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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:6205D
Jourdan PLC
11 September 2007
Jourdan PLC
("Jourdan" or the "Company")
Preliminary Announcement of results for the 12 months to 30 June 2007
Chairman's Statement
Financial Results
A year of substantial progress. The major increase in profits and dividends, the
acquisition of two complementary businesses for cash, the successful disposal of
the investment in Howle Holdings plc and a considerable reduction in the Pension
Fund deficit. Although the difficult market conditions I predicted for the
second half continued to year end, full year sales increased by 18% to #27.5
million (2006: #23.2 million). This includes a contribution of #3.9m from the
acquisitions of Clinipak and Prime Packaging during the year. Operating profit
before amortisation of goodwill was #1,496,000 (2006: #1,187,000). Changes
advised by the actuary in the assumptions for FRS17 contributed #129,000 of this
improvement.
Profit before tax was #1,084,000 (2006: #826,000). Earnings per share for the
year were 21.8p (2006: 16.7p).
The comparative figures for the year ended 30 June 2006 have been restated to
reflect the adoption of FRS 20.
I am pleased to announce that your Directors recommend a dividend of 8.0p per
share (2006: 5.0p) which it is proposed to pay on 9 November 2007 to members on
the register on 12 October 2007.
The highlight of the year was the acquisition of Clinipak (by Westfield Medical)
and Prime Packaging (by Nelsons). These businesses will strengthen the Medical
Packaging and Printing businesses respectively. Provisional acquisition costs
were #4,247,000 which was paid partly in cash (#3,604,000) and partly by
deferred consideration. However, the companies had cash of #1,446,000 at the
time of the acquisition. Clinipak has been absorbed seamlessly which is a
tribute to both management teams. Nelsons is having some problems in absorbing
Prime Packaging primarily because of the transfer of manufacturing to Nelsons'
facilities, hiring of new employees and replacement of old skills. Progress is
being made but is slower than planned.
Operating Companies
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. In order to improve manufacturing
efficiencies and reduce costs, the fire and Corby trouser press assembly lines
have been consolidated into the main facility at Peterlee thus releasing a
42,000 sq foot freehold factory which has been placed on the market. The
management is confident the newly designed Peterlee facility has sufficient
capacity to cope with the higher volumes planned for the current year.
Corby, the internationally renowned manufacturer of trouser presses, achieved
slightly lower profits on marginally increased sales as the weakness of the yen
and the US dollar had an adverse impact on profitability in its target markets.
Corby's vacated long leasehold factory at Andover is being used by the sales,
marketing and administration departments prior to its disposal and their move to
smaller premises.
Westfield Medical, a leading manufacturer and supplier of single-use
sterilisation packaging material to the medical and healthcare industry,
achieved better sales and profits for the year. The acquisition of Clinipak in
September has benefited both businesses and strengthened export sales.
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 and the subsequent consolidation of both
businesses into the Nelsons factory had a beneficial impact on sales but a
negative one on profits owing to closure costs and redundancies were effected.
Principal risks and uncertainties
The long term recovery at Jourdan continues, yet the Group faces a range of
risks and uncertainties across the different operating businesses, as well as at
a Group level.
Suncrest and Corby share a number of common features and face similar
challenges. Production is now concentrated in one factory in Peterlee, and the
challenge of maintaining and improving production efficiencies continues. In
common with the majority of UK manufacturing businesses, we are now dealing with
managing longer and more complex supply chains as we seek to source greater
proportions of our raw material requirements from lower cost economies. Both
Suncrest and Corby are also in an environment where continued investment in
product development is essential if these businesses are to prosper and operate
with the risks and benefits of a small number of large customers.
Nelsons is a niche producer in its chosen markets. Its principal risks and
uncertainties relate to the ongoing realignment of production facilities amongst
the major customer manufacturing groups (with consequent changes in demand
levels), together with varying levels of retail demand for the end products of
which Nelsons Labels forms a part.
At Westfield, the fulfillment of customer expectations whilst maintaining
margins and production efficiencies presents a number of challenges, albeit ones
that we are meeting. In the medium term, the funding allocated by Government to
the various NHS Trusts, which form a key element of Westfield's customer base,
is integral to continued success.
At Group level, the principal uncertainty relates to the Group's defined benefit
pension fund and in particular to the impact of any future changes in actuarial
assumptions. As noted elsewhere in this statement, the Board is continuing to
review the Fund and developments in the pension area.
Key performance indicators
In managing the various operating companies, Group management regards turnover
(both order intake and goods despatched), contribution and cash collected as the
key benchmarks of performance.
International Financial Reporting Standards
The Board is continuing to assess the likely impact of IFRS on its reported
results, in readiness for implementation next year.
Group Pensions
The Fund currently has 17 active members, reduced from 25 last year. During the
year the Company issued 160,000 ordinary shares to the Pension Fund for a value
of #420,000 as well as putting in contributions of #375,000 in cash. This total
of #795,000 is equivalent to c. 3.5% of Jourdan sales! The deficit in the
pension fund has reduced to #1,061.000 compared with #2,236,000 at 30 June 2006.
Your Board will continue to review the Fund in the light of current legislation
under the Pensions Act 2004.
People
Our 312 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
The financial position of the Group continues to be strong. Year end debt, in
the form of a secured bank overdraft, increased by only #549,000 over the year
to #3,401,000, despite the acquisition for a net #2,158,000 cash of two
companies. The current year has started extremely well with sales and profits
ahead of both Budget and last year after the first two months. However, the
current turbulence in the financial markets can only have an adverse impact on
our customers, particularly those in the housebuilding and retail industries.
Suncrest is particularly vulnerable as it is dependent on a small number of very
large customers but to date is trading strongly. Nelsons continues to be
affected by the integration of Prime Packaging. The enlarged Westfield Medical
goes from strength to strength.
