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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 2086e HODDER HEADLINE PLC 23rd September 1997 INTERIM RESULTS Hodder Headline announces more than doubled pre-tax profits and earnings per share in its interim results for the six months to 30th June 1997. The key points are: * Pre-tax profits up 154% to #1.3 million (1996, #0.5 million) * Sales #38.0 million (1996, #40.3 million) * Operating profits up 67% to #1.6 million (1996, #0.9 million) * Earnings per share up 127% to 2.5 pence (1996, 1.1 pence) * Net borrowing reduced by 21% to #7.3 million (1996, #9.2 million) * Gearing reduced to 22% (1996, 30%) * Interim dividend raised by 10% to 2.2 pence net per share (1996, 2.0 pence net per share) * Trading in July and August 1997 shows continued progress Tim Hely Hutchinson, Group Chief Executive, commented on the results and prospects: "I am delighted that Hodder Headline continued to perform strongly in the first half of the year. The second half has also started well and publishing sales to the end of August were 5% ahead of sales in the same eight month period of 1996 on a like-for-like basis. We look forward to a successful full year in 1997. The retail book market in the UK has stabilised and shows some promise of renewed growth, however the Australian market has been weak this year. Overall, improved results are being achieved in market conditions that remain challenging. Our central strategy of investment in premium long-term copyrights, for both consumer and educational titles, is proving very effective in enabling us to improve profitability despite this background, and has established the foundation for a bright future. Margin improvement continues to be a significant factor in the Group's 1997 performance. For the future, we are continuing to strive for quality sales growth, margin enhancement and the highest standards of excellence in every area of the business." Attached is a copy of the Group's 1997 Interim Report. For further information, please contact: Tim Hely Hutchinson, 0171 404 5959 on 23rd September Group Chief Executive Otherwise, 0171 873 6000 Mark Opzoomer As above Deputy Chief Executive Richard Adam As above Group Finance Director John Sunnucks 0171 404 5959 Brunswick Public Relations 23rd September 1997 Chairman's Interim Statement We are pleased to report continuing progress in the first half of 1997. Pre-tax profits and earnings per share were more than doubled compared to the same period in 1996, and net debt at the period end was reduced compared to 30th June 1996. The retail book market in the UK has stabilised and is showing some promise of renewed growth. However, the Group's second largest market, Australia, has been weak this year. Overall, improved results are being achieved in market conditions that remain challenging. Our central strategy of investment in premium long-term copyrights, for both consumer and educational titles, is proving very effective in enabling us to improve profitability despite this background and has established the foundation for a bright future. Results and Dividends Pre-tax profits for the six months ended 30th June rose to #1.3m (1996, #0.5m). Total sales in the first half of 1997 were #38.0m (1996, #40.3m). As we stated in our 1996 Annual Report, this year's reported sales figures will be affected by our having discontinued low margin agency and door-to-door business overseas. The continuing strength of sterling also limited reported sales growth in the period, although it has not had any material impact on earnings. Our policy of concentrating on higher margin business at home and overseas is succeeding. Gross margins increased from 46% to 49%. Other operating income grew by 55% to #1.6m due to the contribution of the New Zealand-originated Anne Geddes publishing joint venture. Net interest charges were lower at #0.3m (1996, #0.4m) because of lower borrowing levels throughout the period. Taxation has been provided for at 33% (1996, 30%) as we fully utilised the tax losses available for reinstatement by Hodder & Stoughton during 1996. The estimated 1997 rate includes recognition of the reduction in UK corporation tax rates from 33% to 31% announced in July. Earnings per share for the period rose to 2.5 pence (1996, 1.1 pence). The Board has decided to increase the interim dividend to 2.2 pence net per share (1996, 2.0 pence net per share). This will be paid on 12th November 1997 to shareholders on the register at 17th October 1997. Balance Sheet The Group's balance sheet continues to strengthen compared to the same period in 1996 and key ratios in the business have been improved. Net debt at 30th June was reduced by 21% to #7.3m (1996, #9.2m). Shareholders' funds grew to #33.1m (1996, #30.7m). Gearing was reduced to 22% (1996, 30%). Stock as a percentage of annual sales reduced to 21.5% (1996, 22.5%) as stock levels decreased to #19.5m (1996, #20.4m). At the same time we have continued to invest substantially in our forward publishing programme, and this is reflected in an increase in the authors' royalty advances