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RNS Number:2311J
Infast Group PLC
27 March 2003
PRELIMINARY RESULTS
Infast Group plc ("Infast" or the "Group"), the inventory management services
group, is pleased to announce its preliminary results for the year ended
31 December 2002.
Financial highlights
* Turnover on continuing operations at #161.7m (2001: #134.1m) - up 21%
* Operating profit on continuing operations, before goodwill amortisation
and exceptional charge, at #5.5m (2001: #3.6m) - up 53%
* Pre-tax profit at #1.9m (post goodwill amortisation of #1.3m and #1.3m
exceptional charge) (2001: pre-tax loss #1.7m)
* Adjusted earnings per share 2.8p (2001: 2.4p)
* Total dividend per share for the year unchanged at 2.0p
* Major new contracts secured in UK and USA.
Graham Titcombe, Chairman of Infast, said: "The Company has made significant
progress in its strategy to focus on inventory management services. Our
business now serves a wider market and customer base than ever before.
Investment in the most effective and efficient systems continues. Further
organic growth, the achievement of outstanding customer service and the
generation of positive cash flow and increased profits remain key goals.
"We anticipate that demand for our Inventory Management Services will grow with
both existing and new customers in our UK and North American markets."
For further information, please contact:
Infast Group plc Tel: 01452 880 500
Robert Sternick, Group Chief Executive
Rawlings Financial PR Limited Tel: 01756 770 376
John Rawlings
Catriona Valentine
CHAIRMAN'S STATEMENT
This is my first statement to Infast shareholders since joining the Company on
24th September 2002.
I am pleased to be able to say that the results for the financial year 2002 are
encouraging. Both sales and profits grew compared to the prior period, progress
that has been achieved despite challenging conditions in most of our markets.
The Board is recommending that a final dividend of 1.2p be maintained, a clear
signal of our confidence that the improvements of the last year can be
continued.
The Company has made significant progress in its strategy to focus on inventory
management services. Our business now serves a wider market and customer base
than ever before. Investment in the most effective and efficient systems
continues. Further organic growth, the achievement of outstanding customer
service and the generation of positive cash flow remain key goals.
Since joining Infast I have been impressed by the enthusiastic commitment of all
employees to this organisation's continued success and I would like to thank
them for their contribution.
There have been significant changes to the Board of directors this year. After
five years as Chairman, Roger Leverton retired on 24th September 2002.
Secondly, John Cresswell, who has served the Company for nearly 30 years, most
recently as a non-executive director, retired on 31st December 2002.
On behalf of the Board, I would like to thank both Roger and John for the major
contributions they made to the development of the Group.
Finally, on the subject of Board changes, I am very pleased to welcome Richard
Seguin, who joined Infast as a non-executive director on 13th January 2003. I
am sure that his considerable international experience will be of great benefit
to the Group.
Current Trading and Outlook
After nearly three months of the new financial year, UK sales are marginally
ahead of the same period in 2002. In the current tough economic environment,
pressures remain on margins. As a result, some cost rationalisation is already
taking place, which will affect the first half results, but will have a positive
effect on the year as a whole.
In 2003, we anticipate that demand for our Inventory Management Services will
grow with both existing and new customers in our UK and North American markets.
In the case of one major contract, we will incur start up costs during the year
and, therefore, the contract will not enhance earnings until 2004. Growth in
turnover during the year will be biased towards the second half due to some
customer delays experienced in the first quarter and also the progressive
benefit of contracts recently won.
The Board is confident of achieving continued growth during the year despite
challenging market conditions.
Graham Titcombe
Chairman
27 March 2003
CHIEF EXECUTIVE'S REPORT
This was a significant year for change, improvement and the continued
development of Infast in a flat economic environment. Turnover for the year was
#161.7m (2001: #142.6m) overall a 13% increase. However, when the discontinued
business turnover in 2001 is excluded, our continuing Inventory Management
Services business has grown by 21%. Operating profits also substantially
increased to #4.2m (2001: #0.2m). Pre-goodwill amortisation and exceptional
items, operating profit within continuing operations increased by 53% to #5.5m
(2001: #3.6m after #1.0m of additional stock provisions). Profit before tax was
#1.9m (2001: #1.7m loss).
