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Name | Symbol | Market | Type |
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First Trust AlphaDEX US Industrials Sector Index ETF | TSX:FHG | Toronto | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 51.92 | 51.81 | 52.07 | 0 | 01:00:00 |
RNS Number:5819J Fitzhardinge PLC 03 April 2003 FITZHARDINGE PLC Preliminary Results for the year ended 31 December 2002 Fitzhardinge is a Real Estate consultancy services group, which operates in the name of Colliers CRE (Colliers Conrad Ritblat Erdman). These are Fitzhardinge's first full year results since it commenced trading on the Alternative Investment Market in August 2001. HIGHLIGHTS * Turnover for the year of #38.21 million * Profit before taxation of #3.19 million * Proposed final dividend of 2.10p per share, making a total for the year of 3.15p for the year * Completion and successful integration of Gooch Webster and Fisher Wilson acquisitions since year-end * Enlarged group now one of the UK's top ten Real Estate consultancies John Ritblat, Chairman of Fitzhardinge plc, comments: "In the short-term, the outlook for the property market remains mixed, with occupier demand in the business space sector still very weak and the possibility that this could begin to affect parts of the investment market. Nevertheless, I remain optimistic about our prospects for the immediate future as we have taken great strides this year in continuing to establish a broadly based consultancy business across all the major sectors". 3 April 2003 ENQUIRIES: FITZHARDINGE PLC Tel: 020 7935 4499 David Izett, Managing Director Tom Tidy, Finance Director SHORE CAPITAL Tel: 020 7408 4090 Alex Borrelli COLLEGE HILL Tel: 020 7457 2020 Gareth David Email: gareth.david@collegehill.com Matthew Gregorowski Email: matthew.gregorowski@collegehill.com CHAIRMAN'S STATEMENT I am glad to report on a successful first full year of trading as a quoted company, and on the completion of two significant acquisitions, Gooch Webster and Fisher Wilson (Scotland) ("Fisher Wilson"), on 3rd March 2003 for an aggregate cost, in shares and cash, of #10.6m. Despite the downturn in occupier demand for offices and industrial space, I can report a strong overall performance from the Company, whose principal operations are Colliers CRE (Colliers Conrad Ritblat Erdman) and its specialist division, Robert Barry & Co ("Robert Barry"), the leading hotel consultant. Colliers CRE is the UK member of Colliers International, a global association of independently owned businesses and one of the world's largest Real Estate consultancies. Overall fee income in the second half was 21% higher than the first half, with a resultant improvement in profitability. With total fee income for the year to 31 December 2002 of #38.21 million, we achieved a profit before taxation of #3.19 million and earnings per share of 11.09p (10.13p fully diluted). The Board is recommending a final dividend for this period of 2.10p, which, together with the interim dividend of 1.05p, gives a total for the year of 3.15p, being 2.79 times covered by earnings in this period. This final dividend, subject to approval at the Annual General Meeting on 13 May 2003, will be paid on 19 May 2003 to those shareholders on the register at the close of business on 22 April 2003. The Trustee of the Company's ESOP has, as before, waived its entitlement to dividends in respect of its entire holding of 4.8 million shares. The acquisitions of Gooch Webster and Fisher Wilson have strengthened us in our core areas of: investment, valuation, offices, industrial, retail, property management and building consultancy and will enable us to establish pre-eminence in the Motor Trade sector. Gooch Webster significantly strengthens our presence in the West End of London, the City of London, Birmingham, Edinburgh, Glasgow and Manchester, brings us a new office in Bristol and participation in three joint venture companies, with assets exceeding #90 million in which we act as property manager. Fisher Wilson further enhances our excellent reputation in Scotland particularly in the out-of-town retail sector. In acquiring two highly regarded consultancy businesses, with complementary activities to Colliers CRE, we have consolidated our position as one of the top ten property brokerage and consultancy service providers in the UK. In addition the combined firm will be one of the largest surveying practices in Scotland. As a result of these acquisitions, more than half of our revenue is now derived from non-agency work, such as valuation, asset and property management and building consultancy, which is less vulnerable to market fluctuations. Welfare and motivation of our staff are key to the success of our business and we place great emphasis on the personal development of our 660 strong group and we have recently launched a new cash bonus scheme which pays progressive bonuses, based on profitability, and rewards other aspects of high performance. In the short-term, the outlook for the property market remains mixed, with