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Share Name | Share Symbol | Market | Type |
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Baader Bank AG | TG:BWB | Tradegate | 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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0.01 | 0.22% | 4.54 | 4.48 | 4.60 | 4.59 | 4.48 | 4.59 | 6,063 | 22:50:02 |
RNS Number:8338L Burtonwood Brewery PLC 03 June 2003 Burtonwood Brewery PLC announces its preliminary results for the year ending 29 March 2003. Highlights March 2003 March 2002 % #000 #000 Group operating profit: Reported 9,800 9,378 ---------------- ------- ------- -------------- Underlying (i) 11,197 9,578 Up 16.9 ---------------- ------- ------- -------------- Profit before tax: Reported 5,638 7,678 ---------------- ------- ------- -------------- Underlying (ii) 9,265 8,077 Up 14.7 ---------------- ------- ------- -------------- Earnings per share Basic 14.7p 26.5p ---------------- ------- ------- -------------- Underlying (iii) 30.7p 26.3p Up 16.7 ---------------- ------- ------- -------------- Dividend per share 9.50p 8.85p Up 7.3 ---------------- ------- ------- ------------------------ Group operating margin 23.4% 20.0% Up 3.4 percentage points (i) ------- ------- ------------------------ ---------------- (i) Excluding amortisation of goodwill and impairment of properties. (ii) Excluding amortisation of goodwill, impairment of properties and loss on sale of fixed assets. (iii) Excluding amortisation of goodwill, impairment of properties, loss on sale of fixed assets and prior year tax credits. The underlying results are included above to provide an indication of the trend in profitability excluding the impact of items not directly related to the year's trading. * Underlying group operating profit up 16.9% * Underlying profit before tax up 14.7% * Acquisition of freehold interest in 94 of our tenanted pubs for #16.9 m * Beer volumes up in the tenanted estate * Sale of our poorest performing pubs after the year end A presentation for analysts will be held today in the city. For invitations, contact Deborah Walter or Jo Godfrey at Gavin Anderson & Co on 0207 554 1400. For further information please contact:- Lynne D'Arcy Managing Director 01925 225131 Nigel Wimpenny Finance Director 01925 225131 Charles Tattersall City Press 0161 606 0260 Chairman's statement I believe that we have achieved more this year than in any other. We acquired the freehold interest in 94 of our pubs, produced organic profit growth in both pub divisions and negotiated the sale of our poorest performing pubs, which were sold after the year end. Results and dividend Reported profit before tax was #5.6 million. Underlying profit before tax before charging for the amortisation of goodwill, impairment of properties and loss on sale of fixed assets, rose by 14.7% to #9.3 m. Underlying earnings per share improved by 16.7% to 30.7 pence and have now grown by a compound rate of 14% over the last 4 years. Underlying profits rose in both pub divisions, particularly the tenanted estate which recorded a 13% increase and we reduced central costs by 4%. We are proposing a final dividend of 6.5 pence per share, producing a total dividend for the year of 9.5 pence - up 7.3%. The final dividend, if approved, will be paid on 5 August 2003 to shareholders registered at the close of the business on 11 July 2003. Acquisition In July 2002 we completed the acquisition of JER UK Public House LLC, a company incorporated in the state of Delaware, USA which owned the freehold interest in 94 pubs that were being leased by Burtonwood. The acquisition replaced rental charges, which were subject to upward only review, with interest on a new loan, and was therefore immediately earnings enhancing. This is consistent with our strategy of owning the majority of our pubs on a freehold basis: less than 5% of our estate is now held on short lease. This policy gives us greater operating flexibility and reduces the earnings volatility caused by high fixed costs. We can also benefit from future increases in property values. To finance the acquisition, the company has taken out a bank loan of #17 m. Estate management We improve the quality of our pub estate by investment in renovation and new facilities, selective acquisition and the disposal of those pubs which fail to achieve satisfactory returns. During the year we carried out 52 investments in our estate and we acquired 6 new pubs - 4 tenancies and 2 managed houses. On 2 June 2003 we disposed of a package of low volume, poor performing tenanted pubs for #2.6 m; although this was #2.1 m below book value, the disposal was earnings enhancing because their contribution was negligible. This loss has been provided in these accounts. During the year we disposed of 13 other sites which we believed had no future in the estate: these houses