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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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Bespak PLC
18 January 2006
For immediate release 18 January 2006
Bespak plc
Interim results for the 26 weeks to 29 October 2005
Bespak (LSE: BPK), a leader in specialty medical devices, today announces its
interim results for the 26 weeks to 29 October 2005.
Highlights
* Revenue increased 6% to #41.2m (2004: #38.9m). Respiratory sales grew by
10%.
* Profit before tax and exceptional items increased 3% to #5.8m (2004:
#5.7m). After exceptional items associated with closure of the US
manufacturing facility in North Carolina, profit before tax increased to
#6.8m (2004: #1.8m).
* Earnings per share before exceptional items increased 7% to 16.5p (2004:
15.4p). After exceptional items, earnings per share increased to 20.0p
(2004: 0.9p).
* Interim dividend of 7.0p per share to be maintained (2004: 7.0p).
* Following the recommendations from clinical advisory panels in the US
and in Europe, Bespak awaits the approval of Exubera(R).
* Delivery of key corporate objective in acquisition of King Systems
Corporation, a leading US supplier of disposable airway management products,
for US$95m.
* Dr. Peter Fellner appointed a non-executive director.
Mark Throdahl, Bespak's Chief Executive, commented:
"Bespak performed in line with expectations during the first half. Respiratory
showed strong growth and we await the approval of Exubera(R). Our recent
acquisition of King Systems moves Bespak into related markets for airway
management products which will help generate more consistent future sales and
earnings performance."
For further information, please contact:
Bespak plc Tel: +44 (0) 1908 525240
Mark Throdahl - Chief Executive
Martin Hopcroft - Finance Director
Buchanan Communications Tel: +44 (0) 20 7466 5000
Tim Thompson / Mark Court / Mary-Jane Johnson
About Bespak plc
Bespak, a leader in specialty medical devices, develops delivery systems for the
pharmaceutical industry and disposable airway management products for critical
care settings. Bespak's product range includes metered dose and dry powder
inhalers, actuators, inflation valves, disposable face masks, breathing circuits
and laryngeal tubes. The group, which has facilities in King's Lynn and Milton
Keynes in the UK and Indianapolis and Kent, Ohio, in the US, is quoted on the
Official List of the London Stock Exchange (LSE: BPK). For more information,
please visit www.bespak.com.
Nothing in this announcement should be construed as a profit forecast or be
interpreted to mean that the future earnings per share or profits of Bespak will
necessarily be greater than the historic published earnings per share.
Bespak plc
Interim results for the 26 weeks to 29 October 2005
Overview
In the 26 weeks to 29 October 2005, Bespak increased sales of products and
services by 6%, generated 3% growth in profit before tax and exceptionals, and
increased earnings per share before exceptionals by 7% compared with the
corresponding period last year. The Group benefited from continued growth in HFA
valve sales as well as the replenishment of the CFC valve supply chain in the US
following the FDA's ruling on the phase-out of CFC aerosol formulations. Also,
the Group benefited from the inventory building by US customers in advance of
closure of our manufacturing facility in Cary, North Carolina.
Sales of products and services increased by 6% to #40.5m (2004: #38.3m) and,
including sales of tooling and equipment, revenue increased by 6% to #41.2m
(2004: #38.9m). Operating profit before exceptionals increased by 3% to #5.7m
(2003: #5.5m). Profit before tax and exceptionals increased by 3% to #5.8m
(2004: #5.7m). Earnings per share before exceptionals increased by 7% to 16.5p
(2004: 15.4p).
As a result of our ability to sell the building and certain plant and equipment
at prices higher than anticipated, together with reduced closure costs, an
exceptional gain of #0.9m was booked in our US manufacturing operation in Cary,
North Carolina. Consequently, profit before tax increased to #6.8m (2004:
#1.8m), whilst earnings per share increased to 20.0p (2004: 0.9p).
The Board is maintaining an interim dividend of 7.0p per share, which is payable
on 27 February 2006 to those shareholders on the register on 27 January 2006.
The Group's net cash as at 29 October 2005 increased to #18.8m (2004: #15.0m),
reflecting lower-than-planned capital expenditure and disposal of certain US
assets.
