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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Aga Rangemaster | LSE:AGA | London | Ordinary Share | GB00B2QMX606 | ORD 46 7/8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 184.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7110W AGA Foodservice Group PLC 19 March 2004 19th March 2004 FOR IMMEDIATE RELEASE AGA FOODSERVICE GROUP PLC 2003 PRELIMINARY RESULTS HIGHLIGHTS Full year to 31st December 2003 2003 2002 Restated Total Total Increase #m #m % Turnover 392.4 330.3 18.8 Operating profit before goodwill amortisation 33.2 30.9 7.4 Operating profit 25.2 24.4 3.3 Profit before tax and goodwill amortisation 35.9 34.1 5.3 Profit before tax 27.9 27.6 1.1 Shareholders' funds 281.9 271.7 Net cash 29.6 55.5 Basic earnings per share 17.2p 15.6p 10.3 Basic earnings per share before goodwill amortisation 23.3p 20.7p 12.6 Dividend per share 7.2p 6.0p 20.0 2003 Highlights: * Good performance from consumer operations: turnover up 18% to #205 million. * Record years for Aga and Rangemaster while economic conditions in the US held back Domain. * Aga achieved 'Project 10,000'; new target, 'Project 15,000' set for 2006. * Progress achieved by foodservice operations : US strong, Europe quieter. Turnover, with prior year acquisitions, up 24% to #186 million. 2004 Outlook: * Satisfactory trading at the start of 2004. UK consumer activities are strong and US improving slowly. Markets across the foodservice activities remain mixed. * Cash balances to be used to fund share buy-backs as appropriate and business development programmes. "We have made a sound start to the new financial year after a satisfactory performance in 2003. The focus in 2003 on product development and on the retail infrastructure is proving its worth. This is seen with the 13-amp electric Aga and the revolutionary Infinity Fryer which produces healthier food and a healthy and more energy efficient kitchen environment. Our 20% increase in thedividend for the second year in a row reflects our confidence in the Group going forward." William McGrath Chief Executive Enquiries: William McGrath, Chief Executive 0207 404 5959 (today) Shaun Smith, Finance Director 0121 711 6015 (thereafter) Jonathan Glass (Brunswick) 0207 404 5959 Aga Foodservice Group plc 2003 Preliminary Statement CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENTS 2003 saw the Group make substantial progress. We delivered a sound set of results for 2003, with good growth in many areas compensating for the weak demand we encountered in others. We developed new product ranges and the routes to market toenable us to grow strongly. We move into 2004 confident that, after a period of consolidation, we are ready to produce the growth that the reinvestment process, started in 2001, was designed to achieve. Consumer Operations In 2003 our consumer operations progressed well. Our strong retail strategy of providing targeted, accessible retail outlets and strengthened distribution routes, supporting the broad product ranges we now have, in both appliances and home fashions, enabled us to delivera strong overall performance. Achieving our 2003 target, set at the start of 2001, of annual sales of 10,000 Aga branded cookers - up from under 8,000 in 2001 - was a landmark for the Group. Over the last three years we have demonstrated that we can develop the products and the brands to be a major force in premium appliances. Now, we can set more ambitious targets not only in the UK but also in Continental Europe and North America. This applies to not only Aga-Rayburn, but to Rangemaster andto Northland-Marvel, the US refrigeration business we acquired last September. To assist in achieving these targets, a major objective for 2004 is to add new displays for all our consumer appliances. An important component in selling a greater number of Agas has been the links with our home furnishings operations. Fired Earth in the UK, Domain in the US and Grange, in both Europe and the US, have helped create a broader distribution capability. Our 'Great Rooms' concept, which encompasses the kitchen and living room in one area, has been embraced by a widening customer base. Taken overall, our consumer operations had a good year with turnover of #204.6 million and operating profits before goodwill amortisation of #18.1 million compared to #173.6 million and #17.2 million respectively in 2002. Foodservice Operations In foodservice, we drove forward with our plans to have all key products approved and available in all the major markets in which we operate. We invested heavilyin research and development to make ourselves best able to respond to the growing needs of major customers to have energy efficient, environmentally friendly and easy to operate products. We can now bring, with 'Aga Foodservice