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Share Name | Share Symbol | Market | Type |
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Innoviva Inc | TG:HVE | 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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0.00 | 0.00% | 15.30 | 15.10 | 15.40 | 0.00 | 06:32:02 |
RNS Number:0761Q Havelock Europa PLC 24 September 2003 HAVELOCK EUROPA PLC - INTERIM ANNOUNCEMENT Havelock, the Fife-based educational and retail interiors and point of sale display business, announces an encouraging first six months, in what is traditionally much the weaker half. A significant increase in pre-tax profit was achieved, aided by the sale of the Group's share of its Middle East joint venture. A 17% increase in the interim dividend has been declared. 2003 2002 Change Turnover (#m) 42.2 34.5 +22% Pre-tax profit (#000) 1,360 754 +80% Earnings per share (p) 4.1 2.4 +71% Dividend per share (p) 0.7 0.6 +17% * The underlying figures were a pre-tax profit of #569,000 (2002: #492,000), up 16%, and earnings per share of 1.4p (2002: 1.6p), reflecting a higher tax charge due to the increased proportion of UK profit. * ESA Macintosh, the UK market leader in educational fitted furniture, increased turnover by 11% to #9.2m, and is well placed to record another excellent result. * Point of Sale Display turnover declined by 17% to #10.0m as a result of the protracted corporate activity in the supermarket sector and some consumer uncertainty at the time of the outbreak of hostilities in the Gulf, both of which affected spending on new merchandising formats. Although the overall level of business in the full year will be lower than 2002, a satisfactory result is anticipated. * Retail Interiors increased turnover by 85% to #22.4m and made a positive first half contribution to the Group for the first time in a number of years. A strong order book will ensure a much improved performance over that achieved in the last two years. * The reduction in exposure to the Middle East, which had contributed useful earnings in recent years, proved timely, but Havelock remains optimistic about future opportunities in the Gulf. Michael Kennedy, Chairman, stated "The Board remains confident that, overall, 2003 will be a year of further satisfactory progress and will provide a platform for continuing growth in the coming years, particularly beyond 2004, as the full impact of Government expenditure in the education sector is realised." Enquiries: Havelock Europa PLC 01383-820044 Hew Balfour (Chief Executive) 07801-683851 Graham MacSporran (Finance Director) 07801-683803 Bankside Consultants Limited Charles Ponsonby 07789-202 312/020-7444 4166 Alistair Macdonald 020-7444 4168 CHAIRMAN'S STATEMENT FINANCIAL REVIEW As indicated in my statement at the AGM on 18 June 2003, the Group has had an encouraging start to the year. In what is traditionally the weaker half of the year, on turnover up by 22 per cent at #42.2 million (2002 : #34.5 million), the Group recorded a profit before tax of #1.36 million (2002 : #0.75 million). Some #935,000 of this profit related to the sale of the Group's share of the Middle East Joint Venture, Havelock AHI, in February 2003. The cash proceeds of this sale, net of the re-investment in a 17 per cent share of the purchaser, amounted to #2.0 million. Underlying pre-tax profit increased by 16 per cent to #569,000 (2002 : #492,000), after excluding the exceptional profit on disposal of assets of #935,000 (2002: #399,000) and a goodwill amortisation charge of #144,000 (2002 : #137,000). Underlying UK profits increased by 164 per cent to #599,000 (2002 : #227,000). Basic earnings per share rose to 4.1 pence (2002 : 2.4 pence). Adjusted earnings per share were 1.4 pence (2002 : 1.6 pence), reflecting a higher tax charge due to the increased UK proportion of profits. Net debt at the period end stood at #16.6 million (2002 : #17.8 million). This reduction was achieved, despite a substantial jump in activity levels, through strong working capital controls. Full year interest cover is again expected to be substantial. DIVIDEND The Board is pleased to declare an interim dividend per share of 0.7 pence (2002 : 0.6 pence), an increase of 17%. This dividend will be paid on 29 December 2003 to shareholders on the register at close of business on 14 November 