Hill Station Share Discussion Threads

[haystack] 29/4/2005 14:39

So I was right in my posts above that I had not seen HLL ice cream in any Sainsbury for a time.

The results say this

"As a consequence of a reorganization at Sainsbury we lost our listing
earlier this year"

That must be a blow. No wonder the shares are at such a low point.

[oswd] 29/4/2005 07:22

RNS Number:6701L
Hill Station PLC
29 April 2005


29 April 2005

Hill Station plc

Interim Report 31 January 2005

Dear Shareholder

We are pleased to present to you this first interim report of Hill Station plc
covering the 6-month period from formation of the new group at 31 July, 2004.

Results and Financial Review

These interim results incorporate 6 months trading of the subsidiary, Hill
Station Ice Cream Limited, the annual accounts of which run to 31 January. These
annual accounts show turnover up 29% year on year with sales on an upward trend.

Whilst gross profit margins have been maintained, administration costs are up
63% due to the expense of strengthening the management and an increased PR/
marketing spend, both of which form a solid foundation for the future.

Current sales trends are positive and gross margins are improving through higher
efficiencies and lower material prices. PR and marketing is targeted to achieve
a higher brand profile amongst both retail multiples and consumers.

AIM Flotation

The key corporate event of this period was our listing and placement of shares
on the Alternative Investment Market of the London Stock Exchange in late
October. We raised a total of #1.9 million before payment of associated fees and
expenses.

Our original intention was to execute the flotation around the end of July. The
three-month delay in the timing of the financing had the effect of delaying our
plans for both the new manufacturing facility and strategic marketing
activities.

New Premises

Since flotation we have continued to research and explore opportunities for
transferring our manufacturing facility to new premises; we reported on one such
opportunity in the January trading statement. We now have several exciting and
appropriate options all of which we are pursuing vigorously, and we will report
the final outcome in a further trading statement as soon as decisions have been
made. At this stage it is still our intention to commission a new facility by
September, 2005, which, although a month or so later than hoped, will
nevertheless be well timed for the autumn round of major-multiple buying
decisions.

Customers and Marketing

Retail sales of Hill Station branded product grew slower than anticipated during
the period of the accounts as the Tesco Express roll-out took longer than hoped
and consumer demand generally slackened. However, branded product sales are now
developing as planned with our key major-multiple customers. We have scheduled
significant promotional activity for the spring and summer months (notably Tesco
Express, Waitrose and the new Ocado listing), and in the autumn (Somerfield) of
2005. As a consequence of a reorganization at Sainsbury we lost our listing
earlier this year, but the successful 'birthday promotion', and their enthusiasm
for the product at the recent IFE, provides Hill Station with a good chance for
an early re-listing. We also continue to grow the branded business in food
service and airline catering markets, as well as in the independent retail
sector.

We were very pleased to be selected as the ice cream for the British Airways
London Eye this year. We have positioned three selling units at the South Bank
site of the Eye, all liveried in Hill Station colours, and we expect to achieve
significant brand exposure from this activity.

We are not intending to embark on a major, expensive, above-the-line advertising
campaign, but will be continuing with our very successful press and consumer PR
activities as the main thrust of our marketing strategy for this year. These
activities are all aimed at raising the Hill Station brand profile and
encouraging consumer trial of our products. As an example, we are equipping
branded ice cream kiosks in four Welcome Break motorway rest areas on the M5 and
M4, where we will sample and sell Hill Station from the beginning of May through
August. This activity alone will introduce Hill Station to nearly 2 million
consumers.


Management

As previously reported, following the AIM flotation of the company we have
strengthened group management with the appointment of Peter Salter as finance
director, Iain Macpherson as commercial director and Steve Jones as operations
director. These three individuals are all highly experienced in their areas of
responsibility, and we are very pleased to welcome them to the Hill Station
team.

The outlook for Hill Station remains very positive, with significant
opportunities in all of our business areas. We are on track to establish
ourselves in excellent new production facilities, which will allow us to pursue
those opportunities aggressively.

