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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jourdan | LSE:JDR | London | Ordinary Share | GB00B0STXK93 | ORD GBP1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 200.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 5549D
Jourdan PLC
16 September 2008
Jourdan PLC
(Jourdan or the "Company")
Chairman's Statement
Financial Results
Another year, another set of accounting principles, another year of restated comparatives with the result that it has been necessary to
expand the Report and Accounts to 70 pages this year from 36 pages last year. Do our stakeholders actually benefit from the considerable
expense and time devoted to meeting the ever more esoteric demands of the regulators? It seems an irresponsible waste of national resources.
However, we have complied with the dictate of the law and therefore present these consolidated financial statements in accordance with
accounting policies which are based on IFRS, and comparative figures have been restated accordingly.
It has been a year of substantial progress with the disposal of the loss making business of Suncrest Surrounds Limited, a major increase
in profits from continuing activities and agreement for the future funding of the Pension Fund reached with the Pension Fund Trustees. Full
year sales from continuing activities increased by 11% to £21.0 million (2007: £18.8 million). Operating profit from continuing activities
before amortisation and impairment of intangibles was £2,758,000 (2007: £1,758,000). However, these results have also been flattered by a
£653,000 profit on the sale of the Andover factory and a surplus of £410,000 on settlement of certain pension liabilities.
Profit before tax was £344,000 (2007: £1,235,000). The profit is after deducting the £1,364,000 loss on sale of the discontinued
activity. Earnings per share for the year were 9.0p (2007: 33.0p).
The Company remains well capitalised, with net current assets of £358,000 at 30 June 2008 (2007 net current liabilities £719,000) and
the Company agreed new bank facilities with Lloyds TSB for the year beginning 1 July 2008.
I am pleased to announce that your Directors recommend a dividend of 8.0p per share (2007: 8.0p) which it is proposed to pay on 21
November 2008 to members on the register on 17 October 2008.
Operating Companies
Westfield Medical/Clinipak, the leading UK manufacturer and supplier of single-use sterilisation packaging material to the medical and
healthcare industry, achieved substantially improved sales and profits. Sales to all sectors rose, and exports in particular benefited from
the devaluation of Sterling.
Corby, the internationally renowned manufacturer of trouser presses, again achieved lower profits on marginally reduced sales. However,
sales to export markets in currencies other than Sterling helped profitability as Sterling devalued gradually throughout the year. Corby
continue to use the vacated long leasehold factory at Andover which was sold during the year for £1m with vacant possession to be given in
January 2009. The Corby product continues to be manufactured at Peterlee for the time being.
Nelsons Labels, which manufactures and sells a variety of fabric-based labels for mattresses, carpets and upholstery, had another
disappointing year. The acquisition of Prime Packaging in March 2007, whilst strategically correct, brought a number of unforeseen problems
which resulted in poor operational results exacerbated by significant legal expenses.
Suncrest, the manufacturer of fireplace suites, mantelpieces and electric fires, continued to suffer from weakness in all markets. Sales
were lower than the previous year and losses were incurred. However, in May the business and assets were sold to Newco 97531 Limited, a
subsidiary of the CJ Group Limited which owns Magiglo Limited. This resulted in a large one off cost but eliminated the continual trading
losses, leaving the Group in a much stronger and more profitable position for the future. The sale also secured the jobs of 130 employees.
Group Pensions
As at 30 June 2008, the pension obligation (after tax) has increased to £2,070,000 compared with £1,061,000 at 30 June 2007. By August
next year further substantial progress in funding this deficit should have taken place. The Fund currently has 7 active members, reduced
from 17 last year.
People
Our employees have worked exceptionally hard to achieve these results in difficult market conditions. Their skill and motivation is
essential to Jourdan's success, and we thank them all.
Outlook
Following the disposal of the Suncrest business, the Group is well positioned to yield positive returns to shareholders. Whilst trading
conditions remain difficult for the Group's consumer businesses, the medical packaging business is a clear leader in a strong market place
with excellent prospects. In addition, the Group holds valuable property assets and has taken major steps to manage its obligations in the
pensions arena.
