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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hardide Plc | LSE:HDD | London | Ordinary Share | GB00BJJPX768 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.75 | 7.50 | 8.00 | 7.75 | 7.75 | 7.75 | 2,561 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coat,engrave,allied Svc, Nec | 5.5M | -1.12M | -0.0142 | -5.46 | 6.08M |
RNS No 0833d HODDER HEADLINE PLC 9th March 1998 Hodder Headline announces pre-tax profits increased by 24% for the twelve months to 31st December 1997. The key points are: * Pre-tax profits #8.2 million (1996, #6.6 million) * Earnings per share 15.8 pence (1996, 13.3 pence) * Sales #93.2 million (1996, #92.8 million) * Like-for-like publishing sales #91.6 million (1996, #86.4 million) * Underlying operating cash flow #6.8 million (1996, #5.7 million) * Net borrowings #2.5 million (1996, #3.8 million) * Recommended final dividend of 5.0 pence net per share, making a total dividend of 7.2 pence net per share (1996, 6.5 pence total net per share) * Sales in the first two months of 1998 were encouraging Tim Hely Hutchinson, Group Chief Executive, commented on the results and prospects: "1997 was a record year for Hodder Headline. Our operating margins, pre-tax profits and earnings per share all grew substantially. These good results were achieved in uneven market conditions. The important UK retail bookselling market was buoyant, but this factor was offset by weak UK institutional markets and overall weak markets overseas. Meanwhile, we continued to invest vigorously in our publishing lists so as to be able to provide good quality growth by gains in market share. 1998 has started well, with UK booksellers continuing to report encouraging results. Our good presence on bestseller lists has helped us to increase sales by 9% so far this year and the Group is looking forward to another year of progress in 1998. I would like to thank all those who have continued to support the Group and have enabled it to continue prospering, especially our authors, our customers and our staff." Attached is a copy of the Preliminary Statement. This comprises a shortened version of the text that will be included in our Annual Report and Accounts 1997, to be published in early April, together with the Group's profit and loss account, balance sheet and cash flow statement as at 31st December 1997. For further information, please contact: Tim Hely Hutchinson 0171 404 5959 on 9th March 1998 Group Chief Executive 0171 873 6000 thereafter Mark Opzoomer As above Deputy Chief Executive Richard Adam As above Group Finance Director Russell Ross-Smith 0171 404 5959 Brunswick Group Limited 9th March 1998 HODDER HEADLINE PLC KEY FINANCIAL FIGURES 1997 1996 % #000 #000 change Profit & loss account _____________________ Like-for-like publishing sales 91,582 86,374 6.0 Reported sales 93,162 92,830 0.4 Operating profit before interests in associated undertakings and joint ventures 8,698 7,279 19.5 Operating profit - continuing 8,898 7,469 19.1 operations Profit before taxation 8,174 6,605 23.8 Earnings per share 15.8p 13.3p 18.8 Dividends _________ Dividends per share (net) 7.2p 6.5p 10.8 Dividend cover (times) 2.2 2.0 10.0 Cash flow statement ___________________ Net cash inflow from continuing operating activities before property disposal proceeds 6,856 5,661 21.1 Operating profit conversion 79% 78% 1.3 Net cash inflow before financing 1,267 3,725 (66.0) Balance sheet ______________ Debt (net) 2,449 3,837 (36.2) Gearing 7% 12% (40.5) Interest cover (times) 12.3 8.6 43.0 Net assets 35,450 33,049 7.3 Net assets per share 100.5p 93.7p 7.3 RESULTS SUMMARY & DIVIDEND Results Pre-tax profits increased by 24% to #8.2 million (1996, #6.6 million). Earnings per share increased by 19% to 15.8 pence (1996, 13.3 pence), slightly less than the pre-tax profits growth rate because of the return to a more normal tax rate of 32.0% (1996, 29.5%). The Group's sales in the year were #93.2 million (1996, #92.8 million). Like-for-like publishing sales, excluding the effects of currency translation differences, discontinued agency business and rationalised distribution services, grew by 6%. Net debt was reduced at the year end to #2.5 million (1996, #3.8 million) and net assets rose to #35.5 million (1996, #33.0 million). Dividend The Board is recommending payment of a final dividend of 5.0 pence net per share (1996, 4.5 pence net per share), making a total dividend for the year of 7.2 pence net per share (1996, 6.5 pence net per share). This 11% increase in the total dividend gives dividend cover of 2.2 times (1996, 2.0 times). The final dividend will be payable on 19th May 1998 to shareholders on the register at the close of business on 24th April 1998. REVIEW