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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 |
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0 | 0 | N/A | 0 |
RNS No 8211x HEYWOOD WILLIAMS GROUP PLC 2 September 1999 Contacts: Michael Broadhead, Chief Executive Terry Martin, Finance Director Heywood Williams Group PLC Tel: 0207 831 3113 (2/9/99) Tel: 01484 487200 (thereafter) Steve Jacobs/Peter Otero Financial Dynamics Tel: 0207 831 3113 HEYWOOD WILLIAMS GROUP PLC Interim Results to 30 June 1999 Heywood Williams Group PLC, the building products group, announces its interim results for the six months ended 30 June 1999. The group is UK market leader in the manufacture and distribution of PVC window and door products and in the USA is a leading manufacturer and distributor of building and plumbing products to builders of manufactured houses and recreational vehicles. * Turnover and operating profit from continuing activities up 5% to #320.2m (1998: #305.8m) and 19% to #20.6m (1998: #17.2m) respectively * Pre-tax profit up 4% to #20.2m (1998: #19.4m) * Earnings per share (pre-goodwill) up 20% to 15.6p (1998 13.0p) * Interim dividend up 5% to 5.25p (5.0p) * Creation of HW Spectus, UK's largest extruder of rigid PVC window and door profiles, through successful integration of Spectus and HW Systems operations, enhanced by subsequent acquisition of Worth Systems * BCE Cellular Extrusions acquired for #10.5m, strengthening the PVC foam activities of Spectus-Kestrel * Pioneer Plastics acquired for #10m and integrated into Bristolpipe to create USA's 8th largest PVC pipe extruder Hamish Bryce, Heywood Williams' chairman, comments: "In the UK, the window and door markets are now gaining momentum. In the USA, both the PVC pipe and the recreational vehicle markets remain robust. We continue to grow our share of the manufactured housing market against the background of a recent modest slowdown in demand. I expect us to continue to make satisfactory progress in the remainder of the year." HEYWOOD WILLIAMS GROUP PLC Interim report from the Chairman Results and dividend I'm delighted to report that the group made very encouraging progress during the first half of 1999, with operating profit on continuing operations increased by 19% to #20.6 million on turnover ahead 5% to #320.2 million. Pre tax profit for the six months ended 30 June 1999 was #20.2 million, an increase of 4% on the first half of 1998, despite a goodwill amortisation charge of #1.1 million, some #0.8 million higher than last year. The increased profit, coupled with the effect of the share buy back last September, resulted in a 20% improvement in earnings per share before goodwill amortisation, to 15.6p. In the light of these encouraging results and sustained strong trading cash flow, your board has decided to increase the interim dividend by 5% to 5.25p per ordinary share payable on 15 October 1999 to shareholders on the register at 17 September 1999. These results follow the substantial reorganisation of the group during 1998, when we acquired Spectus-Kestrel, sold Auto Windscreens, and restructured our interest in our European glass business. Our balance sheet remains strong with gearing at 30 June 1999 of 10%. Trading In the UK, our businesses are now those focused principally on the #2.5 billion PVC window and door market. With the benefit of a full six month contribution from Spectus-Kestrel, which was purchased in April 1998, UK sales and operating profit from continuing businesses were up 14% to #132.1 million and 10% to #8.3 million respectively. In the USA, we achieved a 13% increase in turnover to #184.2 million, with operating profit almost a third higher at #11.6 million. Our businesses supplying the builders of manufactured houses and recreational vehicles, as well as our growing PVC pipe extrusion business, all produced excellent results. Strategy In addition to investing in new plant and equipment to increase our capacity and enhance our product range, we continue to seek, as potential acquisitions, businesses which are complementary to, and will add value to, our existing businesses. I am pleased that this year we have been able to buy three businesses which fulfil these criteria. In February, we purchased for #10 million, Pioneer Plastics, a plastic pipe extrusion business based near Atlanta with annualised sales of #18.5 million. The integration of Pioneer into our Bristolpipe operation is well under way, making Bristolpipe the eighth largest extruder of PVC pipe in the USA. In May, we combined the PVC window and door profile extrusion activities of Spectus-Kestrel with HW Systems, under the new name of HW Spectus. This business is the UK's largest extruder of rigid PVC window and door profiles and it has been further strengthened by the acquisition in June of Worth Systems. Worth, which has a turnover of #4 million, brings to HW Spectus an established