Trading for the year to date is highly satisfactory and, while the outturn for the current year cannot be certain given the prevailing
economic climate, it is pleasing to report that profits of the reduced Group are well ahead of budget and the same period last year. Bearing
in mind the increasingly onerous regulatory and financial requirements for small companies, your Board continues to explore all available
alternatives to maximise value for shareholders.
J David Abell
16 September 2008
CONSOLIDATED INCOME STATEMENT
Year to Year to
30 June 30 June
2008 2007
£000s £000s
Continuing operations
Revenue 20,970 18,831
Cost of sales (13,899) (12,335)
Gross profit 7,071 6,496
Net operating costs:
Operating costs (5,433) (4,935)
Profit on disposal of non-current assets classified as 653 -
held for sale
Net operating costs (4,780) (4,935)
Operating profit 2,291 1,561
Profit on disposal of available-for-sale investments - 197
Finance income 109 21
Finance costs (149) (198)
Profit before tax 2,251 1,581
Taxation (595) (268)
Profit for the year from continuing operations 1,656 1,313
Discontinued operation
Loss for the year after taxation (367) (242)
Loss on disposal after taxation (982) -
Loss for the year from discontinued operation (1,349) (242)
Profit for the year attributable to equity holders of 307 1,071
the Parent Company
Earnings per share from continuing operations Pence Pence
Basic 48.7 40.5
Diluted 48.7 40.5
Loss per share from discontinued operation
Basic (39.7) (7.5)
Diluted (39.7) (7.5)
Earnings per share from continuing and discontinued
operations
Basic 9.0 33.0
Diluted 9.0 33.0
CONSOLIDATED BALANCE SHEET
As at As at
30 June 30 June
2008 2007
£000s £000s
ASSETS
Non-current assets
Property, plant and equipment 1,629 2,137
Goodwill 4,736 5,192
Other intangible assets 522 989
Deferred tax assets 714 247
7,601 8,565
Current assets
Inventories 2,029 3,522
Trade and other receivables 4,092 5,146
Current tax receivable 90 -
6,211 8,668
Non-current assets classified as held for sale 1,502 1,781
Total assets 15,314 19,014
LIABILITIES
Current liabilities
Trade and other payables (5,853) (8,676)
Current portion of deferred consideration - (419)
Current tax payable - (292)
(5,853) (9,387)
Non-current liabilities
Deferred consideration - (224)
Long-term provisions (44) (44)
Pension liability (2,875) (1,516)
(2,919) (1,784)
Total liabilities (8,772) (11,171)
Net assets 6,542 7,843
EQUITY
Share capital 3,400 3,400
Share premium account 260 260
Other reserves 3,145 3,145
Profit and loss reserve (263) 1,038
Equity attributable to equity holders of the Parent 6,542 7,843
Company
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Year to Year to
30 June 30 June
2008 2007
£000s £000s
Actuarial (loss)/gain recognised in the pension scheme (1,931) 1,068
Movement on deferred tax relating to pension liability 522 (321)
Net (expense)/income recognised directly in equity (1,409) 747
Profit for the year 307 1,071
Total recognised income and expense in the year (1,102) 1,818
attributable to equity holders
CONSOLIDATED CASH FLOW STATEMENT
Year to Year to
30 June 30 June
2008 2007
£000s £000s
Cash flows from operating activities
Profit after tax 307 1,071
Adjustments for:
Depreciation 445 529
Amortisation of intangible assets 260 197
Impairment of intangible assets 207 -
Profit on disposal of property, plant and equipment (653) -
Profit on sale of investments - (197)
Loss on sale of discontinued operation 1,364 -
Other gains (499) (134)
Finance income (13) (8)
Finance cost 238 269
Tax expense recognised in income statement 37 164
Decrease in inventories 526 121
Increase in trade and other receivables (181) (207)
(Decrease)/increase in trade and other payables (432) 136
Cash generated from operations 1,606 1,941
Interest paid (238) (282)
Tax paid (327) (321)
Net cash from operating activities 1,041 1,338
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired (187) (2,158)
Purchase of property, plant and equipment (206) (219)
Proceeds from sale of non-current assets 932 -
Proceeds from disposal of equipment 6 31
Proceeds from disposal of available-for-sale investments - 613
Proceeds from disposal of discontinued operation 70 -
Interest received 13 8
Net cash generated from/(used in) investing activities 628 (1,725)
Cash flows from financing activities
Dividends paid (272) (162)
Net cash used in financing activities (272) (162)
Net increase/(decrease) in cash and cash equivalents 1,397 (549)
Cash and cash equivalents at beginning of year (3,401) (2,852)
Cash and cash equivalents at end of year (2,004) (3,401)
NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
These summarised consolidated financial statements have been prepared under the historical cost convention.
