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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Heywood Wms. | LSE:HYWD | London | Ordinary Share | GB00B1G5LS08 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.43 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS No 3539n
HEYWOOD WILLIAMS GROUP PLC
6th August 1997
Contacts: Ralph Hinchliffe, Executive Chairman
Michael Broadhead, Managing Director
Terry Martin, Group Finance Director
Heywood Williams Group PLC Tel: 0171 831 3113 (06/08/97)
Tel: 01484 435477 (thereafter)
Steve Jacobs / John Bick
Financial Dynamics Tel: 0171 831 3113
HEYWOOD WILLIAMS GROUP PLC
Interim Results to 30 June 1997
Heywood Williams Group PLC, a manufacturer and distributor of component
products principally for the building industry, announces its interim results
for the six months ended 30 June 1997.
Summary
1997 1996
Turnover #305.0m #310.8m
Operating profit #18.3m #17.6m
Profit before tax & after
exceptionals #21.8m #15.3m
Diluted earnings per share,
excluding exceptionals 10.8p 10.6p
Interim dividend per share 5.0p 5.0p
Highlights
* Operating profits 4% ahead of last year's record level despite the
adverse impact of exchange rates
* UK building products now has a considerable presence in the growing PVC-
U window and door market
* Short term weakness in the US markets for manufactured housing and
recreational vehicles
* Maintained ordinary dividend
* Strong balance sheet - net cash position
* Proposed buy-back of up to 10% of the issued ordinary shares
Executive Chairman, Ralph Hinchliffe comments:
"All our principal businesses have good longer term prospects for organic
growth. In the United Kingdom, Coldseal's strong growth, a lower overhead
base across our operations, and improving market conditions augur well for
the second half year. Although markets in the United States are less
buoyant, in mainland Europe we are encouraged by good order books. Together,
these factors lead me to expect a satisfactory outcome for the year as a
whole."
HEYWOOD WILLIAMS GROUP PLC
Interim Report from the Chairman
INTERIM RESULTS
I am pleased to report that operating profits for the half year ended 30th
June 1997 were #18.3 million, 4% ahead of last year's record level, despite
the adverse impact of exchange rates. Exceptional profits on the disposal of
businesses resulted in pre-tax profits rising 43% to #21.8 million. Diluted
earnings per share, excluding exceptional items, were 10.8p (1996 10.6p) and
the ordinary dividend is maintained at 5p per share.
TRADING
In the United Kingdom, our Building Products operations produced profits
significantly ahead of last year, whilst Auto Windscreens continued to make
good progress. Together, they more than doubled trading profits on better
sales and margins. In the United States, both the manufactured housing and
recreational vehicle markets, which are our major business sectors in that
country, were weaker in the first half year, and stronger competition led to
lower profits in dollar terms, the shortfall being exaggerated by the
strength of sterling. In mainland Europe, our markets in Holland and Belgium
were steady and enabled our operations to achieve better results than last
year.
STRATEGY
The acquisition of Mila twelve months ago, and the more recent sale of
Maccess have provided us with a much greater concentration on the United
Kingdom PVC-U window and door market. This focus of activity has been
enhanced by the increase to 65% at the end of June of our shareholding in
Coldseal. Coldseal is a very rapidly growing manufacturer and installer of
PVC-U windows, doors and conservatories, which uses many products from other
group companies, and will help to provide further expansion for our existing
businesses.
In the United States, we will continue to develop our operations which are
concentrated on the manufacture and supply of components for the manufactured
housing and recreational vehicle industries.
It is your Board's intention to concentrate its efforts on improving further
the performance of all its operations and to support strongly the activities
which are, or have good prospects of, generating a good return on investment.
SHARE BUY-BACK
We have a very strong balance sheet, but a particularly weak share price. In
these circumstances your Board believes that, in addition to the strategy
outlined above, the best way of enhancing shareholder value is to buy back
ordinary shares in the market. We have the authority of shareholders to buy
back up to 10% of the issued ordinary shares, and we intend to undertake this
process in the weeks ahead.
