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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlackRock Municipal 2030 Target Term Trust | NYSE:BTT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.38% | 21.24 | 21.2699 | 21.11 | 21.14 | 107,328 | 01:00:00 |
RNS Number:3175P Beattie (James) PLC 03 September 2003 Embargoed until 0700 3rd September 2003 James Beattie PLC ("Beatties" or the "Company") Interim Results for the Six Months Ended 31st July 2003 Financial Highlights 2003 2002 (restated) #'m #'m Turnover 61.3 60.8 Operating Profit* 0.5 0.8 Profit before tax* 0.3 0.8 Earnings per share 0.15p 1.00p Interim Dividend 3.50p 3.50p (*before pre-opening costs of #0.2 million in each period) - Total sales up 0.8% to #61.3 million - Operating profit #0.5 million (2002: #0.8 million) - before pre-opening costs - Profit before tax #0.3 million (2002: #0.8 million) - before pre-opening costs and after an increase in pension costs of #0.2million - Losses reduced marginally at Birmingham - Own bought gross margin improved by 0.2% - Huddersfield (opened 1st March 2002) continues to perform well and ahead of expectations - New store in Telford opening 5th September 2003 - Interim dividend maintained at 3.50p - Despite the exceptionally hot weather, sales in the 32 days to 1 September 2003 are 2% less than last year Chris Jones, Chairman, commented: "The six months to 31st July 2003 have again been very challenging with no let up in intense competition and discounting on the High Street. We are continuing to review all aspects of the Company's performance and are taking action where necessary. We look forward to the opening of our new store in Telford on 5th September 2003." - ends - For further information, please contact: James Beattie PLC (3.9.03) 020 7067 0700 Chris Jones, Managing Director (Thereafter) 01902 643 350 Bill Kelly, Finance Director 01902 643 352 Weber Shandwick Square Mile 020 7067 0700 Becky Haywood / Cass Helstrip Chairman's Statement RESULTS James Beattie PLC in the six months ended 31st July 2003 achieved an increase in turnover of 0.8% at #61.3 million (2002: #60.8 million). Operating profit was #0.5 million (2002: #0.8 million - restated) and profit before tax was #0.3 million (2002: #0.8 million) both excluding pre- opening costs of #219,000 (2002: #236,000). Earnings per share (excluding pre-opening costs) were 0.5p (2002: 1.4p). Like for like sales in the period were flat compared with the previous year. BIRMINGHAM The performance of the Birmingham store continues to have a very significant impact on the Company's results. The loss for the six months at #969,000 was less than for the same period last year (#1,030,000), principally due to action taken to reduce costs. Sales in Birmingham were down 1.8% in the period. The Directors have reviewed in depth all aspects of the store's activities. Changes have been made to store management, whilst merchandise selection, space allocation and presentation continue to undergo ongoing refinement. Furthermore, additional resource has been input into significant levels of marketing activity in order to raise the profile of the store. The impact of the opening of the new Bullring Shopping Centre in Birmingham and its effect on the City as a whole will be of critical importance to the store over the next eighteen months. MERCHANDISE AND GROSS MARGIN During the six months to 31st July 2003, ladies' fashions and fashion accessories have produced satisfactory progress with handbags and travel and, more particularly, perfumery achieving an excellent performance. Other areas were in line with last year except that the household division has continued to perform below expectations and, in particular, many of the well-known china and glassware brands have under-performed. Increased space allocation in favour of contemporary fashions, one of the volume growth areas, continues to be undertaken across all of the stores. The need for frequent reviews of space allocation has never been more apparent Own bought gross margin has improved by 0.2% although overall margin was held back by 0.1% due to the mix in sales moving towards lower margin agency business. INTERIM DIVIDEND The Board continues to be mindful of the importance of the Company's dividend to its shareholders. Accordingly, the Board has declared an unchanged interim dividend for the financial year ending 31st January 2004 of 3.50 pence per ordinary share. The interim dividend will be paid on 3 November 2003 to holders registered at the close of business on 3 October 2003. PENSIONS The funding of the Company's defined benefit scheme (closed to new entrants in April 2001) is a major issue for the Company as for many others, particularly as a result of the declines in equity markets which have brought about an inevitable reduction in the Scheme's assets. The Scheme's accounts to 5th April 2003 show a decline of 13% in its value compared to a 31% decline in the FTSE 100 Index over the same period. The Scheme has benefited from the Trustee's decision in 2001 to commence a switching of investments from equities into bonds and gilts. The Actuarial Valuation as at 5th April 2003 is currently being finalised. However, the Directors of the Company, after consultation with the Trustee and Actuary, have already agreed to take certain further actions. The Company will increase its ongoing contribution rate by 3% to 16% from April 2004 (members will continue to pay 7%). As the Scheme is closed to new entrants, the rate of contribution is applied to a diminishing pensionable payroll, which will therefore not increase the Company's ongoing contribution cash outflow. With regard to the Scheme's deficit, which under FRS 17 stood at #6.5 million at 31st January 2003, the Company has agreed to commence annual cash injections of #600,000. This will be paid out of operational cash flow and will be kept under constant review by the Directors. The pension charge for the period (FRS 17) has increased to #440,000 from #240,000 in the previous year. CASH FLOW Net borrowings at 31st July 2003 were #9.6 million (2002: #8.3 million), representing gearing of 22% (2002: 19%) using net assets before pension (liability)/asset. The increase in gearing is principally due to the capital expenditure required for the new Telford store. Gearing at the year end is expected to be only slightly higher than in the previous year. TELFORD The opening of Telford, our twelfth store, this Friday, 5th September 2003, is eagerly awaited by everyone in the Company. The Telford shopping centre is already very well established and busy and the town continues to grow which bodes well for the success of our new store. Telford's younger demographic profile has been reflected in the store's merchandise assortment and space allocation. OUTLOOK AND CURRENT TRADING The results for the Company for the year as a whole are increasingly dependent on the outcome of Christmas trading. The opening of the new Telford store and the potential effects of the new Birmingham Bullring development will, however, also be important this year. The results for the six months to 31st July 2003 have left a great deal to be achieved in the second half of the year in order to match the results achieved for the year ended 31st January 2003. The Directors are continuing to review all aspects of the Company's performance and are taking action where necessary. Cost savings are being achieved and top line growth is a goal that the whole Company is totally focused on achieving. We continue to trade in a retail environment which lacks selling price inflation. In addition, intense competition continues on the high street with deep all year round discounting being the norm for the consumer of today. Despite the exceptionally hot weather, sales in the 32 days to 1 September 2003 are 2% less than last year. CHRIS JONES CHAIRMAN 3rd September 2003 Profit and Loss Account For the half year ended 31st July 2003 Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 (Restated) Note #000 #000 #000 Turnover 61,282 60,767 141,589 ======== ======== ======== Operating profit 263 598 7,015 -------------------------------------------------------------------------------- Operating profit before pre opening costs 482 834 7,265 Pre opening costs (219) (236) (250) Operating profit 263 598 7,015 -------------------------------------------------------------------------------- Net interest (payable) (133) (170) (384) Other finance (charges)/income (40) 160 380 -------- -------- -------- Profit on ordinary activities before taxation 90 588 7,011 -------------------------------------------------------------------------------- Profit on ordinary activities before taxatation and pre opening costs 309 824 7,261 Pre opening costs (219) (236) (250) Profit on ordinary activities before taxation 90 588 7,011 -------------------------------------------------------------------------------- Taxation 3 (27) (178) (2,129) -------- -------- -------- Profit for the period 63 410 4,882 Dividends (1,430) (1,433) (4,860) -------- -------- -------- Retained (deficit)/profit for the period (1,367) (1,023) 22 -------- -------- -------- Earnings per share 4 0.15p 1.0p 12.0p Diluted earnings per share 4 0.15p 1.0p 11.9p Earnings per share (excluding pre opening costs) 4 0.50p 1.4p 12.4p All the company's activities are from continuing operations. Balance Sheet as at 31st July 2003 Unaudited Audited 31st July 31st July 31st January 2003 2002 2003 (Restated) #000 #000 #000 Fixed assets Tangible assets 48,126 45,839 45,957 Current assets Stock 18,682 18,740 17,923 Debtors 2,522 2,055 2,260 Cash at bank and in hand 2,798 70 - -------- -------- -------- 24,002 20,865 20,183 Creditors : Amounts falling due within one year (25,475) (20,837) (18,130) Net current (liabilities)/assets (1,473) 28 2,053 -------- -------- -------- Total assets less current liabilities 46,653 45,867 48,010 Creditors: Amounts falling due after more than one year (918) (943) (938) Provision for liabilities and charges (2,711) (1,902) (2,711) -------- -------- -------- Net assets excluding pension (liability)/asset 43,024 43,022 44,361 Pension (liability)/asset (4,551) 2,121 (4,551) -------- -------- -------- Net assets including pension (liability)/asset 38,473 45,143 39,810 -------- -------- -------- Capital and reserves Called up equity share capital 10,202 10,190 10,196 Share premium account 3,272 3,221 3,248 Capital redemption reserve 2,809 2,809 2,809 -------- -------- -------- 16,283 16,220 16,253 Profit and loss account 22,190 28,923 