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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Black Arrow | LSE:BLKA | London | Ordinary Share | GB0001014975 | 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% | 52.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5590H Black Arrow Group PLC 27 July 2001 PRESS ANNOUNCEMENT FOR IMMEDIATE RELEASE 27th JULY 2001 BLACK ARROW GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST. MARCH, 2001 At a meeting held today the board voted to recommend a final dividend of 3.50p per share (3.50p) for the year ended 31st. March, 2001. When added to the interim dividend of 1.75p per share (1.50p) this will make a total distribution for the year of 5.25p per share (5.00p). The results are as follows:- Year Year Ended Ended #'000 31st 31st March March 2001 2000 (As restated) TURNOVER Leasing & Instalment finance 1,113 997 Office furniture manufacturing distribution and partitioning 21,282 22,138 22,395 23,135 Operating Profit 2,797 2,717 Profit on disposal of tangible fixed assets 11 49 Profit on disposal of investment properties - 82 Interest receivable 371 369 Interest payable -1 -1 Profit on ordinary activities before taxation 3,178 3,216 Taxation on profits on ordinary activities (Note1) -980 -1,017 Profit for the financial year 2,198 2,199 Minority interests -13 -3 Profit attributable to members of the parent company 2,185 2,196 Dividends Interim paid 1.75p (1.50p) 377 342 Final proposed 3.50p (3.50p) (note2) 746 1,123 807 1,149 Retained profit for the year 1,062 1,047 Retained Profits brought forward 13,499 12,714 Repurchase of shares -1,453 -291 Transfer to profit and loss account on disposal of 29 investment properties Retained Profits carried forward 13,108 13,499 PER SHARE Earnings (Note 3) 9.90p 9.48p Diluted Earnings (Note 3) 9.86p 9.38p Dividends 5.25p 5.00p NOTE OF HISTORICAL COST PROFITS AND LOSSES For the year ended 31st March 2001 #'000 2001 2000 (As restated) Reported Profit on ordinary activities before taxation 3,178 3,216 Realisation of property revaluation gains of previous - 29 years Historical cost profit on ordinary activities before 3,178 3,245 taxation Historical cost profit for the year retained after taxation, minority interests, dividends and other appropriations. 1,062 1,076 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 31st March 2001 Profit attributable to shareholders of the company 2,185 2,199 Unrealised surplus on revaluation of Property 478 Total gains and losses recognised 2,663 2,199 Cumulative effect of prior period adjustments 680 - SUMMARISED CONSOLIDATED BALANCE SHEET as at 31st March 2001 #'000 2001 2000 (As restated) FIXED ASSETS 6,595 6,329 CURRENT ASSETS Stocks 1,999 2,160 Debtors falling due within 1 year 6,087 6,695 Debtors falling after 1 year 3,276 2,728 Cash & Bank balances 7,157 6,509 18,519 18,092 CREDITORS - amounts falling due within one year 5,329 4,736 NET CURRENT ASSETS 13,190 13,356 TOTAL ASSETS LESS CURRENT LIABILITIES 19,785 19,685 PROVISIONS FOR LIABILITIES AND CHARGES 100 100 19,685 19,585 CAPITAL & RESERVES Called up share capital 4,289 4,659 Share premium account 285 285 Revaluation reserve 1,223 745 Other reserves 747 377 Profit & Loss account 13,108 13,499 Shareholders funds - Equity 19,652 19,565 Minority Interests - Equity 33 20 19,685 19,585 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31st March 2001 #'000 2001 2000 Net cash inflows from operating activities 4,522 2,100 Returns on investments and servicing of finance Interest received 371 369 Interest paid -1 -1 Dividend paid to minority interest -2 370 366 Taxation Corporation tax paid(including advance corporation tax) -1080 -868 Capital expenditure and financial investment Payments to acquire tangible fixed assets -504 -617 Proceeds from sales of tangible fixed assets 151 135 Proceeds from sales of investments - 300 -353 -182 Equity dividends paid -1184 -1138 Net cash inflow before use of financing 2,275 278 Financing Increase in minority interest in subsidiary - 20 Repurchase of shares -1,453 -291 Net cash outflow from financing -1,453 -271 Increase in cash 822 7 Reconciliation of operating profit to net cash inflow from operating activities #'000 2001 2000 Operating Profit 2,797 2,717 Depreciation 576 612 Release of vacant property provision - -50 Decrease/(Increase) in debtors 188 -1247 Decrease in stocks 161 107 Increase/(Decrease) in creditors 800 -39 4,522 2100 Note 1 TAXATION #'000 2001 2000 (As restated) Corporation Tax @ 30% 1,151 977 Deferred Tax -128 26 Adjustment in respect of previous years -43 14 980 1,017 The Group has adopted FRS 19 - deferred tax in accordance with best practice. This approach has resulted in a reduced tax charge for the year ended 31 March 2001 of #128,000 as the Group now accounts for deferred tax on a full basis. A prior year adjustment to the previous year's deferred tax now recognised of #680,000 has been made following this change in accounting policy. Note 2. The directors of Black Arrow Trustees Limited have waived substantially all of their entitlement to the ordinary dividends in respect of the year ended 31 March 2001. Consequently the cost of the ordinary dividends have been reduced by #5,224 (2000 - #13,025) Note 3. The calculation of earnings per share is based upon profits of #2,185,000 (2000-#2,196,000) and 22,061,586 (2000 - 23,152,503) ordinary shares of 20p each being the weighted average number in issue during the year and the previous year, less the number held by the ESOP Trust. The diluted earnings per share is based on profit for the year of #2,185,000 (2000 - #2,196,000) and on 22,150,115 (2000 - 23,408,480) ordinary shares. Note 4. The figures for the year ended 31st. March 2001 are unaudited and do not constitute full accounts within the meaning of S240 of the Companies Act 1985. The figures for the year ended 31st. March, 2000 have been extracted from the full accounts for that year which have been delivered to the Registrar of Companies and on which the auditors have issued an unqualified audit report. CHAIRMAN'S COMMENTARY The second half of the year did not turn out as I anticipated in my half year statement and, in consequence, the full year's profit at #3,178,000 (#3,216,000) fell well short of expectation. We are not immune from the problems being experienced by industry generally and, although it is early days, there has been a distinct downturn in business during the current year and the future is looking somewhat bleak. Unless we see a dramatic change in the near future, prospects for the first half of this year are not good, but I will be able to say more in my annual statement. Earnings per share have improved to 9.90p (9.48p restated) and your directors are recommending a maintained final dividend of 3.50p (3.50p) which, together with the interim dividend of 1.75p (1.50p) already paid, will bring the total for the year to 5.25p (5.00p) ------------------------------------------------------------------ The annual General Meeting will be held on the 4th October 2001 and the proposed final dividend will be paid on the 5th October, 2001 to shareholders registered on the 7th September, 2001. Enquiries ARNOLD EDWARD Telephone 020-8572-7474
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