Your Directors' confidence in the future is reflected in the increased dividend
payment which, on normal criteria, is covered roughly three times by earnings.
J D Abell
11 September 2007
Enquries:
David Abell Tel: 01476 403 459
Jourdan Plc
Russell Cook/Carl Holmes Tel: 020 7149 6000
Charles Stanley Securities (Nominated Adviser and Broker)
Group Profit Statement
Year ended Year ended
30 June 2007 30 June 2006
(restated)
Continuing
operations Acquisitions
#000s #000s #000s #000s
Turnover 23,592 3,880 27,472 23,187
Cost of sales (16,054) (2,530) (18,584) (15,493)
Gross profit 7,538 1,350 8,888 7,694
Net operating expenses (6,414) (978) (7,392) (6,507)
Amortisation of goodwill (301) (47) (348) (301)
(6,715) (1,025) (7,740) (6,808)
Operating profit 823 325 1,148 886
Provisions against investments - 240
Profit on sale of investment 197 -
Profit on ordinary activities 1,345 1,126
before interest
Net interest (261) (300)
Profit on ordinary activities 1,084 826
before tax
Tax on profit on ordinary (377) (286)
activities
Profit on ordinary activities 707 540
after tax
Earnings per share
- basic 21.8p 16.7p
- diluted 21.8p 16.7p
Group Balance Sheet
As at As at
30 June 2007 30 June 2006
#000s #000s
Fixed assets
Intangible assets 5,692 4,190
Tangible assets 2,137 3,767
Investments - 416
7,829 8,373
Current assets
Property held for resale 1,781 279
Stocks 3,522 2,920
Debtors 5,146 4,080
Cash at bank - -
10,449 7,279
Creditors: amounts falling due within one year (9,387) (7,532)
Net current assets/(liabilities) 1,062 (253)
Total assets less current liabilities 8,891 8,120
Creditors: amounts falling due after more than one year (224) -
Provisions for liabilities (150) (206)
Net assets excluding pension liability 8,517 7,914
Pension liability (1,061) (2,236)
Net assets including pension liability 7,456 5,678
Capital and reserves
Called up share capital 3,400 3,240
Share premium 260 -
Other reserves 3,145 3,145
Profit and loss account 651 (707)
Equity shareholders' funds 7,456 5,678
Statement of Total Recognised Gains and Losses
Year ended Year ended
30 June 2007 30 June 2006
(restated)
#000s #000s
Profit for the year 707 540
Actuarial gain in respect of the defined benefit scheme 747 1,052
Total recognised gains relating to the year 1,454 1,592
Reconciliation of Movements in Shareholders' Funds
Profit for the year 707 540
New share capital issued 420 -
Actuarial gain in respect of the defined benefit scheme 747 1,052
Dividends (162) -
Credit relating to issue of share options 66 46
Increase in shareholders' funds 1,778 1,638
Opening shareholders' funds 5,678 4,040
Closing shareholders' funds 7,456 5,678
Group Cash Flow Statement
Year ended Year ended
30 June 2007 30 June 2006
#000s #000s #000s #000s
Net cash inflow from operating activities 1,941 1,455
Returns on investment and servicing of
finance
Interest paid (274) (229)
Taxation paid (321) (157)
Capital expenditure and financial
investment
Purchase of tangible assets (219) (97)
Sale of tangible assets 31 16
Sale of investments 613 425 - (81)
1,771 988
Acquisitions and disposals
Acquisition of subsidiary undertakings (2,158) -
(excluding cash acquired of #1,446,000)
Equity dividends paid (162) -
Net cash inflow before financing (549) 988
Financing
Bank Loan - (367)
(Increase)/reduction in net overdraft (549) 621
Reconciliation of operating profit to net cash inflow from operating activities
Year ended Year ended
30 June 2007 30 June 2006
#000s #000s
(restated)
Operating profit 1,148 886
Depreciation on tangible fixed assets 529 523
Other non cash movements (including 214 272
goodwill amortisation)
Decrease/(increase) in stocks 121 (157)
Increase in debtors (207) (70)
Increase in creditors 136 1
Net cash inflow from continuing activities 1,941 1,455
Contribution of acquisitions to Group Cashflow from operating activities
In the period following acquisition, Clinipak Limited contributed #380,000 to
group net cash inflow from continuing activities and no material impact on any
other categories of cashflow.
As a result of a post acquisition reorganisation, it is not possible to identify
separately the contribution to cashflow from continuing activities attributable
to Prime Packaging Limited.
Notes
1 This statement has been prepared using accounting policies and
presentation consistent with those applied in the preparation of the statutory
accounts of the Group. These figures have been prepared in accordance with
applicable United Kingdom Accounting Standards, up to and including FRS 28, and
under the historical cost convention. The principal accounting policies remain
unchanged from the previous period, except for the adoption of FRS20 "Share
Based Payments". The prior year figures have been restated to reflect the
adoption of this standard by a charge of #46,000 through the profit and loss
account. There is no impact on net assets or cash flows as a result of this
adjustment.
2 Basic earnings per share has been calculated on the weighted average
number of shares in issue during the year of 3,240,886 and diluted earnings per
share using 3,240,886. The calculations in respect of 2006 have been restated to
take account of FRS20.
3 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 2007 have been delivered to the Registrar of Companies nor been
reported on by the auditor. Statutory accounts for the year ended 30 June 2006
have been delivered to the Registrar of Companies and reported on by the
auditor, receiving an unqualified opinion.
4 Copies of the Annual Report will be sent to shareholders shortly and
copies will also be available from the registered office, Elm House, Elmer
Street North, Grantham, Lincolnshire NG31 6RE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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