OF MARKETS, STRATEGY & PROSPECTS The record results achieved in 1997 reflect the benefits of publishing policies that have been developed and implemented over at least the last three years. Building successful book publishing programmes requires patient, thoughtful and very detailed work but we have now created a good quality platform for further earnings growth. UK Consumer Publishing Following the ending of the Net Book Agreement in 1995, a development for which we vigorously campaigned, UK book retailing has begun to enjoy significant growth. This has been apparent in the specialist bookselling sector, as evidenced by figures announced by the wholesalers who primarily serve independent booksellers and by chains such as Waterstone's, Dillons, Books etc and Ottakars. The chains have plans to open more stores of all sizes. With the entry of the USA-based Borders 'superstore' operator into the market and the early success of the Waterstone's superstore in Glasgow, there is now the prospect that the British reading public will have access to perhaps 20 or 30 bookshops of over 20,000 square feet, each carrying over 100,000 titles, within the next three years. The new management at WH Smith has affirmed its commitment to books and has recently increased its range of titles by 25%. Simultaneously, most of the major supermarket chains and Woolworths have increased space devoted to books, with substantial consequent increases in sales. As a result of the latter development, and to some extent discounting by other booksellers, the quantities that can be sold of popular bestsellers - especially in hardback editions - have risen dramatically. At the same time, however, funding of public libraries has fallen. It has also been a difficult time for book clubs. Our editorial response to these overall market developments has been assertive. We have substantially raised the estimated sales value thresholds beneath which we do not take on new titles. Instead, we concentrate on acquiring or commissioning potential retail bestsellers that can benefit from being merchandised in the full range of outlets now available and that do not rely on library support. In fiction publishing, for both adults and children, and in religious publishing, this policy has to be pursued with sensitivity. We take into account the long-term potential of authors as much as any immediate bestseller potential. Indeed, we have been outstandingly successful in finding and developing new and relatively unexposed writing talent. Our marketing approach has also developed boldly. We are supporting potential bestsellers with PR and marketing campaigns of unprecedented magnitude. We have tiered our sales forces into separate groupings to specialise in selling our titles in each sector of the market. We have introduced telephone selling and merchandiser operations to maximise repeat order business, and we are currently establishing a full- time direct sales team. This strong but adaptable editorial and marketing approach to Britain's radically changed consumer book marketplace delivered strong results in 1997 and offers good growth for the future. UK Educational, Academic & Professional Publishing Funding of UK state schools has recently been flat. We are campaigning, alongside other publishers, for the Government to improve the situation either by allocating more public funds or by introducing a greater element of parental purchase, or both. Meanwhile we are seeking to increase our share of the schools and colleges markets by broadening the subject areas in which we publish, mostly concentrating on core textbook projects, and by ever stronger marketing activity. At least in the foreseeable future, better growth prospects are apparent in the home learning area. In 1997, we added a very successful range of revision guides to our Teach Yourself series. This range will be further developed and we have plans to expand our home learning publishing very substantially, creating new series both under our own imprints and as own brand titles for leading retailers. At Arnold, we are concentrating on publishing core textbook titles and producing, primarily for sale to professionals and libraries, major reference works and journals that are central to the subject areas they address. Overseas Operations We have been improving the quality of our overseas companies by developing high calibre local publishing lists. Normally, the development (from a very small base) of such lists would be a slow process. However, our attempt to accelerate the process by buying Moa Beckett Publishers in New Zealand at the end of 1994 has been far more successful than we dared hope at the time. Largely because of the excellent sales of the Anne Geddes range of books, our