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BTT BlackRock Municipal 2030 Target Term Trust

21.24
0.08 (0.38%)
27 Nov 2024 - Closed
Delayed by 15 minutes
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

Interim Results

03/09/2003 8:02am

UK Regulatory


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

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