PROSPECTS
All our principal businesses have good longer term prospects for organic
growth. In the United Kingdom, Coldseal's strong growth, a lower overhead
base across our operations, and improving market conditions augur well for
the second half year. Although markets in the United States are less
buoyant, in mainland Europe we are encouraged by good order books. Together,
these factors lead me to expect a satisfactory outcome for the year as a
whole.
Ralph Hinchliffe
Executive Chairman
HEYWOOD WILLIAMS GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
six months ended 30 June 1997
Half Half Full
year year year
30 June 30 June 31
December
Notes 1997 1996 1996
#000 #000 #000
Turnover 304,967 310,773 636,804
Costs and overheads less other
income 286,626 293,201 596,468
Operating profit 18,341 17,572 40,336
Exceptional profits/(losses) on
disposal or termination of
operations 2 4,001 (1,843) (1,843)
Interest (517) (418) (1,342)
Profit before taxation 21,825 15,311 37,151
Taxation 2 5,793 5,515 13,771
Profit after taxation 16,032 9,796 23,380
Equity minority interests 141 151 855
Profits attributable to members of
the 15,891 9,645 22,525
parent company
Dividends
Ordinary 3 5,049 4,934 13,776
Preference 546 558 1,116
Retained profit for the period 10,296 4,153 7,633
Earnings per ordinary share
Per FRS3 undiluted 15.2p 9.3p 21.7p
Per FRS3 diluted 14.4p 9.0p 20.8p
Diluted - excluding exceptional 10.8p 10.6p 22.9p
profits/(losses)
Dividends per ordinary share 5.0p 5.0p 13.8p
Notes on financial statements
1. Other than the results for the full year to 31 December 1996, the
financial information included in the Interim Report is unaudited. The
accounts for the year ended 31 December 1996 received an unqualified audit
report and have been filed with the Registrar of Companies. Accounting
policies applied to the interim financial information are consistent with
those used for the accounts for the year ended 31 December 1996.
2. The exceptional items are after goodwill reversals on disposals of
#24.541m (1996 - #1.933m). No taxation charge arises in respect of the
exceptional items (1996 - credit #0.150m).
3. The interim dividend of 5.0p per ordinary share will be paid on 17
October 1997 to ordinary shareholders on the register on 22 August 1997.
4. A copy of the Interim Report will be despatched on 7 August 1997 to
shareholders and copies will also be available to the public at Waverley,
Edgerton Road, Huddersfield, West Yorkshire, HD3 3AR, the registered office
of the company.
HEYWOOD WILLIAMS GROUP PLC
CONSOLIDATED BALANCE SHEET
at 30 June 1997
30 June 30 June 31
December
1997 1996 1996
#000 #000 #000
Fixed assets
Tangible assets 55,727 56,815 57,768
Investments 6,091 7,405 6,978
61,818 64,220 64,746
Current assets
Stocks 62,400 67,061 74,116
Debtors 88,038 81,201 79,491
Cash at bank and in hand 47,528 34,255 16,873
197,966 182,517 170,480
Creditors: due within
one year
Borrowings 27,327 24,596 22,282
Other creditors 99,969 90,832 101,843
127,296 115,428 124,125
Net current assets 70,670 67,089 46,355
Total assets less current
liabilities 132,488 131,309 111,101
Creditors: due after one
year
Borrowings 19,199 19,915 18,699
Other creditors 90 - 205
19,289 19,915 18,904
Provisions for
liabilities and 1,251 3,262 2,152
charges
20,540 23,177 21,056
111,948 108,132 90,045
Capital and reserves
Called up share capital 29,181 28,740 29,249
Share premium account 2,946 2,580 2,641
Other reserves 483 483 483
Profit and loss account 73,311 69,976 51,418
105,921 101,779 83,791
Minority interests 6,027 6,353 6,254
111,948 108,132 90,045
Approved by the board on
6 August 1997
Ralph Hinchliffe
Executive Chairman
HEYWOOD WILLIAMS GROUP PLC
CONSOLIDATED CASH FLOW