2003. TRADING REVIEW Educational Furniture ESA McIntosh is the UK market leader in the design, manufacture and installation of educational fitted furniture, with facilities in Kirkcaldy, Fife. Turnover advanced by 11 per cent to #9.2 million (2002 : #8.3 million). Further progress was made in the proportion of work secured as a sub-contractor to the educational PFI sector throughout the UK, whilst enquiries for work secured direct with local authorities and individual schools continued at record levels. Point of Sale Display The Point of Sale Display Division prints promotional graphics and manufactures display equipment in Letchworth and Bristol for use in retail and branded goods businesses, typically as part of marketing rather than capital expenditure budgets. Activity in this division was below budget as a result of the protracted corporate activity in the supermarket sector and some consumer uncertainty at the time of the outbreak of hostilities in the Gulf, both of which affected spending on new merchandising formats. In consequence, turnover in the first half fell to #10.0 million (2002 : #12.0 million). Further capital investment was channelled into the print facilities at Hartcliffe in Bristol, where a new lithographic press was installed in April. The anticipated benefits to productivity as a result of this investment have already begun to emerge. Retail Interiors The Retail Interiors Division designs, manufactures and installs furniture and fittings for retailers, banks and hotels from its manufacturing site in Dalgety Bay, Fife. It also has a project management, sales and design office in Alfreton, Derbyshire. The Division entered 2003 with the best order book for many years and the level of activity has continued to improve. Turnover increased to #22.4 million (2002 : #12.1 million), aided by the completion of a new store for Fenwick in Canterbury, the hand over of the first stage of a major project for House of Fraser in Manchester, and increased levels of activity in the banking sector and the hotel bedroom refurbishment market. With overall volumes showing a significant increase and with the benefits of operating from a single site throughout the period, the Division made a positive contribution to the Group in the first half of the year for the first time in a number of years. Middle East Havelock AHI manufactures and installs retail and hotel interiors from its base in Bahrain. The reduction in exposure to the Middle East in February 2003 proved timely. Trading in the first half was inevitably affected by the war in Iraq and the consumer uncertainty which accompanied it. A loss, attributable to the Group, of #30,000 was recorded. STRATEGY The strategy, set out at the time of the acquisition of ESA McIntosh in September 2001, to concentrate on UK markets offering significant opportunities for profitable growth, is continuing to bear fruit. The scale of the market in educational furniture is very considerable and is likely to provide further opportunities for substantial growth, particularly beyond 2004, as a result of PFI projects that are now reaching preferred bidder status or financial close. Within the Retail Interiors Division, opportunities are being sought to use the skill base for more profitable work in other sectors, such as furniture for hotel bedrooms. There is a growing flexibility between the personnel of ESA McIntosh and the Retail Interiors Division, and this will enable the Group to harness the combined resources of the two Divisions to take advantage of rising levels of Government expenditure in the education and healthcare sectors, as well as in other areas requiring substantial improvements in infrastructure. Havelock will continue to build upon the Point of Sale Display Division's strengths, which include an increasing diversity of customers, and intends to seek opportunities for further growth in this sector. CURRENT TRADING AND PROSPECTS Enquiries by individual schools and local authorities are running at record levels. This, coupled with the volume of PFI work in hand, suggests that ESA McIntosh will record another excellent result. PFI orders for educational furniture secured for completion in 2003 total #9.6m. Negotiations are already at an advanced stage for orders in excess of #10m for 2004, of which #4.5m relates to follow on work to