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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Birse Grp. | LSE:BIE | London | Ordinary Share | GB0001005684 | 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% | 14.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 756h BIRSE GROUP PLC 8th July 1997 Birse Group plc Preliminary Results PRE-TAX PROFITS UP 79% * Turnover up to #410m (1996: #363m) * Operating profit up 15% to #3.24m (1996: #2.817m) * Pre-tax profit up 79% to #2.017m (1996: #1.124m) * Earnings per share increased by 83% to 1.1p (1996: 0.6p) * Net bank debt reduced to #2m (7% of shareholders' funds) * Total dividend for the year of 0.5p per share * Forward construction order book up by #53m Commenting on the results, Chairman Peter Birse, said: "It is particularly pleasing to have returned to the dividend list. We have a strong, high quality order book and I am confident that the progress made last year will continue." Chairman's Statement I am pleased to report that your Group continues to trade profitably. Profit before tax for the year was #2.017 million up from #1.124 million in 1995/96. Returns are still modest in line with my predictions that recovery from the recession would be slow. However, I believe the scene is now set for more significant progress in the current year to 30 April 1998. Turnover increased by 13% to #410 million exceeding #400 million for the first time and operating profit moved ahead to #3.24 million from #2.817 million. All our continuing operating businesses in Construction, Plant Hire and Property traded profitably and the final remnants of our Housing business were disposed of at a cost of #162,000. Net bank debt at the end of the year was just over #2 million compared to #7 million at 30 April 1996. We are targeting a very substantial movement into net cash in the course of the current year and in consequence an elimination of interest charges in future periods. Construction is set for a further significant increase in turnover in 1997/98. At the end of June 1997 our forward order book was #53 million ahead of June 1996. I should emphasise that additional business is being secured without compromising our commitment to the quality of our order book. Although Construction turnover for the year was up 11% at #395 million activity for the second half was somewhat depressed due to delay in commencement of a number of major projects. This, together with discounted settlements on two major projects, had the effect of holding back profits for the period under review. Birse Construction again advanced its position and reputation in the industry and has recently secured a number of notable contracts. The company's management and staff development programme has reached a stage where very substantial benefits are being seen right across the business. The resulting improvements in performance are now expected to accelerate over the coming year. The emphasis on employee performance and customer satisfaction achieved through an internal and external partnership approach is now becoming accepted as best business practice and I believe this will deliver benefits to all involved in the industry. Construction marketing has been focused on areas of the market with well founded future potential and in this regard the company has had further success in increasing its share of the rail, water, waste and sports stadia sectors. I remain optimistic for the future and more so as we move further away from the cheapest price/confrontational scenario which has been prevalent in the industry for so long. Birse Process Engineering has now established an industrial division to complement its water engineering division and its performance again exceeded expectations. The opportunities for this specialist division are exciting and a management structure has been established to ensure that it takes full advantage of them. BPH Equipment was able to recommence significant capital investment during the year, benefits from this should start to be seen in the year ending April 1998. Operating profit for the year under review was #1.1 million, slightly ahead of last year. Birse Properties returned an operating profit for the year of approximately #500,000 and I am confident that our property holdings will contribute further to group profit as we trade out over the next few years. With net bank debt at #2 million balance sheet gearing stood at less than 7% at the year end. However, as I indicated at the interim results this position is not necessarily representative of the position throughout the year and will vary due to a number of seasonal and settlement factors. Nevertheless the elimination of debt and establishment of an ongoing positive cash position is now a realistic objective which I believe can be achieved before I next report to you at the end of the current half year. I am particularly pleased that we have been able to recommence distributions to shareholders and the directors are recommending a final dividend of 0.3p making a total for the year of 0.5p per ordinary share. I look forward to the coming year and believe that we have good reason to be confident that Birse Group will justify the loyalty shown by so many of its shareholders. In conclusion I record my sincere appreciation of the contributions made by customers, employees, suppliers and sub-contractors to our progress toward more impressive performance. P M Birse, Chairman 8th July 1997 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 30 April 1997 1997 1996 Note #'000 #'000 Turnover 1 409,895 362,647 Cost of sales (390,464) (345,175) ---------- ---------- Gross profit 19,431 17,472 Administrative expenses (16,191) (14,655) ---------- ---------- Operating profit 1 3,240 2,817 Net interest (1,223) (1,693) ---------- ---------- Profit on ordinary activities before taxation 2,017 1,124 Taxation 2 100 - ---------- ---------- Profit for the financial year 2,117 1,124 Dividends on equity 3 shares (957) - ---------- ---------- Transferred to reserves 1,160 1,124 ====== ====== Earnings per ordinary 4 share 1.1p 0.6p ====== ====== The above figures