Chapelthorpe Share Discussion Threads

[timbo003] 08/6/2004 21:04

very pleasing results.

I like the reference to disposal of surplus assets, reduced debt, increased divi, good divi cover and its reassuring to see the pension liability very much under control.

I'm very happy to hold my 90K and collect the £630 divi this time around

[tuftymatt] 08/6/2004 20:25

I have just read the results , having been at work all day , and am very pleased with them.

I expected .65p for the dividend , based on recent divi rises , so am more than happy with the .7p that we are going to get.

A pre tax rise of 137% , EPS up to 2.21p and borrowings reduced by £5.5m makes great reading and shows that this management team deliver what they say they will.
The only small negative I have is that turnover was down some £300,000 but even that is accounted for by "foreign exchange translation" and would have been up by around £900,000.
With the management team saying that they are "cautiously confident for the coming year and beyond" and with "considerable growth opportunities in new markets" I for one am more than happy to continue to hold my CPL shares and look forward to the next increase in the dividend and the continued share price rise over the coming months.

Kingdwg, As you say we did top up at the right time and I fully agree with you that a new year high is not far away.

[parsopa1] 08/6/2004 20:18

These results are solid. Should establish a new trading level in the 20-22p range.

[kingdwg] 08/6/2004 16:37

There'll be some favourable write ups in the next few days that should propel us comfortably over 20p.

[audigger] 08/6/2004 10:36

Pleased with this. Like the divi and also like the prospect of "considerable" new growth opportunities. Need to find some spare cash to buy more!

[openportal] 08/6/2004 09:00

CHAPELTHORPE PLC

PRELIMINARY RESULTS

For the Year ended 31 March 2004

Chapelthorpe plc, a leading manufacturer of industrial products which are
supplied to carefully chosen niche markets worldwide today announces its
preliminary results.

Financial Highlights

• Operating profits up by 23% to £7.2m (2003: £5.9m); underlying*
operating profits £8.0m (2003: £8.2m)

• Significantly improved pre-tax profits up 137% to £5.5m (2003: £2.3m)

• Underlying* EPS up 31% at 2.21p per share

• Final proposed dividend up by 40% to 0.7p (2003: 0.5p), making total for
the year of 1.0p (2003: 0.75p)

• Borrowings reduced by £5.5m in year to £22.7m

* Before exceptional items and goodwill

Chairman, John Standen, commented:

'I am delighted to be delivering these results for the year ended 31 March 2004
with much improved earnings and good cash flow against a tough market. The
targets we set ourselves last year, primarily those of reducing borrowings still
further while maintaining our recent financial performance, have been achieved
despite continued difficult markets worldwide.

Despite the many uncertainties, we remain cautiously confident of the outcome
for the current year and beyond.'

Chief Executive, Brian Leckie, commented:

'The Group achieved a solid set of results in the last 12 months through the
continued vigorous application of our cost reduction and control programmes.
Each of our divisions contributes significantly to profits and is cash
generative.

Despite the uncertainty over our raw material costs in light of the recent surge
in the oil price, we remain confident that the solid gains we have achieved in
operating efficiencies and cash generation over the last two years can be
maintained through the current year.'

For further information, please contact:

Brian Leckie, Chief Executive - Chapelthorpe plc 01924 248200
Chris Lynch/Josh Royston - Weber Shandwick Square Mile 020 7067 0700

Chairman's Statement

I am delighted to be delivering these results for the year ended 31 March 2004
with much improved earnings and good cash flow against a tough market
background. The targets we set ourselves last year, primarily those of reducing
borrowings still further while maintaining our recent financial performance,
have been achieved despite continued difficult markets worldwide. Our business
plan also demanded that we at least maintain our hard won competitive position
in the markets in which we operate and, despite increasing competition in some
areas, we have done that.

In addition, for the first time for some years, the full year figures contained
in the accounts (which are commented on in detail in the Financial Review) are
reported free from any exceptional items, underlining our financial achievements
in 2003/04.