The Group's financial statements up to and including those for the year ended 30 June 2007 were prepared in accordance with United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). With effect from 1 July 2007, the Company, being
listed on the AIM Market of the London Stock Exchange, is required to present its Consolidated Financial Statements in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union. Accordingly, these Consolidated Financial Statements
have been prepared in accordance with the accounting policies set out below which are based on IFRS in issue as adopted by the European
Union and in effect at 30 June 2008.
Comparative figures have been restated in these financial statements to reflect changes in accounting policies as a result of the
adoption of IFRS. The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS will be disclosed in the full Financial
Statements.
2. Accounts
For the purpose of Section 240 of the UK Companies Act 1985 this announcement constitutes non-statutory accounts. No statutory accounts
dealing with the year ended 30 June 2008 have been delivered to the Registrar of Companies nor have yet been reported on by the auditor.
Statutory accounts for the year ended 30 June 2007 have been delivered to the Registrar of Companies and reported on by the auditor,
receiving an unqualified opinion.
3. Report and accounts and AGM
Copies of the Annual Report will be posted to shareholders shortly and copies will also be available from the registered office, Elm
House, Elmer Street North, Grantham, Lincolnshire NG31 6RE.
The Annual General Meeting will be held at 1000 on 20 November 2008 at the offices of Bird &Bird, 90 Fetter Lane, London EC4A 1JP.
4. Dividends
The Directors propose to declare a dividend of 8p per share (2007: 8p) on the issued ordinary shares of £1 each in the Company.
5. Segmental reporting
The Group's primary reporting format is business segment.
Business segment analysis: The financial performance of each of the business segments is summarised below. All assets reside in the
UK.
Consumer products relate to John Corby Limited. Industrial products include Westfield Medical Limited, Clinipak Limited and Nelsons
Labels (Manchester) Limited. Discontinued operation relates to Tribulation Limited (formerly Suncrest Surrounds Limited).
Year ended Consumer products Industrial products Central costs and Continuing Discontinued
30June 2008 consolidation operations operation
£000s £000s £000s £000s £000s
Revenue 3,419 17,531 20 20,970 7,328
Operating profit/(loss) before 239 1,607 912 2,758 (454)
amortisation and impairment of
intangibles
Operating profit/(loss) 239 1,140 912 2,291 (454)
Assets 3,435 18,842 (7,714) 14,563 751
Liabilities (1,426) (11,775) 5,180 (8,021) (751)
Total capital employed 2,009 7,067 (2,534) 6,542 -
Goodwill - 4,736 - 4,736 -
Other intangible assets - 522 - 522 -
Capital expenditure 8 174 - 182 24
Depreciation 8 227 20 255 190
Amortisation and impairment of - 467 - 467 -
intangible assets
Share based payment expense - - 73 73 -
Year ended
30 June 2007
Revenue 3,545 15,266 20 18,831 8,641
Operating profit/(loss) before 282 1,468 8 1,758 (262)
amortisation of intangibles
Operating profit/(loss) 282 1,271 8 1,561 (262)
Assets 2,978 18,925 (8,389) 13,514 5,500
Liabilities (976) (8,356) 2,436 (6,896) (4,275)
Total capital employed 2,002 10,569 (5,953) 6,618 1,225
Goodwill - 5,192 - 5,192 -
Other intangible assets - 989 - 989 -
Capital expenditure - 193 2 195 24
Depreciation 8 203 57 268 261
Amortisation of intangible - 197 - 197 -
assets
Share based payment expense - - 66 66 -
6. Discontinued operation
On 14 May 2008 the business of Tribulation Limited (formerly Suncrest Surrounds Limited) was sold to Newco 97531 Limited, a subsidiary
of CJ Group Limited. As at 30 June 2008 this operation is reported as a discontinued operation.
