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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
RNS No 5117n BIRSE GROUP PLC 16th July 1999 Contacts: Peter Watson, Chief Executive Martin Budden, Finance Director Birse Group plc Telephone: 01652 633222 Charles Watson / Tom Baldock Financial Dynamics Telephone: 0171 831 3113 BIRSE GROUP PLC PRELIMINARY RESULTS Birse Group plc, the leading UK construction group, today announces results for the year ended 30 April 1999. These may be summarised as follows: - Recovery in pre-tax profits for the full year to #2.2 m (1998: #5.2 m) following first half loss of #1.9 m. - Management strengthened with the appointment of Peter Watson as Group Chief Executive; Peter Birse to become non-executive Chairman. - Property disposals of #3.6 m in the year supplemented by the sale of the investment property at Epping for #5.1 m subsequent to year end. - Total dividend for the year maintained at 0.8 pence per share. Commenting on the results, Chairman Peter Birse said: "Following a difficult first half, management's determination to focus on work offering acceptable margins and reliable cash flows has delivered a much improved second half performance. I am also delighted to announce the appointment of Peter Watson as Group Chief Executive, a move that greatly strengthens our management team and underpins my confidence in the medium and long term prospects for Birse." CHAIRMAN'S STATEMENT At the interim stage I had to report a pre-tax loss of #1.861million but I also stated that my belief in the Group's medium and longer term prospects remained undiminished. I am now pleased to provide tangible support for that confidence by reporting a recovery of pre-tax profits for the full year to #2.189million. These results, however, still do not adequately reflect the quality of business that your Group continues to move towards. Turnover for the year at #358million was #86million lower than the previous year. The reduction in turnover is mainly due to the application of more stringent criteria in the selection of work process, reflecting Birse Construction's move towards improved quality of business whilst reducing the associated risks. This is consistent with your Group's strategy to increase its focus on improving margins. I believe that this strategy will ultimately produce strong performances from our core construction business, which is now set to operate at improved levels of activity. Operating costs were reduced in pursuit of more efficient performance. The reduction in personnel resulted in redundancy and associated costs of #0.5million all of which was incurred in the first half of the year, with some savings benefit flowing through into the second half. The net bank debt position at the year end was #5.3million compared with net cash of #7.5million at 30 April 1998. Average debt levels during the year were also higher. The increased utilisation of cash by the Group was due to the reduction in activity levels and the increased investment needed by BPH Equipment Limited. The ongoing disposal of our commercial property portfolio continues to generate cash and contribute to Group profits. There were further disposals at Warrington and of the investment property at Crawley; subsequent to the year end the investment property at Epping has been sold for #5.1million. During the year BPH carried the costs of new equipment without benefiting from the commensurate increases in revenue. The recent performance is unsatisfactory and the focus of the plant hire operation has been realigned as a result of which I look forward to improved levels of performance and a better return on our investment. Management has been further strengthened to ensure the successful implementation of the Group's strategies. I take this opportunity to announce the appointment of Peter Watson as Group Chief Executive and the simultaneous change in my own role to that of non executive Group Chairman. Peter's appointment provides additional broad based business strength to our Group management team, and is the first step in my succession plan. The appointment during the year of John Elders, Managing Director of Birse Construction, to the Group board adds further depth to the Group's construction expertise. We have appointed Heather Appleford as Finance Director of Birse Construction Limited, which allows Martin Budden, our Group Finance Director to make a more powerful contribution to the management of the Group. I am pleased that the directors are able to recommend payment of a final dividend of 0.5p per ordinary share giving a total of 0.8p per ordinary share for the year which is in line with 1997/1998. Prospects The focus of the Group's construction activities continue to be concentrated upon those client relationships offering acceptable margins and reliable cash flows, and the settlement of outstanding long term contract accounts. In plant hire BPH's activities will be confined to those earning an acceptable return on capital employed. With regard to our property interests, all that now remains to be achieved is the optimum realisation of the profit inherent in the Warrington site. I believe that the pursuit of these strategic objectives will ultimately eliminate debt and provide an appropriate return to our shareholders. P M BIRSE, Chairman 16th July 1999 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 30 April 1999 Note 1999 1998 #'000 #'000 Turnover 1 357,525 444,342 Cost of sales (334,128) (419,452) Gross profit 23,397 24,890 Administrative expenses (19,715) (18,871) Operating profit 1 3,682 6,019 Net interest (1,493) (857) Profit on ordinary activities 1 2,189 5,162 before taxation Taxation 2 (158) (1,069) Profit for the financial year 2,031 4,093 Dividends on equity shares 3 (1,542) (1,534) Transferred to