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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Landround | LSE:LDR | London | Ordinary Share | GB0001339844 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8245L Landround Plc 03 June 2003 Embargoed 7am Tuesday June 3 2003 LANDROUND PLC ANNOUNCES RECORD INTERIM RESULTS AND MAJOR NEW CLIENT Landround plc, the AIM-listed travel promotions company, announces its unaudited interim results for the six months ended March 31 2003. Highlights: * Profit before tax more then trebled to #950,000 (2002: #272,000)* * Turnover up a third at #3.9m (2002: #2.9m) * Earnings per share at 12.2p (2002: 3.34p) * Interim dividend of 3.5p per share (2002: 1p) * Ireland's Statoil signs to Buy and Fly! * Board changes announced *Prior to goodwill amortisation Chairman Michael Crompton said: "These results were achieved against an uncertain UK economic background. The slowdown in the domestic economy, and the prospect, then the reality of war in the Middle East, appear not to have harmed our business. "Profits from our traditional voucher based products were particularly strong, reflecting the attraction of the product to marketers and the management effort that has gone into building and focusing the sales team. The planned growth in Buy and Fly! continued with sales 46 per cent up on the equivalent period last year. Travel Offers Limited's performance also continued to improve. "Our Buy and Fly! proposition continues to gain momentum despite the wider uncertainty surrounding air travel. We have signed several new clients in in the first half in the business to business and staff incentives sector, including Reckitt & Benckiser and Britvic. "Voucher sales in the core UK market have surpassed all expectations during this half with major promotions with Surf and Pertemps amongst others. Our decision to expand our business in the Republic of Ireland has been successful with major business contract wins with Eircom, Toyota and Vodafone. More... "The year has started particularly well and there is every reason to look forward to a good second half. "I have decided to relinquish my few remaining duties and become non-executive Chairman. This move reflects the success that David Lyne has brought to the role of Chief Executive and the effectiveness of the management team around him." Mr Crompton also announced the promotion of Clare Dyer from Chief Financial Officer to Finance Director and the appointment of John Moxon, a director of Beeson Gregory until his retirement, as a non-executive. Landround also announces this morning that Statoil, the market leader in fuel and forecourt convenience retailing in Ireland, has agreed to offer its Premium Club members the opportunity to acquire buy and fly! points. -ends- For further information Michael Crompton, Chairman 07785 572080 David Lyne, Chief Executive 07961 453771 Landround plc Paul Quade 020 7334 0243 CityRoad Communications 07947 186694 LANDROUND PLC CHAIRMAN'S STATEMENT RESULTS I am delighted to report very good results for the half-year. Profits from our traditional voucher based products were particularly strong, reflecting the attraction of the product to marketers and the management effort that has gone into building and focusing the sales team. The planned growth in Buy and Fly! continued with sales 46% up on the equivalent period last year. Travel Offers Limited's performance also continued to improve. Profit before taxation and amortisation of goodwill for the six months ended 31 March 2003 was #950,000 (2002: #272,000), giving adjusted earnings per share of 12.2p (2002: 3.34p). These results were achieved against an uncertain UK economic background. The slowdown in the domestic economy and the prospect, and then the reality, of war in the Middle East, appear not to have harmed our business. I have long affirmed my belief in the defensive qualities of sales promotion in difficult times: by comparison with traditional "above the line" advertising, sales promotion is inexpensive, measurable and effective. DIVIDEND The Board has decided to pay an interim dividend per share of 3.5p (2002: 1.00p). The interim dividend will be paid on 11 July 2003 to shareholders on the register on 20 June 2003. TRADING Landround Marketing The first six months of the current year have seen continued growth in sales and profitability within Landround Marketing. Our Buy and Fly! proposition continues to gain momentum despite the wider uncertainty surrounding air travel. We have signed several new clients in the first half in the business-to-business and staff incentives sector, including Reckitt & Benckiser and Britvic, and we expect that the second half will see the signing of major consumer facing brands to complement these. We were delighted to bring the Post Office on board as a client of Buy and Fly! during this period under the guise of First Rate Travel Services, a joint venture with the Bank of Ireland. Our decision to expand our business in the Republic of Ireland has been successful with major business contract wins with Eircom, Toyota and Vodafone. Voucher sales in the core UK market have surpassed all expectations during this half with major promotions with Surf (on pack) and Pertemps amongst others. We were also delighted to extend our existing relationship with the Associated Newspapers Group, running the first ever "Free Flight for Every Reader" promotion in the Daily Mail in January of this year, which was an overwhelming success, surpassing last year's McDonald's promotion, as the largest ever UK travel promotion.. The performance of Landround Marketing reflects well on sales management and the sales team, now streamlined along product lines with fourteen dedicated sales people, all of whom are making a contribution. Landround Travel Landround Travel continues to provide consistently high levels of service to our clients and their customers and made a useful contribution to Landround's profits in the six month period. Travel Offers Limited The first half of the year has seen a good performance, with Travel Offers delivering growth in profits of 24%. A gratifying aspect of Travel Offers' business in the past six months has been the continued increase in renewals by existing holders. As Travel Offers' major overhead is the cost of media buying, renewals are welcome as they deliver a higher gross margin, as well as demonstrating holders' commitment to the product. MANAGEMENT We continue to make changes at board level which we believe will strengthen the Landround Group's long-term performance. I have decided to relinquish my few remaining executive duties and to become non-executive Chairman. This move reflects the success that David Lyne has brought to the role of Chief Executive since his appointment in January 2002, and the effectiveness of the management team around him. Clare Dyer, who has been Chief Financial Officer since 24 October 2001, is promoted to the board as Finance Director, in addition to her existing duties as Company Secretary. She has thoroughly earned this promotion. John Moxon is appointed as an additional non-executive director and joins both the Audit and the Remuneration Committees. John is well acquainted with Landround, having led the Beeson Gregory team which handled the share placing when we acquired Travel Offers in 2000. We pride ourselves on our relationships with our shareholders, both large and small, and believe that John's understanding of institutional investors, after his long and successful career in the City, will provide valuable counsel. These changes will be announced today. PROSPECTS The year has started particularly well and there is every reason to look forward to a good second half. Michael Crompton Chairman 3 June 2003 LANDROUND PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 31 MARCH 2003 6 months 6 months 12 months ended ended ended 31 March 31 March 30 September 2003 2002 2002 Unaudited Unaudited Audited #000 #000 #000 Notes 2 Turnover 3,960 2,912 7,066 Cost of sales (1,746) (1,615) (3,960) ______ ______ ______ Gross profit 2,214 1,297 3,106 Operating expenses Distribution costs (20) (5) (10) Administrative expenses (1,258) (1,026) (2,249) _____ _____ ______ Operating profit 936 266 847 Interest 14 6 15 _____ _____ _____ Operating profit after interest 950 272 862 Amortisation of goodwill (54) (54) (108) _____ _____ _____ Profit on ordinary activities before taxation 896 218 754 3 Taxation on profit on ordinary activities (283) (90) (268) _____ _____ _____ Profit on ordinary activities after taxation 613 128 486 Dividends on equity shares (191) (54) (218) _____ _____ _____ Retained profit/ (loss) for the financial period 422 74 268 transferred to reserves ===== ===== ===== 4 Earnings per share 11.2p 2.35p 8.9p Adjusted earnings per share excluding goodwill amortisation 12.2p 3.34p 10.9p and exceptional item LANDROUND PLC SUMMARISED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2003 31 March 31 March 30 September 2003 2002 2002 Unaudited Unaudited Audited #000 #000 #000 Notes Fixed assets Intangible assets 1,787 1,895 1,841 Tangible assets 497 517 504 _____ _____ _____ 2,284 2,412 2,345 Current assets Stock 111 168 138 Debtors - due within one year 2,957 1,973 2,128 Cash at bank and in hand 1,988 1,166 1,368 _____ _____ _____ 5,056 3,307 3,634 Current liabilities Amounts falling due within one year (3,131) (2,136) (2,194) _____ _____ _____ Total assets less current liabilities 4,209 3,583 3,785 Provisions for liabilities and charges (51) (41) (49) _____ _____ _____ Net assets 4,158 3,542 3,736 ===== ===== ===== Capital and reserves Called up share capital 272 272 272 Share premium account 2,302 2,302 2,302 Capital redemption reserve 10 10 10 Profit and loss account 1,574 958 1,152 _____ _____ _____ 5 Equity shareholders' funds 4,158 3,542 3,736 ===== ===== ===== LANDROUND PLC SUMMARISED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2003 6 months 6 months 12 months ended ended ended 31 March 31 March 30 September 2003 2002 2002 Unaudited Unaudited Audited #000 #000 #000 Notes 8 Cash flow from operating activities 820 (1) 329 Returns on investments and servicing of finance 14 6 15 Taxation - 90 52 Capital expenditure and financial investment (51) (187) (232) Equity dividends paid (163) - (54) _____ _____ _____ Increase/ (decrease) in cash 620 (92) 110 _____ _____ _____ NOTES 1. The interim report was approved by the directors on 3 June 2003. This interim report, which is the responsibility of the directors, has not been audited but has been reviewed by our auditors, Baker Tilly. The interim report has been prepared using the accounting policies set out in the Company's statutory accounts for the year ended 30 September 2002. 2. Turnover represents the net total of goods sold during the 6 month period ended 31 March 2003 excluding VAT. 3. The taxation charge for the period is analysed as follows: - 6 months 6 months 12 months ended ended ended 31 March 31 March 30 September 2003 2002 2002 Unaudited Unaudited Audited #000 #000 #000 UK corporation tax charge for the period 281 75 245 Deferred tax 2 15 23 _____ _____ _____ 283 90 268 ===== ===== ===== 4. Earnings per share for the half year ended 31 March 2003 have been calculated using the number of shares in issue throughout the period of 5,447,570 (2002 - 5,447,570). 5. The movement in shareholders' funds is analysed as follows: - 6 months 6 months 12 months ended ended ended 31 March 31 March 30 September 2003 2002 2002 Unaudited Unaudited Audited #000 #000 #000 Opening shareholders' funds 3,736 3,468 3,468 Retained profit for the financial period 422 74 268 _____ _____ _____ 4,158 3,542 3,736 ===== ===== ===== 6. The results for the year ended 30 September 2002 are abridged from the 2002 annual report and accounts ich received an unqualified auditors' report and which have been filed with the Registrar of Companies. 7. The interim dividend is payable on 11 July 2003 to those shareholders registered on 20 June 2003. 8. Reconciliation of operating profit to net cash flow from operating activities:- 6 months 6 months 12 months ended ended ended 31 March 31 March 30 September 2003 2002 2002 Unaudited Unaudited Audited #000 #000 #000 Operating profit 936 266 847 Depreciation charges 58 51 109 Decrease/ (increase) in stocks 27 (24) 6 (Increase)/ decrease in debtors (829) (433) (588) Increase /(decrease) in creditors 628 139 (45) _____ _____ _____ 820 (1) 329 ===== ===== ===== This information is provided by RNS The company news service from the London Stock Exchange END IR UUUAAQUPWGQP
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