occupier demand in the business space sector still very weak and the possibility that this could begin to affect parts of the investment market. Nevertheless, I remain optimistic about our prospects for the immediate future as we have taken great strides this year in continuing to establish a broadly based consultancy business across all the major sectors. JOHN RITBLAT Chairman 3 April 2003 MANAGING DIRECTOR'S REVIEW At the start of last year the management team set itself a number of goals for development of our business over the year, from increasing overall market share and expansion in targeted sectors to selective acquisitions, enhancement of our marketing and research efforts and developing the Colliers brand. I am pleased to report that these results reflect our success at achieving, to a large extent, the goals we set ourselves, good growth in core areas of our business the completion of the Gooch Webster and Fisher Wilson acquisitions and expansion of the Colliers network in Europe. We have greatly improved the infrastructure of the business during the year, through the enhancement of our marketing and human resources functions on a cost effective basis. Reaction from staff to these initiatives has been excellent, and morale throughout the group is good, with a correspondingly high level of key staff retention across all departments. Whilst Colliers CRE already enjoyed an excellent reputation for the quality of its research in the retail sector, we were keen to broaden our coverage and make it more relevant to the needs of all our clients and the diversity of our business. A range of new research products has been launched, including a UK investment performance forecasting series and a number of international real estate products. In addition, a first rate residential research team was recently recruited. Total turnover for the year of #38.21 million shows growth of 21% during the second half, as compared to the first half of 2002. This was due to strong performances in a number of key sectors, including Investment, Valuation, Retail, Hotels and Healthcare. We are now able to compete with the best for the best quality business, with an ever-growing confidence of success. The practice of Colliers CRE splits broadly into eight sector groupings: Investment, Asset and Property Management, Valuation, Retail, Business Space, Building Consultancy, Specialist Sector Activities such as Licensed & Leisure, Healthcare, Hotels (Robert Barry) and Motor Trade and lastly Other Professional, e.g. Rating, Landlord and Tenant, Insolvency, Consultancy and Planning. With the exception of Business Space, where the market was severely depressed, I am pleased to report that the past year has seen progress in all these principal areas. Completion of the Gooch Webster and Fisher Wilson acquisitions represents a step-change in the scale of the group. They complement our existing activities, by strengthening the breadth and depth of our business, consolidating our position as one of the premier independent property consultancies in the UK and raising turnover, on an annualised basis, to approaching #60 million. Gooch Webster, acquired for #8.1 million, brings us an additional 150 fee earners, a presence for the first time in Bristol and a number of major long term clients, and also strengthens our business in key sectors. Fisher Wilson, acquired for #2.5 million, gives a big boost to the enlarged group's presence in Edinburgh, and in the out-of-town retail sector and, when combined with the Colliers CRE and Gooch Webster businesses, makes us one of the top practices in Scotland. The enlarged group continues to trade as Colliers CRE. We now operate out of nine Colliers CRE offices across the UK: West End of London, City of London, Bristol, Birmingham, Manchester, Leeds, Glasgow, Edinburgh and Belfast, together with eight Robert Barry offices. Integration of the Gooch Webster and Fisher Wilson teams is going very well, and we look forward to seeing the synergy benefits of these mergers in the coming year. During the year we have opened new offices for our Hotels division, Robert Barry, in Southampton and Birmingham. Since the year-end we have established Colliers International Corporate Services Europe Ltd ("CICSE") - a pan-European Colliers Company of which all the European Colliers offices are members and which offers integrated real estate solutions to meet the business needs of multinational corporate occupiers. Among clients already being advised by CICSE are Cadbury Schweppes, Marconi, Shell and Black & Decker. Another major initiative is the development of our investment consultancy activities through the launch of Colliers Capital (UK) Limited. This new division creates new funds, where Colliers CRE will act as strategic advisor, expands investment management services to third parties and advises on structuring and financing property-based transactions. We already manage the property assets of three substantial pension funds and believe that this area also offers significant opportunities for growth. The development of our continental European activities has continued in Germany and France with strong independently owned practices joining Colliers during the year. These new members substantially enhance our ability to secure and transact international business. With our income now well balanced between agency and non-agency work and with the rapid integration of our acquisitions our business goes from strength to strength and we look confidently to a good performance in the year ahead. DAVID IZETT Managing Director 3 April 2003 CONSOLIDATED PROFIT & LOSS ACCOUNT Year to 5 months to 31.12.02 31.12.01 #'000 #'000 Turnover 38,210 15,261 Operating expenses (34,544) (13,007) Other operating income 161 64 Operating profit 3,827 2,318 Interest receivable and similar income 127 56 Interest payable and similar charges (765) (362) Profit on ordinary activities before taxation 3,189 2,012 Tax on profit on ordinary activities (1,148) (684) Profit attributable to shareholders 2,041 1,328 Dividends (731) (228) Retained profit transferred to reserves 1,310 1,100 Basic earnings per share (p) 11.09 7.22 Fully diluted earnings per share (p) 10.19 6.64 FITZHARDINGE PLC Preliminary Results for the year ended 31 December 2002 CONSOLIDATED BALANCE SHEET 2002 2001 #'000 #'000 Fixed assets Intangible assets 24,887 24,880 Tangible assets 2,444 2,852 Investments 4,800 4,817 32,131 32,549 Current assets Debtors 14,030 15,971 Cash at bank and in hand 4,370 1,412 18,400 17,383 Creditors: Amounts falling due within one year (13,089) (11,992) Net current assets 5,311 5,391 Total assets less current liabilities 37,442 37,940 Creditors: Amounts falling due after more than one year (9,018) (10,826) Net assets 28,424 27,114 Capital and reserves Called up share capital 11,597 11,597 Share premium account 14,417 14,417 Profit and loss account 2,410 1,100 Equity shareholders' funds 28,424 27,114 FITZHARDINGE PLC Preliminary Results for the year ended 31 December 2002 CONSOLIDATED CASH FLOW STATEMENT Year to 5 months to 31.12.02 31.12.01 #'000 #'000 #'000 #'000 Operating profit 3,827 2,318 Depreciation 900 377 (Profit)/loss on disposal of tangible fixed assets (6) 2 Decrease/(increase) in debtors 984 (1,799) Increase/(decrease) in creditors 2,591 (2,287) Net cash inflow/(outflow) from operating activities 8,296 (1,389) Returns on investments and servicing of finance Interest received 127 56 Interest paid (765) (362) Net cash outflow from returns on investment (638) (306) and servicing of finance Tax recovered/(paid) 65 (112) Capital expenditure and financial investment Purchase of tangible fixed assets (678) (164) Purchase of intangible fixed assets (7) (40) Sale of tangible fixed assets 192 36 Sale of investments 17 - Net cash outflow from investing activities (476) (168) Acquisitions and disposals Purchase of subsidiary undertakings (1,283) (342) Net overdrafts acquired with subsidiaries - (1,959) Net cash outflow from acquisitions (1,283) (2,301) Equity dividends paid (422) - Net cash inflow/(outflow) before financing 5,542 (4,276) Financing Proceeds from shares issued (net of issue costs) - 5,456 Bank loan repayments (1,405) (708) New sale and leaseback agreements 626 - Finance lease repayments (630) (235) Net cash (outflow)/inflow from financing (1,409) 4,513 Increase in cash 4,133 237 FITZHARDINGE PLC Preliminary Results for the year ended 31 December 2002 Notes 1. The financial information set out above does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 December 2002 will be delivered to the Registrar of Companies and sent to Shareholders shortly. An unqualified Auditors' report has been given on such accounts. 2. Turnover and operating profit all derive from UK continuing operations. There are no recognised gains or losses other than the profit for the financial year. 3. The Directors propose a final dividend for the year of 2.10 pence per ordinary share on 25,660,946 shares. This dividend, subject to approval at the AGM, is expected to be paid on 19 May 2003 to those shareholders on the register at the close of business on 22 April 2003. 4. Basic earnings per share is based on profit attributable to ordinary shareholders of #2,041,000 and the weighted average number of shares in issue during the year of 18,400,931. The number of shares used for the diluted earnings per share calculation is 20,570,695. Diluted earnings per share for the period ended 31 December 2001 has been re-stated to reflect the lapse during 2002 of a number of awards under the company's Deferred Share Bonus Plan. 5. The Annual Report and Accounts will be mailed to registered shareholders at their registered addresses shortly and from the date of release copies of the Annual Report will be made available to the public at the Company's registered office, 9 Marylebone Lane, London W1U 1HL. 6. The Annual General Meeting will be held at 9 Marylebone Lane, London W1U 1HL on Tuesday 13 May at 12.00 noon. This information is provided by RNS The company news service from the London Stock Exchange END FR EAELAEAEDEAE
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