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Share Name | Share Symbol | Market | Type |
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Mister Spex SE | TG:MRX | 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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-0.01 | -0.35% | 2.87 | 2.83 | 2.91 | 2.88 | 2.82 | 2.85 | 2,067 | 22:50:04 |
RNS Number:5453I Metalrax Group PLC 11 March 2003 METALRAX GROUP PLC AND SUBSIDIARY UNDERTAKINGS 11th March 2003 PRELIMINARY ANNOUNCEMENT with regard to the consolidated accounts for the year ended 31st December 2002. Pre-tax profits up 6.3% to #12.3m on new record turnover of #111.7m "Robust performance in difficult circumstances" "Another year of satisfactory progress" anticipated Metalrax Group PLC, the engineering specialists, announce pre-tax profit up by 6.3% to #12.3m on record sales of #111.7m up by 2.9% on 2001 (#108.5m). Earnings per share are up by 6.1% to 7.09p. The Board statement calls this "a robust trading performance in difficult economic circumstances". A final dividend of 3.75p per share is recommended making an unchanged 5.4p per share for the full year representing a dividend yield of over 8% per annum during a substantial part of the year. Net funds retained in bank balances increased by more than 50% to #11.1m. For the future "......there are encouraging indications that positive trading momentum is being maintained and new opportunities identified. If it can successfully escape.......events beyond our control the group can look forward to another year of satisfactory progress". ends Copies of the board statement and preliminary results follow. Further information: Mr Eric Moore, chairman - Telephone: 0121-433 3444 Board Statement Results A robust trading performance in difficult economic circumstances produced another year of record turnover which increased in the twelve months to 31st December 2002 to #111.671m, compared with #108.543m in the previous year. This provided a strong platform for growth in earnings, with group profit before taxation rising by 6.3 per cent to #12.337m from #11.610m. These encouraging figures reflected our ability to react and adapt quickly to changes in global markets, where demand fluctuations have been extreme, while still meeting the challenge of retaining the competitive edge for customers. Dividend The directors are recommending an unchanged final dividend at the rate of 3.75 pence per share, which together with the interim dividend of 1.65 pence per share paid in October 2002, will again bring the total distribution for the year to 5.4 pence per share. Subject to it being approved at the annual general meeting on 20th May 2003 the final dividend will be payable on 30th May 2003 to shareholders on the register of members at the close of business on 9th May 2003. A dividend yield in excess of 8 per cent per annum, tax paid, has continued during a substantial part of the year under review. Shareholders' Funds Our continuing emphasis on cash management has been well rewarded, with net cash inflow from operating activities of #16.01m exceeding pre-tax profits for the sixth year in succession. The resulting net funds retained in bank balances increased by more than 50% to #11.11m, leaving substantial cash resources available for internal investment, corporate acquisitions and possible market purchases of our own shares. Total shareholders' funds have risen to above #52m, representing an asset value approaching 44 pence per share. Prospects With international and domestic news bulletins dominated by questions relating to war, terrorism and personal security it is more than ever difficult to predict the short to medium term spending patterns of consumers, and the ultimate effect on demand from customers. Despite these immediate concerns there are encouraging indications that positive trading momentum is being maintained and new opportunities identified. If it can successfully escape the repercussions of global events beyond our control the group can look forward to another year of satisfactory progress. CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2002 2002 2001 #'000 #'000 #'000 #'000 TURNOVER Continuing operations 107412 102859 Discontinued 4259 5684 ===== ===== 111671 108543 Cost of sales 82055 79105 --------- -------- GROSS PROFIT 