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Share Name | Share Symbol | Market | Type |
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Mesoblast Ltd | TG:LWB | 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% | 0.68 | 0.69 | 0.73 | 0.00 | 10:50:21 |
RNS Number:3986H Low & Bonar PLC 12 February 2003 12 February 2003 Press Release/Stock Exchange Announcement Low & Bonar PLC 2002 Preliminary Results Low & Bonar PLC today reported its results for the year ended 30 November 2002. The results are in line with those indicated in the company's announcement on the 28th January regarding the proposed acquisition of the Carpet Tile Division of Gaskell plc. 2002 2001 Turnover #162.6m #171.9m Profit before tax and exceptionals #7.5m #9.4m Profit/(loss) before tax #4.5m (#8.2m) Earnings per share before exceptionals 4.88p 6.14p Earnings/(loss) per share 2.08p (11.35p) Dividend per share 4.00p 6.00p * Flooring Division maintains profits despite tough trading environment * Yarns & Fabrics Division increases both sales and profits * North European and North American Plastics profitable * French Plastics loss making - remedial actions underway * Cash balances increased to #18.2m Commenting on the results and outlook, Duncan Clegg, Low & Bonar's Chairman said: "Since Paul Forman joined as our new Chief Executive we have undertaken many new initiatives and moved to strengthen our flooring division through the proposed acquisition announced on 28 January, of the Carpet Tile Division of Gaskell plc. Our main thrust is to improve the returns from our existing businesses, albeit in continuing tough trading conditions. We will also look to complement our existing activities with further acquisitions when appropriate." Enquiries: Paul Forman, Chief Executive Low & Bonar PLC 020 7298 6820 Jon Kempster, Finance Director Low & Bonar PLC 020 7298 6820 Michelle Morton/Tim Spratt Financial Dynamics 020 7831 3113 EXTRACTS FROM CHAIRMAN'S STATEMENT Overview The last year was difficult with the markets in which we operate not showing any significant recovery. In such conditions we continued to address our cost base. I was pleased to announce the appointment of Paul Forman as Chief Executive in June; he started work full time on 30 September. Since then he has undertaken a review of the businesses and actions already taken, together with the recent announcement of the proposed acquisition of the Gaskell Tile Division provides me with confidence that Low & Bonar can look forward to a more focused and profitable future. In 2002 the Plastics business had a mixed year with subdued demand impacting the North American business, whilst operational shortcomings in our French business led to that business moving into loss. We have taken firm action, principally through revised management structures and tighter reporting procedures. Our North European businesses performed most consistently. The Flooring Division experienced difficult demand in its major markets in mainland Europe but still achieved profits in line those last year. Our Yarns & Fabrics Division continued to improve with both its Belgian and Dundee businesses doing well. Financial Performance Turnover fell to #162.6m (2001: #171.9m), reflecting the economic conditions in our major markets and the full year impact of closures and the sale of a loss-making operation. Operating profits before exceptional costs were #7.7m compared to #10.0m for the businesses last year. Profit before tax and exceptional items was #7.5m (2001: #9.4m) after an interest expense of #0.2m (2001: #0.6m). Earnings per share before exceptional items were 4.88p (2001 (restated): 6.14p) Operating exceptional items amounted to #1.3m (2001: #17.6m), consisting of #0.5m of closure costs in our Bonar Floors US operation and #0.8m relating to senior management changes. After accounting for all exceptional items, the profit before tax was #4.5m (2001: loss of #8.2m) representing earnings per share of 2.08p (2001 (restated): loss per share of 11.35p). Net cash balances at the year end were #18.2m (2001: #14.9m). This positive result was achieved despite the trading conditions and the ongoing investment programme, and reflected the attention given to cash management throughout the Group. Dividend As recently announced, the Board is recommending a final ordinary dividend of 1.50p (2001: 3.50p) payable on 1 May 2003 to shareholders on the register at 4 April 2003, making a total ordinary dividend for the year of 4.00p (2001: 6.00p). This dividend reduction brings the dividend in line with the earnings of the Group and enables dividend cover to be re-established in the coming years. Review