We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Danakali Limited | LSE:DNK | London | Ordinary Share | AU000000DNK9 | ORDS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 19.00 | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3451O Danka Business Systems PLC 05 August 2003 Embargoed until: 13.30 5th August 2003 DANKA BUSINESS SYSTEMS PLC ("DANKA", "THE GROUP" OR "THE COMPANY") DANKA REPORTS FIRST QUARTER RESULTS FOR THE THREE MONTHS ENDED 30th JUNE,2003 "We saw progress in the mitigation of our past revenue declines in certain aspects of our business, encouraging signs in our service business and progress with our Oracle implementation." Financial and operational highlights for the quarter ended 30th June, 2003: - Operating profit was #3.0m (Q4 2003: #3.6m; Q1 2002: #10.2m) - Pre-tax loss of #2.9m (Q4 2003: #1.9m loss; Q1 2002: #5.2m profit) - Basic earnings per share were 1.0p (Q4 2003: 2.0p; Q1 2002: 3.2p) - Gross margins were 36.7% (Q4 2003: 37.7%; Q1 2002: 38.6%) - Strong turnaround of International business - Successful completion of $175m senior note offering on 1st July, 2003 - #64.4m under existing bank credit facility repaid on 1st July, 2003; intention to redeem #28.6m zero coupon senior subordinated notes Danka's Chairman and Chief Executive Officer, Lang Lowrey, commented: "We saw continued progress in mitigating the decline in our revenues in certain key aspects of our business; however, we experienced a decline in our gross margins, almost exclusively in the U.S. equipment and related sales area," said Lang Lowrey, Danka's Chairman and Chief Executive Officer. "Some of this decline can be attributed to a larger than expected shift in the mix of our sales toward lower margin, large enterprise accounts. Additionally, toward the end of the quarter, we were affected by changing market conditions in our industry, which appear to now be dictating lower average sales prices in certain segments of our equipment portfolio. On the positive side, we did see stabilising trends in the performance in our retail equipment and related business, continued positive trends in our service annuity business and a turnaround in our International business, which contributed measurable, positive results for the first time in several quarters." "While we are disappointed with our first quarter financial results, we saw progress in the mitigation of our past revenue declines in certain aspects of our business, encouraging signs in our service business and progress with our Oracle implementation," stated Lowrey. "Toward the end of the quarter, however, we encountered increasingly competitive market conditions which placed downward pressure on sales and margins, particularly in the U.S. field sales force. Our ability to successfully respond and improve sales and margin performance in light of these industry conditions, better manage our working capital, timely complete our Oracle rollout, realise capital spending reductions and cost savings from the new IT system and move to our new headquarters building remain the most significant factors to achieving our financial forecast for the fiscal year," concluded Lowrey. Danka's Chief Financial Officer, Mark Wolfinger, commented: "The refinancing was clearly a bright spot for the quarter, and is the culmination of years of management effort to provide long term financing for the Company," said Wolfinger. "In the process, we have lowered our overall cost of capital and significantly extended the maturities of a large portion of our capital structure. We believe this refinancing has solidified the financial position of the Company and will allow our management team to focus on executing our business and process improvement plans. For the past several years we have been operating under a credit facility which was extremely expensive, and contained very onerous financial covenants, which often hampered our ability to exploit new opportunities," concluded Wolfinger. For further information please contact: Danka Business Systems PLC Paul Dumond, Company Secretary (UK) 020 7605 0150 Don Thurman, Senior VP (USA) 001 770 280 3990 Weber Shandwick Square Mile Katie Hunt 020 7067 0700 Embargoed until: 13.30 5th August, 2003 DANKA BUSINESS SYSTEMS PLC ("DANKA", "THE GROUP" OR "THE COMPANY") DANKA REPORTS FIRST QUARTER RESULTS FOR THE THREE MONTHS ENDED 30th JUNE,2003 Danka Business Systems PLC today announced its first quarter results for the three months ended 30th June, 2003. Danka also announced that it has scheduled a conference call for Tuesday, 5th August to discuss these results. The Group reported an operating profit of #3.0 million for the first quarter ended 30th June, 2003 as compared to an operating profit of #10.2 million for