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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bullough | LSE:BLGH | London | Ordinary Share | GB0001532059 | ORD 20P |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6050B Bullough PLC 25 September 2002 25 SEPTEMBER 2002 Howard Marshall, Chairman Colin Bonsey, Group Finance Director Bullough plc Tel: 01372 379088 Charlie Armitstead Financial Dynamics Tel: 020 7831 3113 Bullough plc Interim results - 30 June 2002 Introduction The six months to June 2002 has been a challenging one for the group as trading conditions showed little improvement over the level of activity seen in the second half of 2001 and were below anticipated levels. The market for office furniture products throughout the Western economies reached its lowest level for the last four years during the period under review and further restructuring action has been taken as a consequence. As advised in the annual report, agreement was reached on 9 March 2002 for the sale of Product Procurement Services (PPS) to its management and the results for the six months reflect the final write off of costs in respect of the transaction. Results summary The results for the six months saw a marked reduction in overall demand in relation to the previous year and an increase in the trading deficit. Sales for Workplace Solutions fell by 25% alleviated to some extent by an increase of 10% in Temperature Control sales. Further action was taken in the period to reduce costs. The number of people employed by the group has declined by 191 or 14% of the total. Redundancy costs of #0.6m (prior year #0.3m) were incurred. Over the last eighteen months employment for the continuing operations has been reduced by 411 or 28% in order to counteract the fall in demand. The loss sustained by the continuing operations was #1.9 million. This was worse than the prior year loss of #0.4 million as a consequence of the major fall in demand in Workplace Solutions although the profit at Temperature Control improved. Exceptional items represent the write off of the residual cost for the disposal of PPS. As advised in the annual report only part of the cost of disposal could be dealt with in those accounts with the residue to be expensed this year. The anticipated total cost of disposal was advised to all shareholders in the circular dated 19 March 2002 requesting approval for the transaction. Cash Flow There was a strong operating cash flow for the period amounting to an inflow of #1.4m after interest and taxation despite the operating losses. Disposal of subsidiary undertakings represents the cash element of the disposal of PPS. At 30 June 2002 total borrowings amounted to #7.5 million. Operational Analysis of turnover and operating profit six months ended 30 June 2002 Operating Operating Turnover Turnover (loss) profit (loss) profit 2002 2001 2002 2001 #000 #000 #000 #000 Continuing operations Workplace Solutions 26,777 35,409 (2,475) (789) Temperature Control 13,411 12,227 561 438 40,188 47,636 (1,914) (351) Workplace Solutions This division had an extremely difficult six months impacting all of the companies. Sales were down across the division by 25% and all companies, excluding Project, sustained a loss. Order intake fell significantly across the division in the wake of general economic uncertainty prevailing in the last calendar quarter of last year and has not shown any sign of meaningful recovery. Cost reduction programmes continue, employment has been reduced by 18% with further reductions to follow in the second half. A major investment in new manufacturing processes has been made at Flexiform at a capital cost of #0.8m. This action has enabled a physical consolidation to occur and to release property for sale the proceeds from which will exceed the cost of the capital programme. The combination of these actions should enable trading performance to improve in the second half of the year. Temperature Control Johnson & Starley delivered another satisfactory performance and Boulter recovered from the destocking actions of its customers, which had hampered the comparable prior year performance. Trianco showed some improvement in sales and a reduction in losses sustained compared with the first half of last year. A number of operational improvements have been implemented at Trianco including the introduction of robotic welding. These initiatives in addition to the cost reduction programme should improve the performance for the second half. Property sales Since the end of the six month period contracts have been exchanged both for the surplus property at Bradford and for the sale