realised #1.4 m, slightly below their book value. Revaluation An interim revaluation of freehold and long leasehold properties was carried out as at 29 March 2003 by Gillman Jones, Chartered Surveyors and produced a valuation slightly below book value. The valuation does not include a lotting premium. The revaluation has been adopted into the accounts. People Tony Biddle, who left the company in October after 5 years as property director, has not been replaced. Instead we have recruited a dedicated site acquisition manager and in Bill Cran, a non executive director, we have a wealth of experience in commercial property matters. It has been another successful year and I would like to thank all our staff and licensees for their contribution. Prospects Our strategy of developing and adding to our estate of mainly freehold community and rural tenanted pubs is proving successful. While we retain a nucleus of profitable, non themed managed houses, we are not exposed to the high street branded pub sector which has been afflicted by over supply and quickly changing consumer tastes. Trading since the year end has been in line with expectations. We will maintain our competitiveness by offering customers attractive pubs, run by suitable, well trained and motivated licensees. We will continue to drive as much profit as we can from our existing assets, while using our financial fire power to make further acquisitions. Richard Gilchrist Chairman 3 June 2003 Managing director's review of operations This has been a very successful year. We have again produced strong trading results, in both divisions and by increasing volumes in the tenanted pub estate we have bucked the trend and gained market share. We have completed the acquisition of the freehold interest in 94 pubs which we had previously operated under short lease. Due to its size this was a Class One transaction and required shareholder approval. We have continued to upgrade our pubs through refurbishment and rolling maintenance; and we have negotiated the disposal of the bottom end of our tenanted estate in terms of volume and profit contribution. I am pleased to report that Group operating profit, before the amortisation of goodwill and impairment of properties rose by 16.9% to #11.2 m. Managed pubs Our larger and more profitable pubs are operated under direct management and control. We ended the year with 36 sites, having made 2 acquisitions and a disposal. Turnover rose by 1.9% to #15.0 m and underlying operating profit by 3.1% to #3.0 m. Underlying operating margin increased to 20% despite the increasing costs of insurance, labour and red tape. Our managed houses are able to absorb these costs because we do not have to discount retail prices to maintain trade in the sector in which we operate. We continuously seek more efficient ways of doing business and our labour costs - at 22% of turnover - reflect this. We acquired 2 high turnover sites adjacent to the student campuses at Salford University and the University of North Wales (Bangor). Both pubs are performing well and turnover in this type of outlet is sustainable. Our managed houses are not particularly capital intensive: #0.4 m was spent on 9 refurbishments costing between #20,000 and #50,000. Selective investment at this level can have a significant positive effect, for example: sales at the Hoghton Arms at Withnell, near Chorley have increased from #7,000 to #9,000 per week after a #40,000 project, which included new decor throughout and the launch of a new food menu. We surrendered a short leasehold interest in an unprofitable pub in the centre of Chester; this is consistent with our strategy of avoiding the town centre, themed bar sector and owning the freeholds of our pubs. Around 200 managers and pub staff - over one third of the total - attended training courses during the year, which covered a range of relevant topics such as beer and cellar management, food hygiene and assertiveness and influencing skills. As well as training our staff, we promote the business to our target market; food and drink offers linked to sporting events shown on big screen TV's have helped to increase like for like sales by 1%. Average contribution per site rose to #120,000; this was reflected in an uplift in the valuation of the managed estate at the year end. Tenanted pubs Beer volumes increased over last year in an estate of roughly the same number of pubs. This performance bucks the trend across the pub industry and demonstrates that we have increased market share. Turnover and underlying operating profit rose by 4.7% and 13.1%; the performance of the estate has been held back by the package of 31 poorly performing pubs which have been sold since the year end. Our tenanted pub business model is simple and effective; our risk is spread over 440 individual businesses, which are run in partnership