We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bakery Services | LSE:BKE | London | Ordinary Share | GB0000533272 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.025 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
18/9/2006 15:37 | RNS Number:1095J Bakery Services PLC 18 September 2006 Bakery Services plc preliminary results for the year ended 31 March 2006 HIGHLIGHTS . Sales decline 7.5% to #3,120,836 (2005 - #3,374,145). . Pre-tax loss #143,550 (2005 - 55,854). . Net cash inflows from operating activities #175,275 (2005 - #38,805 outflow). Chairman's Statement Overview The results for the year are disappointing. The reported Group loss of #143,550 is attributed to two principal factors: First, the ongoing commitment to a lease at Temple Row, Birmingham referred to in earlier reports. Despite the best efforts of your Board, terms for an assignment of this lease have only recently been agreed with completion now expected to take place before the end of September 2006. Of the reported Group loss, #68,194 was attributable to this unit. A successful assignment will result in ongoing annual cost savings to the Group of approximately #70,000 per annum. Second, ongoing trading losses at the managed store at Nottingham Victoria Centre. Shareholders will recall that this unit was the subject of a successful legal claim, details of which have been provided in earlier reports. To date it has proved difficult to trade this unit at a profit. However in May 2006 a refit of this unit was completed and trading results since have shown improvement. Subject to the above two items, trading results for the Group's two operating companies were broadly in line with expectations. Without these two items the Group would have been close to achieving break-even before taxation. Your Board has previously indicated for some time that given the decline in the Group's Inbake business and the lack of capital to expand the Don Millers franchise business, it would be exploring opportunities outside the Group to enhance shareholder value. During the year and subsequently, a number of potential opportunities have been assessed. However, none of these have been considered by your Board to be sufficiently robust to put to shareholders. Trading results Total Group sales for the year ended 31 March 2006 were #3,120,836 (2005 - #3,374,145) broken down as follows: 2006 2005 # # Inbake Limited 2,614,292 2,763,923 Don Millers Limited 506,544 610,222 _________ _________ Total 3,120,836 3,374,145 ======== ======== Inbake Limited The anticipated decline in sales revenues from the Group's in-store bakery business, Inbake Limited, continues the pattern of prior years as many of the Company's host stores continue to lose market share. Against this Inbake has successfully increased total host store sales participation in almost all units. Gross margins were maintained at 41.1% (2005 - 41.1%). Notwithstanding the decline in sales revenue, Inbake was still able to improve operating profits to #240,500 against #171,031 in the prior year same period. Once again these results are a considerable credit to our team at Inbake led by Colin Taylor. Don Millers Limited Franchise revenue at Don Millers Limited is received in the form of fees based on the underlying turnover of each franchise business. Don Millers revenues are split as follows: 2006 2005 # # Franchise income 6 units (2005- 7 189,948 199,282 Managed store sales 1 unit (2005 -1) 316,596 410,940 _________ _________ Total company 506,544 610,222 ======== ======== Underlying sales revenues in the year generated by Don Millers franchisees were broadly flat at #3.0M (2005 - #3.1M) after the closure of one store. Managed store sales for 2005 include sales for units closed during that year. Overall franchise fee income declined 4.7% partly due to the disposal of one unit during the year. Total fee income from other stores was broadly flat compared to the prior year. Operating profits for Don Millers, before Group management charges, are broken down as follows: 2006 2005 # # Operating profit franchise stores 124,602 60,692 Operating loss managed stores (55,453) (67,521) Millers experience (total costs) (68,194) (219,947) Legal claim settlement - 400,000 _________ _________ Total company 955 173,224 ======== ======== Total costs of #68,194 shown above for Millers Eating Experience