the first quarter ended 30th June, 2002. The current year includes an exceptional credit of #0.4 million related to restructuring. Excluding this exceptional item, the operating profit would be #2.6 million for the current year. The Group recorded a pre-tax loss of #2.9 million for the quarter ended 30th June, 2003 compared to a pre-tax profit for the quarter ended 30th June, 2002 of #5.2 million. The Group reported basic earnings of 1.0 pence per share in the first quarter ended 30th June, 2003 compared to earnings of 3.2 pence per share in the corresponding period of the prior year and adjusted basic earnings of 0.8 pence per share and 3.2 pence per share for those respective quarters. Turnover for the first quarter declined by 13.2% to #206.4 million from #237.9 million in the prior year first quarter. Foreign currency movements negatively affected the Group's turnover by approximately #4.3 million during the first quarter, despite the euro movement positively affecting turnover by #7.4 million. Overall, the Group's revenues continue to be negatively affected by increasing competitive economic and market conditions, especially in the United States, technology convergence and the global slowdown in capital spending. Retail equipment and related revenues for the first quarter declined 7.6% to #69.7 million from #75.5 million in the prior year first quarter which includes a #1.9 million negative foreign currency movement in the current quarter. This decrease in retail equipment and related revenues was due to reduced sales in all segments. Retail maintenance revenues for the first quarter declined by 16.5% to #102.6 million from #122.8 million in the prior year first quarter which includes a #2.9 million negative foreign currency movement in the current quarter. This decline was mainly due to the continuing industry-wide conversion from analogue-to-digital equipment. Retail supplies and rental revenues for the first quarter declined by 22.5% to #19.7 million from #25.4 million in the prior year first quarter, which includes a #1.0 million negative foreign currency movement in the current quarter, primarily due to the downsizing of the U.S. rental business. Overall gross margins declined to 36.7% in the first quarter from 38.6% in the prior year first quarter. The retail equipment and related sales margin decreased to 30.7% from 35.4% in the prior year first quarter primarily due to lower margins in the North American business. First quarter retail equipment and related sales revenue gross margin was negatively affected by a #2.5 million decrease in lease and residual payments from a diminishing external lease funding programme which contributed #3.1 million to gross margin in the prior year first quarter. Gross margins for maintenance decreased slightly to 41.9% from 42.0%. Overall, North American gross margins declined to 40.1% from 42.9% in the prior year first quarter while European gross margins were relatively flat at 32.3% and International gross margins increased to 37.1% from 34.1% in the prior year first quarter. The European wholesale gross margins increased to 20.0% from 18.3%. "We saw continued progress in mitigating the decline in our revenues in certain key aspects of our business; however, we experienced a decline in our gross margins, almost exclusively in the U.S. equipment and related sales area," said Lang Lowrey, Danka's Chairman and Chief Executive Officer. "Some of this decline can be attributed to a larger than expected shift in the mix of our sales toward lower margin, large enterprise accounts. Additionally, toward the end of the quarter, we were affected by changing market conditions in our industry, which appear to now be dictating lower average sales prices in certain segments of our equipment portfolio. On the positive side, we did see stabilising trends in the performance in our retail equipment and related business, continued positive trends in our service annuity business and a turnaround in our International business, which contributed measurable, positive results for the first time in several quarters." Recurring operating expenses decreased by #8.6 million to #73.1 million for the quarter ended 30th June, 2003 from #81.7 million for the quarter ended 30th June, 2002. The decrease was due, in part, to a negative foreign currency movement of #2.5 million. The Group incurred #1.9 million in Vision 21 and ancillary expenses during the first quarter as well as almost #0.4 million in expenses on the new corporate headquarters building. Recurring operating expenses increased to 35.4% of turnover in the first quarter from 34.3% of turnover in the prior year first quarter. "We continue to be challenged with a cost structure which is too high," stated