with our tenants. We derive our revenue from the sale of beers and other drinks to the tenants, rental income and a joint share of gaming machine income. For the third year in succession, all three income streams have improved over the previous year. The wholesale margin on the sale of drinks is the main contributor and we guard it carefully. Our tenants are offered Burtonwood ales, brewed by Thomas Hardy Burtonwood, as well as a wide range of national lager brands; in addition we offer a different guest ale each month, as part of our Cask Collection Club. We started the year with 448 tenanted pubs: we made 4 acquisitions and 12 disposals to finish with 440. The acquisitions, all freeholds, were the Lamb at Newall; the Nelthorpe Arms at Brigg; the Junction at Burntwood; and the Millers Inn, near Barnsley. Many opportunities were rejected because of concerns over the sustainability of the trade or the price. The acquisition of the freehold interest, in July 2002, in 94 JER pubs which we already operated under short lease has significantly improved the profitability of the tenanted estate. Had we not acquired the freehold interest, there would have been a 5 yearly upward only rent review in April 2002 which was expected to exceed 20%. The acquisition gave us a greater operational flexibility and 2 of the houses sold during the year were formerly JER leases. 43 pubs received capital investment of between #20,000 and #100,000, the tenant also contributing in most cases. In order to improve the quality of our estate we will continue to acquire new pubs, maintain and selectively refurbish them and aggressively dispose of those pubs whose returns are lower than our cost of capital and which are expected to decline even further. This decline usually occurs due to social, economic and demographic changes which cannot be corrected by operational management. For some time, we have been negotiating the sale of a package of 31 pubs representing the bottom end of our estate. I am pleased to say that unconditional contracts were exchanged on 2 June 2003. Proceeds of disposal were #2.6 m, in line with a professional, third party, valuation. Although a shortfall of #2.1 m against book value has arisen, the transaction was earnings enhancing because the contribution from these pubs was so low. I am now confident that the quality of our estate is higher than ever and will provide a stable platform for the company's future. Wholesale and brewery We have continued to reduce our non-core turnover in low margin sectors. Thomas Hardy Burtonwood Limited This is the first year that we have accounted for Thomas Hardy Burtonwood as an associate and I am pleased to report that it has been profitable. Brewing volumes are marginally up on last year and the high speed bottling line, installed in April 2002, has been fully utilised to package a range of national and international flavoured spirit drinks. Strategy Our business is all about pubs and people; having good quality, sustainable pubs, run by and supported by motivated, well trained and skilled individuals. I believe that over the last few years, we have made great progress in both areas. There is now a stable platform onto which additional pubs can be added and I am confident that we have the management ability in place to operate a larger business when suitable opportunities for expansion arise. At the same time we will continue to drive organic growth from the existing assets by promoting the business, responding to customer's needs and controlling costs. Lynne D'Arcy Managing director 3 June 2003 Finance director's review 2003 2002 ---- ---- Group operating profit - reported 9,800 9,378 Amortisation of goodwill 645 - Impairment of properties 752 200 -------- --------- Underlying group operating profit 11,197 9,578 Up 16.9% -------- --------- Profit before tax - reported 5,638 7,678 Amortisation of goodwill 645 - Impairment of properties 752 200 Loss on sale of fixed assets 2,230 199 -------- --------- Underlying profit before tax 9,265 8,077 Up 14.7% -------- --------- Profits Group operating profit, before amortisation of goodwill and impairment of properties rose by 16.9% to #11.2m. The acquisition of JER gave rise to goodwill of #0.6 m representing effectively the costs of the deal: the board has concluded that its useful life, being the period over which the value of the acquisition is expected to exceed the value of its net assets, is the current financial year. As a result, all the goodwill has been written off in these accounts. The revaluation of our properties produced a shortfall to book value of #1.9m. #0.7m has been charged against operating profit, the balance of #1.2m being reflected in the statement of total recognised gains and losses. 