represent additional cost incurred relating to the disposal of the retail premises at Temple Row, Birmingham, referred to earlier in this report. Group Summary Retained losses for the year were #143,550 (2005 - #55,854) made up as follows: 2006 2005 # # Operating loss (139,378) (47,594) Interest receivable/(payable) net (4,172) (8,260) _________ _________ Retained loss for year (143,550) (55,854) ======== ======== Basic losses per share were 0.08p (2005 - 0.04p loss) Cash at bank and in hand at 31 March 2006 was #116,283 (2005 - #47,444). This position is significantly enhanced by #97,082 (2005 - #109,858) of total debtors representing cash collected by third parties. During April 2005, the Group received cash of #384,890, being the net amount of the legal claim settlement referred to earlier in this statement. The Group's Balance Sheet remains materially debt free (other than trade related). Bank overdraft facilities (recently renewed) of #50,000 are available to the Group. Your Board proposes no dividend for the year. Operational Review Bakery Division - Inbake(R) The Company's principal customer base remains the various regions of the Co-operative Group. Outlets are generally operated as in-store bakery concessions within supermarkets and are located in England and Northern Ireland. Bakery concessions fall into three classifications broadly reflecting activity. . "Scratch" bakeries where the finished product is made from ingredients mixed and baked as one process by craft bakers. These bakeries are equipped with Company assets and operated by Company staff. . "Mini" bakeries where French bread and rolls are finished, cream cakes are made and traditional breads delivered from one of our "scratch" bakeries. . "Satellites" where all products are "delivered-in" from one of our "scratch" bakeries. Sales from most outlets are made direct to the consumer and the cash collected through the checkout tills of the host supermarket. As indicated in previous reports, revenues for Inbake continue to decline as its principal customer, the Co-operative Group, increasingly focuses on smaller market town stores. We expect this trend to continue. However, the Inbake business is profitable and is expected to remain so unless there are significant host stores closures. As at August 2006 the Company had not been advised by the Co-operative Group of any further store closures. Your Board's challenge in respect of the Inbake business remains to manage the revenue decline in a way that maximises cash flow and profit yet is consistent with maintaining the Company's high standard of customer service. Franchise Division - Don Millers(R) Don Millers Limited operates 6 retail bakery and sandwich cafe franchises from high street and shopping centre locations, predominantly in the Midlands and north of England, under the brand name Don Millers. Don Millers is an established retail bakery business which has been trading since 1972. Your Board believes that the brand has strong consumer awareness. You Board is seeking new sites for franchising. Future Prospects In the current financial year both the Group's businesses are trading in line with your Board's expectations and a number of modest opportunities for expansion within our present operating sectors are under consideration. Your Board continues to review opportunities for enhancing shareholder value. Richard D. Worthington Non-Executive Chairman 18 September 2006 Consolidated Profit and Loss Account for the year ended 31 March 2006 2006 2005 # # Turnover 3,120,836 3,374,145 Cost of sales (1,758,319) (1,943,035) __________ __________ Gross profit 1,362,517 1,431,110 Distribution costs (335,849) (339,334) Administrative expenses (1,166,046) (1,366,461) Other operating income - 409,525 Impairment charge against tangible fixed assets - (182,434) __________ __________ Operating loss (139,378) (47,594) Interest receivable 526 902 Interest payable (4,698) (9,162) __________ __________ Loss on ordinary activities before tax (143,550) (55,854) Taxation on profit on ordinary activities - - __________ __________ Retained loss for the period (143,550) (55,854) ========= ========= Loss per share - Basic (0.08p) (0.04p) - Fully diluted (0.08p) (0.04p) Statement of total recognised gains and losses for the year ended 31 March 2006. The company has no recognised gains or losses other