These results have benefited from significant additional turnover from the
sizeable contracts commenced in the latter half of 2001 and, also, new business
wins in 2002. A number of initiatives started over 12 months ago have also
favourably impacted the Group's financial performance in its first full year as
a dedicated Inventory Management Services Company.
Against the background of substantial growth for the Group, it is pleasing to
report a reduction of net debt over the year from #17.2m to #16.5m. This is
largely the result of substantially increasing the cash inflow from operating
activities to #6.0m, achieved by improvements in profitability and more rigorous
control of working capital.
The Board recommends a final dividend of 1.2p per share, which brings the total
payment for the year to 2.0p, unchanged from 2001.
In 1999, the Company disposed of its Process Engineering division and, at that
time, made a US$3.4m loan to the purchaser, which is repayable in the period
from January 2005 to July 2008. The Board has reviewed the situation and
believes it would be prudent to make a provision of #1.3m against its value.
The full amount of the loan will be actively pursued. The charge is shown as a
non-operating exceptional item.
The Group has continued to invest in realising its transformation by upgrading
the quality of its structures and personnel in both its British and American
companies. I am pleased to report that we now have very strong teams within the
Divisions on which we can continue to build, whilst we accelerate the process of
even more profitable expansion.
Following the implementation of Phase I of the new Infast Business Systems2
(IBS2) IT system last year, which covered the financial package at Premier
Automotive, we have successfully started Phase II. This consists of delivering
the distribution element of the IBS2 system successfully to the first
distribution service centre; roll out of the system with our dedicated teams
will now proceed to the other sites.
New divisional structures and focused responsibilities were implemented at the
start of 2003 moving the Divisions away from geographical to market driven
organisations.
* Infast Industrial Division, located in Gloucester, is responsible for
all general industry markets for Infast Direct Line Feed business (IDLF) in
the UK and overseas.
* Premier Automotive Division, located in Aston, Birmingham, is
responsible for wheel based and special markets for the UK and overseas.
* Infast Direct, located in Chesterfield, is responsible for the
development of the maintenance, repair and overhaul (MRO) business as it
continues to service its existing customers' base in IDLF services.
* Infast USA, located in Alpharetta, Georgia, is responsible for the
North American and Mexican markets.
* Group Purchasing, which is responsible for the sourcing of parts and
supply chain development (SCD), is now in full operation, together with
improved manufacturing facilities and a newly opened Infast sourcing office
in Singapore.
Substantial change has been made within each of the Divisional structures in
2002 in order to ensure the highest levels of efficient performance, whilst
preparing for additional growth.
2002 saw the development and global launch of our supply chain development
programme. This leading edge and very comprehensive process, developed
in-house, has over sixteen measurable parameters and fundamentally changes the
way we work in developing and measuring improvements in the global supplier
network. The Infast SCD programme will deliver measurable cost benefits and
assume unprecedented levels of quality in addition to establishing closer
working relationships with those suppliers who partake in our SCD programme.
This capability will further enhance our ability to provide increased value to
our customers.
INDUSTRIAL MARKETS
Infast Direct and Infast Industrial Divisions
The successful re-structuring of Infast Direct has paid dividends in 2002, as we
benefited from the successful roll out of new contracts in the aeronautical and
marine sector, in addition to increasing our product range and services to
existing customers.
Infast Industrial suffered in the second half of the year from a reduction in
sales due to extended plant shutdowns by its customers during the holiday
periods. As a result, three distribution service centres were closed to reduce
costs. New contracts won in the latter part of the year will bring progressive
benefit to profitability during 2003. New management and a revised team
structure were introduced to further develop this Division's full market
potential.
The industrial market side of our business grew turnover by 7% over 2001 levels.
WHEELED BASE AND SPECIAL MARKETS
Premier Automotive Division
The luxury automotive, agricultural, earth moving and heavy industrial markets
have seen the introduction of many new models during the year. New model
introductions impacted sales favourably in the first half while planned new
models for the second half were delayed, impacting volumes. Plant shutdowns
were also more extensive during holidays in the second half.
