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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 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:5273P
Jourdan PLC
08 September 2003
JOURDAN PLC
8 SEPTEMBER 2003
Jourdan Plc
Preliminary results for the 12 months ended 30 June 2003
CHAIRMAN'S STATEMENT
The results for the 12 months ended 30 June 2003 are mildly encouraging. Westfield Medical Limited and Nelson Labels
(Manchester) Limited continued to perform satisfactorily and John Corby Limited effected a useful recovery from the
poor results in the prior year. Suncrest Surrounds Limited continued to be affected by depressed markets but
improvements were made which should have an impact on the current year.
The most significant achievement during the year was a 41% reduction in net debt from #8,332,200 to #4,911,000. This
represents a reduction of 49% from the peak level in October 2001 and has been achieved primarily from operating cash
flow.
Financial Results
Loss before tax was #390,000 (2002 loss #3,349,000). This result is after the amortisation of goodwill #301,000 (2002
#301,000), provisions against investments of #122,000 (2002 #2,882,000), the losses arising from the termination of
discontinued operations of #69,000 (2002 #1,310,000) and includes #23,000 representing Jourdan's share of Howle's
losses for the six months to 31 March 2003 and #512,000 provision against goodwill in respect of Howle. The
investment in Howle is treated as an associate following my appointment to the Board in October 2002 but will revert
to investment status following my resignation from that Board on 22 August 2003.
Profit before tax excluding all these items was #637,000 (2002 #1,086,000 - excluding income from investments).
The profit per share for the year was 1.0p before amortisation of goodwill (2002 loss 9.0p). The Directors are not
recommending a dividend for the year.
Operating Companies
Suncrest, the manufacturer of fireplace suites, mantelpieces and electric fires, achieved certain major objectives
which did not affect the year under review but which should have a favourable impact in 2004. Weak market conditions
led to a reduction in sales but a favourable start has been made in the current year.
Corby, the internationally renowned manufacturer of trouser presses, achieved a substantial increase in profits on
lower sales. Market conditions showed no improvement from the depressed level of the previous year but current
prospects, particularly overseas, look reasonable.
Westfield Medical, a leading manufacturer and supplier of single-use sterilisation packaging material to the medical
and healthcare industry, achieved a satisfactory level of profitability on maintained sales. Market conditions remain
unchanged.
Nelsons Labels, which manufactures and sells a variety of fabric-based labels for mattresses, carpets and upholstery,
achieved marginally lower profits on higher sales owing to an unavoidable increase in overhead costs. The start to
the current year has been disappointing.
Group Pensions
In view of the results of the Final Salary Pension Fund's 2000 triennial valuation, the valuation due in 2003 was
brought forward to 1 April 2002. This showed an increase in the deficit partly attributable to a change in the method
and assumptions used for the valuation. Currently employer contributions are at the MFR rate of 28.1% and the Fund
has 34 active members whose contributions are at the rate of 7%.
People
We recognise that a skilled and motivated workforce is essential to Jourdan's success. We thank all of our 342
employees for their hard work during the year in difficult market conditions.
Outlook
Group sales for the first two months of the 2004 financial year are above last year.
