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RNS Number:8306K Richmond Foods PLC 08 May 2003 PRESS RELEASE IMMEDIATE - Thursday, 8 May 2003 Richmond Foods - interim results for the 6 months ended 30 March 2003 Financial Highlights (figures in #000s) 6 months ended Year to 30 Mar 31 Mar +/- % 29 Sep 2002 2003 2002 Turnover 42,229 42,483 -0.6 116,699 Gross profit 9,504 9,285 + 2.4 30,510 Operating profit before exceptional costs * 723 209 + 245.9 10,239 Pre-tax (loss)/profit before exceptional costs * (199) (720) + 72.4 8,207 (Loss)/earnings per share before exceptional costs * (pence) (0.6) (2.2) +72.7 27.1 Dividend per share (pence) 0.5 0.5 4.5 *6 months ended 30 March 2003 - # nil (2002: #980,000) * Moving towards winter profitability with increase in operating profit of over #0.5 million. * Sales picked up strongly in the second quarter when Richmond increased its share of the take home ice cream sector to 25.6% from 23.3%. * Sales from the soft ice cream business, now trading under the Nestle Ice Creamery brand, exceeded initial expectations and will provide further opportunities to grow impulse market share, currently 26.4%. * As part of a #25 million three-year capital expenditure programme, Richmond continues to invest heavily to improve operating efficiencies and provide market leading innovation capability. * Second half performance will benefit from sales and market share gains from new branded and own-label product listings, a strong promotional strategy and higher services levels. Ross Warburton, Chairman of Richmond Foods, said: "The board believes that the results for the full year should show a further improvement over those of 2002, in line with expectations." For further information contact: James Lambert Chief Executive, Richmond Foods plc Mobile: 07850 702042 Simon Bloomfield or Ian Seaton Bankside Consultants Tel: 020 7444 4177 Tel: 020 7444 4157 Mobile: 07771 758517 Mobile: 07719 147471 Chairman's Statement I am pleased to report that your company has made further progress over the last six months, consolidating the considerable advances made in both the scale and quality of our operations last year. In the six months to the end of March, the seasonally weaker half of our reporting year, operating profits trebled to #723,000 on sales of #42.2 million, much in line with expectations. Year-on-year sales were marginally down on the same period last year but pre-tax losses reduced by over #1/2 million to #199,000 from #720,000 after interest charges of #922,000. The interim dividend remains unchanged at 0.5p, and will be paid to shareholders on the register at 16th May 2003 on 1st July 2003. This continues our established policy of matching dividend payments with the incidence of earnings. After a slow start to the year, against an unusually flat market background, sales picked up strongly in the second quarter, particularly in the take home sector of the market. Richmond increased its market share in take home to 25.6%, compared to 23.3% for the same quarter last year, in a market which fell by 3.6%. The impulse market was down over the same period, in part due to the later Easter holidays which last year fell in the first half. However, in the second quarter, Richmond increased its share of the impulse market to 26.4%, the only leading manufacturer to do so and reflecting the continued success of our five major brands. In addition, sales from our soft ice cream business, now trading under the Nestle Ice Creamery brand, have exceeded our initial expectations and we believe that this will provide Richmond with further opportunities to continue to grow share in the impulse market. We have continued to invest heavily for the future at both our Leeming Bar and Crossgates sites. This investment has expanded our warehousing facilities, increased our capacity, and will improve our operating efficiencies going forward as well as giving us market leading innovation capability. This is part of a #25 million three year programme, referred to in my 2002 Annual Report statement, which will support our ambition to become the largest ice cream company in the UK. Gearing at the half year was 164% as expected, close to the seasonal high of the year and reflecting the cyclical stock peak. This is a very significant reduction from last year's level of 220%, achieved despite deliberately increased stock levels to improve customer service. This stock position will unwind during the course of the rest of the financial year and we anticipate that gearing will fall substantially by the year-end. Our drive for growth in the second half of the year is to maintain market leadership in bulk ice cream and ice lollies whilst increasing sales in the luxury ice cream and individual portion ice cream sectors of the take home market where we have a growing share. Overall, sales in the second half of the year should benefit from a large number of new product listings achieved during the course of the last 3 months, and a strong promotional strategy. We are also confident that the achievement of higher service levels than last year will materially improve our comparative performance. April's sales were similar to last year's record levels and your board believes that the results for the full year should show a further improvement over those of 2002, in line with expectations. Following the successful integration of the Nestle business during the course of last year, the challenge now facing your company is to continue to drive profitable organic growth. We will underpin this with a continued commitment to investing in the future, in both our capital base and our people, who make Richmond