Lowrey. "Our ability to reduce costs will be instrumental to our achieving acceptable financial results for the balance of this year. Realisation of a large measure of cost savings requires us to continue making significant expenditures on our Vision 21, Oracle 11i ERP system and its related, ancillary cost which we do not expect to continue in the second half of the year. We currently expect that we can complete our implementation during our third fiscal quarter, which will allow us to continue the transition away from the expensive manual operation of our outdated legacy systems and processes. The efficiencies we expect to achieve from a single, integrated ERP system, coupled with the anticipated decline in ancillary expenses, should provide a significant cost saving opportunity, particularly in the second half of the fiscal year." Net cash inflow from operations in the first quarter was #3.7 million compared to #29.7 million in the prior year first quarter. Free cash flow (defined as net cash flow before use of resources and financing, less net cash inflow from acquisitions and disposals) was a negative #11.4 million in the first quarter compared to a positive #16.9 million in the prior year first quarter (see reconciliation to U.K. GAAP at note 6). Net capital expenditure in the first quarter was #8.6 million compared to #5.4 million in the prior year first quarter. Capital expenditure during the quarter related to the Vision 21 project and the new corporate headquarters building were #4.0 million and #0.7 million respectively. In addition, stocks increased by #1.8 million and debtors decreased by #3.8 million respectively. "We expect to improve our working capital performance during the second quarter," stated Mark Wolfinger, Danka's Chief Financial Officer. "Cash generation and management of working capital has been the cornerstone of our balance sheet improvements over the past two years. During the quarter we incurred significant, necessary capital expenditures on Vision 21 and on the consolidation of our expensive, inefficient corporate campus buildings into our new corporate headquarters building. We are very focused on the investments in working capital that occurred this quarter and expect improvement in this area during the second quarter, which is our slowest quarter seasonally, and during which we will continue to have significant expenses on Vision 21 and our corporate campus consolidation." On 2nd July, 2003, Danka announced the completion of the offering of $175 million (#105.2 million) in new 11% senior unsecured notes due 2010 and a $50 million (#30 million) senior secured revolving credit facility. Danka used the net proceeds from the new senior notes to repay the remaining #64.4 million of outstanding indebtedness under its existing bank credit facility. Danka will use a portion of the proceeds to redeem its #28.6 million of zero coupon senior subordinated notes due 1st April, 2004. The Company has issued notice to holders of the zero coupon notes that it will redeem the notes at their par value on or about 18th August, 2003. "The refinancing was clearly a bright spot for the quarter, and is the culmination of years of management effort to provide long term financing for the Company," said Wolfinger. "In the process, we have lowered our overall cost of capital and significantly extended the maturities of a large portion of our capital structure. We believe this refinancing has solidified the financial position of the Company and will allow our management team to focus on executing our business and process improvement plans. For the past several years we have been operating under a credit facility which was extremely expensive, and contained very onerous financial covenants, which often hampered our ability to exploit new opportunities," concluded Wolfinger. The senior notes have a fixed annual interest rate of 11% and an 11.5% yield to maturity. The new senior credit facility will bear interest at a range of between 1.75% and 2.5% over LIBOR, depending on the amount of borrowings outstanding. Because the refinancing closed on 1st July, 2003, unamortised debt issuance costs, anniversary fees and amendment fees, after tax, of #9.0 million relating to the credit facility refinanced on 1st July, 2003, will be charged to earnings in the quarter ending 30th September, 2003. Danka resumed the rollout of its Oracle 11i, ERP system to the remainder of its U.S. business on 1st August, 2003. Danka had halted further geographical rollouts over the past six months to focus on adding needed system functionality and to address adequately certain issues such as systems performance and data conversion and to focus on key areas of needed improvement. Danka had