2008 2007
£000s £000s
Revenue 7,328 8,641
Cost of sales (5,458) (6,249)
Gross profit 1,870 2,392
Net operating costs (2,324) (2,654)
Operating loss (454) (262)
Finance costs (89) (84)
Loss before tax (543) (346)
Loss on disposal (1,364) -
Taxation 558 104
Loss for the year from discontinued operation (1,349) (242)
Cash flows from discontinued operation 2008 2007
£000s £000s
Net cash flow from operating activity 233 (54)
Net cash flow from investing activity 46 (4)
Net cash flow from financing activity - -
Net increase/(decrease) in cash and cash equivalents 279 (58)
In accordance with IAS 7 and IFRS 5, the cash flows above in respect of the discontinued operation are included in the consolidated cash
flow statement under their respective headings.
Loss on disposal of discontinued operation 2008 2007
£000s £000s
Property, plant and equipment 263 -
Inventories 967 -
Trade and other receivables 1,552 -
Trade and other payables (1,031) -
Net assets 1,751 -
Disposal proceeds (net of professional fees) 387 -
Loss on disposal (1,364) -
7. Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the
post-tax effect of interest on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and the weighted average number of shares used in the calculations are set out below:
Year ended 30 June 2008 Earnings Weighted average Earnings per share
attributable to number of shares
equity holders of
the Parent Company
£000s Number Pence
Profit after tax for 307
calculation of basic earnings
per share
Notional taxed interest income 19
accruing on dilution
Profit after tax for 326
calculation of diluted
earnings per share
Add-back amortisation and 336
impairment of intangible
assets, net of tax
Adjusted diluted profit before 662
amortisation of intangible
assets
Number of shares for 3,400,010
calculation of basic earnings
per share
Dilutive effect of potential 9,137
shares
Number of shares for 3,409,147
calculation of diluted
earnings per share
Basic earnings per share 9.0
Diluted earnings per share 9.0
Adjusted basic earnings per 18.9
share
Adjusted diluted earnings per 18.9
share
Continuing
Basic earnings per share 1,656 48.7
Adjusted basic earnings per 1,992 58.6
share
Discontinued
Basic earnings per share (1,349) (39.7)
Adjusted basic earnings per (1,349) (39.7)
share
Year ended 30 June 2007 Earnings Weighted average Earnings per share
attributable to number of shares
equity holders of
the Parent Company
£000s Number Pence
Profit after tax for 1,071
calculation of basic earnings
per share
Notional taxed interest income -
accruing on dilution
Profit after tax for 1,071
calculation of diluted
earnings per share
Add-back amortisation of 138
intangible assets, net of tax
Adjusted diluted profit before 1,209
amortisation of intangible
assets
Number of shares for 3,240,886
calculation of basic earnings
per share
Dilutive effect of potential -
shares
Number of shares for 3,240,886
calculation of diluted
earnings per share
Basic earnings per share 33.0
Diluted earnings per share 33.0
Adjusted basic earnings per 37.3
share
Adjusted diluted earnings per 37.3
share
Continuing
Basic earnings per share 1,313 40.5
Adjusted basic earnings per 1,451 44.8
share
Discontinued
Basic earnings per share (242) (7.5)
Adjusted basic earnings per (242) (7.5)
share
For the year ended 30 June 2007 the exercise price of the share options was greater than the average middle market price of the shares.
As such the shares are anti-dilutive.
For the year ended 30 June 2008 the above applies for the majority of the share options. For the remainder the notional interest charge
outweighs the number of free shares. As such the shares are anti-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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