additional brand. In August, we strengthened the PVC foam extrusion activities of Spectus-Kestrel by the acquisition for #10.5 million of BCE Cellular Extrusions Limited, a company with annualised sales of #10 million. PVC foam profile is increasingly used instead of wood in numerous building applications, including the installation of windows and doors, and is a fast growing segment of the UK PVC extrusion market. Prospects In the UK, the window and door markets are now gaining momentum. In the USA, both the PVC pipe and the recreational vehicle markets remain robust. We continue to grow our share of the manufactured housing market against the background of a recent modest slowdown in demand. I expect us to continue to make satisfactory progress in the remainder of the year. Hamish Bryce Chairman 2 September 1999 HEYWOOD WILLIAMS GROUP PLC Consolidated profit and loss account Six months ended 30 June 1999 Half year Half Full year 30 June year 31 Note 1999 30 June December 1998 1998 #000 #000 #000 Turnover 1 Continuing operations 320,177 305,823 636,172 Discontinued operations - 40,898 53,922 320,177 346,721 690,094 Costs and overheads less other income excluding goodwill amortisation (299,038) (326,349) (644,729) Goodwill amortisation 2 (1,099) (334) (1,303) Operating profit 20,040 20,038 44,062 Income from interests in associated 2 523 369 1,030 undertakings Operating profit after income from 1 20,563 20,407 45,092 associated undertakings Continuing operations 20,563 17,212 41,025 Discontinued operations - 3,195 4,067 Exceptional profits less losses on disposal or termination of 3 - - 19,514 operations Interest (319) (1,016) (1,567) Profit on ordinary activities before 20,244 19,391 63,039 taxation Taxation 3 (6,816) (6,115) (14,390) Profit after taxation 13,428 13,276 48,649 Equity minority interests (295) (717) (1,408) Profits attributable to members of 13,133 12,559 47,241 the parent company Dividends Equity 4 (4,470) (4,567) (11,741) Non-equity (451) (534) (1,068) Retained profit for the period 8,212 7,458 34,432 Earnings per ordinary share Basic 15.3p 13.2p 52.1p Diluted 14.4p 12.7p 49.0p Diluted - excluding exceptional 15.6p 13.0p 29.6p items and goodwill amortisation Dividends per ordinary share 4 5.25p 5.0p 14.25p HEYWOOD WILLIAMS GROUP PLC Consolidated balance sheet At 30 June 1999 30 June 30 June 31 December 1999 1998 1998 #000 #000 #000 Fixed assets Intangible assets 44,915 38,099 37,675 Tangible assets 60,791 70,725 56,296 Investments 11,740 5,653 12,004 117,446 114,477 105,975 Current assets Stocks 63,225 69,580 56,798 Debtors 82,506 98,506 60,702 Cash at bank and in hand 42,446 11,182 47,775 188,177 179,268 165,275 Creditors: due within one year Borrowings 33,520 48,085 16,055 Other creditors 98,594 111,711 85,444 132,114 159,796 101,499 Net current assets 56,063 19,472 63,776 Total assets less current liabilities 173,509 133,949 169,751 Creditors: due after one year - 19,267 26,077 25,542 borrowings Provisions for liabilities and 2,308 3,033 2,292 charges 21,575 29,110 27,834 151,934 104,839 141,917 Capital and reserves Called up share capital 23,956 26,741 24,517 Share premium account 5,214 3,410 3,585 Other reserves 5,245 2,995 5,245 Profit and loss account 115,633 64,661 106,734 150,048 97,807 140,081 Minority interests 1,886 7,032 1,836 151,934 104,839 141,917 HEYWOOD WILLIAMS GROUP PLC Consolidated cash flow statement Six months ended 30 June 1999 Half Half Full year year year 30 June 30 June 31 December 1999 1998 1998 #000 #000 #000 Net cash inflow from operating activities 14,815 19,957 58,142 (analysed below) Dividends from associated undertakings - 732 1,141 Returns on investments and servicing of finance Interest paid (1,797) (1,604) (3,407) Interest received 1,305 986 2,270 Dividends paid to minority interests (245) (367) (963) Preference share dividends paid (534) (534) (1,068) (1,271) (1,519) (3,168) Taxation (3,894) (3,670) (15,189) Capital expenditure Purchase of tangible fixed assets (5,849) (6,329) (12,407) Sale of tangible fixed assets 166 323 1,408 (5,683) (6,006) (10,999) Acquisitions and disposals Acquisition of subsidiary undertakings and (13,554) (53,780) (54,006) businesses Acquisition of other investments (217) (46) - Disposals of subsidiary undertakings and 1,180 225 72,061 businesses (12,591) (53,601) 18,055 Equity dividends paid (7,616) (8,004) (12,130) Cash (outflow)/inflow before use of liquid (16,240) (52,111) 35,852 resources and financing Management of liquid resources 21,895 23,650 (10,283) Financing Issues of ordinary share capital 358 484 685 Repurchase of ordinary share capital - - (19,032) Additional loans 12,905 34,193 34,055 Repayment of loans (2,882) (13,739) (44,453) 10,381 20,938 (28,745) Net cash inflow/(outflow) 16,036 (7,523) (3,176) Reconciliation of net cash flow to movement in net (debt)/funds Net cash inflow/(outflow) 16,036 (7,523) (3,176) (Increase)/decrease in