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| Share Name | Share Symbol | Market | Type |
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| Interseroh | TG:ABA | Tradegate | Ordinary Share |
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RNS Number:7209S
Alba PLC
02 December 2003
2 December 2003
Alba plc
Interim Results for the six months ended 30 September 2003
Alba plc, the consumer electronics group, announces interim results for the six
months ended 30 September 2003.
Highlights
* The Group once again achieved record sales and profits
- Turnover increased by 20% to #250.2m (2002: #208.6m)*
- Profit before tax increased by 16% to #7.4m (2002: #6.4m)*
- EPS increased by 14% to 11.4p (2002: 10.0p)*
* 2002 comparative figures exclude discontinued operations. Including the
contribution from discontinued operations, and a #1.1m profit made on their
disposal, 2002 turnover was #210.2m, pre-tax profit was #7.8m and EPS 12.7p
* The interim dividend has been increased by 10% to 2.25p per share
(2002: 2.05p)
* The Group's UK Consumer Electronics brands achieved an exceptional
performance, increasing turnover by 19% despite the hot summer and last year's
strong sales during the World Cup; all brands performed well
* Domestic Appliances, Personal Care and Power Products grew turnover by
12% and saw the successful integration of the Pulse group of companies,
comprising the Breville, Nicky Clarke Haircare Appliances and Viva brands,
as well as the launch of Carl Lewis Fitness, Alba's range of fitness
products
* Roadstar Europe, Alba's International business in Italy, Germany, Spain and
Eastern Europe achieved an outstanding result, almost doubling sales from
#21m to #40m
* Digby Jones, Director-General of the CBI today joins the Board of Alba as a
Non-Executive Director
* Trading since the period end has been running at record levels
Commenting on prospects John Harris, Chairman, said:
"In addition to being able to report on a very successful 6 months' trading, I am
pleased to note that business in October and November has been running at record
levels. We are therefore confident of a good result for the year as a whole."
- ends -
For further information, please contact:
Alba plc (today):020 7067 0700
John E Harris, Chairman (thereafter): 020 8594 5533
Daniel Harris, Chief Executive
Andrew Rose, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Nick Oborne /Susanne Walker
Alba plc
Interim results for the six months ended 30 September 2003
CHAIRMAN'S STATEMENT
I am pleased to report on trading for the 6 months ended 30 September 2003. With
another strong performance the Group once again produced record sales and
profits for the first half of the year.
FINANCIAL RESULTS
Turnover for the period increased by 20% to #250.2 million (2002: #208.6
million) while profits before tax were #7.4 million, an increase of 16% (2002:
#6.4 million). Earnings per share were 11.4p (2002: 10.0p), an increase of 14%.
The comparative figures above exclude the operations discontinued last year
which in 2002 contributed turnover of #1.6 million, profit before tax of #0.3
million and a profit on disposal of #1.1 million.
The interim dividend has been increased by 10% to 2.25p per share (2002: 2.05p)
payable on 26 April 2004 to shareholders on the Register on 26 March 2004.
Net Debt at the period end was in line with our expectations at #105.9 million
(2002: #86.0 million), representing a net cash outflow during the six months of
#63.2 million (2002: #42.9 million). This increased cash outflow is principally
a result of the financing of the higher year on year sales of the Group towards
the end of the period under review reflected by the increase in debtors of #43.3
million. This compares to an increase in debtors of #21.1 million over the same
period last year. This seasonal high level of debt at 30 September is as a
result of the stock build to service the demands of our businesses in the run up
to Christmas and should therefore, as every year, be substantially reversed in
the second half.
REVIEW OF ACTIVITIES
Consumer Electronics UK
Sales by our consumer electronics companies including Bush Radio, Goodmans
Industries and Alba Radio totalled #131 million as against #110 million last
year. To increase turnover by 19% despite the hot summer and last year's strong
sales during the World Cup was an exceptional performance. Our smaller
divisions, Ministry of Sound and Roadstar UK, also performed creditably;
Ministry of Sound is now well established for higher technology products such as
MP3 and Digital Audio.
Domestic Appliance, Personal Care, Fitness and Power Products
This product sector achieved sales growth of 12%. It should be remembered that
this year's figures do not have the benefit of Dreamland, sold last year. We are
very pleased with the performance of Pulse, acquired in 2001. Its trading
divisions, Breville, Nicky Clarke Haircare Appliances and Viva are now fully
integrated into the Group. We are confident that this part of the Group has the
potential for future significant growth.
Carl Lewis Fitness, our new venture marketing a range of treadmills, rowing
machines, exercise bikes and similar fitness equipment has been launched and is
making good progress. The increased public awareness of fitness and health will
ensure steady growth for this business.
The power products and floor care sector comprising Power Devil/JCB and Dirt
Devil failed to match last year's sales through the summer months.
Telecoms
Our telecoms division Betacom, Cable & Wireless and NTL (the last two brands
under license) enjoyed excellent business with a sales increase of approximately
50%. Their new ranges have been well received by our customers.
