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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Winston Gold Corp | CSE:WGC | CSE | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.01 | 0.01 | 0.01 | 0 | 01:00:00 |
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RNS Number:5261P
Wyevale Garden Centres PLC
09 September 2003
FOR IMMEDIATE RELEASE 9 September 2003
WYEVALE GARDEN CENTRES PLC
INTERIM RESULTS FOR THE 26 WEEKS ENDED 29 JUNE 2003
* Sales up 8.6%
* Profit before tax up 5.4%
* Adjusted diluted earnings per share up 4.7%
* Dividend up 8.0%
Wyevale Garden Centres plc, the UK's leading garden centre operator, announces
interim results for the 26 weeks ended 29 June 2003.
KEY POINTS
* Sales up 8.6% to #110.3m (2002: #101.6m);
* Like-for-like sales up 2.0% (2002: up 1.7%);
* Profit before tax and amortisation of goodwill up 6.1% to #17.5m
(2002: #16.5m);
* Profit before tax up 5.4% to #16.1m (2002: #15.2m);
* '10% Discount Tuesdays' for the over 60's introduced in March and 10%
discount weekends included in Spring marketing campaign to combat increasing
competition;
* Marketing initiatives fully funded by strong improvement in gross margin,
which increased by 0.5% to 48.0%;
* Concession income up 8.7% to #2.6m (2002: #2.4m);
* Cash generation before capital expenditure was #23.2m (2002: #18.9m). Net
debt of #117.1m represented gearing of 72%;
* Adjusted diluted earnings per share up 4.7% to 22.2p (2002: 21.2p);
* Interim dividend declared of 8.08p per Ordinary share, an increase of
8.0%;
* Upgraded Christmas merchandising concept to be extended to the majority of
our centres this year;
* Commenting on outlook, Chairman Brian Evans said:
"We are able to expand further garden centres in our portfolio to provide larger
retail space and we are seeking planning permissions to develop these and
realise their potential. The garden centre industry is still a fragmented one
and we continue to seek acquisitions of the right quality.
Although retailing remains intensely competitive we are confident that by
applying our successful strategy we will increase our profitability in the
future."
For further information:
Brian Evans, Chairman Richard Darby
Robert Hewitt, Chief Executive Mark Edwards
Stephen Murfin, Finance Director Nicola Cronk
Wyevale Garden Centres plc Buchanan Communications
Tel: 020 7466 5000 (9 to 11 September); 01432 276568 (thereafter) Tel: 020 7466 5000
Financial Highlights
for the 26 weeks ended 29 June 2003
26 weeks 26 weeks 26 weeks 52 weeks
to 29.6.03 to 29.6.03 to 30.6.02 to 29.12.02
Increase on Unaudited Unaudited Audited
previous year #000 #000 #000
Sales 8.6% 110,337 101,586 176,442
Like for like increase 2.0%
Concession income 8.7% 2,586 2,380 5,113
Adjusted EBITDA 7.0% 24,744 23,131 35,410
Adjusted EBITDA margin 22.4% 22.8% 20.1%
Adjusted operating profit 5.6% 21,173 20,042 28,826
Adjusted operating margin 19.2% 19.7% 16.3%
Adjusted operating profit after interest 6.1% 17,530 16,527 21,728
Adjusted operating margin after interest 15.9% 16.3% 12.3%
Adjusted diluted earnings per share 4.7% 22.2p 21.2p 27.9p
Dividends per Ordinary share 8.0% 8.08p 7.48p 12.60p
In order to provide a uniform comparison of the results of the trading
operations of the business, the Adjusted operating profit is before charging
amortisation of goodwill and the Adjusted diluted earnings per share has been
adjusted by amortisation of goodwill and profit on sale of properties. EBITDA is
the Adjusted operating profit before charging depreciation.
Chairman's Statement
I am pleased to report profit before tax and amortisation of goodwill of #17.5
million, an increase of 6.1%.
Sales increased by 8.6% to #110 million with like for like sales up by 2.0%.
Operating profit before amortisation of goodwill increased by 5.6% to #21.2
million with concession income increasing by 8.7% to #2.6 million. Gross margin
increased by 0.5% to 48.0%.