Total business in the Division grew by 35% over 2001 including significant
growth in non-automotive markets.
The Division achieved some major successes during the year:
* A new Product Part Approval Process (PPAP) Centre was created to
improve efficiency in handling new product approvals and will be used by all
divisions within the Group. The PPAP centre is already exceeding all
expectations.
* Two Distribution Service Centres secured the Ford prestigious Q1
rating.
* Renewed focus on development of smaller to medium size contracts have
resulted in new orders in high-end special niche markets.
* Premier Automotive won the Infast Group achievement award for the
creation, implementation and extensive success of the Product Part Approval
Process centre for new parts.
NORTH AMERICAN MARKETS
Infast USA Division
The introduction of Infast value added services in the huge North American and
Mexican market is being extremely well received, with the Division showing
turnover growth of 56% over 2001.
* The Division has been successfully restructured to support the
strategic direction of the Company and benefits from a strong management team
capable of addressing its full growth potential.
* The penetration of the agriculture equipment market continues with
the addition of three new sites in Quarter 4, covering the additional States
of Pennsylvania and Nebraska.
* Other market sectors, such as furniture, construction and electrical,
have provided new expansion opportunities, in several states for the Infast
inventory management capabilities and value added services.
* Infast USA distribution service centres are now established in four
states, in addition to serving other customers around the country.
MANUFACTURING
Our manufacturing business (which contributes less than 10% of Group turnover)
has further reduced its cost base under new management and is actively
developing new opportunities in its niche markets and is now seeing substantial
increases in its order book which will enhance its second half performance.
HUMAN RESOURCE DEVELOPMENT
Training throughout the Group accelerated through the first full year of
operation of the Infast Leadership Centre, where multi-divisional personnel come
together to share and exchange views and receive a series of eight in-house
courses ranging from marketing and finance to human resources. Additional
training was provided by the Divisions, resulting in a total of 73% of employees
undergoing formal training programmes during 2002.
The annual Infast Achievement Awards programme was launched in 2002, providing
special recognition to those Infast employees who realised exceptional
achievements during the year for their sector, their Divisions and for the
Group. A total of twelve employees were nominated from the Divisions resulting
in six Divisional winners and one group winner, Mr Danny Gamble, from the
Premier Automotive Division.
Health and safety policies, which were reinvigorated during 2001 and were
continually reviewed during 2002, have resulted in a much greater awareness of
this important issue during the year, thus improving the safety of our
employees.
It is important to note that one of our key differentiations is the quality of
our people, their knowledge, dedication and care, together with the technology
we incorporate into our systems, to support our customers and the markets we
serve. To each of you, my thanks and appreciation for the achievements in 2002.
MARKETS AND TRENDS
* Recent industry data suggests that broader signs of economic weakness
will continue to affect the markets as a whole and, as such, we anticipate
this situation will impact on some of our customers' volumes. To this end
we have taken steps to control our costs further and improve our productivity
as we continue to win new business.
* In the first quarter of 2003 we won a major new five year, full
service contract, which will contribute over #10m of turnover in a full
year of operation. Start up will commence mid 2003 and earnings will begin
to benefit in 2004 once the start up costs have been absorbed.
* We believe that the demand for comprehensive inventory management
services and outsourcing of components will continue to expand even though the
markets will remain difficult. More and more customers in the UK, North
America and increasingly other countries wish to benefit from our
capabilities.
* Our experience and development in serving very diversified industries
and markets is one of our other key strengths, on which we will expand.
* Our strategy is to focus on accelerating growth in our industrial and
special niche markets while serving our existing Premier Automotive customers.
* The initiatives started in 2001 and 2002 have now become part of our
management culture and will continue to impact favourably.
* The search for and implementation of constant improvements in our
operating performance and providing exceptional services to our customers
remain our priorities as we enhance our profitability. We will continue to
invest carefully in our development to meet existing and new customer
requirements in inventory management services and outsourcing of components.
RETURN TO OUR SHAREHOLDERS
As we take steps to continuously improve, we believe Infast to be well
positioned for good growth as well as being focused on providing consistent
shareholder value over the next few years.