International
Roadstar Europe has achieved the most dramatic increase of all, almost doubling
sales from #21 million to #40 million during the period. Its home markets Italy
and Switzerland did particularly well, but Eastern Europe and Spain also
contributed to a very good result. We look forward to achieving further growth
in these markets.
Harvard Maritime, Hong Kong experienced a decline in direct sales. Nevertheless,
it remains a profitable entity in its own right, achieving sales of #12 million
in the 6 months.
Logistics
Development of our new distribution centre at Cortonwood near Sheffield was
completed on time at the beginning of August and is now fully operational. We
look forward to enjoying future cost benefits that will accrue from the
efficiencies of this operation.
BOARD APPOINTMENT
We announced today that Mr Digby Jones, Director-General of the CBI has joined
the Board as a Non-Executive Director. We look forward to working with Digby,
whose expertise will prove a great asset as we continue to grow the Group.
LOOKING FORWARD
In addition to being able to report on a very successful 6 months' trading, I am
pleased to note that business in October and November has been running at record
levels. We are therefore confident of a good result for the year as a whole.
- Ends -
John E Harris MBE
Chairman
December 2003
For further information, please contact:
Alba plc (today):020 7067 0700
John E Harris, Chairman (thereafter):020 8594 5533
Daniel Harris, Chief Executive
Andrew Rose, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Nick Oborne/Susanne Walker
ALBA PLC
Unaudited results for the six months ended 30 September 2003
Consolidated Profit and Loss Account
Six months ended Six months ended Year ended
30 September 30 September 31 March
2003 2002 2003
Notes Total Total Total
#'millions #'millions #'millions
Turnover - continuing operations 250.2 208.6 525.9
- discontinued operations - 1.6 2.1
------------ ----------- -----------
- total 250.2 210.2 528.0
============ =========== ===========
Operating profit
- continuing operations 8.3 7.2 28.0
- discontinued operations - 0.3 0.4
------------ ----------- -----------
- total 8.3 7.5 28.4
Profit on sale of discontinued
operations - 1.1 2.6
------------ ----------- -----------
8.3 8.6 31.0
Interest payable(net) (0.9) (0.8) (1.6)
------------ ----------- -----------
Profit on ordinary activities
before taxation 7.4 7.8 29.4
Tax on profit on ordinary
activities 2 (1.7) (1.5) (6.0)
------------ ----------- -----------
Profit attributable to
shareholders 5.7 6.3 23.4
Dividends 3 (1.1) (1.0) (5.0)
------------ ----------- -----------
Retained profit 4.6 5.3 18.4
============ =========== ===========
Earnings per
Ordinary Share - Group 4 11.4p 12.7p 47.0p
============ =========== ===========
- Continuing operations 5 11.4p 10.0p 43.2p
============ =========== ===========
Diluted earnings per Ordinary
Share 6 11.2p 12.5p 46.3p
============ =========== ===========
Statement of total recognised gains and losses
Profit attributable to shareholders 5.7 6.3 23.4
Currency translation differences on foreign
currency net investments 0.7 (0.3) (0.6)
------------ ----------- -----------
Total recognised gains relating to
the period 6.4 6.0 22.8
============ =========== ===========
ALBA PLC
Unaudited results for the six months ended 30 September 2003
Consolidated Balance Sheet
30 September 30 September 31 March
Notes 2003 2002 2003
#'millions #'millions #'millions #'millions #'millions #'millions
Fixed Assets
Intangible fixed assets 1.7 2.5 2.1
Tangible fixed assets 19.4 10.2 15.0
Investments 0.6 0.3 0.3
-------- ------- -------
21.7 13.0 17.4
Current assets
Stocks 119.8 95.8 82.9
Debtors 114.7 90.3 72.2
Cash at bank and in hand 3.2 2.7 6.1
-------- ------- -------
237.7 188.8 161.2
Creditors
Amounts falling due
within one year (176.1) (137.6) (101.1)
-------- ------- -------
Net current assets 61.6 51.2 60.1
-------- ------- -------
Total assets less current
liabilities 83.3 64.2 77.5
Creditors falling due
after one year - (0.1) -
Provisions for liabilities
and charges (1.6) (1.4) (1.6)
-------- ------- -------
81.7 62.7 75.9
======== ======= =======
Capital and reserves
Called up share capital 5.0 5.0 5.0
Share premium account 16.7 15.8 16.2
Profit and loss account 60.0 41.9 54.7
-------- ------- -------
Shareholders'funds -
equity 7 81.7 62.7 75.9
======== ======= =======
ALBA PLC
Unaudited results for the six months ended 30 September 2003
Consolidated Cash Flow Statement
Six months ended Six months ended Year ended
30 September 30 September 31 March
Notes 2003 2002 2003
#'millions #'millions #'millions
Cash flow from operating
activities 8 (56.6) (42.6) 10.6
Returns on investments and
servicing of finance (0.9) (0.8) (1.6)
Taxation (0.8) (0.3) (2.2)
Capital expenditure and
financial investment (5.5) (0.4) (5.6)
Acquisitions and disposals - 2.2 3.6
Equity dividends paid (1.1) (0.9) (4.5)
----------- ----------- -----------
(Outflow)/inflow before use
of liquid resources and financing (64.9) (42.8) 0.3
Financing 0.5 0.1 0.3
----------- ----------- -----------
(Decrease)/increase in
cash in period (64.4) (42.7) 0.6
=========== =========== ===========
Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash in period (64.4) (42.7) 0.6
Cash outflow from movement in debt and
lease financing - - 0.2
----------- ----------- -----------
Change in net debt resulting from
cashflows (64.4) (42.7) 0.8
Translation difference 1.2 (0.2) (0.4)
----------- ----------- -----------
Movement in net debt in period (63.2) (42.9) 0.4
Net debt at start of period (42.7) (43.1) (43.1)
----------- ----------- -----------
Net debt at end of period 9 (105.9) (86.0) (42.7)
=========== =========== ===========
ALBA PLC
Notes
1. The financial information for the year ended 31 March 2003 does not
comprise full accounts. The results have been extracted from the published
accounts which have been filed with the Registrar of Companies; the auditors
issued an unqualified report thereon.