contracts completed in 2003. A substantial further advance in 2005 is expected with negotiations well underway for contracts significantly in excess of #15m. To meet the increased demand in 2005, an investment of some #400,000 in additional staff resources will be made during 2003 and 2004. A revival of activity has taken place in July and August within the Point of Sale Display Division and, although the overall level of business in the full year will be lower than in 2002, a satisfactory result is anticipated. In the Retail Interiors Division, a strong order book will ensure a much improved performance over that achieved in the last two years. For reasons already explained, the share of profit from the Middle East Joint Venture will be much lower than the contribution achieved in the last three years, but the uncertainties resulting from the war are now much diminished and the Group remains optimistic about future opportunities in the Gulf. Overall, the Board remains confident that 2003 will be a year of further satisfactory progress and provide a platform for continuing growth in the coming years, particularly beyond 2004, as the full impact of Government expenditure in the education sector is realised. Michael Kennedy Chairman 24 September 2003 UNAUDITED PROFIT AND LOSS ACCOUNT for the half year ended 30 June 2003 Half Half Audited Year Year Year Ended Ended Ended 30 June 30 June 31 December 2003 2002 2002 Notes #000 #000 #000 Turnover Group and share of Joint Venture 42,168 34,544 87,442 Less: share of Joint Venture's (553) (2,184) (4,601) turnover -------- -------- -------- Group turnover 41,615 32,360 82,841 ===== ===== ===== Operating profit before exceptional 944 651 4,066 items Exceptional reorganisation credit - 399 399 -------- -------- -------- Operating profit after exceptional 944 1,050 4,465 items Share of Joint Venture's operating (24) 269 586 (loss)/profit Share of Associated Company's operating loss (4) - - -------- -------- -------- Total operating profit 916 1,319 5,051 Gain on sale of investments 935 - - Interest payable less receivable Group (489) (561) (1,115) Joint Venture (2) (4) (10) -------- -------- -------- Profit on ordinary activities before taxation 1,360 754 3,926 Tax charge on profit on ordinary 3 (143) (27) (995) activities -------- -------- -------- Profit for the period 1,217 727 2,931 Dividend-equity (217) (185) (743) -------- -------- -------- Retained profit for the period 1,000 542 2,188 ===== ===== ===== Basic earnings per share 4 4.1p 2.4p 9.8p ===== ===== ===== Adjusted earnings per share 4 1.4p 1.6p 9.4p ===== ===== ===== Diluted earnings per share 4 3.9p 2.4p 9.6p ===== ===== ===== Dividend per share 0.7p 0.6p 2.4p ===== ===== ===== STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Half Half Audited Year Year Year Ended Ended Ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Profit for the period 1,217 727 2,931 Exchange loss on investment in Joint Venture (21) (51) (107) -------- -------- -------- Total recognised gains relating to the period 1,196 676 2,824 Prior year adjustment (adoption of FRS (732) (732) 19) -------- -------- -------- Total gains/(losses) recognised since 1,196 (56) 2,092 the last annual report ====== ====== ===== STATEMENT OF HISTORICAL COST PROFITS AND LOSSES Reported profit on ordinary activities 1,360 754 3,926 before taxation Realisation of property revaluation -- 444 444 gains of previous years Difference between a historical cost -- (4) (4) depreciation charge and the actual deprecation charge of the period calculated on the revalued amount -------- ------- ------- Historical cost profit on ordinary 1,360 1,194 4,366 activities before taxation -------- ------- ------- Historical cost profit for the period 1,000 982 2,628 retained after taxation and dividends --------- ------- ------- UNAUDITED BALANCE SHEET as at 30 June 2003 Audited 30 June 30 June 31 December 2003 2002 2002 Notes #000 #000 #000 Fixed assets Intangible asset - goodwill 3,952 4,206 4,077 Tangible assets 13,222 12,376 12,649 Investment in Associated 541 Company Investment in Joint Venture ------- -------- -------- - goodwill 124 112 - share of assets 2,250 2,551 - share of liabilities (959) (1,005) ------- -------- -------- 1,415 1,658 Investment in own shares 73 368 368 -------- -------- -------- 17,788 18,365 18,752 ===== ===== ===== Current