Robert Sternick
Chief Executive
27 March 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2002
Note 2002 2001
Audited Audited
#m #m
Turnover
Continuing operations 161.7 134.1
Discontinued operations - 8.5
___________________________________
2 161.7 142.6
Operating Costs
Goodwill amortisation (1.3) (1.3)
Additional stock provisions - (1.0)
Exceptional operating costs - (1.8)
Other operating costs (156.2) (138.7)
Release of provision for closure costs - 0.4
___________________________________
(157.5) (142.4)
___________________________________
Operating profit/(loss)
Continuing operations 4.2 0.5
Discontinued operations - (0.3)
___________________________________
4.2 0.2
Loss on sale of businesses (discontinued
operations):
Deficit to net assets - (1.0)
Goodwill previously written off now realised - (0.1)
___________________________________
3 - (1.1)
___________________________________
Amounts written off fixed asset investment 3 (1.3) -
___________________________________
Profit/(loss) on ordinary activities before
interest 2.9 (0.9)
Net interest (1.0) (0.8)
___________________________________
Profit/(loss) on ordinary activities
before taxation 1.9 (1.7)
Taxation on profit/(loss) on ordinary activities 4 (1.2) (0.1)
___________________________________
Profit/(loss) on ordinary activities after taxation 0.7 (1.8)
Dividends 6 (2.3) (2.3)
___________________________________
Retained loss for the financial year (1.6) (4.1)
===================================
Basic and diluted earnings/(loss) per share 7 0.6p (1.6)p
Adjusted earnings per share 7 2.8p 2.4p
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2002
2002 2001
Audited Audited
#m #m
Profit / (loss) for the financial year 0.7 (1.8)
Exchange adjustments (0.3) -
___________________________________
Total recognised gains and losses in the year 0.4 (1.8)
===================================
CONSOLIDATED BALANCE SHEET
As at 31 December 2002
2002 2001
Audited Audited
#m #m
Fixed assets
Intangible fixed assets 19.9 21.7
Tangible fixed assets 15.4 15.0
Investments 1.0 2.3
___________________________________
36.3 39.0
Current assets
Stocks 25.7 25.0
Debtors 40.3 36.5
Cash at bank and in hand - 0.2
___________________________________
66.0 61.7
Creditors:
Amounts falling due within one year (42.6) (36.0)
___________________________________
Net current assets 23.4 25.7
___________________________________
Total assets less current liabilities 59.7 64.7
Creditors:
Amounts falling due after more than one year (6.8) (10.3)
Provisions for liabilities and charges (1.2) (0.8)
___________________________________
51.7 53.6
===================================
Capital and reserves
Called up share capital 22.9 22.9
Share premium 9.8 9.8
Other reserves 4.0 4.0
Profit and loss account 14.7 16.6
___________________________________
Equity shareholders' funds 51.4 53.3
Equity minority interest 0.3 0.3
___________________________________
51.7 53.6
===================================
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2002
Notes 2002 2001
Audited Audited
#m #m
Net cash inflow from operating activities 9 6.0 3.1
Returns on investments and servicing of finance
Interest received 0.1 0.7
Interest paid (1.0) (1.3)
Interest element of finance lease rentals (0.1) (0.1)
___________________________________
(1.0) (0.7)
Tax refunded/(paid) 0.4 (0.3)
Capital expenditure
Payments to acquire tangible fixed assets (3.2) (3.4)
Receipts from the disposal of tangible fixed assets 0.7 5.2
___________________________________
Net cash (outflow)/inflow from capital expenditure
and financial investment (2.5) 1.8
Acquisitions and disposals
Acquisitions of subsidiary undertakings - (7.3)
Net borrowing acquired with subsidiary - (0.3)
Disposal of subsidiary undertakings - 1.5
Overdraft disposed - (0.3)
___________________________________
Net cash outflow from acquisitions & disposals - (6.4)
Equity Dividends Paid (2.3) (2.3)
Management of liquid resources
Cash inflow from short term deposits - 5.8
___________________________________
Net cash inflow before financing 0.6 1.0
Financing
Repayment of finance lease obligations (1.2) (1.3)
Repayment of medium term loans (2.5) (2.5)
Repayment of loan notes - (1.1)
___________________________________
Net cash outflow from financing (3.7) (4.9)
___________________________________
Decrease in cash (3.1) (3.9)
===================================
Under FRS 1 (revised), cash is defined as cash in hand plus deposits less
overdrafts, each of which are repayable on demand. Bank deposits, which are not
repayable on demand are treated as liquid resources, and not cash, in the cash
flow statement but are netted off against bank overdrafts in the balance sheet
where there is right of set-off.
