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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abbey Plc | LSE:ABBY | London | Ordinary Share | IE0000020408 | ORD EUR0.32 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,600.00 | 1,500.00 | 1,700.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:6440N
Abbey PLC
17 July 2003
ABBEY PLC - PRELIMINARY STATEMENT
For the year ended 30th April 2003
The Board of Abbey plc announces a profit of Euro48.5 million before taxation.
After a tax charge of Euro11.8 million the group made a profit of Euro36.7 million
reflecting earnings per share of 107.62 cents. Group operating profits during
the year were Euro45.3 million, a 29% increase over the previous year (Euro35.2
million).
The Board is recommending a final dividend of 14.5 cents per share bringing the
total for the year to
22.0 cents per share. The dividend is covered 4.89 times by profits after
taxation.
Our housebuilding division completed 730 sales (UK 454 Ireland 276) with a
turnover of Euro151.3 million generating an operating profit of Euro43 million. UK
trading during the fourth quarter was significantly slower than in the
equivalent period last year. The cooler market conditions have continued in to
the new trading year. Price rises have tapered off as the year has progressed
and at the moment our market is stable. In contrast our Irish operations enjoyed
a very strong second half reinforced by very positive trading conditions in the
early months of 2003. The division is hoping to complete more homes this year
with all the growth likely to be in our Irish operation. The forward sales
position in Ireland is good. At the year end the group held land with the
benefit of planning permission / or resolution to grant planning permission for
the provision of 2,368 plots, approximately three years' output.
Joint venture turnover arising from plot sales at the development in Clonsilla,
Co. Dublin, totalled Euro2,831,000 generating an operating profit of Euro1,850,000.
M & J Engineers reported operating profits of Euro2.1 million on a turnover of
Euro20.4 million including a profit of Euro178,000 arising from the disposal of a
surplus yard in Luton. Trading has progressed in line with our expectations.
Management continues to focus on improving the profitability of the business,
however, rising costs together with generally falling plant prices are not
helping. Capital expenditure is tightly controlled. Trading for the first two
months of the new year is at very similar levels to the year being reported.
Rental income arising primarily from the letting of surplus space at group
property was Euro235,000.
At the year end shareholders' funds stood at Euro159 million representing Euro4.67 per
share whilst net cash balances stood at Euro31.57 million.
Shareholders should carefully note the exchange rates used for this statement.
The profit and loss statement uses the average exchange rate for the year of
Euro100 cents : STG 65.21p. The balance sheet uses the rate prevailing on 30th
April of Euro100 cents : STG 69.80p.
Trading in the new year is progressing at a reasonable level. Background
conditions are less positive than for sometime, however, our good forward order
position (particularly in Ireland) means that prospects for this trading year
remain good.
On behalf of the Board
CHARLES H GALLAGHER
CHAIRMAN
17TH July 2003
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 30 April 2003
2003 2002
Euro'000 Euro'000
Turnover - continuing (including share of joint venture) 174,806 146,685
Less: share of joint venture -2,831 -
Group turnover 171,975 146,685
Operating costs -126,649 -111,478
Group operating profit - continuing 45,326 35,207
Share of joint venture profit 1,850 -
Trading profit including share of joint venture 47,176 35,207
Net interest receivable 1,287 1,042
Profit on ordinary activities before taxation 48,463 36,249
Taxation on profit on ordinary activities
- Irish corporation tax -2,620 -1,794
- United Kingdom corporation tax -9,167 -7,737
-11,787 -9,531
Profit attributable to shareholders 36,676 26,718
Dividend paid of 7.50 cents per share -2,556 -2,215
(2002 : 6.50 cents per share)
Dividend proposed of 14.50 cents per share -4,941 -4,601