Know-How', a quite exceptional and innovative range of products to customers, be they in the UK, Europe or in North America. In the UK, trading was difficult with weak demand from pubs and supermarkets while sector reorganisations were underway. In Europe, Bongard, ourbakery business has strengthened and focused its product range; improved manufacturing costs while responding to lacklustre economic conditions. In North America we had a pleasing year. In bakery we are strong in doughnut equipment and with cafe bakeries. In refrigeration we have steadily improved performance and new products help strengthen further our market position. Foodservice operations saw operating profits before goodwill amortisation increase from #13.0 million to #14.3 million onturnover up from #149.7 million to #185.7 million. Strategic Progress Since March 2001, Aga Foodservice Group has embarked on a clear and consistent strategy both in its consumer and foodservice operations. Through a series of acquisitions over the last three years we have helped build a wider product range and distribution network across the US, Europe and the UK. Against the backdrop of mixed market conditions we now have a stronger business model and platform for growth. Our focus is primarily on obtaining the substantial benefits that the investments made can bring. We will continue to invest to develop our existing operations, notably in new products and in distribution structures. We also see scope for using our strong balance sheet to provide value directly to shareholders, through higher dividends and where attractive through a share buy-back programme. This is reflected in the dividend for 2003 being increased by 20% from 6.0 to 7.2 pence per share; the second year of such an increase. Prospects 2004 will be an exciting year for the Group as the work of the last three years, on new products and on the routes to market, drives top line growth. We are building on our strength in the UK in consumer and foodservice markets to become a strong force in North America and on the Continent. The new generation of Aga cookers and the revolutionary Infinity Fryer epitomise our plans. The current year has started satisfactorily, particularly for the consumer activities in the UK. We are starting to see more opportunities for those businesses that had a challenging 2003, like Domain in the US and our European foodservice operations, which should lead to an improved performance later this year. We can therefore expect to see further growth achieved in 2004 and have confidence that the benefits of our strategic planning of recent years will be demonstrable. V Cocker W B McGrath Chairman Chief Executive 19th March 2004 OPERATIONAL REVIEW - 2003 PRELIMINARY RESULTS FOR AGA FOODSERVICE GROUP PLC Consumer Operations (Turnover #204.6 million and operating profits before goodwill amortisation #18.1 million) Creating a strong international business centred on Aga and key foodservice product lines was the objective we set ourselves three years ago. Our broadened product ranges and new routes to market show how much progress hasbeen made. Aga is our centre stage business. Aga enjoyed another record year, importantly achieving our stated target of 10,000 sales in 2003, set in 2001 when sales were under 8,000. The impetus has come from new products like the 3-oven model; the Six-Four conventional cooker and from increased sales outside the UK. We have now set a new objective - Project 15 - of 15,000 sales worldwide by 2006. An important driver of growth will be our new range of electric Aga products which ensure that wherever the customer lives we have a product to suit. Rangemaster had an excellent year, highlighting the benefits of the radical business transformation undertaken in 2002 to focus on higher margin products. Further, the current product range willsupport growth not just in the UK but also overseas. In the US and in Europe we have already launched versions of the Rangemaster Elan. In all our key consumer markets we are now looking to refrigeration to be an important product range. The free-standing Aga and Falcon fridges built in the UK by Williams are establishing themselves. Now the under-counter range of fridges from Marvel are to be available in the UK. We are looking to make wine fridges and ice makers mainstream European products as they are in North America. Taking Aga-Rayburn, Rangemaster and Northland-Marvel's collective ranges highlights that the Group is becoming a major upscale appliance company with a powerful product offering, both in cookers and in refrigeration. A factor, which sets us apart from many manufacturers, is our close links to the end consumer which our home fashion operations provide. Fired Earth, Domain and Grange all feature Group products in showrooms creating room sets