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RNS Number:0393Q
Metalrax Group PLC
23 September 2003
METALRAX GROUP PLC
RESULTS FOR THE HALF YEAR TO 30TH JUNE 2003
Increased profitability in first half
"We are in a strong position to take advantage of any increase in consumer
spending"
Mr Eric Moore, chairman of Metalrax Group PLC, the engineering specialists,
reports pre-tax profits of #5.72m (#5.61m) from continuing operations on
turnover reduced from #53.13m to #51.10m for the first half of the year.
Earnings per share are 3.27p (3.24p) and the interim dividend is unchanged at
1.65p per share.
Mr Moore says that it is pleasing to report increased profitability against
problems continuing to affect manufacturing industry. "The importance of
cost-effective operational procedures has continued to be emphasised when facing
the challenges of fierce competition in home and overseas markets".
In Engineering and Storage Products the re-design of some existing components
and assemblies has resulted in cost savings for customers and increased turnover
and profitability for this division.
In Housewares disruptions to production have occurred during the amalgamation of
some manufacturing operations, which will result in the elimination of
duplicated processes and improvements from economies of scale. Additional growth
opportunities are being created and more innovative products are entering the
pipeline.
For the future Mr Moore says: "We have the strength and flexibility to withstand
a difficult trading climate and to move forward when conditions are more
favourable" and "We are in a strong position to take advantage of any increase
in consumer spending".
ENDS
Note: Copies of the interim statement and group newsletter are attached.
Further information: Mr Eric Moore, chairman - Telephone: 0121-433 3444
Statement by the chairman
Results
It is pleasing to report increased profitability, particularly in the context of
well publicised problems which continue to affect the manufacturing sector of
industry. During the six months to 30th June 2003 there was an increase in
profit from continuing operations, before taxation, to #5.72m compared with
#5.61m in the previous year. Business in housewares was adversely influenced by
a slowdown in housing markets and the subdued domestic economic environment.
Consequently, turnover from continuing operations was reduced in the first half
of the year to #51.10m from #53.13m.
Dividend
The directors have decided to maintain the interim dividend at 1.65 pence per
share, and this will be payable on 31st October 2003 to shareholders on the
register of members at the close of business on 3rd October 2003.
Review
Following the retirement from the board of Alan Mackenzie and Harold Musgrove we
were pleased to announce the appointment of John Crabtree as an independent
non-executive director. His long experience as a corporate lawyer will add a
valuable dimension to the structure of our board.
Executives and management teams have continued to focus their attention on
building and extending customer relationships by maintaining the high standards
of quality, service and product availability. The importance of cost-effective
operational procedures has continued to be emphasised when facing the challenges
of fierce competition in home and overseas markets.
The accompanying group newsletter includes some examples of successful
initiatives and product development promoted by both operating divisions.
Engineering and storage products
Closer operational liaison between a number of divisional companies has provided
innovative and proactive approaches to new projects and opportunities. This has
enabled the group to meet the challenge of larger competitors on a more even
basis by providing customers with a one stop shop for wide varieties of
manufacturing processes and design system options.
The redesign of some existing components and assemblies has resulted in cost
savings for our customers and increased turnover and profitability for this
division. Similarly, in the storage and handling markets many project contracts
have been won through our capability to offer extensive ranges of equipment from
a single source, with the assurance of reliable service and quality standards.
Housewares
There have been costly disruptions to production during our rolling programme
for the amalgamation of some manufacturing operations, which will result in the
elimination of duplicated processes and improvements being gained from economies
of scale. With full operational efficiencies still to be achieved, supply
bottlenecks have led to reduced sales volumes in a number of areas.
Alongside these short-term challenges substantial momentum has been maintained
to ensure a steady supply of new business, with a flow of recently developed
products and modern packaging available for existing and new customers. Our
abilities to meet the needs of the growing volume of major retailers have
secured significant contracts and product listings both at home and
internationally. Additional growth opportunities are being created and more
innovative products are entering the pipeline as our brand strategy is expanded.
Prospects
In July 2003 we announced an investment into a new market which will further
expand and diversify group trading. The acquisition of Welland Engineering
Supplies Limited has introduced this specialist stockist and distributor of
fasteners, hand tools and maintenance products.
We have the strength and flexibility to withstand a difficult trading climate
and to move forward when conditions are more favourable. Treasury forecasters
have been predicting a strengthening of the domestic economy in the second half
of this year and we are in a strong position to take advantage of any increase
in consumer spending.