borrowings and lease (10,023) (20,454) 10,398 financing (Decrease)/increase in liquid resources (21,895) (23,650) 10,283 (Increase)/decrease in net debt resulting from (15,882) (51,627) 17,505 cash flows Loans and finance leases acquired with subsidiaries - (8,041) (8,041) Loans and finance leases disposed of with - - 768 subsidiaries Exchange fluctuations (637) 97 (645) (Increase)/decrease in net debt (16,519) (59,571) 9,587 Opening net funds/(debt) 6,178 (3,409) (3,409) Closing net (debt)/funds (10,341) (62,980) 6,178 Analysis of cash inflow from operating activities Operating profit before income from interests 20,040 20,038 44,062 in associated undertakings Depreciation and goodwill amortisation less profit on fixed asset disposals and 6,151 5,991 13,291 other adjustments 26,191 26,029 57,353 (Increase)/decrease in working capital (11,376) (6,072) 789 14,815 19,957 58,142 HEYWOOD WILLIAMS GROUP PLC Notes on the financial statements 1. Segmental analysis for the six months ended 30 June 1999 Half year - 1999 Half year - 1998 Full year - 1998 Turnover Profit* Turnover Profit* Turnover Profit* #000 #000 #000 #000 #000 #000 By geographical location UK and Ireland 132,129 8,299 115,824 7,528 254,412 19,462 Mainland Europe 3,848 637 26,440 920 49,592 1,699 USA 184,200 11,627 163,559 8,764 332,168 19,864 Continuing operations 320,177 20,563 305,823 17,212 636,172 41,025 Discontinued operations - - 40,898 3,195 53,922 4,067 320,177 20,563 346,721 20,407 690,094 45,092 * Operating profit including income from interests in associated undertakings and after goodwill amortisation - note 2 2. The turnover for Mainland Europe for the 1998 half year included #23.456m (1998 full year - #43.196m) in respect of HWS Holdings BV which was converted to an associated undertaking in December 1998. Income from associates all related to activities in Mainland Europe. The geographical split of goodwill amortisation for the 1999 half year was UK and Ireland #0.986m and USA #0.113m (1998 half and full year all related to UK and Ireland). 3. The 1998 full year exceptional items were after goodwill reversals on disposals of #33.424m and there was no taxation charge arising in respect of the exceptional items. 4. The interim equity dividend of 5.25p per ordinary share will be paid on 15 October 1999 to ordinary shareholders on the Register on 17 September 1999. 5. The following statement in respect of the group's current assessment of the Year 2000 computer problem has been approved by the group board: "For over two years, the group board has monitored progress by local management teams in dealing with the risks to their businesses from the use of date sensitive microchip based equipment. These teams have prepared details of computer based systems which affect all aspects of our operations. Exposures to each business have been identified as either high, medium or low risk and programmes have been developed to limit any adverse effects on the group's businesses caused by the inadequacies in these systems. Our review procedures have also involved identifying risks arising from disruption of the supply of critical goods and services and also whether our major customers and suppliers have systems that will enable them to continue to trade. We have absorbed most of the cost of year 2000 compliance as part of the ongoing improvement in our computer based systems because of the early identification of this risk to our businesses. Therefore additional costs are not considered to be material. We believe that, within our own businesses, we will have taken appropriate steps to minimise the year 2000 computer risk but risks arising from the approach of our external customers and suppliers to this problem are harder to assess." 6. Other than the results for the full year to 31 December 1998, the financial information included in the Interim Report is unaudited. The accounts for the year ended 31 December 1998 received an unqualified audit report and have been filed with the Registrar of Companies. 7. Accounting policies applied to the interim financial information are consistent with those used for the year ended 31 December 1998 except for the implementation of FRS 12 which resulted in balances totalling #2.308m at 30 June 1999, previously held in creditors in respect of surplus property and after-date sales obligations, being reclassified as provisions. Prior period balance sheets have been restated accordingly (30 June 1998 - #2.168m, 31 December 1998 - #2.292m). 8. A copy of the Interim Report will be despatched on 10 September 1999 to shareholders and details will also be available on the Company's website, www.heywoodwilliams.com. Copies of the Interim Report will also be available to the public at Waverley, Edgerton Road, Huddersfield, West Yorkshire, HD3 3AR, the registered office of the company. END IR AARKKKVKKRAR
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