On behalf of the Board

Pieter Totte
Chairman

Consolidated Profit and Loss Account

Proforma
-------------------

Unaudited Unaudited Audited
six months six months Twelve months
ended ended Ended
31 January 31 July 31 January
2005 2004 2004
# # #
------------------------- ---------- ---------- ----------
Turnover 497,939 381,991 681,713

Cost of sales (341,124) (212,388) (423,857)
------------------------- ---------- ---------- ----------
Gross profit 156,815 169,603 257,856


Administrative expenses (412,512) (220,980) (413,315)
------------------------- ---------- ---------- ----------
Operating profit/(loss) and
profit/(loss) on ordinary
activities before interest and
taxation (255,697) (51,377) (155,459)

Interest receivable 3,563 - -
Interest payable (26,652) (20,927) (4,578)
------------------------- ---------- ---------- ----------

Profit/(loss) on ordinary
activities before taxation (278,786) (72,304) (160,037)
Tax on ordinary activities 50,122 11,550 34,381
------------------------- ---------- ---------- ----------
Profit/(loss) retained for the
period (228,664) (60,754) (125,656)
------------------------- ---------- ---------- ----------

Basic earnings/(loss) per share (0.35)p (2,330)p (4,820)p

Dividend per share Nil Nil Nil


Consolidated Balance Sheet

Proforma
-------------------

Unaudited Unaudited Audited
31 January 31 July 31 January
2005 2004 2004
# # #
------------------------- ---------- ---------- ----------
Fixed assets

Intangibles 42,655 - -

Tangible assets 109,358 87,127 98,269

------------------------- ---------- ---------- ----------
152,013 87,127 98,269
------------------------- ---------- ---------- ----------

Current assets

Stocks 146,996 130,155 77,601

Debtors 402,300 367,628 313,984

Cash at bank 947,233 1,013 85,821
------------------------- ---------- ---------- ----------
1,496,529 498,796 477,406

Creditors (299,039) (380,286) (299,338)
Amounts falling due within one year
------------------------- ---------- ---------- ----------

Net current assets/(liabilities) 1,197,490 118,510 178,068
------------------------- ---------- ---------- ----------
Total assets less current liabilities 1,349,503 205,637 276,337
------------------------- ---------- ---------- ----------

Creditors: amounts falling due after
more than one year (148,106) (136,427) (146,373)

------------------------- ---------- ---------- ----------

Total Net assets 1,201,397 69,210 129,964
------------------------- ---------- ---------- ----------

Capital and reserves
Called up share capital 164,345 2,607 2,607
Share premium account 2,232,804 1,033,691 1,033,691
Profit and loss account (1,195,752) (967,088) (906,334)
------------------------- ---------- ---------- ----------
Equity shareholders' funds 1,201,397 69,210 129,964
------------------------- ---------- ---------- ----------


Consolidated Cash Flow Statement

Proforma
-------------------

Unaudited Unaudited
Six months Six months Twelve months
ended ended ended
31 January 31 July 31 January
2005 2004 2004
# # #
------------------------- ---------- ---------- ----------
Net cash inflow/(outflow)
from operating activities (369,207) (37,535) (192,021)
------------------------- ---------- ---------- ----------

Returns on investments and
servicing of finance
Interest received 3,562 - -
Interest paid on bank
loans, overdraft and loan
stock (26,652) (20,927) (28,928)
------------------------- ---------- ---------- ----------
Net cash outflow from
returns on investments and
servicing of finance (23,090) (20,927) (28,928)
------------------------- ---------- ---------- ----------
Taxation recovered/(paid) 50,122 11,550 -
------------------------- ---------- ---------- ----------
Capital expenditure
Purchase of tangible and
intangible fixed assets (87,511) (5,186) (37,721)
------------------------- ---------- ---------- ----------
Net cash outflow from
capital expenditure (87,511) (5,186) (37,721)
------------------------- ---------- ---------- ----------
Net cash inflow/(outflow)
before use of liquid
resources and financing (429,686) (52,098) (258,670)
------------------------- ---------- ---------- ----------
Financing
Loans advanced - - 126,000
Loan repayments (7,000) (7,000) -
Hire purchase acquisitions 24,840 (2,946) 23,106
Issue of ordinary share
capital 1,360,851 - 200,000
------------------------- ---------- ---------- ----------
Net cash inflow/(outflow)
from financing 1,378,691 (9,946) 349,106
------------------------- ---------- ---------- ----------
Increase/(Decrease) in cash
in the period 949,005 (62,044) 90,436
------------------------- ---------- ---------- ----------

Notes to the Financial Statements

1. ACCOUNTING POLICIES

a) Basis of Accounting

The consolidated financial statements have been prepared under the historical
cost convention.

b) Basis of Consolidation and Comparatives

The consolidated financial statements include the results, assets and
liabilities of the holding company and its subsidiary after eliminating
inter-company transactions since the date of formation of the holding company.

In accordance with Section 230 of the Companies Act 1985 no profit and loss
account is presented for the holding company. The holding company's profit for
the year was #53.