Operational Review
Bespak's operations are managed as four divisions: Respiratory, Device and
Manufacturing Services, Consumer Dispensers and the recently acquired King
Systems Corporation. An update on each is given in turn.
Respiratory
The Respiratory business designs, manufactures and sells metered dose inhaler
(MDI) valves, actuators and accessories to deliver respiratory drugs to the lung
and nasal mucosa. Sales grew by 10% to #21.3m (2004: #19.4m).
As a result of the Montreal Protocol ozone depletion agreement, the
chlorofluorocarbon (CFC) propellant gas used in aerosol asthma formulations is
being converted to hydrofluoroalkane (HFA). Over the past 8 years, HFA valves
have grown from 10% to 35% of the aerosol asthma market, and the transition to
these new formulations has enabled Bespak to become the MDI market leader by
value. Bespak has the widest array of HFA valve designs in the industry.
While Europe is largely converted to HFA systems, the US is not. In March 2005,
the FDA announced that aerosol albuterol formulations containing CFC cannot be
sold after 31 December 2008. Bespak enjoys strong positions in both CFC and HFA
valves.
Bespak's valves are under active consideration by a number of current and
prospective customers, and we have been particularly encouraged by market
reception to our new EasifillTM valve, which was launched for sampling in the
period, requires no priming and provides greater dosing accuracy and reduced
waste. We believe that we have won valve programmes for more than two-thirds of
the HFA formulations approved around the world. Bespak's HFA sales were 60% of
its total valve sales (2004: 43%) in the period.
Last year, we announced our intention to develop the capability to industrialise
and manufacture rubber seals for our HFA valves. This specialised capability
will complement the Group's investments in developing 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 has made outstanding progress, and we are now manufacturing bulk
elastomers for finishing by our suppliers.
In December, Bespak was given the 2005 Frost & Sullivan Award for Technological
Innovation. This award is given to a company that has demonstrated technological
superiority in its industry. It recognises Bespak's continuous innovations in
MDI valves, complemented by its range of manufacturing services to
pharmaceutical and healthcare companies.
Device & Manufacturing Services (DMS)
The DMS business provides a comprehensive range of device-related services to
pharmaceutical and drug delivery companies. Sales increased by 2% to #16.5m
(2004: #16.2m), including the inventory build by US customers in anticipation of
the Cary plant's closing. DMS also benefited from growing sales of Innovata's
ClickHaler(R), under license to UCB, Merck Generics in Europe and Otsuka in
Japan. The Group is also developing the manufacturing process for Duohaler(R),
which is Innovata's next generation device for combination therapies.
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 to develop the
inhalation device and formulation process for Exubera(R). Bespak is increasingly
confident in the prospects for growth from Exubera(R) and awaits regulatory
approval on both sides of the Atlantic.
The European regulatory filing for Exubera(R) was made in February 2004, and in
October 2005 the Committee for Medicinal Products (CHMP) of the EMEA recommended
its approval. European Union member states have 90 days to comment. The US
regulatory filing for Exubera(R) was made in March 2005, and in September the
FDA's clinical advisory panel recommended approval of this filing. Pfizer has
indicated that clinical studies show that Exubera(R) is at least equivalent to
injected insulin but is strongly preferred by patients and has stated that "when
approved by regulators, Exubera(R) will be the most important advance in insulin
administration since injections were introduced 80 years ago".
The DMS business continues to bid on a number of new development programmes.
Consumer Dispensers
This business manufactures pumps for consumer household products, toiletries and
fragrances. Sales declined by 3% to #2.7m (2004: #2.8m). However, this autumn
the division launched a new generation fine mist spray pump which shows
considerable promise, as well as recruiting additional commercial personnel to
strengthen our customer-facing presence on continental Europe.
King Systems Corporation
On 22 December, Bespak acquired King Systems Corporation, a leading US
manufacturer of disposable airway management products, for an aggregate
consideration of US$85m (less net debt to be assumed by Bespak), assuming that
King's earnings before interest, taxes and depreciation are US$9.3m for the year
ended 31 December 2005. A further US$10m in cash will be paid approximately one
year from now assuming King's EBITDA grows to US$11m for the year ended 31
December 2006.