previously implemented the system in approximately one-third of its U.S. business. The 1st August rollout will convert an additional 15% of the Group's U.S. business, bringing the total conversion to approximately fifty percent. The Group currently expects to complete the final two phases of the rollout by Autumn of this year, on budget, as previously announced. Danka's Chief Information Officer, Gene Hatcher, commented, "I am pleased that we have met the necessary requirements to continue with the rollout. We learned a great deal from the problems encountered in the first one- third of our rollout and have improved the integration and communication between our corporate IT and U.S. business units. As a result, we have been able to develop functionality to support our improved business processes. We believe these efforts have set the stage for the substantial completion of our U.S. implementation by this Autumn." "While we are disappointed with our first quarter financial results, we saw progress in the mitigation of our past revenue declines in certain aspects of our business, encouraging signs in our service business and progress with our Oracle implementation," stated Lowrey. "Toward the end of the quarter, however, we encountered increasingly competitive market conditions which placed downward pressure on sales and margins, particularly in the U.S. field sales force. Our ability to successfully respond and improve sales and margin performance in light of these industry conditions, better manage our working capital, timely complete our Oracle rollout, realise capital spending reductions and cost savings from the new IT system and move to our new headquarters building remain the most significant factors to achieving our financial forecast for the fiscal year," concluded Lowrey. Conference Call A conference call to discuss Danka's first quarter results has been scheduled for Tuesday, 5th August at 4:00 p.m. (U.K. time). Please call + 1-212-748-2716 or if in the U.K. call + 1-800-894-4904 to participate in the call. If you are unable to participate in the call, you may access a recorded audio playback by dialling + 1-402-977-9140 (U.K. callers to call + 1-800-633-8284) and enter conference ID number 21155894. The recording will be available via an instant replay service until Sunday, 17th August at 6:00pm (U.K. time). The financial information for the quarters ended 30th June, 2003 and 2002 is unaudited and does not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 31st March, 2003 has been extracted from the audited accounts for that year which have not been filed with the Registrar of Companies. The full accounts for the year ended 31st March, 2003 have been given an unqualified audit report, which did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. -Ends- For further information please contact: Danka Business Systems PLC Paul Dumond, Company Secretary (UK) 020 7605 0150 Don Thurman, Senior VP (USA) 001 770 280 3990 Weber Shandwick Square Mile Katie Hunt 020 7067 0700 About Danka Danka delivers value to clients worldwide by using its expert technical and professional services to implement effective document information solutions. As one of the largest independent providers of office imaging systems and services, Danka enables choice, convenience, and continuity. Danka's vision is to empower customers to benefit fully from the convergence of image and document technologies in a connected environment. This approach should strengthen Danka's client relationships and expand its strategic value. Note to Editors: Danka Business Systems PLC, headquartered in London, and St. Petersburg, Florida, is one of the world's leading suppliers of office imaging equipment, supplies and services. Danka provides office products and services globally in 25 countries around the world. Danka's ordinary shares are listed on the London Stock Exchange and its ADSs are listed on NASDAQ. For additional information about copier, printer and other office imaging products, and information regarding the Group's U.S. filings with the Securities and Exchange Commission, please visit Danka's web site at www.danka.com. The following statement is included pursuant to US securities laws: Forward-Looking Statements: Certain statements contained herein, or otherwise made by our officers, including statements related to our future performance and our outlook for our businesses and respective markets, projections, statements of our plans or objectives, forecasts of market trends and other matters, are forward-looking statements, and contain information relating to us that is based on our beliefs as well as assumptions, made by, and information currently available to us. The words "goal", "anticipate", "expect", "believe" and