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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bespak | LSE:BPK | London | Ordinary Share | GB0000946276 | 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% | 667.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8131O Bespak PLC 13 July 2005 Immediate Release 13 July 2005 Bespak plc Preliminary results for the 52 weeks to 30 April 2005 Bespak (LSE: BPK), a leader in specialty medical devices, today announces its preliminary results for the 52 weeks to 30 April 2005. Highlights * Earnings per share before exceptionals increased 6% to 32.8p (2004: 30.9p restated) * Profit before tax and exceptionals increased 1% to #11.5m (2004: #11.3m restated) representing an increase in profit margin to 14.4% (2004: 13.6% restated) * Turnover declined 5% to #79.4m (2004: #83.2m) due to sales of the Group's largest contract manufactured product returning to normal levels * Exceptional costs of #6.1m associated with Cary plant closure, which is on track for shutdown in August 2005 * After exceptional items, profit before tax was #5.4m (2004: #8.9m restated) and earnings per share were 10.2p (2004: 23.9p restated) * Operating cash inflow increased 8% to #14.2m (2004: #13.2m) * Net cash of #17.4m (2004: #12.3m) * Final dividend maintained at 12.1p (2004: 12.1p) * Pfizer announced in March that it filed the NDA for Exubera(R), the world's first inhaled insulin. Mark Throdahl, Bespak Chief Executive, commented: "Bespak delivered its sales and profit plan. We increased earnings per share before exceptionals despite the anticipated normalisation of sales to our largest customer. We enjoyed strong growth from new products, and our efficiencies improved. We won three new device development projects and continue to win the majority of new valve programmes. We are encouraged by our growth prospects for the new financial year." For further information, please contact: Bespak plc Tel: +44 (0) 1908 525241 Mark Throdahl - Chief Executive Martin Hopcroft - Group Finance Director Buchanan Communications Tel: +44 (0) 20 7466 5000 Tim Thompson / Mark Court / Mary-Jane Johnson Bespak plc Preliminary results for the 52 weeks to 30 April 2005 Overview Bespak plc, a leader in specialty medical devices, increased earnings per share before exceptionals by 6% to 32.8p (2004: 30.9p restated) despite lower sales following the return to 5-day production of its largest contract manufactured product. Profit before tax and exceptionals increased 1% to #11.5 million (2004: #11.3 million restated) due to strong HFA valve growth in the Respiratory business, new product growth in the Device & Manufacturing Services business, increased efficiency across the business and reduced overheads. In March, the Food & Drug Administration announced that CFC albuterol formulations can be sold in the US until the end of December 2008, a longer period of time than some observers had expected. Sales of CFC valves to the US market increased, and revenues were disproportionately weighted to the final months of the financial year. Sales of products and services decreased 4% to #77.9 million (2004: #80.8 million) and, including sales of tooling and equipment, turnover decreased 5% to #79.4 million (2004: #83.2 million). Expenses were well controlled in the year, and we benefited from increased interest income. Profit before tax and exceptionals increased 1% to #11.5 million (2004: #11.3 million restated) representing an increase in profit margin to 14.4% (2004: 13.6% restated). Exceptional operating expenses of #6.1 million were incurred as a result of the decision announced in November to close the Group's manufacturing facility in Cary, North Carolina. This is expected to improve operating profit once production is transferred to the UK, although customers have pulled forward orders to build their inventories in advance of the closure. Closure of the facility is progressing according to plan and will be completed by the end of August 2005. All significant business has been retained, and customers will receive product from our UK facilities in the future. Of the exceptional costs associated with the Cary site closure, #3.8 million reflects an impairment of the fixed assets and #2.3 million is a provision for employee termination costs, closure expenses, and transfer costs. Profit before tax after