NOTES TO THE ACCOUNTS
1. Basis of Preparation
The accounts have been prepared in accordance with applicable accounting
standards under the historical cost convention and using the accounting policies
as set out on pages 26 and 27 of the Annual Report and Accounts 2001. The
transitional arrangements for Financial Reporting Standard 17 (Retirement
benefits) continue to be adopted and are fully disclosed within the annual
report. Financial Reporting Standard 19 has been implemented for the first time
with no effect on the current or preceding year. There are no new disclosures
for the preliminary statement.
The above results and these notes do not constitute statutory accounts (within
the meaning of section 240 of the Companies Act 1985). The statutory accounts
for 2001, on which the auditors gave an unqualified opinion, have been filed
with the Registrar of Companies. The statutory accounts for 2002, on which an
auditors' unqualified report has been made, will be delivered to the Registrar
following the Company's forthcoming Annual General Meeting.
2. Segmental Analysis
a. Analysis of turnover by class of business
2002 2001
Audited Audited
#m #m
Turnover
Continuing operations 161.7 134.1
Discontinued operations - 8.5
___________________________________
161.7 142.6
===================================
The Company's continuing operations derive solely from the provision of
Inventory Management Services.
b. Analysis of operating profit/(loss) by class of business
2002 2001
Audited Audited
#m #m
Continuing operations 5.5 4.6
Goodwill amortisation (1.3) (1.3)
Additional Stock provisions - (1.0)
Operating exceptional items - (1.8)
___________________________________
4.2 0.5
Discontinued operations - (0.3)
___________________________________
4.2 0.2
===================================
Goodwill amortisation, additional stock provisions and operating exceptional
items relate entirely to continuing Inventory Management Services operations.
3. Exceptional Items
Operating exceptional items
a. Continuing operations
The operating exceptional items of #1.8m incurred in 2001 relate to the
reorganisation of a fastener manufacturing operation. The operating cashflow
impact of the above exceptional item was #0.3m outflow in respect of redundancy
payments made.
b. Non-operating exceptional items
2002 - Amounts written off fixed asset investment
During the year an amount of #1.3m was provided against a fixed asset investment
which represents a loan of $3.4m to Haden International Group, Inc. The loan
was made in respect of the disposal of the Process Engineering Division in 1999.
There is no cash flow effect of this provision.
2001 - Loss on sale of businesses
Surplus/
(deficit) to Goodwill Profit/
net assets realised (loss)
These relate to the following disposals:- #m #m #m
MacLellan Integrated Services Inc and Brandt
Filtration Group Inc. (1.6) (0.1) (1.7)
Sale of surplus land remaining after disposal of
Nim-Cor in 1999 0.6 - 0.6
_________________________________________
(1.0) (0.1) (1.1)
=========================================
4. Taxation
2002 2001
Charge/(credit):
UK Overseas Total UK Overseas Total
#m #m #m #m #m #m
Current tax 1.1 0.1 1.2 0.1 0.1 0.2
Deferred tax
Origination and reversal of
timing differences 0.4 - 0.4 - - -
_______________________________________________________________________
1.5 0.1 1.6 0.1 0.1 0.2
Adjustments in respect
of prior years
Current tax (0.2) (0.4) (0.6) - - -
Deferred tax
Origination and reversal of
timing differences 0.2 - 0.2 (0.1) - (0.1)
_______________________________________________________________________
1.5 (0.3) 1.2 - 0.1 0.1
=======================================================================
The tax charge of #1.2m (2001: #0.1m) is stated net of a tax credit of #nil
(2001: #0.5m) relating to operating exceptional costs incurred during the year
of #nil (2001: #1.8m).