New Zealand company enjoyed an even better year in 1997 than in 1996. In years when there are relatively few new Anne Geddes titles and the markets themselves are flat (and both these factors are likely to be present in 1998), the inevitably slow pace of developing underlying profits growth from local publishing will be more apparent. Nevertheless, the local publishing strategy is valid and will produce better results over the years ahead than could be derived from exclusive reliance on distributing British books. The Electronic World The exponential worldwide growth in screen-based and other electronic communication provides both challenges and opportunities for any business that essentially sells information and entertainment. From a production point of view, we have the skills and other resources necessary to create substantial ranges of multi-media products. It is therefore both the perception that worldwide markets have quickly become saturated and the fact that well over half our sales are of novels (which nobody wants to read on a screen) that continue to prevent us from making large investments in electronic publishing at present. Nevertheless, where levels of demand promise adequate profits, we are publishing electronically. In addition to our spoken word audio list, we are now, for example, publishing on-line journals and CD-ROM reference and language teaching materials. We shall continue to build our range of electronic products and this will become increasingly important. From a marketing point of view, Internet bookselling seems likely to develop into an important sales channel. We are working with Internet booksellers to make the best of this new marketing opportunity by digitising all our marketing information and organising promotions via the Internet. We are ensuring that, when Hodder Headline titles compete with American editions available via the Internet, our books are published earlier, or simultaneously, at competitive prices and with vigorous marketing support. By taking this positive approach we are confident that we shall benefit to the fullest extent from the development of this important new sales channel. Summary of Group Current Trading and Prospects The Group's sales in January and February 1998 were up by 9% compared to the same period in 1997. For this period there was no significant difference between reported sales and like-for- like sales. We continue to plan for profitable growth generated by our own editorial and marketing initiatives rather than by any expected overall growth in our markets. However, the condition of the UK consumer book market remains encouraging at present and, as this market accounts for just over half of the Group's sales, its buoyancy could be helpful. The prospects for each of our main businesses are set out below in the Segmental Operating Reviews. In summary, the Group is looking forward to another year of good progress in 1998. We are planning further ahead than ever before and we are well advanced in acquiring and developing high quality new publishing projects for 1999 and later years. Throughout the Group, we continue to place great emphasis on striving to provide the very best possible service to our authors and our customers. It would not be possible for us to continue growing and prospering without the support they give us in return. The number and calibre of new authors joining us, together with the loyalty of existing authors, is extremely encouraging and further underpins our confidence in a bright future. GROUP OPERATING REVIEW Operating Profits Group operating profits increased in the year by 19% to #8.9 million (1996, #7.5 million) with our operating margin widening to 9.6% of sales (1996, 8.0%). Most of the profits growth came from our largest business segment, UK Consumer Publishing, with Headline producing excellent growth, following changes we made in 1996, and with strong performances from all the Hodder & Stoughton divisions. Across the Group, the key positive factors for operating profit were improved gross margins and increased income from joint publishing arrangements and subsidiary rights. Underlying Sales Growth Like-for-like publishing sales increased by 6%. This was led by our UK Consumer Publishing segment where like-for-like sales grew by 10%. The Group's reported total sales grew only slightly, to #93.2 million (1996, #92.8 million). This was a planned and temporary pause in our sales growth as noted in last year's Annual Report. We have been discontinuing low margin agency and door-to-door business in overseas markets and terminating unprofitable third party distribution contracts in the UK. Now that these policy changes have been implemented, we expect the Group's reported sales growth to