J D Abell
8 September 2003
GROUP PROFIT STATEMENT
Year ended 30 June 2003 Year ended 30 June 2002
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
#000s #000s #000s #000s #000s #000s
Turnover 24,316 316 24,632 24,767 1,961 26,728
Cost of sales (15,518) (321) (15,839) (15,589) (1,713) (17,302)
------------ ------------ ------------ ------------ ------------ ------------
Gross profit 8,798 (5) 8,793 9,178 248 9,426
Net operating (7,610) (113) (7,723) (7,227) (496) (7,723)
expenses
Amortisation of (301) - (301) (301) - (301)
goodwill
(7,911) (113) (8,024) (7,528) (496) (8,024)
------------ ------------ ------------ ------------ ------------ ------------
Operating 887 (118) 769 1,650 (248) 1,402
profit/(loss)
Share of operating
profit of 24 - 24 - - -
associated company
Amounts written
off goodwill in (512) - (512) - - -
respect of
associated company
------------ ------------ ------------ ------------ ------------ ------------
Operating
profit/(loss)
after share of 399 (118) 281 1,650 (248) 1,402
associated company
Income from - - - 58 - 58
investments
Amounts written
off investments (122) - (122) (2,882) - (2,882)
Exceptional items
Loss on
termination of - (69) (69) - (1,310) (1,310)
discontinued
operations
------------ ------------ ------------ ------------ ------------ ------------
Profit/(loss) on
ordinary 277 (187) 90 (1,174) (1,558) (2,732)
activities before
interest
Net interest (458) (22) (480) (579) (38) (617)
------------ ------------ ------------ ------------ ------------ ------------
Loss on ordinary
activities before (181) (209) (390) (1,753) (1,596) (3,349)
tax
------------ ------------ ------------ ------------
Tax on loss on
ordinary (108) 96
activities
------------ ------------
Loss on ordinary (498) (3,253)
activities after
tax
Dividends - -
------------ ------------
Retained loss for (498) (3,253)
the year
------------ ------------
Loss per share Basic (1.5)p (9.9)p
------------ ------------
Earnings/(loss)
per share - Basic 1.0p (9.0)p
adjusted for
goodwill
------------ ------------
BALANCE SHEETS
Group Company
30 June 30 June 30 June 30 June
2003 2002 2003 2002
#000s #000s #000s #000s
Fixed assets
Intangible assets 5,093 5,394 - -
Tangible assets 5,022 5,754 2,825 2,128
Investments 608 1,274 15,134 15,816
------------ ------------ ------------ ------------
10,723 12,422 17,959 17,944
Current assets
Stocks 2,739 2,955 13 29
Debtors 4,304 5,179 3,083 4,090
Property held for resale - 1,313 - -
Cash at bank - - 1 380
------------ ------------ ------------ ------------
7,043 9,447 3,097 4,499
Creditors: amounts falling due within one year (8,986) (10,512) (8,859) (8,161)
------------ ------------ ------------ ------------
Net current liabilities (1,943) (1,065) (5,762) (3,662)
Total assets less current liabilities 8,780 11,357 12,197 14,282
Creditors: amounts falling due after more than one (733) (2,400) (733) (2,400)
year
Provisions for liabilities and charges (450) (852) (2,369) (2,794)
------------ ------------ ------------ ------------
Net assets 7,597 8,105 9,095 9,088
====== ====== ====== ======
Capital and reserves
Called up share capital 3,295 3,294 3,295 3,294
Share premium 6,180 6,180 6,180 6,180
Other reserves 931 931 2,628 2,628
Profit and loss account (2,809) (2,300) (3,008) (3,014)
------------ ------------ ------------ ------------
Equity shareholders' funds 7,597 8,105 9,095 9,088
====== ====== ====== ======
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Year ended 30 June 2003 Year ended 30 June 2002
#000s #000s
Loss for the year (498) (3,253)
Exchange differences (11) (2)
Share of exchange differences in associated company - 38
------------ ------------
Total recognised losses relating to the year (509) (3,217)
Prior year adjustment - 49
------------ ------------
Total recognised losses since last financial statements (509) (3,168)
======= =======
RECONCILIATION OF MOVEMENTS IN SHAREHODLERS' FUNDS
Loss for the year (498) (3,253)
Goodwill previously written off to reserves - 402
New share capital issued 1 -
Exchange differences (11) (2)
Share of exchange differences in associated company - 38
------------ ------------
Decrease in shareholders' funds (508) (2,815)
Opening shareholders' funds 8,105 10,920
------------ ------------
Closing shareholders' funds 7,597 8,105
======= =======
