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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 : 9405A Black Arrow Group PLC 08 August 2008 8th AUGUST2008 BLACK ARROW GROUP PLC UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31st MARCH 2008 At a meeting held today the board voted to recommend a final dividend of 4.00p per share (2007 - 2.00p) for the year ended 31st March 2008. No interim dividend was paid (2007 - Nil p) and the total distribution for the year will be 4.00p per share (2007 - 2.00p). The results are as follows:- Group Income Statement For the year ended 31 March 2008 Unaudited Unaudited 2008 2007 £000 £000 Turnover 13,678 17,614 Cost of sales (7,921) (9,455) Gross Profit 5,757 8,159 Distribution costs (1,036) (1,554) Administrative expenses (7,203) (8,301) (8,239) (9,855) Other operating income 455 216 Net gain on disposal of property, plant and equipment 7,786 - Realisation of property revaluation gains of previous years - 2,594 Actuarial gain on defined benefit pension scheme 169 278 Unrealised surplus on revaluation of investment properties - 866 Group operating profit from continuing operations 5,928 2,258 Finance Revenue 283 300 Finance costs - (37) Other Finance revenue - 32 26 pensions Profit from continuing operations before taxation 6,243 2,547 Tax expense (note 1) (1,509) (314) Profit for the year from continuing operations 4,734 2,233 Attributable to: Equity holders of the parent 4,649 2,230 Minority Interests 85 3 4,734 2,233 Earnings per share Basic and diluted, for profit from continuing operations attributable to 24.48p 11.44p ordinary equity holders of the parent (Note 3) Group Statement of Recognised Income and Expenses For the year ended 31 March 2008 Unaudited Unaudited 2008 2007 £000 £000 Profit attributable to shareholders of the parent undertaking 4,649 2,230 Profit attributable to Minority Interests 85 3 4,734 2,233 Group Balance Sheet At 31 March 2008 Unaudited Unaudited 2008 2007 £000 £000 Non current assets Property plant & equipment 3,941 3,900 Investment property 5,640 5,640 Trade & other receivables 1,741 1,437 11,322 10,977 Current assets Inventories 451 1,161 Work in progress 200 146 Trade & other receivables 12,962 3,290 Cash & cash equivalents 3,143 7,312 16,756 11,909 Total assets 28,078 22,886 Current liabilities Trade & other payables 2,321 1,974 Financial liabilities - 32 Provisions 212 298 Income tax payable 2,002 478 Accruals 19 36 4,554 2,818 Non current liabilities Financial liabilities - 82 Provisions 222 483 Deferred tax liability 580 580 Defined benefit pension plan deficit 167 366 969 1,511 Total liabilities 5,523 4,329 Net assets 22,555 18,557 Capital & reserves Equity share capital 3,819 3,899 Share premium account 312 312 Merger reserve 26 26 Capital redemption reserve 1,212 1,132 Retained earnings 17,045 13,117 Black Arrow Group shareholder's equity 22,414 18,486 Minority interests - equity 141 71 Total equity 22,555 18,557 Group Cash Flow Statement For the year ended 31 March 2008 Unaudited Unaudited 2008 2007 £000 £000 Operating Activities Profit for the year 4,734 2,233 Adjustments to reconcile profit for the year to net cash inflows from operating activities Tax on continuing operations 1,509 314 Net finance revenue (283) (263) Other finance revenue-pensions (32) (26) Gain on the sale of property, plant and equipment (7,786) (2,602) Unrealised surplus on revaluation of investment properties - (866) Depreciation & impairment of plant & equipment 401 611 Amortisation & Impairment of intangible assets - 13 Difference between pension contributions paid and amounts recognised in the income 2 16 statement Actuarial gains on defined benefit pension plan (169) (278) Decrease/(increase) in inventories 656 (7) (Increase)/decrease in trade and other receivables (976) 3,805 Increase/(decrease) in trade and other payables 418 (820) Movement in provisions (347) (136) Cash generated from operations (1873) 1,994 Income taxes paid (73) (53) Net cash (outflow)/inflow from operating activities (1,946) 1,941 Investing activities Interest received 283 300 Sale of property, plant & 356 3,595 equipment Payments to acquire property, plant & equipment (2,108) (180) Net cash (outflow)/inflow from investing activities (1,469) 3,715 Financing activities Interest paid - (37) Dividends paid to equity shareholders of the parent (389) (390) Dividends paid to minority (15) - Interests Proceeds from issue of shares in ESOP trust - 21 Repayment of capital element of finance lease (18) (48) Proceeds from issue of new share capital - 48 Purchase of own shares (332) (84) Net cash outflow from financing activities (754) (490) (Decrease)/increase in cash & cash equivalents (4,169) 5,166 Cash & cash equivalents at the beginning of the year 7,312 2,146 Cash & cash equivalents at the end of the year 3,143 7,312 Note 1 Taxation Unaudited Unaudited 2008 2007 £000 £000 Current income tax charge 1,509 72 Adjustment in respect of previous years - (55) Deferred taxation - 297 Tax expense 1,509 314 Note 2 Reconciliation of movements in Shareholders Funds Unaudited Unaudited 2008 2007 £000 £000 Opening shareholders' funds 18,486 16,682 Movement during the year: Profit attributable to shareholders of the parent 4,649 2,230 undertaking Dividend (389) (390) Repurchase of shares (332) (84) Issue of shares - 48 Net increase in shareholders' funds 3,928 1,804 Closing shareholders' funds 22,414 18,486 Note 3 The calculation of profit per share is based upon profits of £4,649,000 (2007-profit £2,230,000) and 19,340,234 (2007-19,500,037) ordinary shares of 20p each being the weighted average number in issue during the year and the previous year. The diluted profit per share is based on profits for the year of £4,649,000 (2007-profit £2,230,000) and on 19,340,234 (2007- 19,500,037) ordinary shares. Note 4 The figures for the year ended 31st March 2007 are unaudited and based on the Black Arrow Group plc Annual Report and Accounts 2007 filed with the Registrar of Companies, however the numbers have been restated from UK GAAP to IFRS. The auditors issued an unqualified audit report on the 2007 UK GAAP accounts. The Group issued, within its unaudited interim results on 3rd December 2007, the impact of transition to IFRS including a detailed reconciliation from UK GAAP to IFRS of the 2007 income statement and balance sheet. The unaudited 31 March 2007 figures shown above have been adjusted to correctly reflect the deferred tax liability on property valuations arising of £580,000. Note 5 The figures for the year ended 31st March 2008 are un-audited and do not constitute statutory accounts within the meaning of S240 of the Companies Act 1985. CHAIRMAN'S COMMENTARY This year's figures include the sale of our head office where we achieved a profit over our book value of some £7.8 million. Since the year-end the sale proceeds have been received. Unfortunately the trading division continued to sustain losses. Our venture into government business did not prove a success and in December Paragon was sold; this involved further considerable losses. Our leasing activities were profitable and contributed about £500,000 to the Group. In my previous half-year statement I said that we were closing two of our factories and consolidating our manufacturing in our Rotherham plant. This process has been completed and we now have one factory. Although not justified by our trading results your directors think it appropriate that they recommend a dividend to reflect the one-off profit that we have enjoyed from the property sale and accordingly a dividend of 4.00p will be proposed at the forthcoming AGM which will be paid on 9th October 2008 to shareholders registered on the 12th September 2008. ------------------------------------------------------------------ Enquiries: ARNOLD EDWARD Telephone 020-8572-7474 This information is provided by RNS The company news service from the London Stock Exchange END FR PPMRTMMBMMLP
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