King manufactures disposable anaesthesia masks, breathing circuits, and
laryngeal tubes. It is a stable business with consistent growth in recent years
and strong growth in 2005. King strengthens Bespak's footprint in the large US
market and is a complementary business with many manufacturing similarities to
the Respiratory and DMS businesses. King's experienced management team, which
built the business, is incentivised and committed to stay. King is a platform
for future acquisitions in a large and fragmented anaesthesiology and
respiratory care disposables markets here and in the US. We will manage King as
a stand-alone division of Bespak.
Cary Closure
In September, the Group closed its manufacturing facility in Cary, North
Carolina. Over the preceding year, we have worked with customers on the orderly
transfer of certain production to our facilities in King's Lynn and Milton
Keynes. These transfers were accomplished on time and under budget. In December,
the Group completed the sale of the Cary site for US$5.3m and as a result
incurred an exceptional gain of US$0.8 million (which is included in the
exceptional income) on the provision made one year ago.
Directors
After completing two complete terms, Sir John Chisholm retired as a
non-executive director at the AGM. The Board would like to thank him for his
valuable contribution.
In November, we appointed Dr Peter Fellner to the Board. Dr. Fellner is Chairman
of Vernalis plc and Astex Therapeutics Ltd. He is a Non-Executive Director of
UCB SA, Qinetiq Group plc, Evotec AG and Isis Innovation Ltd. From 1990 to 2003
he was Chief Executive of Celltech Group plc, following which he was Chairman
until 2004, when the business was acquired by UCB.
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 continue to grow market share in MDI valves through its
research and development programmes, and we aim to develop several new valve
platforms by 2006 and grow the business internationally. We plan to build on
past successes in Device & Manufacturing Services by adding new programmes each
year.
Our overall 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 King Systems in December is an attractive
first step in our strategy to diversify into medical devices sold to hospital
customers, broadens the Group's business beyond pharmaceutical development
programmes, and adds substantially to its scale.
International financial reporting standards
The interim results for the 26 weeks to 29 October 2005 are the first to be
prepared under International Financial Reporting Standards. Full details of the
changes in accounting policies were published on 13 January 2006 and are
available on the Group's website (www.bespak.com).
Outlook
The Board is optimistic about the Group's growth prospects, particularly because
of the improved business mix accomplished by the acquisition of King Systems.
Three key issues will impact future performance. Firstly, US customers are
continuing to develop their marketing plans for the replacement of CFC with HFA
in albuterol formulations, and we will continue to benefit from the continued
growth in HFA valves. Secondly, Bespak awaits the approval of Exubera(R) in
Europe and the USA. Thirdly, we anticipate continued growth from the acquisition
of King Systems.
In the second half, as previously indicated, we anticipate additional
expenditure to strengthen the business, cost increases in energy and raw
materials, and the reversal of inventory building by customers of previously
US-manufactured products transferred to the UK. Nevertheless, we anticipate some
improvements to offset these cost pressures.
We have demonstrated our ability to implement growth initiatives and deliver on
our strategic objective to acquire a medical device business that sells to
non-pharmaceutical customers. The Board has good reason to be positive about the
Group's growth prospects.
Mark C. Throdahl
Chief Executive
17 January 2006
Consolidated Income Statement (unaudited)
For the 26 weeks to 29 October 2005
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
Note #000 #000 #000
--------- --------- ---------
Sales of products and services 40,498 38,344 77,894
Sales of tooling and equipment 724 595 1,492
--------- --------- ---------
Revenue 2 41,222 38,939 79,386
Operating expenses (35,527) (33,414) (68,831)
Exceptional operating
income/(expenses) 3 938 (3,867) (6,066)
--------- --------- ---------
Operating profit 6,633 1,658 4,489
--------- --------- ---------
Operating profit before
exceptionals 5,695 5,525 10,555
Exceptional operating
income/(expenses) 938 (3,867) (6,066)
--------- --------- ---------
Operating profit 6,633 1,658 4,489
--------- --------- ---------
Net finance income 4 138 156 344
Share of joint ventures and
associates (7) (22) (17)
--------- --------- ---------
Profit before tax 6,764 1,792 4,816
Taxation 5 (1,410) (1,540) (2,498)
--------- --------- ---------
Profit for the financial period 5,354 252 2,318
--------- --------- ---------
Basic earnings per share before
exceptionals 6 16.5p 15.4p 31.3p
Basic earnings/(loss) per share
on exceptionals 6 3.5p (14.5p) (22.6p)
--------- --------- ---------
Basic earnings per share 6 20.0p 0.9p 8.7p
--------- --------- ---------
Diluted earnings per share
before exceptionals 6 16.3p 15.2p 30.9p
Diluted earnings/(loss) per share
on exceptionals 6 3.4p (14.3p) (22.4p)
--------- --------- ---------
Diluted earnings per share 6 19.7p 0.9p 8.5p
--------- --------- ---------
All amounts relate to continuing operations.
