which was undrawn at the year end. DIVIDEND In recognition of this continued progress, the Directors have recommended a final dividend of 5.3p per ordinary share, making a total of 7.5p per ordinary share for the year, an increase of 7.1% over last year. This represents dividend cover of 2.5 times. SALES Total sales volume increased by 22.9% to 1,481 tonnes (2002: 1,205 tonnes) with second half volume of 738 tonnes (2002: 648 tonnes) compared with 743 tonnes (2002: 557 tonnes) for the first half. This reflects strong sustained volume growth since the first half of the previous year. Of our principal market segments, transport sales volume was up 17.2% on 2002 at 484 tonnes which was principally due to increased automotive sales in Europe and Asia-Pacific. Second half volume was the same as the first half at 242 tonnes. Industrial sales volume at 435 tonnes, showed an increase of 28.2% over the previous year mainly as a result of increased demand for machinery, down hole, and compressor applications in Europe and the United States. Sales volume in the second half was 218 tonnes, in line with the first half at 217 tonnes. Electronics sales volume was 351 tonnes, an increase of 24.4% over 2002. Second half sales at 181 tonnes were marginally up on the first half of 170 tonnes, largely due to further increases in semiconductor sales, building on the recovery we saw in the first half. Regionally, Europe achieved a record sales volume of 791 tonnes which was 21.7% up on 2002, with growth across all market segments. Second half sales volume (398 tonnes) was slightly ahead of the strong first half performance (393 tonnes). United States volume increased by 20.7% to 496 tonnes, largely due to increased demand in the industrial and electronics segments. Sales volume for the second half (243 tonnes) was slightly lower than the first half (253 tonnes) because of some softness in demand during the summer months. Asia-Pacific sales volume grew by 34.7% reaching a record level of 194 tonnes. In addition to growth in the electronics (which remains the largest market segment in this region) and industrial segments, transport experienced a step change in volume achieved due to increased automotive sales. Second half sales volume (97 tonnes) was identical to the first half. BUSINESS DEVELOPMENT The future growth of the business is underpinned by our ability to develop new applications and market areas for our polymers. This is why we are undertaking the programme of additional investment in sales and marketing and product research and development as announced in February. The particular areas of focus are Asia-Pacific (where we see significant growth potential), the delivery of a global approach to our sales channels and faster development of new products and applications worldwide. We have now completed the necessary organisational changes and upgraded our communications network and IT infrastructure as planned. It is, therefore, encouraging to note a significant increase in the rate at which we commercialise developments. During the year we commercialised 433 new applications (2002: 249) having an estimated mature annualised volume ("MAV") of 470 tonnes (2002: 210 tonnes). We have also continued to identify and develop new potential applications which will enable us to maintain growth in the medium term. This faster throughput has increased the productivity of the development pipeline, which measures the future potential of all of the specific development applications we are working on with end users. At the year end, the pipeline contained 1,508 developments (2002: 1,488) with an estimated MAV of 2,081 tonnes (2002: 2,316 tonnes). Technical development of the Victrex proprietary ionomer is continuing under our fuel cell membrane alliance with Ballard Power Systems Inc. Invibio(R) continues to perform ahead of expectations and entered into twenty four additional long term agreements with implantable medical device manufacturers during the year. Markets covered by these new agreements include orthopaedic, cardiovascular and drug delivery. Currently, more than half of our customers have had at least one device incorporating PEEK-OPTIMA(R) cleared by regulatory bodies. SUPPLY CHAIN The supply chain can currently support 2,300 tonnes per annum of VICTREX(R) PEEKTM sales which remains sufficient for our short term needs. We have now completed the uprate of our polymer plant to 2,800 tonnes. The uprate of the BDF supply chain is also largely complete but will require the implementation of some minor capital projects and processing improvements to support this increased polymer capacity. OUTLOOK Since the year end, Asia-Pacific has shown further strong growth as the result of our greater focus on this region. Overall, sales volume for the first two months of the new financial year was in line with our expectations. Accordingly, we remain confident in the underlying growth potential for Victrex. Peter Warry Chairman 8 December 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT 2003 2002 For the year ended 30 September Note #000 #000 Turnover: Group and share of Japanese joint venture 76,616 63,268 Less: share of Japanese joint venture (5,116) (4,181) Turnover 2 71,500 59,087 Cost of sales (32,131) (26,634) Gross profit 39,369 32,453 Sales, marketing and administrative expenses (16,841) (13,011) Group operating profit 22,528 19,442 Share of operating profit in Japanese joint venture 350 70 Total operating profit 22,878 19,512 Interest receivable 107 75 Interest payable and other similar charges (420) (538) Profit on ordinary activities before taxation 22,565 19,049 Taxation on profit on ordinary activities (7,334) (6,191) Profit on ordinary activities after taxation 15,231 12,858 Equity dividends paid and proposed 7 (5,989) (5,539) Retained profit for the financial year 9,242 7,319 The Company 8,037 4,075 Group undertakings and joint ventures 1,205 3,244 9,242 7,319 Earnings per ordinary share - Basic 3 19.1p 16.2p Diluted 3 19.0p 16.0p The Group's turnover and operating profit