six months ended 30 June 1997
Half Half Full year
year year
30 June 30 June 31
December
1997 1996 1996
#000 #000 #000
Net cash inflow from
operating 17,952 15,850 47,691
Activities (analysed below)
Returns on investments and
servicing of finance
Interest paid (1,404) (1,205) (2,629)
Interest received 996 853 1,296
Dividends paid to minority
interests (673) (445) (459)
Preference share dividends (558) (558) (1,116)
paid
(1,639) (1,355) (2,908)
Taxation (2,836) (3,172) (10,725)
Capital expenditure and
financial
investment
Purchase of tangible fixed (5,749) (6,411) (12,105)
assets
Sale of tangible fixed 636 299 920
assets
(5,113) (6,112) (11,185)
Acquisitions and disposals
Acquisition of subsidiary
undertakings and businesses (12,584) (1,850) (33,194)
Investment in associated
undertaking - (1,541) (1,542)
Disposal of subsidiary
undertakings and businesses 37,996 1,866 4,569
25,412 (1,525) (30,167)
Equity dividends paid (8,845) (8,550) (13,473)
Cash inflow/(outflow) before
use 24,931 (4,864) (20,767)
of liquid resources and
financing
Management of liquid (34,254) 5,971 13,146
resources
Financing
Issues of ordinary share 235 249 318
capital
Additional loans - - 6,075
Repayment of loans (7,421) (254) (416)
(7,186) (5) 5,977
Net cash (outflow)/inflow (16,509) 1,102 (1,644)
Reconciliation of net cash
flow to movement in net
funds/(debt)
Net cash (outflow)/inflow (16,509) 1,102 (1,644)
Decrease/(increase) in
borrowings 7,421 254 (5,659)
and lease financing
Increase/(decrease) in
liquid 34,254 (5,971) (13,146)
resources
Decrease/(increase) in net
debt 25,166 (4,615) (20,449)
resulting from cash flows
Loans and finance leases
acquired (150) - (259)
with subsidiaries
Exchange fluctuations 94 389 2,630
Decrease/(increase) in net 25,110 (4,226) (18,078)
debt
Opening net debt (24,108) (6,030) (6,030)
Closing net funds/(debt) 1,002 (10,256) (24,108)
HEYWOOD WILLIAMS GROUP PLC
CONSOLIDATED CASH FLOW (continued)
six months ended 30 June 1997
Half Half Full year
year year
30 June 30 June 31
December
1997 1996 1996
#000 #000 #000
Analysis of cash inflow from
operating activities
Operating profit 18,341 17,572 40,336
Income from associated
undertakings less dividends
received (951) (23) (1,245)
Depreciation less profit on
fixed
asset disposals and other 5,332 4,825 10,395
adjustments
22,722 22,374 49,486
Increase in working capital (4,770) (6,524) (1,795)
17,952 15,850 47,691
HEYWOOD WILLIAMS GROUP PLC
SEGMENTAL ANALYSIS
six months ended 30 June 1997
Half year - Half year - Full year -
1997 1996 1996
Turnover Profit Turnover Profit Turnover Profit
#000 #000 #000 #000 #000 #000
By product
Building 199,491 11,537 184,067 8,431 395,275 24,162
products
Automotive
components 84,761 5,643 90,893 6,706 167,736 11,017
Continuing
operations 284,252 17,180 274,960 15,137 563,011 35,179
Discontinued
operations 20,715 1,161 35,813 2,435 73,793 5,157
304,967 18,341 310,773 17,572 636,804 40,336
By geographical
location
UK & Eire 101,739 8,541 84,825 4,062 187,069 10,956
Mainland Europe 27,804 564 28,684 343 61,064 4,028
USA 154,709 8,075 161,451 10,732 314,878 20,195
Continuing
operations 284,252 17,180 274,960 15,137 563,011 35,179
Discontinued
operations 20,715 1,161 35,813 2,435 73,793 5,157
304,967 18,341 310,773 17,572 636,804 40,336
Within the above operating profit figures, #1.126m (1996 half year - #0.881m,
1996 full year - #2.802m) represents the group's income from interests in
associates, all of which is related to building products activities, split
#0.825m (1996 half year - #0.556, 1996 full year - #1.287m) in the United
Kingdom and Eire and #0.301m (1996 half year - #0.325m, 1996 full year -
#1.515m) in mainland Europe.
END
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