Consolidated Balance Sheet (unaudited)
At 29 October 2005
29 October 30 October 30 April
2005 2004 2004
Note #000 #000 #000
--------- --------- ---------
Non-current assets
Property, plant and equipment 47,328 53,154 51,159
Intangible assets 94 205 130
Investment in associates 262 286 269
Available-for-sale financial assets - 236 77
--------- --------- ---------
47,684 53,881 51,635
--------- --------- ---------
--------- --------- ---------
Non-current assets held for resale 8 2,986 - -
--------- --------- ---------
Current assets
Inventories 5,759 4,982 6,082
Trade and other receivables 13,905 11,962 14,616
Financial instruments - 84 88
Cash and cash equivalents 22,822 21,114 20,302
--------- --------- ---------
42,486 38,142 41,088
--------- --------- ---------
Current liabilities
Short-term borrowings and
overdrafts (4,019) (6,084) (2,887)
Financial instruments (35) - -
Trade and other payables (10,159) (9,006) (11,621)
Current tax liabilities (1,436) (1,816) (1,618)
Provisions (416) - (2,054)
--------- --------- ---------
(16,065) (16,906) (18,180)
--------- --------- ---------
--------- --------- ---------
Net current assets 26,421 21,236 22,908
--------- --------- ---------
Non-current liabilities
Deferred taxation (79) (919) (443)
Retirement benefit obligations (17,060) (15,285) (15,703)
Provisions - (268) -
Other liabilities - (798) (399)
--------- --------- ---------
(17,139) (17,270) (16,545)
--------- --------- ---------
--------- --------- ---------
Net assets 59,952 57,847 57,998
--------- --------- ---------
Shareholders' equity
Share capital 2,684 2,681 2,681
Share premium 23,191 23,051 23,051
Retained earnings 34,077 32,115 32,266
--------- --------- ---------
Total equity 59,952 57,847 57,998
--------- --------- ---------
The financial statements were approved by the Board on 17 January 2006
Consolidated Cash Flow Statement (unaudited)
For the 26 weeks to 29 October 2005
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
Note #000 #000 #000
--------- --------- ---------
Cash flows from operating
activities
Operating profit before 6,633 1,658 4,489
taxation
Depreciation and amortisation 3,477 3,961 7,637
Impairment (credit)/charge (699) 3,867 3,784
Decrease/(increase) in
inventories 374 978 (171)
Decrease/(increase) in trade
and other receivables 1,069 (1,473) (4,169)
(Decrease)/increase in trade and
other payables (1,777) (1,762) 198
(Decrease)/increase in (1,824) 11 1,887
provisions
Other non-cash movements 139 265 563
--------- --------- ---------
Cash generated from operations 7,392 7,505 14,218
Interest paid (35) (59) (157)
Tax paid (1,644) (1,120) (2,608)
--------- --------- ---------
Net cash inflow from operating
activities 5,713 6,326 11,453
--------- --------- ---------
Cash flows from investing
activities
Purchases of property, plant and
equipment (2,078) (1,016) (2,590)
Proceeds from sale of
property,
plant and equipment 398 - 4
Purchase of other assets - (8) -
Disposal of other assets 82 - 66
Interest received 440 422 900
--------- --------- ---------
Net cash used in investing
activities (1,158) (602) (1,620)
--------- --------- ---------
Cash flows from financing
activities
Net proceeds from issue of
ordinary share capital 231 10 12
Equity dividends paid to
shareholders (3,241) (3,237) (5,111)
--------- --------- ---------
Net cash used in financing
activities (3,010) (3,227) (5,099)
--------- --------- ---------
Net increase in cash and
cash equivalents 9 1,545 2,497 4,734
Effects of exchange rate (157) 213 361
changes
Cash and cash equivalents at
start of period 17,415 12,320 12,320
--------- --------- ---------
Cash and cash equivalents at end
of period 18,803 15,030 17,415
--------- --------- ---------
Cash and cash equivalents
consist of:
Cash and cash equivalents 22,822 21,114 20,302