of the office/warehouse facility formerly occupied by PPS. The sale proceeds of these two properties amounts to #1.9m and the cash will be received in the second half. Dividends In the light of the significant loss incurred in the first half the directors regret there will be no interim dividend (2001: nil). General Outlook General market conditions are expected to remain depressed for the time being. The necessary actions have and will be taken to ensure that capacity of the businesses is in balance with the market demand. Also investments in manufacturing efficiencies and new products are beginning to make a favourable impact. As a result of the measures taken the Group is anticipating an improved result for the second half. Howard Marshall Chairman 25 September 2002 Interim results Unaudited group results for the six months ended 30 June 2002 Six months ended 30 June 2002 Unaudited Before exceptional Exceptional items items Total #000 #000 #000 Turnover Continuing operations 40,188 - 40,188 Discontinued operations 4,735 - 4,735 44,923 - 44,923 Cost of sales (32,167) - (32,167) Gross profit 12,756 - 12,756 Net operating expenses (15,778) - (15,778) Operating loss Continuing operations (1,914) - (1,914) Discontinued operations (1,108) - (1,108) Total operating loss (3,022) - (3,022) Exceptional items (Loss) profit on disposal of - (4,957) (4,957) discontinued operations Utilisation of provision made in previous year - 2,000 2,000 Loss before interest (3,022) (2,957) (5,979) Net interest (payable) receivable (134) - (134) Loss on ordinary activities before taxation (3,156) (2,957) (6,113) Taxation - - - Loss on ordinary activities after taxation (3,156) (2,957) (6,113) Dividends - Loss absorbed in the period (6,113) Earnings per share Basic loss per share (11.50)p Adjusted loss per share (3.82)p Diluted loss per share (11.50)p Dividend per share Nil Six months ended 30 June 2001 Unaudited Year ended Before 31 December exceptional Exceptional 2001 items items Total Audited #000 #000 #000 #000 Turnover Continuing operations 47,636 - 47,636 90,482 Discontinued operations 5,951 - 5,951 14,427 53,587 - 53,587 104,909 Cost of sales (37,682) - (37,682) (75,642) Gross profit 15,905 - 15,905 29,267 Net operating expenses (19,894) - (19,894) (42,194) Operating loss Continuing operations (351) - (351) (5,306) Discontinued operations (3,638) - (3,638) (7,621) Total operating loss (3,989) - (3,989) (12,927) Exceptional items (Loss) profit on disposal of - 46 46 (1,053) discontinued operations Utilisation of provision made in - - - - previous year Loss before interest (3,989) 46 (3,943) (13,980) Net interest (payable) receivable 31 - 31 34 Loss on ordinary activities before (3,958) 46 (3,912) (13,946) taxation Taxation - 84 84 1,522 Loss on ordinary activities after (3,958) 130 (3,828) (12,424) taxation Dividends - - Loss absorbed in the period (3,828) (12,424) Earnings per share Basic loss per share (7.20)p (23.37)p Adjusted loss per share (0.55)p (4.37)p Diluted loss per share (7.20)p (23.37)p Dividend per share Nil Nil In accordance with practice adopted in previous years, the interim results have not been subject to a review by the company's auditors. There were no recognised gains or losses other than the results shown above. There is no material difference between the loss before taxation and the loss absorbed for each period as shown above and their historical cost equivalent. Consolidated balance sheet at 30 June 2002 30 June 30 June 31 December 2002 2001 2001 Unaudited Unaudited Audited #000 #000 #000 Tangible fixed assets 21,777 21,929 21,831 Current assets Stocks 8,986 13,911 9,783 Debtors 19,251 25,790 24,242 Cash at bank and in hand - - 135 28,237 39,701 34,160 Creditors - amounts falling (22,750) (19,694) (22,736) due within one year Net current assets 5,487 20,007 11,424 Total assets less current 27,264 41,936 33,255 liabilities Creditors - amounts falling (178) (218) (180) due after more than one year Provisions for liabilities and (7,032) (6,955) (6,908) charges Total net assets 20,054 34,763 26,167 Capital and reserves Called up share capital 10,634 10,634 10,634 Share premium account 1,964 1,964 1,964 Revaluation reserve 1,621 1,622 1,621 Capital redemption reserve 13,683 13,683 13,683 Profit and loss account (7,848) 6,860 (1,735) Equity shareholders' funds 20,054 34,763 26,167 Net assets per share (53.2m 37.7 65.4 49.2 shares) Net borrowings including 7,518 2,192 4,902 finance lease obligations Reconciliation of movements in shareholders' funds for the six months ended 30 June 2002 Six months Six months ended ended Year ended 30 June 2002 30 June 2001 31 December 