be resumed. Gross Margins For the full year, the Group's gross margins increased to 47.1% (1996, 45.5%). Improved margins from the UK Consumer Publishing segment were the principal factor. The improvement was driven by a reduction in the number of lower volume, lower margin titles that were published, accompanied by significantly increased average sales per title from the titles that we did publish. The economies of scale involved in higher average print runs more than offset the costs of major marketing campaigns and incentives to retailers. Overheads Distribution costs rose by 4.4% to #10.0 million (1996, #9.6 million). This largely reflected the incremental costs of our Next Day service to UK retailers, investment in direct sales services and other pre-retailing services. These enhanced services supported the sales and marketing initiatives underlying the sales and margin growth in our UK Consumer Publishing segment. Administrative expenses grew by 3.0% to #28.7 million (1996, #27.9 million) as we continue to keep overall costs under tight control. Other Income Other operating income increased to #3.5 million (1996, #2.5 million) in the year. This increase was largely due to the continued phenomenal success of our joint publishing arrangement for the works of Anne Geddes, the internationally renowned photographer. Income from interests in associated undertakings and joint ventures also grew. SEGMENTAL OPERATING REVIEWS UK Consumer Publishing 1997 UK Consumer Publishing operating profits increased by 35% to #5.3 million (1996, #3.9 million) on sales up by 9% to #58.9 million (1996, #53.9 million). All divisions recorded strong performances. The sales growth was primarily driven by increased unit sales per title and tight control of pricing despite pressure for higher discounts from most retailers. All divisions continued to implement the Group's margin-enhancing policy of forcefully marketing fewer new titles and strongly promoting the backlist. Prospects The continued benefits in all the divisions of the consumer publishing policies outlined above, together with substantial further growth expected at Headline, offer the prospect of another year of significant progress for Hodder Headline's UK Consumer Publishing. UK Educational, Academic & Professional Publishing 1997 The Group's UK Educational, Academic & Professional segment continued to expand in 1997, with sales up by 6% to #20.6 million (1996, #19.4 million) and operating profits up by 7% to #2.6 million (1996, #2.5 million). Gross margins improved in the year and increased gross profits were largely re-invested in further editorial and marketing capacity to fuel future expansion. Prospects We have been developing publishing programmes that are designed to generate editorially led growth each year in these important publishing areas, without assuming any positive new funding factors in the relevant markets. We therefore expect progress to continue well. Overseas Operations 1997 Overseas Operations sales were #17.6 million, down from #22.8 million in the prior year. As we have mentioned in previous reports, the 1996 sales included #3.8 million of discontinued sales from agency and door-to-door business. There were also exchange rate differences of #0.6 million. These are the primary reasons for the lower 1997 figure. However, very difficult market conditions in Australia also had an impact on sales. Operating profits amounted to #0.9 million (1996, #1.6 million). The Anne Geddes list in New Zealand had a record year. However, this was offset by the implications of the difficulties in the Australian marketplace. South Africa's contribution was similar to the previous year in a tough but promising market. Prospects Overseas consumer book markets are likely to remain soft and 1998 will be a year of re-adjustment as we respond to these conditions. However, not least thanks to a major new Anne Geddes project scheduled for 1999, the longer term prospects are more encouraging. UK Distribution and Other Activities Our wholly owned UK warehousing and customer service company, Bookpoint, recorded a nominal operating profit in 1997 (1996, loss #0.5 million). This improvement was achieved by driving through productivity, quality and service gains. We also continued to rationalise the number of third party clients which now amounts to 26, down from over 90 three years ago. We have not included a full report on this segment this year, nor do we intend to in the future, now that we have returned Bookpoint to break-even and the operation represents only 2% of the Group's consolidated sales. We shall continue to invest in people, training and equipment to deliver further service improvements in 1998. GROUP FINANCIAL REVIEW Interest The net interest