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Share Name | Share Symbol | Market | Type |
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INSTONE REAL ESTGRP SE | TG:INS | 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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0.17 | 1.99% | 8.72 | 8.43 | 8.72 | 8.72 | 8.42 | 8.70 | 907 | 16:51:58 |
RNS Number:3070O Infast Group PLC 05 August 2003 INTERIM RESULTS 2003 Infast Group plc ("Infast" or the "Company"), the inventory management services group, is pleased to announce its interim results for the six months to 30 June 2003. Key points: * Substantial investment continues to support expansion and future growth * New contracts and extensions secured from new and existing customers * Board confident of growth in 2003 and beyond in UK, USA and export markets Financials: * Turnover up 10.5% at #88.6m (2002: #80.2m) * Operating profit before goodwill amortisation at #2.5m (2002: #3.1m) * #0.3m restructuring costs expensed in first half * Earnings per share of 0.8p (2002: 1.0p) * Interim dividend per share unchanged at 0.8p * Debt reduced to #14.0m in first half from #16.5m at year end Graham Titcombe, Chairman of Infast, said: "New multi year contracts and extensions, worth several million pounds per year, have been won in the first half from our current customer base. These contracts will be serviced out of existing Distribution Service Centres and continue to provide growth opportunities in control systems, the rail industry and from the Ministry of Defence. These will benefit the Group over the second half and the next several years." For further information, please contact: Infast Group plc Today: 01756 770 376 Robert Sternick, Group Chief Executive Thereafter: 01452 880 500 Rawlings Financial PR Limited Tel: 01756 770 376 John Rawlings Catriona Valentine CHAIRMAN'S STATEMENT FINANCIAL RESULTS I am pleased to announce that during the first six months of this year the Group's turnover increased to #88.6m (2002: #80.2m), 10.5% up on the same period last year despite the continuing difficult economic environment. Operating profits (before goodwill amortisation) were #2.5m (2002: #3.1m). Whilst improvements in profitability have been made in some areas, the continued growth of our Inventory Management Services operations, 32% increase in turnover in the last 18 months, has required substantial investment in our infrastructure, people and systems. We are pleased to report that the roll out of our new Company wide IT System (IBS2) is accelerating. These profits are stated after charging the previously announced #0.3m of restructuring costs in our manufacturing operations which, whilst impacting these results, will benefit the year as a whole. During this period of growth, net debt has continued to be reduced, ending the period at #14.0m, down from #16.5m at the year-end. This reduction has been achieved by the continued focus on working capital management. As a consequence the interest cost was reduced to #0.4m (2002: #0.5m). The tax charge of #0.6m (2002: #0.8m) represents an effective rate of 28%, which is similar to last year's rate of 27%. DIVIDEND The Board intends to pay an unchanged interim dividend of 0.8p per share. OPERATING PERFORMANCE First quarter sales for the UK companies were marginally ahead of Q1 2002, despite some customers suffering from lower order intake. The US business performed well ahead of last year. In addition, second quarter sales improved as new contracts were implemented and volumes from existing customers in the UK and US increased. The largest of the new contracts, which started in June 2003, was the extension of our relationship with Land Rover where we secured a new five year contract to supply a variety of parts for their existing and new vehicle ranges. As I reported on 27 March 2003, the absorption of start up costs will provide for little profit contribution in the current year - full benefit of the contract will be felt starting in 2004. CURRENT TRADING AND PROSPECTS New multi year contracts and extensions, worth several million pounds per year, have been won in the first half from our current customer base. These