Results in brief

Reflecting the difficult market conditions in all our markets, turnover slipped
marginally in the year to 31 March 2004 to £121.5m (2003: £121.8m). However, the
2004 figure was adversely affected by foreign exchange translation without which
we would have experienced some modest growth from the previous year to around
£122.7m. Operating profit improved from £5.9m to £7.2m and a significantly lower
interest charge meant that pre-tax profits rose by 137% to £5.5m (2003: £2.3m).
Underlying earnings per share (excluding exceptional items and goodwill
amortisation) are 2.21p compared with 1.69p in 2003.

Dividends

In the light of these encouraging financial results and in accordance with the
progressive dividend policy, the Directors are proposing a 40% increase in the
final dividend to 0.7p (2003: 0.5p). When taken with the interim dividend
declared in December 2003 of 0.3p, the total dividend for the year, if approved
at the AGM, will be 1.0p compared with 0.75p in 2003, an increase of 33%. The
cost of the final dividend now proposed is £1.4m and total dividends are covered
1.8 times by earnings. The final dividend is payable on 10 August 2004 to
shareholders on the register on 18 June 2004. Shareholders will once again have
the opportunity to reinvest the whole of their cash dividends in the purchase of
additional shares in the Company, in the open market, at competitive dealing
rates, pursuant to the Dividend Reinvestment Plan.

Business progress

We achieved a solid set of financial results in the last 12 months through the
continued vigorous application of our cost reduction and control programmes.
Each of our divisions contributes significantly to profits and is cash
generative; as a result we have been able to reduce borrowings still further to
the current level of £22.7m (from £43.3m in September 2001) and we remain firmly
on course to meet our target borrowings figure of £20m by March 2005. A more
detailed review of the divisional operational performance for 2003/04 is
included in the Chief Executive's Review of Operations.

Strategy

For some time we have positioned our Group as a leading global supplier of
manufactured products to three carefully chosen niche markets. Our products and
markets have high barriers to entry and that enables us to concentrate our
energies on maintaining and developing those key market-leading positions.

Over the last two years we have de-risked the business by significantly reducing
borrowings and tightening our control of working capital. These programmes have
been effective and will continue going forward. In addition, last year we began
a programme to assess whether realisable or currently surplus assets are being
converted into cash at a fast enough pace; we expect this programme to produce
tangible results over the next few years.

We now have a sound platform on which we must build growth and improve returns
for shareholders over the longer term. Therefore, during this year we will very
carefully review all of our businesses and their assets to ensure that each of
them is capable of rising to the challenge and delivering both growth and
acceptable returns for shareholders.

Our good housekeeping of the past two years has given us a great opportunity to
finally determine the optimum shape and scale of the business going forward. It
is an opportunity that we will not let pass by.

Outlook

Given the difficult economic circumstances the Group faced last year I believe
we achieved a satisfactory financial performance in 2003/04. Shareholders have
seen total returns improve over the last two years, but the recent surge in the
oil price and its consequent impact on our raw material costs continues to
present us with challenges going forward.

On the positive side, while our traditional markets will undoubtedly remain
tough for the foreseeable future, we take encouragement from the experience we
have recently gained with innovative products taking us into new markets. We
firmly believe that these areas offer us considerable opportunities for growth.

Despite the many uncertainties, we remain cautiously confident of the outcome
for the current year and beyond.

John Standen
Non-executive Chairman

[kingdwg] 08/6/2004 08:23

Looks like we got in just right then tuftymatt!:-)

[huntie2] 08/6/2004 08:18

so far, so good.

[huntie2] 08/6/2004 07:21

Looks pretty good to me......but what will the market think? Should be a very positive reaction.

[audigger] 07/6/2004 23:05

Not sure if this buying was based on optimism or information - hopefully the latter and we'll see a reasonable jump based on sound results.

[seabird] 07/6/2004 17:58

Let's hope so lion - a few buys also.

