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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 |
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RNS Number:5195H
Bespak PLC
19 January 2005
For Immediate Release 19 January 2005
Bespak plc
Interim results for the 26 weeks to 30 October 2004
Bespak (LSE: BPK), a leader in specialty medical devices, today announces its
interim results for the 26 weeks to 30 October 2004 (2003: 26 weeks to 1
November 2003).
KEY POINTS
* Profit before tax and exceptional items increased 16% to #5.7m (2003:#4.9m
restated) despite a 4% decline in turnover to #38.9m (2003: #40.4m)
* Earnings per share before exceptional items increased 20% to 15.6p (2003:
13.0p restated)
* Exceptional cost of #3.9m (2003: #2.0m) - impairment incurred as a result
of the decision to close the Group's US manufacturing facility
* Closure of US manufacturing facility expected to improve on-going operating
profit by approximately #0.7m annually after further estimated exceptional
cash costs of #2m
* After exceptional items, profit before tax declined to #1.8m (2003:#2.9m
restated) and earnings per share declined to 1.1p (2003: 7.3p restated)
* Interim dividend of 7.0p per share maintained (2003: 7.0p)
* Balance sheet remains strong - net cash of #15.0m (2003: #8.4m)
* Pfizer recently announced it is in the final stages of preparing an NDA for
Exubera(R), for which Bespak manufactures the inhalation device.
Mark Throdahl, Bespak's Chief Executive, commented:
"The Group has performed very well in the first half. Closing the Cary facility
removes an under-performing part of the business, and news about the Exubera(R)
filing is encouraging. We are now turning our attention to acquiring specialty
medical businesses that play to our strengths and enable us to generate more
consistent sales growth."
For further information please call:
Bespak plc
Mark Throdahl - Chief Executive On 19.01.05: +44 (0) 20 7466 5000
Martin Hopcroft - Group Finance Director Thereafter: +44 (0) 20 1908 552 600
Buchanan Communications +44 (0) 20 7466 5000
Tim Thompson / Mark Court / Mary-Jane Johnson
Bespak plc
Interim results for the 26 weeks to 30 October 2004
Business Review
In the 26 weeks to 30 October 2004, Bespak generated 16% growth in profit before
tax and exceptional items compared to the corresponding period last year. HFA
valve sales grew substantially, and the Company benefited from tightly
controlled expenditure. In November, the Group announced it is to close its
manufacturing facility in Cary, North Carolina, USA, which is expected to
improve on-going operating profit by approximately #0.7m annually. In late
November, Pfizer announced that it is in the final stages of preparing an NDA on
Exubera(R) inhaled insulin, for which Bespak manufactures the inhalation device.
Sales of products and services decreased 4% to #38.3m (2003: #39.9m), reflecting
the normalisation of volumes in Device & Manufacturing Services and, including
sales of tooling and equipment, turnover decreased 4% to #38.9m (2003: #40.4m).
Group operating profit before exceptional items increased 12% to #5.4m (2003:
#4.8m restated). Expenses were tightly controlled in the first half, and the
Group's operating margin before exceptional items increased to 14% (2003: 12%
restated). With increased interest rates on higher cash balances, profit before
tax and exceptional items increased 16% to #5.7m (2003: #4.9m restated).
Earnings per share before exceptional items increased 20% to 15.6p (2003: 13.0p
restated).
An exceptional cost of #3.9m (2003: #2.0m) was incurred in the first half as a
result of the impairment of fixed assets following the decision to close Cary.
We estimate that a further #2m of exceptional cash costs will be incurred during
the period that Cary remains operational.
After exceptional items, profit before tax declined to #1.8m (2003: #2.9m
restated) and earnings per share declined to 1.1p (2003: 7.3p restated).
The Board is maintaining an interim dividend of 7.0p per share, which is payable
on 18 February 2005 to those shareholders on the register on 28 January 2005.
The Group's net cash position on 30 October 2004 was #15.0m (2003: #8.4m),
reflecting lower capital spending after last year's completion of an investment
programme that refurbished much of our manufacturing base.