2001 Unaudited Unaudited Audited #000 #000 #000 At 1 January 2002 26,167 38,591 38,591 Total recognised (losses) gains for the year (6,113) (3,828) (12,424) At 30 June 2002 20,054 34,763 26,167 Consolidated cash flow statement for the six months ended 30 June 2002 Six months Six months ended ended Year ended 30 June 2002 30 June 2001 31 December 2001 Unaudited Unaudited Audited #000 #000 #000 Operating loss (3,022) (3,989) (12,927) Depreciation 1,485 1,457 2,992 Loss on sale of tangible fixed assets - - 57 Decrease (increase) in stocks 1,162 (1,954) 798 Decrease in debtors 4,199 7,956 9,596 Decrease in creditors (3,095) (6,124) (5,762) (Decrease) increase in provisions (451) (26) 651 Net cash flow from operating activities 278 (2,680) (4,595) Return on investments and servicing of finance Net interest (paid) received (131) 74 12 Taxation UK corporation tax received (paid) 1,275 (241) 68 Capital expenditure Purchase of tangible fixed assets (1,613) (1,069) (3,182) Sale of tangible fixed assets 104 16 13 (1,509) (1,053) (3,169) Acquisitions and disposals Disposal of subsidiary undertakings (2,529) (681) 393 (2,529) (681) 393 Equity dividends paid - (378) (378) Net cash outflow before financing activities (2,616) (4,959) (7,669) Financing Inception of new finance leases 44 - - Capital element of finance leases repaid (34) (36) (69) 10 (36) (69) Increase in borrowings in the period (2,606) (4,995) (7,738) Reconciliation of net cash flow to movement in net debt for the six months ended 30 June 2002 Six months Six months ended ended Year ended 30 June 2002 30 June 2001 31 December 2001 Unaudited Unaudited Audited #000 #000 #000 Increase in borrowings in the period (2,606) (4,995) (7,738) (Increase) decrease in amounts due under lease financing (10) 36 69 Increase in net debt in the period (2,616) (4,959) (7,669) Net debt at 1 January 2002 (4,902) 2,767 2,767 Net debt at 30 June 2002 (7,518) (2,192) (4,902) Notes 1 Comparative figures Comparative figures for the year ended 31 December 2001 have been extracted from the group's 2001 Report and Accounts, which have been filed with the Registrar of Companies. The auditors' opinion on those accounts was unqualified and did not include a statement under Section 237(2) or (3) of the Companies Act 1985. 2 Accounting policies The accounting policies remain as set out in the group's 2001 Report and Accounts except for the change noted below. The requirements of Financial Reporting Standard 19, 'Deferred Tax', have been adopted for the first time in this interim statement. The previous accounting policy of making partial provision for deferred taxation which is expected to become payable in the forseeable future has been replaced by a full provision policy for all deferred tax assets and liabilities. This change in policy does not have any impact on the assets or results for the periods covered in this interim statement. 3 Exceptional items On 12 April 2002 the company completed the disposal of its subsidiary, Product Procurement Services Limited (PPS) to Ingleby (1463) Limited, a new company set up to make the purchase, for consideration of #1. Operating losses of PPS have been included up to 28 February 2002, the date from which the purchasers took over the operation of the business. These have been included within discontinued operations. An exceptional loss of #4,957,000 arose on the disposal, of which #2,000,000 was provided for in 2001 as an impairment provision against the value of fixed assets and stock to be disposed of. 4 Loss per share Adjusted loss per share is shown to reflect the underlying performance of continuing operations excluding exceptional items. 30 June 2002 30 June 2001 31 December 2001 Loss after Loss after Loss after taxation taxation taxation #000 #000 #000 Loss used for basic and fully diluted loss per share (6,113) (3,828) (12,424) Loss after taxation of discontinued operations 1,124 3,668 7,117 Exceptional items 2,957 (130) 2,986 Adjusted loss on continuing operations before exceptional items (2,032) (290) (2,321) The weighted average number of shares for all periods was 53.2 million. Fully diluted loss per share is the same as the basic loss per share because the impact of share options is anti-dilutive. -ENDS- The interim report will be mailed to shareholders (but not published in the newspapers) on 27 September 2002. Copies will be available on request from the Company Secretary, Bullough plc, 21 The Crescent, Leatherhead, Surrey, KT22 8DY. This information is provided by RNS The company news service from the London Stock Exchange END IR FGGZLLDLGZZM
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