Overdrafts and short-term loans (4,019) (6,084) (2,887)
--------- --------- ---------
18,803 15,030 17,415
--------- --------- ---------
Consolidated Statement of Changes in Equity (unaudited)
For the 26 weeks to 29 October 2005
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
Note #000 #000 #000
--------- --------- ---------
Total equity at start of period 57,998 62,318 62,318
Profit for the period 5,354 252 2,318
Exchange differences on translation of
foreign subsidiaries 85 (39) (142)
Movements due to share-based
payments 420 157 397
Actuarial losses on defined
benefit
pension scheme (949) (2,291) (2,546)
Taxation on items taken directly
to equity 285 687 764
Equity dividends 7 (3,241) (3,237) (5,111)
--------- --------- ---------
Total equity at end of period 59,952 57,847 57,998
--------- --------- ---------
Notes to the Accounts
1. Basis of preparation and accounting policies
For all periods up to and including the 52 weeks to 30 April 2005, Bespak plc
prepared its financial statements in accordance with UK Generally Accepted
Accounting Principles (UK GAAP). From 1 May 2005, Bespak plc is required to
prepare consolidated financial statements in accordance with International
Financial Reporting Standards (IFRS) as endorsed by the European Union (EU). The
first results reported under IFRS are for the 26 weeks to 29 October 2005 and
the comparative information is also presented in accordance with IFRS. On 13
January 2006, the Group reported on the impact of IFRS on its results for the 26
weeks to 30 October 2004 and the 52 weeks to 30 April 2005, including the most
significant accounting policies. Details are provided in the document 'Adoption
of International Financial Reporting Standards (IFRS)' that is available on the
Group's website (www.bespak.com) or from the Company Secretary.
The financial information has been prepared in accordance with all IFRS and
IFRIC interpretations that had been published by 29 October 2005 and apply to
accounting periods beginning on or after 1 May 2005. The standards used are
those endorsed by the EU together with those standards and interpretations that
have been issued by the IASB but had not been endorsed by the EU by 29 October
2005. The 2004 comparative information has, as permitted by the exemption in
IFRS 1, not been prepared in accordance with IAS 32 'Financial instruments:
Disclosure and presentation' and IAS 39 'Financial instruments: Recognition and
measurement'. Further standards and interpretations may be issued that will be
applicable for financial years beginning on or after 1 May 2005 or that are
applicable to later accounting periods but may be adopted early. Therefore, the
Group's first full IFRS financial statements to 29 April 2006 may be prepared in
accordance with some different accounting policies from the financial
information presented here. IFRS is currently being applied in the United
Kingdom and in a large number of other countries simultaneously for the first
time. Furthermore, due to a number of new and revised Standards included within
the body of Standards that comprise IFRS, there is not yet a significant body of
established practice on which to draw in forming opinions regarding
interpretation and application. Accordingly, practice is continuing to evolve.
At this preliminary stage therefore, the full financial effect of reporting
under IFRS as it will be applied and reported on in the Group's first IFRS
financial statements cannot be determined with certainty and may be subject to
change.
This interim report is unaudited and does not constitute audited accounts within
the meaning of the Companies Act 1985. The accounts for the year ended 30 April
2005, on which the auditors gave an unqualified audit opinion, were prepared in
accordance with UK GAAP and have been filed with the Registrar of Companies.