of Operations The Flooring Division Turnover in our Flooring Division decreased in the year to #56.1 million from #57.8 million last year. Operating profit at #6.9 million was marginally less than last year's #7.0 million despite tough trading conditions. The US sales and warehouse operation was closed during the year and the closure costs have been separately identified as an exceptional item. With our Flotex product being successfully sold via our alliance partner Lees, the need to maintain a direct presence was no longer necessary. Volumes in our other major markets were mixed with the UK performing satisfactorily but the Continental European markets, especially France and Germany, proved extremely challenging. Our Far East sales were quite strong and this area will remain a focus for future growth. We continue to focus on the markets where our products' properties provide a competitive advantage, specifically the healthcare and education sectors. We have supplemented our existing product ranges in these key sectors with new product launches in 2002. As previously disclosed, we have launched Flytex, specifically aimed at the airline industry. This, together with other transport sector initiatives and a more focused sales and marketing emphasis, will provide the Division with mid-term growth potential. The recently announced proposed acquisition of the Gaskell Tile Division will provide us with additional complementary products. Yarns & Fabrics Turnover in our Yarns & Fabrics business increased to #44.3 million from #43.0 million last year. Operating profit increased from #1.5 million to #2.1 million. The turnover increase reflects the full year impact of our non-woven capacity coming on stream and operating to planned levels. Our non-woven geotextiles volumes increased 40% against 2001. We continue to increase our sales in artificial grass yarn with volumes increasing in the year by 15%, reflecting the potential of this market. We benefited from cheaper raw material prices in 2002 but a proportion of the price decrease was passed back to our customers. Raw material prices have remained at these slightly lower levels in the first two months of the current year but the expectation is for them to increase significantly as oil prices remain high. Plastics The performance of our three plastics businesses was mixed. The North European businesses, namely Germany, Holland, Poland and Denmark, saw turnover increase with the expansion of our Polish operation. The operating profit was maintained at #0.6 million whilst sales grew to #21.7 million from #19.1 million. In our South European businesses, the French businesses did not perform satisfactorily. The businesses were impacted severely by the difficulties experienced in integrating some UK business into our French operations following the closure of our UK operation last year. Action has been taken to rectify the operational issues with new management installed and the business reporting directly to the Chief Executive. Much tighter financial controls have been put in place and the business has a detailed recovery programme agreed and underway. Our Spanish operation improved both sales and profits whilst the sale of Spila, the loss making Italian business, was concluded in July. The turnover in our South European Business Group has reduced significantly from #25.8 million to #18.7 million with the full effect of the UK closure and the disposal of Spila. In North America, the turnover fell from #26.1 million to #21.8 million reflecting the difficult trading environment in the North American market. The businesses remained profitable despite the fall in volumes following continual cost cutting initiatives. As with a number of our businesses, the last few months have seen a significant strengthening of local management and of financial monitoring processes. Outlook As we indicated at the time of the announcement for the proposed acquisition of the Carpet Tile Division of Gaskell plc, demand was subdued in the majority of the Group's major markets in 2002 and the first two months of the new financial year have continued this trend. The Group has, however, carried out a substantial amount of work to achieve a cost base that is commensurate with this level of demand. Looking ahead, while there will continue to be uncertainties in the underlying demand in most of the Group's major markets, the Directors expect to achieve operational improvement and look to increase revenue growth potential wherever possible through increased new product introduction, geographic expansion and additional service provision. Low & Bonar PLC Group Profit and Loss Account