contracts will be serviced out of existing Distribution Service Centres and continue to provide growth opportunities in control systems, the rail industry and from the Ministry of Defence. These will benefit the Group over the second half and the next several years. We continue to invest in our development to support our expansion. The Board remains confident of achieving growth during 2003 and beyond in the UK, USA and export markets. Graham Titcombe Chairman 5 August 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended 30 June 2003 Six months to Six months to Year ended 30 June 2003 30 June 2002 31 Dec 2002 Unaudited Unaudited Audited #m #m #m Turnover (Note 1) Continuing operations 88.6 80.2 161.7 Operating Costs Goodwill amortisation (0.6) (0.7) (1.3) Other operating costs (86.1) - (156.2) ---------- ---------- ---------- (77.8) (157.5) ---------- ---------- ---------- Operating profit (Note 2) Continuing operations 1.9 2.4 4.2 Amounts written off fixed asset investment (note 3) - - (1.3) ---------- ---------- ---------- Profit on ordinary activities before interest 1.9 2.4 2.9 Net interest (0.4) (0.5) (1.0) ---------- ---------- ---------- Profit on ordinary activities before taxation 1.5 1.9 1.9 Taxation on profit on ordinary activities (Note 4) (0.6) (0.8) (1.2) ---------- ---------- ---------- Profit for the financial period 0.9 1.1 0.7 Dividends (Note 5) (0.9) (0.9) (2.3) ---------- ---------- ---------- Retained profit/(loss) for the period - 0.2 (1.6) ---------- ---------- ---------- Basic and diluted earnings per share (Note 6) 0.8p 1.0p 0.6p Adjusted earnings per share (Note 6) 1.3p 1.6p 2.8p Dividend per share 0.8p 0.8p 2.0p GROUP BALANCE SHEET As at 30 June 2003 As at As at As at 30 June 2003 30 June 2002 31 Dec 2002 Unaudited Unaudited Audited #m #m #m Fixed assets Intangible fixed assets 19.2 21.0 19.9 Tangible fixed assets 15.7 15.2 15.4 Investments 0.9 2.2 1.0 ---------- ---------- ---------- 35.8 38.4 36.3 Current assets Stocks 28.1 24.3 25.7 Debtors 37.2 40.5 40.3 Cash at bank and in hand - 0.2 - ---------- ---------- ---------- 65.3 65.0 66.0 Creditors: Amounts falling due within one year (44.3) (41.8) (42.6) ---------- ---------- ---------- Net current assets 21.0 23.2 23.4 ---------- ---------- ---------- Total assets less current liabilities 56.8 61.6 59.7 Creditors: Amounts falling due after more than one year (4.5) (7.2) (6.8) Provisions for liabilities and charges (0.6) (0.7) (1.2) ---------- ---------- ---------- 51.7 53.7 51.7 ---------- ---------- ---------- Capital and reserves Called up share capital 22.9 22.9 22.9 Share premium 9.8 9.8 9.8 Other reserves 4.0 4.0 4.0 Profit and loss account 14.7 16.7 14.7 ---------- ---------- ---------- Equity shareholders' funds 51.4 53.4 51.4 Equity minority interest 0.3 0.3 0.3 ---------- ---------- ---------- 51.7 53.7 51.7 ---------- ---------- ---------- Included within net current assets and creditors due after more than one year is net debt of #14.0m (2002 whole year: #16.5m; 2002 half year: #14.8m). SUMMARY CONSOLIDATED CASH FLOW STATEMENT For the six months ended 30 June 2003 Six months to Six months to Year ended 30 June 2003 30 June 2002 31 Dec 2002 Unaudited Unaudited Audited #m #m #m Net cash inflow from operating activities (Note 9) 4.3 3.6 6.0 Net interest paid (0.4) (0.5) (1.0) Tax received 0.3 0.5 0.4 Capital expenditure Payments to acquire tangible fixed assets (2.0) (1.6) (3.2) Receipts from the disposal of tangible fixed assets 0.2 0.4 0.7 Equity dividends paid - - (2.3) ---------- ---------- ---------- Net cash inflow before financing 2.4 2.4 0.6 Financing Repayment of finance lease obligations (0.4) (0.6) (1.2) Repayment of loans (2.1) (2.5) (2.5) ---------- ---------- ---------- Net cash outflow from financing (2.5) (3.1) (3.7) ---------- ---------- ---------- Decrease in cash (0.1) (0.7) (3.1) ---------- ---------- ---------- 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. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the six months ended 30 June 2003 Six months to Six months to Year ended 30 June 2003 30 June 2002 31 Dec 2002 Unaudited Unaudited Audited #m #m #m Profit for the financial period 0.9 1.1 0.7 Exchange adjustments - (0.1) (0.3) ---------- ---------- ---------- Total recognised gains and losses in the period 0.9 1.0 0.4 ---------- ---------- ---------- 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 9 and 31 of the Annual Report and Accounts 2002. The above accounts do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. Full audited accounts for the year ended 31 December 2002 have been filed with the Registrar of Companies. The audit report on those accounts was unqualified and contained no statement under S237(2) or (3) of the Companies Act 1985. Copies of this report have been sent to shareholders and are also available at the Company's registered office. 2. Segmental Analysis Continuing operations relate entirely to inventory management services operations. 3. Non-operating Exceptional Item During 2002 an amount of #1.3m was provided against a fixed asset investment which represented 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 effect for this provision. 4. Taxation Taxation has been provided at an effective rate of 28% (2002: 32%) which represents an estimate of the year ending 31 December 2003. 5. Dividend The interim dividend is payable on 31 October 2003 to shareholders on the register at the close of business on 10 October 2003. 6. Earnings per share The calculation of basic and diluted earnings per share of 0.8p (2002 whole year: 0.6p, 2002 half year: 1.0p) is based on the Group profit of #0.9m (2002 whole year: #0.7m, 2002 half year: #1.1m) and on the weighted average number of 20p ordinary shares in issue during the period of 114.3m (2002 whole year: 114.3m; 2002 half year: 114.3m). Adjusted basic earnings per share is calculated as follows: Earnings Earnings per share Half year Half year Full year Half year Half year Full year 2003 2002 2002 2003 2002 2002 Unaudited Unaudited Audited Unaudited Unaudited Audited #m #m #m pence pence pence Basic earnings and earnings per share 0.9 1.1 0.7 0.8 1.0 0.6 Basic earnings and earnings per share attributable to: Goodwill amortisation 0.6 0.7 1.3 0.5 0.6 1.1 Non-operating exceptional items - - 1.3 - - 1.1 -------- -------- ------- -------- -------- ------- Adjusted basic earnings and earnings per share 1.5 1.8 3.3 1.3 1.6 2.8 -------- -------- ------- -------- -------- ------- The adjusted basic earnings per share is presented so as to show more clearly the underlying performance of the Group for continuing operations. 7. Net Debt The Group's net debt/(funds) can be summarised as follows: 30 June 2003 30 June 2002 31 Dec 2002 Unaudited Unaudited Audited #m #m #m Cash at bank - (0.2) - Bank overdraft 6.8 4.5 6.7 Medium term loan 6.5 9.3 8.9 Finance leases 0.7 1.2 0.9 ---------- ---------- ---------- 14.0 14.8 16.5 ---------- ---------- ---------- 8. Reconciliation of net cash flow to movement in net debt Half year Half year Full year 2003 2002 2002 Unaudited Unaudited Audited #m #m #m Decrease in cash as shown in cash flow statement (0.1) (0.7) (3.1) Adjust for: Loans repaid 2.1 2.5 2.5 Finance lease repayments 0.4 0.6 1.2 ---------- ---------- ---------- Change in net debt resulting from cash flow 2.4 2.4 0.6 New finance leases (0.2) (0.4) (0.7) Exchange movements 0.3 0.4 0.8 ---------- ---------- ---------- Movement in net debt in the period 2.5 2.4 0.7 Net debt at the beginning of the period (16.5) (17.2) (17.2) ---------- ---------- ---------- Net debt at the end of the period (14.0) (14.8) (16.5) ---------- ---------- ---------- 9. Reconciliation of operating profit to net cash inflow from operating activities Half year Half year Full year 2003 2002 2002 Unaudited Unaudited Audited #m #m #m Operating profit 1.9 2.4 4.2 Depreciation 1.5 1.4 2.7 Amortisation of goodwill 0.6 0.7 1.3 Profit on sale of tangible fixed assets - - (0.1) Movement on provisions (0.6) (0.1) - Movement in net current assets 1.2 (0.9) (1.9) Exchange adjustments (0.3) 0.1 (0.2) ---------- ---------- ---------- Net cash inflow from operating activities 4.3 3.6 6.0 ---------- ---------- ---------- This information is provided by RNS The company news service from the London Stock Exchange END IR USANROSRWRAR
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