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Share Name | Share Symbol | Market | Type |
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First Mercury Financial Corp | NYSE:FMR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 16.50 | 0.00 | 01:00:00 |
RNS Number:2602J Fulmar PLC 27 March 2003 FULMAR plc PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002 * Fulmar, the South London based commercial and book printer, announces a creditable result, in continuing difficult market conditions of low demand and severe price pressure prevailing in commercial print. On turnover up 4.6% at #41.58m, before exceptionals pre-tax profit increased by 4.6% to #3.01m and earnings per share advanced by 10.6% to 7.3p from a restated 6.6p. * After exceptionals, the pre-tax result was a profit of #1.95m (2001: loss of #0.10m) and earnings per share were 4.6p (2001: loss per share of 3.0p). * Year end net assets per share were 85.7p (2001: 86.3p). * Unchanged total dividends for the year of 5.2p per share are recommended. * Commercial Printing (which relates principally to marketing literature, corporate brochures and annual reports and accounted for 67% of group turnover) increased turnover by 6%; without Quadracolor (acquired on 31 January 2002), the decrease would have been 15%. In May 2002, W E Baxter was reorganised and relocated. * The Group's book cover and jacket and paperback book printing operations, which accounted for 28% of group turnover, continued to trade well, increasing turnover by 29%. White Quill, the group's book cover and jacket printer, increased turnover by 10%, whilst Bookmarque, the group's mass market paperback book printing business, whose state-of-the-art operations were commissioned in July 2000, achieved an increase in turnover of 97%. * David O'Shaughnessy, Chairman, stated "Our book related businesses continue to perform well and we anticipate further growth this year. The market for commercial print remains subdued and the pre-existing overcapacity has resulted in severe price weakness. We do not expect that either of these situations will alter during the year but the group's well organised and efficient businesses remain well placed to compete in difficult trading conditions." Enquiries: Fulmar plc 020-8688 7500 Mike Taylor (Chief Executive) Derek Harris (Finance Director) Bankside Consultants Limited Charles Ponsonby 020-7444 4166 CHAIRMAN'S STATEMENT In the continuing difficult market conditions of low demand and severe price pressure prevailing in commercial print, the group's performance, achieving an increase in pre-tax profit before exceptionals for the year ended 31 December 2002, is particularly creditable. FINANCIAL REVIEW The figures in this paragraph disregard the exceptional items referred to below. Turnover for the year increased by 4.6% to #41.58m from #39.74m. Operating profit increased by 2.9% to #3.85m (2001: #3.74m), representing an operating margin of 9.3% (2001: 9.4%). Pre-tax profit was up 4.6% at #3.01m (2001: #2.88m), representing a pre-tax margin of 7.2% (2001: 7.2%). Earnings per share increased to 7.3p from 6.6p (restated for the implementation of FRS 19 relating to deferred taxation). The #1.07m exceptional charge relates to the relocation and rationalisation during May 2002 of W E Baxter and to the closure in June 2002 of Lasercraft. The #2.98m exceptional charge in 2001 related to the disposal of The Box Room business and comprised a #0.73m provision for loss on disposal and #2.25m goodwill previously written off to reserves. After exceptionals, the pre-tax result was a profit of #1.95m (2001: loss of #0.10m) and earnings per share were 4.6p (2001: loss per share of 3.0p). Year end equity shareholders' funds were #23.75m (2001: #23.90m, as restated), giving net assets per share of 85.7p (2001: 86.3p). Year end net indebtedness increased to #16.7m (2001: #13.3m), with resultant gearing of 70% (2001: 56%), reflecting capital expenditure of #4.1m (2001: #1.2m) and the financing of the Quadracolor acquisition. Net interest payable of #0.84m (2001: #0.86m) was covered 4.6 times (2001: 4.4 times) by operating profit before exceptionals. OPERATING REVIEW Commercial printing Our commercial printing operations, which relate principally to marketing literature, corporate brochures and annual reports, registered increased turnover of 6%; without Quadracolor, however, there would have been a decrease of 15% as the turnover of the other commercial printing businesses fell. Commercial printing accounted for 67% of group turnover. Fulmar Colour, which is a broadly based commercial printer, won the Fine Art Printer of the Year award, presented by Printweek Magazine. The company took delivery in June 2002 of the first of two 12 colour Heidelberg presses, capable of printing high quality work in up to 6 colours both sides of a sheet in one pass. The company has derived significant productivity advantages since completion of the installation late in August. The second press was installed successfully after the year end. Both presses, installed at a total cost of #4.0m, are now operating on a 24 hour shift system. In May 2002, W E Baxter was reorganised