for the year ended 30 November 2002 2002 2001 Restated #000 #000 Turnover 162,637 171,890 Operating profit before exceptional costs 7,722 10,001 Exceptional operating costs - restructuring costs (1,348) (11,159) - goodwill impairment - (6,391) Operating profit/(loss) 6,374 (7,549) Exceptional non-operating items: Loss on disposal of businesses (Note 1) (1,683) - Profit/(loss) before interest 4,691 (7,549) Net interest payable (215) (635) Profit/(loss) on ordinary activities before taxation 4,476 (8,184) Taxation (2,383) (3,085) Profit/(loss) for the financial year 2,093 (11,269) Dividends (including non-equity) (Note 2) (4,002) (5,992) Transferred from reserves (1,909) (17,261) Earnings per ordinary share before operating and non-operating exceptional items (Note 3) 4.88p 6.14p Basic and fully diluted earnings/(loss) per ordinary share 2.08p (11.35p) (Note 3) The results of the Group for this and the preceding financial year relate solely to continuing activities. Low & Bonar PLC Group Balance Sheet at 30 November 2002 2002 2001 #000 #000 Restated Fixed assets Tangible assets 57,455 63,079 Current assets Stocks 24,087 25,586 Debtors - due within one year 39,445 38,237 - due after one year 5,652 5,963 45,097 44,200 Cash and short term deposits 30,131 58,337 99,315 128,123 Creditors - due within one year Bank and other borrowings 8,030 37,748 Other creditors 40,337 41,659 48,367 79,407 Net current assets 50,948 48,716 Total assets less current liabilities 108,403 111,795 Creditors - due after one year Bank and other borrowings 3,870 5,731 Other creditors 2,098 2,568 5,968 8,299 Provisions for liabilities and charges Deferred taxation 5,204 4,972 Accruals and deferred income Government grants 292 360 96,939 98,164 Capital and reserves Equity and non-equity called up share capital 50,137 50,137 Share premium account 60,424 60,424 Exchange reserve (9,453) (7,820) Profit and loss account (4,169) (4,577) Shareholders' funds - Equity 96,539 97,764 - Non-equity 400 400 96,939 98,164 Low & Bonar PLC Group Consolidated Cash Flow Statement for the year ended 30 November 2002 2002 2001 #000 #000 #000 #000 Net cash inflow from operating activities (Note 4) 11,132 19,744 Interest received 1,046 2,719 Interest paid (1,570) (3,518) Non-equity dividends paid (23) (23) Returns on investments and servicing of finance (547) (822) Tax recovered/(paid) 1,193 (3,525) Purchase of tangible fixed assets (5,632) (10,892) Sale of tangible fixed assets 2,840 4,957 Capital expenditure (2,792) (5,935) Acquisition of subsidiaries - (690) Sale of subsidiaries 333 - Acquisitions and disposals 333 (690) Equity dividends paid (5,970) (5,970) Net cash inflow before management of liquid resources and financing 3,349 2,802 Management of liquid resources Decrease in short term deposits 30,000 15,900 (Repayment of)/additional loans due under one year (29,719) 31,108 Repayment of loans due after one year (1,967) (57,240) Financing (31,686) (26,132) Increase/(decrease) in cash (Note 5) 1,663 (7,430) Reconciliation of net cash Opening net cash 14,858 13,622 Exchange 24 (1,566) Net cash flow 3,349 2,802 Closing net cash (Note 5) 18,231 14,858 Low & Bonar PLC Consolidated Statement of Total Recognised Gains and Losses for the year ended 30 November 2002 2002 2001 #000 #000 Restated Profit/(loss) for the financial year 2,093 (11,269) Currency translation differences on overseas net investments and related borrowings (470) 734 Total recognised gains/(losses) for the year 1,623 (10,535) Prior year adjustment, implementation FRS 19 (3,595) Total losses recognised since last annual report (1,972) Reconciliation of Movements in Consolidated Shareholders' Funds for the year ended 30 November 2002 2002 2001 #000 #000 Restated Profit/(loss) for the financial year 2,093 (11,269) Dividends (4,002) (5,992) Result for year (1,909) (17,261) Other recognised losses and gains relating to the year (470) 734 Goodwill transferred to profit and loss account on disposal of 1,154 - businesses Net decrease in shareholders' funds (1,225) (16,527) Shareholders' funds at start of year 98,164 114,691 Shareholders' funds at end of year 96,939 98,164 The accounts comply with Financial Reporting Standard (FRS 19), "Deferred tax", which has resulted in a change in the accounting policy for deferred tax to a full provision basis and comparatives for last year have been restated accordingly. The impact of FRS 19 on the accounts is to reduce the opening shareholders' funds of #118,286,000 previously reported at 30 November 2000 by #3,595,000 to #114,691,000. The loss for the financial year of #11,031,000 as previously reported for the year ended 30 November 2001 is increased by #238,000 to #11,269,000. Low & Bonar PLC Segmental Information Turnover Profit/(Loss) Net assets 2002 2001 2002 2001 2002 2001 #000 #000 #000 #000 #000 #000 Restated Classes of business Floors 56,072 57,763 6,920 7,019 20,412 21,039 Yarns & Fabrics 44,342 43,044 2,129 1,462 29,471 30,299 Total Specialist Materials 100,414 100,807 9,049 8,481 49,883 51,338 North European Plastics 21,721 19,125 590 630 12,610 12,019 South European Plastics 18,728 25,809 (2,160) (156) 6,928 8,490 North American Plastics 21,774 26,149 243 1,046 13,798 14,291 Total Plastics 62,223 71,083 (1,327) 1,520 33,336 34,800 162,637 171,890 7,722 10,001 83,219 86,138 Exceptional operating costs (1,348) (17,550) Exceptional non-operating costs (1,683) - Net interest (215) (635) Group profit/(loss) before taxation 4,476 (8,184) Non-operating liabilities (4,511) (2,832) Net cash 18,231 14,858 Total net assets 96,939 98,164 Geographical segments By origin: United Kingdom 37,125 39,835 6,909 6,406 18,002 18,990 Europe 102,092 99,621 1,113 2,879 50,809 50,073 North America 23,420 32,434 (300) 716 14,408 17,075 162,637 171,890 7,722 10,001 83,219 86,138 Exceptional operating costs (1,348) (17,550) Exceptional non-operating costs (1,683) - Net interest (215) (635) Group profit/(loss) before taxation 4,476 (8,184) Non-operating liabilities (4,511) (2,832) Net cash 18,231 14,858 Total net assets 96,939 98,164 Turnover by destination: United Kingdom 22,211 24,210 Continental Europe 99,578 101,242 North America 30,225 38,287 Rest of World 10,623 8,151 162,637 171,890 Low & Bonar PLC Notes on Preliminary Results for 2002 1. Exceptional non-operating items 2002 2001 #000 #000 Loss on sale of Spila, Italian Plastics business Loss on disposal of business 529 - Goodwill previously written off to reserves 1,154 - Loss on disposal of business 1,683 - 2. Dividends 2002 2001 #000 #000 On non-equity shares: First, second and third cumulative preference stock Half year to 31 May 2002 (paid) 11 11 Half year to 30 November 2002 (since paid) 12 12 23 23 On equity shares: Ordinary shares Interim dividend of 2.50p (2001 - 2.50p) (paid) 2,487 2,487 Final dividend of 1.50p (2001 - 3.50p) (proposed) 1,492 3,482 4,002 5,992 3. Earnings per ordinary share 2002 2001 #000 #000 Profits/(losses) are calculated as follows: Profit/(loss) after tax 2,093 (11,269) Preference dividend (23) (23) Profits/(losses) attributable to equity shareholders 2,070 (11,292) Exceptional non-operating items 1,683 - Taxation relief thereon - - Exceptional operating costs 1,348 17,550 Taxation relief thereon (244) (150) Earnings before exceptional items 4,857 6,108 Basic and fully diluted earnings/(loss) per share 2.08p (11.35p) Earnings per share before operating and non-operating exceptional items 4.88p 6.14p All calculations of earnings per share are based on the number of ordinary shares in issue during the year of 99,474,690 (2001 - 99,474,690). 4. Net cash inflow from operating activities 2002 2001 #000 #000 Operating profit/(loss) 6,374 (7,549) Depreciation - operating 7,738 8,819 Depreciation - exceptional - 5,027 Amortisation - operating - 369 Amortisation - exceptional - 6,391 Write back of government grants (68) (69) Gain on disposal of fixed assets - (164) Decrease in stocks 1,175 5,102 Decrease in debtors (2,692) 10,490 Decrease in creditors (1,395) (8,672) 11,132 19,744 5. Reconciliation and analysis of net cash Short term Borrowings Borrowings Cash net of Bank under Over Net Overdrafts Deposits one year one year cash/(debt) #000 #000 #000 #000 #000 At 30 November 2000 21,562 59,700 (6,511) (61,129) 13,622 Cash flow (7,430) (15,900) (31,108) 57,240 2,802 Exchange rate fluctuations 405 - (129) (1,842) (1,566) At 30 November 2001 14,537 43,800 (37,748) (5,731) 14,858 Cash flow 1,663 (30,000) 29,719 1,967 3,349 Exchange rate fluctuations 131 - (1) (106) 24 At 30 November 2002 16,331 13,800 (8,030) (3,870) 18,231 6. This preliminary announcement has been prepared on the basis of the accounting policies set out in the annual report for the year ended 30 November 2001, with the exception of the impact upon accounting for deferred tax as disclosed at the foot of the Reconciliation of Movements in Consolidated Shareholders' Funds. 7. The financial information set out in this preliminary announcement does not constitute the company's statutory accounts for the year ended 30 November 2002 or 2001 but is derived from those accounts. Statutory accounts for 2001 have been delivered to the registrar of companies, whereas those for 2002 will be delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR GUUMGPUPWGPP
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