The effective rate, excluding all exceptional items and goodwill amortisation,
was 27% (2001: 24%) this reflects the generation of the majority of the Group's
profits in the United Kingdom.
5. Net debt comprises:
As at Other non As at 31
1 January cash Exchange December
2002 Cash flows movements movements 2002
#m #m #m #m #m
Bank overdraft 3.8 2.9 - - 6.7
Medium term loan 12.2 (2.5) - (0.8) 8.9
Finance leases 1.4 (1.2) 0.7 - 0.9
_______________________________________________________________________
Gross debt 17.4 (0.8) 0.7 (0.8) 16.5
Less: cash at bank (0.2) 0.2 - - -
_______________________________________________________________________
Net debt 17.2 (0.6) 0.7 (0.8) 16.5
=======================================================================
The gross debt falls due as shown in the table below:
Within Within one Within two
one year to two years to five years Total
#m #m #m #m
Bank overdraft 6.7 - - 6.7
Medium term loan 2.4 2.4 4.1 8.9
Finance leases 0.7 0.2 - 0.9
____________________________________________________________
Gross debt at 31 December 2002 9.8 2.6 4.1 16.5
============================================================
Gross debt at 1 January 2002(i) 7.2 2.9 7.3 17.4
============================================================
All of the Group's borrowings, excluding hire purchase debt, are on an unsecured
basis.
6. Dividend
The proposed final dividend of 1.2p per Ordinary share is payable on 4 July 2003
to shareholders on the register on 13 June 2003.
7. Earnings per share
The calculation of basic and diluted earnings per share of 0.6p (2001: loss of
1.6p) is based on the Group profit of #0.7m (2001: loss of #1.8m) and on the
weighted average number of 20p ordinary shares in issue during the year of
114.3m (2001: 114.3m).
Adjusted basic earnings per share is calculated as follows:
Earnings / (Loss) per
Earnings / (Loss) share
2002 2001 2002 2001
#m #m pence pence
Basic earnings/(loss) and earnings/(loss) per share 0.7 (1.8) 0.6 (1.6)
Basic earnings/(loss) and earnings/(loss) per share
attributable to:
Loss on sale of businesses - 1.1 - 1.0
Goodwill amortisation 1.3 1.3 1.1 1.1
Additional stock provisions - 1.0 - 0.8
Operating exceptional items - 1.8 - 1.6
Tax credit on operating exceptional items and
additional stock provisions - (0.8) - (0.7)
Non operating exceptional items 1.3 - 1.1 -
Discontinued operations (after interest, tax and
minority interests) - 0.2 - 0.2
________________________________________________
Adjusted basic earnings and earnings per share 3.3 2.8 2.8 2.4
================================================
The adjusted basic earnings per share is presented so as to show more clearly
the underlying performance of the Group.
8. Reconciliation of net cash flow to movement in net debt
2002 2001
#m #m
Decrease in cash as shown in cash flow statement (3.1) (3.9)
Adjust for:
Repayment of medium term loan 2.5 2.5
Finance lease repayments 1.2 1.3
Cash held on short term deposit - (5.8)
Repayment of loan notes - 1.1
_____________________
Change in net debt resulting from cash flow 0.6 (4.8)
Finance leases transferred on disposal of subsidiary undertakings - 0.1
New finance leases (0.7) (0.8)
Exchange movements 0.8 (0.3)
_____________________
Movement in net debt in the year 0.7 (5.8)
Net debt at as at 1 January, 2002 (17.2) (11.4)
_____________________
Net debt as at 31 December 2002 (16.5) (17.2)
=====================
9. Reconciliation of operating profit to net cash inflow from
operating activities
2002 2001
#m #m
Operating profit 4.2 0.2
Depreciation 2.7 3.0
Amortisation of goodwill 1.3 1.3
Profit on sale of tangible fixed assets (0.1) (0.1)
Increase in stocks (0.7) (1.3)
Increase in debtors (4.6) (2.4)
Increase in creditors 3.4 2.5
Release of provision for closure costs - (0.4)
Exchange adjustments (0.2) 0.3
_____________________
Net cash inflow from operating activities 6.0 3.1
=====================
--------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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