assets Stocks 5 7,454 7,471 7,317 Debtors 6 18,830 17,375 16,725 Cash at bank and in hand 1 1 902 -------- -------- -------- 26,285 24,847 24,944 Prepayments and accrued -- 434 -- income Creditors - Amounts falling due within one year 7 (24,604) (24,837) (24,568) -------- -------- -------- Net current assets 1,681 444 376 -------- -------- -------- Total assets less current 19,469 18,809 19,128 liabilities Creditors - Amounts falling due after more than one year 8 (8,745) (10,798) (9,399) Provision for liabilities and (79) -- (79) charges -------- -------- -------- Net assets 10,645 8,011 9,650 ===== ===== ===== Capital and reserves Share capital 3,101 3,083 3,097 Share premium account 9 891 844 879 Revaluation reserve 9 1,318 1,318 1,318 Profit and loss account 9 5,335 2,766 4,356 -------- -------- -------- Equity shareholders' funds 10,645 8,011 9,650 ===== ===== ===== UNAUDITED CASH FLOW STATEMENT for the half year ended 30 June 2003 Half Half Audited Year Year Year Ended Ended Ended 30 June 30 June 31 December 2003 2002 2002 Notes #000 #000 #000 Cash (outflow)/inflow from operating activities 10(a) (2,348) (1,984) 7,047 ------ ----- ------- Return on investments and servicing of finance Interest received 37 3 5 Interest paid (516) (559) (1,114) ------- -------- -------- (479) (556) (1,109) -------- -------- -------- Taxation (paid) / reimbursed (102) 458 498 -------- -------- -------- Capital expenditure and financial investment Purchases of tangible fixed (1,585) (504) (1,807) assets Sales of tangible fixed -- 3,430 3,324 assets Loan to ESOP trust (250) (118) (118) -------- -------- -------- (1,835) 2,808 1,399 --------- -------- -------- Acquisitions Deferred consideration and (45) (740) (238) fees Cost of investment in (568) -- -- Associate ---------- ------- -------- (613) (740) (238) Disposals Proceeds from disposal of 2,567 -- -- interest in Joint Venture Equity dividends paid - (33) (682) -------- -------- -------- Cash (outflow)/inflow before (2,810) (47) 6,915 financing --------- --------- -------- Financing Repayment of loan notes issued on acquisition of subsidiaries (1,310) (2,327) (4,334) Capital element of finance lease rental payments (152) (293) (516) Repayment of long term loan (624) (625) (1,251) Bank term loan and other -- 2,600 2,000 advances Issue of new shares 16 --- 49 ------- ------- ------- (2,070) (645) (4,052) ------- -------- -------- (Decrease)/increase in cash for 10(b) (4,880) (692) 2,863 the period ------- ------- ------- NOTES TO THE STATEMENT 1. The financial information contained in this statement for the half year ended 30 June 2003 has been prepared on a basis consistent with the accounting policies set out in the audited accounts for the year ended 31 December 2002. The figures for the financial year ended 31 December 2002 are extracted from the statutory accounts for that year on which an unqualified report was made by the Auditors and which have been delivered to the Registrar of Companies. The summarised results for the half year to 30 June 2003 and the comparative results for the half year to 30 June 2002 are non-statutory accounts within the meaning of section 240 of the Companies Act 1985. 2. All operations are continuing. 3. A charge for taxation has been included at 31% (2002:30%), being the effective rate likely to be applied to the UK result, excluding the exceptional gain, for the full year to 31 December 2003. The results of the Middle East joint venture (including the exceptional gain) are not subject to taxation. 4. Basic and adjusted earnings per share are calculated by dividing the profit after tax by 29,969,760 (2002: 29,853,926), being the weighted average number of shares in issue during the period, excluding those held by the employee share scheme in accordance with UITF 13. Diluted earnings per share are calculated by dividing the profit after tax by 31,082,760 shares, which includes all share options with an option price less than the average market price for the period. Adjusted earnings attributable to shareholders June June December 2003 2002 2002 #000 #000 #000 Profit after tax 1,217 727 2,931 Adjusted for: Gain on sale of investments (935) - - Exceptional items - (399) (399) Amortisation of goodwill 144 137 277 --------- -------- ------- Adjusted profit after tax 426 465 2,809 ===== ===== ===== Basic