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Share Name | Share Symbol | Market | Type |
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BioNeutra Global Corporation | TSXV:BGA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.04 | 0.04 | 0.065 | 0 | 01:00:00 |
RNS Number:8603R Barlo Group PLC 10 November 2003 BARLO GROUP PLC ANNOUNCEMENT OF INTERIM RESULTS SIX MONTHS ENDED 30th SEPTEMBER, 2003 HIGHLIGHTS * Summary of Group's results for first six months: 6 Months 6 Months 30/09/03 30/09/02 Turnover Euro155.5 m Euro146.4 m Up 6% Operating Profit before Depreciation and Amortisation Euro14.7 m - (EBITDA) Euro14.7 m Operating Profit before Goodwill Euro8.6 m Euro8.6 m - Amortisation Profit After Tax Euro2.5 m Euro1.8 m Up 42% Adjusted Earnings Per Share 2.22 cent 1.78 cent Up 25% Net Debt at Period End Euro114.3 m Euro131.8 m * Satisfactory overall performance achieved in difficult trading conditions and in line with market expectations. * Continued volume growth in all of the Group's businesses. * Reduced interest charge gave rise to an increase in Adjusted EPS of 25%. * Good cash generation and reduction in net debt. * An interim dividend has not been declared. Tony Mullins, Group Chief Executive, said today: "The Group achieved a satisfactory performance in the first six months in a difficult trading environment, particularly in Continental Europe, which accounts for close to 60% of the Group's activities. Sales volume growth was achieved in all businesses, and while radiator performance was ahead of plan, driven by a strong outturn in the U.K., plastics' performance was impacted by tighter operating margins. The Group has now implemented a programme to further reduce its plastics' cost base in the second half of the year. Cash generation remained satisfactory in the first six months. The Group continues to believe that challenging market conditions will prevail into the second half of the year". Results Summary Turnover grew by 6% from the comparative period last year, with good volume growth achieved in all of the Group's businesses. Operating profit before goodwill amortisation amounted to Euro8.6 million (2002: Euro8.6 million). EBITDA (operating profit before goodwill amortisation and depreciation) amounted to Euro14.7 million (2002: Euro14.7 million). Profit after tax amounted to Euro2.5 million, up from Euro1.8 million in 2002 due to a reduction in the interest charge. The adjusted earnings per share amounted to 2.22 cent (2002: 1.78 cent). Basic (all inclusive) earnings per share amounted to 1.37 cent (2002: 0.94 cent). The net debt level at 30th September 2003 amounted to Euro114.3 million down from Euro115.1 million at 31st March 2003 and Euro131.8 million at 30th September 2002. This represents a gearing level of 94% (31st March 2003: 96%; 30 September 2002: 113%). The Group expects to continue to reduce its debt in the second half of the year. An interim dividend has not been declared, as the Directors continue to believe that the interests of the Group's shareholders are better served at this stage by focusing on reducing the Group's debt. Plastics Business The Group's Plastics' businesses comprise Barlo Plastics, its clear sheet operation based in Continental Europe, and Athlone Extrusions, its coloured sheet activities based in Ireland. Barlo Plastics The division achieved satisfactory volume growth in the first half of the year in what have continued to be very difficult market conditions. Raw material prices were relatively stable in the first half but there has been some pressure on margins. In response to the margin pressures, the Division has implemented a number of cost reduction steps in the first half of the year. As part of this process a redundancy programme, involving 40 employees, was announced in October and implemented in a number of the Group's Western European locations. The cost of the redundancy programme will be incurred in the second half but is not expected to have a material impact on the Group. Athlone Extrusions Athlone Extrusions performance has been satisfactory in the first half, driven by a strong performance in the U.K. market. Overall sales volumes have been ahead of plan and the comparative period last year. Operating profit performance has been in line with plan. Radiator Business The Group's Radiator activities comprise its panel radiator operations trading under the Barlo and Veha brands, and its design and specification business trading under the Merriott brand. Although the panel radiator market continued to be very difficult in the first half, with the continuation of the severe pricing pressures the Group has endured in recent years, the Group achieved good overall volume growth driven by a strong performance in the U.K. As a result, panel radiator performance has been ahead of plan in the first six months. Raw material prices have increased in line with expectations in the first half. The indications are that there will be some upward pressure on steel prices in the second half. Design radiator performance continues to be adversely affected by pricing pressures, although sales volume growth was achieved. Finance Operating