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RNS Number:0432Q
Fitzhardinge PLC
23 September 2003
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
Fitzhardinge is one of the UK's top ten real estate consultancy services groups,
and trades as Colliers CRE.
HIGHLIGHTS
*Integration of Gooch Webster and Fisher Wilson (Scotland) acquisitions
successfully completed
* Strong first half for valuation team, hotels (Robert Barry), and good
start for Colliers Capital UK
*Turnover increased by 36% to #23.6m (2002: #17.3m)
*Operating profit increased by 26% to #1.27m (2002: #1.01m)
*Interim dividend maintained at 1.05p on enlarged share capital
John Ritblat, Chairman of Fitzhardinge plc, comments:
"We are now well positioned as one of the top ten property consultants in the UK
and, with our multinational affiliations, we are confident that this will enable
us to benefit from the improving UK and US economies, showing a satisfactory
result for the full year, and strong prospects for the year ahead."
23 September 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
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
CHAIRMAN'S STATEMENT
Results
It is pleasing to report a good result for the period which includes the first
four months of trading for the newly combined business, following the
acquisitions of Gooch Webster and Fisher Wilson (Scotland), effective from 3
March 2003. Since this date, we have successfully integrated both businesses and
achieved cost savings through the rationalisation of staffing and the
consolidation of premises, together with the harmonisation of systems.
Moreover I can report fee income for the six months to 30 June 2003 of #23.6
million (2002: #17.3 million) and operating profit of #1.266 million (2002 -
#1.006 million); an increase of 26%. Exceptional costs of #1.007 million arose
from reorganisation of the business following the acquisitions. Diluted earnings
per share, adjusted for the exceptional items, improved from 2.02p to 2.77p - an
increase of 37%. We are therefore reporting a loss of #32,000 (2002: profit of
#632,000) after exceptional items and interest.
Dividend
The Board has declared an unchanged interim dividend on the enlarged share
capital of 1.05p per share. This will be paid on 5 November 2003 to those
shareholders on the register at the close of business on 3 October 2003. The
Trustee of the Company's ESOP has, as before, waived its entitlement to
dividends in respect of its entire holding of 4.781 million shares. The cost of
the dividend is therefore #271,000.
Trading Review
The first six months saw borrowing costs continue at a 30 year low and the
outperformance of property over other asset classes. With the entry into the
market of an ever increasing number of private and foreign buyers and a shortage
of product, good prices have been achieved across the board. The shopping centre
market has been buoyant and our team advised, in particular, on the sale of
Wellgate, Dundee and the purchase of The Pyramids, Birkenhead. Such investment
activity, coupled with our involvement in a number of mergers and acquisitions
in the retail sector, has meant that our valuation team has had a particularly
strong first half.
We are also pleased with the performance of our new subsidiary, Colliers Capital
UK, which offers bespoke property advice to private clients and advises on the
creation of new funds and other property vehicles.
Special mention also goes to our Fund Management Team which won, for the second
year running, the Estates Gazette Property Investment Award, on behalf of a
client, for The Best Performing Fund over 10 Years.
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
CHAIRMAN'S STATEMENT (cont'd)
On the occupier side, in the retail sector, demand remained strong both In Town
and Out of Town and our corporate acquisitions have given us significantly more
presence with the addition of several talented surveyors and major clients. We
reported fully on this sector in our Midsummer Retail Report.
In the business space sector, the office market remains fragile particularly in
London and the South East. Despite the paucity of major transactions in the City
of London market, we are pleased to report that we advised on two of the largest
deals, at 5 Old Broad Street and 70 Gracechurch Street. The logistics and
industrial sector has been far more resilient and again our team has been
significantly strengthened by our new colleagues from Gooch Webster.
One of the major strengths of our business is its diversity and we are pleased
to report good first half performances from Motor Trade, Healthcare, Licensed &
Leisure and Hotels, where our specialist Hotels Division, Robert Barry,
continued to grow and prosper, with a new office in Glasgow and successful
inroads into the Central London and Corporate markets.
Finally, our specialist corporate services and consultancy team continues to
benefit from the trend for corporate occupiers to maximise their assets through
the outsourcing of property-related functions and the restructuring of property
holdings in their balance sheets.
Through CRE Ventures, we have investments totalling #600,000 in three joint
venture property investment companies with property assets of #95 million now
producing annual fees to us of #500,000. We continue to look for similar
opportunities to invest alongside clients.