2. Segmental analysis
Revenue by business 26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
Respiratory 21,331 19,367 39,681
Device & Manufacturing Services 16,488 16,201 32,836
Consumer Dispensers 2,679 2,776 5,377
--------- --------- ---------
Sales of products and services 40,498 38,344 77,894
Sales of tooling and equipment 724 595 1,492
--------- --------- ---------
41,222 38,939 79,386
--------- --------- ---------
--------- --------- ---------
Revenue by destination 26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
United Kingdom 11,428 12,776 23,613
United States of America 16,986 12,666 27,808
Europe 9,275 9,722 20,276
Rest of the World 3,533 3,775 7,689
--------- --------- ---------
41,222 38,939 79,386
--------- --------- ---------
--------- --------- ---------
Revenue by origin 26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
United Kingdom 37,327 33,635 67,882
United States of America 6,812 8,835 18,923
--------- --------- ---------
Total sales 44,139 42,470 86,805
Intra-group sales (2,917) (3,531) (7,419)
--------- --------- ---------
41,222 38,939 79,386
--------- --------- ---------
2. Segmental analysis (continued)
Operating profit by origin 26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
United Kingdom
--------- --------- ---------
Operating profit before exceptionals 4,878 5,381 9,022
--------- --------- ---------
United States of America
Operating profit before exceptionals 817 144 1,533
Exceptional operating
income/(expenses) 938 (3,867) (6,066)
--------- --------- ---------
1,755 (3,723) (4,533)
--------- --------- ---------
Group
Operating profit before exceptionals 5,695 5,525 10,555
Exceptional operating
income/(expenses) 938 (3,867) (6,066)
--------- --------- ---------
6,633 1,658 4,489
--------- --------- ---------
--------- --------- ---------
Net operating assets by origin 26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
United Kingdom 55,907 56,260 55,091
United States of America 985 4,323 4,964
--------- --------- ---------
Allocated net operating assets 56,892 60,583 60,055
Investments 262 522 346
Non-current assets held for sale 2,986 - -
Taxation (1,515) (2,735) (2,061)
Retirement benefit obligations and
provisions (17,476) (15,553) (17,757)
Cash and cash equivalents 18,803 15,030 17,415
--------- --------- ---------
Net assets 59,952 57,847 57,998
--------- --------- ---------
--------- --------- ---------
Exchange rates 26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
--------- --------- ---------
Average rate of exchange US$: #1 1.80 1.81 1.85
Closing rate of exchange US$ : #1 1.78 1.83 1.91
3. Exceptional items
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
Exceptional operating
income/(expenses) 938 (3,867) (6,066)
Taxation - - -
--------- --------- ---------
Exceptional items after tax 938 (3,867) (6,066)
--------- --------- ---------
The exceptional operating expenses in the 26 weeks to 29 October 2005 comprise
the reversal of closure provisions and impairment provisions against the
carrying value of the Group's fixed assets in the United States, following
closure of the manufacturing facility in North Carolina. The exceptional
operating expenses in the 26 weeks to 30 October 2004 comprised an impairment
charge for the land and buildings. The exceptional operating expenses in the 52
weeks to 30 April 2005 comprised an impairment charge for the land, buildings,
plant and equipment, together with a provision for closure costs.
4. Net finance income
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
Interest receivable 468 445 894
Expected return on defined benefit
pension scheme assets 764 733 1,505
--------- --------- ---------
Interest income 1,232 1,178 2,399
--------- --------- ---------
Interest payable (74) (83) (157)
Interest cost on defined benefit
pension scheme liabilities (1,020) (939) (1,898)
--------- --------- ---------
Interest expense (1,094) (1,022) (2,055)
--------- --------- ---------
--------- --------- ---------
Net finance income 138 156 344
--------- --------- ---------
5. Taxation
The tax charge for the 26 weeks to 29 October 2005 is based on the estimated
effective tax rate for the full year.
