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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Brockhampton | LSE:BHD | London | Ordinary Share | GB0001440055 | 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% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2776U
Brockhampton Holdings PLC
17 November 2000
CHAIRMAN'S STATEMENT
I am pleased to report that the first half of the current financial year has
seen a solid performance from the Group. Turnover of #14.62m. was up 2.3% on
the same period last year, largely as a result of both increased income from
new water connections and revenue generated from non-regulated activity. As a
result of the 1999 Periodic Review of water industry prices, tariffs for
Portsmouth Water were reduced by 3% in real terms, but impacted on customers'
bills only from July 2000. The effect of this price reduction will be
reflected for all six months in the second half of the year. Savings in
operating expenditure successfully offset significant additional costs brought
about by new water regulations on quality monitoring. This enabled the Company
to post a profit before tax of #4.18m. (1999 : #4.29m.), after absorbing the
tariff cut and the expected first half operating loss from our new and growing
Seven Springs business.
In the light of these positive results, the Board has decided to declare an
interim dividend of 1.9p per Ordinary and 'A' Ordinary Share, an increase of
5.6% on last year's distribution of 1.8p. The dividend will be paid on 19th
January 2001 to shareholders on the register at close of business on 22nd
December 2000. This distribution is consistent with the Board's policy of
providing progressive dividend growth, which has been successfully delivered
for many years.
Cash and short term deposits decreased by #2.6m. during the first half year
(1999 : decrease of #1.3m.) and principally reflected a higher tax payment
resulting from the new settlement regulations and a capital programme further
advanced than during the same period last year. Net debt at 30th September
2000 was #11.0m. (1999 : #11.1m.).
Another substantial programme of capital investment within the regulated
business amounting to #7.4m. (1999 : #8.1m.) has been planned for the year.
Considerable progress has already been made and it is fully anticipated that
this programme will be achieved, thereby ensuring that the already high level
of service provided to customers continues to be enhanced.
The latest report of the Chief Drinking Water Inspector has confirmed that the
quality of water supplied continues to be very good. Greater than 99.8% of
tests performed met the required high standards. In addition, customers have
once again received supplies throughout the summer period uninterrupted by
hosepipe bans or other restrictions, while the level of leakage continues to
be amongst the lowest in the country.
Seven Springs Limited, which supplies bottled spring water and water cooling
equipment, has grown steadily since its launch towards the end of 1999. It now
has approximately 1,000 cooler units on hire to customers, despite the
relatively poor weather conditions which prevailed during the summer months,
and has also secured contracts with distributors for the bulk supply of
bottled water. In accordance with its development plan, the business is
expected to be operating profitably by the end of the financial year.
The Directors will afford the highest priority to generating earnings growth
by seeking further efficiencies in the core water business and through
carefully evaluated diversification into non-regulated activities.
Earnings in the second half year are not expected to reach the level of the
first, due to the full effect of the real price reduction in tariffs referred
to earlier. Nevertheless, in the absence of any unforeseen circumstances, the
Board is confident of achieving a satisfactory outcome for the year.
J.F. BATTY 17TH NOVEMBER 2000
CHAIRMAN.
