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RNS Number:1706S
600 Group PLC
18 November 2003
18 November 2003
THE 600 GROUP PLC
INTERIM RESULTS FOR THE 26 WEEKS TO 27th SEPTEMBER 2003
Chairman's statement
Results
Since our preliminary results announced in June, the major western machine tool
markets have not improved from the low levels of the previous 18 months, whereas
markets in the Far East have continued to be buoyant.
The Group's performance during the first half reflected these conditions,
producing results slightly ahead of market expectations.
Increased exports to the Far East together with improved trading conditions in
Australia and South Africa offset the generally difficult environment
experienced by our UK, North American and continental European businesses. The
resulting turnover and operating loss before pension credit and exceptional
items were similar to the levels of the corresponding period last year, with the
impact of our recent cost reduction programmes offsetting the adverse effects of
changes in product and market mix.
The SSAP24 calculation of net pension cost for the period, based on the March
2002 actuarial revaluation, generated a credit of #1.1m (2002:credit #0.5m),
reflecting the substantial reduction in the regular cost component of the
calculation following the change to a CARE based scheme and the increased level
of employee contributions from the start of the year.
Cost reduction programmes continued with a further 7% reduction in headcount,
giving rise to reorganisation costs of #0.7m (2002:#0.1m). Underlying overheads
have now been reduced by approximately 25% over the past three years.
Net cash at the period end was #7.9m, an increase of #0.5m since the beginning
of the year, despite the difficult trading conditions, reorganisation costs and
the maintained dividend.
Dividend
The interim dividend is maintained at 1.5p per share.
Outlook
General manufacturing activity is expected to increase throughout our western
markets in 2004. The response of the western machine tool market, however, is
likely to be slower and more erratic until existing surplus capacity is
absorbed. Far East markets are expected to remain robust.
In response to these forecast market conditions, our strategy is to continue to
develop beneficial strategic alliances and to improve our product range and
international selling organisation to ensure that we increase market share and
are in a strong position to benefit from the recovery.
When considered in conjunction with our continuing cost reduction programmes, I
remain confident that this strategy will enhance shareholder value in the medium
term.
Michael Wright
Chairman
18 November 2003
Tony Sweeten, Group Chief Executive
Enquiries: John Fussey, Group Finance Director
Telephone: 020 7796 4133 on Tuesday 18 November 2003
thereafter on 0113 277 6100
Nick Lyon, Hudson Sandler
Telephone: 020 7796 4133
Consolidated profit and loss account (unaudited)
26 weeks 26 weeks 52 weeks
to to to
27.09.03 28.09.02 29.03.03
#000 #000 #000
Turnover 33,146 33,395 68,072
Operating loss before pension credit and exceptional items (1,285) (1,405) (2,886)
Pension credit 1,061 498 1,046
Exceptional items - restructuring costs (654) (75) (1,559)
Operating loss (878) (982) (3,399)
Profit on sale of property - - 1,800
Loss on ordinary activities before interest and taxation (878) (982) (1,599)
Net interest (payable)/receivable (9) 128 159
Loss on ordinary activities before taxation (887) (854) (1,440)
Taxation credit 425 139 171
Loss for the financial period (462) (715) (1,269)
Dividends (842) (841) (3,087)
Retained loss for the financial period (1,304) (1,556) (4,356)
Earnings per share - basic and diluted (0.8)p (1.3)p (2.3)p
Dividend per ordinary share 1.5p 1.5p 5.5p
Notes
1 The charge for corporation tax comprises UK taxation #nil (2002: #nil),
overseas taxation credit of #168,000 (2002:credit #49,000) and deferred
taxation credit of #257,000 (2002:credit #90,000).
2 The basic earnings per share are based on the loss for the period of
#462,000 (2002:loss for the period of #715,000) and the weighted average
number of shares outstanding of 56,102,330 (2002:56,095,189). For diluted
earnings per share, the weighted average number of ordinary shares in issue
is adjusted to 56,204,993 (2002:56,277,301) and assumes conversion of
dilutive potential ordinary shares of 102,663 (2002:182,112).
