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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mallett | LSE:MAE | London | Ordinary Share | GB0005583504 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 55.00 | 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:6148H
Mallett PLC
18 February 2003
MALLETT PLC
18 FEBRUARY 2003 - EMBARGOED 7AM
MALLETT PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002
CHAIRMAN'S STATEMENT
Dear Shareholder
Before presenting the 2002 results, I regret to inform shareholders that Rex
Cooper sadly died on 4th February 2003. He was Chairman for 11 years until 2000,
after which he remained on the Board as a non-executive director. We remember
with gratitude his most valuable contribution to the Company.
2002 was one of the most challenging years in the company's history, given the
political and economic environment. Despite the difficult trading conditions,
we have reported a strong set of results with turnover up by 47.6% from
#17,165,000 in 2001 to #25,336,000 in 2002 and profit before tax up by 20% from
#4,328,000 to #5,193,000. Earnings per share were 25.97p compared to 21.46p in
2001. Your Board is recommending a final dividend of 6.8p making a total of 9.2p
for the year, which is an increase of 12.2% on 2001. Subject to the approval of
shareholders at the Annual General Meeting to be held on 6th May 2003, the
dividend will be paid on 16th May 2003 to shareholders on the register on 22nd
April 2003.
The company reported a pleasing increase in turnover in the first half of the
year. Thereafter, reflecting the volatile trading conditions, third quarter
sales and profits were down on the previous year, followed by an improvement in
the fourth quarter which included substantial turnover carried out on deferred
settlement terms on a lower than normal gross profit margin.
The opening of our new shop on Madison Avenue in New York is a significant
development for the Company and is expected to take place on schedule in April
2003. The New York business will improve the Company's ability to serve its
substantial and growing number of American clients and to extend the client base
yet further in the United States. As previously announced, overall costs of the
new building will be marginally higher than originally anticipated and the
results for the year include certain costs relating to the new shop.
We shall continue our active programme of participation in international shows,
to which in 2002 we added the San Francisco Fall Antiques Show, giving us
increased exposure to the West Coast market of the United States.
On 6th February 2003, a tender offer was announced by Trefick Limited to acquire
up to 1,015,610 ordinary shares at 225p. As previously announced, this approach
was unsolicited and unwelcome, and, as far as the Board is aware, Trefick
Limited has no previous experience of the market for high quality antiques.
Your Board is aware of the strength of the asset backing of the company and is
committed to representing the best interests of all shareholders and employees.
It is clearly too early in the year to make any meaningful comment on the
prospects for the full year. Market conditions remain unpredictable and we are
now operating with a higher cost base. However the Board is confident in the
continuing global demand for the finest antiques.
I would like to thank all the employees for their efforts in this past year.
GEORGE MAGAN
CHAIRMAN
18th February 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31st December 2002
Note 2002 2001
#'000 #'000
GROUP TURNOVER 25,336 17,165
Cost of sales (18,895) (11,823)
---------- ----------
GROSS PROFIT 6,441 5,342
Operating expenses (1,298) (1,175)
---------- ----------
OPERATING PROFIT 5,143 4,167
Interest (net) 50 161
---------- ----------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
5,193 4,328
Tax on profit on ordinary activities 1 (1,609) (1,366)
---------- ----------
PROFIT ATTRIBUTABLE TO SHAREHOLDERS 3,584 2,962
Dividends 3 1,270 1,132
---------- ----------
RETAINED PROFIT FOR THE FINANCIAL YEAR 2,314 1,830
========== =========
Earnings per ordinary share 2 25.97p 21.46p
========== =========
Dividends per share 3 9.20p 8.20p
========== =========
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
2002 2001
# 000's # 000's
Profit for the financial year 3,584 2,962
Currency translation differences on foreign exchange net investments (81) -
----------- -----------
Total gains and losses recognized since the last annual report 3,503 2,962
=========== ===========
In the opinion of the Directors there is no material difference between the
above profits for the year ended 31 December 2002 and the historical cost
profits for that year.
CONSOLIDATED BALANCE SHEET
at 31st December 2002
2002 2001
#'000 #'000
FIXED ASSETS
Tangible assets 4,790 3,824
Investment in own shares 46 -
-------- --------
4,836 3,824
CURRENT ASSETS
Stocks 22,366 24,851
Debtors 6,888 1,812
Cash at bank and in hand 2,496 554
--------- ---------
31,750 27,217
CREDITORS: Amounts falling
due within one year (8,257) (4,958)
--------- --------
NET CURRENT ASSETS 23,493 22,259
-------- --------
TOTAL ASSETS LESS CURRENT LIABILITIES 28,329 26,083
PROVISIONS FOR LIABILITIES AND CHARGES
Deferred taxation (68) (55)
-------- --------
28,261 26,028
========= =========
CAPITAL AND RESERVES
Called-up equity share capital 690 690
Share premium account 5,168 5,168
Revaluation reserve 1,746 1,783
Profit and Loss Account 20,738 18,387
Other reserves (81) -
-------- --------
SHAREHOLDERS' FUNDS 28,261 26,028
========= =========
Net assets per share #2.05 #1.89
========= =========
CONSOLIDATED CASHFLOW SUMMARY
for the year ended 31st December 2002
2002 2001
#'000 #'000
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 5,471 (90)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 50 161
TAXATION PAID (1,264) (1,804)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (1,122) (22)
EQUITY DIVIDENDS PAID (1,159) (1,132)
----------- -----------
INCREASE/(DECREASE) IN CASH 1,976 (2,887)
========= =========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Profit for the year 3,584 2,962
Dividends payable (1,270) (1,132)
Exchange difference on consolidation (81) -
----------------------- -----------------------
Net addition to shareholders' funds 2,233 1,830
Shareholders' funds at the beginning of the year 26,028 24,198
----------------------- -----------------------
Shareholders' funds at the end of the year 28,261 26,028
======================= =======================
NOTES TO THE ACCOUNTS
1. Taxation
Taxation has been provided at a rate of 30.9% (2001 - 30.1%).
2. Earnings per share
Earnings per share have been calculated on the profit on ordinary activities
after taxation and 13,800,060 shares in issue.
3. Dividends (Net)
The directors have declared a final dividend of 6.8p (net) (2001 - 6p) per
ordinary share payable to shareholders on the register on 22 April 2003, making
a total dividend for the year of 9.2p (2001 - 8.2p).
The dividend will absorb #1,269,605, leaving #2,314,000 to be carried
forward.
4. Basis of Preparation
The accounts for the year ended 31 December 2002 have been audited, as have
the accounts for the equivalent period in 2001. They comply with relevant UK
Accounting Standards and have been prepared on a consistent basis using
accounting policies set out in the 2001 Annual Report. The figures shown do not
constitute the statutory accounts of the company but have been extracted from
the audited statutory accounts. The auditors report will not be qualified and
will not contain a statement under Section 237(2) of the Companies Act 1985.
COMPANY INFORMATION
THE BOARD OF DIRECTORS George M. Magan F.C.A* Chairman
* Non-executive directors Lanto M. Synge Group Chief
Executive
The Hon. Peter H Dixon F.C.A
Paula C. Hunt
Giles H. Hutchinson Smith
M. Henry G. Neville
Thomas E Woodham-Smith
The Hon. Mrs Laura H. Weinstock*
Simon M. de Zoete*
COMPANY SECRETARY The Hon. Peter H. Dixon F.C.A
REGISTERED OFFICE 141 New Bond Street
London
W1S 2BS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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