reserves 489 2,559 Earnings per ordinary share - basic 4 1.1p 2.1p - diluted 4 1.1p 2.1p 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 1999 1999 1998 #'000 #'000 Fixed Assets Tangible assets 16,469 15,094 Investments 5,091 6,400 21,560 21,494 Current Assets Stocks 4,415 5,012 Debtors 125,137 140,818 Cash at bank and in hand 3,856 19,463 133,408 165,293 Creditors: Amounts falling due (117,488) (138,012) within one year Net Current Assets 15,920 27,281 Total Assets Less Current 37,480 48,775 Liabilities Creditors: Amounts falling due after more than one year (4,848) (16,594) Provisions for Liabilities and (100) (250) Charges Net Assets 32,532 31,931 Capital and Reserves Called up share capital 19,239 19,177 Share premium account 93 43 Special reserve 308 308 Revaluation reserve 607 607 Profit and loss account 12,285 11,796 Shareholders' Funds - equity 32,532 31,931 interest CONSOLIDATED CASH FLOW STATEMENT for the year ended 30 April 1999 1999 1998 #'000 #'000 #'000 #'000 Net cash (outflow)/inflow from (6,755) 13,964 operating activities Returns on investments and servicing of finance Interest received 313 433 Interest paid (1,597) (1,295) Interest element of finance lease rentals and hire (36) (23) purchase contracts Net cash outflow from returns on investments and servicing (1,320) (885) of finance Taxation UK Corporation tax paid (803) (252) (including advance corporation tax) Capital expenditure and financial investment Purchase of tangible fixed (4,391) (4,465) assets Purchase of fixed asset (349) - investments Sale of tangible fixed assets 248 162 Sale of fixed asset 2,061 1,250 investments Net cash outflow from (2,431) (3,053) investing activities Dividends paid to equity (1,537) (957) shareholders Cash (outflow)/inflow before management of liquid resources (12,846) 8,817 and financing Management of liquid resources Sale of current asset - 658 investments Movement in short term cash 742 (974) deposits Net cash inflow/(outflow) from management of liquid resources 742 (316) Financing Issue of ordinary shares 112 81 Loan advances 1,600 - Loan repayments (4,442) (2,034) Capital element of finance lease rentals and hire (31) (72) purchase contracts Net cash outflow from (2,761) (2,025) financing (Decrease)/increase in cash in (14,865) 6,476 the year NOTES TO THE PRELIMINARY ANNOUNCEMENT OF RESULTS for the year ended 30 April 1999 1.Segment information (a)Turnover and results Turnover Operating profit 1999 1998 1999 1998 #'000 #'000 #'000 #'000 Contracting 346,386 434,995 1,877 4,105 Plant hire 14,331 14,655 472 1,165 Commercial property 3,582 900 1,479 721 Housing 41 140 - 58 Group centre - - (146) (30) Intra-group (6,815) (6,348) ______- ______- 357,525 444,342 3,682 6,019 Net interest (1,493) (857) Profit on ordinary activities before 2,189 5,162 taxation (b)Net assets 1999 1998 #'000 #,000 Contracting 20,647 7,620 Plant hire 9,866 7,875 Commercial property 9,593 12,237 Housing - 17 Group centre (429) (767) 39,677 26,982 Unallocated net (liabilities)/assets (7,145) 4,949 32,532 31,931 The above analysis reflects the segments by which the Group is managed. All turnover arises from work performed within the United Kingdom. 1999 1998 #'000 #'000 Unallocated net (liabilities)/assets comprise: Net (bank borrowings)/cash at bank (5,284) 7,481 Obligations under finance leases and (150) (181) hire purchase contracts Corporation tax (72) (567) Deferred tax (100) (250) Dividends payable on equity shares (1,539) (1,534) (7,145) 4,949 Net assets for each segment represents non-interest bearing operating assets less non-interest bearing operating liabilities. 2.Taxation 1999 1998 #'000 #'000 United Kingdom corporation tax at 31% (286) (819) (1998: 31%) Deferred tax 150 (250) (136) (1,069) Adjustment to prior years' tax provision Corporation tax (22) _____- (158) (1,069) The tax change for the year is reduced below the expected rate of 31% as a result of timing differences not previously recognised for deferred tax purposes net of certain expenditure disallowed for corporation tax. 3.Dividends on equity shares 1999 1998 #'000 #'000 Interim 0.3p per ordinary share (1998 577 574 - 0.3p) Final proposed 0.5p per ordinary 965 960 share (1998 - 0.5p) 1,542 1,534 The interim dividend was paid on 4 May 1999. Subject to the approval of shareholders at the Annual General Meeting the final dividend will be paid on 4 November 1999 to shareholders appearing on the register at the close of business on 1 October 1999. 4.Earnings per ordinary share 1999 1998 #'000 #'000 Earnings for basic and diluted earnings per share calculation 2,031 4,093 1999 1998 Thousands Thousands Weighted average number of shares used in basic earnings per share 192,322 191,653 calculation Dilutive effect of options - 852 ______ ______ Weighted average number of shares used in fully diluted earings per 192,322 192, 505 share calculation The resultant earnings per share figures have been calculated in accordance with the requirements of Financial Reporting Standard 14: Earnings per Share. 5.Net (bank borrowings)/cash at bank 1999 1998 #'000 #'000 Net (bank borrowings)/cash at bank comprise: Cash at bank - on demand 1,020 15,885 - on short term deposit 2,836 3,578 Bank loans and overdrafts: Due within one year (8,338) - Due after one year (802) (11,982) (5,284) 7,481 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 1998 upon which Deloitte & Touche have given an unqualified audit report have been filed with the Registrar of Companies. Full accounts for the year ended 30 April 1999 upon which Deloitte & Touche have given an unqualified audit report will be filed with the Registrar of Companies in due course. Neither report contained statements under Section 237 (2) or (3) of the Companies Act 1985. END FR GBUBGMBGBGMA
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