capturing the imagination of customers. We now have some exceptional retail outlets - the new Aga/Fired Earth store at Darts Farm in Exeter; the Aga/Grange store in the centre of Paris and the 15,000 square feet, Aga/Domain store in Natick, Boston - highlighting the exciting products the Group now has. In 2003 our consumer businesses enjoyed a strong year, led by record performances at Aga-Rayburn and Rangemaster. Turnover reached #204.6 million and operating profits before goodwill amortisation were #18.1 millioncompared to #173.6 million and #17.2 million respectively in 2002: increases of 17.8% and 5.2%. In the year, UK growth was partially offset by a weak US performance. Aga Ranges, in the US, made losses of #0.5 million after marketing investments during the year and Domain saw profits fall by over #2 million from over #2.5 million. This was caused by sales in like-for-like stores being down 7%, in line with the fall in the US furniture industry market. In addition, we invested in 5 new Aga/Domain stores which have now added nearly 30% of selling space to Domain but which during pre-opening and initial trading inherently do not contribute to profits. Our optimism in the US for 2004 reflects the expected turnaround from Domain - already written sales are well ahead of last year - and the higher level of Aga sales through Domain and the total dealer structure. Foodservice Operations (Turnover #185.7 million and operating profits before goodwill amortisation #14.3 million) In foodservice in Europe we have faced some difficult market conditions. When key accounts are at low points in capital spending cycles, volumes and margins are obviously difficult to sustain. The answer is to have a geographical and product spread that reducesexposure to any one customer or sector. In addition, we are seeing increased demand for new innovative product ranges which meet today's needs to reduce waste, energy emissions and raise food quality. These are products which respond to customer needs to implement corporate social responsibility requirements and create pleasant, hygienic working environments for staff. 2003 was a year in which a concerted effort was put into preparing such products to bring to the market and we will see the benefits of this effort in 2004 and the years ahead. Falcon, our prime cooking manufacturer, based in Scotland, is now launching a new range of fryers that use Rayburn pre-mix burner technology. We believe it will revolutionise the fryer market. In refrigeration our Glycol range, which uses an inert fluid to cool products more efficiently, uses less energy and has shorter pull down times. Glycol is used in major industrial sites and we have taken it into mainstream commercial settings. In bakery we have a flexible bake-off concept, devised in Wales by Mono and now seen in Marks and Spencer, which will underpin our effort to expand, in particular, into the US neighbourhood bakery market. Our plan to have all key products available in all markets has been a major objective and is now becoming a reality. We have an e.catalogue providing data access and have worked to obtain necessary product approvals and to adapt products for individual markets. 2003 was a testing year because of the lack of demand in many areas - notably in Europe. We have worked hard during this time to improve underlying market positions by offering product supported by service. During 2003 we won some important new business becoming sole equipment and service support supplier to Sainsbury's and winning new work with Whitbread and Mitchell & Butlers. On the Continent, bakery markets were patchy. We responded by focusing the business; withdrawing from oil oven markets in Holland, rationalising the central management structure and raising manufacturing efficiencies. While turnover actually fell, operating profits were ahead before reorganisation and discontinued costs. The benefit of the actions taken at Bongard should be seen in an improved performance in 2004. In North America we had a good year. A major achievement in 2003 was to produce a new complete package of products sourced from five Group companies for one of our long held US customers. In addition, we confirmed our status as the world leader in doughnut equipment, successfully introducing Thermoglaze which produces quality doughnuts from frozen. In refrigeration we had a good year and with nearly $2 million now invested in new equipment, we are looking to raise output at lower unit costs. Taken overall in foodservice, turnover of #185.7 million was up from #149.7 million and operating profits before goodwill amortisation were #14.3 million compared to #13.0 million: increases of 24.0% and 10.0% respectively. Financials 2003 saw the Group's turnover move ahead sharply again as we built the scale of the operation