charge of #0.7 million in 1997 was 16.2% lower than in 1996. This was achieved through lower borrowing levels throughout most of the year. The underlying average rate of interest for the year was approximately 8.0%. Interest cover improved to 12.3 times compared with 8.6 times in 1996. Effective Tax Rate The tax charge for the year was #2.6 million, producing an effective tax rate of 32.0% (1996, 29.5%). This compares with a weighted standard rate of taxation of 31.3% for the main countries in which the Group operates. The lower 1996 effective rate benefited from the final reinstatement of tax losses previously utilised in Hodder & Stoughton Limited against dividend income at a rate of 25.0% and subsequently utilised against taxable profit at 33.0%. Year End Net Debt and Gearing During the year, net debt once again benefited from positive underlying free cash flow. This resulted in net debt decreasing from #3.8 million to #2.5 million and gearing reducing to 6.9% from the 1996 year end level of 11.6%. Cash Flow and Funding In 1997 net cash flow from continuing operations, before property disposal proceeds of #0.2 million, was #6.8 million (1996, #5.7 million before property disposal proceeds of #3.4 million). This represents 78.8% of operating profits (1996, 77.8%) and is after a further net investment of #4.7 million (1996, #2.8 million) in new copyright assets, as the Group continues to add to its future publishing programme. Underlying free cash flow, before payments in respect of dividends, the acquisition of subsidiary undertakings and property disposal proceeds, amounted to #3.4 million. This compares favourably with the previous year's underlying free cash flow of #2.8 million, especially when the #4.7 million net investment in copyright assets made during 1997 is taken into account. Working capital throughout the Group was carefully managed, with stock being reduced from 1996 levels and the ratio of stock compared to sales continuing the previous two years' trend by falling from 19.5% to 19.2%. In February 1998, the Group reviewed and increased from #20.0 million to #30.0 million its bank facilities in the United Kingdom, which comprise a mixture of two-and four-year committed facilities. Exchange Rates In the second half of the year, the Group changed its accounting policy relating to the translation into sterling of the trading results of foreign subsidiaries from year end rates to average rates for the year. This change was made to enable the Group's results to reflect more accurately the underlying performance of the business, as the value of sterling fluctuates. It has also been made in a year when the effect on the Group's results is minimal; for example, earnings per share have changed by less than 0.1 pence. In view of the immaterial effect of this change of policy on the 1996 results, the latter have not been restated. The average exchange rates used and those that would have been used under the previous policy, together with the Group's associated turnover, pre-tax profits and earnings per share are as follows: Current Policy Previous Policy (Average Rates (Closing Rates as for the years at ended 31st December) 31st December) 1996 1997 1996 1997 __________________ _______ ________ ______ ______ Exchange Rates Australian Dollar 2.01 2.24 2.16 2.53 New Zealand Dollar 2.29 2.52 2.42 2.83 South African Rand 6.74 7.56 8.00 8.01 __________________ _______ ________ ______ ______ Results #000 #000 #000 #000 Turnover 94,525 93,162 92,830 91,276 Pre-tax profits 6,688 8,174 6,605 8,112 Earnings per share 13.4p 15.8p 13.3p 15.7p __________________ _______ _______ ______ _______ Purchase of Own Shares The Directors consider that it would be beneficial to the Company if, in certain circumstances, the Company had the power to purchase its own Ordinary Shares. At the present time, the Directors have no wish to exercise the power to purchase any of the Shares of the Company. However, they consider it is appropriate to have the flexibility to do so. Accordingly, they will be recommending that power in certain circumstances to buy in and cancel Ordinary Shares should be granted for a limited period. The Directors would only implement such purchases if they were satisfied, after careful consideration, that these would be in the best interests of the Company and all its shareholders and would result in an increase in expected earnings per share. Furthermore, account would be taken of the overall financial implications for the Company. A special resolution will be proposed at the Company's Annual General Meeting authorising the Directors to purchase up to a maximum of 3,527,296 Ordinary Shares, 10 per cent of the issued share capital of the Company. Financial Statements The Group's