Operational Review
Respiratory Drug Delivery
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 10% to #19.4m (2003: #17.7m). We experienced strong
HFA growth to customers in Europe and Asia.
Bespak's valves for use with environmentally friendly HFA propellants continue
to replace CFC-based formulations in Europe. The FDA has announced that by
mid-2005 it will rule on the timing of the CFC marketing phase-out in the US.
The impact on our US sales will depend on the rate of market share growth of
recently filed and approved HFA formulations using our valve technology.
Bespak's valves are actively under consideration by a number of current and
prospective customers, and we believe we have won valve programmes for
two-thirds of the HFA formulations approved around the world. In the past few
months, two new HFA formulations containing Bespak valves advanced toward market
launch. In November, Boehringer-Ingelheim announced FDA approval of Atrovent HFA
and Ivax announced they have received an approvable letter on Albuterol HFA.
Bespak's HFA sales were 43% of total valve sales (2003: 37%) in the period.
This summer, the Group established a liaison office in India. Respiratory sales
have grown substantially in that region, and Bespak India will allow us to offer
our customers superior commercial and technical support.
We have decided to develop the capability to industrialise and manufacture
rubber seals for our HFA valves. In the past, Bespak has been dependent on
outside suppliers of elastomers, despite the fact that these components
contribute significantly to product performance and competitive advantage. Over
the past several years, we have invested in the development of proprietary
elastomers, whose supply and intellectual property can best be protected if we
manufacture these products ourselves. Based at King's Lynn, this vertical
integration programme will take some years to become fully operational. Expenses
will average #0.5m in each of the next three years, following which the
programme will generate on-going cost savings as well as strategic benefits.
Device & Manufacturing Services
The DMS business provides a comprehensive range of device-related services to
pharmaceutical and drug delivery companies. Sales decreased 17% to #16.2m
(2003: #19.4m), reflecting the normalisation of volumes of a major
contract-manufactured product from last year's extraordinary levels and lower
sales of US-manufactured products, partially offset by sales growth of Innovata
Biomed's Clickhaler(TM), under license to several pharmaceutical companies in
Europe and Japan.
In conjunction with Nektar Therapeutics Inc., Bespak is developing the
manufacturing process for the device that will deliver the world's first inhaled
insulin, Exubera(R). Nektar is developing the inhalation device and formulation
process for Exubera(R) in collaboration with Pfizer, Inc., which is also
collaborating with Sanofi-Aventis. The European regulatory filing for Exubera(R)
was made in February 2004, and during an analyst briefing in late November,
Pfizer said that it was in the final stages of preparing the US filing. Pfizer
indicated that clinical studies show that Exubera(R) is at least equivalent to
injected insulin but is strongly preferred by patients. Pfizer said, "When
approved by regulators, Exubera(R) will be the most important advance in insulin
administration since injections were introduced 80 years ago."
Bespak is preparing to manufacture registration lots of Intraject(TM) for
Aradigm Corporation, a drug delivery company in Hayward, California.
Intraject(TM) is the needle-free injector system acquired by Aradigm from Weston
Medical in 2003. Having successfully completed final configuration and clinical
verification, this product is now positioned for full-scale trials.
Consumer Dispensers
This business manufactures pumps for consumer household products, toiletries and
fragrances. Sales were flat at #2.8m (2003: #2.8m), and development continues
on new products. We have strengthened the management team associated with this
business, recruiting a new general manager and adding commercial and technical
resources.
Cary Closure
Since the decision to close the Group's Cary facility was announced in November,
we have been working with customers to ensure the orderly transfer of certain
production over the next six months to our facilities in King's Lynn and Milton
Keynes.
Bespak's sales to the US were #26m last year, of which #10m represented drug
delivery products produced in Cary. The other #16m were contributed by sales of
respiratory products supplied from the UK and sold by the Group's US commercial
function, which will be unaffected by the closure. Bespak will maintain a
commercial presence in the US and aims to strengthen its position through
acquisitions in attractive segments of the US market.