We now have nine Colliers CRE offices and together with the nine Robert Barry
offices, we employ 640 people in total of whom 85 are in Glasgow and Edinburgh,
making us one of the largest surveying practices in Scotland. Recruitment of key
personnel for specific areas of expansion continues and I am particularly
pleased to welcome Nick Ridley to head up our West End of London Business Space
Department.
Throughout the period we have benefited from our membership of Colliers, with
its 238 offices worldwide and recognition as being one of the world's leading
property brands.
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
CHAIRMAN'S STATEMENT (cont'd)
It has been a pleasure to welcome our new colleagues from Gooch Webster and
Fisher Wilson and I would like to take this opportunity to thank all our staff
for their tremendous support during this period of exciting change. We are now
well positioned as one of the top ten property consultants in the UK and, with
our multinational affiliations, we are confident that this will enable us to
benefit from the improving UK and US economies, showing a satisfactory result
for the full year, and strong prospects for the year ahead.
JOHN RITBLAT
Chairman
23 September 2003
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
Unaudited Consolidated Profit and Loss Account
Six months to 30 June Year to
Notes 2003 2002 31 Dec 2002
(unaudited) (unaudited) (audited)
--------------------------- ------ --------- --------- ----------
#000 #000 #000
Turnover 23,608 17,267 38,210
Operating expenses (22,472) (16,306) (34,544)
Other operating income 130 45 161
--------------------------- ------ --------- --------- ----------
Operating profit 1,266 1,006 3,827
Exceptional items (1,007) - -
--------------------------- ------ --------- --------- ----------
Profit on ordinary activities 259 1,006 3,827
before interest
Interest receivable and similar 71 28 127
income
Interest payable and similar (362) (402) (765)
charges
--------------------------- ------ --------- --------- ----------
(Loss)/profit on ordinary (32) 632 3,189
activities before taxation
Tax on profit on ordinary 1 (81) (209) (1,148)
activities
--------------------------- ------ --------- --------- ----------
(Loss)/profit attributable to (113) 423 2,041
shareholders
Dividends 2 (271) (193) (731)
--------------------------- ------ --------- --------- ----------
(Loss)/retained profit (384) 230 1,310
transferred to reserves
--------------------------- ------ --------- --------- ----------
--------------------------- ------ --------- --------- ----------
Basic (loss)/earnings per 3 (0.49p) 2.30p 11.09p
share
--------------------------- ------ --------- --------- ----------
Basic earnings per share 3 2.98p 2.30p 11.09p
adjusted for exceptional
items
--------------------------- ------ --------- --------- ----------
--------------------------- ------ --------- --------- ----------
Diluted (loss)/earnings per 3 (0.45p) 2.02p 10.13p
share
--------------------------- ------ --------- --------- ----------
Diluted earnings per share 3 2.77p 2.02p 10.13p
adjusted for exceptional
items
--------------------------- ------ --------- --------- ----------
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
Unaudited Consolidated Balance Sheet
30 June 2003 30 June 2002 31 December
2002
Notes (unaudited) (unaudited) (audited)
------------------------ ------ ---------- ---------- -----------
#000 #000 #000
Fixed assets
Intangible assets 36,192 24,886 24,887
Tangible assets 3,033 2,554 2,444
Investments 5,438 4,804 4,800
------------------------ ------ ---------- ---------- -----------
44,663 32,244 32,131
Current assets
Debtors 18,787 15,398 14,030
Cash at bank and in hand 740 154 4,370
------------------------ ------ ---------- ---------- -----------
19,527 15,552 18,400
Creditors: Amounts
falling
due within one year (16,885) (10,542) (13,089)
------------------------ ------ ---------- ---------- -----------
Net current assets 2,642 5,010 5,311
------------------------ ------ ---------- ---------- -----------
Total assets less current 47,305 37,254 37,442
liabilities
------------------------ ------ ---------- ---------- -----------
Creditors: Amounts falling
due after more
than one year (11,815) (9,910) (9,018)
------------------------ ------ ---------- ---------- -----------
Net assets 35,490 27,344 28,424
------------------------ ------ ---------- ---------- -----------
------------------------ ------ ---------- ---------- -----------
Capital and reserves 35,490 27,344 28,424
------------------------ ------ ---------- ---------- -----------
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
Unaudited Consolidated Cash Flow Statement
Six months to 30 June Year to
2003 2002 31 December
2002
(unaudited) (unaudited) (audited)
-------------------------- --------- -------- -------------