Summarised consolidated balance sheet (unaudited)
At At At
27.09.03 29.03.03 28.09.02
#000 #000 #000
Fixed assets 16,773 17,517 18,564
Working capital
Stocks 23,121 24,965 24,335
Pension fund prepayment 32,338 31,065 30,517
Debtors 16,417 19,868 17,183
Deferred taxation (7,371) (7,587) (7,204)
Other creditors and provisions (15,314) (18,123) (14,015)
49,191 50,188 50,816
Net funds 7,885 7,440 7,940
Capital employed 73,849 75,145 77,320
Capital and reserves
Called up share capital 14,028 14,025 14,025
Reserves 59,821 61,120 63,295
73,849 75,145 77,320
Reconciliation of movement in shareholders' funds (unaudited)
26 weeks 26 weeks 52 weeks
to to to
27.09.03 28.09.02 29.03.03
#000 #000 #000
Loss for the period (462) (715) (1,269)
Dividends (842) (841) (3,087)
(1,304) (1,556) (4,356)
Currency translation differences 2 (778) (153)
New share capital subscribed 6 9 9
(1,296) (2,325) (4,500)
Opening shareholders' funds 75,145 79,645 79,645
Closing shareholders' funds 73,849 77,320 75,145
Summarised consolidated cash flow statement (unaudited)
26 weeks 26 weeks 52 weeks
to to to
27.09.03 28.09.02 29.03.03
#000 #000 #000
Operating loss (878) (982) (3,399)
Depreciation less profit on sale of fixed assets 1,022 979 2,118
Amortisation of goodwill 93 94 187
Increase in pension prepayment (1,273) (498) (1,046)
Decrease/(increase) in working capital 3,067 (1,028) 1,974
Net cash inflow/(outflow) from operations 2,031 (1,435) (166)
Net interest received 26 76 103
Dividends paid (2,244) (2,243) (3,086)
Taxation repaid/(paid) 695 (211) (206)
Net purchase of tangible fixed assets (434) (352) (920)
Acquisitions - - (455)
Net cash inflow/(outflow) before use of liquid resources and 74 (4,165) (4,730)
financing
Management of liquid resources (446) 213 221
Financing
Issue of ordinary shares 6 9 9
Net repayment of external borrowing (1,728) (342) (1,176)
Net cash outflow from financing (1,722) (333) (1,167)
Decrease in cash in the period (2,094) (4,285) (5,676)
Reconciliation of movement in cash flow to movement in net funds (unaudited)
26 weeks 26 weeks 52 weeks
to to to
27.09.03 28.09.02 29.03.03
#000 #000 #000
Decrease in cash in the period (2,094) (4,285) (5,676)
Net repayment of external borrowing 1,728 342 1,176
Cash outflow/(inflow) from management of liquid resources 446 (213) (221)
Increase/(decrease) in net funds resulting from cash flows 80 (4,156) (4,721)
New finance leases entered into - - (38)
Exchange movement on opening net funds 365 578 681
Increase/(decrease) in net funds in the period 445 (3,578) (4,078)
Net funds at the beginning of the period 7,440 11,518 11,518
Net funds at the end of the period 7,885 7,940 7,440
Notes to the financial information
The financial information set out in this interim report does not constitute
statutory accounts. Statutory accounts for the period ended 29 March 2003 have
been delivered to the Registrar of Companies. KPMG Audit Plc, The 600 Group
PLC's auditors, reported on those accounts under section 235 of the Companies
Act 1985. Their report was unqualified and did not contain a statement under
section 237(2) or (3) of that Act.
Copies of the interim report will be sent to all shareholders and will be
available to members of the public from the company's registered office at 600
House, Landmark Court, Revie Road, Leeds, LS11 8JT.
The 600 Group PLC is registered in England and Wales No. 196730.
Financial calendar
The interim ordinary dividend is payable on 9 January 2004 to shareholders on
the register at 12 December 2003.
Share price information
Information concerning the day-to-day movement of The 600 Group PLC share price
can be found by dialling 0906 003 4031 for the Financial Times share price
service.
The 600 Group PLC
600 House
Landmark Court
Revie Road
Leeds
LS11 8JT
Telephone: 44 (0) 113 277 6100
Facsimile: 44 (0) 113 276 5600
Website: www.600group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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