and relocated from Lewes in East Sussex to Mitcham, near to the group's operations in Croydon, into previously empty premises already leased by the group. This move has allowed W E Baxter to source its pre-press and finishing requirements from other group companies, rather than performing these services in-house, thereby improving group operational efficiency. Whilst we have retained the paper-over-board ring binder production, Baxter's PVC ring binder operation was closed and the company's operating costs significantly reduced. The Lewes freehold premises vacated by W E Baxter are being offered for sale. On 31 January 2002, the group acquired Quadracolor, a commercial printing operation similar to the group's existing businesses but with little client overlap, and Quadracolor Graphics, its pre-press operation. These businesses were well equipped, using solely Heidelberg printing presses and benefiting from electronic pre-press and direct-to-plate technology. The companies operate from freehold premises of 27,000 sq ft situated in Sydenham, South London. The initial consideration was #2.0m and, in addition, contingent consideration of up to #1.0m may be payable, subject to performance. Book printing The group's book cover, jacket and paperback book printing operations, which accounted for 28% of group turnover, continued to trade well, increasing turnover by 29%. The group's book cover and jacket printer, White Quill, increased turnover by 10% as it continued to benefit from increasing demand from Bookmarque, the group's mass market paperback book printing business. In addition, at the beginning of 2002, a five year supply agreement was signed with the company's largest customer. In the first half of the year, permanent 24 hour working was introduced in pre-press, printing and finishing, thereby significantly reducing the time required to produce covers and jackets to meet customers' just-in-time requirements. Bookmarque, whose state-of-the-art operations were commissioned in July 2000, achieved an increase in turnover of 97% and in December 2002 signed a supply contract with its largest customer for a four year period providing a 50% increase in volume over their prior agreement. Specialist operations Specialist operations principally comprise Royle Financial Print. This category's share of group turnover reduced to 5%. The well publicised lack of activity in City financial markets resulted in a 17% reduction in turnover at Royle Financial Print. We do not anticipate any upturn in this market in the near future. After the year end, the vacant premises in Tamworth, owned by the group and previously occupied by The Box Room, were sold for #2.1m, achieving a small profit on sale. DIVIDENDS The Directors are recommending an unchanged final dividend of 3.4p per share, giving unchanged total dividends for the year of 5.2p per share, which, if approved at the AGM on 12 May 2003, will be paid on 19 May 2003 to those shareholders on the register at the close of business on 11 April 2003. OUTLOOK Our book related businesses continue to perform well and we anticipate further growth this year. The market for commercial print remains subdued and the pre-existing over capacity has resulted in severe price weakness. We do not expect that either of these situations will alter during the year but the group's well organised and efficient businesses remain well placed to compete in these difficult trading conditions. David O'Shaughnessy Chairman 27 March 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 Before exceptional Exceptional Total Total items items restated #000 #000 #000 #000 Turnover Continuing operations: - ongoing 36,051 - 36,051 39,740 - acquired 5,533 - 5,533 - ______ ______ ______ ______ 41,584 - 41,584 39,740 ______ ______ ______ ______ Operating profit/(loss) Continuing operations: - ongoing 3,371 (753) 2,618 3,739 - acquired 477 - 477 - ______ ______ ______ ______ 3,848 (753) 3,095 3,739 Loss on closure/disposal of subsidiary - (32) (32) (2,977) Loss on disposal of fixed assets - (281) (281) - ______ ______ ______ ______ Profit/(loss) on ordinary activities before 3,848 (1,066) 2,782 762 interest Net interest payable (836) - (836) (859) ______ ______ ______ ______ Profit/(loss) on ordinary activities before 3,012 (1,066) 1,946 (97) taxation Tax on profit/(loss) on ordinary activities (981) 320 (661) (777) ______ ______ ______ ______ Profit/(loss) on ordinary activities after 2,031 (746) 1,285 (874) taxation Dividends (note 1) (1,441) - (1,441) (1,476) ______ ______ ______ ______ Retained profit/(loss) for the year 590 (746) (156) (2,350) ______ ______ ______ ______ Earnings/(loss) per share (note 2) 7.3p (2.7)p 4.6p (3.0)p Dividends per share 5.2p 5.2p CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2002 2002 2001 restated #000 #000 Fixed assets Tangible assets 34,857 32,242 _______ ______ Current assets Stocks 1,908 1,594 Debtors 14,875 12,489 Cash at bank and in hand 6 22 ______ ______ 16,789 14,105 Creditors: amounts falling due within one year (11,757) (12,110) ______ ______ Net current assets 5,032 1,995 ______ ______ Total assets less current liabilities 39,889 34,237 Creditors: amounts falling due after more than one year (12,376) (7,148) Provisions for liabilities and charges (3,766) (3,186) ______ ______ 23,747 23,903 ______ ______ Equity shareholders' funds 23,747 23,903 ______ ______ MOVEMENTS IN CONSOLIDATED SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 31 DECEMBER 2002 Called up Share Capital Profit share premium redemption and loss capital account reserve account 2002 2001 restated restated restated #000 #000 #000 #000 #000 #000 At 1 January 1,385 17,921 188 4,409 23,903 25,025 Profit/(loss) for the year - - - 1,285 1,285 (874) Dividends - - - (1,441) (1,441) (1,476) Purchase of own shares - - - - - (1,018) Goodwill previously written off to - - - - - 2,246 reserves _______ _______ _______ _______ ______ ______ At 31 December 1,385 17,921 188 4,253 23,747 23,903 _______ _______ _______ _______ ______ ______ CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 #000 #000 Net cash inflow from operating activities 5,899 7,198 ______ ______ Returns on investment and servicing of finance Net interest paid (471) (397) Interest element of finance lease and hire purchase rentals (365) (462) ______ ______ (836) (859) ______ ______ Taxation paid (388) (662) ______ ______ Capital expenditure Purchase of tangible fixed assets (1,457) (851) Sale of tangible fixed assets 635 361 ______ ______ (822) (490) ______ _______ Acquisitions and disposals Acquisition of subsidiaries (1,985) - Overdraft acquired with subsidiaries (104) - Sale of subsidiary - 541 Cash disposed of with subsidiary - (21) ______ ______ (2,089) 520 ______ ______ Equity dividends paid (1,441) (1,542) ______ ______ Cash inflow before financing 323 4,165 ______ ______ Financing Repurchase of ordinary share capital - (1,018) New secured loans 6,140 110 Repayment of secured loans (1,739) (1,785) Capital element of finance lease and hire purchase rentals (2,901) (2,467) ______ ______ 1,500 (5,160) ______ ______ Increase/(decrease) in cash 1,823 (995) ______ ______ RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2002 2001 #000 #000 Operating profit 3,095 3,739 Exceptional closure costs (32) - Depreciation charges 2,924 3,051 (Increase)/decrease in stocks (195) 157 Decrease in debtors 134 220 (Decrease)/increase in creditors (27) 31 ______ ______ Net cash inflow from operating activities 5,899 7,198 ______ ______ ANALYSIS OF CHANGES IN NET DEBT At Acquisition of At 31 1 January Non-cash subsidiary December 2002 changes undertakings Cash flow 2002 #000 #000 #000 #000 #000 Cash at bank and in hand 22 - - (16) 6 Bank overdrafts (2,381) - - 1,839 (542) Bank loans (4,177) (238) (4,401) (8,816) Finance leases and hire purchase commitments (6,733) (2,649) (898) 2,901 (7,379) ______ ______ ______ ______ ______ (13,269) (2,649) (1,136) 323 (16,731) ______ ______ ______ ______ ______ RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2002 2001 #000 #000 Increase/(decrease) in cash 1,823 (995) Cash (in)/outflow from debt and lease financing (1,500) 4,142 ______ ______ Change in net debt resulting from cash flows 323 3,147 New finance leases and hire purchase commitments (2,649) (302) Debt acquired with subsidiaries (1,136) - ______ ______ Movement in net debt in the year (3,462) 2,845 Net debt at 1 January (13,269) (16,114) ______ ______ Net debt at 31 December (16,731) (13,269) ______ _______ NOTES 1. Dividends A dividend of 1.8p per share (2001 - 1.8p) was paid on 11 November 2002. The directors recommend the payment of a final dividend of 3.4p per share (2001 - 3.4p) on 19 May 2003 to shareholders on the register at the close of business on 11 April 2003. 2. Earnings per share Earnings per share is based on earnings of #1,285,000 (2001 - loss of #874,000) and average ordinary shares in issue during the year of 27,704,047 (2001 - 29,227,730). 3. Exceptional items The exceptional items in 2002 relate to the relocation and reorganisation of W E Baxter Limited, and the closure of Lasercraft (UK) Limited. The 2001 exceptional item relates to the disposal of The Box Room Limited. 4. Prior period adjustment Following the adoption of FRS19, "Deferred Tax", the comparative figures for tax on profit/(loss) on ordinary activities, and the deferred tax provision, have been restated. 5. Abridged accounts The 2002 financial information constitutes non-statutory accounts within the meaning of section 240 of the Companies Act 1985; it is an abridged version of the group's statutory accounts which have not yet been filed with the Registrar of Companies but which have been reported on by the group's auditors. The 2001 figures are an extract from the group's statutory accounts for the year ended 31 December 2001 which have been filed with the Registrar of Companies. The auditors' report for both years was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 6. Copies of this statement are available from the Company's registered office at The Orion Centre,108 Beddington Lane, Croydon, Surrey CR0 4YY. The annual report and accounts will be sent to shareholders shortly. This information is provided by RNS The company news service from the London Stock Exchange END FR SEMFAMSDSEDD
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