2. The taxation charge for the six months ended 30 September 2003 is based
on an estimated tax charge for the year as a whole after taking into account
losses available for relief.
3. The directors have declared an interim dividend of 2.25 p (2002 : 2.05p)
net per Ordinary Share payable on 26 April 2004 to shareholders on the register
at 26 March 2004.
4. Earnings per share are based upon earnings of #5.7 million (2002 : #6.3
million) and 50,082,473 (2002 : 49,697,364) Ordinary Shares being the average
number of Ordinary Shares in issue during the six months ended 30 September 2003
excluding the shares held by The Alba plc ESOP Trust.
5. Earnings per share for the continuing operations, which excludes last
year's results from the Bush Internet and Dreamland businesses, are based upon
earnings of #5.7 million (2002: #5.0 million) and the number of ordinary shares
as in note 4 above. These earnings may be reconciled as follows:
Six months ended Six months ended
30 September 30 September
2003 2002
#'millions #'millions #'millions #'millions
Profit attributable
to shareholders 5.7 6.3
Items not relating to
continuing operations:
Operating profit - 0.3
Interest payable(net) - (0.1)
-------- --------
Profit before tax - 0.2
Tax charge - -
-------- --------
Profit after tax - (0.2)
Profit on sale of
discontinued operation - (1.1)
-------- ---------
5.7 5.0
======== =========
6. Diluted earnings per share are based upon earnings of #5.7 million (2002
: #6.3 million) and 50,936,490 (2002 : 50,534,991) Ordinary Shares allowing for
the exercise of outstanding share purchase options exercisable at a price below
the average fair value during the period and the shares held by The Alba plc
ESOP Trust.
7. The movement in shareholders' funds may be reconciled as follows:
Six months ended Six months ended
30 September 30 September
2003 2002
#'millions #'millions
Balance at 1 April 2003 75.9 57.6
Shares issued 0.5 0.1
Retained profit for period 4.6 5.3
Foreign exchange translation difference 0.7 (0.3)
------------ ------------
Balance at 30 September 2003 81.7 62.7
============ ============
8. Reconciliation of operating profit to operating cash flow
Six months ended Six months ended Year ended
30 September 30 September 31 March
2003 2002 2003
#'millions #'millions #'millions
Operating profit 8.3 7.5 28.4
Depreciation 0.6 0.6 1.1
(Increase) in stocks (37.5) (35.6) (22.5)
(Increase) in debtors (43.3) (21.1) (3.2)
Increase in creditors 14.8 5.4 5.7
Amortisation of Investment in
own shares 0.1 0.1 0.2
Amortisation of Goodwill 0.4 0.5 0.9
----------- ----------- ---------
Net cash (outflow)/inflow from
operating activities (56.6) (42.6) 10.6
=========== ============ =========
9. Analysis of net debt
At At
1 April Cash Exchange 30 September
2003 flow movement 2003
#'millions #'millions #'millions #'millions
Cash at bank and in hand 6.1 (2.7) (0.2) 3.2
Bank loans and overdrafts (26.5) (7.2) 1.3 (32.4)
Bank import advances (22.2) (54.5) 0.1 (76.6)
Other loans (0.1) - - (0.1)
--------- ---------- ---------- ----------
(42.7) (64.4) 1.2 (105.9)
========= ========== ========== ==========
10.Copies of the interim report are being sent to Shareholders in due course.
Further copies will be available from the registered office of Alba plc, Harvard
House, 14-16 Thames Road, Barking, Essex, IG11 0HX.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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