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RNS Number:1948J
Donatantonio PLC
26 March 2003
RESULTS FOR THE YEAR ENDED 31 JANURY 2003
Donatantonio plc ('Donatantonio'), Agents, Importers and Distributors of Quality
Foods, announces its audited results for the year ended 31 January 2003.
Key points:
Turnover #13.9m
Profit Before Tax #902,000
Earnings per share 4.2 pence
Proposed Total dividend per share 3.0 pence
For further information please contact:
Sheila Donatantonio Managing Director 020 8236 2222
Howard Falk Finance Director 020 8236 2222
CHAIRMAN'S STATEMENT
Dear Shareholder,
Introduction
As indicated in my interim report, the year ended January 2003 has proved to be
a challenging year for the Company. However, there were some considerable
achievements, notably the continued advances made in the core manufacturing
sector and considerable gains made in the distribution of branded products to
the UK supermarkets. These are significant achievements given some very
difficult market conditions encountered during the year.
Business Review
The manufacturing sector saw sales grow by a further 5% to #10.9m. Within this
sector, we have started to develop new product propositions which provide us
with a unique position in the market place. Whilst the early signs are
encouraging, the ultimate success will depend upon consumer demand for the end
product on the shelf. An important development for this market is gaining our
British Retail Consortium Quality Systems accreditation at the higher level.
This is due recognition for our quality control procedures, and will provide our
customers and prospective customers with even greater comfort in the quality of
our products.
Our sales to the supermarkets have grown by 20%, thus further demonstrating our
ability to develop branded products in the UK market. We will be actively
seeking additional appropriate brands in the future to expand this part of the
business. However it is recognised that there will be a limit to growth as we
develop products from niche to mainstream. At this point, producers may well
decide to supply the UK market directly. This is not a problem so long as our
own investment in such products remains proportionate to the available profits.
The fall in overall turnover is primarily due to the decision to limit the
Company's exposure to the restaurant trade. Our direct exposure to "small order"
business is now extremely limited, and overheads have fallen accordingly. Whilst
we have been proactive in our approach to certain catering wholesalers, our
overall approach to this sector of the market has been passive in the past year.
During the year, margins came under extreme pressure from all sides: rising raw
material prices, the fall in the value of Sterling; and the extremely
competitive nature of the UK food industry. The adjustment of our selling prices
is a process that can only be realised with a delayed effect. Whilst the
business suffered from these pressures during the year, I am pleased to report
that by the end of the year, margins had recovered to the level they were at the
start of the year.
Dividends
A final dividend of 2.0 pence per share is being proposed, making a total
dividend for the year of 3.0 pence, which is the same as last year.
Prospects
Whilst trading remains strong, the further weakening of Sterling in the current
financial year is likely to put further pressure on margins. However, as
demonstrated towards the end of last year, I am confident that we can meet this
challenge.
I am encouraged by our ability to continue to meet the changing demands of our
customers, particularly in the area of product innovation. It is this ability
which will drive the future profitability of the Company.
The balance sheet remains extremely strong with over #2m of cash, no borrowings
and net assets of #8.6m.
Your Board believes that there is little recognition in the share price for the
quality of earnings and potential for further growth. This is one of the reasons
that your Board has undertaken a strategic review in order to maximise
shareholder value, as announced on 7 March 2003.
Employees
In a tough year, the hard work and commitment of all our employees has ensured
that the Company remains focused on its customers, suppliers, products and
markets. On behalf of the Board and the shareholders, I could like to thank them
for their continued hard work and support.
Buon appetito
Vincent F. Donatantonio
Chairman
25 March 2003
PROFIT & LOSS ACCOUNT
For The Year Ended 31 January 2003
2003 2002
#' 000 #' 000
Turnover 13,937 15,192
Cost of sales (10,262) (10,577)
Gross Profit 3,675 4,615
Overheads
Distribution (646) (831)
Administration (2,160) (2,439)
Other operating income - 7
Amortisation of Goodwill (26) (26)
Total overheads (2,832) (3,289)
Operating Profit 843 1,326
Profit on sale of property - 361
Profit on ordinary activities before interest 843 1,687
Interest receivable and similar income 59 31
Profit on ordinary activities before taxation 902 1,718
Tax on profit on ordinary activities (261) (463)
Profit on ordinary activities after taxation 641 1,255
Dividends (455) (455)
Retained profit for the year 186 800
Earnings per share 4.2p 8.3p
Headline Earnings per share 4.4p 6.1p
BALANCE SHEET
As At 31 January 2003
2003 2002
#' 000 #' 000
Fixed assets
Intangible assets 226 252
Tangible assets 3,955 4,085
Investments 3 3
4,184 4,340
Current assets
Stocks 2,290 2,080
Debtors 1,794 2,011
Cash in hand and in bank 2,169 2,367
6,253 6,458
Creditors: Amounts falling due within one year (1,736) (2,287)
Net current assets 4,517 4,171
Total assets less current liabilities 8,701 8,511
Provisions for liabilities and charges (144) (140)
Net Assets 8,557 8,371
Capital and reserves
Called up share capital 1,515 1,515
Share premium 2,572 2,572
Profit and loss account 4,470 4,284
Total shareholders' funds 8,557 8,371
CASH FLOW STATEMENT
For The Year Ended 31 January 2003
2003 2002
#' 000 #' 000
Net cash flow from operating activities 715 1,546
Returns from investments and servicing of finance 59 31
Taxation (428) (180)
Acquisitions - (64)
Management of liquid resources (1,000) -
Capital expenditure (89) 752
Equity dividends paid (455) (454)
(Decrease)/Increase in cash (1,198) 1,631
Reconciliation of net cash flow to movement in net funds
(Decrease)/Increase in the period (1,198) 1,631
Increase in cash placed on fixed deposits over 7 days 1,000 -
Movement in net funds in the year (198) 1,631
Net funds 1 February 2002 2,367 736
Net funds 31 January 2003 2,169 2,367
Reconciliation of Operating Profit to Net cash from operating activities:
Operating profit 843 1,326
Loss on sale of fixed assets 5 3
Depreciation charges 214 218
Amortisation of goodwill 26 26
(Increase)/Decrease in stocks (210) 21
Decrease in debtors 217 557
Decrease in creditors (380) (605)
Net cash flow from operating activities 715 1,546
Notes
1. The financial information relating to the year ended 31 January 2003 has been
abridged from the statutory accounts for that period, which have been
prepared using the same accounting policies as previous years, and which has
received an unqualified report from the auditors. These statutory accounts
will be posted to shareholders in due course and will be delivered to the
Registrar of Companies after they have been laid before the Company in a
general meeting to be held on 29 July 2003.
2. The Directors are proposing a final dividend of 2 pence per share payable on
7 August 2003 to shareholders on the register at close of business on 20
June 2003. The ex-dividend date will be 18 June 2003.
3. Earnings per share is based upon earnings for the financial year after
taxation of #641,000 (2002: #1,255,000) and 15,150,000 ordinary shares in
issue. The number of ordinary share in issue remained constant throughout
the period. Headline earnings per share is stated prior to the impact of
exceptional items and amortisation of goodwill on profits of #667,000 (2002:
#920,000).
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXDSAEPDEFE
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