13 pubs were sold during the year realising #1.4 m, a shortfall to book value of #0.1 m. In June 2003 we sold a package of 31 pubs for #2.6m. The sale was being negotiated at the year end. These accounts include a provision for the loss on this transaction of #2.1m. After charging the amortisation of goodwill, impairment and the loss on disposal of fixed assets, profit before tax fell to #5.6m: adding back these costs, underlying profit before tax rose 14.7% to #9.3 m. Interest The interest charge rose to #2.2 m (2002: #1.5 m), following the new #17 m loan taken out to finance the acquisition of JER. Total operating profit, after amortisation of goodwill and property impairment, covered the net interest charge 4.6 times. Taxation The effective Corporation Tax payable rate was 25% on the underlying profit before tax. Including the charge for deferred tax, the effective rate was 27%. The effective total rate on reported profit before tax was 44% (2002: 27%) because the amortisation of goodwill, impairment of properties and loss on sale of fixed assets are not allowable for Corporation Tax relief. Cash flow The company generates strong cash flows. Cash inflow from operations was #4.2m higher than last year at #16.8m, reflecting the growth in operating profit. Free cash flow, after the payment of interest, taxation and dividends, was sufficient to cover the acquisition of 6 new pubs and the refurbishment programme. The acquisition of JER including its borrowings, was financed by a #17 m bank loan. A term of fifteen years, rather than a more typical ten, limited the repayments to little more than the property rentals. Early repayments can be made if cash flows allow. Proceeds from asset disposals in the year were #1.4m. Net debt, at the year end was #37.2m, giving a balance sheet gearing ratio of 43% (2002: 27%). Treasury and risk management The treasury function seeks to reduce or eliminate exposure to interest rate risk, to ensure sufficient liquidity is available to meet foreseeable needs and to invest surplus cash safely and profitably. Interest rate swaps are used to achieve a desired mix of fixed and floating rate debt. At the year end 73% of borrowings were fixed or hedged. An increase in interest rates of 100 bps would only cost the group #0.12 m, approximately 1% of underlying operating profit. Thomas Hardy Burtonwood Limited Following the commissioning of the new bottling line in April 2002, the directors of Burtonwood became more actively involved in and exerted more influence over the business of Thomas Hardy Burtonwood Limited. Consequently, it has been accounted for as an associate in the 2002/3 financial year. The accounts therefore include the following amounts representing our 40% share of its results. #000 Goodwill amortisation #000 #000 Operating profit 320 (50) 270 Interest (118) - (118) Profit before tax 202 (50) 152 Tax credit 56 - 56 Profit after tax 258 (50) 208 Shareholder return Underlying earnings per share rose 16.7% to 30.7 pence, although basic earnings per share reflecting the amortisation of goodwill, the impairment of properties, loss on sale of fixed assets and prior year tax credits, fell to 14.7 pence. Reflecting the underlying growth in profits and prospects, it is proposed to increase the dividend by 7.3% to 9.5 pence. This dividend will be covered 1.5 times by reported profits or 3.3 times by underlying profits. Ordinary shareholders' funds increased by #0.2 m to #86.55 m; this is now equivalent to 403 pence per share. Our share price ranged from a low of 214.5 pence to a high of 272.5 pence. It began the year at 214.5 pence and closed at 236.5 pence, giving a market capitalisation of #50.8 m at the year end. Pensions The accounts comply with the transitional disclosure requirements of FRS 17: Retirement benefits. This standard requires that pension fund assets are valued at market value and that liabilities are discounted at an AA bond yield rate. The recent poor performance of equity markets and the reduction in the long term discount rate, reflecting lower interest rates, have combined to produce a pension fund deficit, under FRS 17, of #3.3m before taxation. This deficit represents less than 4% of the net assets of the group. The company's ongoing funding of the scheme will be reviewed following the results of the actuarial valuation as at April 2003. Nigel Wimpenny Finance director 3 June 2003 GROUP PROFIT AND LOSS ACCOUNT For the year ended 29 March 2003 2003 2002 #000 #000 Turnover - including share of associate 51,710 47,947 Less: share of associate (3,774) - ------- ------- Group Turnover 47,936 47,947 Cost of sales (17,771) (19,147) ------- ------- Gross profit 30,165 28,800 Operating costs ------------------------------- ------- ------- Operating costs before goodwill amortisation and 18,968 19,222 impairment Goodwill amortisation 645 - Impairment of properties 752 200 ------------------------------- ------- ------- Total operating costs 20,365 19,422 Operating profit ------------------------------- ------- ------- Group operating profit before goodwill amortisation and 11,197 9,578 impairment Goodwill amortisation (645) - Impairment of properties (752) (200) ------------------------------- ------- ------- Group operating profit 9,800 9,378 Share of operating profits of associate 270 - ------- ------- Total operating profit 10,070 9,378 Loss and provision for loss on disposal of fixed assets (2,230) (199) ------- ------- Profit on ordinary activities before interest and taxation 7,840 9,179 Net interest payable (2,202) (1,501) ------- ------- Profit on ordinary activities before taxation 5,638 7,678 Taxation (2,460) (2,046) ------- ------- Profit on ordinary activities after taxation 3,178 5,632 Dividends - equity and non equity (2,069) (1,916) ------- ------- 1,109 3,716 Retained profit ======= ======= Basic earnings per share 14.7p 26.5p Diluted earnings per share 14.5p 26.2p Underlying earnings per share 30.7p 26.3p The above results are derived from continuing activities. GROUP BALANCE SHEET At 29 March 2003 2003 2002 Fixed assets #000 #000 Tangible assets 131,864 115,162 Investments 4,497 4,216 ------- ------- 136,361 119,378 ------- ------- Current assets Stocks 1,062 1,257 Debtors 3,065 3,700 Cash at bank and in hand 4,026 1,183 8,153 6,140 Creditors - due within one year (10,768) (8,032) ------ ------- Net current liabilities (2,615) (1,892) Total assets less current liabilities 133,746 117,486 Creditors - due after more than one year (42,438) (26,587) Provision for liabilities and charges (4,308) (4,118) ------ ------- Net assets 87,000 86,781 ------ ------- Capital and reserves Called-up share capital 5,817 5,773 Share premium account 705 484 Capital reserve 32 32 Revaluation reserve 33,992 35,352 Profit and loss account 46,454 45,140 ------ ------- Shareholders' funds (including non equity interests) 87,000 86,781 ------ ------- These accounts were approved by the board on 3 June 2003 R.A. Gilchrist ) N.B. Wimpenny ) Directors GROUP CASH FLOW STATEMENT For the financial year ended 29 March 2003 2003 2002 #000 #000 Net cash inflow from operating activities 16,837 12,685 Returns on investments and servicing of finance (3,009) (1,557) Taxation (2,544) (1,324) Capital expenditure and financial investment (7,092) (8,940) Acquisition (2,533) - Equity dividends paid (1,922) (1,782) Net cash outflow before financing (263) (918) Financing 3,106 331 ------ ------- Increase/(decrease) in cash in the year 2,843 (587) ------ ------- Reconciliation of net cash flow to movement in net debt ------ ------- Increase/(decrease) in cash 2,843 (587) Loan capital issued in connection with acquisition (17,000) - Loan repayments 486 - Repayment of subsidiary loan 13,825 - Finance lease 16 - ------ ------- Change in net debt resulting from cash flows 170 (587) Loans acquired with subsidiary (15,025) - Release of fair value adjustment 1,200 - Amortisation of debenture issue costs (10) (8) Finance lease (105) - ------ ------- Opening net debt (23,387) (22,792) ------ ------- Closing net debt (37,157) (23,387) ------ ------- Analysis of changes in net debt At 30/03/02 Acquisition Cash flow Non cash flow At 29/03/03 item #000 #000 #000 #000 #000 Cash at 1,183 - 2,843 - 4,026 bank and in hand Borrowings - (15,025) 13,825 329 (871) repayable within one year Borrowings (24,570) - (16,514) 861 (40,223) repayable after more than one year Finance - - 16 (105) (89) lease -------- -------- -------- ---------- -------- (23,387) (15,025) 170 1,085 (37,157) -------- -------- -------- ---------- -------- 2003 2002 #000 #000 Reconciliation of operating profit to net cash inflow from operating activities Operating profit 9,800 9,378 Depreciation 3,510 3,149 Impairment 752 200 Amortisation of goodwill 645 - Increase in trade loan provision 154 30 Decrease in stocks 195 102 Decrease in debtors 635 203 Increase/(decrease) in creditors 1,146 (377) ------ ------ Net cash inflow from operating activities 16,837 12,685 ------ ------ Analysis of cash flows from headings netted in the cash flow statement Returns on investments and servicing of finance Interest received 101 122 Interest paid (1,947) (1,647) Cost of redemption of subsidiary's financial liabilities (1,126) - Dividends paid on non equity shares (32) (32) Interest element of finance lease (5) - ------ ------ Net cash outflow from returns on investments and servicing (3,009) (1,557) of finance ------ ------ Capital expenditure and financial investment Purchase of tangible fixed assets (8,098) (10,949) Proceeds on sale of tangible fixed assets 1,401 2,459 Investment in Thomas Hardy Burtonwood Limited - (356) Increase in trade loans and bonds (395) (94) ------ ------ Net cash outflow from capital expenditure and financial (7,092) (8,940) investment ------ ------ Financing Issue of ordinary share