[a sacred lion] 07/6/2004 17:24

A big jump today (one day before results) - does someone know something before we do????

/A

[kingdwg] 03/6/2004 13:38

Yeh but that was a cross trade at just above the bid so someone may be reducing their stake. A straight buy of that magnitude would send this skywards. The other suggestion, as Tufty said, is that the agency that have been mopping up over the past few weeks are transferring to this fund which is still good news.

[openportal] 03/6/2004 13:05

Chapelthorpe PLC
03 June 2004


See below....that was not a 2M sell yesterday, it was them taking it from 9M up to 11M now !!!! Time to buy more !!!!!!!


3 June 2004
Chapelthorpe plc


Chapelthorpe plc (the 'Company') announces that it received notification today
from North Atlantic Value LLP that as at 3 June 2004, North Atlantic Value LLP
as discretionary manager has a revised notifiable interest in 11,179,765
Ordinary Shares of 5p each in the Company, representing approximately 5.48% of
the issued Ordinary Share capital.


This information is provided by RNS
The company news service from the London Stock Exchange

[kingdwg] 02/6/2004 22:02

Yes there certainly haven't been many large holders running for the exit.

[tuftymatt] 02/6/2004 20:54

It would explain why the share price has held up quite well over recent months with a large amount of sellers out there.

A nice and steady bit of stake building = a good bit of investing by them I say.

[kingdwg] 02/6/2004 17:04

I can't remember seeing them as a previous holder, certainly don't have a note of an RNS over the past 4 years.

[seabird] 02/6/2004 16:42

Does this mean that North Atlantic Value LLP have been topping up lately?

[openportal] 02/6/2004 12:05

Chapelthorpe PLC
02 June 2004

2 June 2004

Chapelthorpe plc

Chapelthorpe plc (the 'Company') announces that it received notification
yesterday from North Atlantic Value LLP that as at 1 June 2004, North Atlantic
Value LLP as discretionary manager has a notifiable interest in 9,048,100
Ordinary Shares of 5p each in the Company, representing approximately 4.43% of
the issued Ordinary Share capital.

This information is provided by RNS
The company news service from the London Stock Exchange

[openportal] 01/6/2004 14:13

Estimates at 20th May 2004

Pre Tax Profit 5.75M
EPS 1.84
Div Per Share 0.9p

2 brokers recommending BUY, none at hold and none at sell.

[openportal] 01/6/2004 03:06

I have faith in these, have done for some time. They are a good solid company giving a DIV as well. In these uncertain times, this is the kind of company you want to be in.

[tuftymatt] 31/5/2004 13:04

Its good to see people looking to buy back into these following the recent selling.
The results should be good and I feel we are in for another rise in the divi.

Bring on 20p!!

[audigger] 31/5/2004 02:36

The interims were reasonable and the outlook for both fibres and specialist coatings was for improved trading conditions relative to 1&2Q. "The second half has started in line with our expected operating pattern and we are anticipating stronger trading in the second half of this year compared with last year." Things in the US automotive industry have improved over recent months. So, if all of this stacks-up, results should be encouraging and I think a moderate increase to establish a new baseline at 20 is a reasonable expectation. Will be interesting to see if any new lines of business have been pursued as was suggested. All-in-all I still think this is a solid investment especially with the divi. I'll be topping-up Tuesday subject to having enough funds left after piling into OYS.

[gengulphus] 28/5/2004 15:34

No real reason for the price to hiccup on an X trade. One large holder wanted to sell, another wanted to buy, they managed to find each other and agree a trade between them without touching the market... And for everyone who sees the fact that a large holder is selling as bad news, there will be someone who sees the fact that a large holder is buying as good news, so the net indirect effect on the market is small as well.

Gengulphus

[keithfagan] 28/5/2004 12:00

Interesting that the price didn't even hiccup. Is someone speculating heavily ahead of the results on 8th June? If they have a profit rise like last year this could be a flyer.