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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Shimano Inc | TG:SHM | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.50 | 1.18% | 128.10 | 127.50 | 128.70 | 129.00 | 127.80 | 128.20 | 262 | 22:50:10 |
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RNS Number:3192Q
Shelton (Martin) Group PLC
30 September 2003
PRELIMINARY RESULTS
Martin Shelton Group PLC ("Martin Shelton" or the "Group"), the calendar, diary
and business gifts group, announces its preliminary results for the year ended
30 September 2003.
Key points:
* Turnover at #7.024m (2002: #7.290m)
* Pre-tax profit, after exceptional items, of #227,000 (2002: loss #482,000)
* Earnings per ordinary share, after exceptional items, 3.82p (2002: loss
per share 6.27p)
* Significant restructuring:
- Sale and leaseback of freehold property
- Disposal of Leathergoods division
- New banking facilities
- Increased production efficiencies and new state-of-the-art equipment
* Core Business Gifts division well positioned for growth
* No dividend proposed
Hamish Dunlop, Chairman of Martin Shelton, said: "At the time of my appointment
as Chairman in October 2002 the calendar and diary season was already too far
progressed to allow any significant changes. Consequently the emphasis has been
on refocusing the business on a clear set of objectives for 2003/04 and beyond,
namely growth of the core business and improving efficiencies and margins.
"The highly seasonal nature of the diary and calendar market continues to
provide a unique set of challenges with a continuing pattern of customers
placing later orders for increasingly personalised products. To be able to
achieve the above objectives it has been necessary to make radical changes
within the business.
"To this end the Group has rationalised the range of diary product options for
2003/04 and has recently invested in state-of-the-art equipment for
automatically inserting bespoke pages into completed diaries. The greater
flexibility afforded by this equipment has enabled a fundamental change in
production methodology allowing advance production of stocks of completed
diaries and the full range of calendars during the early part of the year."
For further information, please contact:
Martin Shelton Group PLC Tel: 0113 386 0700
Hamish Dunlop, Chairman
David Foster, Finance Director
Rawlings Financial PR Limited Tel: 01756 770 376
Catriona Valentine
CHAIRMAN'S STATEMENT
The results for the year ended 31 March 2003 show a reduction in sales from
#7,290,000 to #7,024,000. The Group generated a profit before tax of #227,000
after an exceptional profit on disposal of long leasehold property of #900,000,
provision for loss on disposal of the Leathergoods division of #66,000 and
exceptional redundancy and reorganisation costs of #124,000.
I am pleased to report that the Group has been able to restructure its finances
following completion of the sale and leaseback of the Group's long leasehold
property in October 2002. The disposal realised a net profit of #900,000, which
has been re-invested in order to provide a platform from which to develop the
Group's core calendar and diary business.
I am also pleased to announce that on 29 August 2003 the Group moved its entire
banking arrangements to the Co-operative Bank plc. This restructuring increases
the total facilities available to the Group to #330,000, thereby providing
additional funding for developing the business.
At the time of my appointment as Chairman in October 2002 the calendar and diary
season was already too far progressed to allow any significant changes.
Consequently the emphasis has been on refocusing the business on a clear set of
objectives for 2003/04 and beyond, namely growth of the core business and
improving efficiencies and margins.
The highly seasonal nature of the diary and calendar market continues to provide
a unique set of challenges with a continuing pattern of customers placing later
orders for increasingly personalised products. To be able to achieve the above
objectives it has been necessary to make radical changes within the business.
To this end the Group has rationalised the range of diary product options for
2003/04 and has recently invested in state-of-the-art equipment for
automatically inserting bespoke pages into completed diaries. The greater
flexibility afforded by this equipment has enabled a fundamental change in
production methodology allowing advance production of stocks of completed
diaries and the full range of calendars during the early part of the year.
This acceleration of production should significantly reduce labour overtime,
outwork costs and associated transport costs whilst also creating additional
capacity to increase sales at the end of the season.
A number of other key strategies have been implemented to grow the business in
parallel with the changes in production methodology. These include targeting and
managing the sales force more efficiently, increasing the network of sales
agents and allocating dedicated resources to increasing each of trade sales and
commercial binding sales.
Additionally there has been an overhaul of the internal processes to improve
communications and also the speed and efficiency of generating sales quotations
and processing sales orders.
As stated above, the over-riding objective is to develop and grow the core
business. In support of this objective I am pleased to announce that contracts
were exchanged on 28 August 2003 for the sale of the Leathergoods division for a
consideration of approximately #570,000. After repayment of associated debt of
approximately #270,000 this will provide significant additional resources for
re-investment, and will allow senior management to better focus on the core
strategic initiatives. Provision has been made for the expected loss on disposal
of #66,000.