capital 265 331 New secured loan 17,000 - Loan repayments (486) - Repayment of loans by associate 168 - Repayment of subsidiary loans (13,825) - Capital element of finance lease (16) - ------ ------ Net cash inflow from financing 3,106 331 ------ ------ Notes This preliminary announcement does not form the group's statutory accounts. The figures shown have been extracted from the group's full financial statements which, for the year ended 30 March 2002 have been delivered, and for the year ended 29 March 2003 will be delivered to the Registrar of Companies. Both carry an unqualified audit report. The accounts have been prepared in accordance with applicable accounting standards and are consistent with those applied last year. 1) Segmental information Turnover Operating profit Net operating assets 2003 2002 2003 2002 2003 2002 #000 #000 #000 #000 #000 #000 Tenanted pubs 32,444 30,986 12,476 11,028 95,774 83,617 Wholesale trade 413 1,465 71 138 456 278 Managed pubs 14,974 14,688 3,000 2,910 24,677 22,088 Brewery, site and 105 808 (446) (449) 6,460 6,120 distribution Central - (3,904) (4,049) (3,210) (1,935) Impairment - (752)* (200)* - - Amortisation of - - (645)* - - - goodwill Total 47,936 47,947 9,800 9,378 124,157 110,168 Share of operating 270 - profits of associate Loss and provision (2,230)* (199)** for loss on sale of fixed assets Net interest (2,202) (1,501) (37,157) (23,387) payable/net debt Profit before 5,638 7,678 87,000 86,781 taxation/net assets Net operating assets represent the book value of all assets, excluding borrowings, employed in each business segment. Turnover and profit before tax are derived from continuing operations within the UK. * tenanted pubs. ** tenanted pubs #145,000, managed pubs #26,000 and central #28,000. 2) Net interest payable 2003 2002 #000 #000 Group: 61/2% Debenture Stock 2024 1,625 1,625 Bank loans, overdrafts and interest rate swaps 629 (2) Finance leases 5 - Costs of early redemption of subsidiary's financial 1,126 - liabilities Release of fair value adjustment following redemption of (1,200) - subsidiary's financial liabilities Interest receivable (101) (122) ------ ------- Group net interest payable 2,084 1,501 Share of interest payable by associate 118 - ------ ------- Total 2,202 1,501 ====== ======= 3) Taxation on profits for the year 2003 2002 #000 #000 Taxation on the profits for the year UK Corporation Tax at 30% (2002: 30%): - Current year 2,550 2,207 - Prior years (224) (447) Deferred taxation 190 286 Share of associate's tax credit (56) - ------ ------- 2,460 2,046 ====== ======= The tax assessment for the period is lower than the standard rate of Corporation Tax in the UK (30%) as a result of capital allowances. Profit on ordinary activities before taxation 5,638 7,678 ------- ------- Profit on ordinary activities multiplied by standard rate of 1,691 2,303 Corporation Tax (30%) Adjustments in respect of prior years (224) (447) Items disallowable for tax purposes 1,049 190 Capital allowances in excess of depreciation (190) (286) Share of associates tax credit (56) - ------- ------- Corporation Tax charge for the year 2,270 1,760 ------- ------- Based on current capital investment plans, the group expects to continue to be able to claim capital allowances in excess of depreciation in future years. 4) Dividends Equity shares: Interim 3.0p (2002: 2.85p) 641 602 Final 6.5p (2002: 6.0p) 1,396 1,282 Non equity shares: 7% cumulative preference shares 32 32 ------- ------- 2,069 1,916 ------- ------- The final dividend will, if approved, be paid on 5 August, 2003 to shareholders on the register on 11 July, 2003. 5) Earnings per share Basic and adjusted earnings per share are calculated by dividing the earnings for ordinary shareholders as calculated below, by the weighted average number of shares in issue during the year of 21,355,759 (2002: 21,124,643). Earnings Earnings per share 2003 2002 2003 2002 #000 #000 Pence Pence Profit after taxation 3,178 5,632 - - Preference dividend (32) (32) - - ------- -------- ------- -------- Basic earnings 3,146 5,600 14.7 26.5 Loss and provision for loss on sale of 2,230 199 10.5 0.9 assets Prior year tax credits (224) (447) (1.0) (2.1) Amortisation of goodwill on 645 - 3.0 - acquisition Impairment 752 200 3.5 1.0 ------- -------- ------- -------- Adjusted earnings 6,549 5,552 30.7 26.3 ------- -------- ------- -------- Adjusted earnings per share shows more clearly the underlying performance of the group. Diluted earnings per share is the basic earnings per share after allowing for the dilutive effect of the conversion into ordinary shares of the weighted average number of options outstanding during the period of 278,683 (2002: 214,253). This information is provided by RNS The company news service from the London Stock Exchange END FR UUOKROKRNRAR
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