Eric Moore
23rd September 2003
Consolidated profit and loss account
six months ended 30th June 2003
2003 2002 2002
Six months Six months Twelve months
ended ended ended
30th June 30th June 31st December
Unaudited Unaudited Audited
Notes #'000 #'000 #'000
Turnover
Continuing operations 51,100 53,127 107,412
Discontinued operations - 2,663 4,259
------ ------ -------
1 51,100 55,790 111,671
====== ====== =======
Operating profit
Continuing operations 5,743 5,692 12,126
Discontinued operations - 103 269
------ ------ -------
5,743 5,795 12,395
Goodwill amortisation 151 151 307
------ ------ -------
5,592 5,644 12,088
Exceptional items - - 142
------ ------ -------
5,592 5,644 12,230
Interest receivable 135 108 209
------ ------ -------
5,727 5,752 12,439
Interest payable 6 43 102
------ ------ -------
Profit before taxation 5,721 5,709 12,337
Taxation 3 1,762 1,758 3,670
------ ------ -------
Profit after taxation 3,959 3,951 8,667
Minority interests - equity
interests 36 54 134
------ ------ -------
Profit for the period 3,923 3,897 8,533
====== ====== =======
Appropriated as follows:
Interim dividend
1.65p per share payable
31st October 2003
(2002: 1.65p per share) 5 1,978 1,984 6,484
Retained profit for
the period 1,945 1,913 2,049
------ ------ -------
3,923 3,897 8,533
====== ====== =======
Earnings per share basic
and diluted 6 3.27p 3.24p 7.09p
Consolidated balance sheet
30th June 2003
2003 2002 2002
30th June 30th June 31st December
Unaudited Unaudited Audited
#'000 #'000 #'000
Fixed assets
Intangible assets 5,038 5,246 5,189
Tangible assets 25,885 25,655 25,528
Investments - 200 -
------ ------ -------
30,923 31,101 30,717
------ ------ -------
Current assets
Stocks 17,008 19,688 15,961
Debtors 21,914 23,733 20,473
Freehold property
for disposal - 1,040 -
Cash at bank 7,756 5,326 11,108
------ ------ -------
46,678 49,787 47,542
Creditors
Amounts falling due
within one year 21,046 25,702 23,629
------ ------ -------
Net current assets 25,632 24,085 23,913
------ ------ -------
Total assets less
current liabilities 56,555 55,186 54,630
Creditors
Amounts falling due after
more than one year 200 259 211
------ ------ -------
56,355 54,927 54,419
Provision for liabilities
and charges
Deferred taxation 1,952 1,426 1,953
------ ------ -------
Net assets 54,403 53,501 52,466
====== ====== =======
Financed by:
Capital and reserves
Called up share capital 5,995 6,014 5,995
Share premium account 2,732 2,355 2,732
Capital redemption reserve 274 224 274
Profit and loss account 44,988 44,298 43,088
------ ------ -------
Shareholders' funds -
equity interests 53,989 52,891 52,089
Minority interests -
equity interests 414 610 377
------ ------ -------
54,403 53,501 52,466
====== ====== =======
Cash flow statement
six months ended 30th 2003
2003 2002 2002
Six months Six months Twelve months
ended ended ended
30th June 30th June 31st December
Unaudited Unaudited Audited
#'000 #'000 #'000
Cash inflow from
operating activities 5,190 4,210 16,014
Net cash inflow from
returns on investments
and servicing of finance 129 65 107
Taxation paid (1,657) (1,623) (4,036)
Net cash outflow for
capital expenditure and
financial investment (1,949) (1,199) (2,997)
Net cash outflow for
acquisitions and disposals (560) - 265
Equity dividends paid (4,496) (4,510) (6,498)
------ ------ -------
Cash outflow before
management of liquid
resources and financing (3,343) (3,057) 2,855
Net cash inflow from
management of liquid
resources 1,801 3,090 (4)
Net cash outflow
for financing - (925) (1,050)
------ ------ -------
Decrease in cash in
the period (1,542) (892) 1,801
====== ====== =======
Notes on the cash flow statement
six months ended 30th 2003
2003 2002 2002
Six months Six months Twelve months
ended ended ended
30th June 30th June 31st December
Unaudited Unaudited Audited
#'000 #'000 #'000
1 Reconciliation of
operating profit to
net cash flow from
operating activities
Operating profit 5,592 5,644 12,088
Depreciation, net of
disposal surpluses 1,595 1,690 3,332
Amortisation of goodwill 151 151 307
Increase in stocks (1,007) (1,504) 960
Increase in debtors (1,584) (1,149) 1,529
Increase in creditors 443 (622) (2,032)
Exceptional reorganisation
costs - - (170)
------ ------ -------
Net cash inflow from
operating activities 5,190 4,210 16,014
====== ====== =======
2 Reconciliation of net
cash flow to movement
in net funds
Decrease in cash in the
period (1,542) (892) 1,801
Cash outflow for decrease
in debt - 925 749
Cash inflow from decrease
in liquid resources (1,801) (3,090) 4
------ ------ -------
(3,343) (3,057) 2,554
Effect of foreign exchange
rate changes (9) 59 137
Debt disposed of with
subsidiary - - 1,153
------ ------ -------
Movement in net funds
in the period (3,352) (2,998) 3,844