29616 29438 Operating expenses Goodwill amortisation 307 268 Other 17221 17617 ===== ======= 17528 17885 -------- -------- OPERATING PROFIT Continuing operations 11819 11678 Discontinued 269 (125) -------- -------- 12088 11553 Exceptional items 142 - -------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 12230 11553 Interest receivable 209 234 -------- ------- 12439 11787 Interest payable 102 177 -------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 12337 11610 TAXATION 3670 3541 -------- -------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 8667 8069 Minority interests - equity interests 134 29 -------- -------- PROFIT FOR THE FINANCIAL YEAR 8533 8040 DIVIDENDS: Interim of 1.65p per share (2001 : 1.65p) 1988 1985 Proposed final of 3.75p (2001 : 3.75p) 4496 4510 ======== ======== 6484 6495 -------- -------- RETAINED PROFIT FOR THE YEAR 2049 1545 ======== ======== EARNINGS PER SHARE - basic 7.09 pence 6.68 pence The group profit for the financial year #8,533,000 related to 120,366,788, being the weighted average number of ordinary shares in issue during the year (2001 : 120,270,740) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31ST DECEMBER 2002 2002 2001 #'000 #'000 Profit for the financial year 8533 8040 Exchange fluctuation on foreign currency investments (209) 51 -------- -------- Total recognised gains and losses for the financial year 8324 8091 ======== Prior year adjustment (490) -------- Total recognised gains and losses since last annual report 7834 ======== RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 31ST DECEMBER 2002 2002 2001 #'000 #'000 restated Profit for the financial year 8533 8040 Dividends (6484) (6495) -------- -------- 2049 1545 New share capital subscribed 408 - Purchase of own shares (709) - Exchange fluctuation on foreign currency investments (209) 51 -------- -------- Net addition to shareholders' funds 1539 1596 Opening shareholders' funds 50550 48954 -------- -------- Closing shareholders' funds 52089 50550 ======== ======== CONSOLIDATED BALANCE SHEET 31ST DECEMBER 2002 2002 2001 #'000 #'000 #'000 #'000 Restated FIXED ASSETS Intangible assets 5189 5397 Tangible assets 25528 26116 Investments - 200 -------- -------- CURRENT ASSETS 30717 31713 Stocks 15961 18149 Debtors 20473 22648 Freehold property for disposal - 1040 Cash at bank 11108 9310 -------- -------- 47542 51147 ======== ======== CREDITORS Amounts falling due within one year 23629 27487 ======== ======== Net current assets 23913 23660 -------- -------- Total assets less current liabilities 54630 55373 CREDITORS Amounts falling due after more than 211 2333 one year -------- -------- 54419 53040 PROVISION FOR LIABILITIES AND CHARGES Deferred taxation 1953 1916 -------- -------- NET ASSETS 52466 51124 ======== ======== Financed by: CAPITAL AND RESERVES Called up share capital 5995 6014 Share premium account 2732 2355 Capital redemption reserve 274 224 Profit and loss account 43088 41957 -------- -------- Shareholders' funds - equity interests 52089 50550 Minority interests - equity interests 377 574 -------- -------- 52466 51124 ======== ======== CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2002 2002 2001 #'000 #'000 #'000 #'000 Cash inflow from operating activities Continuing operations 16014 17224 Returns on investments and servicing of finance Interest received 209 234 Interest paid (102) (177) ======== ======= Net cash inflow from returns on investments and servicing of finance 107 57 Taxation paid (4036) (4158) Capital expenditure and financial investment Purchase of tangible fixed assets (3139) (3660) Sale of tangible fixed assets 142 232 Purchase of goodwill - (182) ======== ======= Net cash outflow for capital expenditure and financial investment (2997) (3610) Acquisitions and disposals Adjustment to purchase price of subsidiary (13) (667) Bank balances acquired with subsidiaries - 105 Disposal of subsidiary, less its bank balance 278 - ======== ======= Net cash inflow from acquisitions and disposals 265 (562) Equity dividends paid (6498) (6495) -------- -------- Cash inflow before management of liquid resources and financing 2855 2456 Management of liquid resources Increase in short term deposits (4) (1809) ======== ======= Net cash outflow for management of liquid Resources (4) (1809) Financing:- Issue of ordinary