than the loss for the above two financial years. Consolidated balance sheet as at 31 March 2006 2006 2005 # # Fixed assets Tangible assets 159,183 216,402 ________ ________ 159,183 216,402 Current assets Stocks 86,332 92,574 Debtors 310,484 560,818 Cash at bank and in hand 116,283 47,444 ________ ________ 513,099 700,836 Creditors: amounts falling due within one (344,442) (423,358) year ________ ________ Net current assets 168,657 277,478 ________ ________ Total assets less current liabilities 327,840 493,880 Creditors: amounts falling due after more than one (18,355) (40,845) year ________ ________ Net assets 309,485 453,035 ======= ======= Capital and reserves Called up share capital 175,833 175,833 Share premium 2,633,912 2,633,912 Profit and loss account (2,500,260) (2,356,710) ________ ________ Shareholders' funds - all equity 309,485 453,035 ======= ======= Approved and signed on behalf of the Board of Directors on 18 September 2006. Keith A. Bentley Richard D. Worthington Director Director Group cash flow statement from the period 1 April 2005 to 31 March 2006 2006 2005 # # Net cash inflow/(outflow) from operating 175,275 (38,805) activities Returns on investments and servicing of (4,172) (8,260) finance Capital expenditure (44,549) (122,985) ________ ________ 126,554 (170,050) Equity dividends paid - - ________ ________ 126,554 (170,050) Financing (29,912) 66,874 ________ ________ (Decrease)/increase in cash 96,642 (103,176) ======= ======= Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in the period 96,642 (103,176) Decrease in debt and lease financing 29,912 32,876 New finance leases - (64,138) Redemption of finance leases - - ________ ________ Change in net debt 126,554 (134,438) Net debt at 1 April (144,187) (9,749) ________ ________ Net debt at 31 March (17,633) (144,187) ======= ======= | safman | |
18/9/2006 15:33 | VERY DIM JIM Will you be coming from Cardiff by car or train. | 525bmw | |
18/9/2006 15:27 | I bet your apperance at the AGM will be as sterile as your bleatings here, if they let you past the door that is 10JimB. Maybe you should buy enough to call an EGM.....but the possibility of that is ZERO I guess. | clocktower | |
18/9/2006 15:25 | Do you serious thik that either Worthington or Bentley have the really mettle, the backboen and strength of chararter to now step in and support a company they have taken to the wall. I challenge them to make some buys and show good fsith to the long suffering shareholders--- I know they wont as they are mkindless selish little people trying to squeeze a cheap buck from whereever they can. | 10jimb | |
18/9/2006 15:22 | this is just a stepping sone and please adress me as Sir lowlife. | 10jimb | |
18/9/2006 12:09 | I missed that post 10JimB, what a pity as it must have been over the top once again. I look forward to seeing if you have more success in court than you do here. | clocktower | |
18/9/2006 11:59 | after results lets see some dir buys..eh.. saffy.. | safman | |
18/9/2006 09:34 | is it not around mid sept now? Probably Bentley complained as it was about the manner he runs BKE. And brother if they treat their clients like they do their shareholders then its no wonder they lost the COOP. However let me address ADFN as what I post here> it is the truth and very proveable. I take full reponsibilities for all I post and absolve ADVFN of any liability. Strange though how BKE can object to being exposed and yet allow 7 years of a decline in business with no comment! I further invite the financial press and regulatory bodies to the BKE AGM as my guests | 10jimb | |
18/9/2006 09:14 | obviously, someone has complained about jim... saffy.. | safman | |
18/9/2006 09:13 | well, when i e-mailed the company around the beginning of september, they mentioned around mid-sept.. they had not finalised the date.. saffy.. | safman | |
18/9/2006 08:47 | removed by ADVFN | Abuse team | |
18/9/2006 08:30 | still no annoucment of the accounts?? still no reply to my request for Bentley for an announcement date which should be around about now. SO typical of thE ignorance of the people behind BKE. | 10jimb | |
16/9/2006 20:47 | DMR at 0.325 pence is looking tasty for the next couple of weeks - AGM next Wednesday followed by Interims a week later - news on reverse takeover progress should be announced - 400% gain + for the patient. | smiler28 | |
16/9/2006 11:49 | Yes it was in fact me---I also wrote to both Worthington and Bentley over this, but they seemed to be pretty much disinterest. Now perhaps you can see my that my that resentment of Worthington is fully justified and my total disguist at Bentley, who was happy to boast about his Villa in murcia, is founded. There is no way in hell I would let this rot kin any of my ventures continuie for six months , let alone almost 7 years. I in fact hold my share certs in hand, and I am looking forwad to thrashing these issues out face to at the AGM. I stenuously hold that all small shareholders to exercise the right and bring pressure on incompetant board memebers, the insituations are very persuaive on the conduct of disfunction board of companies they invest in why not the small share, whose combined efforst can be equally as forcful. Worthington has gone off to chase his dream of being a big time player----nothing wrong with that except he forgot to put his house in order when trying to achieve hs ambitions, and left his very vulnerable back door open, for the very heavy price his indolence dictate that he must pay. Worthington, as finance director and Chairman, must, and will be, made to be accounable for the savage declein ine the standing of BKE. Please bare in mind that he and Bentley both are legally accounable. They have been made, by myself, for some considerable time of the rot in the company. They have both given undertakings that they are creating shareholder value, and both have been over secretive of any such progress. I am ever so glat Worthing is creating person wealth out of COH, he may find he will need it, if only to replece the shareholder value he has fritter away for hios shareholders in BKE. IF THE REST OF BKE SHAREHOLDER WANT TO MOVE THROUGH THEIR SHALLOW INVESTMENT LIVES AS SILENT MUPPETS THATS UP TO THEM, I CAN NOT AND WILL NOT TOLERATE SUCH BLAND LACK OF EFFORT FROM PERSONS RUNNING A COMPANY IN WHICH I OWN A PART---FACT. | 10jimb | |
15/9/2006 21:54 | Someone - was it Jim - complained a few months ago about the large spread on BKE that made them untradeable. Saffy also hints at large spread. This graph shows the bid/offer spread over the past 12 months. free stock charts from ADVFN.COM It also shows a 365 day SMA showing an inexorable decline in the share price. Note that the rise in January was sufficient to reverse the 365 day trend, but the increase in spread that followed was disgraceful. | millsig | |
15/9/2006 21:42 | Shouldn't paper share holders be posted details of forthcoming AGMs? | millsig | |
15/9/2006 21:35 | as it was posted here that the results would ne announced mid Sept I wrote to Bentley to ask when they would be and at the same time asked about the AGM in order for me to make travel arrangements etc---the usless tw£t never even bothered to rply even though the weekend will take us over the mid Sept mark---what price ignorance eh! Boy am I looking forward to this AGM. NO DUCKING AND DIVING THERE TO BE SURE. | 10jimb | |
15/9/2006 15:05 | well, we'll have to wait and see , share price indicates a bust price.. mind u after that 460K sell, i've just checked online limits.. they will buy 375K @ 0.175P and sell u 75K online @ 0.24p.. saffy.. | safman | |
15/9/2006 14:53 | results were due mid month, cant get much more mid monthy that right now---but its so typical play to poor old shareholder along and over a wekend----cant wait for the AGM. may not achieb much but by good I will be glad for a face to face with these incompetent Bs will feel better with it all off my chest | 10jimb | |
15/9/2006 12:49 | I dont call a council estate on a s&it area the real world--very sorry | 10jimb | |
15/9/2006 12:03 | results prob due sometime nxt week then.. saffy.. | safman | |
15/9/2006 11:31 | Your problem is that you live in fantasy world...while the rest of us are in the real one...you are a very sad individual. | 525bmw | |
15/9/2006 08:35 | BMX on the subject of my stocks you have been presented with the option to put up or shut up if you cant afford the bet please leave the casino there are plenty more chancers like you in the Q | 10jimb | |
14/9/2006 22:30 | VERY DIM JIM Institutions take their profits just like you did when you bailed out, unlike you though they still hold stock...LOL. | 525bmw |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions