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Share Name | Share Symbol | Market | Type |
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Lisi Group | EU:FII | Euronext | 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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0.85 | 3.53% | 24.95 | 24.80 | 25.00 | 25.05 | 24.35 | 24.40 | 9,749 | 10:09:23 |
RNS Number:1402I FII Group PLC 28 February 2003 28 February 2003 FII GROUP PLC Interim Results for the six months to 30 November 2002 Fii Group Plc announces its interim results for the six months to 30 November 2002. Highlights: * Lotus and Frank Wright shoes outsourcing with overseas manufacturers should lead to an improvement in gross margins going forward. * Company in discussions with the pension trustee to resolve the pension fund deficit * Successful sale of Banbridge site for a total sum of #2.325 million completed in H2 For further information please contact: Fii Group Doug Ware Tel 01604 593600 Gavin Anderson & Co. Liz Morley Tel +44 (0) 207 554 1400 FII GROUP PLC CHAIRMANS STATEMENT Introduction The results for the period to 30 November 2002 were, as shareholders are aware, dominated by the decision to close our last UK manufacturing facility at Banbridge in Northern Ireland. Full details of this closure and the associated disposal of the site to fund the redundancy payments were contained in the circular sent to shareholders on 12 February 2003. I would like, once again, to extend your Board's expressions of thanks to the employees at Banbridge. Operational Review In the six months to 30 November 2002, turnover of #7,951,000 represented a reduction of 12.9% with the comparable period last year. However, the two branded labels, Lotus and Frank Wright, both managed to increase their turnover by 6.3% and 1.3% respectively by concentrating on their core business and increasing sales with major customers. The reduction in turnover is primarily due to the Private Label business in Banbridge losing one of its principal customers, who moved their contract to overseas sources. Despite management's efforts to replace this business, the Banbridge manufactured product was unable to compete directly with cheaper imported footwear being offered, resulting in unbearable pricing demands that could not be matched. These events led to a review of the manufacturing operation and resulted in the Board's decision to close the facility. A further adverse affect on turnover was as a consequence of the decision to withdraw from an unprofitable men's branded distribution and marketing arrangement. As stated in the circular to shareholders dated 12 February 2003, your Board is confident that we have the ability to source suitable quality footwear at lower unit prices from overseas, which will lead to improved gross margins for both Lotus and Frank Wright. Within the figures for 30 November 2002 full account has been taken of costs associated with the closure of Banbridge, however, under accounting convention, no recognition of the accounting profit on disposal of the site of #1.279 million can be taken until the disposal has been completed. The profit will therefore be recognised in the full year accounts to 31 May 2003. The Board do not recommend the payment of an interim dividend. Pension Fund The triennial actuarial valuation of the fund as at 31 May 2002 is awaited. It is to be expected that, even following the recent relaxation of minimum funding requirements valuation rules, a significant deficit will be reported. However, this significant deficit cannot be ignored and, as indicated in the May 2002 annual report and in subsequent announcements, the Company has re-opened discussions with the trustee of the pension fund. We continue to seek to negotiate a final settlement with the trustee and are optimistic of a successful outcome to these negotiations. However should no agreement be reached the Company would not be able to meet this liability; in this respect I would draw attention to the fundamental uncertainty statement set out in note 1 to this interim report. Additional pension fund costs totalling #0.348 million were incurred during the six months to November 2002, being half the annual contribution of #0.475 million in respect of the pension fund deficit reported in May 1999 together with #0.111 million in respect of legal & professional fees paid on behalf of the scheme. Subsequent Events On 7 January 2003 the Group sold part of its Banbridge site for a consideration of #0.275 million. Subsequently the Group reached agreement on 24 January 2003 to sell the remaining part of the Banbridge site for a consideration of #2.050 million to Stoney Properties Limited subject to the approval of shareholders at an Extraordinary General Meeting to be held on 28 February. 28 February 2003 UNAUDITED GROUP PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2002 As restated Six months Six months Year ended ended ended 30.11.02 30.11.01 31.5.02 Notes #000 #000 #000 Turnover - continuing 7,951 9,127 17,482 Operating loss before operating exceptional items (501) (98) (405) Operating exceptional items 2 (75) (175) (155) Operating loss - continuing (576) (273) (560) Non-operating exceptional items 2 Loss on closure of manufacturing operation (1,697) - - Profit on disposal of fixed assets - 73 - Loss before interest and taxation (2,273) (200) (560) Net Interest payable (53) (41) (130) Loss before taxation (2,326) (241) (690) Taxation 3 - 20 21 Loss after taxation (2,326) (221) (669) Dividends - - - Amount transferred from reserves (2,326) (221) (669) Loss per share 4 (10.0)p (1.0)p (2.9)p Loss per share before exceptional items 4 (2.4)p (0.5)p (2.2)p Loss per share fully diluted 4 (10.0)p (1.0)p (2.9)p Dividends per 25p Ordinary Share nil p nil p nil p The November 2001 comparative figures for operating loss, operating exceptionals & loss per share before exceptional items have been restated in respect of the additional pension fund contributions and pension scheme administration costs. There are no recognised gains or losses other than those reported in the profit and loss account UNAUDITED GROUP BALANCE SHEET AS AT 30 NOVEMBER 2002 As restated At 30.11.02 At 30.11.01 At 31.5.02 #000 #000 #000 Tangible fixed assets 1,342 1,446 1,388 Investments - - - 1,342 1,446 1,388 Current assets Stocks 2,014 2,702 2,545 Debtors 3,707 4,168 2,910 Cash at bank 22 58 211 5,743 6,928 5,666 Creditors - amounts falling due within one year 5,565 3,648 3,318 Net current assets 178 3,280 2,348 Total assets less current liabilities 1,520 4,726 3,736 Creditors - amounts falling due after more than one year 17 264 28 Provisions for liabilities and charges 130 315 9 Net assets 1,373 4,147 3,699 Capital and reserves Called up share capital 5,798 5,798 5,798 Reserves (4,425) (1,651) (2,099) Shareholders' funds 1,373 4,147 3,699 Reconciliation of shareholders' funds Balance at the beginning of the period 3,699 4,368 4,368 Loss for the period (2,326) (221) (669) Balance at the end of the period 1,373 4,147 3,699 The November 2001 comparative figures for debtors & creditors - amounts due within one year have been restated in respect of the amount owed under the Group's invoice discounting facility. UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 NOVEMBER 2002 As restated Six months Six months Year ended ended ended 30.11.02 30.11.01 31.5.02 Notes #000 #000 #000 Net cash outflow from operating activities 5 (767) (497) (747) Costs on servicing of finance (40) (34) (134) Taxation - 20 21 Capital expenditure and financial investment 58 75 29 Net cash from acquisitions and disposals - 35 253 Financing 560 262 592 (Decrease)/increase in cash (189) (139) 14 Reconciliation of net cash flow to movement in net debt As restated Six Six months months Year ended ended ended 30.11.02 30.11.01 31.5.02 #000 #000 #000 (Decrease)/increase in cash for the period (189) (139) 14 Additional finance leases - - (28) Cash movement from increase in debt and lease financing (560) (262) (592) Change in net debt (749) (401) (606) Net debt at beginning of the period (625) (19) (19) Net debt at end of the period (1,374) (420) (625) The November 2001 comparative figures for net cash outflow from operating activities, financing, cash movement from increase in debt and lease financing and change in net debt have been restated in respect of the amount borrowed under the Group's invoice discounting facility. Notes to the accounts FOR THE SIX MONTHS ENDED 30 NOVEMBER 2002 1. Fundamental uncertainty The last formal valuation of the Fii defined benefit occupational benefit pension scheme was undertaken as at 31 May 1999. On the basis of this valuation the Group agreed to increase its contributions to an annual amount of #475,000 for the five years commencing 1 June 1999 in addition to regular contributions to the scheme. The triennial valuation as at 31 May 2002 is awaited and it is expected that, even following the recent relaxation of MFR valuation rules, a significant deficit will be reported. In accordance with the principal in the recent "Bradstock" case the Group is in discussion with the trustees of the pension scheme with a view to agreeing a compromise settlement and the Directors are confident that an appropriate compromise will be reached. The financial information has been prepared on a going concern basis which assumes that the compromise discussions referred to above are successful. If this assumption proves invalid the preparation of the financial information on a going concern basis may no longer prove to be appropriate at a future date in which case adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. 2. Exceptional items arising comprise of the following: As restated 2002 2001 2002 six months six months full year ended ended ended 30.11.02 30.11.01 31.5.02 #000's #000's #000's Operating exceptional items Reorganisation & restructuring of ongoing business 75 175 427 and writedown of certain assets Capital grant credit relating to fixed asset - - (272) impairment 75 175 155 Non-operating exceptional items Loss on closure of manufacturing operation 1,697 - - Profit on disposal of fixed assets - (73) - 1,697 (73) - 1,772 102 155 The November 2001 comparative figure for operating exceptional items has been restated in respect of additional pension fund contributions and pension scheme administration costs. 3. Due to the availability of unrelieved tax losses, no tax credit has been recognised in the accounts of the Group at the Balance Sheet date. 4. Earnings per 25p ordinary share are calculated on the average number of shares in issue of 23,191,679 (2001: half year - 23,191,679, 2002: full year - 23,191,679). 5. Reconciliation of operating loss to net cash outflow from operating activities As restated Six months Six months Year ended ended ended 30.11.02 30.11.01 31.5.02 #000 #000 #000 Operating loss (576) (273) (560) Exceptional items 75 175 155 Operating loss before exceptional items (501) (98) (405) Depreciation and amortisation charge 50 79 138 Amortisation of Government grants - (31) (61) Profit on sale of tangible fixed assets (62) (14) (93) Profit on trade disposal - - (10) Cash flow relating to exceptional items (312) (384) (492) Decrease in stocks 531 575 732 (Increase)/decrease in debtors (797) 92 905 Increase/(decrease) in creditors 324 (716) (1,461) Net cash outflow from operating activities (767) (497) (747) The November 2001 comparative figures for exceptional items and cash flow relating to exceptional items have been restated in respect of additional pension fund contributions and pension scheme administration costs. Additionally, the November 2001 figure for the (increase)/decrease in debtors has been restated in respect of the amount borrowed under the Group's invoice discounting facility. 6. The half year figures are unaudited. The abridged profit and loss account for the year ended 31 May 2002 and the balance sheet at that date are extracts from the latest statutory accounts, which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified. The interim financial statements set out on pages 4 to 8 do not comprise statutory accounts for the purpose of section 240 of the Companies Act 1985. 7. Copies of this Interim Report are sent to all shareholders; further copies may be obtained from the Company's registered office at 19, Gambrel Road, Northampton NN5 5DJ, telephone number 01604 593600 This information is provided by RNS The company news service from the London Stock Exchange END IR PUURUPUPWGCR
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