similar expressions as they relate to us are intended to identify forward-looking statements, although not all forward looking statements contain such identifying words. No assurance can be given that the results in any forward-looking statement will be achieved. For the forward-looking statements, we claim the protection of the safe harbour for forward-looking statements provided for in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such actual results to differ materially from those reflected in any forward-looking statements include, but are not limited to, the following: (i) any inability to successfully implement our strategy; (ii) any inability to comply with the financial or other covenants in our debt instruments; (iii) any material adverse change in financial markets, the economy or in our financial position; (iv) increased competition in our industry and the discounting of products by our competitors; (v) new competition as the result of evolving technology; (vi) any inability by us to procure, or any inability by us to continue to gain access to and successfully distribute, new products, including digital products, colour products, multifunction products and high-volume copiers, or to continue to bring current products to the marketplace at competitive costs and prices; (vii) any inability to arrange financing for our customers' purchases of equipment from us; (viii) any inability to enhance and unify our management information systems successfully; (ix) any inability to record and process key data due to ineffective implementation of business processes and policies; (x) any negative impact from the loss of a key vendor or customer; (xi) any negative impact from the loss of any of our senior or key management personnel; (xii) any change in economic conditions in domestic or international markets where we operate or have material investments which may affect demand for our products or services; (xiii) any negative impact from the international scope of our operations; (xiv) fluctuations in foreign currencies; (xv) any inability to achieve or maintain cost savings; (xvi) any incurrence of tax liabilities beyond our current expectations, which could adversely affect our liquidity; (xvii) any delayed or lost sales and other effects related to the commercial and economic disruption caused by past or future terrorist attacks, the related war on terror, the fear of additional terrorist attacks or any outbreak of the Severe Acute Respiratory Syndrome (SARS); and (xviii) other risks including those risks identified in any of our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our analysis only as at the date they are made. Except as required by applicable law, we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances that arise after the date they are made. Danka is a registered trademark and Danka @ the Desktop is a trademark of Danka Business Systems PLC. All other trademarks are the property of their respective owners. This press release contains information regarding EBITDA that is calculated as earnings from continuing operations before income taxes, interest expense, depreciation and amortisation and free cash flow that is calculated as net cash provided by operating activities less net capital expenditure. These measures are non-GAAP financial measures, defined as numerical measures of our financial performance that exclude or include amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in our profit and loss account, balance sheet or statement of cash flows. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Although EBITDA and free cash flow represent non-GAAP financial measures, management considers these measures to be key operating metrics of our business. Management uses these measures in its planning and budgeting processes, to monitor and evaluate its financial and operating results and to measure performance of its separate divisions. Management also believes that EBITDA and free cash flow are useful to investors because they provide an analysis of financial and operating results used by management in evaluating Danka. Management expects that such measures provide investors with the means to evaluate our financial and operating results against other companies within our industry. In addition, management believes that these measures are meaningful to investors in evaluating our ability to meet our future debt service requirements, to fund our capital expenditure and working capital requirements. Our calculation of EBITDA and free cash flow may not be consistent with the calculation of these measures by other companies in our industry. EBITDA and free cash flow are not measurements of financial performance under GAAP and