![](/cdn/assets/images/search/clock.png)
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 |
---|---|---|---|---|---|
Bidcorp | LSE:BID | London | Ordinary Share | GB0004690094 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4390V Bidcorp PLC 14 February 2004 MARGIN PRESSURE SQUEEZES BIDCORP PLC TOUGH trading conditions and intense pressure on margins produced an operating loss from continuing operations of #1.6 million for the six months to December 312003 for Bidcorp plc, Bidvest's 57% owned London Stock Exchange-listed subsidiary which provides services to the automotive, shipping and property sectors. This loss compares with a profit of #0.6 million for the previous comparable period. Turnover from continuing operations declined 1% to #64.4 million. Capacity on additional sailings added to the Dartline ferry service was insufficiently taken up, and contracted rates for Volume Transport reduced significantly. A positive feature of the results was that net gearing remained constant at 27%. Hire purchase debt of #3 million was repaid during the period. Turnover from the Automotive division's continuing operations declined 8% to #41.8 million, resulting in an operating loss of #0.9 million. (2002: break-even). Shipping and Ports reported a 14% increase in turnover to #20.4 million, but the heavy costs associated with establishing expanded sailing schedules resulted in an operating loss of #0.8 million. Sailings have since been curtailed and turnover and costs will reduce correspondingly in the next period. This division operates a fleet of six ferries under the Dartline brand, offering scheduled sailings between the Bidcorp-owned port at Dartford on the Thames and the European ports of Zeebrugge (Belgium), Vlissingen (Holland) and Dunkerque (France). Property and Outsourced Services is the smallest of the group's three divisions, and manages and develops investment property on behalf of the group as well as third parties. The Automotive division's main business is the volume distribution of vehicles throughout the UK and continental Europe, repatriation of vehicles from mainland Europe, vehicle refurbishment and pre-delivery inspections, specialist delivery services and niche marketing and promotional services to the automotive industry. The group also operates the UK's largest rescue and recovery operation outside the motoring clubs, under the Ontime Rescue and Recovery brand. Its Traffic Management business provides a vehicle clamping and removal service to local borough councils. The Volume Distribution business in the UK is particularly competitive, the result of pressure from manufacturers and excess transport capacity. Though this unit reported losses for the period, a substantial investment in new fleet combined with business restructuring has created a stronger platform for operational improvement. The Automotive businesses have been rationalised from three into two operating divisions: the Specialist Transport, Vehicle Preparation, Prestige Vehicle Distribution and Promotional Support businesses have been merged with Rescue & Recovery and Traffic Management into Ontime Specialist Automotive Services. The Rescue and Recovery business, which is highly weather-dependent, attended to 100,000 call-outs during the six-month period and is performing to expectations. A reduction in promotional activities within the automotive sector had a negative impact on Specialist Transport and Prestige Vehicle Distribution. Traffic Management performed below expectations, though corrective action has been taken by management. Despite poor results from Shipping and Ports, management and staff have improved the service to customers as well as client perceptions of Dartline. New sales initiatives will be directed at balancing capacities and cargoes and extending the sales footprint to several new centres across Europe. "The focus for the rest of the financial year will be on maximising returns on our established routes," says Chief Executive Rodger Graham. The Property and Outsourced Services division showed favourable results which included the sale of a property in Kent to a developer. Lower car parking turnover at its facilities were experienced as a result of the levying of the Central London congestion charge. Chairman Brian Joffe said though the results for the period are disappointing, fixed overheads have been reduced significantly throughout the group. Emphasis is now on operating efficiencies, increased capacity utilisation and greater turnover. No dividend has been declared for the period. Issued on behalf of: The Bidvest Group Limited By: Cleardistinction Communications Bidvest Contracts: Brian Joffe (Chairman) Tel: + 27 (0) 11 772-8704 David Cleasby (Investor Relations) Tel : +27 (0) 11 772 8706 Bidcorp Contacts: Rodger Graham (Chief Executive) Tel: + 44 (0) 20 7408 0123 Consultancy Contact: Carol Dundas Tel: +27 (0) 11 444-0650 Mobile: +27 (0) 83 447-6648 Bidcorp plc Report of the interim results for the six months ended December 31 2003 Company information Bidcorp plc ("Bidcorp" or "the Group") Directors B Joffe* (Chairman) RW