6. Earnings per share
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
Profit before tax 6,764 1,792 4,816
Exceptional operating
(income)/expenses (938) 3,867 6,066
--------- --------- ---------
Profit before tax and exceptionals 5,826 5,659 10,882
Taxation (1,410) (1,540) (2,498)
--------- --------- ---------
Profit after tax before exceptionals 4,416 4,119 8,384
Exceptional operating income/
(expenses) after tax 938 (3,867) (6,066)
--------- --------- ---------
Profit for the financial period 5,354 252 2,318
--------- --------- ---------
Weighted average number of ordinary
shares in issue (shares) 26,815,740 26,805,889 26,805,889
Shares owned by Employee Share
Ownership --------- --------- ---------
Trusts (shares) (16,141) (42,664) (34,114)
--------- --------- ---------
Basic average number of ordinary
shares in issue (shares) 26,799,599 26,763,225 26,771,775
Dilutive impact of share options
outstanding (shares) 346,816 255,674 353,691
--------- --------- ---------
Diluted average number of ordinary
shares in --------- --------- ---------
issue (shares) 27,146,415 27,018,899 27,125,466
--------- --------- ---------
Basic earnings per share before
exceptional items (pence) 16.5p 15.4p 31.3p
Basic profit/(loss) per share on
exceptional --------- --------- ---------
items (pence) 3.5p (14.5p) (22.6p)
--------- --------- ---------
Basic earnings per share (pence) 20.0p 0.9p 8.7p
--------- --------- ---------
Diluted earnings per share before
exceptional items (pence) 16.3p 15.2p 30.9p
Diluted profit/(loss) per share on
exceptional items (pence) 3.4p (14.3p) (22.4p)
--------- --------- ---------
Diluted earnings per share (pence) 19.7p 0.9p 8.5p
--------- --------- ---------
7. Dividends
26 weeks to 26 weeks to 52 weeks to
29 October 30 October 30 April
2005 2004 2005
#000 #000 #000
--------- --------- ---------
Final dividend paid of 12.1p per
share (2004: 12.1p) 3,241 3,237 3,237
Interim dividend paid of 7.0p per
share (2004: 7.0p) - - 1,874
--------- --------- ---------
3,241 3,237 5,111
--------- --------- ---------
An interim dividend of 7.0p per share (2004: 7.0p) is proposed to be paid in
respect of the 26 weeks to 29 October 2005.
8. Non-current assets held for resale
The property in North Carolina has been categorised as an asset held for resale,
such that depreciation is no longer charged. The property was sold in December
2005 for its carrying value at October 2005 of US$5.3 million (#3.0 million).
9. Reconciliation of net cash flow to movement in net cash
Cash and
cash Short-term Total net
equivalents borrowings cash
#000 #000 #000
--------- --------- ---------
At 1 May 2005 20,302 (2,887) 17,415
Cash flow for the period 2,475 (930) 1,545
Exchange rate adjustments 45 (202) (157)
--------- --------- ---------
At 29 October 2005 22,822 (4,019) 18,803
--------- --------- ---------
Net cash inflow from operating activities includes an outflow of #1,352,000 in
the 26 weeks to 29 October 2005, an outflow of #nil in the 26 weeks to 30
October 2004 and an outflow of #235,000 in the 52 weeks to 30 April 2005
relating to exceptional operating income/expenses.
10. Transition from UK GAAP to IFRS
The impact of the adoption of IFRS on the income for the 26 weeks to 30 October
2004 and the 52 weeks to 30 April 2005 is as follows:
26 weeks to 52 weeks to
30 October 30 April
2004 2005
#000 #000
--------- ---------
Profit for the financial period (UK GAAP) 306 2,728
Share-based payments (65) (236)
Pension charges (272) (486)
Holiday pay 167 8
Associates - 22
Financial instruments 120 124
Deferred taxation (4) 158
--------- ---------
Profit for the financial period (IFRS) 252 2,318
--------- ---------
The impact of the adoption of IFRS on total equity at 2 May 2004, at 30 October
2004 and at 30 April 2005 is as follows:
2 May 30 October 30 April
2004 2004 2005
#000 #000 #000
--------- --------- ---------
Total equity (UK GAAP) 67,983 66,513 65,594
Pension deficit (12,647) (15,210) (15,679)
Holiday pay (289) (122) (281)
Proposed dividend 3,237 1,875 3,241
Financial instruments (36) 84 88
Deferred taxation 4,070 4,707 5,035
--------- --------- ---------
Total equity (IFRS) 62,318 57,847 57,998
--------- --------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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