share capital 408 - Purchase of own shares (709) - Borrowings repaid (749) (549) ======== ======= Net cash outflow for financing (1050) (549) -------- -------- Increase in cash in the period 1801 98 ======== ======== NOTES ON THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2002 2002 2001 Continuing Continuing #'000 #'000 1. Reconciliation of operating profit to net cash flow from operating activities Operating profit 12088 11553 Depreciation, net of disposal surpluses 3332 3267 Amortisation of goodwill 307 268 Decrease in stocks 960 (590) Decrease in debtors 1529 (681) Decrease in creditors (2032) 3407 Exceptional reorganisation costs (170) - -------- -------- Net cash inflow from operating activities 16014 17224 ======== ======== 2002 2001 #'000 #'000 #'000 #'000 2. Reconciliation of net cash flow to movement in net funds Increase in cash in the period 1801 98 Cash outflow for decrease in debt 749 549 Cash outflow for increase in liquid Resources 4 1809 -------- -------- 2554 2456 Effect of foreign exchange rate changes 137 (66) Debt disposed of with subsidiary 1153 - -------- -------- Movement in net funds in the period 3844 2390 Net funds at 31st December 2001 7264 4874 -------- -------- Net funds at 31st December 2002 11108 7264 ======== ======== Foreign At exchange At 31.12.01 Cashflow Disposal movement 31.12.02 #'000 #'000 #'000 #'000 #'000 3. Analysis of net funds Bank balances 4577 1801 (7) 6371 Short term deposits 4733 4 - 4737 -------- -------- Cash at bank per balance sheet 9310 11108 Debt (2046) 749 1153 144 - -------- -------- -------- -------- -------- 7264 2554 1153 137 11108 ======== ======== ======== ======== ======= NOTES ON THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2002 2002 2001 #'000 #'000 4. Purchase of subsidiary undertakings Cash consideration - 594 Bank balances acquired - (105) Additional consideration 13 73 -------- -------- Net cash outflow 13 562 ======== ======== 2002 #'000 5. Sale of subsidiary undertaking Cash consideration 308 Deferred consideration 1149 -------- 1457 ======== Fixed assets 177 Current assets 2697 Bank balance 30 Current liabilities (529) Debt (1153) -------- 1222 Less: Minority interest 277 -------- 945 ======== Profit on disposal 512 ======== The subsidiary undertaking disposed of during the year did not have a material effect on the group's net cash inflow from operating activities and therefore the cash flows of the subsidiary have not been separately reported but are included within continuing operations. NOTES FORMING PART OF THE ACCOUNTS 31ST DECEMBER 2002 1 SEGMENTAL ANALYSIS Analysis by activity:- 2002 2001 Net Net Operating Operating Operating Operating Turnover Profit Assets Turnover Profit Assets #'000 #'000 #'000 #'000 #'000 #'000 Engineering and storage Products 56835 7181 22540 55281 6930 22256 Housewares 54836 4907 21191 53262 4623 24982 -------- -------- -------- -------- -------- -------- 111671 12088 43731 108543 11553 47238 ======== ======== ======== ======== Unallocated net assets 8735 3886 -------- -------- 52466 51124 ======== ======== Geographical analysis by origin:- 2002 2001 Net Net Operating Operating Operating Operating Turnover Profit Profit Turnover Profit Profit #'000 #'000 #'000 #'000 #'000 #'000 United Kingdom 103666 11251 50618 99618 11209 48447 North America 8005 837 1848 8925 344 2677 -------- -------- -------- ------- -------- -------- 111671 12088 52466 108543 11553 51124 ======== ======== ======== ======== ======== ======= Geographical turnover analysis by destination:- 2002 2001 #'000 #'000 North America 10739 10869 Austria 1658 1554 France 805 1068 Germany 739 1432 Eire 705 741 Italy 694 428 Holland 607 592 Spain 585 605 Sweden 508 508 Rest of Europe 1387 1520 Africa 186 99 Far East, Australia and other 1206 1149 United Kingdom 91852 87978 -------- -------- 111671 108543 ======== ======= The annual general meeting will be convened for Tuesday, 20th May 2003. Copies of the Report and Accounts will be posted to shareholders on 23rd April 2003 and will be available from the same date to the public from:- The Secretary Metalrax Group PLC Ardath Road Kings Norton Birmingham B38 9PN This information is provided by RNS The company news service from the London Stock Exchange END FR GUUWWWUPWPUU
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