Graham (Chief Executive) SD Bender* DC Brinklow BP Connellan* ARCB Cooke* R Herman MJ Kingshott* JL Pamensky* LP Ralphs* DK Rosevear* IR Spry DA Winduss *Non-executive Registration number 231534 Registrars Lloyds TSB Registrars The Causeway Worthing West Sussex BN99 6DA United Kingdom Administration and registered office 6 Stratton Street London WIJ 8LD United Kingdom Operational and financial review for the six months ended December 31 2003 Introduction The slowdown in market activity and intense pressure on margins experienced in the previous reporting period continued. Trading conditions in the last quarter were particularly difficult. Capacity on additional sailings added to the Dartline ferry service was insufficiently taken up, and contracted rates for Volume Transport reduced significantly. As a consequence the results are again disappointing. Management has continued to concentrate on reducing costs, wherever possible, without inhibiting the ability to grow the core businesses in the future. Financial overview Turnover from continuing operations decreased by 1% to #64.4 million (2002: #65.0 million) and the Group incurred an operating loss from ongoing activities of #1.6 million (2002: #0.6 million profit). The retained Group loss, after a taxation credit of #0.8 million (2002: #0.2 million), and other finance expenses was #1.4 million (2002: #0.6 million). Net interest and other finance expenses payable remained unchanged at #0.5 million. Despite the losses incurred and the capital reinvestment, net gearing has remained unchanged at 27%. Hire purchase debt #3.0 million has been repaid since the beginning of the period. Review of operations Automotive division The Automotive division's turnover, from continuing operations, decreased by 8% to #41.8 million resulting in an operating loss of #0.9 million (2002: Nil). During this period further reorganisation of the Automotive businesses was undertaken with the division having been rationalised from three operating divisions into two. The Specialist Transport, Vehicle Preparation, Prestige Vehicle Distribution and Promotional Support businesses have been merged with Rescue & Recovery and Traffic Management into Ontime Specialist Automotive Services. The integration of these businesses is still in progress and it is expected that this reorganisation will produce significant cost savings and increase operational efficiency. The better than normal weather conditions and the fact that a major customer took a substantial part of their business in-house did not assist the financial performance of the Rescue & Recovery business. Despite this, the Rescue & Recovery business performed profitability, attending over 100,000 calls for assistance. Specialist Transport and Prestige Vehicle Distribution operations have been adversely affected by a reduction in automotive promotional activities and particularly by the delay in new model launches by manufacturers. The Vehicle Preparation Centre at Wellesbourne is now marginally profitable and currently outperforming budget. Several new contracts are being negotiated which, if won, will improve the asset utilisation. Due to the delay in securing better located storage pounds, the Traffic Management business performed below expectations. Planning permission has been granted on an appropriate site which should improve the situation within the next period. Significant downward pressure on rates impacted on the Volume Transport business which resulted in operating losses and further restructuring. This process is nearing completion and management is confident that, together with the investment which has been injected into the rejuvenation of the fleet, the restructured business should improve its performance in what is an extremely competitive market. Shipping and Ports division Turnover from ongoing operations increased by 14% to #20.4 million as a result of expanded sailing schedules.The costs incurred in establishing these additional sailings resulted in an operating loss of #0.8 million. Sailings have since been curtailed and revenues and costs will reduce correspondingly in the next period. Whilst the results are disappointing, an enormous effort by the management and staff has led to major improvements in the service provided to customers and in improved client perceptions of Dartline. New sales initiatives will be directed at balancing capacities and cargos and the use of agents in Ireland, Germany, France and Eastern Europe will increase our area of coverage. The focus for the second half of the financial year will be on maximising returns from our established routes. Property and Outsourced Services The division continues to manage investment properties on behalf of third parties and has disposed of a site in Kent to a developer following the granting of planning permission. The car parking activities in Central London traded at lower levels asa result of the negative impact of the congestion charge, but still showed favourable results. Dividends No dividend is proposed for the six-month period ended December 31 2003. Outlook Fixed overheads have