Cash flow before net capital expenditure of #5.8 million generated #23.2 million
(2002 #18.9 million). Net cash inflow from operating activities was #31.9
million with working capital generating #6.6 million. Net debt at 29 June 2003
was #117.1 million, including loan notes of #6.8 million, on shareholders' funds
of #162.9 million, representing gearing of 72%.
Earnings per share and Dividend
Adjusted diluted earnings per share increased by 4.7% to 22.2p and the Board has
declared a dividend of 8.08p per Ordinary share, an increase of 8% over the
interim dividend paid in 2002.
Trading
The early Spring season followed a similar weather pattern to last year. Trading
in the months of March and April was particularly strong with ideal gardening
conditions. However wet weather dominated the month of May, a key gardening
month, and this had a detrimental effect on sales, despite much improved trading
throughout the Spring bank holiday week. The weather in this period also
resulted in increased promotional activity by the DIY operators who target our
core gardening range at this time of year. In June we experienced a prolonged
spell of hot sunny weather. Like for like sales at the end of April were 1.3%
higher than the record sales achieved in 2002. May and June like for like sales
were 3% higher.
In March we introduced "10% Discount Tuesdays" for the over 60's and our Spring
marketing campaign included a number of 10% discount weekends to combat
increasing competition. These initiatives were fully funded by the strong
improvement in gross margin and proved successful in maintaining market share
and have enabled us to grow our database.
We are now seeing the benefits of our systems development completed last year.
Stock on a like for like basis has reduced by 7%.
Last year we opened one of the UK's largest garden centres at Crowland near
Peterborough, the sales performance of which has been most encouraging. During
the period we also successfully integrated Woodlands Nurseries which is
performing in line with our expectations.
Developments
During the period we completed the total rebuild of our garden centres at
Northampton and Hare Hatch, increasing the size of the covered retail space to
56,000 sq ft and 40,000 sq ft respectively.
The new centre at Northampton is particularly impressive with increased product
range, improved merchandising, more quality franchise operators and a large
restaurant facility. A partial rebuild was completed at Dorking, Surrey, and a
small extension was completed at World's End near Aylesbury.
In recent years we have secured planning permissions to redevelop a number of
our key centres. In the autumn we will commence the redevelopment of five
centres with completion scheduled for Spring 2004. The redevelopments at
Swansea, Woburn Sands, Woodbridge, Telford and Thornbury will increase covered
retail space by 85,000 sq ft. At these centres we will also implement our new
layout and design concepts introduced successfully at Crowland last year and
larger restaurant facilities will be provided.
Outlook
We are able to expand other garden centres in our portfolio to provide larger
retail space and we are seeking planning permissions to develop these and
realise their potential. The garden centre industry is still a fragmented one
and we continue to seek acquisitions of the right quality.
Finally, we look forward to the second half with optimism. Following last year's
success of our upgraded Christmas merchandising concept at six centres, we are
extending it to the majority of our centres this year.
Although retailing remains intensely competitive we are confident that by
applying our successful strategy we will increase our profitability in the
future.
