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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:1096Z Black Arrow Group PLC 26 July 2002 PRESS ANNOUNCEMENT FOR IMMEDIATE RELEASE 26th JULY 2002 BLACK ARROW GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST. MARCH, 2002 At a meeting held today the board voted to recommend a final dividend of 1.00p per share (2001 - 3.50p) for the year ended 31st. March, 2002. No interim dividend was paid (2001 - 1.75p) and the total distribution for the year was 1.00p per share (2001 - 5.25p). The results are as follows:- Year Ended Year Ended #'000 31st March 31st March 2002 2001 TURNOVER Leasing & Instalment finance 1,010 1,113 Office furniture manufacturing distribution and partitioning 16,990 21,282 18,000 22,395 Operating Profit 378 2,797 (Loss)/Profit on disposal of -62 11 tangible fixed assets Interest receivable 301 371 Interest payable -4 -1 Profit on ordinary activities before taxation 613 3,178 Taxation on profits on ordinary activities (Note1) -189 -980 Profit for the financial year 424 2,198 Minority interests -10 -13 Profit attributable to 414 2,185 shareholders of the parent undertaking Dividends Interim paid - nil - (1.75p) - 377 Final proposed 1.00p (3.50p) 206 206 746 1,123 (note2) Retained profit for the year 208 1,062 Retained Profits brought forward 13,108 13,499 Repurchase of shares -380 -1,453 Retained Profits carried forward 12,936 13,108 PER SHARE Earnings (Note 3) 1.95p 9.90p Diluted Earnings (Note 3) 1.95p 9.86p Dividends 1.00p 5.25p NOTE OF HISTORICAL COST PROFITS AND LOSSES For the year ended 31st March 2002 #'000 2002 2001 Reported Profit on ordinary activities before 613 3,178 taxation Historical cost profit on ordinary activities before taxation 613 3,178 Historical cost profit for the year retained after taxation, minority interests, dividends and other appropriations. 208 1,062 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 31st March 2002 Profit attributable to shareholders of the 414 2,185 parent undertaking Unrealised surplus on revaluation of Property 290 478 Total gains and losses recognised 704 2,663 SUMMARISED CONSOLIDATED BALANCE SHEET as at 31st March 2002 #'000 2002 2001 FIXED ASSETS 8,372 6,595 CURRENT ASSETS Stocks 1,977 1,999 Debtors falling due within 1 4,932 6,087 year Debtors falling after 1 year 2,313 3,276 Cash & Bank balances 6,120 7,157 15,342 18,519 CREDITORS - amounts falling due within one year 3,801 5,329 NET CURRENT ASSETS 11,541 13,190 TOTAL ASSETS LESS CURRENT LIABILITIES 19,913 19,785 PROVISIONS FOR LIABILITIES AND CHARGES 100 100 19,813 19,685 CAPITAL & RESERVES Called up share capital 4,148 4,289 Share premium account 285 285 Revaluation reserve 1,513 1,223 Other reserves 888 747 Profit & Loss account 12,936 13,108 Shareholders funds - Equity 19,770 19,652 Minority Interests - Equity 43 33 19,813 19,685 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31st March 2002 #'000 2002 2001 Net cash inflows from operating activities 2,787 3,772 Returns on investments and servicing of finance Interest received 301 371 Interest paid -4 -1 Dividend paid to minority interest 297 370 Taxation Corporation tax paid(including advance corporation tax) -890 -1080 Capital expenditure and financial investment Payments to acquire tangible fixed assets -2,210 -504 Proceeds from sales of tangible fixed 104 151 assets Loan to third party 750 Proceeds from sales of - - investments -2,106 397 Equity dividends paid -746 -1184 Net cash (outflow)/inflow before -658 2,275 use of financing Financing Repurchase of shares -380 -1,453 Net cash outflow from financing -380 -1,453 (Decrease)/Increase in cash -1038 822 Reconciliation of operating profit to net cash inflow from operating activities #'000 2002 2001 Operating Profit 378 2,797 Depreciation 557 576 Decrease/(Increase) in debtors 2,311 -562 Decrease in stocks 22 161 (Decrease)/Increase in creditors -481 800 2,787 3,772 Note 1 TAXATION #'000 2002 2001 Corporation Tax @ 30% 383 1,151 Deferred Tax -193 -128 Adjustment in respect of previous years -1 -43 189 980 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 2002. Consequently the cost of the ordinary dividends have been reduced by #895 (2001 - #5,224) Note 3. The calculation of earnings per share is based upon profits of #414,000 (2001-#2,185,000) and 21,199,819 (2001 - 22,061,586) 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 #414,000 (2001 - #2,185,000) and on 21,257,246 (2001 - 22,150,115) ordinary shares. Note 4. The figures for the year ended 31st. March 2002 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, 2001 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 Our results for the year are little better than I predicted in my interim commentary. The pre-tax profit of #613,000 can only be regarded as marginal and relates very unfavourably to the comparable figure for last year. As might be expected in recessionary times, the office furniture market has become increasingly competitive. We have won more than our share of the larger projects but at depressingly low margins and this has resulted in a dip in our gross percentages. I will have more to say about this aspect of our business in my annual statement and will also be able to give an indication as to how the current year is progressing. I must say, however, the signs are not promising for the office furniture business for the immediate future. Net earnings per share are only 1.95p and out of this your directors propose a dividend of 1.00p (2001 - 5.25p), which will be paid on the 3rd October, 2002 to shareholders registered on the 6th September, 2002. ------------------------------------------------------------------ Enquiries ARNOLD EDWARD Telephone 020-8572-7474 This information is provided by RNS The company news service from the London Stock Exchange END FR RAMBTMMBTBAT
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