weighted average shares 29,970 29,854 29,940 Diluted weighted average shares 31,083 30,657 30,590 Basic EPS 4.1p 2.4p 9.8p Adjusted EPS 1.4p 1.6p 9.4p Diluted EPS 3.9p 2.4p 9.6p 5. Stocks 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Raw materials and consumables 2,144 1,994 2,027 Work in progress 2,964 2,775 3,514 Less: Payments to account (1,102) (1) (787) Finished goods 3,448 2,703 2,563 --------- -------- -------- 7,454 7,471 7,317 ===== ===== ===== 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 6. Debtors Trade debtors 17,042 15,800 15,029 Other debtors 1,441 868 351 Prepayments 347 707 1,345 -------- -------- -------- 18,830 17,375 16,725 ===== ===== ===== 7. Creditors: amounts falling due within one year 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Bank overdraft (secured) 3,979 2,654 -- Bank loans (secured) 1,250 1,250 1,250 Loan notes 2,455 2,781 1,310 Trade creditors 11,276 8,932 12,610 Corporation tax 121 80 Other taxes and social security 2,054 1,837 2,258 Accruals 2,564 3,076 3,750 Provision for Nottingham closure -- 856 -- Dividends - Final 557 463 557 - Interim 217 185 -- Obligations under finance leases 131 303 253 Provision for deferred -- 2,500 2,500 consideration -------- -------- -------- 24,604 24,837 24,568 ===== ===== ===== The loan notes are repayable at par on the holder giving one month's notice. The Company's obligations under these notes are guaranteed by the Bank of Scotland. In so far as the ESA McIntosh notes have not already been redeemed, they will be redeemed in full by the Company on 31 December 2004 at par. 8. Creditors: amounts falling due after more than one year 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Bank loans (secured) 8,563 10,413 9,187 Obligations under hire purchase 182 385 212 contracts and finance leases -------- -------- -------- 8,745 10,798 9,399 ===== == ===== 10. Reserves Share Revaluation Profit & Loss Premium Reserve Account #000 #000 #000 At 1 January 2003 879 1,318 4,356 Exchange loss on investment - - (21) Issue of new shares 12 - - Retained profit for the period - - 1,000 ------- ------- ------- At 30 June 2003 891 1,318 5,335 ==== ==== ==== 11. Cash Flow Statement Half Half Audited Year Year Year ended Ended Ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 a) Reconciliation of operating profit to net cash flow from operating activities Operating profit after exceptional items 944 1,050 4,465 Depreciation and amortisation charges 1,090 1,264 2,442 Gain on disposal of fixed tangible assets - (297) (145) Increase in stocks (137) (1,678) (1,524) Increase in debtors (2,105) (764) (528) (Decrease)/increase in creditors (2,140) (1,559) 2,337 ------- ------- ------- Net cash (outflow)/inflow from operating activities (2,348) (1,984) 7,047 ------- ------- ------- b) Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash for the (4,880) (692) 2,863 period Finance lease payments 152 294 516 Inception of new finance leases (44) (44) Loan notes issued in the period (2,455) (1,965) (2,500) Loan notes redeemed 1,310 2,327 4,334 Bank loan repaid 624 625 1,251 Bank term loan & other advances - (2,600) (2,000) ------- ------- ------- Movement in net debt in the period (5,249) (2,055) 4,420 Opening net debt (11,310) (15,730) (15,730) -------- -------- -------- Closing net debt (16,559) (17,785) (11,310) ===== ===== ===== c) Analysis of net debt At Other At 1 January Cash Non-Cash 30 June 2003 Flow Changes 2003 #000 #000 #000 #000 Overdraft -- (3,979) -- (3,979) Cash at bank and in hand 902 (901) -- 1 -------- ------- -------- ------- 902 (4,880) - (3,978) -------- ------- ------- ------- Debt due within one year Bank loans (1,250) 624 (624) (1,250) Loan notes (1,310) 1,310 (2,455) (2,455) Finance lease creditor (253) 152 (30) (131) ------- ------- ------- ------- (2,813) 2,086 (3,109) (3,836) ------- ------- ------- ------- Debt due after one year Finance lease creditor (212) -- 30 (182) Bank loans (9,187) -- 624 (8,563) ------- ------- ------- ------- (9,399) - 654 (8,745) ------- ------- ------- ------- Total net debt (11,310) (2,794) (2,455) (16,559) ===== ==== ==== ===== 12. The interim statement for the half year ended 30 June 2003 was approved by the Directors on 23 September 2003. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFFEAEIVFIV
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