component of debtors. Current Trading and Prospects Publishing sales to the end of August were 5% ahead of sales in the same eight month period of 1996 on a like-for-like basis. Margin improvement continues to be a significant factor in the Group's 1997 performance. UK Consumer Publishing highlights for the second half include bestselling crime writer Elizabeth George's first novel for Hodder & Stoughton, Deception on His Mind, bestselling thriller writer James Patterson's first novel for Headline, Cat and Mouse, Dean Koontz's new novel, Fear Nothing, legendary cricket umpire Dickie Bird's autobiography and the fourth instalment in Stephen King's Dark Tower series, Wizard and Glass. These are in addition to strong children's, religious and audiobook lists. We are publishing slightly fewer new consumer titles in the UK, particularly within Headline, but we are on average selling more copies of each title. This policy is underpinning the continued margin improvement. Hodder & Stoughton Educational has just published its innovative thirteen-volume Teach Yourself Revision Guides series with plans to extend the series in 1998. Arnold will publish its ground-breaking new edition of Topley & Wilson's Microbiology and Microbial Infections in six-volume book form and as a CD Rom in November. Overseas, we continue to build our locally-originated publishing programmes, including the highly successful Anne Geddes range of photographic gift books. Bookpoint has successfully introduced its next day service for UK retailers and its financial performance also continues to improve. The Group's progress so far this year is encouraging and we look forward to a successful full year in 1997. For the future, we are continuing to strive for good quality sales growth, margin enhancement and the highest standards of excellence in every area of the business. Management and Staff Lord Donoughmore retired as Chairman at the Annual General Meeting in May. All of us have very much appreciated his great qualities as Chairman, which have contributed so much to the Company's successful development. We extend our best wishes for his retirement. I would also like to take this opportunity to thank all the Group's staff for their dedication to building today's Hodder Headline, a business where many individual contributions are adding up to a strong performance. Christopher Weston 23rd September 1997 Unaudited Consolidated Profit and Loss Account For the six months ended 30th June Year ended 31st December Note 1997 1996 1996 #000 #000 #000 --------------------------------- --- ------ ------ ------ Turnover - continuing operations 2 38,011 40,250 92,830 Cost of sales (19,339) (21,731) (50,568) --------------------------------- --- ------ ------ ------ Gross profit 18,672 18,519 42,262 Distribution costs (4,426) (4,396) (9,582) Administrative expenses (14,308) (14,229)(27,854) Other operating income 1,619 1,042 2,598 --------------------------------- --- ------ ------ ------ Operating profit - before 1,557 936 7,424 interests in associated undertakings Income from interests in 19 9 53 associated undertakings --------------------------------- --- ------ ------ ------ Operating profit - continuing 2 1,576 945 7,477 operations Interest receivable and similar 58 151 207 income Profit on ordinary activities 1,317 519 6,605 before taxation Tax on profit on ordinary 3 (435) (156) (1,948) activities --------------------------------- --- ------ ------ ------ Profit on ordinary activities 882 363 4,657 after taxation Equity minority interests (14) 9 15 --------------------------------- --- ------ ------ ------ Profit for the financial period 868 372 4,672 Dividends 4 (776) (705) (2,292) --------------------------------- --- ------ ------ ------ Retained profit / (loss) for the financial period transferred to 92 (333) 2,380 reserves --------------------------------- --- ------ ------ ------ Earnings per share 5 2.5p 1.1p 13.3p --------------------------------- --- ------ ------ ------ Unaudited Consolidated Balance Sheet At 30th June At 31st December Note 1997 1996 1996 #000 #000 #000 ----------- --------------------- ----- ------ ------ ------ Fixed assets Intangible assets 514 527 536 Tangible assets 3,670 4,443 3,900 Investments 192 149 178 --------------------------------- --- ------ ------ ------ 4,376 5,119 4,614 --------------------------------- --- ------ ------ ------ Current assets Stocks 19,488 20,423 18,144 Debtors 41,552 37,130 43,171 Cash at bank and in hand 2,059 646 1,341 --------------------------------- --- ------ ------ ------ 63,099 58,199 62,656 Creditors: amounts falling due (24,469)(29,934)(32,029) within one year --------------------------------- --- ------ ------ ------ Net current assets 38,630 28,265 30,627 --------------------------------- --- ------ ------ ------ Total assets less current 43,006 33,384 35,241 liabilities Creditors: amounts falling due (8,945) (1,340) (921) after more than one year Provisions for liabilities and (999) (1,352) (1,271) charges --------------------------------- --- ------ ------ ------ Net assets 2 33,062 30,692 33,049 --------------------------------- --- ------ ------ ------ Capital and reserves Called up share capital 3,527 3,525 3,527 Share premium account 17,253 17,234 17,248 Merger reserve 3,171 3,171 3,171 Profit and loss account 9,068 6,723 9,075 --------------------------------- --- ------ ------ ------ Equity shareholders' funds 6 33,019 30,653 33,021 Equity minority interests 43 39 28 --------------------------------- --- ------ ------ ------ Shareholders' funds 33,062 30,692 33,049 --------------------------------- --- ------ ------ ------ Unaudited Consolidated Cash Flow Statement For the six months ended 30th June Year ended 31st December Note 1997 1996 1996 #000 #000 #000 ----------------------------------- --- ------ ------ ------ Net cash (outflow) / inflow from operating activities Net cash (outflow) / inflow from (704) 1,713 9,202 continuing operating activities Cash outflow in respect of prior year acquisition and (380) (348) (757) reorganisation provisions ----------------------------------- --- ------ ------ ------ 7 (1,084) 1,365 8,445 ----------------------------------- --- ------ ------ ------ Returns on investment and servicing of finance Interest paid (268) (572) (1,077) Interest received 62 149 207 Net cash outflow from returns on investment and servicing of finance (206) (423) (870) Taxation UK corporation tax paid (105) (146) (519) Overseas tax paid (41) (11) (129) Tax paid (146) (157) (648) ----------------------------------- --- ------ ------ ------ Capital expenditure and financial investment Purchase of tangible fixed assets (451) (432) (769) Purchase of intangible fixed assets - - (30) Proceeds from sale of tangible 30 48 94 fixed assets ----------------------------------- --- ------ ------ ------ Net cash outflow from capital expenditure and financial (421) (384) (705) investment ----------------------------------- --- ------ ------ ------ Net cash outflow from the acquisition of subsidiary - (220) (206) undertakings ----------------------------------- --- ------ ------ ------ Equity dividends paid (1,587) (1,586) (2,291) ----------------------------------- --- ------ ------ ------ Net cash (outflow) / inflow before (3,444) (1,405) 3,725 financing ----------------------------------- --- ------ ------ ------ Financing Issue of ordinary share capital 5 7 23 Proceeds from new borrowings 8,125 - - Repayment of loans (142) (3,458) (3,858) Capital element of finance lease (245) (258) (461) payments Receipts from new finance leases - - 25 ----------------------------------- --- ------ ------ ------ Net cash inflow / (outflow) from 7,743 (3,709) (4,271) financing ----------------------------------- --- ------ ------ ------ Increase / (decrease) in cash 4,299 (5,1140) (546) ----------------------------------- --- ------ ------ ------ Unaudited Reconciliation of Net Cash Flow to Movement in Net Debt For the six months ended 30th June Year ended 31st December Note 1997 1996 1996 #000 #000 #000 ---------------------------------- --- ------ ------ ------ Increase / (decrease) in cash in 4,299 (5,114) (546) the period Cash (inflow) / outflow from (increase) / decrease in debt and (7,738) 3,716 4,294 leasing finance ---------------------------------- --- ------ ------ ------ Change in debt resulting from cash (3,439) (1,398) 3,748 flows Other finance lease movements (38) - 11 Currency translation differences 49 (249) (4) ---------------------------------- --- ------ ------ ------ Movement in net debt in the period (3,428 (1,647) 3,755 Net debt at start of period (3,837) (7,592) (7,592) ---------------------------------- --- ------ ------ ------ Net debt at end of period 8 (7,265) (9,239) (3,837) ---------------------------------- --- ------ ------ ------ Notes to the Interim Financial Statements 1 Basis of Preparation The Interim Financial Statements have been prepared on the basis of the accounting policies set out in Hodder Headline PLC's financial statements for the year ended 31st December 1996. The Interim Financial Statements are unaudited but have been reviewed by the Auditors and their report to the Company is set out on the inside back cover of this Interim Report. The Interim Financial Statements do not comprise statutory accounts within the meaning of Section 240 of the companies Act 1985. The comparative figures for the year ended 31st December 1996 are taken from the statutory accounts filed with the Registrar of Companies. The Auditors' report on the statutory accounts was unqualified and did not contain a statement under Section 237 of the Companies Act 1985. 