relate exclusively to continuing operations. There is no material difference between the results disclosed and the results on an unmodified historical cost basis. CONSOLIDATED BALANCE SHEET As at 30 April 1997 1997 1996 #'000 #'000 Fixed Assets Tangible assets 13,417 11,595 Investments 7,650 8,950 ---------- ---------- 21,067 20,545 ---------- ---------- Current Assets Stocks 5,552 12,225 Debtors 128,813 116,797 Investments 658 618 Cash at bank and in hand 12,013 14,417 ---------- ---------- 147,036 144,057 ---------- ---------- Creditors: Amounts falling due within one year 122,280 112,083 ---------- ---------- Net Current Assets 24,756 31,974 ---------- ---------- Total Assets Less Current Liabilities 45,823 52,519 Creditors: Amounts falling due after more than one year (16,532) (24,404) ---------- ---------- Net Assets 29,291 28,115 ====== ====== Capital and Reserves Called up share capital 19,132 19,123 Share premium account 7 - Special reserve 308 308 Revaluation reserve 607 607 Profit and loss account 9,237 8,077 ---------- ---------- Shareholders' Funds - equity interest 29,291 28,115 ====== ====== CONSOLIDATED CASH FLOW STATEMENT for the year ended 30 April 1997 As Restated 1997 1996 #'000 #'000 #'000 #'000 Net cash inflow from operating activities 10,321 10,051 Returns on investments and servicing of finance Interest received 345 397 Interest paid (1,617) (2,192) Interest element of finance lease rentals and hire purchase contracts (21) (19) ---------- ---------- Net cash outflow from returns on investments and servicing of finance (1,293) (1,814) Taxation UK Corporation tax received 100 - Capital expenditure and financial investment Purchase of tangible fixed assets (4,378) (1,706) Sale of tangible fixed assets 402 173 ---------- ---------- Net cash outflow from investing activities (3,976) (1,533) ---------- ---------- Cash inflow before management of liquid resources and financing 5,152 6,704 Management of liquid resources Purchase of current asset investments (40) (118) Sale of current asset investments - 1,050 Movement in short term cash deposits (268) (390) ---------- ---------- Net cash (outflow)/inflow from management of liquid resources (308) 542 Financing Issue of ordinary shares 16 - Loan advances received - 6,020 Loan repayments (7,468) (9,292) Capital element of finance lease rentals and hire purchase contracts (64) (58) ---------- ---------- Net cash outflow from financing (7,516) (3,330) ---------- ---------- (Decrease)/increase in cash in the year (2,672) 3,916 ===== ===== The comparative figures for the consolidated cash flow statement have been restated in order to comply with Financial Reporting Standard 1 (revised). NOTES TO THE PRELIMINARY ANNOUNCEMENT OF RESULTS for the year ended 30 April 1997 1. Segment information Turnover Operating profit a) Turnover and results 1997 1996 1997 1996 #'000 #'000 #'000 #'000 Contracting 394,717 354,463 2,124 2,210 Plant hire 13,009 12,052 1,074 1,013 Commercial property 13,648 1,208 499 410 Housing 601 301 (162) (53) Group centre - - (295) (763) Intra-group (12,080) (5,377) - - ---------- ---------- ---------- ---------- 409,895 362,647 3,240 2,817 ====== ====== Net interest (1,223) (1,693) ---------- ---------- Profit on ordinary activities before taxation 2,017 1,124 ====== ====== b) Net assets 1997 1996 #'000 #'000 Contracting 13,822 12,464 Plant hire 6,328 4,919 Commercial property 13,743 19,952 Housing 106 872 Group centre (1,584) (2,797) ---------- ---------- 32,415 35,410 Unallocated net liabilities (3,124) (7,295) ---------- ---------- 29,291 28,115 ====== ====== The above analysis reflects the segments by which the Group is managed. All turnover arises from work performed within the United Kingdom. 1997 1996 #'000 #'000 Unallocated net liabilities comprise: Net borrowings (2,003) (7,067) Obligations under finance leases and hire purchase contracts (164) (228) Dividends payable on equity shares (957) - ---------- ---------- (3,124) (7,295) ====== ====== Net assets for each segment represents non-interest bearing operating assets less non-interest bearing operating liabilities. 2. Taxation 1997 1996 #'000 #'000 United Kingdom corporation tax at 33% - - (1996: 33%) Deferred taxation - - ---------- ---------- - - Adjustment to prior years' tax provision Corporation tax 100 - ---------- ---------- 100 - ====== ====== No tax charge arises on the profits of the year as a result of the utilisation of losses brought forward and other timing differences not recognised in previous years. The tax credit relating to prior years' arises in consequence of repayments secured in the period under review. 3. Dividends on equity shares 1997 1996 #'000 #'000 Interim 0.2p per ordinary share (1996 383 - - nil) Final proposed 0.3p per ordinary 574 - share (1996 - nil) ---------- ---------- 957 - ====== ====== The interim dividend was paid on 2 May 1997. Subject to the approval of shareholders at the Annual General Meeting the final dividend will be paid on 5 November 1997 to shareholders appearing on the register at the close of business on 3 October 1997. 4. Earnings per ordinary share The calculation of earnings per ordinary share is based on profits of #2,117,000 (1996: #1,124,000) and on the weighted average of 191,261,655 (1996: 191,227,707) ordinary shares in issue during the year. 5. Net bank borrowings 1997 1996 #'000 #'000 Net bank borrowings comprise: Cash at bank - on demand 9,409 12,081 - on short term deposit 2,604 2,336 Bank loans and overdrafts Due within one year (750) - Due after one year (13,266) (21,484) ---------- ---------- (2,003) (7,067) ====== ====== 6. Financial information The financial information incorporated in this announcement does not constitute full statutory accounts within the meaning of the Companies Act 1985. Full accounts for the year ended 30 April 1997 upon which Deloitte & Touche have given an unqualified audit report will be filed with the Registrar of Companies in due course. Peter Birse, Chairman Birse Group plc Tel: 01652 633 222 Charles Watson Financial Dynamics Tel: 0171 831 3113 END
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