(2002 : 13.50 cents per share)
Profit retained for the financial year 29,179 19,902
Earnings per share - 107.62 c 78.40 c
basic and diluted
SEGMENTAL ANALYSIS
Turnover
Building and property development 154,209 125,245
Plant hire 20,362 21,153
Property rental 235 287
174,806 146,685
Less: share of joint venture -2,831 -
171,975 146,685
Net Assets
Building and property development 104,108 78,759
Plant hire 26,225 29,230
Property rental 727 821
131,060 108,810
Investment in joint venture 1,480 -
Dividend proposed -4,941 -4,601
Investments 7 8
Cash at bank 31,568 38,656
159,174 142,873
GROUP BALANCE SHEET
30 April 2003
2003 2002
Euro'000 Euro'000
Fixed Assets
Tangible assets 30,071 32,763
Investment in joint venture 1,480 -
31,551 32,763
Current Assets
Stocks 141,576 113,989
Debtors 9,604 7,808
Other investments 7 8
Cash at bank and in hand 31,568 38,656
182,755 160,461
Creditors
(amounts falling due within one year)
Trade and other creditors -54,382 -49,586
Net current assets 128,373 110,875
Total assets less current liabilities 159,924 143,638
Provisions for liabilities and charges
Deferred taxation -750 -765
159,174 142,873
Shareholders' Funds
Called up share capital 10,905 10,905
Share premium account 13,321 13,321
Revaluation reserve 4,746 5,462
Other reserves
Capital redemption reserve fund 1,478 1,478
Currency translation -2,366 9,976
Profit & loss account 131,090 101,731
159,174 142,873
FINANCIAL DIARY
Preliminary Statement 17th July, 2003
Annual Report 8th September, 2003
Annual General Meeting 3rd October, 2003
Dividend Payment 8th October, 2003
- payable to shareholders registered on 25th July, 2003
Interim Statement January, 2004
Year ended Year ended
30/04/2003 30/04/2002
Euro'000 Euro'000
GROUP CASH FLOW STATEMENT
Net cash inflow from operating activities 19,279 25,698
Return on Investment and Servicing of Finance 1,287 1,042
Corporation Tax Paid -11,365 -10,745
Purchase of tangible fixed assets -9,258 -10,419
Sale of tangible fixed assets 2,936 3,183
Capital Expenditure -6,322 -7,236
Equity Dividends Paid -7,157 -5,677
Net cash (outflow) inflow before use of liquid resources -4,278 3,082
Management of liquid resources 9,264 -504
Increase in cash in the year 4,986 2,578
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Increase in cash in the year 4,986 2,578
Movement in liquid resources -9,264 504
Translation difference -2,810 65
Movement in net funds in the year -7,088 3,147
Net funds at 1 May 38,656 35,509
Net funds at 30 April 31,568 38,656
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
Operating profit 45,326 35,207
Depreciation 6,511 7,294
Profit on disposal of tangible fixed assets -920 -1,165
Translation adjustment 91 -88
Increase in stocks -37,620 -20,115
Increase in debtors -2,660 -328
Increase in creditors 8,551 4,893
Net cash inflow from operating activities 19,279 25,698
Year ended Year ended
30/04/2003 30/04/2002
Euro'000 Euro'000
Group
Profit for the financial year 36,676 26,718
Unrealised revaluation surplus arising in year - 2,296
Exchange translation adjustment -12,878 33
Total recognised gains and losses
related to the year 23,798 29,047
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Group
Profit for the financial year 36,676 26,718
Dividends -7,497 -6,816
Profit retained for the financial year 29,179 19,902
Unrealised revaluation surplus arising in year - 2,296
Translation adjustment arising in year -12,878 33
Net addition to shareholders' funds 16,301 22,231
Shareholders' funds at 1 May 142,873 120,642
Shareholders' funds at 30 April 159,174 142,873
The financial information relating to Abbey plc and its subsidiaries included
within this statement for the year ended 30 April 2003 and 2002 does not
comprise statutory financial statements as referred to in Section 19 of the
Companies (Amendement) Act, 1986, copies of which are required by that Act to be
annexed to the Company's annual return lodged with the Registrar of Companies.
The auditors have made reports without qualification under Section 193 of the
Irish Companies Act, 1990 in respect of all such financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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