the successful business it is today. I thank them wholeheartedly for their continued efforts. W.R.Warburton 8 May 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT 6 months ended 30 March 2003 Unaudited Unaudited Unaudited Unaudited Audited 26 weeks 26 weeks 26 weeks 26 weeks 52 weeks 30 March 31 March 31 March 31 March 29 September 2003 2002 2002 2002 2002 Note Total Exceptionals Pre- Exceptionals #'000 #'000 #'000 #'000 #'000 Turnover 42,229 42,483 42,483 116,699 Cost of sales (32,725) (33,198) (33,198) (86,189) -------- -------- ---------- ---------- Gross profit 9,504 9,285 9,285 30,510 -------- -------- ---------- ---------- Operating expenses (8,781) (9,076) (9,076) (20,271) LTIP charge 2 - - (376) Exceptional item - (980) (980) (980) -------- -------- --------- ---------- ---------- Operating profit / (loss) 723 209 (980) (771) 8,883 Interest payable and similar charges (922) (929) (929) (2,032) -------- -------- --------- ---------- ---------- (Loss)/ profit on ordinary activities before taxation (199) (720) (980) (1,700) 6,851 Tax on (loss)/ profit on ordinary activities 60 216 294 510 (1,620) -------- -------- --------- ---------- ---------- (Loss) / profit for the financial period (139) (504) (686) (1,190) 5,231 Dividend 3 116 115 115 1,041 -------- -------- --------- ---------- ---------- (Loss)/ profit transferred (to)/from reserves (255) (619) (686) (1,305) 4,190 -------- -------- --------- ---------- ---------- (Loss) / earnings per share 4 (0.6p) (2.2p) (3.0p) (5.2p) 22.9p Fully diluted (loss) / earnings per share 4 (0.6p) (2.2p) (3.0p) (5.2p) 22.1p CONSOLIDATED BALANCE SHEET 30 March 2003 Unaudited Unaudited Audited 30 March 31 March 29 Sept 2003 2002 2002 #'000 #'000 #'000 Fixed Assets Intangible assets 5,386 5,324 5,551 Tangible assets 35,693 33,503 32,958 ---------- ---------- --------- 41,079 38,827 38,509 ---------- ---------- --------- Current Assets Stock 20,588 17,728 16,133 Debtors 20,842 20,174 22,167 Cash in hand 3 1 2,136 ---------- ---------- --------- 41,433 37,903 40,436 ---------- ---------- --------- Creditors: amounts falling due in less than one year (41,706) (37,541) (34,096) ---------- ---------- --------- Net current (liabilities)/assets (273) 362 6,340 ---------- ---------- --------- Total assets less current liabilities 40,806 39,189 44,849 Creditors: amounts falling due after (14,940) (18,836) (18,651) more than one year Provisions for liabilities and charges (3,214) (3,171) (3,214) ---------- ---------- --------- Net Assets 22,652 17,182 22,984 ---------- ---------- --------- Capital and reserves Called up share capital 1,156 1,150 1,156 Share premium account 4,899 3,173 4,899 Capital redemption reserve 759 759 759 Merger reserve 2,982 2,982 2,982 Profit and loss account 12,625 8,810 12,880 ---------- ---------- --------- Shareholders' funds - equity 22,421 16,874 22,676 Minority interest - non-equity 231 308 308 ---------- ---------- --------- Capital employed 22,652 17,182 22,984 ---------- ---------- --------- CONSOLIDATED CASHFLOW STATEMENT 6 months ended 30 March 2003 Unaudited Unaudited Audited 30 March 31 March 29 Sept 2003 2002 2002 #'000 #'000 #'000 Net cash (outflow)/inflow from operating activities (6,863) (5,554) 13,959 Net cash outflow from returns on investments and servicing of finance (922) (929) (2,032) Taxation (703) (158) (956) Net cash outflow from capital expenditure (4,823) (3,041) (2,079) Acquisition 0 (9,850) (9,850) Equity dividends paid (926) (730) (845) --------- --------- --------- Net cash outflow before financing (14,237) (20,262) (1,803) Net cash (outflow)/inflow from financing (3,016) 5,382 3,213 --------- --------- --------- (Decrease)/increase in cash (17,253) (14,880) 1,410 --------- --------- --------- Notes 1. The interim results have been prepared under the historical cost convention and in accordance with applicable Accounting Standards using accounting policies, which have been applied consistently. 2. No charge is currently made in respect of the Long Term Incentive Plan in the first half of the financial year, as in previous years, due to all profits currently arising in the second half of the financial year and the difficulty in anticipating the relative total shareholder return, on which the charge is based. This remains consistent with the approach currently taken with the dividend policy, which also recognises the incidence of earnings. 3. The interim dividend of 0.5p (net) per Ordinary Share (2002: 0.5p) will be paid on 1 July 2003 to shareholders on the register at the close of business of 16 May 2003. 4. The earnings per share and fully diluted earnings per share, where appropriate, have been calculated on the basis of profit on ordinary activities after tax and the following number of shares: 30 March 31 March 30 September 2003 2002 2002 Basic 23,129,659 22,579,876 22,771,897 Effect of options 903,167 769,214 949,194 24,032,826 23,349,090 23,721,091 5. The interim results for the two half years have not been audited. The financial information contained in the interim accounts does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The information relating to the full year figures has been extracted from the 2002 Annual Report and Accounts, which received an unqualified auditors' report and have been delivered to the Registrar of Companies. 6. The interim report will be mailed to shareholders and copies will be available at the registered office: Richmond House, Leeming Bar, Northallerton, North Yorkshire, DL7 9UL. This information is provided by RNS The company news service from the London Stock Exchange END IR SSSFUWSDSEFI
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