arise from continuing operations in both the current and preceding year. There were no material differences between reported profits and historical cost profits on ordinary activities before taxation in either of the above financial years. CONSOLIDATED BALANCE SHEET 2003 2002 As at 30 September #000 #000 Fixed assets Intangible assets 7,949 9,221 Tangible assets 42,992 39,919 Investments 1,693 1,053 Investment in Japanese joint share of gross assets 1,643 1,483 venture share of gross liabilities (1,843) (1,826) 52,434 49,850 Current assets Stocks 16,415 13,946 Debtors 9,369 8,167 Cash at bank and in hand 6,040 6,341 31,824 28,454 Creditors: amounts falling due within one year (17,150) (14,257) Net current assets 14,674 14,197 Total assets less current liabilities 67,108 64,047 Creditors: amounts falling due after more than one year - (7,912) Provisions for liabilities and charges (5,259) (4,378) Net assets 61,849 51,757 Capital and reserves Called up share capital 802 796 Share premium account 12,743 11,885 Profit and loss account 48,304 39,076 Equity shareholders' funds 61,849 51,757 CONSOLIDATED CASH FLOW STATEMENT 2003 2002 For the year ended 30 September Note #000 #000 Net cash inflow from operating activities 4 26,104 17,143 Return on investments and servicing of finance Interest received 107 75 Interest paid (373) (500) Net cash outflow from returns on investment and servicing of finance (266) (425) Taxation - Taxation paid (6,243) (5,202) Net cash outflow from capital expenditure - Purchase of tangible fixed assets (6,505) (8,811) Equity dividends paid (5,615) (5,379) Net cash inflow/(outflow) before financing 7,475 (2,674) Financing Issue of ordinary shares exercised under option 6 1 Premium on issue of ordinary shares exercised under option 858 280 Share purchase (640) (304) Debt due after more than one year - (decrease)/increase in long term (8,000) 8,000 borrowing Net cash (outflow)/inflow from financing (7,776) 7,977 (Decrease)/increase in cash in the year 5 (301) 5,303 CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2003 2002 For the year ended 30 September #000 #000 Profit for the financial year 15,231 12,858 Exchange loss on consolidation (14) (109) Total recognised gains and losses relating to the financial year 15,217 12,749 Prior year adjustment made in 2002 - (3,178) Total recognised gains for the financial year 15,217 9,571 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2003 2002 For the year ended 30 September #000 #000 Profit for the financial year 15,231 12,858 Equity dividends paid and proposed (5,989) (5,539) Retained profit for the financial year 9,242 7,319 Exchange loss on consolidation (14) (109) Issue of ordinary shares exercised under option 6 1 Premium on issue of ordinary shares exercised under option 858 280 Net movement in shareholders' funds 10,092 7,491 Opening shareholders' funds 51,757 44,266 Closing shareholders' funds 61,849 51,757 NOTES TO THE ACCOUNTS 1 Basis of preparation The financial statements have been prepared on the basis of the accounting policies set out in the Group's last Annual Report and Accounts. 2 Analysis of turnover An analysis of turnover by origin and customer location is as follows: 2003 2002 #000 #000 Europe 36,100 28,693 United States of America 26,547 22,784 Asia-Pacific 8,853 7,610 71,500 59,087 3 Earnings per share 2003 2002 Basic 19.1p 16.2p Diluted 19.0p 16.0p Earnings per ordinary share is based on the Group's profit on ordinary activities after taxation of #15,231,000 (2002: #12,858,000). The weighted average number of shares used in the calculation is : Basic 79,861,763 (2002: 79,557,034); Diluted 80,152,779 (2002: 80,136,347). 4 Reconciliation of operating profit to net cash inflow from operating activities 2003 2002 #000 #000 Operating profit 22,878 19,512 Depreciation and amortisation charge 4,329 3,785 Earnings before interest, taxation, depreciation 27,207 23,297 and amortisation Increase in stocks (2,469) (6,053) (Increase)/decrease in debtors (1,142) 2,658 Increase/(decrease) in creditors 2,861 (2,657) Japanese joint venture profit in stock 11 77 elimination Share of operating profit in Japanese joint (350) (70) venture Effect of foreign exchange rate changes (14) (109) Net cash inflow from operating activities 26,104 17,143 5 Reconciliation of net cash flow to movement in net debt 2003 2002 #000 #000 (Decrease)/increase in cash in year (301) 5,303 Cash outflow/(inflow) from decrease in debt 8,000 (8,000) Movement in net cash/(debt) in year 7,699 (2,697) Net (debt)/cash at beginning of year (1,659) 1,038 Net cash/(debt) at end of year 6,040 (1,659) 6 Exchange rates The Sterling exchange rates used in the accounts under the Group's accounting policies are: Average exchange rate Closing exchange rate 2003 2002 2003 2002 US Dollar 1.46 1.39 1.54 1.36 Euro 1.54 1.59 1.48 1.61 Yen 179 154 188 173 7 Dividend and Annual General Meeting The proposed final dividend will be paid on 3 March 2004 to ordinary shareholders on the share register at the close of business on 6 February 2004. The Annual General Meeting of the Company will be held on 10 February 2004 at The Great Eastern Hotel, Liverpool Street, London, EC2M 7QN. 8 Financial Statements The above financial information does not comprise full financial statements within the meaning of the Companies Act 1985. The results for the years ended 30 September 2003 and 2002 have been extracted from the full accounts for those periods. The auditors have given an unqualified report on the accounts for both years. The accounts for the year ended 30 September 2002 have been delivered to the Registrar of Companies. The accounts for the year ended 30 September 2003 are to be posted to shareholders on 19 December 2003 and will be available from the Company's registered office at Victrex Technology Centre, Hillhouse International, Thornton Cleveleys, Lancashire, FY5 4QD. This information is provided by RNS The company news service from the London Stock Exchange END FR ILFLTFSLTIIV
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