23,557 -------- -------- -------- Equity shareholders' funds 38,473 45,143 39,810 -------- -------- -------- Cash Flow Statement for the half year ended 31st July 2003 Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 #000 #000 #000 Net cash (outflow)/inflow from operating activities (Note 5) (1,224) (1,023) 10,180 Returns on investment and servicing of finance Investment income and interest received 45 64 91 Interest paid (180) (228) (528) --------- --------- --------- Net cash (outflow) from returns on investments and servicing of finance (135) (164) (437) Taxation (893) (724) (1,784) Capital expenditure Payments to acquire tangible fixed assets (3,607) (565) (1,092) Receipts from sales of tangible fixed assets 21 - 15 --------- --------- --------- Net cash (outflow) for capital expenditure (3,586) (565) (1,077) Equity dividends paid (3,428) (3,423) (4,850) --------- --------- --------- Cash (outflow)/inflow before management of liquid resources and financing (9,266) (5,899) 2,032 Financing Issue of Ordinary shares including share premium less expenses 30 102 135 --------- --------- --------- (Decrease)/increase in cash (9,236) (5,797) 2,167 --------- --------- --------- Reconciliation of Movements in Shareholders' Funds as at 31st July 2003 Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 (Restated) #000 #000 #000 Profit for the period 63 410 4,882 Dividends (1,430) (1,433) (4,860) Share capital issued (including premium) 30 102 135 Other recognised gains and (losses) - - (6,411) --------- --------- --------- (Decrease) in equity shareholders' funds (1,337) (921) (6,254) At beginning of period 39,810 45,338 45,338 Prior year adjustment (See Note 1) - 726 726 --------- --------- --------- At end of period 38,473 45,143 39,810 --------- --------- --------- Statement of Total Recognised Gains and Losses for the half year ended 31sr July 2003 Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 (Restated) #000 #000 #000 (Loss) for the period (1,367) (1,023) 22 Actuarial loss recognised in the pension scheme - - (9,270) Deferred tax arising on (losses)/gains in the pension scheme - - 2,859 --------- --------- --------- Total recognised (losses) (1,367) (1,023) (6,389) Prior year adjustment (see Note 1) - 726 726 --------- --------- --------- Total (losses) (1,367) (297) (5,663) ========= ========= ========= Notes to the Financial Statements 1.The financial Statements for the half year shown above have not been audited but have been approved by the Board. The same accounting policies have been used as those which were applied to the accounts for the year ended 31st January 2003. Comparative figures for 31st July 2002 have been restated for FRS 17 - " Retirement Benefits" which was adopted for the year ended 31 January 2003. The balance sheet at 31st July 2002 includes a prior year adjustment of #726,000 which was required to be reflected in the opening balance sheet at 1st February 2002. 2.The financial information for the year ended 31st January 2003 shown above does not constitue the statutory accounts for that year (but is derived from those accounts). Statutory accounts for 2003 have been delivered to the Registrar of Companies. The Auditors have reported on those accounts; their report was unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. 3.The taxation charge for the half year is based on the estimated effective rate of tax for the year ending 31st January 2004. 4.The calculation of earnings per share is based upon earnings of #63,000 (2002: #410,000) and a time weighted average of 40,795,288 Ordinary shares (2002: 40,726,699). The calculation of diluted earnings per share is based upon earnings of #63,000 (2002: #410,000) and a time weighted average number of shares adjusted by the calculated diluted number of shares of 75,599 (2002: 224,868). Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 pence pence pence Earnings per share 0.15 1.0 12.0 Pre opening costs 0.35 0.4 0.4 -------- -------- --------- Earnings per share excluding pre opening costs 0.50 1.4 12.4 -------- -------- --------- 5.Notes to the Cash Flow Statement for the half year ended 31st July 2003 (i) Reconciliation of operating profit to operating cashflow: Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 (Restated) #000 #000 #000 Operating profit (after pre opening costs) 263 598 7,015 Depreciation of tangible fixed assets 1,676 1,690 3,377 Profit on sales of tangible fixed assets - - (13) (Increase) in stocks (759) (1,303) (486) (Increase)/decrease in debtors (249) 84 284 (Decrease) in creditors (2,115) (2,252) (377) Non-cash adjustments in respect of pensions (40) 160 380 -------- -------- --------- Net cash (outflow)/inflow from operating activities (1,224) (1,023) 10,180 -------- -------- --------- (ii) Reconciliation of net cash flow to movement in net (debt): Unaudited Audited Half Year Ended Year Ended 31st July 31st January 2003 2002 2003 #000 #000 #000 Movement in net (debt) (9,236) (5,797) 2,167 At beginning of period (366) (2,533) (2,533) -------- -------- --------- At end of period (9,602) (8,330) (366) -------- -------- --------- This information is provided by RNS The company news service from the London Stock Exchange END IR ILFFTADIFIIV
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