The proforma comparatives show the results of the trading company alone prior to
the share swap and fund raising activities which took place in July and October
2004.

c) Turnover

Turnover comprises the invoiced value of goods and services supplied by the
company and group, exclusive of Value Added Tax and trade discounts.

d) Intangible Assets and Amortisation

Intangible fixed assets are stated at cost less amortisation. Amortisation is
provided over a period of 10 years to write off the cost of intangible assets,
less their estimated residual value, over their expected useful lives.

e) Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is
provided at rates calculated to write off the cost of fixed assets, less their
estimated residual value, over their expected useful lives on the following
bases:-

Plant and machinery at varying rates on cost
Motor vehicles 25% straight line
Fixtures and fittings 20% straight line

f) Leasing and Hire Purchase

Assets obtained under hire purchase contracts and finance leases are capitalised
as tangible fixed assets. Assets acquired by finance lease are depreciated over
the shorter of the lease term and their useful lives. Assets acquired by hire
purchase are depreciated over their useful lives. Finance leases are those where
substantially all of the benefits and risks of ownership are assumed by the
company and group. Obligations under such agreements are included in creditors
net of the finance charge allocated to future periods. The future element of the
rental payment is charged to the profit and loss account so as to produce a
constant periodic rate of charge on the net obligation outstanding in each
period.


g) Operating Leases

Rentals applicable to operating leases where substantially all of the benefits
and risks of ownership remain with the lessor are charged to the profit and loss
account on the straight line basis over the lease term.

1. ACCOUNTING POLICIES (CONTINUED)

h) Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable
value after making due allowance for obsolete and slow-moving stocks. Cost
includes all direct costs and an appropriate proportion of fixed and variable
overheads.


i) Deferred Taxation

Provision is made in full for all taxation deferred in respect of timing
differences that have originated but not reversed by the balance sheet date,
except for gains on disposal of fixed assets which will be rolled over into
replacement assets. No provision is made for taxation on permanent differences.

Deferred tax assets are recognised to the extent that it is more likely than not
that they will be recovered.




This information is provided by RNS
The company news service from the London Stock Exchange

END
IR UWVSRVORSUAR

[haystack] 28/4/2005 13:10

oswd = far too many user names to list

here is a sample

royal marine
everest climber
road sweeper
complete idiot
sub normal fool
deranged half wit
3dTV
......
......
......

[oswd] 28/4/2005 12:58

I see that the virus has landed.

[haystack] 28/4/2005 12:20

Sainsbury were selling it, but I can't find any now.

I see the price is dropping again - matching its all time low at the moment.

[jlabrey] 27/4/2005 20:42

Their products are in Partridge's on King's Road (Chelsea) if that is any help. But I haven't seen them in any big supermarkets. They seem quite expensive -- compared even to the other expensive icecreams. Not a good sign.

[scarface1983] 27/4/2005 18:34

Does anyone know when the company plans to announce results?

[haystack] 22/4/2005 00:08

I looked around my nearest large Sainsbury today and I could not find any Hill Station at all now. At Christmas they had several flavours of their ice cream, although none seemed to have been sold. Now they don't seem to sell it all. Have they dumped Hill Station because it wasn't selling?

[haystack] 20/4/2005 13:34

Hill Station down again. I haven't seen their ice cream in any supermarkets lately. What has happened to them.

[haystack] 18/4/2005 13:47

It might be the only way they could get publicity. Their shareprice seems to be taking a dive at the moment.

[sharedog] 12/2/2005 19:55

I am planning on becoming the first person to walk naked to the north pole later this year and am looking for sponsorship.Does any one know the turnover of this company and whether they would be interested in sponsoring such a feat.??

[factsonly] 08/2/2005 19:12

I'm not really surprised about it trading better than expected given HLL raised more cash from their listing than they originally planned, more cash to push the business forward/faster. I'm holding back from buying until I see their marketing campaign and forecasts for this Summer's weather.

The Ice cream is good, but I'm undecided if the management is any good.

[haystack] 08/2/2005 14:51

HLL on the way down again!

I wonder how well it sells in Wigan or Norwich?

[haystack] 08/2/2005 14:50

HLL on the way down again!

I wonder how well it sells in Wigan or Norwich?

[haystack] 08/2/2005 14:50

HLL on the way down again!

I wonder how well it sells in Wigan or Norwich?

[haystack] 08/2/2005 14:47

HLL on the way down again!

I wonder how well it sells in Wigan or Norwich?

[haystack] 08/2/2005 14:45

HLL on the way down again!

I wonder how well it sells in Wigan or Norwich?

[ice cream] 07/2/2005 14:56

unlike mrs haystack

[ice cream] 07/2/2005 14:56

unlike mrs haystack

[haystack] 04/2/2005 16:06

The old rampers trick of attacking anyone negative on a stock.

[haystack] 04/2/2005 01:15

But is it as good as HD. The packaging certainly isn't.