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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Longmead Grp. | LSE:LGM | London | Ordinary Share | GB0002249075 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
THE LONGMEAD GROUP PLC ("LONGMEAD" OR "THE COMPANY") PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 28 OCTOBER 2006 CHAIRMAN'S STATEMENT Trading Results The overall trading result for the year shows some improvement on the previous year but we have not yet returned to profit. Turnover for the period was £2.29 million (2005: £2.26 million), only a very slight improvement on the previous year. Our general trade business, i.e. to retailers and distributors, has increased by nearly 9% which is encouraging but our turnover to the large DIY stores has fallen by nearly 5%. The past year was a difficult one for our major DIY customers, as reported at the half year, with the whole of the DIY sector experiencing a downturn in business. There has been some improvement in this sector since the year end but sales are far from buoyant. Export sales remained fairly static compared with the previous year. Our gross margins have been maintained at the previous level in spite of the large increases in metal costs. The major problem has been the rise in freight costs from the Far East and the increase in distribution costs in the UK. In spite of this, our overheads show only a very tiny increase from 2005. The overall trading result shows a loss of £170,102 (2005: £206,303) primarily caused by the poor sales to our major DIY customers. We have continued to manufacture ceramic products in the UK and there are some signs that the demand for ceramics is increasing. We have still not been able to find satisfactory alternatives in the Far East or Eastern Europe. The number of employees has been maintained at the 2005 level. New Products The new products introduced during the year have performed well. The bathroom furniture has generated a good level of turnover and we are seeing repeat business. The shower products and bathroom scales have also achieved a satisfactory level of sales and we are increasing the stockists in this area. New product development is under way with a view to launching products at the Kitchen & Bathroom Show at the NEC Birmingham in January 2008. Balance Sheet At the end of our financial year, shareholders' funds stood at £1.45 million (2005: £1.62 million). Net assets per share have, therefore, fallen to 26.0p per share. Stocks have been maintained at approximately the same level as last year although the mix of stocks has changed towards a higher level of finished goods. Debtors have increased significantly mainly due to increased general trade sales although we are affected by major customers seeking longer credit terms. This has resulted in an increase in bank borrowings although we are operating within our bank facilities. The medium term loan with HSBC Bank has been reduced by £56,000 during the year. As a result of the loss for the year the Company, although operating within its facilities, was in breach of its banking covenant at the year end. However, HSBC Bank has waived the requirement to comply. The banking facilities are due for renewal in October 2007 at which time, subject to the Company achieving its sales budget, they will be adequate for our requirements. Future Prospects A small amount of progress has been made over the past year but we still have a long way to go. We are budgeting to increase our sales in 2006-2007 by over 10% and after four months of trading we are slightly ahead of budget. However, the current trading climate is very uncertain which makes reliable forecasting very difficult. The ever increasing price of houses and the very high level of credit card debt do not augur well for continuing growth in the economy and this, together with political uncertainty, could lead to a re-appraisal of consumer spending. We propose to keep our costs strictly under control and to make every effort to maintain our margins. We believe we are making progress and we hope that the present year will see an improvement in our results. However, many pitfalls lie ahead. I would finally like to thank the management and staff of the Company for their efforts and support during the year. R E W Newman 21 March 2007 Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT 52 weeks ended 28 October 2006 52 weeks 52 weeks ended ended 28 October 29 October Note 2006 2005 £ £ TURNOVER - continuing operations 2,288,354 2,263,377 Cost of sales 1 (1,427,398) (1,449,229) (includes 2005: exceptional cost £53,646) _____________ _____________ GROSS PROFIT 860,956 814,148 Distribution costs (656,553) (638,362) Administrative expenses (322,897) (333,298) _____________ _____________ OPERATING LOSS - continuing operations (118,494) (157,512) Interest receivable and similar income 3 147 Interest payable and similar charges (51,611) (48,938) _____________ _____________ LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (170,102) (206,303) Taxation on loss on ordinary activities - - _____________ _____________ LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (170,102) (206,303) _____________ _____________ LOSS FOR THE FINANCIAL YEAR (170,102) (206,303) _____________ _____________ LOSS PER ORDINARY SHARE - Basic 2 (3.05)p (3.69)p - Diluted 2 (3.05)p (3.69)p There are no recognised gains and losses for the current or preceding financial period other than as stated in the profit and loss account. Accordingly, no statement of total recognised gains and losses is given. CONSOLIDATED BALANCE SHEET At 28 October 2006 2006 2005 £ £ £ £ FIXED ASSETS Intangible assets 15,981 18,981 Tangible assets 1,306,049 1,398,547 _____________ ____________ 1,322,030 1,417,528 CURRENT ASSETS Stocks and work in progress 1,293,350 1,304,774 Debtors 540,685 420,866 Cash at bank and in hand 2,191 1,855 _____________ ____________ 1,836,226 1,727,495 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (972,091) (741,778) _____________ ____________ NET CURRENT ASSETS 864,135 985,717 _____________ ____________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,186,165 2,403,245 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (731,921) (778,899) _____________ ____________ TOTAL NET ASSETS 1,454,244 1,624,346 _____________ ____________ CAPITAL AND RESERVES Called up share capital 558,439 558,439 Share premium account 1,397,747 1,397,747 Capital redemption reserve 19,000 19,000 Revaluation reserve 255,041 260,113 Profit and loss account (775,983) (610,953) _____________ ____________ TOTAL EQUITY SHAREHOLDERS' FUNDS 1,454,244 1,624,346 _____________ ____________ These financial statements were approved by the Board of Directors on 21 March 2007. Signed on behalf of the Board of Directors R E W Newman Director CONSOLIDATED CASH FLOW STATEMENT 52 weeks ended 28 October 2006 2006 2005 £ £ £ £ Net cash outflow from operating activities (41,858) (138,401) Returns on investments and servicing of finance Interest received 3 147 Interest paid (50,641) (48,513) Interest element of finance lease rentals (914) (1,188) ___________ __________ (51,552) (49,554) Capital expenditure and financial investment Purchase of tangible fixed assets (6,600) (13,613) Proceeds from sale of tangible fixed assets 4,650 4,750 ___________ __________ (1,950) (8,863) ___________ __________ Net cash outflow before financing (95,360) (196,818) Financing Capital element of finance lease rentals (20,432) (30,927) Loans advanced - 750,000 Loans repaid (56,331) (653,626) ___________ __________ Net cash (outflow)/inflow from financing (76,763) 65,447 ___________ __________ Decrease in cash in the period (172,123) (131,371) ___________ __________ NOTES TO THE ACCOUNTS 52 weeks ended 28 October 2006 1. EXCEPTIONAL ITEMS 2006 2005 £ £ Stock write-offs - 39,335 Factory closure costs and redundancy payments - 14,311 _________ _________ - 53,646 _________ _________ 2. LOSS PER ORDINARY SHARE The calculation of the basic loss per share is based on the weighted average number of shares in issue during the financial year of 5,584,391 (2005: 5,584,391) and on the loss attributable to ordinary shareholders of £170,102 (2005: £206,303 loss). 3. The financial information on the Group set out above does not constitute statutory financial information within the meaning of section 240 of the Companies Act 1985. The statutory accounts for the 52 weeks ended 28 October 2006 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Group's AnnualGeneral Meeting. 4. Copies of the 2006 Report and Accounts will be sent to shareholders in due course. Further copies will be available from the registered office of The Longmead Group plc, Millwey Industrial Estate, Axminster, Devon, EX13 5HU and from the Company's nominated adviser, Smith & Williamson Corporate Finance Limited at 25 Moorgate, London, EC2R 6AY for one month from the date of this announcement. The Longmead Group PLC
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