should not be considered as an alternative to operating income (loss) as an indicator of our operating performance or cash flows from operating activities as a measure of liquidity or any other measures of performance derived in accordance with GAAP. Danka Business Systems PLC Group Profit and Loss Account For the Quarter Ended 30th June, 2003 30th June __________________________ 2003 2002 #000 #000 Note (Unaudited) (Unaudited) ____________ ___________ Turnover 2 206,383 237,876 Cost of sales (130,629) (146,032) ____________ ___________ Gross profit 2 75,754 91,844 Distribution costs (29,978) (33,911) Administrative expenses Recurring (43,135) (47,781) Exceptional 367 - ____________ ___________ (42,768) (47,781) ____________ ___________ Profit on ordinary activities before interest 3,008 10,152 Interest receivable and similar income 356 390 Interest payable and similar charges (6,289) (5,360) ____________ ___________ (Loss)/profit on ordinary activities before taxation (2,925) 5,182 Tax credit/(charge) on (loss)/profit on ordinary activities 1,609 (1,005) ____________ ___________ (Loss)/profit for the financial period (1,316) 4,177 Additional financial costs of non-equity shares 3,693 3,708 ____________ ___________ Retained profit for the financial period 2,377 7,885 ============ =========== Earnings per share: 4 ____________ ___________ Basic (after exceptional items) 1.0p 3.2p Diluted (after exceptional items) 0.9p 3.1p Adjusted basic (before exceptional items) 0.8p 3.2p Adjusted diluted (before exceptional items) 0.8p 3.1p Average exchange rate #1= $1.617 $1.459 ____________ ___________ Danka Business Systems PLC Group Balance Sheet At 30th June, 2003 30th June 31st March 2003 2003 #000 #000 (Unaudited) (Audited) ____________ ___________ Fixed assets Intangible assets 1,570 1,717 Tangible assets 65,665 67,966 ____________ ___________ 67,235 69,683 Current assets ____________ ___________ Stocks - finished goods and goods for resale 68,765 70,780 Debtors (of which #52,489,000 (March 2003 - #55,430,000) fall due after more than one year) 222,845 238,361 Investments (of which nil (March 2003 - #3,492,000) fall due after more than one year) 838 4,022 Cash at bank and in hand 35,413 51,215 ____________ ___________ 327,861 364,378 Creditors: amounts falling due within one year ____________ ___________ Bank and other loans (49,046) (35,452) Other creditors (210,634) (236,764) ____________ ___________ (259,680) (272,216) Net current assets 68,181 92,162 ____________ ___________ Total assets less current liabilities 135,416 161,845 Creditors: amounts falling due after more than one year ____________ ___________ Bank and other loans (81,202) (106,425) Other creditors (10,213) (10,182) ____________ ___________ (91,415) (116,607) Provisions for liabilities and charges (7,661) (7,426) ____________ ___________ Net assets 36,340 37,812 ============ =========== Capital and reserves Called up share capital 3,287 3,289 Share premium account 324,179 331,220 Profit and loss account (291,126) (296,697) ____________ ___________ Equity shareholders' deficit (132,932) (135,153) Non-equity shareholders' funds 169,272 172,965 ____________ ___________ Shareholders' funds 36,340 37,812 ============ =========== Closing exchange rate #1= $1.664 $1.575 ============ =========== Danka Business Systems PLC Group Cash Flow Statement For the Quarter Ended 30th June, 2003 30th June _________________________ 2003 2002 #000 #000 (Unaudited) (Unaudited) ____________ ___________ Net cash inflow from operating activities 3,725 29,650 Net cash outflow from returns on investments and servicing of finance (6,084) (7,378) Total taxes (paid)/received (491) 11 Net cash outflow for capital expenditure (8,587) (5,397) ____________ ___________ Net cash (outflow)/inflow before use of resources and financing (11,437) 16,886 Management of liquid resources 3,054 (14) Net cash outflow from financing (5,055) (31,972) ____________ ___________ Decrease in cash (13,438) (15,100) ============ =========== Notes to the Group Profit and Loss Account 1.The financial information for the quarters ended 30th June, 2003 and 2002 is unaudited and does not constitute full accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the year ended 31st March, 2003 has been extracted from the audited accounts for that year which have not been filed with the Registrar of Companies. The full accounts for the year ended 31st March, 2003 have been given an unqualified audit report, which did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. 