profit and loss account, balance sheet and cash flow statement as at 31st December 1997 are set out below. CONSOLIDATED PROFIT & LOSS ACCOUNT YEAR ENDED 31ST DECEMBER 1997 1996 Note #000 #000 Turnover - 2 93,162 92,830 continuing operations Cost of sales (49,314) (50,568) _______ _______ Gross profit 43,848 42,262 Distribution costs (10,004) (9,582) Administrative expenses (28,687) (27,854) Other operating income 3,541 2,453 _______ ________ Operating profit - before interests in associated undertakings and joint ventures 8,698 7,279 Income from interests in associated undertakings and joint ventures 200 190 _____ _____ Operating profit - continuing operations 2 8,898 7,469 Net interest payable and similar charges (724) (864) Profit on ordinary activities before taxation 8,174 6,605 Tax on profit on ordinary activities 3 (2,616) (1,948) _______ _______ Profit on ordinary activities after taxation 5,558 4,657 Equity minority interests (1) 15 ______ ______ Profit for the financial year 5,557 4,672 Dividends 4 (2,540) (2,292) _______ _______ Retained profit for the financial year transferred to reserves 3,017 2,380 ======= ======= Earnings per share 5 15.8p 13.3p CONSOLIDATED BALANCE SHEET 31ST DECEMBER 1997 1996 Note #000 #000 Fixed assets Intangible assets 495 536 Tangible assets 3,695 3,900 Investments 358 373 _______ ______ 4,548 4,809 _______ ______ Current assets Stocks 17,880 18,144 Debtors 45,123 42,976 Cash at bank and in hand 3,492 1,341 _______ _______ 66,495 62,461 Creditors : amounts falling due within one year (29,110) (32,029) _______ _______ Net current assets 37,385 30,432 _______ _______ Total assets less current liabilities 41,933 35,241 Creditors : amounts falling due after more than one year (5,582) (921) Provisions for liabilities and charges (901) (1,271) _______ ________ Net assets 2 35,450 33,049 ======== ========= Capital and reserves Called up share capital 3,527 3,527 Share premium account 17,256 17,248 Merger reserve 3,171 3,171 Profit and loss account 11,468 9,075 _______ _______ Equity shareholders' funds 6 35,422 33,021 Equity minority interests 28 28 _______ _______ Shareholders' funds 35,450 33,049 ======= ======= CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31ST DECEMBER 1997 1996 Note #000 #000 Net cash inflow from operating activities Net cash inflow from continuing operating activities 7,038 9,119 Cash outflow in respect of prior year acquisition and reorganisation provisions (442) (757) ____ _____ 7 6,596 8,362 _____ _____ Dividends from joint ventures and associated undertakings 186 83 _____ _____ Returns on investment and servicing of finance Interest paid (781) (1,077) Interest received 111 207 ______ _____ Net cash outflow from returns on investment and servicing of finance (670) (870) _____ _____ Taxation UK corporation tax paid (981) (519) Overseas tax paid (302) (129) ______ _____ Tax paid (1,283) (648) ______ _____ Capital expenditure and financial investment Purchase of tangible fixed assets (1,272) (769) Purchase of intangible fixed assets - (30) Proceeds from sale of tangible fixed assets 73 94 ______ _____ Net cash outflow from capital expenditure and financial investment (1,199) (705) ______ _____ Net cash outflow from the acquisition of subsidiary undertakings - (206) ______ _____ Equity dividends paid (2,363) (2,291) ______ ____ Net cash inflow before financing 1,267 3,725 ______ _____ Financing Issue of ordinary share capital 8 23 Proceeds from new borrowings 5,000 - Repayment of loans (142) (3,858) Capital element of finance lease payments (504) (461) Receipts from new finance leases - 25 ______ _____ Net cash inflow/(outflow) from financing 4,362 (4,271) ______ _____ Increase / (decrease) in cash 5,629 (546) ====== ====== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT YEAR ENDED 31ST DECEMBER 1997 1996 Note #000 #000 Increase / (decrease) in cash in the year 5,629 (546) Cash (inflow)/outflow from (increase)/decrease in debt and leasing finance (4,354) 4,294 _______ ______ Change in debt resulting from cash flows 1,275 3,748 Other finance lease movements (73) 11 Currency translation differences 186 (4) _____ _____ Movement in net debt in the year 1,388 3,755 Net debt at 1st January (3,837) (7,592) _____ _____ Net debt at 31st December 8 (2,449) (3,837) ======= ======= NOTES TO THE PRELIMINARY RESULTS 1. BASIS OF PREPARATION The figures in this Preliminary Statement represent an abridged version of the Group's full accounts for the financial year ended 31st December 1997, upon which the Group's auditors have given an unqualified report dated 9th March 1998. The 1997 Annual Report and Accounts will be posted to all shareholders by 1st April 1998 and both this Statement and the Annual Report and Accounts will be available