#000 #000 #000
Operating profit 1,266 1,006 3,827
Exceptional items (1,007) - -
Depreciation 558 450 900
Loss/(profit)on disposal of 8 (6) (6)
fixed assets
(Increase)/decrease in (425) 573 984
debtors
(Decrease)/increase in (1,509) 168 2,591
creditors
Net cash (outflow)/inflow from (1,109) 2,191 8,296
operating activities
Return on investments and
servicing of finance
Interest received 71 28 127
Interest paid (362) (402) (765)
-------------------------- --------- -------- -------------
Net cash outflow from servicing (291) (374) (638)
of finance
Taxation recovered - 2 65
Capital expenditure and
financial investment
Purchase of tangible fixed (353) (257) (678)
assets
Purchase of intangible fixed - (6) (7)
assets
Sale of tangible assets 22 111 192
Sale of investments 5 13 17
-------------------------- --------- -------- -------------
Net cash outflow from investing (326) (139) (476)
activities
Acquisitions and disposals
Purchase of subsidiary (2,378) (1,010) (1,283)
undertakings
Net overdrafts acquired with (797) - -
subsidiaries
Investment in associated (56) - -
undertakings
-------------------------- --------- -------- -------------
Net cash outflow from (3,231) (1,010) (1,283)
acquisitions
Equity dividends paid (539) (228) (422)
-------------------------- --------- -------- -------------
Net cash (outflow)/inflow (5,496) 442 5,542
before financing
Financing
New bank loans 1,935 - -
Bank loan repayments (5) (695) (1,405)
New sale and lease back 276 302 626
agreements
Finance lease repayments (343) (315) (630)
-------------------------- --------- -------- -------------
Net cash inflow/(outflow) from 1,863 (708) (1,409)
financing
-------------------------- --------- -------- -------------
(Decrease)/increase in cash (3,633) (266) 4,133
-------------------------- --------- -------- -------------
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
Acquisitions
On 3 March 2003, the Company completed the acquisitions of Gooch Webster Group
Limited and Fisher Wilson (Scotland) Limited, as follows:
Gooch Webster Group Limited #000
------------------------------- ---------
Net assets acquired
Tangible fixed assets 791
Investments 594
Debtors 3,769
Cash at bank 52
Bank loans and overdrafts (1,771)
Other creditors (3,487)
------------------------------- ---------
(52)
Goodwill 8,987
------------------------------- ---------
8,935
------------------------------- ---------
Satisfied by-
Issue of 6,902,192 shares at 102.5p per share 7,075
Cash consideration 601
Deferred consideration 750
Expenses of acquisition 509
------------------------------- ---------
8,935
------------------------------- ---------
Fisher Wilson (Scotland) Limited
------------------------------- ---------
Net assets acquired
Fixed assets 26
Debtors 592
Cash at bank and in hand 328
Creditors (361)
------------------------------- ---------
585
Goodwill 2,318
------------------------------- ---------
2,903
------------------------------- ---------
Satisfied by-
Issue of 352,112 shares at 106.5p per share 375
Cash consideration 1,125
Deferred consideration 1,260
Expenses of acquisition 143
------------------------------- ---------
2,903
------------------------------- ---------
FITZHARDINGE PLC
Interim Results for the six months ended 30 June 2003
Notes
1. The tax charge has been based upon the underlying rate of 30% adjusted for
any disallowable expenses and taking account of any available unutilised tax
losses.
2. The interim dividend of 1.05p (2002 - 1.05p) per share will be paid on 5
November, 2003 to shareholders on the register at close of business on 3
October, 2003.
3. Basic earnings per share is based upon the 28.004 million (2002 - 23.194
million) weighted average number of shares in issue in each period but excluding
the 4.787 million (2002 - 4.802 million) weighted average number of shares held
by the Trustees of the Milner Consultancies Employee Share Ownership Plan.
Diluted earnings per share is based upon 24.980 million (2002 - 20.941 million)
weighted average number of shares in each period.
4. The financial information contained in this interim report does not
constitute statutory accounts within the meaning of section 240 Companies Act
1985. The interim results, which have not been audited, have been prepared using
accounting policies consistent with those used in the preparation of the Report
and Accounts for the period ended 31st December 2002. Those accounts have been
filed with the Registrar of Companies and received an unqualified audit report.
Copies of this statement are being sent to shareholders and are available from
the Company's Registered Office: Fitzhardinge plc, 9 Marylebone Lane, London W1U
1HL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UUSWROKRKUAR
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