2.Analysis of Turnover and Gross Profit Quarter Ended 30th June ___________________________ 2003 2002 #000 #000 (Unaudited) (Unaudited) ____________ ___________ Turnover Retail equipment and related sales 69,732 75,451 Retail maintenance 102,593 122,818 Retail supplies and rental sales 19,687 25,394 Wholesale sales 14,371 14,213 ____________ ___________ 206,383 237,876 ____________ ___________ Gross profit Retail equipment and related sales 21,375 26,675 Retail maintenance 42,953 51,534 Retail supplies and rental sales 8,551 11,034 Wholesale sales 2,875 2,601 ____________ ___________ 75,754 91,844 ____________ ___________ Year Ended 31st March 2003 __________ #000 (Audited) __________ Turnover Retail equipment and related sales 308,503 Retail maintenance 451,052 Retail supplies and rental sales 91,696 Wholesale sales 54,705 __________ 905,956 __________ Gross profit Retail equipment and related sales 107,317 Retail maintenance 181,563 Retail supplies and rental sales 39,247 Wholesale sales 10,423 __________ 338,550 __________ 3.Reconciliation of the weighted average number of basic and diluted ordinary shares in issue Quarter Ended Year Ended 30th June 31st March __________________________ ____________ 2003 2002 2003 ____________ ___________ ____________ Average number of ordinary shares in issue - basic 249,604,664 248,084,622 248,562,732 Average outstanding share options 8,141,045 8,742,953 7,737,187 ____________ ___________ ____________ Average number of ordinary shares in issue - diluted 257,745,709 256,827,575 256,299,919 ____________ ___________ ____________ 4.The calculations of the earnings per share are based on the profit on ordinary activities after taxation and the finance costs on non-equity shares and the basic and diluted weighted average number of ordinary shares in issue during the period. In order to provide a trend measure of underlying performance, Group profit on ordinary activities after taxation and the finance costs on non-equity shares has been adjusted to exclude exceptional items and basic earnings per share recalculated. Quarter Ended 30th June 2003 2002 ___________________ ___________________ Pence Pence #000 Per Share #000 Per Share ________ __________ ________ __________ Basic earnings 2,377 1.0 7,885 3.2 Exceptional items arising in respect of: Restructuring of worldwide operations (367) (0.2) - - ________ __________ ________ __________ Adjusted basic earnings 2,010 0.8 7,885 3.2 ________ __________ ________ __________ Basic earnings 2,377 1.0 7,885 3.2 Share options - (0.1) - (0.1) ________ __________ ________ __________ Diluted earnings 2,377 0.9 7,885 3.1 ________ __________ ________ __________ Adjusted basic (before exceptional items) 2,010 0.8 7,885 3.2 Share options - - - (0.1) ________ __________ ________ __________ Adjusted diluted (before exceptional items) 2,010 0.8 7,885 3.1 ________ __________ ________ __________ Year Ended 31st March ________________________ 2003 ________________________ Pence #000 Per Share __________ __________ Basic earnings 7,323 2.9 Exceptional items arising in respect of: Restructuring of worldwide operations (281) (0.1) Reversal of liability on disposal of property (1,450) (0.6) __________ __________ Adjusted basic earnings 5,592 2.2 __________ __________ Basic earnings 7,323 2.9 Share options - - __________ __________ Diluted earnings 7,323 2.9 __________ __________ Adjusted basic (before exceptional items) 5,592 2.2 Share options - - __________ __________ Adjusted diluted (before exceptional items) 5,592 2.2 __________ __________ 5.The following is a reconciliation of profit on ordinary activities before interest to EBITDA (earnings before interest, taxes and depreciation and amortisation): Quarter Ended 30th June ________________________ 2003 2002 #000 #000 (Unaudited) (Unaudited) __________ __________ Profit on ordinary activities before interest 3,008 10,152 Interest receivable and similar charges 356 390 Depreciation and amortisation 7,358 9,843 __________ __________ EBITDA 10,722 20,385 __________ __________ 6.The following is a reconciliation of net cash flow before use of resources and financing to free cash flow (net cash inflow before use of resources and financing less net cash inflow from acquisitions and disposals): Quarter Ended 30th June ________________________ 2003 2002 ___________ ___________ #000 #000 (Unaudited) (Unaudited) ___________ ___________ Net cash (outflow)/inflow before use of resources and financing (11,437) 16,886 Net cash inflow from acquisitions and disposals - - ___________ ___________ Free cash flow (11,437) 16,886 ___________ ___________ 7.Copies of this report will be available from the Company's registered office at Masters House, 107 Hammersmith Road, London W14 0QH. This information is provided by RNS The company news service from the London Stock Exchange END QRFSSEFDISDSEFA
1 Year Danakali Chart |
1 Month Danakali Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions