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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Eclipse Vct | LSE:ECL | London | Ordinary Share | GB00B00MKB60 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 80.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 2611a ECLIPSE BLINDS PLC 1st September 1998 ECLIPSE BLINDS PLC ('Eclipse') Interim Results For the six months ended 30 June 1998 Highlights * Sales from continuing activities up 8% to over #24 million * Profit before tax rose 10% to 3.44 million * Headline earnings per share up 9.3% to 4.95p * Dividend up 10% to 1.32p (net) Chairman, Ted Black, commented: "Eclipse has in the first six months of the year continued its record of turnover and earnings growth. With a good performance in the first half under our belt and, despite concerns over the UK economy, we remain of the view that 1998 will show Eclipse continuing to make further progress for the fifth consecutive year." CHAIRMAN'S STATEMENT Eclipse has in the first six months of the year continued its record of turnover and earnings growth. In particular the US business and the recently acquired Swedish business (OPM) continue to grow strongly and support our decision to expand in both areas by acquisition. Results Comparing the six months to 30 June 1998 with the first half of 1997, sales from continuing activities increased 8% to over #24m, and operating profits grew 4.4% to #3.46m. Operating margins were marginally down from 14.9% to 14.4%, but on a like-for-like basis, stripping out the leaseback rental resulting from the disposal of our interest in our principal UK property in October last year, operating profits increased by 13%, and the operating margin figure increased to 15.8%. With interest costs virtually eliminated following two consecutive years of excellent operating cash flow and the proceeds from the aforesaid property transaction, profit before tax rose a creditable 10%. Headline earnings per share rose 9.3% over 1997. Operating Performance It is pleasing to report continued growth in operating profits in our US business. In the first six months of 1998 it exceeded that of the UK business for the first time. This was due to increased sales and improved margins resulting from firm cost control and productivity improvements. Sales in the UK business weakened slightly against 1997 but margins remain strong and cost control remains tight. The new product launch programme is currently being released and advance bookings from customers give us confidence for continued success in the coming years. The acquisition of OPM in October 1997 has given the Group security of supply in an important product area and trading for the six months to June 1998 has been excellent. Trading throughout Europe remains flat but we are active in plans to stimulate new growth in Group companies in this area which is the smallest of our three theatres of operation. Dividend We have stated our intention to pursue a progressive dividend policy. In view of the strong first half performance, the board has approved the payment of an interim dividend of 1.32p (net) per ordinary share, an increase of 10% over last year's interim payment. The dividend is amply covered at 3.7 times on the first half year's figures. The dividend will be paid on 1 October 1998 to shareholders on the register on 18 September 1998. Outlook Due to other commitments, in March of this year Hamish Grossart indicated his wish to stand down as chairman, once a replacement was identified. Hamish took over the chairmanship in early 1994, and the improvement in financial performance and growth of the Eclipse group owes much to Hamish's input during those years. It is a challenging performance for me to follow, but with a solid, profitable, and well established base I look forward to playing my part in the future progress and continued growth of the company. Business confidence in the UK is suffering at present with concerns about underlying inflation, a strong pound, and comparatively high money costs. In contrast, spending levels in the US are extremely good and business confidence in this market is strong with growth in new home sales the fastest on record. Economic factors in Europe are reported to be improving. The Group, with a strong and growing presence in the US, is well positioned throughout its main markets. In both 1997 and the first half of 1998 the strength of sterling has remained neutral on the Group's profits. With negligible bank borrowings interest rates are not currently an issue. Even if the Group were to increase borrowings to fund growth opportunities, we believe the operating characteristics of the business and current low debt position will allow us to do this comfortably. The second half of the year is historically the strongest half for trading. The extensive product launch programme in both the UK and the US referred to earlier will stimulate sales in future years. With a good performance in the first half under our belt and, despite concerns over the UK economy, we remain of the view that 1998 will show Eclipse continuing to make further progress for the fifth consecutive year. Ted Black Chairman UNAUDITED GROUP PROFIT AND LOSS ACCOUNT For six months ended 30 June 1998 6 months 6 months Year ended ended ended 31 Dec 30 June 30 June 1997 1998 1997 (audited) #'000 #'000 #'000 Turnover Continuing operations 24,062 22,289 45,074 Discontinued activity - 326 326 ------ ------ ------ 24,062 22,615 45,400 ====== ====== ====== Operating profits Continuing operations 3,460 3,314 7,436 Discontinued activity - 30 30 ------ ------ ------ 3,460 3,344 7,466 ====== ====== ====== Exceptional items Loss on sale of British Plywood including goodwill previously written off - (192) (193) Loss on disposal of interest in property - - (713) ------ ------ ------ Profit before interest 3,460 3,152 6,560 Net interest (19) (218) (294) ------ ------ ------ Profit before taxation 3,441 2,934 6,266 Taxation (861) (818) (1,541) ------ ------ ------ Profit after taxation 2,580 2,116 4,725 Minority Interests 2 (23) (17) ------ ------ ------ Profit attributable to shareholders 2,582 2,093 4,708 Preference Dividend (423) (446) (870) Ordinary Dividend (581) (501) (1,542) ------ ------ ------ Retained profit for the period 1,578 1,146 2,296 ====== ====== ====== IIMR Headline Earnings per ordinary share (pence) 4.95 4.53 11.43 Earnings per share 4.95 4.06 9.25 UNAUDITED SUMMARISED GROUP BALANCE SHEET At 30 June 1998 30 June 30 June 31 Dec 1998 1997 1997 (audited) #'000 #'000 #'000 Fixed assets 4,894 12,028 4,996 ------ ------ ----- Current assets Stocks 10,919 8,988 9,745 Debtors 9,521 8,934 8,859 Cash at bank and in hand 2,559 3,064 2,766 ------ ------ ----- 22,999 20,986 21,370 Creditors due within one year Bank borrowings and deferred consideration (2,483) (8,505) (2,008) Other (10,442)(10,237)(10,454) ------ ------ ------ Net current assets 10,074 2,244 8,908 ====== ====== ====== Total assets less current liabilities 14,968 14,272 13,904 Creditors due after more than one year Bank borrowings and deferred consideration (1,741) (350) (1,941) Provisions for liabilities and charges (100) (315) (166) ------ ------ ------ 13,127 13,607 11,797 ====== ====== ====== Capital and reserves Called up share capital 11,563 11,071 11,477 Share premium account 27,539 25,782 27,419 Other reserves (39,112)(34,356)(39,071) Capital redemption reserve 76 - 71 Profit and loss account 13,023 10,830 11,605 ------ ------ ------ Total shareholders funds 13,089 13,327 11,501 Equity shareholders funds (482) (336) (2,161) Non equity shareholders funds 13,571 13,663 13,662 Equity minority interests 38 280 296 ------ ----- ------ 13,127 13,607 11,797 CASHFLOW STATEMENT For the six months ended 30 June 1998 Six Months to Six months to Twelve Months to 30 June 1998 30 June 1997 31 December 1997 (audited) #000 #000 #000 Cashflow from operating activites Continuing 2,036 2,662 8,253 Returns on investment and servicing of finance Interest received 37 20 80 Interest paid (66) (294) (444) Dividends paid on non equity capital (425) (454) (466) (740) (891)(1,255) ------ ----- ----- ----- ------ ----- 1,582 1,922 6,998 Taxation Taxation paid (547) (1,089) (2,208) Taxation recovered 128 (419) 45 (1,044) 41 (2,167) ------ ----- ----- ----- ----- ----- 1,163 878 4,831 Capital expenditure Payments to acquire tangible fixed assets (301) (360) (632) Receipts from sales of tangible fixed assets 15 (286) 36 (324) 7,156 6,524 ----- ------ ----- ---- ----- ----- Acquisitions and disposals Net cashflow on sale of subsidiary 534 534 Deferred consideration (1,501) (1,534) (1,478) Net cash outflow on acquisition of minority interest in subsidiary (259) - - Consideration on acquisition of subsidiary (132) - (3,774) ------ ------ ------ (1,892) (1,000) (4,718) Dividends paid On equity capital (1,046) (807) (1,308) ------ ----- ----- Net cash outflow before financing (2,061) (1,253) 5,329 Financing Proceeds from exercise of share options 129 - 10 Repayment of loans (210) (2,715) (2,797) ------ ------ ------ (81) (2,715) (2,787) ------ ------ ------ (Decrease)/increase in cash (2,142) (3,968) 2,542 ====== ====== ====== NOTES 1. Basis of Preparation The profit and loss account and balance sheet have been prepared on a basis consistent with the statutory financial statements for the year to 31 December 1997. 2. Taxation The charge for taxation for the six months ended 30 June 1998 reflects the anticipated effective rate for the year ended 31 December 1998. 3. Earnings per share The calculation of earnings per ordinary share is based on profits of #2,159,000 (1997 : 6 months : #1,647,000, 1997 year : #3,838,000) after deducting preference dividends accruing during the year, attributable to the ordinary shares in issue. IIMR headline earnings per share is stated to exclude exceptional items. The reconciliation of IIMR eps to basic eps is: June June December 1998 1997 1997 Basic eps (pence) 4.95 4.06 9.25 Exceptional loss on disposal of British Plywood - 0.47 0.46 Exceptional loss on disposal of interest in property - - 1.72 IIMR headline eps 4.95 4.53 11.43 4. Approval The interim statement for the six months ended 30 June 1998 was approved by the directors on 1st of September 1998. The interim report is unaudited but has been reviewed by the auditors and their report to the directors is set out in this report. The financial information contained in this interim report does not constitute statutory accounts of the Group for the relevant periods. The 1997 full year figures are based upon statutory accounts which have been filed with the Registrar of Companies and contain an unqualified audit report. 5. Copies of this report have been sent to shareholders and further copies are available from the registered office of the company and from its principal office, Fountain Crescent, Inchinnan Business Park, Glasgow, PA4 9RE. NOTES Review report by KPMG Audit Plc to Eclipse Blinds plc We have reviewed the interim financial information for the six months ended 30 June 1998 set out on pages 4 to 7 which is the responsibility of, and has been approved by, the directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin Review of Interim Financial Information, issued by the Auditing Practices Board. This review consisted principally of applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of Group management responsible for financial and accounting matters. The review was substantially less in scope than an audit performed in accordance with Auditing Standards and accordingly we do not express an audit opinion on the interim financial information. On the basis of our review: * in our opinion the interim financial information has been prepared using accounting policies consistent with those adopted by Eclipse Blinds plc in its financial statements for the half year ended the 30th of June; and * we are not aware of any material modifications that should be made to the interim financial information as presented. KPMG Audit Plc Chartered Accountants Glasgow For further information, please call : Eclipse Blind PLC Ted Black,Chairman 0141 567 7722 or 0374 153065 Bill Macdonald, Managing Director 0370 643 936 Ken Brown, Finance Director 0370 643 936 Buchanan Communications 0171 466 5000 Zena Bates / Isabel Petre END IR SESFWAUAUFIA
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