been reduced significantly throughout the Group. Emphasis is now on operating efficiencies, increased capacity utilisation and greater revenue. Brian Joffe (Chairman) Independent review report to bidcorp plc Introduction We have been instructed by the Company to review the financial information for the six months ended December 31 2003 which comprises the consolidated profit and loss account, the consolidated balance sheet, the consolidated cash flow statement, the consolidated statement of total recognised gains and losses and related notes 1 to 7. We have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom auditing standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended December 31 2003. Deloitte & Touche LLP Chartered Accountants London February 13 2004 Consolidated profit & loss account for the six months ended December 31 2003 Unaudited Unaudited* Audited 6 months 6 months 18 months ended ended ended Dec 31 Dec 31 June 30 #000's Note 2003 2002 2003 Turnover 1 64,408 71,309 204,484 Continuing operations 64,408 64,995 189,758 Discontinued operations - 6,314 14,726 Operating (loss) profit (1,787) (420) (2,044) Continuing operations (1,643) 604 810 Discontinued operations (144) (1,024) (2,854) Profit on disposal of 105 57 219 fixed assets Profit on sale of 13 - 435 investments Loss on ordinary activities 1 (1,669) (363) (1,390) before interest Net interest payable (440) (460) (1,343) Other finance expense (88) (54) (210) Loss on ordinary (2,197) (877) (2,943) activities before taxation Tax on loss on ordinary 2 829 244 799 activities Loss retained for (1,368) (633) (2,144) the period Loss per share 3 (0.6) (0.3) (0.9) (pence) Diluted loss per share 3 (0.6) (0.3) (0.9) (pence) *Comparative figures for the six months ended December 31 2002 have been derived by deducting the published results for the six months ended June 30 2002 from the twelve months ended December 31 2002. Consolidated balance sheet at December 31 2003 Unaudited Unaudited Audited Dec 31 Dec 31 June 30 #000's Note 2003 2002 2003 Fixed assets Tangible assets 57,159 52,439 56,161 Investments 101 6,271 2,077 57,260 58,710 58,238 Current assets Stocks and work 3,178 2,830 3,027 in progress Debtors 24,539 30,139 30,060 Cash at bank and in hand 1,231 2,376 1,626 28,948 35,345 34,713 Current liabilities Creditors: Amounts falling due (34,397) (33,615) (37,753) within one year Net current (liabilities) (5,449) 1,730 (3,040) assets Total assets less 51,811 60,440 55,198 current liabilities Creditors: Amounts falling (657) (3,734) (816) due after more than one year Provisions for liabilities (3,482) (4,655) (4,371) and charges Net assets excluding 47,672 52,051 50,011 pension liability Pension liability (2,167) (2,712) (2,637) Net assets including 45,505 49,339 47,374 pension liability Capital and reserves Called up share capital 49,644 49,644 49,644 Share premium 13,228 13,228 13,228 Merger reserve 9,327 9,327 9,327 Capital reserve 480 480 480 Profit and loss account (25,007) (20,628) (22,668) excluding pension liability Pension liability (2,167) (2,712) (2,637) Profit and loss account (27,174) (23,340) (25,305) including pension liability Equity shareholders' 45,505 49,339 47,374 funds Net asset value per 4 18.3 19.9 19.1 share (pence) Summarised consolidated cash flow statement for the six months ended December 31 2003 Unaudited Unaudited Audited 6 months 6 months 18 months endedended ended Dec 31 Dec 31 June 30 #000's Note 2003 2002 2003 Cash flow from operating 5 3,853 1,156 11,498 activities Returns on investments (440) (514) (1,254) and servicing of finance Interest received - 5 334 Interest paid (253) (165) (514) Interest element of (187) (354) (1,074) finance lease payments Taxation paid (39) (2) (213) Capital expenditure and (2,526) (3,578) (13,373) financial investment Purchase of tangible (4,862) (3,622) (14,951) fixed assets Sale of tangible assets 348 44 1,578 Sale of investments 1,988 - - Net cash inflow (outflow) 848 (2,938) (3,342) before financing Financing (1,775) (3,926) 7,689 Issue of shares - - 31,056 Repayment of secured loans - (782) (12,776) Repayment of loan notes - - (913) New hire purchase 1,192 - - agreements Capital repayments under (2,967) (3,144) (9,678) hire purchase obligations (Decrease) increase in 6 (927) (6,864) 4,347 net cash Consolidated statement of total recognised gains and losses and reconciliation of movement in shareholders' funds at December 31 2003 Unaudited Unaudited Audited 6 months 6 months 18 months ended ended ended Dec 31 Dec 31 June 30 #000's2003 2002 2003 Loss attributable to (1,368) (633) (2,144) equity shareholders for the period Actuarial loss on defined (253) (287) (1,263) benefit schemes Deferred tax arising in (228) 86 379 respect of defined benefit pension schemes Currency translation (20) (77) (184) differenceson foreign currency net investments Total recognised losses (1,869) (911) (3,212) relating to the period New shares - - 31,056 Net (decrease) increase in (1,869) (911) 27,844 shareholders' funds Equity shareholders' funds at 47,374 50,250 19,530 the beginning of the period Equity shareholders' funds 