on request from the Company Secretary, Hodder Headline PLC, 338 Euston Road, London NW1 3BH. 2. SEGMENTAL ANALYSIS Total Intra- Ext Intra- Ext Group ernal Total Group ernal sales sales sales sales sales sales _____ _____ _____ _____ _____ _____ 1997 1997 1997 1996 1996 1996 #000 #000 #000 #000 #000 #000 Turnover - continuing operations UK Consumer Publishing 58,869 (5,181) 53,688 53,874 (4,915) 48,959 UK Educational, Academic, & Professional Publishing 20,593 (604) 19,989 19,415 (485) 18,930 Overseas Operations 17,591 (214) 17,377 22,773 (453) 22,320 UK Distribution 9,790 (7,682) 2,108 9,510 (6,889) 2,621 ______ _______ _____ ______ ______ _____ 106,843 (13,681) 93,162 105,572 (12,742) 92,830 ======= ======== ======= ======= ======= ======== 1997 1997 1996 1996 #000 #000 #000 #000 Profits UK Consumer Publishing - Group 5,283 3,893 - associated undertakings 40 52 _____ _____ 5,323 3,945 UK Educational, Academic & Professional Publishing 2,628 2,452 Overseas Operations 783 1,480 - Group - joint ventures 160 138 _____ _____ 943 1,618 UK Distribution 4 (546) _____ _____ Operating profit - continuing operations 8,898 7,469 Net interest payable and similar charges (724) (864) Profit before taxation 8,174 6,605 ======= ====== 2. SEGMENTAL ANALYSIS continued 1997 1997 1996 1996 #000 #000 #000 #000 Net assets UK Consumer Publishing - Group 25,980 23,946 - associated undertakings 134 178 _______ ______ 26,114 24,124 UK Educational, Academic & Professional Publishing 5,527 4,762 Overseas Operations - Group 4,602 6,451 - joint ventures 229 195 ---- ----- 4,831 6,646 UK Distribution 1,427 1,354 _____ _____ Net operating assets 37,899 36,886 Unallocated net assets: Net borrowings (2,449) (3,837) _____ _____ 35,450 33,049 ====== ===== 3. TAX ON PROFIT ON ORDINARY ACTIVITIES 1997 1996 #000 #000 United Kingdom Corporation tax at 31.5% 2,272 1,546 (1996, 33.0%) Deferred taxation (19) 151 Adjustments in respect of (9) (31) prior years ____ _____ 2,244 1,666 Overseas tax 361 267 ____ ____ 2,605 1,933 Associated undertakings 11 15 ____ ____ 2,616 1,948 ===== ===== 4. DIVIDENDS ON EQUITY SHARES 1997 1997 1996 1996 Pence Pence per per share share (net) #000 (net) #000 Ordinary Shares of 10p each : Interim paid 2.20 776 2.00 705 Final proposed 5.00 1,764 4.50 1,587 _____ _____ _____ _____ 7.20 2,540 6.50 2,292 ===== ===== ===== ===== 5. EARNINGS PER SHARE The calculation of earnings per share is based on the profit for the financial year of #5,557,000 (1996, #4,672,000). Earnings per share have been calculated using the weighted average number of shares in issue during the year of 35,268,649 (1996, 35,249,710). Fully diluted earnings per share would not be materially different. 6. RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS 1997 1996 #000 #000 Profit attributable to members of the Company 5,557 4,672 Dividends (2,540) (2,292) ______ ______ 3,017 2,380 Capital subscribed 8 23 Exchange rate differences (624) (217) ______ ______ Net movement in equity shareholders' funds 2,401 2,186 Opening equity shareholders' 33,021 30,835 funds ______ ______ Closing equity shareholders' funds 35,422 33,021 ====== ====== 7. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES 1997 1996 #000 #000 Operating profit - before interests 8,698 7,279 in associated undertakings and joint ventures Adjustments to operating profit : Depreciation and amortisation charges 1,391 1,393 Loss on sale of tangible fixed assets 39 32 (Increase)/decrease in working capital : Proceeds from sale of property held for sale 182 3,458 Stocks (300) 117 Debtors (4,168) (6,709) Creditors 1,105 3,455 Increase in acquisition and reorganisation provisions 91 94 ______ ______ Net cash inflow from contiuing operations 7,038 9,119 Cash outflow in respect of prior year acquisition and reorganisation provisions (442) (757) ______ _____ Net cash inflow from operating activities 6,596 8,362 ====== ====== 8. ANALYSIS OF CHANGES IN NET DEBT DURING THE YEAR Effect of At 1st Net foreign At 31st January cash Other excha- Decem- nge ber 1997 flow changes rates 1997 #000 #000 #000 #000 #000 Cash at bank and in 1,341 2,007 - 144 3,492 hand Bank overdrafts (3,620) 3,622 - (2) - ______ ______ ______ ______ ______ (2,279) 5,629 - 142 3,492 Borrowings due within one year (142) 142 - - - Borrowings due after one year - (5,000) - - (5,000) Finance leases (1,416) 504 (73) 44 (941) ______ ______ ______ ______ ______ (1,558) (4,354) (73) 44 (5,941) ______ ______ ______ ______ ______ Net debt (3,837) 1,275 (73) 186 (2,449) ====== ====== ====== ====== ====== 9. COMPANY INFORMATION The Annual General Meeting will be held at 338 Euston Road, London NW1 3BH, at 10.00 a.m. on Wednesday 6th May 1998. END FR FCFCNNDKDFNK
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