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 believe
that the Group can secure a very strong position in MDI valves through its
research and development programmes, and we aim to develop several new valve
platforms by 2006 as well as to grow the business internationally. We plan to
capitalise on past successes in Device & Manufacturing Services by adding new
programmes each year. Consumer Dispensers can be a valuable source of growth not
tied to lengthy regulatory approvals.
Our objective is to build a strong and consistent sales and earnings track
record by complementing organic growth with selective acquisitions that either
infill current businesses or take the Group into new, but related, product
areas. The acquisition of businesses which manufacture specialty devices and
other products specified by clinicians will reduce Bespak's current reliance on
components sold to pharmaceutical companies, which often entail long development
programmes. Bespak anticipates that any acquisitions will initially be financed
from the Group's cash resources.
Outlook
The Respiratory business will benefit from continuing growth in HFA valves, but
the timing and impact of the CFC phase-out in the US remains uncertain. The DMS
business's fortunes will be most heavily influenced by the approval of Exubera
(R) although DMS will benefit from the growth of dry powder inhalers and
needle-free injectors. The closure of Cary is expected to improve operating
profit by approximately #0.7m annually.
In the second half, we will face the elimination of service income associated
with the completion of the Exubera(R) programme and incur exceptional cash costs
of approximately #2m associated with the closure of Cary.
The elastomer vertical integration programme will incur short-term costs with
benefits accruing after several years, providing greater security of supply to
our customer base.
Like all companies with defined benefit pension schemes, Bespak faces the need
to address its pension deficit, which was #12.7m under FRS 17 as at 1 May 2004.
While it will have no impact in the second half, we are facing a stepped
increase, estimated to be #0.8m, in annual pension costs.
We have exciting products in a number of areas and many initiatives underway.
The Board has good reason to be optimistic about the Group's growth prospects.
Mark C Throdahl
Chief Executive
19 January 2005
Consolidated Profit and Loss Account
Unaudited Unaudited Unaudited Unaudited Audited
26 weeks to 26 weeks to 26 weeks to 26 weeks to 52 weeks to
30 October 30 October 30 October 1 November 1 May
2004 2004 2004 2003 2004
Before Exceptional Total Total Total
exceptional items Restated Restated
items (Note 1) (Note 1)
Note #000 #000 #000 #000 #000
Sales of products and 38,344 - 38,344 39,931 80,754
services
Sales of tooling and 595 - 595 428 2,422
equipment
Turnover 2 38,939 - 38,939 40,359 83,176
Operating expenses 3 (33,570) (3,867) (37,437) (37,587) (74,681)
Group operating profit 2 5,369 (3,867) 1,502 2,772 8,495
Share of joint ventures and (22) - (22) (69) (69)
associates
Total operating profit 5,347 (3,867) 1,480 2,703 8,426
Net interest receivable 4 362 - 362 191 432
Profit on ordinary 5,709 (3,867) 1,842 2,894 8,858
activities before taxation
Taxation 5 (1,536) - (1,536) (952) (2,488)
Profit for the financial 4,173 (3,867) 306 1,942 6,370
period
Dividends 7 (1,875) (1,866) (5,111)
Retained (loss)/profit (1,569) 76 1,259
Basic earnings per share before exceptional 15.6p 13.0p 30.9p
items
Basic loss per share on exceptional items (14.5p) (5.7p) (6.9p)
Basic earnings per share (Note 6) 1.1p 7.3p 24.0p
Diluted earnings per share before exceptional 15.4p 13.0p 30.7p
items
Diluted loss per share on exceptional items (14.3p) (5.7p) (6.9p)
Diluted earnings per share (Note 6) 1.1p 7.3p 23.8p
Dividends per share (Note 7) 7.0p 7.0p 19.1p
Operating expenses include #2,029,000 for exceptional operating expenses in the
26 weeks to 1 November 2003 and #2,465,000 for exceptional operating expenses in
the 52 weeks to 1 May 2004.
All amounts relate to continuing operations.