GROUP CASH FLOW STATEMENT
Year ended Year ended
30 June 2003 30 June 2002
#000s #000s
Operating activities
Net cash inflow from continuing activities 2,514 2,040
Net cash inflow/(outflow) from discontinued activities 422 (237)
--------------- ---------------
Net cash inflow from operating activities 2,936 1,803
Returns on investment and servicing of finance
Interest paid (433) (617)
Income from investments - 40
--------------- ---------------
(433) (577)
Taxation paid (3) (429)
Capital expenditure and financial investment
Purchase of tangible assets (307) (424)
Sale of tangible assets 222 68
Sale of property held for resale 1,313 -
Sale of investments - 71
--------------- ---------------
1,228 (285)
Acquisitions and disposals
Closure costs on termination of discontinued operations (297) (98)
Equity dividends paid - (66)
--------------- ---------------
Net cash inflow before financing 3,431 348
Financing
Received from issue of equity shares 1 -
Bank Loan (2,500) (1,200)
--------------
(2,499) (1,200)
--------------- ---------------
Increase/(decrease) in net cash in the year 932 (852)
======== ========
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM
OPERATING ACTIVITIES
Year ended 30 June 2003 Year ended 30 June 2002
#000s #000s
Continuing activities
Operating profit 887 1,650
Depreciation on tangible fixed assets 874 931
Other non cash movements (including goodwill amortisation) 244 271
Increase in stocks (25) (106)
Decrease/(increase) in debtors 243 (68)
Increase/(decrease) in creditors 306 (574)
Movement in provisions for liabilities and charges (15) (64)
--------------- ---------------
Net cash inflow from continuing activities 2,514 2,040
======== ========
Discontinued activities
Operating loss (118) (248)
Depreciation on tangible fixed assets - 89
Decrease/(increase) in stocks 241 (132)
Decrease in debtors 494 32
(Decrease)/increase in creditors (195) 22
--------------- ---------------
Net cash inflow/(outflow) from discontinued activities 422 (237)
======== ========
Notes:
1 These figures have been prepared in accordance with applicable United Kingdom Accounting Standards, up to and
including FRS19, and under the historical cost convention. The principal accounting policies remain unchanged from
the previous period.
2 Included within cost of sales is operating exceptional income of #200,000 (2002: #400,000) in respect of
proceeds from insurers to cover increased costs as a result of the factory fire at Suncrest Surrounds on 10 November
1998.
3 Loss on termination of discontinued operations relates to the closure of Lion Brush Limited #53,000 (2002:
#1,127,000) and John Corby GmbH #16,000 (2002: #183,000). The loss on closure of Lion Brush Limited includes the
Directors' best estimate of the likely losses in relation to onerous leases.
4 Howle Holdings plc was not previously regarded as an associate as board representation was not enjoyed and
significant influence over the management of the company was not exerted. On 11 October 2002 Mr J D Abell was
appointed to the board of Howle Holdings plc and accordingly with effect from that date the company has been treated
as an associate. Following the resignation of Mr J D Abell from the board of Howle Holdings plc on 22 August 2003,
the company will revert to investment status.
5 The tax charge arises as a result of the tax treatment of goodwill charges and investment provisions.
6 The Directors do not propose to recommend the payment of a dividend for the year.
7 Loss per share has been calculated on the weighted average number of shares in issue during the year of
32,945,149 (2002: 32,944,428).
8 For the purpose of Section 240 of the Companies Act 1985 this announcement constitutes non statutory accounts.
No statutory accounts dealing with the year ended 30 June 2003 have been delivered to the Registrar of Companies nor
been reported on by the auditors. Statutory accounts for the year ended 30 June 2002 have been delivered to the
Registrar of Companies and reported on by the auditors.
9 Copies of the Annual Report will be sent to shareholders shortly and copies will also be available from the
registered office, North Way, Walworth Estate, Andover, Hampshire SP10 5LX.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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