Brian Evans
Chairman
9 September 2003
Group Profit and Loss Account
26 weeks 26 weeks 52 weeks
to 29.6.03 to 30.6.02 to 29.12.02
Unaudited Unaudited Audited
for the 26 weeks ended 29 June 2003 #000 #000 #000
Sales 110,337 101,586 176,442
Cost of sales 57,357 53,347 92,794
Gross profit 52,980 48,239 83,648
Operating expenses 35,872 31,910 62,664
17,108 16,329 20,984
Other operating income 2,602 2,429 5,183
Operating profit 19,710 18,758 26,167
Operating profit before amortisation of goodwill 21,173 20,042 28,826
Amortisation of goodwill (1,463) (1,284) (2,659)
Loss on sale of properties - - (53)
Profit on ordinary activities before interest 19,710 18,758 26,114
Interest payable (3,643) (3,515) (7,098)
Profit on ordinary activities before taxation 16,067 15,243 19,016
Taxation on profit on ordinary activities (note 2) 5,171 4,710 6,192
Profit on ordinary activities after taxation 10,896 10,533 12,824
Dividends 4,508 4,162 7,011
Retained profit 6,388 6,371 5,813
Basic earnings per share (note 3) 19.6p 19.0p 23.1p
Adjustment for amortisation of goodwill 2.6p 2.3p 4.8p
Adjustment for loss on sale of properties - - 0.1p
Adjusted basic earnings per share (note 3) 22.2p 21.3p 28.0p
Diluted earnings per share (note 3) 19.6p 18.9p 23.0p
Adjustment for amortisation of goodwill 2.6p 2.3p 4.8p
Adjustment for loss on sale of properties - - 0.1p
Adjusted diluted earnings per share (note 3) 22.2p 21.2p 27.9p
Dividends per Ordinary share (note 4) 8.08p 7.48p 12.60p
Group Balance Sheet
29.6.03 30.6.02 29.12.02
Unaudited Unaudited Audited
29 June 2003 #000 #000 #000
Fixed assets
Intangible assets 51,915 49,238 53,378
Tangible assets 244,617 236,917 243,236
296,532 286,155 296,614
Current assets
Stocks 31,709 32,848 28,853
Debtors 4,973 4,213 4,481
Money market deposits 1,700 - 8,500
Cash in hand and at bank 294 552 2,418
38,676 37,613 44,252
Creditors due within one year 59,495 52,884 46,512
Net current liabilities (20,819) (15,271) (2,260)
Total assets less current liabilities 275,713 270,884 294,354
Creditors due after more than one year 108,209 111,013 134,079
Provisions for liabilities and charges 4,590 3,546 4,590
162,914 156,325 155,685
Capital and reserves
Called up share capital 13,947 13,910 13,910
Share premium account 78,505 78,157 78,167
Revaluation reserve 9,307 9,415 9,359
Capital redemption reserve 2,812 2,812 2,812
Share scheme reserve 910 582 488
Merger reserve 7,191 7,191 7,191
Profit and loss account 50,242 44,258 43,758
Shareholders' funds - equity 162,914 156,325 155,685
Group Cash Flow Statement
26 weeks 26 weeks 52 weeks
to 29.6.03 to 30.6.02 to 29.12.02
Unaudited Unaudited Audited
for the 26 weeks ended 29 June 2003 #000 #000 #000
Operating activities
Net cash inflow from operating activities 31,868 26,711 37,310
Returns on investments and servicing of finance (3,643) (3,515) (7,098)
Interest received 66 69 140
Interest paid (3,709) (3,584) (7,238)
Taxation
Corporation tax paid (2,548) (2,069) (5,479)
Capital expenditure (5,269) (7,664) (13,402)
Payments to acquire tangible fixed assets (5,350) (7,622) (13,359)
Payment to acquire freehold of leasehold garden centre - (105) (118)
Receipts from sale of tangible fixed assets 81 63 75
Acquisitions and disposals (552) (966) (10,204)
Payment to acquire subsidiary undertaking - (730) (730)
Net overdraft acquired with subsidiaries - (236) (4)
Deferred payment for acquisition of tangible fixed assets (552) - (355)
Payments to acquire businesses - - (9,571)
Receipts from sale of trading properties - - 456
Equity dividends paid (2,848) (2,582) (6,743)
Cash inflow (outflow) before management of liquid resources
and financing 17,008 9,915 (5,616)
Management of liquid resources
Movement in money market deposits 6,800 2,000 (6,500)
Financing (27,169) (12,504) 15,158
Issue of Ordinary share capital 371 379 390
(Decrease) increase in debt (27,540) (12,883) 14,768
(Decrease) increase in cash (3,361) (589) 3,042
Reconciliation of Movements in Shareholders' Funds
26 weeks 26 weeks 52 weeks
to 29.6.03 to 30.6.02 to 29.12.02
Unaudited Unaudited Audited
#000 #000 #000
Profit for the 26 weeks ended 29 June 2003 10,896 10,533 12,824
Dividends 4,508 4,162 7,011
6,388 6,371 5,813
New share capital subscribed less expenses 371 379 390
Share scheme charge 470 333 240
Net addition to shareholders' funds 7,229 7,083 6,443
Shareholders' funds at 29 December 2002 155,685 149,242 149,242
Shareholders' funds at 29 June 2003 162,914 156,325 155,685
Note of Historical Cost Profits and Losses
26 weeks 26 weeks 52 weeks
to 29.6.03 to 30.6.02 to 29.12.02
Unaudited Unaudited Audited
#000 #000 #000
Reported profit on ordinary activities before taxation 16,067 15,243 19,016
Difference between the historical cost depreciation charge
and the charge on the revalued amount 52 56 112
Historical cost profit on ordinary activities before taxation 16,119 15,299 19,128
Historical cost profit for the period retained after taxation
and dividends 6,440 6,427 5,925
Notes to Financial Statements
1 All recognised gains and losses are included in the Group profit and loss
account.
2 The taxation charge is estimated at 29.5% of profit on ordinary
activities before taxation and before charging amortisation of goodwill (2002
interim and year 28.5%).
3 Earnings per share is calculated on the profit on ordinary activities
after taxation of #10.9 million (2002 #10.53 million), divided by the weighted
average number of Ordinary shares in issue during the year of 55,699,036 (2002
55,542,113). Diluted earnings per share is calculated on the profit on ordinary
activities after taxation divided by the aggregate of the weighted average
number of Ordinary shares in issue and 79,415 (2002 220,000) being the number of
Ordinary shares which are the subject of share options, in total 55,778,451
(2002 55,762,113).
In order to provide a uniform comparison of the results of the trading
operations of the business, the earnings per share comparisons have been made by
making an adjustment to exclude amortisation of goodwill and the loss on sale of
properties in addition to the disclosures required by the effects of FRS3 and
FRS14.
4 The Directors have declared an interim dividend of 8.08p per Ordinary
share payable on 27 October 2003 to shareholders on the register on 26 September
2003. The Ordinary dividend payable is #4,507,823 (2002 #4,161,736).
5(a) Reconciliation of operating profit to operating cashflows
29.6.03 30.6.02 2002
#000 #000 #000
Operating profit 19,710 18,758 26,167
Share scheme charge 470 333 240
Depreciation 3,571 3,089 6,584
Amortisation of goodwill 1,463 1,284 2,659
Profit (loss) on disposal of tangible fixed assets 54 (1) 94
Increase in stock (2,856) (5,276) (1,206)
(Increase) decrease in debtors (492) 817 585
Increase in creditors 9,948 7,707 2,187
Net cash inflow from operating activities 31,868 26,711 37,310
5(b) Reconciliation of net cash flow to movement in net debt
29.6.03 30.6.02 2002
#000 #000 #000
(Decrease) increase in cash (3,361) (589) 3,042
Cash outflow (inflow) from decrease (increase) in debt 27,540 12,883 (14,768)
Cash (inflow) outflow from the management
of liquid resources (6,800) (2,000) 6,500
Loan notes issued - (2,592) (2,592)
Movement in net debt 17,379 7,702 (7,818)
Net debt at 29 December 2002 (134,441) (126,623) (126,623)
Net debt at 29 June 2003 (117,062) (118,921) (134,441)
5(c) Analysis of net debt
At
At 29 June 29 December
2003 Cashflows 2002
#000 #000 #000
Cash at bank and in hand 294 (2,124) 2,418
Overdraft (1,237) (1,237) -
(943) (3,361) 2,418
Debt due within one year (9,610) 1,670 (11,280)
Debt due after one year (108,209) 25,870 (134,079)
(118,762) 24,179 (142,941)
Money market deposits 1,700 (6,800) 8,500
(117,062) 17,379 (134,441)
Net debt at 29 June 2003 includes #6.8 million loan notes, #4.6 million due
within one year.
6 The results for the 52 weeks ended 29 December 2002 as shown in this
report do not constitute statutory accounts but have been extracted from the
Company's 2002 accounts which have been filed with the Registrar of Companies,
which did not contain any statement under section 237(2) or (3) of the Companies
Act 1985 and upon which the auditor's report was unqualified.
7 Further copies of the Interim Report are available from the Company's
registered office at Kings Acre Road, Hereford, HR4 0SE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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