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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Alpha Airports | LSE:AAP | London | Ordinary Share | GB0000281328 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 109.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 3856b ALPHA AIRPORTS GROUP PLC 23rd April 1998 PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JANUARY 1998 HIGHLIGHTS - Growth in sales of 8%* - Pre-tax profit** up 13% to #28.7m (1996/97 - #25.4m) - Adjusted earnings per share up 14.2% to 11.60 pence per ordinary share (1996/97 - 10.16 pence) - Sale process for ALPHA Retail underway - Significant steps underway to reduce cost and introduce best practices across the Group - Net debt falls to #71.3m (1996/97 - #78.1m) *Based on 1996/97 sales excluding discontinued operations **Before exceptional provisions (1997/98), exceptional loss arising on sale of discontinued operations and discontinued operations (1996/97). Kevin Abbott, Chief Executive, commented: "ALPHA intends to become a focused, growing airline services company. Whilst today we have islands of excellence in our networks, the biggest opportunity for our customers, our staff and our shareholders is to determine and implement best practice in every facet of our business." For further information, please contact: ALPHA Airports Group Plc (Today) Tel: 0171 457 2345 Kevin Abbott, Chief Executive (Thereafter) Tel: 0181 754 7600 Stuart Siddall, Finance Director Gavin Anderson & Company Tel: 0171 457 2345 Marc Popiolek Laura Hickman CHAIRMAN'S STATEMENT The Board is pleased to report that the improved performance reported for the first half of 1997 has continued in 1998 and that good progress has been achieved on many fronts. On 1 October 1997 Kevin Abbott joined ALPHA as Chief Executive. Mr Abbott was a Board Director of Redland Plc and then Rexam Plc before joining ALPHA. In summary some of the major achievements in 1997/98 are as follows: - The Board commissioned a major review of strategy and, with the planned sale of ALPHA Retail, took the first steps to establish the Group as a focused airline services group. - Introduction of a revised management structure designed to ensure we are both cost effective and properly focused on our customers needs. - ALPHA On Board Sales and Services (AOBSS) has secured full inflight concessions worth #10m per annum with Canadian Airlines, Air India and Thai Airways. - Following an operating review of ALPHA's Catering businesses we have decided to increase investment selectively in our Catering operations, to close or write down certain unprofitable assets and to create a "best practice" team to improve efficiency. - ALPHA Ground Handling, in a joint venture, established its first ground handling operations in Europe and extended its range of services to include Reservation Centres following the award of a major contract from Mexicana Airlines. Results Overall profit on ordinary activities (before exceptional provisions) were #33.9m, 9% above the prior year level of #31.0m (before losses from the sale of discontinued businesses and discontinued operations) in line with underlying sales growth. As expected at the time of our interim announcement in September 1997 the UK businesses of Catering and Retail Services continued to perform well throughout the second half of the year. As expected ALPHA Ground Handling benefited from a seasonal upswing in the second half although this was not as strong as we had expected. The ALPHA Ground Handling business reported sterling results in line with last year which in US dollar terms represented nearly 6% growth. ALPHA Inflight Retailing has been established comprising our bond operations, AOBSS and Jersey Retail which is not part of the planned sale of ALPHA Retail. Investment in systems and infrastructure has continued in AOBSS resulting in a loss of #1.3m before exceptional provisions. ALPHA Retail Services has expanded its position in Florida. Our activities in Sanford International Airport continue to perform well. In our new duty free operations in Orlando International Airport, we have achieved improvements in spend per international passenger passing through the airport. The number of international departing passengers in Orlando has, however, been disappointing in consequence a loss of #0.6m (including start up costs) was incurred in Orlando. We expect that international passenger levels will increase over the course of 1998. Adjusted earnings per share reflected the overall improvement in trading performance with an increase of 14% to 11.60 pence per ordinary share. Dividend The Board recommends a final dividend of 3.50p per ordinary share (1996/97 - 3.5p) which together with the interim dividend of 1.84p per ordinary share makes a total of 5.34p (1996/97 - 5.25p). Restructuring In February 1998 we announced the need to make exceptional provisions totalling #14m. Of this sum, #7.4m related largely to the write down of fixed assets in two under performing kitchens within ALPHA Catering Services. Since the announcement we have developed our plans for the closure by 31st October 1998 of one of our three Heathrow kitchens ahead of major redevelopment plans. With some customers able to transfer to our other two kitchens we can report that closure costs should not now exceed #3.8m, which is a reduction of #0.7m from our previous estimate. We have in joint venture secured a 30% share of 12 small retail concessions at the new International Airport in Hong Kong which is due to open in July 1998. Since we won these concessions the number of passengers visiting Hong Kong has fallen dramatically. We have been reviewing our options with regard to these concessions and, in view of the poor outlook, there is a possibility that we may exit from the joint venture. We have made an exceptional provision of #1.2m against this possibility in accordance with our February announcement. In addition, we announced that we would be consolidating our divisional and Corporate Offices. The extent of and hence, cost of this restructuring has increased from our previous estimate of #0.9m to #1.3m. Overall the total exceptional provision included in the results for 1997/98 of #13.9m is in line with our original estimate of #14m. Annualised cost savings arising from the restructuring are now expected to increase from #2.5m, as announced in February, to over #3m per annum. Strategy The Board's strategic review examined the framework for the potential development of ALPHA's three divisions - Catering, Ground Handling and Retail - and the Group's capacity to pursue development opportunities effectively. For all three divisions, the opportunities are attractive over the longer term. The decision of the ALPHA Board to invite offers for the Retail division reflects the recognition of the opportunities, open to the Group's Catering and Ground Handling businesses, to focus on common airline customers, and common geographical opportunities in Europe and the need to be able to provide sufficient financial resources for these opportunities to be seized. ALPHA intends to become a focused airline services company. It is the company's strategy to extend its regional airports networks, and to offer customers a wider range of our Catering and Ground Handling services. In Catering, facilities, capacities and processes are being upgraded to provide improved customer service, productivity and hence profitability. We plan to extend our already strong UK network and build a full European network. Similarly, we will introduce our Ground Handling operations to the UK and mainland Europe by acquisition and joint venturing. Outlook We have seen a strong start to the year in UK Catering. We expect this growth in meal volume to continue into the summer. As announced in February 1998 costs of up to #1m will be incurred as we implement best practice across all our kitchens. Overall we expect Catering Services' performance for the coming year to benefit from the actions we have taken. However it is likely that further clients of ALPHA Catering Services in Paris, Orly may transfer to Charles de Gaulle Airport. In these circumstances further restructuring provisions of up to #2.5m may be required. In ALPHA Ground Handling opportunities exist to grow both in the USA and in Europe and this remains a key area of focus for the Group. Given the nature of this business and high start up costs at new airports it is unlikely that we shall see any benefit from this growth in the results for the coming year. The UK regional airport business of ALPHA Retail Services continues to perform well, benefiting from the same growth in passenger traffic as our UK Catering business. However, sales growth is being held back by the strength of sterling and the transfer of passengers in Manchester from a terminal in which we operate to one where ALPHA does not have a presence. In March 1998 we saw the expiry of our Heathrow management contract and, as previously indicated, our annual profits will fall by nearly #3m as a consequence. We expect to make progress at our duty free operations in Florida and hence an improvement in ALPHA Retail's overseas performance is expected. People The circumstances of 1997 led to some uncertainty as to the future course of the businesses in which our staff worldwide are employed. We are very grateful for their continuing commitment and loyalty and would pay particular tribute to our Retail staff in the current uncertainties which they face. The new year begins with a new strategy in place and restructuring in hand from which, under Kevin Abbott's leadership, the Group intends to benefit. Sadly the restructuring means that some good people will leave the Group. We are sorry to lose them. For too long the Group has been forced to be reactive. We should now have the opportunity to act proactively, and in a more focused way, in relation to those opportunities for growth which will enhance shareholder value. Group Profit and Loss Account for the year ended 31 January 1998 Continuing activities Before Exceptional Exceptional (Provision)/ (Provision)/ gain gain Total Total Notes 1998 1998 1998 1997 #m #m #m #m Turnover 1 702.2 - 702.2 664.9 Cost of sales (409.1) (1.8) (410.9) (388.3) ---------- ---------- -------- ------- Gross profit 293.1 (1.8) 291.3 276.6 Administration (259.2) (12.1) (271.3) (249.3) and other costs Other operating income - exceptional profit on sale of current asset investment - 0.7 0.7 - ---------- ---------- -------- ------- Operating profit(loss) 33.9 (13.2) 20.7 27.3 Income from interest is associated - - - 0.3 undertakings ---------- ---------- -------- ------- Profit(loss) on ordinary activities before exceptional loss arising on sale of discontinued 33.9 (13.2) 20.7 27.6 operations Exceptional loss on disposal of discontinued operations - - - (14.2) ---------- ---------- -------- ------- Profit(loss) on ordinary activities before interest 33.9 (13.2) 20.7 13.4 Interest receivable 0.7 - 0.7 0.7 Interest payable (5.9) - (5.9) (6.3) ---------- ---------- -------- ------- Profit(loss) on ordinary activities before taxation 1 28.7 (13.2) 15.5 7.8 Taxation on profit on ordinary activities 2 (7.7) 1.3 (6.4) (6.8) ---------- ---------- -------- ------- Profit(loss) on ordinary activities after taxation 21.0 (11.9) 9.1 1.0 Minority interest (equity) (1.5) - (1.5) (1.0) ---------- ---------- -------- ------- Profit(loss) for the financial year 19.5 (11.9) 7.6 - Equity dividends 3 (9.0) - (9.0) (8.8) ---------- ---------- -------- ------- Retained profit(loss) for the financial year 10.5 (11.9) (1.4) (8.8) ====== ====== ====== ====== Net earnings per share 4 4.52p - IIMR headline earnings per share 4 4.52p 8.37p Adjusted earnings per share 4 11.60p 10.16p A reconciliation of the net earnings per share (in accordance with FRS 3), the headline earnings per share (in accordance with Statement of Investment Practice No 1 issued by the Institute of Investment Management and Research) and adjusted earnings per share, is shown in Note 4 Statement of total recognised gains and losses for the year ended 31 January 1998 1998 1997 #m #m Profit for the financial year 7.6 - Currency translation differences on foreign currency net assets (1.2) (2.3) ------ ------ Total recognised gains/(losses) for the year 6.4 (2.3) ==== ==== There are no differences between the Group and Company reported results for the current and prior years and the results for those years restated on an historical cost basis. Group Balance Sheet at 31 January 1998 1998 1997 Notes #m #m Fixed assets Tangible assets 79.7 86.3 Investments 0.5 0.4 -------- -------- 80.2 86.7 -------- -------- Current assets Stocks 27.1 23.3 Debtors 53.5 50.1 Investments - 0.5 Cash at bank and in hand 2.7 7.4 -------- -------- 83.3 81.3 -------- -------- Creditors: amounts falling due within one year Bank and other borrowings 5 (8.0) (6.0) Other creditors (91.0) (85.7) -------- -------- (99.0) (91.7) --------- -------- Net current liabilities (15.7) (10.4) -------- -------- Total assets less current liabilities 64.5 76.3 -------- -------- Creditors: amounts falling due after more than one year Bank and other borrowings 5 (63.4) (76.0) Other creditors (1.8) (2.6) -------- -------- (65.2) (78.6) -------- -------- Provision for liabilities and charges (9.9) (5.7) Total net (liabilities)/assets (10.6) (8.0) ===== ===== Capital and reserves Called up share capital 16.8 16.8 Share premium account 38.7 38.2 Profit and loss account 23.8 26.4 Other reserves (91.9) (91.9) -------- -------- Shareholders' funds (12.6) (10.5) Minority interests (equity) 2.0 2.5 -------- ----- Total equity (10.6) (8.0) ===== ===== Approved by the Board of Directors on 23 April 1998 Kevin Abbott, Chief Executive Stuart Siddall, Finance Director Group Cash Flow Statement for the year ended 31 January 1998 1998 1997 Notes #m #m Net cash inflow from operating activities 7(1) 45.9 46.3 Returns on investment and servicing of finance Interest received 0.7 0.7 Interest paid (5.1) (5.7) Interest element of finance lease rental payments (0.3) (0.3) Dividends received from associates - 0.3 Dividends paid to minority shareholders in subsidiary undertaking (1.9) (0.1) -------- -------- Net cash outflow from returns on investment and servicing of finance (6.6) (5.1) -------- -------- Taxation (9.1) (6.7) -------- -------- Capital expenditure Purchase of tangible fixed assets (15.3) (13.7) Sale of plant and machinery - 0.2 -------- -------- Net cash outflow for capital expenditure (15.3) (13.5) -------- -------- Acquisitions and disposals Sale of business - 5.0 Purchase of interest in joint venture (0.1) - Purchase of subsidiaries - (12.0) -------- -------- Net cash outflow for acquisitions and disposals (0.1) (7.0) -------- -------- Equity dividends paid (8.5) (8.1) -------- -------- Net cash inflow before financing 6.3 5.9 -------- -------- Financing Debt due beyond a year - Unsecured loan repayable in 1999 - 2.7 - Unsecured loan repayable in 2000 - 10.0 Repayment of external borrowings (11.9) (9.2) Capital element of finance lease payments (0.9) (0.9) -------- -------- Net cash (outflow)/inflow from financing (12.8) 2.6 -------- -------- (Decrease)/increase in cash 7(2) (6.5) 8.5 ===== ===== Equity dividend declared was #9.0m, scrip dividend take up was #0.5m and therefore #8.5m was paid as a cash dividend. (1997: #8.4m was declared as equity dividend and the scrip dividend take up was #0.3m and therefore #8.1m was paid as a cash dividend). Notes to the Accounts 1. Segmental Turnover Operating Net analysis profit/(loss) assets (liabilities) Turnover, profit before taxation and net assets/liabilities 1998 1997 1998 1997 1998 1997 #m #m #m #m #m #m (a) Business sector analysis ALPHA Catering Services - Continuing operations - before exceptional provisions 212.6 200.6 13.2 10.9 41.1 46.5 - exceptional provisions - - (12.2) - (12.4) - - Discontinued operations - 14.5 - (3.4) - (0.7) ------- ------ -------- -------- ------ ----- 212.6 215.1 1.0 7.5 28.7 45.8 ALPHA Retail Services - Continuing operations - before exceptional provisions 343.6 316.1 12.5 11.9 4.5 (4.6) - exceptional provisions/Gain - - (0.7) - (1.3) - ------- ------ -------- -------- ----- ----- 343.6 316.1 11.8 11.9 3.2 (4.6) ALPHA Inflight Retailing Continuing operations - before exceptional provisions 33.2 29.9 0.3 0.3 2.8 3.5 - exceptional provisions - - (0.3) - (0.2) - ------- ------ -------- -------- ----- ------ 33.2 29.9 - 0.3 2.6 3.5 ------- ------ -------- -------- ----- ------ ALPHA Ground Services - Continuing 112.8 103.8 7.9 7.9 26.2 25.4 operations ------- ------ -------- -------- ----- ------ 702.2 664.9 20.7 27.6 60.7 70.1 Exceptional loss on disposal of discontinued operations - - - (14.2) - - ------- ------ -------- -------- ----- ------ 702.2 664.9 20.7 13.4 60.7 70.1 Net interest - - (5.2) (5.6) - - Net borrowings - - - - (71.3) (78.1) ------- ------ -------- -------- ----- ------- Turnover, profit on ordinary activities before taxation and net liabilities 702.2 664.9 15.5 7.8 (10.6) (8.0) ===== ===== ===== ===== ===== ===== Turnover Operating Net profit/(loss) assets (liabilities) 1998 1997 1998 1997 1998 1997 #m #m #m #m #m #m (b) Geographical analysis United Kingdom - Continuing operations - before exceptional provisions 531.2 491.7 21.1 17.9 30.0 31.4 - exceptional provisions/gain - - (7.9) - (8.6) - ------- ----- ------ ------ ---- ----- 531.2 491.7 13.2 17.9 21.4 31.4 ------- ----- ------ ------ ---- ----- USA - Continuing operations 123.6 106.7 7.8 7.8 30.4 26.3 - Discontinued operations - 14.5 - (3.4) - (0.7) ------- ----- ------ ------ ---- ----- 123.6 121.2 7.8 4.4 30.4 25.6 ------- ----- ------ ------ ---- ----- Rest of the World - Continuing operations - before exceptional provisions 47.4 52.0 5.0 5.3 14.2 13.1 - exceptional provisions - - (5.3) - (5.3) - ------- ----- ------ ------ ---- ----- 47.4 52.0 (0.3) 5.3 8.9 13.1 ------- ----- ------ ------ ---- ----- 702.2 664.9 20.7 27.6 60.7 70.1 Exceptional loss arising on the sale of discontinued - - - (14.2) - - operations ------- ----- ------ ------ ---- ----- 702.2 664.9 20.7 13.4 60.7 70.1 Net interest - - (5.2) (5.6) - - Net borrowings - - - - (71.3) (78.1) ------- ----- ------ ------ ---- ----- Turnover, profit on ordinary activities before taxation and net liabilities 702.2 664.9 15.5 7.8 (10.6) (8.0) ===== ===== ===== ===== ===== ===== Turnover is disclosed by origin. There is no material difference in turnover by destination. Net interest payable has not been allocated recognising the centre's role and responsibility in allocating financial resources to the sector. ALPHA on Board Sales & Services and Flight Bonds, previously included within ALPHA Retail Services, have been reclassified as ALPHA Inflight Retailing to reflect the new operational structure. The prior year figures have been restated to show the segments on a comparable basis. 2. Taxation 1998 1997 #m #m United Kingdom corporation tax at 31% (1997 - 33%) 5.7 5.6 Less: Double tax relief (0.5) (0.8) Movement in deferred tax (1.7) - Prior year adjustments - (0.6) -------- -------- 3.5 4.2 Overseas taxation 2.9 2.3 Association undertakings - 0.3 -------- -------- Taxation as a percentage of profit before taxation 6.4 6.8 -------- -------- Taxation as a percentage of profit before taxation and exceptional 41% 87% provision/gain (1997: loss) 27% 31% ===== ===== UK taxation charge for the year ended 31 January 1998 includes a benefit of #1.3m(1997 - #0.2m) in respect of the exceptional provisions. 3. Dividends 1998 1997 #m #m Interim dividend of 1.84p per ordinary share (1997 - 1.75p) 3.1 2.9 Proposed final dividend of 3.50p per ordinary share (1997 - 3.5p) 5.9 5.9 -------- -------- Total dividend of 5.34p per ordinary share (1997 - 5.25p) 9.0 8.8 ===== ===== Under the scrip dividend scheme, #0.3m of the 1996/97 final dividend and #0.2m of the 1997/98 interim dividend were paid by way of shares and have been added back to the profit and loss account reserve 4. Earnings per share Profit Earnings (loss) for per share the year 1998 1997 1998 1997 #m #m Pence Pence Profit for the financial year and net earnings per share 7.6 - 4.52 - Adjustment for losses on disposal of discontinued operations - 14.2 - 8.45 Taxation relating to - (0.2) - (0.08) these items -------- ------- -------- -------- - Adjusted profit and IIMR headline earnings per share 7.6 14.0 4.52 8.37 Adjustment for exceptional provisions 13.9 - 8.27 - Adjustment for profit on sale of current asset investment (0.7) - (0.42) - Adjustment for discontinued operations operating loss - 3.4 - 2.03 Taxation relating to these items (1.3) (0.4) (0.77) (0.24) -------- ------- -------- -------- - Adjusted profit and adjusted earnings 19.5 17.0 11.60 10.16 per share ===== ===== ===== ===== Weighted average number of shares in issue during the year were 168,055,238 (1997: 167,680,423). Net earnings per ordinary share are calculated by dividing the profit for the financial year by the weighted average number of shares in issue during the year. An additional measure of earnings per share has been recommended by the Institute of Investment Management and Research (IIMR). The IIMR headline earnings require the adjustment of standard earnings to eliminate certain items, adjusted for any tax effect. Finally, we have adjusted the IIMR headline earnings per share to arrive at an adjusted earnings per share for continuing operations by eliminating the effect of exceptional provisions and profit on sale of current asset investment and for the discontinued operations operating loss, adjusted for any tax effect. Fully diluted earnings per share are not materially different from basic earnings per share disclosed above. 5. Bank and other Borrowings 1998 1997 #m #m Unsecured loans European Steel loan - 3.9 Other unsecured loans (average interest rate 7.1%) 69.0 77.8 -------- -------- Total unsecured loans 69.0 81.7 Bank overdrafts 2.4 0.3 -------- -------- Total bank and other borrowings 71.4 82.0 Due within one year 8.0 6.0 Due after more than one year 63.4 76.0 -------- -------- 71.4 82.0 -------- -------- Repayment analysis Repayable otherwise than by instalments: - within one year or on demand 2.4 0.3 Repayable by instalments: - within one year or on demand 5.6 5.7 - between one and two years 5.6 5.7 - between two and five years 57.8 70.3 -------- -------- 71.4 82.0 -------- -------- Currency analysis Bank and other borrowings are payable in the following currencies: Sterling 40.7 47.9 United States Dollars 30.7 33.9 French Francs - 0.2 -------- -------- 71.4 82.0 -------- -------- Net borrowings Total bank and other borrowings 71.4 82.0 (see above) Finance lease obligations: - due within one year 0.8 0.9 - due after more than one year 1.8 2.6 -------- -------- 74.0 85.5 Cash at bank and in hand (2.7) (7.4) -------- -------- Net borrowings 71.3 78.1 ===== ===== 6. Reconciliation of movements 1998 1997 in shareholders' funds #m #m Profit for the financial year 7.6 - Dividends (9.0) (8.8) -------- -------- Loss for the financial year (1.4) (8.8) Issue of additional share capital to shareholders 0.5 0.3 Other recognised (losses) and gains relating to the period (1.2) (2.3) Amount written back in respect of goodwill written off to profit and loss account - 11.4 Goodwill on acquisitions - (13.1) Net reduction to shareholders' funds (2.1) (12.5) Opening shareholders' funds as at 1 February 1997 (10.5) 2.0 -------- --------- Closing shareholders' funds as at 31 January 1998 (12.6) (10.5) ===== ===== Exchange gains of #0.8m (1997: #1.4m) on relevant foreign currency loans are taken to reserves and offset against the exchange losses arising on the translation of the net investments in overseas subsidiary undertakings. 7. Notes to the cash flow statement (1) Reconciliation of operating 1998 1997 profit to net cash inflow from operating #m #m activities Operating profit before sale of current asset investment and exceptional provisions 33.9 27.3 Profit on sale of current asset investment and exceptional provisions (13.2) - -------- -------- Operating profit 20.7 27.3 Depreciation including exceptional provisions 20.0 12.6 Increase in stocks (4.0) (2.1) (Increase)/decrease in debtors (1.7) 0.5 Increase in creditors 10.9 8.0 -------- -------- Net cash inflow from operating activities 45.9 46.3 ===== ===== Changes in working capital are stated after excluding movements due to acquisitions, disposals and exchange rates. The operating cash inflow from operating activities #45.9m (1997: #46.3m) includes an inflow of #0.7m (1997: outflow of #1.8m) relating to prior year discontinued activities. (2) Reconciliation to net debt 1998 1997 #m #m (Decrease)/Increase in cash in the period (6.5) 8.5 Decrease/(Increase) in debt and lease financing 12.8 (2.6) -------- -------- Change in net debt from cash flows 6.3 5.9 Finance leases - (0.2) Translation differences 0.5 1.1 -------- -------- Movements in net debt in period 6.8 6.8 Net debt at 1 February 1997 (78.1) (84.9) -------- -------- Net debt at 31 January 1998 (71.3) (78.1) ===== ===== (3) Analysis of net debt 1 Other 31 February Cash non- Exchange January 1997 flows cash movement 1998 #m #m #m #m #m Cash in hand at bank 7.4 (4.4) - (0.3) 2.7 Overdrafts (0.3) (2.1) - - (2.4) ------ (6.5) ------ Debt due after 1 year (76.0) 6.3 5.6 0.7 (63.4) Debt due within 1 year (5.7) 5.6 (5.6) 0.1 (5.6) Finance leases (3.5) 0.9 - - (2.6) ------ 12.8 ------ Total (78.1) 6.3 - 0.5 (71.3) ===== ===== ===== ===== 8. Summarised Accounts The balance sheet at 31 January 1998 and the results and cashflow for the year ended have been taken from the Group's 1997/98 statutory accounts upon which the auditors' opinion is unqualified and does not include a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts will be filed with the Registrar of Companies in due course. 9. Scrip Dividend Scheme It is proposed by the Directors to offer ordinary shareholders the choice of taking new fully paid ordinary shares of 10 pence each instead of cash in respect of the proposed final dividend for the year ended 31 January 1998 and any interim dividend declared before the 1999 AGM. The record date for the final dividend is 11 May 1998 and payment date is 10 July 1998. 10. Issue of the Annual Report and Accounts The 1998 Annual Report and Accounts will be posted to shareholders by 28 May 1998. Copies may be obtained after 28 May 1998 from the Secretary, ALPHA Airports Group Plc, Europa House, 804 Bath Road, Cranford, Middlesex TW5 9US. Telephone No. 0181 754 7600. 11. Annual General Meeting The 1998 Annual General Meeting of ALPHA Airports Group Plc will be held in the Forte Suite at the Excelsior Hotel (Heathrow), Bath Road, West Drayton, Middlesex UB7 0DU, on 25 June 1998, at 11.00am. END FR SEFEEEUAUFFL
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