45,505 49,339 47,374 at the end of the period Notes to the accounts for the six months ended December 31 2003 1. Principal activities Property and Automotive Shipping Outsourced #000's Services and Ports Services Net debt Total Turnover December 31 2003 - continuing 41,812 20,449 2,147 - 64,408 operations December 31 2002 49,828 19,820 1,661 - 71,309 - continuing 45,398 17,936 1,661 - 64,995 operations - discontinued 4,430 1,884 - - 6,314 operations June 30 2003 138,823 61,101 4,560 - 204,484 - continuing 128,930 56,268 4,560 - 189,758 operations - discontinued 9,893 4,833 - - 14,726 operations (Loss) profit before (1,069) (829) 229 - (1,669) interest December 31 2003 - continuing (925) (829) 229 - (1,525) operations - discontinued (144) - - - (144) operations December 31 (785) 183 239 - (363) 2002 - continuing (5) 427 239 - 661 operations - discontinued (780) (244) - - (1,024) operations June 30 2003 (2,321) 491 440 - (1,390) - continuing (440) 1,464 440 - 1,464 operations - discontinued (1,881) (973) - - (2,854) operations Net assets 23,789 32,334 1,633 (12,251) 45,505 December 31 2003 December 31 2002 25,444 35,504 1,839 (13,448) 49,339 June 30 2003 24,550 33,823 2,100 (13,099) 47,374 Analysis by geographical area of operation #000's United Europe Net debt Total Kingdom Turnover December 31 2003 58,739 5,669 64,408 December 31 2002 65,733 5,576 71,309 June 30 2003 186,910 17,574 204,484 Profit (loss) before interest December 31 2003 (1,731) 62 (1,669) December 31 2002 (350) (13) (363) June 30 2003 (1,219) (171) (1,390) Net assets December 31 2003 56,687 1,069 (12,251) 45,505 December 31 2002 61,448 1,339 (13,448) 49,339 June 30 2003 59,364 1,109 (13,099) 47,374 The profit on ordinary activities before taxation is stated after charging (crediting) the following items: Dec 31 Dec 31 June 30 #000's 2003 2002 2003 Directors' termination and 57 142 319 notice payments Earn out provision not required - - (308) Set up costs of European recovery - - 62 operation 2. Taxation The tax credit, excluding prior period credit adjustments of #381,000 provided at December 31 2003, is based on the estimated effective tax rate for the full period for each undertaking in the Group applied to the taxable profits for the period. 3. Earnings per share The calculation of the basic and diluted earnings per share is based on the consolidated loss after taxation of #1,368,000 (2002: #633,000) and the weighted average number of ordinary shares in issue during the period of 248,219,402 (2002: 248,219,402). 4. Net asset value per share The calculation of net asset value per share is based on the total of equity shareholders' funds of #45,505,000 (2002: #49,339,000) and the closing number of ordinary shares in issue of 248,219,402 (2002: 248,219,402). Unaudited Unaudited Audited 6 months 6 months 18 months ended ended ended Dec 31 Dec 31 June 30 #000's 2003 2002 2003 5. Reconciliation of operating loss to net cash inflow from operating activities Operating loss (1,787) (420) (2,044) Depreciation and amortisation 4,880 4,927 14,087 of other fixed assets Write back of investments - - (13) Working capital movements 1,773 (3,297) (250) Adjustment for pension (1,013) - - funding Other non cash movements - (54) (282) Net cash inflow from operating 3,853 1,156 11,498 activities 6. Reconciliation of net cash (outflow) inflow to movement in net debt (Decrease) increase in cash (927) (6,864) 4,347 for the period Cash outflow from decrease 1,775 3,926 23,367 in debt and leasing finance Change in net debt resulting 848 (2,938) 27,714 from cash flows Unwinding of discount on loan - (1) (89) Translation difference - (25) 25 Movement in net debt in the 848 (2,964) 27,650 period Net debt at the beginning (13,099) (10,484) (40,749) of the period Net debt at the end of the (12,251) (13,448) (13,099) period Disclosed as: Cash at bank and in hand 1,231 2,376 1,626 Overdraft (9,739) (5,162) (9,207) Debt due within one year (3,086) (6,928) (4,702) Debt due after one year (657) (3,734) (816) (12,251) (13,488) (13,099) Net debt/net assets (%) 27 27 28 7. Basis of preparation Statutory financial information The unaudited interim results have been prepared on a basis consistent with the accounting policies set out in the Annual Report and Accounts for the eighteen months ended June 30 2003. The interim results should therefore be read in conjunction with the 2003 Annual Report and Accounts. Theinterim results for the six months to December 31 2003, which were approved by the Board of Directors on February 13 2004, do not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985. Full accounts for the eighteen months ended June 30 2003, incorporating an unqualified auditors' report, have been filed with the Registrar of Companies. Copies of this report are being sent to shareholders, and are available to the public at the Company's registered office, 6Stratton Street, London W1J 8LD. This information is provided by RNS The company news service from the London Stock Exchange END IR BBGDDGXBGGSS
1 Year Bidcorp Chart |
1 Month Bidcorp Chart |
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