Net funds at 31st
December 2002 11,108 7,264 7,264
------ ------ -------
Net funds at 30th
June 2003 7,756 4,266 11,108
====== ====== =======
3 Analysis of net funds Foreign
At Cash exchange At
31.12.02 flow movement 30.6.03
#'000 #'000 #'000 #'000
Bank balances 6,371 (1,542) (9) 4,820
Short-term
deposits 4,737 (1,801) 2,936
------ -------
Cash at bank
per balance
sheet 11,108 7,756
------ ------ ------- ------
11,108 (3,343) (9) 7,756
====== ====== ======= ======
Notes to the interim results
six months to 30th June 2003
1 Segmental analysis
Analysis by activity 2003 2002 2002
Six months Six months Twelve months
to 30th June to 30th June to 31st December
Unaudited Unaudited Audited
Operating Operating Operating
Turnover profit Turnover profit Turnover profit
#'000 #'000 #'000 #'000 #'000 #'000
Engineering and
storage products 29,923 3,616 28,859 3,441 56,835 7,181
Housewares 21,177 1,976 26,931 2,203 54,836 4,907
------ ------ ------- ------ ------- ------
51,100 5,592 55,790 5,644 111,671 12,088
====== ====== ====== ====== ======= ======
Geographical analysis
by origin Operating Operating Operating
Turnover profit Turnover profit Turnover profit
#'000 #'000 #'000 #'000 #'000 #'000
United Kingdom 49,547 5,336 51,466 5,232 103,666 11,251
North America 1,553 256 4,324 412 8,005 837
------ ------ ------- ------ ------- ------
51,100 5,592 55,790 5,644 111,671 12,088
====== ====== ======= ====== ======= ======
Geographical turnover
analysis by destination #'000 #'000 #'000
North America 2,613 5,581 10,739
Austria 980 742 1,658
Italy 421 327 694
Holland 370 283 607
France 367 270 805
Sweden 320 207 508
Germany 298 205 739
Eire 270 356 705
Spain 185 328 585
Finland 156 164 338
Rest of Europe 474 544 1,049
Africa 108 56 186
Far East, Australia
and other 563 510 1,206
United Kingdom 43,975 46,217 91,852
------ ------ -------
51,100 55,790 111,671
====== ====== =======
2 Accounting policies
The unaudited interim results for the half year ended 30th June 2003 have been
prepared on the basis of the accounting policies set out in the report and
accounts for the year ended 31st December 2002. The financial information
contained herein does not constitute statutory accounts within the meaning of
section 240(5) of the Companies Act 1985.
The statutory accounts for the year ended 31st December 2002, which have been
delivered to the registrar of companies, carry an unqualified report by the
auditors, and do not contain a statement under section 237(2) or (3) of the
Companies Act 1985.
3 Taxation
The charge for taxation is based on the estimated effective rate for the year as
a whole.
4 Recognised gains and losses
There were no material recognised gains or losses in the results other than the
consolidated profit for the period.
5 Dividend
The directors recommend the payment of an interim dividend of 1.65p per ordinary
share to shareholders registered on 3rd October 2003 to be paid on 31st October
2003.
6 Earnings per share
The earnings per ordinary share are calculated on the profit for the period. The
number of shares used in the calculation of basic earnings per share is
119,897,298 being the shares in issue during the period (2002: 120,270,740).
Diluted earnings per share, taking into account the number of shares capable of
being exercised under the various option schemes, are the same as the disclosed
basic earnings.
7 Announcement of results
A copy of these results is being sent to shareholders today. Further copies
are available from the Company Secretary, Metalrax Group PLC, Ardath Road, Kings
Norton, Birmingham B38 9PN.
Directors, bankers and professional advisers
Directors
Eric S. Moore, F.C.A.*
Chairman
Richard E. Arbuthnot, B.Sc., M.Sc.
Chief executive
Terry R. Jones, A.C.I.S., A.C.M.A.
Reginald Fort, F.C.A.*
Jeffrey G. L. Edwards
Garry H. Gresham, B.A. (Hons)
John K. Adcock, F.C.I.B.*
John R. A. Crabtree, LL.B.*
(Appointed 3rd September 2003)
* non-executive
Secretary
Terry R. Jones, A.C.I.S., A.C.M.A.
Registered Office
Ardath Road,
Kings Norton,
Birmingham B38 9PN
Telephone 0121-433 3444
Facsimile 0121-433 3325
E-mail: info@metalrax-group.co.uk
www.metalrax-group.co.uk
Registered in England 793639
Bankers
Barclays Bank PLC
15 Colmore Row,
Birmingham B3 2BY
National Westminster Bank PLC
21 Digbeth,
Birmingham B5 6BL
HSBC Bank plc
130 New Street,
Birmingham B2 4JU
Auditors
Moore Stephens
Chartered Accountants
Legge Street
Birmingham B4 7EU
Solicitors
Hammonds
148 Edmund Street,
Birmingham B3 2JR
Registrars
Computershare Services Plc
P.O. Box 82,
The Pavilions,
Bridgwater Road,
Bristol BS99 7NH
This information is provided by RNS
The company news service from the London Stock Exchange
END
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