The Betting Office Supplies division remains central to Group strategy, as it
provides a useful counter-seasonality to the calendar and diary market whilst
utilising our core skills as printers.
At the present time the directors do not consider it appropriate to propose a
dividend for the year to 31 March 2003.
Hamish A Dunlop
Chairman
30 September 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 31 March 2003
Unaudited Audited
2003 2002
#000's #000's #000's #000's
Turnover 7,024 7,290
Change in stocks of finished
goods and work in progress 27 (239)
------ ------
7,051 7,051
Other operating income 6 1
------ ------
7,057 7,052
Raw materials and consumables 2,607 2,558
Other external charges 737 635
------ ------
(3,344) (3,193)
------ ------
3,713 3,859
Staff costs (2,643) (2,656)
Depreciation (342) (380)
Other operating charges 1,083 973
Exceptional operating charges 124 135
------ ------
(1,207) (1,108)
------ ------
Operating loss (479) (285)
Profit on disposal of fixed assets 900 -
Provision for loss on disposal of
operations to be discontinued (66) -
Interest payable and similar
charges (128) (197)
------ ------
Profit/(loss) on ordinary
activities before tax 227 (482)
Tax on profit/(loss) on ordinary
activities (23) 147
------ ------
Profit/(loss) on ordinary
activities after tax 204 (335)
Dividends - (27)
------ ------
Retained profit/(loss) for the
year 204 (362)
====== ======
Earnings/(loss) per ordinary
share (basic & diluted) 3.82p (6.27p)
====== ======
The results shown in the profit and loss account derive wholly from continuing
activities.
The Group has no recognised gains and losses other than those included in the
profit and loss account above and, therefore, no separate statement of total
recognised gains and losses has been presented.
There is no difference between the profit/(loss) on ordinary activities before
taxation and the retained profit/(loss) for the year stated above and their
historical equivalents.
CONSOLIDATED BALANCE SHEET
As at 31 March 2003
Unaudited Audited
2003 2002
#000's #000's #000's #000's
Fixed assets
Tangible assets 1,604 2,884
Current assets
Stocks 1,496 1,527
Debtors falling due within one year 1,509 1,572
Debtors falling due after one year 230 -
Cash at bank and in hand 55 118
------ ------
3,290 3,217
Creditors: amounts falling due
within one year 1,722 2,652
------ ------
Net current assets 1,568 565
------ -------
Total assets less current liabilities 3,172 3,449
Creditors: amounts falling due
after more than one year 32 533
Provisions for liabilities and
charges
Deferred tax 119 96
Deferred income 6 9
------ ------
125 105
------ ------
Net assets 3,015 2,811
====== ======
Capital and reserves
Called up share capital 535 535
Share premium account 661 661
Profit and loss account 1,819 1,615
------ ------
Equity shareholders' funds 3,015 2,811
====== ======
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 March 2003
Unaudited Audited
2003 2002
#000's #000's
Net cash inflow from operating activities 24 347
Returns on investments and servicing of finance (128) (197)
Capital expenditure and financial investment 1,849 (9)
Equity dividends paid - (94)
------ ------
Cash inflow before financing 1,745 47
Financing (610) (278)
------ ------
Increase/(decrease) in cash in the year 1,135 (231)
====== ======
Reconciliation of net cash flow to movement
in net debt 2003 2002
#000's #000's
Increase/(decrease) in cash in the year 1,135 (231)
Cash inflow from repayment of debt and hire
purchase contracts 610 278
------ ------
Change in net debt resulting from cash flows 1,745 47
New hire purchase contracts - (45)
------ ------
Movement in net debt in the year 1,745 2
Net debt at 1 April 2002 (2,003) (2,005)
------ ------
Net debt at 31 March 2003 (258) (2,003)
====== ======
NOTES
1. Earnings/loss per share are based on the profit after taxation of #204,000
(2002: loss #335,000) and on 5,345,000 ordinary shares (2002: 5,345,000).
2. A copy of this statement will be available for inspection at the Company's
registered office at 37 Burley Road, Leeds LS3 1JT for 14 days from the date
of this announcement.
3. The figures for the year ended 31 March 2003 do not constitute full
statutory accounts within the meaning of Section 240 of the Companies Act
1985. It is expected that the full accounts will contain an unqualified
audit opinion. The comparative figures are an extract from the accounts for
the year ended 31 March 2002, which have been filed with the Registrar of
Companies and on which an unqualified audit opinion was given.
4. Full financial statements will be posted to shareholders on 30 September
2003 and will be available for collection from the Company's registered
office at 37 Burley Road, Leeds LS3 1JT for one month from that date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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