to #392.4 million from #330.3 million. Operating profits before goodwill amortisation were ahead at #33.2 million in a tough trading year in which we also absorbed high retail start up costs. With the growing focus on new products as a key driver of the business and the coming changes in International Accounting Standards, the directors decided to capitalise development costs. Net interest receivable fell from #3.2 million to #0.9 million. Overall cashflow from operations was #23.9 million. Net cash at 31st December 2003 was #29.6 million compared with #55.5 million a year earlier. Working capital increased by #10.3 million as the Group supported its international expansion plans by having more product available on the ground for sale ex-stock. We made product and capital investments costing #20.5 million, including #2.7 million of development spend and #5.1 million for the new factory for Falcon, much of the cash to be recouped in the first half of 2004, on the move from the existing site which has been sold for housing. There were also acquisition costs of #16.1 million primarily relating to the acquisition of Northland-Marvel in the US. The tax rate in the accounts is 15.6% on profit before tax of #35.9 million before goodwill amortisation and 20.1% after goodwill amortisation. We expect the changing international shape of the Group will mean the tax rate continues to be below the UK standard rate at least until 2005. The Group has a substantial pension scheme reflective of its long history. A full actuarial valuation was carried out as at 31st December 2002. This showed that on a SSAP 24 valuation basis the scheme was in surplus. Prior to the introduction of IAS/FRS 17 in 2005 this means that - taken with provisions set up for the purpose in 2001 - the profit and loss account charge for pensions is minimal. The valuation of the scheme on an FRS 17 basis- taking into account the 2002 valuation data - showed that its position had strengthened and the net deficit after deferred tax had fallen from #45.6 million to #19.6 million. The company continued to contribute to the scheme in 2003 - to a total of #5.5 million - down from #7.4 million. As the pensionable payroll of active members reduces this will fall again in the current year to under #4 million. Earnings per share before goodwill amortisation were 23.3 pence (2002: 20.7 pence) and were17.2 pence (2002: 15.6 pence) after goodwill amortisation. The average number of shares in issue remains approximately 129 million. The move to International Accounting Standards in 2005 has been considered by the Group. The effect will be seen inaccounting for goodwill which will be held on the balance sheet subject to an annual impairment test; in pensions with IAS rules closer to FRS 17 and in the appraisal of capital projects. In 2003 the Group moved to align itself with IAS and competitor approach to development expenditure and has taken to the balance sheet #2.7 million of costs of key new products like the electric Aga and the revolutionary Infinity Fryer developed in 2003. Prior year figures have been restated accordingly. The Group keeps the overall financial structure of the business under review. The acquisition programme was slowed in 2003 - even though opportunities remain available - to ensure that the benefits of steps already taken are accrued. More investment will be made but there is also scope to step up the dividend and move the base dividend cover policy to around 2.5 times fully taxed earnings from 3 times. Hence the increase in the final dividend to 7.2 pence. Share buy-backs are attractive and the directors have approved such a buy-back. Shares may be held in treasury. Outlook 2003 saw the Group drive on with the creation of an international business, becoming more than a local manufacturer. This was a major cultural shift and one that requires follow through in both product and marketing to be effective. We have invested in and established broader product ranges, strengthened our retailing and distribution activities from which benefits will arise. We are looking to 2004 with enthusiasm - aware we are able to deal with testing markets - and to benefit in growing markets and recognising we are less beholden to any one market or customer than ever before. GROUP PROFIT AND LOSS ACCOUNT 2003 2002 Restated #m #m Turnover Continuing operations 382.0 Acquisitions 8.3 ------------------------------------------------------------------------------ Total continuing operations 390.3 323.3 Discontinued operations 2.1 7.0 ------------------------------------------------------------------------------ Total turnover 392.4 330.3 ------------------------------------------------------------------------------ Operating profit ----------------- Continuing operations 33.0 Acquisitions 0.7 ------------------------------------------------------------------------------ Total continuing operating profit before goodwill 33.7 31.4 amortisation Goodwill amortisation (8.0) (6.5) ------------------------------------------------------------------------------- 25.7 24.9 ------------------------------------------------------------------------------ Continuing operations 25.1 24.9 Acquisitions 0.6 - ------------------------------------------------------------------------------- Total continuing operations 25.7 24.9 Discontinued operations (0.5) (0.5) ------------------------------------------------------------------------------- Total operating profit 25.2 24.4 Disposal of businesses 1.8 - ------------------------------------------------------------------------------- Profit before interest and tax 27.0 24.4 Net interest receivable 0.9 3.2 ------------------------------------------------------------------------------- Profit on ordinary activities before tax 27.9 27.6 Tax on profit on ordinary activities (5.6) (7.4) ------------------------------------------------------------------------------- Profit on ordinary activities after tax 22.3 20.2 Equity minority interests (0.1) (0.1) ------------------------------------------------------------------------------- Profit attributable to shareholders 22.2 20.1 Dividends (9.3) (7.8) ------------------------------------------------------------------------------- Profit retained 12.9 12.3 ------------------------------------------------------------------------------- Earnings per share p p Basic 17.2 15.6 Diluted 17.1 15.6 Basic - before goodwill amortisation 23.3 20.7 GROUP BALANCE SHEET As at 31st December 2003 2002 Restated #m #m Fixed assets Intangible assets 140.7 139.3 Tangible assets 73.2 62.2 Investments 5.8 2.8 ------------------------------------------------------------------------------- Total fixed assets 219.7 204.3 ------------------------------------------------------------------------------- Current assets Stocks 61.3 52.0 Debtors 102.7 93.1 Cash at bank and in hand 52.0 78.8 ------------------------------------------------------------------------------- Total current assets 216.0 223.9 ------------------------------------------------------------------------------ Creditors - amounts falling due within one year Operating creditors (88.9) (89.6) Borrowings (2.2) (22.5) Tax and dividends payable (9.5) (7.5) ------------------------------------------------------------------------------- Total amounts falling due within one year (100.6) (119.6) ------------------------------------------------------------------------------- Net current assets 115.4 104.3 ------------------------------------------------------------------------------- Total assets less current liabilities 335.1 308.6 Creditors - amounts falling due after more than one year Creditors (2.2) (2.4) Borrowings (20.2) (0.8) Provisions for liabilities and charges (30.4) (33.3) ------------------------------------------------------------------------------- Total net assets employed 282.3 272.1 ------------------------------------------------------------------------------- Capital and reserves Called up share capital 32.4 32.3 Share premium account 59.9 59.9 Revaluation reserve 2.4 3.0 Capital redemption reserve 35.0 35.0 Profit and loss account 152.2 141.5 ------------------------------------------------------------------------------- Total shareholders' funds 281.9 271.7 Equity minority interests 0.4 0.4 ------------------------------------------------------------------------------- Total funds 282.3 272.1 ------------------------------------------------------------------------------- GROUP CASH FLOW STATEMENT Year to 31st December 2003 2002 --------------------- Restated #m #m Net cash inflow from operating activities 23.9 22.0 Net returns on investments and servicing of finance 0.9 3.9 Tax paid (5.2) (7.8) Net capital expenditure and product development (20.5) (8.9) Cash outflow for acquisitions (16.1) (43.3) Equity dividends paid (8.1) (6.7) ------------------------------------------------------------------------------- Net cash outflow before financing (25.1) (40.8) Financing - issue of ordinary share capital 0.1 3.8 - decrease in debt (1.7) (41.5) ------------------------------------------------------------------------------- Net financing (1.6) (37.7) ------------------------------------------------------------------------------- Decrease in cash in the year (26.7) (78.5) ------------------------------------------------------------------------------- Reconciliation of net cash flow to movement in net cash Decrease in cash in the year (26.7) (78.5) Decrease in debt1.7 41.5 ------------------------------------------------------------------------------- Change in net cash resulting from cash flows (25.0) (37.0) Borrowings acquired with acquisitions (0.4) (24.6) Loan notes cancelled for acquisitions - 0.3 Exchange adjustment (0.5) 0.7 ------------------------------------------------------------------------------- Decrease in net cash (25.9) (60.6) Opening net cash 55.5 116.1 ------------------------------------------------------------------------------- Closing net cash 29.6 55.5 ------------------------------------------------------------------------------- Reconciliation of operating profit to net cash inflowfrom operating activities #m #m Operating profit 25.2 24.4 Intangibles amortisation 8.3 6.6 Depreciation 8.1 6.7 Profit on disposal of fixed assets (1.5) (1.2) (Increase) / decrease in stocks (7.5) 0.6 (Increase) / decrease in debtors 1.7 (13.9) Increase / (decrease) in creditors (4.5) 2.0 Increase / (decrease) in provisions (5.9) (3.2) ------------------------------------------------------------------------------- Net cash inflow from operating activities 23.9 22.0 ------------------------------------------------------------------------------- SUPPLEMENTARY STATEMENTS Year to 31st December 2003 2002 --------------------- Restated #m #m Statement of total recognised gains and losses Profit attributable to shareholders 22.2 20.1 Exchange adjustments on net investments (3.2) (3.3) --------------------------------------------------------------------------------- Total recognised gains and losses relating to the year 19.0 16.8 Prior year adjustment (note 5) 1.1 - --------------------------------------------------------------------------------- Total recognised gains and losses since last annual report 20.1 16.8 --------------------------------------------------------------------------------- 2003 2002 Restated #m #m Reconciliation of movements in shareholders' funds Total recognised gains and losses relating to the year 19.0 16.8 Dividends (9.3) (7.8) New share capital subscribed - share premium - 3.2 - share capital 0.1 0.4 Future share scheme issues 0.4 0.2 ------------------------------------------------------------------------------ Net increase in shareholders' funds 10.2 12.8 Shareholders' funds at 1st January (2002: originally #258.4m before a prior year 271.7 258.9 adjustment of #0.5m) ------------------------------------------------------------------------------- Shareholders' funds at 31st December 281.9 271.7 ------------------------------------------------------------------------------- SEGMENTAL ANALYSIS 2003 2002 Restated Net Net Operating operating Operating operating By business Turnover profit assets Turnover profit assets group #m #m #m #m #m #m UK & European Consumer 154.2 17.5 50.7 137.1 14.5 50.5 US Consumer 50.4 0.6 9.3 36.5 2.7 2.4 UK & European Foodservice 143.3 8.9 66.9 106.7 9.5 48.9 US Foodservice 42.4 5.4 8.2 43.0 3.5 6.1 ------------------------------------------------------------------------------------------- Total continuing operations 390.3 32.4 135.1 323.3 30.2 107.9 Other items - 1.3 - - 1.2 - Goodwill - (8.0) 137.2 - (6.5) 138.2 Discontinued operations 2.1 (0.5) (10.6) 7.0 (0.5) (18.3) ------------------------------------------------------------------------------------------- Total Group 392.4 25.2 261.7 330.3 24.4 227.8 ------------------------------------------------------------------------------------------- Net operating assets exclude net debt, dividends payable and taxation balances. Goodwill amortisation on continuing operations relates to UK & European Consumer #1.6m (2002: #1.6m), US Consumer #0.6m(2002: #0.4m), UK & European Foodservice #4.4m (2002: #3.2m) and US Foodservice #1.4m (2002: #1.3m). US Consumer includes acquisition turnover of #8.3m and operating profit before goodwill of #0.7m. 2003 2002 Restated Net Net Operating operating Operating operating By geographical Turnover profit assets Turnover profit assets origin #m #m #m #m #m #m United Kingdom 241.7 24.9 105.2 229.1 24.0 92.0 NorthAmerica 92.8 5.5 14.7 79.5 6.2 5.5 Europe 51.9 2.5 13.1 11.0 0.6 8.6 Rest of World 3.9 0.8 2.1 3.7 0.6 1.8 --------------------------------------------------------------------------------------- Total continuing operations 390.3 33.7 135.1 323.3 31.4 107.9 Goodwill - (8.0) 137.2 - (6.5) 138.2 Discontinued operations 2.1 (0.5) (10.6) 7.0 (0.5) (18.3) ------------------------------------------------------------------------------------------- Total Group392.4 25.2 261.7 330.3 24.4 227.8 ------------------------------------------------------------------------------------------- Goodwill amortisation on continuing operations relates to United Kingdom #4.6m (2002: #4.6m), North America #2.0m (2002: #1.7m) and Europe #1.4m (2002: #0.2m). Other items relate entirely to the United Kingdom. Turnover by geographical destination 2003 2002 #m % #m % United Kingdom 228.9 58.6 216.9 67.1 North America 92.0 23.6 78.9 24.4 Europe 61.6 15.8 19.15.9 Rest of World 7.8 2.0 