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS
ENDED 30TH SEPTEMBER 2000
6 6 12
months months months
ended ended ended
30.9.00 30.9.99 31.3.00
Notes
#000 #000 #000
------- ------- ------- -------
TURNOVER 14,623 14,299 28,823
------- ------- -------
OPERATING PROFIT 4,674 4,878 9,859
(Loss)/profit on sale of fixed (1) (8) 215
assets
------- ------- -------
PROFIT ON ORDINARY ACTIVITIES
BEFORE INTEREST 4,673 4,870 10,074
Interest receivable 133 96 233
------- ------- --------
4,806 4,966 10,307
Interest payable 624 679 1,290
------- ------- --------
PROFIT ON ORDINARY
4,182 4,287 9,017
ACTIVITIES BEFORE TAXATION
Taxation on profit on
ordinary activities (2) 1,046 1,115 2,058
------- ------- -------
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION 3,136 3,172 6,959
Dividend (3) 915 867 2,746
------- ------- -------
RETAINED PROFIT 2,221 2,305 4,213
====== ====== ======
EARNINGS PER SHARE (4)
Basic 6.5p 6.6p 14.4p
------- -------- --------
Diluted 6.5p 6.6p 14.4p
------- -------- --------
SUMMARISED CONSOLIDATED BALANCE SHEET
AS AT 30TH SEPTEMBER 2000
30.9.00 30.9.99 31.3.00
#000 #000 #000
--------- --------- ---------
FIXED ASSETS 67,001 62,922 65,186
-------- -------- ---------
CURRENT ASSETS 7,552 7,398 8,983
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR 9,907 9,808 11,748
--------- --------- ---------
NET CURRENT LIABILITIES (2,355) (2,410) (2,765)
TOTAL ASSETS LESS CURRENT
LIABILITIES 64,646 60,512 62,421
CREDITORS: AMOUNTS FALLING
15,000 15,000 15,000
DUE AFTER ONE YEAR
---------- ---------- ----------
49,646 45,512 47,421
====== ====== ======
CALLED UP SHARE CAPITAL 4,895 4,895 4,895
RESERVES 44,751 40,617 42,526
---------- ---------- ----------
49,646 45,512 47,421
====== ====== ======
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT FOR THE
SIX MONTHS ENDED 30TH SEPTEMBER 2000
6 6 12
months months months
ended ended ended
30.9.00 30.9.99 31.3.00
Notes
#000 #000 #000
------
------ ------ ------
NET CASH INFLOW FROM OPERATING
ACTIVITIES (5) 4,491 4,701 14,244
RETURNS ON INVESTMENTS
(492) (557) (1,046)
AND SERVICING OF FINANCE
TAXATION (524) (57) (2,293)
CAPITAL EXPENDITURE AND
(4,211) (3,727) (6,952)
FINANCIAL INVESTMENT
EQUITY DIVIDENDS PAID (1,879) (1,686) (2,553)
------- ------- -------
CASH OUTFLOW BEFORE MANAGEMENT OF
LIQUID RESOURCES AND FINANCING
(2,615) (1,326) (1,400)
MANAGEMENT OF LIQUID RESOURCES
550 1,100 (450)
FINANCING 3 7 9
------ ------ ------
(DECREASE)/INCREASE IN CASH (2,062) (219) 959
====== ====== ======
NOTES
1. The interim results for the six months to 30th September 2000, which are
unaudited, have been prepared on the basis of accounting policies
consistent with those adopted for the year ended 31st March 2000.
Comparative figures for the half year ended 30th September 1999 have been
restated where appropriate to reflect the change in method of accounting
for infrastructure assets following the introduction of FRS15: Tangible
Fixed Assets, which was adopted for the accounts for the year ended 31st
March 2000. This change has no effect on the profit and loss account. The
results for the year ended 31st March 2000 are taken from the latest
published accounts of Brockhampton Holdings plc, which have been delivered
to the Registrar of Companies and on which the report of the auditors was
unqualified.
2. The charge to corporation tax is an estimate based on the anticipated
effective rate of tax for the year to 31st March 2001.
3. The Directors have declared an interim dividend of 1.9p per Ordinary and
'A' Ordinary Share.
4. Basic earnings per share have been calculated on the basis of 48,186,392
Ordinary and 'A' Ordinary Shares, being the weighted average of shares in
issue over the six month period, and earnings attributable to those shares
of #3.136m. (1999 : 48,175,698 shares and earnings of #3.172m.).
Diluted earnings per share have been calculated on the same earnings
figure and a weighted average of shares in issue of 48,460,148 (1999 :
48,330,862 shares and earnings of #3.172m.).
5. NET CASH INFLOW FROM OPERATING ACTIVITIES
6 months 6 months 12 months
ended ended ended
30.9.00 30.9.99 31.3.00
#000 #000 #000
---------- ----------- ----------
Operating 4,674 4,878 9,859
profit
Depreciation 2,179 2,378 4,177
Working (2,362) (2,555) 208
capital
---------- ------------ -----------
4,491 4,701 14,244
======= ======= =======
6. The interim report is sent to all shareholders and a copy is available to
the public from the Company's Registered Office, Brockhampton Springs,
West Street, Havant, Hants. PO9 ILG.
For further information please contact:
N.J. Roadnight - Managing Director
N. Smith - Finance Director
023 9249 9888
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