cash inflow for the first six months amounted to Euro8.3 million compared to Euro11.6 million in the comparative period last year. Cash generation remained strong in the first half in what is seasonally a period of high working capital investment. Capital expenditure and financial investment outflow amounted to Euro3.0 million compared to an inflow of Euro1.6 million last year, when the Group had the benefit of an asset disposal of Euro4.0 million. Capital expenditure will remain at modest levels for the second half of the year. Outlook The Group has had a satisfactory performance in the first half in what have continued to be difficult and unpredictable trading conditions. The Group does not anticipate any improvement in the trading environment in the second half and its focus will remain on continued debt and cost reduction. End 10th November, 2003 For Reference: Tony Mullins Group Chief Executive Barlo Group plc. Tel: (01) 231.0700 Tom Byrne Murray Consultants Tel: (01) 498.0300 Appendix Barlo Group plc Interim Report 2003 Consolidated Profit & Loss Account 6 Months Ended 12 Months Ended 30 Sept. 03 30 Sept.02 31 March 03 Unaudited Unaudited Audited Euro'000 Euro'000 Euro'000 Turnover (Note 2) 155,516 146,422 305,989 Operating Profit before Goodwill Amortisation 8,618 8,550 21,651 Goodwill Amortisation (1,472) (1,472) (2,948) Operating Profit 7,146 7,078 18,703 Interest payable (net) (4,039) (4,852) (9,587) Profit on Ordinary Activities before Taxation 3,107 2,226 9,116 Tax on profit on ordinary Activities (584) (449) (1,781) Profit on Ordinary Activities after Taxation 2,523 1,777 7,335 Minority interests - equity (132) (146) (244) Profit for the Period 2,391 1,631 7,091 Dividends - - - Retained Profit for the Period 2,391 1,631 7,091 Balance at beginning of period 67,900 63,368 63,368 Currency translation adjustment (392) (547) (2,559) Balance at end of Period 69,899 64,452 67,900 Earnings per Share Basic Cent 1.37 Cent 0.94 Cent 4.07 Diluted Cent 1.37 Cent 0.94 Cent 3.96 Adjusted - Excluding goodwill amortisation Cent 2.22 Cent 1.78 Cent 5.76 Barlo Group plc Interim Report 2003 Consolidated Balance Sheet 30 Sept. 03 30 Sept. 02 31 March 03 Unaudited Unaudited Audited Euro'000 Euro'000 Euro'000 Fixed Assets Intangible assets 50,291 53,239 51,763 Tangible assets 155,881 165,610 159,303 Financial assets 86 96 89 206,258 218,945 211,155 Current Assets Stocks 39,935 44,422 41,543 Debtors 75,731 77,603 80,918 Cash at bank and in hand 1,712 1,156 3,231 117,378 123,181 125,692 Creditors (amounts falling due within one year) (114,176) (120,756) (122,493) Net Current Assets 3,202 2,425 3,199 Total Assets Less Current Liabilities 209,460 221,370 214,354 Creditors (amounts falling due after more than one year) (72,496) (88,424) (79,396) Provisions for Liabilities and Charges (14,940) (16,470) (15,039) Net Assets 122,024 116,476 119,919 Capital and Reserves Called up share capital 21,881 21,881 21,881 Share premium account 11,671 11,671 11,671 Other reserves 16,884 17,013 16,910 Profit and loss account 69,899 64,452 67,900 Shareholders' Funds - Equity 120,335 115,017 118,362 Minority Interests Equity 1,681 1,451 1,549 Non Equity 8 8 8 1,689 1,459 1,557 122,024 116,476 119,919 Barlo Group plc Interim Report 2003 Consolidated Cash Flow Statement 6 Months Ended 12 Months Ended 30 Sept. 03 30 Sept. 02 31 March 03 Unaudited Unaudited Audited Euro'000 Euro'000 Euro'000 Net Cash Inflow from Operating Activities 8,267 11,631 34,707 Returns on Investments and Servicing of Finance (4,324) (4,376) (7,953) Taxation (128) 54 (1,512) Capital Expenditure and Financial Investment (3,016) 1,554 397 Cash Inflow before Financing 799 8,863 25,639 Financing New loans drawn down 6,750 6,437 1,890 Repayment of loans (7,227) (7,399) (19,404) Finance lease repayments 40 (6) 26 (437) (968) (17,488) Increase in Cash in the Period 362 7,895 8,151 Reconciliation of Net Cash Flow to Movement in Net Debt Increase in cash in the period 362 7,895 8,151 Decrease in debt and lease financing 436 935 17,319 Translation difference 17 34 91 Movement in Net Debt in the Period 815 8,864 25,561 Net Debt at Start of Period (115,104) (140,665) (140,665) Net Debt at End of Period (114,289) (131,801) (115,104) Notes to the Interim Financial Statements 1. Basis of Preparation This interim statement has been prepared on the basis of the accounting policies set out in the Annual Report for the year ended 31st March 2003. 2. Turnover Segmental Analysis a. By Business Segment 12 Months 6 Months Ended Ended 30 Sept. '03 30 Sept. '02 31 Mar. '03 Unaudited Unaudited Audited Euro'000 Euro'000 Euro'000 Plastics 107,490 103,601 210,519 Radiators 48,026 42,821 95,470 155,516 146,422 305,989 b. By Geographical Segment (Destination) 12 Months 6 Months Ended Ended 30 Sept. '03 30 Sept. '02 31 Mar. '03 Unaudited Unaudited Audited Euro'000 Euro'000 Euro'000 Ireland 17,184 16,674 33,901 United Kingdom 49,336 42,677 106,539 Continental Europe & Other 88,996 87,071 165,549 155,516 146,422 305,989 This information is provided by RNS The company news service from the London Stock Exchange END IR BMBMTMMBBBMJ
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