8.4 2.6 --------------------------------------------------------------------------- Total continuing operations 390.3 100.0 323.3 100.0 --------------------------------------------------------------------------- EARNINGS PER SHARE Year to 31st December 2003 2002 --------------------- Restated #m #m Earnings Profit on ordinary activities after tax 22.3 20.2 Minority interests (0.1) (0.1) Goodwill amortisation 8.0 6.5 ------------------------------------------------------------------------------- Earnings before goodwill amortisation 30.2 26.6 ------------------------------------------------------------------------------- Profit on ordinary activities after tax 22.3 20.2 Minority interests (0.1) (0.1) ------------------------------------------------------------------------------- Earnings - for basic and diluted EPS 22.2 20.1 ------------------------------------------------------------------------------- Weighted average number of shares in issue million million For basic EPS calculation 129.4 128.5 Dilutive effect of share options 0.5 0.5 ------------------------------------------------------------------------------- For diluted EPS calculation 129.9 129.0 ------------------------------------------------------------------------------- Earnings per share p p Basic 17.2 15.6 Diluted 17.1 15.6 Basic - before goodwill amortisation 23.3 20.7 ------------------------------------------------------------------------------- NOTES 1. Dividends The Board has approved the payment of a final dividend amounting to 5.0p per share (2002: 4.1p). An interim dividend of 2.2p per share (2002: 1.9p) has already been paid, making the total dividend for the year 7.2p per share (2002: 6.0p). The final dividend will be paid on 4th June 2004 to shareholders registered on 30th April 2004. 2. Exchange rates The profit and loss accounts of overseas subsidiaries are translated into sterling using average exchange rates, balance sheets are translated at year end rates. The main currencies and exchange rates are: Year to 31st December 2003 2002 Average EUR 1.45 1.59 USD 1.64 1.50 Year end EUR 1.42 1.53 USD 1.79 1.61 NOTES (Continued) 3. Tax on profit on ordinary activities 2003 2002 #m #m United Kingdom corporation tax based on a rate of 30% (2002: 30%): Current tax on income for year 3.2 3.7 Adjustments in respect of prior years (0.3) (2.1) ------------------------------------------------------------------------------- Corporation tax 2.9 1.6 Deferred tax charge in year 1.0 2.4 Adjustments in respect of prior years - 0.8 ------------------------------------------------------------------------------- Deferred tax 1.0 3.2 ------------------------------------------------------------------------------- Total United Kingdom tax 3.9 4.8 ------------------------------------------------------------------------------- Overseas tax Current tax on income for year 1.2 1.9 Adjustments in respect of prior years - 0.7 ------------------------------------------------------------------------------- 1.2 2.6 Deferred tax 0.5 - ------------------------------------------------------------------------------- Total overseas tax 1.7 2.6 ------------------------------------------------------------------------------- Tax on profit on ordinary activities 5.6 7.4 ------------------------------------------------------------------------------- 4. Disposal of businesses 2003 #m Release of provision (3.8) Loss on disposal of businesses 2.0 ------------------------------------------------------------------------------- Disposal of businesses 1.8 5. Prior year adjustment 2003 #m Included in intangible assets are the following relating to capitalised development costs: Net book value at 1st January - as restated 1.1 Additions in the year 2.7 Charge for the year(0.3) ------------------------------------------------------------------------------- Net book value at 31st December 3.5 The prior year adjustment is a result of a change in accounting policy relating to the capitalisation of product development costs, under SSAP13. This has resulted in an increase in profit on ordinary activities of #2.4m in 2003 (2002: #0.6m). FIRST HALF 2004 FINANCIAL CALENDAR Report and accounts posted 2nd April 2004 Record date for final ordinary dividend 30th April 2004 Annual General Meeting 7th May 2004 Final ordinary dividend payable 4th June 2004 2004 half year end 30th June 2004 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31st December 2003 and 2002 but is derived from those accounts. Statutory accounts for 2002 have been delivered to the Registrar of Companies and those for 2003 will be delivered following the Company's Annual General Meeting. The Company's auditor has reported on these accounts; its reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR QKFKPBBKBBND
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