2 Segmental Analysis For the six months ended 30th June Year ended 31st December 1997 1996 1996 #000 #000 #000 ----------------------------------- ------ ----- ------- Turnover - continuing operations UK Consumer Publishing 22,206 21,605 48,959 UK Educational, Academic & 7,600 7,105 18,930 Professional Publishing Overseas Operations 7,212 10,253 22,320 UK Distribution 993 1,287 2,621 ----------------------------------- ------ ----- ------- 38,011 40,250 92,830 ----------------------------------- ------ ----- ------- Profits UK Consumer Publishing 1,902 1,558 3,946 UK Educational, Academic & 168 371 2,452 Professional Publishing Overseas Operations (72) (378) 1,625 UK Distribution (422) (606) (546) ----------------------------------- ------ ----- ------- Operating profit - continuing 1,576 945 7,477 operations Net interest payable (259) (426) (872) ----------------------------------- ------ ----- ------- Profit before taxation 1,317 519 6,605 ----------------------------------- ------ ----- ------- Net assets UK Consumer Publishing 28,264 26,051 24,124 UK Educational, Academic & 4,973 4,600 4,762 Professional Publishing Overseas Operations 5,779 7,631 6,646 UK Distribution 1,311 1,649 1,354 ----------------------------------- ------ ----- ------- Net operating assets 40,327 39,931 36,886 Net borrowings (7,265)(9,239) (3,837) ----------------------------------- ------ ----- ------- 33,062 30,692 33,049 ----------------------------------- ------ ----- ------- 3 Taxation The taxation charge for the period is based on the estimated effective rate of 33% for the year ending 31st December 1997. 4 Dividends An interim dividend of 2.2 pence net per share will be paid on 12th November 1997 to shareholders on the register at the close of business on 17th October 1997. The ordinary shares will be marked ex dividend on 13th October 1997. 5 Earnings per Share Earnings per share have been calculated using the weighted average number of shares in issue during the period, which for the six months to 30th June 1997 was 35,265,566 and for the six months to 30th June 1996 was 35,247,069. 6 Reconciliation of Movement in Equity Shareholders' Funds For the six months ended 30th June Year ended 31st December 1997 1996 1996 #000 #000 #000 Profit attributable to members of 868 372 4,672 the Company Dividends (776) (705) (2,292) 92 (333) 2,380 Capital Subscribed 5 7 23 Exchange rate differences (99) 144 (217) Net movement in equity (2) (182) 2,186 shareholders' funds Opening equity shareholders' funds 33,021 30,835 30,835 Closing equity shareholders' funds 33,019 30,653 33,021 7 Reconciliation of Operating Profit to Net Cash Flow from Operating Activities For the six months ended 30th June Year ended 31st December 1997 1996 1996 #000 #000 #000 Operating profit - before interests 1,557 936 7,424 in associated undertakings Adjustments to operating profit: Depreciation and amortisation 688 686 1,393 charges Loss on sale of tangible fixed 7 1 32 assets (Increase) / decrease in working capital: Proceeds from sale of property 182 3,458 3,458 held for sale Stocks (1,432) (1,737) 117 Debtors 1,341 (543) (6,771) Creditors (3,155) (1,088) 3,455 Increase in reorganisation 108 - 94 provisions Net cash (outflow) / inflow from (704) 1,713 9,202 continuing operations Cash outflow in respect of prior year acquisition and reorganisation (380) (348) (757) provisions Net cash (outflow) / inflow from (1,084) 1,365 8,445 operating activities 8 Analysis of Changes in Net Debt during the Period For the six months ended 30th June At Net Other Effect At At 1st cash changes of 30th 30th January flow foreign June June 1997 exchange 1997 1996 rates #000 #000 #000 #000 #000 #000 Cash at bank and 1,341 681 - 37 2,059 646 in hand Bank overdrafts (3,620) 3,618 - 2 - (7,665) (2,279) 4,299 - 39 2,059 (7,019) Borrowings due (142) 142 - - - (542) within one year Borrowings due - (8,125) - - (8,125) - after one year Finance Leases (1,416) 245 (38) 10 (1,199)(1,678) (1,558) (7,738) (38) 10 (9,324)(2,220) Net debt (3,837) (3,439) (38) 49 (7,265)(9,239) 9 Company Information Copies of this statement are being sent to all shareholders and are also available from the Company's Registered Office : 338 Euston Road, London, NW1 3BH; telephone 0171 873 6000, fax 0171 873 6024. 10 Financial Calendar Dates Events 13th October 1997 1997 Interim Dividend Ex Dividend Date 17th October 1997 1997 Interim Dividend Record Date 12th November 1997 1997 Interim Dividend Payment March 1998 1997 Preliminary Results Announcement April 1998 1997 Annual Report & Accounts May 1998 Annual General Meeting May 1998 1997 Final Dividend Payment Review Report by the Auditors to Hodder Headline PLC We have reviewed the interim financial information for the six months ended 30th June 1997 set out on pages 3 to 9 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 not performed for any purpose connected with any specific transaction and should not be relied upon for any such purpose. 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 excluded any audit procedures such as tests of controls and verification of assets and liabilities, and was therefore substantially less in scope than an audit performed in accordance with Auditing Standards. 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 Hodder Headline PLC in its financial statements for the year ended 31st December 1996 and * we are not aware of any material modifications that should be made to the interim financial information as presented. Deloitte & Touche Chartered Accountants and Registered Auditors Hill House 1 Little New Street London EC4A 3TR END IR ALLETAAIFFAD
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