exceptionals declined to #5.4 million (2004: #8.9 million restated). Earnings per share after exceptionals declined to 10.2p (2004: 23.9p restated). The Board has proposed a final dividend of 12.1p per share (2004: 12.1p), payable on 22 September 2005 to those on the shareholder register at 22 July 2005. This reflects the Group's strong operating cash flow during the year. Net cash on 30 April was #17.4 million (2004: #12.3 million), reflecting lower capital spending throughout the year. Operational Review Summary One year ago, we said that we expected reduced volumes of our major contract manufactured product and lower industrialisation income on Exubera(R), which we would offset with HFA valve growth and operational improvements from past capital expenditure. These things have happened, and we maintained our bottom line profitability before exceptionals during the year. Respiratory volume grew 8% and our elastomer vertical integration programme hit its milestones. We broadened our DMS pipeline with three new development programmes. Our facility in Milton Keynes awaits regulatory approval of Exubera (R) before beginning production of the delivery device. We are in the final stage of closing our Cary plant, which manufactured less than 40% of our US sales, and its closure allows us to optimise capacity utilisation in our UK plants. Respiratory The respiratory business designs, manufactures and sells metered dose inhaler valves, actuators, and accessories to deliver respiratory drugs to the lung and nasal mucosa. Sales grew 7% to #39.7 million (2004: #37.2 million). We experienced strong HFA growth to customers in Europe and Asia, while also seeing three drugs (each of which has a Bespak valve) approved for the US market. Bespak's valves for use with environmentally friendly HFA propellants continue to replace CFC-based formulations in Europe. In March the FDA announced that CFC albuterol formulations could continue to be sold in the US through December, 2008. Bespak enjoys a strong position in the US CFC market, and we are seeing strong continued sales of these products. Our HFA valves are under active consideration by a number of current and prospective customers, and we believe that we have won two thirds of the HFA formulations approved around the world. This is creating further momentum in our Respiratory business. We have recently won a significant MDI valve development agreement for the next generation of world leading inhaled products from a global research-based pharmaceutical company. In the past year new HFA formulations containing Bespak valves were approved in the US for asthma drugs developed by Boehringer-Ingelheim, Ivax, and Sepracor. Last summer we established a liaison office in India, where respiratory sales have grown substantially over the past year. Key staff have been recruited and put in place in this area. Over the past several years, Bespak has invested significantly in the development of proprietary rubber seals for our HFA valves. In November we announced that we would develop the capability to manufacture these products. Based in King's Lynn, this vertical integration programme will incur expense of approximately #0.5 million annually over the next three years, following which the programme will generate savings as well as strategic benefits. The programme has hit all its milestones this year, and construction of the facility is now complete with on-going work on process development. Device & Manufacturing Services The DMS business provides a comprehensive range of device-related services to pharmaceutical and drug delivery companies. Sales decreased 13% to #32.8 million (2004: #37.7 million), reflecting the normalisation of volumes of our largest contract-manufactured product from last year's extraordinary levels, partially offset by sales growth of Innovata Biomed's ClickhalerTM device, under license to Otsuka Pharmaceutical Co. and a large European pharmaceutical company. In conjunction with Nektar Therapeutics, Bespak is developing the manufacturing process for the inhaler device that will deliver the world's first inhaled insulin, Exubera(R). Nektar is collaborating with Pfizer, Inc. and Sanofi-Aventis on the development and commercialisation of the product. The European regulatory filing for Exubera(R) was accepted in March 2004, and the US regulatory filing was accepted for filing in March 2005. Pfizer has characterised Exubera(R) as the most important advance in insulin administration since hypodermic injections were introduced 80 years ago. Bespak will also manufacture the registration batches for the regulatory submission of Intraject(R) for Aradigm Corp., a drug delivery company in Hayward, California. The initial application will be the delivery of Sumatriptan for the treatment of migraine. Intraject(R) is the needle-free injector technology which Aradigm acquired from Weston Medical. The business won three new development agreements in 2005: the NextTM dry powder inhaler for Chiesi Farmaceutici, a dry powder inhaler for airPharma and a drug delivery device for a future generation of asthma drugs for a global pharmaceutical company. Consumer Dispensers This business manufactures pumps for consumer household products, toiletries, and fragrances. Sales declined 7% to #5.4 million (2004: #5.8 million) due to aggressive price competition in certain product lines. We recruited a new general manager who has increased commercial resources in the UK and Europe, as well as initiated a vigorous cost-out programme. We have set realistic turn-around targets for this business over the next six months. Growth Strategy Bespak's strategy is to capitalise on its leading position as a manufacturer of specialty medical devices by growing organically and by acquisition. We will grow our MDI valve business through continued investment in R&D, HFA market share expansion and international sales. We will grow our Device & Manufacturing Services business by capitalising on our proven track record of complex drug/ device launches and by adding several new programmes annually. Our objective is to broaden our customer base beyond pharmaceutical companies. We will build a strong and consistent sales and earnings track record from organic growth as well as selective acquisitions that either complement existing medical businesses or build on the Group's manufacturing and product development expertise. Broadening the Group's customer base beyond pharmaceutical companies will reduce our dependency on lengthy development programmes which make growth difficult to forecast. We will continue to develop key competencies which we will apply to our businesses and bring to acquisitions: proprietary product development processes that get us to market faster; Six Sigma expertise that takes cost out of our processes and frees up money for growth priorities; and a culture that makes us more responsive to customers and competitive challenges. Directors Sir John Chisholm announces today that he will stand down from the Board immediately after the AGM in September, having served as a non-executive director for six years. In June, he was succeeded as Chairman of the Audit Committee by Adrian Auer, who joined the Board in April. We would like to thank Sir John for his thoughtful counsel and contribution. Financial Review Trading Performance Sales of products and services declined by 4% to #77.9 million (2004: #80.8 million), reflecting normalisation of volumes in Device & Manufacturing Services offset by strong growth of HFA valves in Respiratory. Including sales of tooling and equipment that are customer-funded, turnover declined by 5% to #79.4 million (2004: #83.2 million). Profit on ordinary activities before taxation and exceptional items increased by 1% to #11.5 million (2004: #11.3 million restated) representing an increase in profit margin to 14.4% (2004: 13.6% restated), reflecting increased interest rates on higher cash balances. Following the announcement of the decision to close the manufacturing facility in the USA, an exceptional cost of #6.1 million has been charged to reflect the impairment of the carrying value of fixed assets and a provision to cover the closure costs. The transfer of certain production to the Group's facilities in the UK is proceeding as planned towards an anticipated shut-down in August 2005, when the majority of the cash impact of the closure costs will be incurred. In the prior year, there were exceptional operating expenses of #2.5 million for the restructuring programme that was initiated in 2003 and whose benefits are evident in the current year's performance. After exceptional items, profit on ordinary activities before taxation declined to #5.4 million (2004: #8.9 million restated). Tax The tax charge on profit before taxation and exceptionals of 23% in the year has benefited from utilisation of prior year losses in the USA where activity has increased in advance of closure, together with tax credits on research and development expenditure in the UK. The overall tax charge of 49% in the year reflects the nil tax credit on the exceptional operating expenses. Earnings per share Basic earnings per share before exceptional items increased by 6% to 32.8p (2004: 30.9p restated), incorporating a lower tax rate as a result of utilisation of past tax losses. After exceptional items, basic earnings per share declined to 10.2p (2004: 23.9p restated). Dividends The Board is recommending a maintained final dividend per share of 12.1p (2004: 12.1p), such that the total dividend for the year amounts to 19.1p (2004: 19.1p). The final dividend will be paid on 22 September 2005 to shareholders on the register on 22 July 2005. Cash Flow Activity in the second half was weighted to the final months of the period with replenishment of the supply chain, following the impact of the FDA announcement in March 2005 that CFC albuterol formulations cannot be sold in the USA after December 2008. This is reflected in the increase in debtors at the year end compared to the prior year. Nevertheless, net cash inflow from operating activities increased by 8% to #14.2 million (2004: #13.2 million). The net cash inflow before management of liquid resources and financing increased to #4.7 million (2004: #2.0 million), reflecting lower capital expenditure following the completion of significant capital expenditure programmes and customer-funded projects. Going forward, capital expenditure will exceed depreciation in the short term, in view of the transfer of certain production from the US and the elastomer integration programme. However, we expect to benefit from the sales proceeds on disposal of assets in the USA after closure. Net cash flow is stated after the cash impact of current year and prior year exceptional operating expenses of #0.2 million (2004: #3.6 million). Treasury At the year end, the Group had net cash of #17.4 million (2004: #12.3 million), and un-drawn committed facilities of #12.8 million (2004: #11.7 million). Transactions in foreign currencies are matched wherever possible and the net position is hedged using forward contracts. The treasury function does not act as a profit centre and no speculative treasury transactions are undertaken. A proportion of operating assets are denominated in US dollars, which are broadly matched by US dollar borrowings, thereby hedging the balance sheet exposure. Last year, the average rate of exchange between sterling and the US dollar was 1.85 (2004: 1.71), whilst the year end rate of exchange was 1.91 (2004: 1.77). Around 10% of the Group's sales from the UK are denominated in US dollars. Pensions Bespak operates a defined benefit pension scheme in the UK which is closed to new employees who are eligible to join a defined contribution pension scheme. The latest triennial actuarial valuation under SSAP 24 as at 30 April 2002 disclosed net assets of #17.0 million and a deficit of #4.0 million. After consultation, contributions by employees were increased in order to eliminate the deficit over a 15-year period. Bespak continues to account for pensions under SSAP 24. The net deficit under FRS 17 was #10.9 million as at 30 April 2005. Accounting Policies During the period, the Group adopted UITF 17 (revised) 'Employee share schemes' and UITF 38 'Accounting for ESOP trusts'. Investments in the Company's own shares are now shown as a deduction from shareholders' funds rather than as fixed asset investments. The prior period has been restated and there is no impact on cash flow. International Financial Reporting Standards Preparations are in progress to implement the new international accounting standards in the 52 weeks to 29 April 2006, with first financial results in the interims. Impacts will include changes to the accounts for pension costs and share options. Clarification of the impact in the 52 weeks to 30 April 2005 will be provided in advance of the interims. Outlook We have had an encouraging start to the year. We continue to see replenishment of the CFC supply chain in the USA following the FDA ruling on phase out of CFC albuterol formulations, together with inventory building by customers of US-manufactured products in anticipation of an August closure of the Cary facility. Looking ahead, we expect continuing sales growth of HFA valves in Respiratory and the launch of a new product in Consumer Dispensers. Our DMS business will benefit from increased production of new dry powder inhalers and industrialisation programmes. However, we face timing uncertainty in the current year as to the start of full scale production of the delivery device for Exubera (R), which is pending regulatory approval. We are increasing resources in the DMS business to target new opportunities. The costs for the elastomer vertical integration programme will average #0.5 million in each of the next three years with financial benefits thereafter. The pension deficit will result in a stepped increase in annual pension costs, estimated to be #0.8 million. We are also concerned about a potential stepped increase in electricity charges this year after the large increase last year. Having achieved performance that was consistent with our plan in the year just ended, we are reassured by the Group's future growth potential this year and beyond, as well as its strong underlying cash generation, but await positive news on Exubera(R). Consolidated Profit and Loss Account For the 52 weeks to 30 April 2005 2005 2005 2005 2004 2004 2004 Before Before exceptional Exceptional exceptional Exceptional items items Total Items items Total Restated Restated (Note 3) (Note 1) (Note 3) (Note 1) Note #000 #000 #000 #000 #000 #000 Sales of products and 77,894 - 77,894 80,754 - 80,754 services Sales of tooling and 1,492 - 1,492 2,422 - 2,422 equipment Turnover 2 79,386 - 79,386 83,176 - 83,176 Operating expenses (68,634) (6,066) (74,700) (72,216) (2,465) (74,681) Operating profit 2 10,752 (6,066) 4,686 10,960 (2,465) 8,495 Share of joint ventures and (39) - (39) (69) - (69) associates Net interest receivable 4 737 - 737 432 - 432 Profit on ordinary activities before taxation 11,450 (6,066) 5,384 11,323 (2,465) 8,858 Taxation 5 (2,656) - (2,656) (3,099) 611 (2,488) Profit for the 8,794 (6,066) 2,728 8,224 (1,854) 6,370 financial period Dividends 7 (5,115) (5,111) Retained (loss)/profit (2,387) 1,259 Earnings per share - 6 32.8p (22.6p) 10.2p 30.9p (7.0p) 23.9p basic Earnings per share - 6 32.4p (22.3p) 10.1p 30.7p (6.9p) 23.8p diluted Dividends per share 7 19.1p 19.1p All amounts relate to continuing operations. Consolidated Balance Sheet At 30 April 2005 2005 2004 Restated (Note 1) Note #000 #000 Fixed assets Tangible assets 51,289 60,479 Investments 346 543 51,635 61,022 Current assets Stocks 6,082 5,996 Debtors 8 14,616 10,615 Short-term investments 15,229 17,739 Cash at bank and in hand 5,073 2,231 41,000 36,581 Creditors: amounts falling due within one year 9 (19,086) (22,692) Net current assets 21,914 13,889 Total assets less current liabilities 73,549 74,911 Creditors: amounts falling due after more than one year 9 (399) (798) Provisions for liabilities and charges 10 (7,556) (6,130) Net assets 65,594 67,983 Capital and reserves Called up share capital 2,681 2,681 Share premium account 23,051 23,052 Profit and loss account 39,862 42,250 Shareholders' funds 65,594 67,983 Consolidated Cash Flow Statement For the 52 weeks to 30 April 2005 2005 2004 Note #000 #000 Net cash inflow from operating activities 11 14,218 13,215 Dividends received from associates - 10 Returns on investment and servicing of finance Interest received 900 578 Interest paid (157) (204) 743 374 Taxation UK corporation tax paid (2,609) (1,568) Overseas tax received/(paid) 1 (25) (2,608) (1,593) Capital expenditure and financial instruments Payments to acquire tangible fixed assets (2,590) (5,017) Receipts from sales of tangible fixed assets 4 30 (2,586) (4,987) Acquisitions and disposals Purchase of fixed asset investments - (56) Sale of fixed asset investments 66 128 66 72 Equity dividends paid (5,111) (5,086) Net cash inflow before management of liquid resources and financing 12 4,722 2,005 Management of liquid resources Decrease/(increase) in short-term investments 2,510 (1,374) Financing Payment for shares 12 766 Repayment of loans - (1,754) Net cash inflow/(outflow) from financing 12 (988) Increase/(decrease) in net cash 7,244 (357) Reconciliation of net cash flow to movement in net cash Net cash brought forward 12,320 8,820 Net cash inflow before management of liquid resources and financing 4,722 2,005 Payment for shares 12 766 Exchange movements on foreign currency net cash 361 729 Net cash carried forward 17,415 12,320 Statement of Total Recognised Gains and Losses For the 52 weeks to 30 April 2005 2005 2004 Restated (Note 1) #000 #000 Profit for the financial period 2,728 6,370 Exchange movements on foreign currency net investments (142) (315) Total recognised gains and losses for the financial period 2,586 6,055 Prior year adjustment 1 53 Total recognised gains and losses since last annual report 2,639 Reconciliation of Movements in Shareholders' Funds For the 52 weeks to 30 April 2005 2005 2004 Restated (Note 1) #000 #000 Shareholders' funds brought forward - as previously stated 68,251 67,033 Prior year adjustment 1 (268) (760) Shareholders' funds brought forward - restated 67,983 66,273 Profit for the financial period 2,728 6,370 Dividends (5,115) (5,111) Exchange movements on foreign currency net investments (142) (315) Issue of ordinary share capital - 44 Credit in respect of employee share options 128 - Proceeds from sale of own shares for employee share options 12 722 Shareholders' funds carried forward 65,594 67,983 Notes to the Accounts 1. Basis of preparation and accounting policies Based on audited accounts, the financial information set out in this announcement does not constitute the Company's statutory accounts for the 52 weeks to 30 April 2005 or the 52 weeks to 1 May 2004, but is derived from those accounts. Statutory accounts for 2004 have been delivered to the Registrar of Companies and those for 2005 will be delivered after the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under s237(2) or s237(3) Companies Act 1985. The Group has adopted UITF 17 (revised) 'Employee share schemes' and UITF 38 'Accounting for ESOP trusts'. In accordance with the change in accounting policy, investments in the Company's own shares are now shown as a deduction from shareholders' funds rather than as fixed asset investments. The effect on the results for the 52 weeks to 30 April 2005 has been to increase profits by #26,000 and earnings per share by 0.1p and reduce net assets by #101,000. The effect on the 52 weeks to 1 May 2004 has been to reduce profits by #230,000 and earnings per share by 0.8p and net assets by #268,000. The net adjustment of #53,000 disclosed in the statement of total recognised gains and losses represents the cumulative profit and loss movements on investment in own shares arising from the change in accounting policy. The restatement of investment in own shares as a deduction from the profit and loss reserve is not a recognised gain or loss. The consolidated accounts include the accounts of Bespak plc and its subsidiary undertakings for the 52 weeks to 30 April 2005 (2004: 52 weeks to 1 May 2004). The accounts are prepared under the historical cost convention and in accordance with applicable Accounting Standards in the United Kingdom. 2. Segmental information Turnover by business 2005 2004 #000 #000 Respiratory 39,681 37,240 Device & Manufacturing Services 32,836 37,727 Consumer Dispensers 5,377 5,787 Sales of products and services 77,894 80,754 Sales of tooling and equipment 1,492 2,422 79,386 83,176 Turnover by destination 2005 2004 #000 #000 United Kingdom 23,613 31,806 United States of America 27,808 26,019 Europe 20,276 18,619 Rest of the World 7,689 6,732 79,386 83,176 Turnover by origin 2005 2004 #000 #000 United Kingdom 67,882 73,017 United States of America 18,923 17,833 Total sales 86,805 90,850 Intra-group sales (7,419) (7,674) 79,386 83,176 Operating profit by origin 2005 2004 Restated (Note 1) #000 #000 United Kingdom Operating profit before exceptional operating expenses 9,219 10,526 Exceptional operating expenses - (2,037) 9,219 8,489 United States of America Operating profit before exceptional operating expenses 1,533 434 Exceptional operating expenses (6,066) (428) (4,533) 6 Group Operating profit before exceptional operating expenses 10,752 10,960 Exceptional operating expenses (6,066) (2,465) 4,686 8,495 Net operating assets by origin 2005 2004 Restated (Note 1) #000 #000 United Kingdom 55,284 57,504 United States of America 4,964 8,285 Allocated net operating assets 60,248 65,789 Unallocated net assets 5,346 2,194 Net assets 65,594 67,983 Exchange rates 2005 2004 Average rate of exchange US $: #1 Sterling 1.85 1.71 Closing rate of exchange US $ : #1 Sterling 1.91 1.77 3. Exceptional items 2005 2004 #000 #000 Exceptional operating expenses 6,066 2,465 Taxation - (611) Exceptional items after taxation 6,066 1,854 The exceptional operating expenses in the 52 weeks to 30 April 2005 comprise an impairment charge against the carrying value of the Group's fixed assets in the United States, following the decision to close the manufacturing facility in North Carolina, together with exceptional cash costs that will be incurred during the period that it remains operational. The exceptional operating expenses in the prior year comprised mainly employee severance costs. 4. Net interest receivable 2005 2004 #000 #000 Interest receivable 894 599 Interest payable (157) (167) 737 432 5. Taxation 2005 2004 #000 #000 Current taxation 2,901 2,492 Deferred taxation (245) (4) 2,656 2,488 6. Earnings per share 2005 2004 Restated (Note 1) #000 #000 Net profit after tax before exceptional items 8,794 8,224 Exceptional items after taxation (6,066) (1,854) Net profit after tax 2,728 6,370 Weighted average number of shares in issue (shares) 26,805,889 26,804,021 Shares owned by Employee Share Ownership Trusts (shares) (34,114) (156,045) Average number of shares in issue for basic earnings (shares) 26,771,775 26,647,976 Dilutive impact of share options outstanding (shares) 353,691 136,407 Diluted average number of shares in issue (shares) 27,125,466 26,784,383 Basic earnings per share before exceptional items (pence) 32.8p 30.9p Basic loss per share on exceptional items (pence) (22.6p) (7.0p) Basic earnings per share (pence) 10.2p 23.9p Diluted earnings per share before exceptional items (pence) 32.4p 30.7p Diluted loss per share on exceptional items (pence) (22.3p) (6.9p) Diluted earnings per share (pence) 10.1p 23.8p 7. Dividends 2005 2004 #000 #000 Interim dividend paid of 7.0p per share (2004: 7.0p) 1,874 1,874 Final dividend proposed of 12.1p per share (2004: 12.1p per share) 3,241 3,237 5,115 5,111 8. Debtors 2005 2004 #000 #000 Debtors falling due within one year 13,750 9,851 Debtors falling due after more than one year 866 764 14,616 10,615 9. Creditors 2005 2004 #000 #000 Amounts falling due within one year Bank overdrafts & loans - unsecured 2,887 7,650 Proposed dividend 3,241 3,237 Corporate taxation 1,618 1,316 Other creditors 11,340 10,489 19,086 22,692 Amounts falling due after more than one year Other creditors 399 798 399 798 10. Provisions for liabilities and charges 2005 2004 #000 #000 Deferred taxation 5,478 5,723 Plant closure 1,845 - Post retirement benefits 233 407 7,556 6,130 11. Cash flow from operating activities 2005 2004 Restated (Note 1) #000 #000 Operating profit 4,686 8,495 Depreciation 7,637 7,608 Impairment charge (note 3) 3,784 - Provision against/(profit on sale of) fixed asset investment 102 (80) Loss on sale of tangible fixed assets 97 65 Charge in respect of own shares 128 - Increase in stocks (171) (2,580) (Increase)/decrease in debtors (4,169) 1,528 Increase/(decrease) in creditors 330 (1,719) Increase/(decrease) in provisions 1,794 (102) Net cash inflow from operating activities 14,218 13,215 Operating cash flow in the 52 weeks to 30 April 2005 includes an outflow of #235,000 relating to exceptional operating expenses in the 52 weeks to 30 April 2005. Operating cash flow in the 52 weeks to 1 May 2004 includes an outflow of #2,419,000 relating to exceptional operating expenses in the 52 weeks to 1 May 2004 and an outflow of #1,196,000 relating to exceptional operating expenses in the 52 weeks to 3 May 2003. 12. Reconciliation of net cash flow to movement in net cash 2 May Cash Exchange 30 April 2004 flow Movements 2005 #000 #000 #000 #000 Cash at bank and in hand 2,231 2,866 (24) 5,073 Overdrafts and short-term loans (7,650) 4,378 385 (2,887) Net (overdrafts and short-term loans)/cash (5,419) 7,244 361 2,186 Short-term investments 17,739 (2,510) - 15,229 Net cash 12,320 4,734 361 17,415 Financing items included in cash flow movements Payment for shares (12) Net cash inflow before management of liquid resources and financing 4,722 This information is provided by RNS The company news service from the London Stock Exchange END FR SFEEFESISEEW
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