Consolidated Balance Sheet
Unaudited Unaudited Audited
30 October 1 November 1 May
2004 2003 2004
Restated Restated
(Note 1) (Note 1)
Note #000 #000 #000
Fixed assets
Tangible assets 53,359 63,219 60,479
Investments 522 562 543
53,881 63,781 61,022
Current assets
Stocks 4,982 4,684 5,996
Debtors 8 11,962 11,821 10,615
Short-term investments 19,246 16,743 17,739
Cash at bank and in hand 1,868 928 2,231
38,058 34,176 36,581
Creditors: Amounts falling due within one year 9 (18,659) (24,627) (22,692)
Net current assets 19,399 9,549 13,889
Total assets less current liabilities 73,280 73,330 74,911
Creditors: Amounts falling due after more than one year 9 (798) (795) (798)
Provisions for liabilities and charges 10 (5,969) (6,061) (6,130)
Net assets 66,513 66,474 67,983
Capital and reserves
Called up share capital 2,681 2,681 2,681
Share premium account 23,051 23,054 23,052
Profit and loss account 40,781 40,739 42,250
Equity shareholders' funds 66,513 66,474 67,983
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
Note #000 #000 #000
Net cash inflow from operating activities 11 7,505 5,668 13,215
Dividends received from associates - - 10
Returns on investment and servicing of finance
Interest received 422 318 578
Interest paid (59) (144) (204)
363 174 374
Taxation
UK corporation tax (1,133) (322) (1,568)
Overseas tax 13 (26) (25)
(1,120) (348) (1,593)
Capital expenditure and financial instruments
Payments to acquire tangible fixed assets (1,016) (3,430) (5,017)
Receipts from sales of tangible fixed assets - 33 30
(1,016) (3,397) (4,987)
Acquisitions and disposals
Purchase of fixed asset investments (8) (39) (56)
Sale of fixed asset investments - - 128
(8) (39) 72
Equity dividends paid (3,237) (3,214) (5,086)
Net cash inflow/(outflow) before management of liquid 2,487 (1,156) 2,005
resources and financing
Management of liquid resources
Increase in short-term investments (1,507) (378) (1,374)
Financing
Payment for shares 10 289 766
Net decrease in loans - (1,840) (1,754)
Net cash inflow/(outflow) from financing 10 (1,551) (988)
Increase/(decrease) in net cash 990 (3,085) (357)
Reconciliation of net cash flow to movement in net funds
Net funds brought forward 12,320 8,820 8,820
Net cash inflow/(outflow) before management of liquid 2,487 (1,156) 2,005
resources and financing
Payment for shares 10 289 766
Exchange movements on foreign currency net cash 213 439 729
Net funds carried forward 15,030 8,392 12,320
Statement of Total Recognised Gains and Losses
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
Restated Restated
(Note 1) (Note 1)
Note #000 #000 #000
Profit for the financial period 306 1,942 6,370
Exchange movements on foreign currency net investments (39) (164) (315)
Total recognised gains and losses for the period 267 1,778 6,055
Prior year adjustment 1 53
Total recognised gains and losses since last annual report 320
Reconciliation of Movements in Equity Shareholders' Funds
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
Restated Restated
(Note 1) (Note 1)
Note #000 #000 #000
Equity shareholders' funds brought forward - as previously 68,251 67,033 67,033
stated
Prior year adjustment 1 (268) (760) (760)
Equity shareholders' funds brought forward 67,983 66,273 66,273
Profit for the financial period 306 1,942 6,370
Dividends 7 (1,875) (1,866) (5,111)
Exchange movements on foreign currency net investments (39) (164) (315)
Issue of ordinary share capital - 46 44
Credit in respect of employee share schemes 128 - -
Proceeds from sale of own shares for employee share options 10 243 722
Equity shareholders' funds carried forward 66,513 66,474 67,983
Notes to the Accounts
1. Basis of preparation and accounting policies
The unaudited results for the 26 weeks to 30 October 2004 have been
prepared in accordance with UK Generally Accepted Accounting Principles.
The accounting policies applied are those set out in the Group's Annual
Report and Accounts for the 52 weeks to 1 May 2004 except that, during the
period, the Company 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
26 weeks to 30 October 2004 has been to increase profits by #25,000 and
earnings per share by 0.1p and to decrease net assets by #104,000. The
effect on the 26 weeks to 1 November 2003 has been to reduce profits by
#197,000 and earnings per share by 0.7p and net assets by #714,000. 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 charge for taxation on the profits for the 26 weeks to 30 October 2004
has been calculated by reference to the estimated effective tax rate for
the 52 weeks to 30 April 2005.
The consolidated profit and loss account and consolidated cash flow
statement for the 52 weeks to, and the balance sheet at, 1 May 2004 are an
abridged statement of the full Group Accounts for that period which have
been delivered to the Registrar of Companies. The report of the Auditors
on the Accounts for the 52 weeks to 1 May 2004 was unqualified and did not
contain a statement under either section 237(2) or section 237(3) of the
Companies Act 1985.
2. Segmental information
26 weeks to 26 weeks to 52 weeks to
Turnover by business 30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Respiratory 19,367 17,651 37,240
Device & Manufacturing Services 16,201 19,449 37,727
Consumer Dispensers 2,776 2,831 5,787
Sales of products and services 38,344 39,931 80,754
Sales of tooling and equipment 595 428 2,422
38,939 40,359 83,176
26 weeks to 26 weeks to 52 weeks to
Turnover by destination 30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
United Kingdom 12,776 16,748 31,806
United States of America 12,666 12,025 26,019
Europe 9,722 8,581 18,619
Rest of the World 3,775 3,005 6,732
38,939 40,359 83,176
26 weeks to 26 weeks to 52 weeks to
Turnover by origin 30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
United Kingdom 33,635 35,334 73,017
United States of America 8,835 7,987 17,833
Total sales 42,470 43,321 90,850
Intra-group sales (3,531) (2,962) (7,674)
38,939 40,359 83,176
Notes to the Accounts
2. Segmental information (continued)
26 weeks to 26 weeks to 52 weeks to
Group operating profit by origin 30 October 1 November 1 May
2004 2003 2004
Restated Restated
(Note 1) (Note 1)
#000 #000 #000
United Kingdom
Group operating profit before exceptional operating expenses 5,225 5,292 10,526
Exceptional operating expenses - (1,749) (2,037)
5,225 3,543 8,489
United States of America
Group operating loss before exceptional operating expenses 144 (491) 434
Exceptional operating expenses (3,867) (280) (428)
(3,723) (771) 6
Group
Group operating profit before exceptional operating expenses 5,369 4,801 10,960
Exceptional operating expenses (3,867) (2,029) (2,465)
1,502 2,772 8,495
30 October 1 November 1 May
Net operating assets by origin 2004 2003 2004
Restated Restated
(Note 1) (Note 1)
#000 #000 #000
United Kingdom 56,298 55,935 57,504
United States of America 4,323 10,677 8,285
Allocated net operating assets 60,621 66,612 65,789
Unallocated net assets/(liabilities) 5,892 (138) 2,194
66,513 66,474 67,983
Average rate of exchange US $: #1 Sterling 1.81 1.63 1.71
Closing rate of exchange US $ : #1 Sterling 1.83 1.69 1.77
3. Exceptional items
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Exceptional operating expenses before taxation (3,867) (2,029) (2,465)
Taxation - 525 611
Exceptional items after taxation (3,867) (1,504) (1,854)
The exceptional operating expenses in the 26 weeks to 30 October 2004 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, and it is estimated that further exceptional cash costs will be
incurred during the period that it remains operational, as detailed in the
Business Review. The exceptional operating expenses in the prior year comprise
employee severance costs, curtailment of nasal formulation activities, and costs
incurred with the profit forecast and bid approaches.
Notes to the Accounts
4. Net interest receivable
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Interest receivable 445 284 599
Interest payable (83) (94) (167)
Share of associates - 1 -
362 191 432
5. Taxation
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Current taxation 1,633 1,112 2,492
Deferred taxation (97) (140) (4)
Share of associates - (20) -
1,536 952 2,488
6. Earnings per share
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
Restated Restated
(Note 1) (Note 1)
#000 #000 #000
Profit for the financial period before exceptional items 4,173 3,446 8,224
Exceptional items after taxation (3,867) (1,504) (1,854)
Profit for the financial period 306 1,942 6,370
Weighted average number of shares in issue (shares) 26,805,889 26,802,153 26,804,021
Shares owned by Employee Share Ownership Trusts (shares) (42,664) (238,936) (156,045)
Average number of shares in issue for basic earnings (shares) 26,763,225 26,563,217 26,647,976
Dilutive impact of share options outstanding (shares) 255,674 95 136,407
Diluted average number of shares in issue (shares) 27,018,899 26,563,312 26,784,383
Basic earnings per share before exceptional items 15.6p 13.0p 30.9p
Basic loss per share on exceptional items (14.5p) (5.7p) (6.9p)
Basic earnings per share 1.1p 7.3p 24.0p
Diluted earnings per share before exceptional items 15.4p 13.0p 30.7p
Diluted loss per share on exceptional items (14.3p) (5.7p) (6.9p)
Diluted earnings per share 1.1p 7.3p 23.8p
Notes to the Accounts
7. Dividends
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Interim dividend 1,875 1,866 1,874
Final dividend - - 3,237
1,875 1,866 5,111
The interim dividend of 7.0p (2003: 7.0p) will be paid on 18 February 2005 to
shareholders on the register on 28 January 2005.
8. Debtors
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Debtors falling due within one year 10,979 11,259 9,851
Debtors falling due after more than one year 983 562 764
11,962 11,821 10,615
9. Creditors
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Amounts falling due within one year
Bank overdrafts & loans - unsecured 6,084 9,279 7,650
Proposed dividend 1,875 1,864 3,237
Corporate taxation 1,816 1,181 1,316
Other creditors 8,884 12,303 10,489
18,659 24,627 22,692
Amounts falling due after more than one year
Other creditors 798 795 798
798 795 798
10. Provisions for liabilities and charges
30 October 1 November 1 May
2004 2003 2004
#000 #000 #000
Deferred taxation 5,626 5,587 5,723
Post retirement benefits 343 474 407
5,969 6,061 6,130
Notes to the Accounts
11. Cash flow from operating activities
26 weeks to 26 weeks to 52 weeks to
30 October 1 November 1 May
2004 2003 2004
Restated Restated
(Note 1) (Note 1)
#000 #000 #000
Group operating profit 1,502 2,772 8,495
Depreciation 3,961 3,743 7,608
Impairment charge (Note 3) 3,867 - -
Loss/(profit) on sale of tangible fixed assets 72 (11) 65
Profit on sale of fixed asset investments - (83) (80)
Charge in respect of share options issued 128 - -
Decrease/(increase) in stocks 978 (1,216) (2,580)
(Increase)/decrease in debtors (1,473) 650 1,528
Decrease in creditors (1,475) (140) (1,719)
Decrease in provisions (55) (47) (102)
Net cash inflow from operating activities 7,505 5,668 13,215
Operating cash flow includes an outflow in the 26 weeks to 1 November 2003 of
#2,970,000 and an outflow in the 52 weeks to 1 May 2004 of #3,615,000 relating
to exceptional operating expenses.
12. Reconciliation of net cash flow to movement in net funds
2 May Cash Exchange 30 October
2004 flow Movements 2004
#000 #000 #000 #000
Cash at bank and in hand 2,231 (359) (4) 1,868
Overdrafts and short-term loans (7,650) 1,349 217 (6,084)
Net overdrafts and short-term loans (5,419) 990 213 (4,216)
Short-term investments 17,739 1,507 - 19,246
Net funds 12,320 2,497 213 15,030
Financing items included in cash flow movements
Payment for shares (10)
Net cash inflow before management of liquid resources 2,487
and financing
This information is provided by RNS
The company news service from the London Stock Exchange
END
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