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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Meikles Limited | LSE:MIK | London | Ordinary Share | ZW0009012114 | ZWR 0.1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Hotels And Motels | 2.1T | 12.74B | - | N/A | 0 |
RNS No 7998v MEIKLES AFRICA LIMITED 21st May 1998 Preliminary Results for the Year Ended 31 March 1998 Meikles Africa Limited ("Meikles Africa"), the Zimbabwe based hotel and retail group, which is listed on the Zimbabwe and London Stock Exchanges, announces preliminary results for the year ended 31 March 1998 * Turnover of Z$2,826m up 35% * Operating profit of Z$250m up 41% * Profit before tax and exceptional items of Z$481m up 25% * Headline earnings per share of 209 cents up 60% John Moxon, Executive Chairman, commented: "These are very strong results given the turmoil we faced during the year. Operationally, the current year is going well and we are well positioned to benefit from any upturn in the economy. Overall, the Board is confident of producing a satisfactory performance during the year". Enquiries: Meikles Africa Limited Tel: 00 263 4 883315 John Moxon, Executive Chairman College Hill Tel: 0171 457 2020 Mark Garraway Nicholas Williams CHAIRMAN'S STATEMENT It is pleasing to report that in the Company's first full year of operations since listing, all three operating divisions of the group recorded real growth. Turnover was 35% up on the previous year, with operating profit showing a 41% gain. Net profit attributable to shareholders has increased from Z$179m to Z$407.6m and headline earnings record an increase of 11.4% to Z$410.9m. The Board has recommended a final dividend of 35 cents per share, bringing the dividend for the year to 65 cents, based on a cover of 2.0 times earnings, excluding exchange gains. Expansion plans were exceeded in the TM Supermarkets, with eight new branches coming on stream during the year. Our working relationship with Pick 'n Pay has continued to strengthen, and an exciting range of house-brand merchandise was offered to the public over the Christmas season. Further opportunities for growth are constantly under review and it is likely that operating branches will exceed 50 in number by the end of the current year, with a further increase of 6 branches planned. Meikles Hotel achieved an excellent result and continues to hold its own in terms of market share. The complete refurbishment of the South Wing was started in October and those floors which have been finished have drawn favourable comments from guests. In March of this year the world class rating of the hotel was further enhanced with the achievement of the International ISO 9002 quality standard - the first hotel in Africa to achieve this rating. A decision has now been made to proceed with the development on land adjoining the Chapman Golf Course. It is planned that building will commence this year and the hotel is due to open in 2001. In addition plans are at an advanced stage regarding an opportunity to operate at the Victoria Falls. The Department Stores finished the year strongly, although for some months prior to the festive season retail trade in general had been slow. The Clicks / Diskom chain consolidated its position in the market with the opening of 6 new units and a suitable central office and warehouse facilities in Harare. The chain has exciting plans to expand the scope of its operations and improve the market share during the current year. Four new units have been added to the Food Franchise chain of Black Steer, Bulldogs Pubs, Flame Diners and Max Frangos Chicken during the course of the year. In our last Annual Report reference was made to the funds earmarked for regional investment. These now amount to US$43.1m and have given rise to the Z$203.8m exchange gain included in this year's earnings. At the request of the Reserve Bank of Zimbabwe, these funds have been deposited with the Reserve Bank at competitive commercial interest rates, until such time as they are required for new developments. At the Annual General Meeting of the Company, shareholders will be asked to approve a share purchase scheme which will enable employees to purchase up to Z$100m of the Company's shares. The purpose of the scheme will be to broaden the ownership of the Company and further align the interests of employees to those of the shareholders, resulting in the enhancement of shareholder value. I would like to record my appreciation to all employees for the hard work and loyalty displayed by them in their various fields of endeavour throughout the year. The year under review was characterised by a period of political and economic turmoil culminating in a severe depreciation in the value of the Zimbabwean dollar. Despite this background, we were able to produce very strong results. It is to be hoped that recent moves to restore economic stability will lead in turn to a restoration in consumer confidence. Operationally, the current year is going well. The group is financially strong and has a sound strategy. We are therefore well positioned to benefit from any upturn in the economy. Overall, the Board is confident of producing a satisfactory performance during the year. Meikles Africa Limited J.R.T Moxon Executive Chairman DIVIDEND ANNOUNCEMENT On 15 May 1998, the Board approved a final dividend No.57 of 35 cents per share on 152,895,305 shares payable to members registered in the books of the company at the close of business on Friday 3 July 1998. The Transfer Books and Register of Members will be closed from 4 July to 19 July 1998. Dividend cheques will be mailed to shareholders on or about 20 July 1998. The dividends payable to non-resident shareholders will be paid in accordance with Exchange Control Regulations Shareholders' withholding tax will be deducted where applicable. The Annual General Meeting of the Company will be held in Harare on 10 July 1998, details of which will be provided in the Annual Report By order of the Board A. P. Lane-Mitchell Company Secretary 15 May 1998 The audited results of the Meikles Africa Group Companies in respect of the year ended 31 March 1998 are as follows: Consolidated Income Statement for the year ended 31 March 1998 (Restated) 1998 1997 Z$000 Z$000 Turnover 2,826,344 2,092,797 Gross profit 692,738 526,114 Operating expenses (442,364) (349,169) Operating profits 250,174 176,945 Exchange gains and net interest 230,882 (40,170) Income/(expense) Profit before exceptional item and 481,056 136,775 taxation Profit on disposal of 25% Interest - 58,321 in TM Supermarkets Profit before taxation 481,056 195,096 Taxation (30,122) (520) Profit after taxation 430,934 194,576 Minority Interest (23,318) (14,953) Net Profit for the year 407,616 179,621 attributable to shareholders Dividends (99,382) (125,595) Transferred to retain earnings 308,234 54,026 Earnings per share + basic (cents) 267 157 IIMR Headline earnings per share 269 168 (cents) Consolidated Balance Sheet at 31 March 1998 (Restated) 1998 1997 Z$000 Z$000 Assets Non-current assets 732,837 555,656 Current assets 1,466,266 1,175,298 Total assets 2,199,103 1,730,954 Equity and liabilities Capital and reserves 1,475,657 1,167,423 Minority Interest 16,072 12,805 Non-current liabilities 139,986 117,160 Current liabilities 567,388 433,566 Total Equity and liabilities 2,199,103 1,730,954 Consolidated cash flow statement for the year ended 31 March 1998 (Restated) 1998 1997 Z$000 Z$000 Cash flow from operating activities Profit before tax 481,056 195,096 Adjustments for non-cash items (184,058) 24,113 Operating cash flow before working 296,998 219,209 capital changes Used in working capital changes (104,324) (40,214) Operating cash flow 192,674 178,995 Income tax paid (24,511) (1,742) Net cash generated from operating 168,163 177,253 activities Net cash used in investing (198,019) (144,874) activities Net cash (used in)/ generated from (139,678) 579,722 financing activities Net effect of exchange rate changes on cash and cash equivalents 209,841 31,151 Net increase in cash and cash 34,307 643,252 equivalent Acquired with subsidary - 50,094 Cash and cash equivalents at 31 786,950 93,604 March 1997 Cash and cash equivalents at 31 821,257 786,950 March 1998 Accounting policies The accounting policies are the same as those used in the 31 March 1997 Financial Statements, except in relation to investments and land and buildings which have been changed with effect from 1 April 1997. Comparative figures have been restated to reflect these changes. In prior periods quoted investments were revalued to market value at the date of the balance sheet, the surplus being included in non-distributable reserves. The Group's quoted investments are now only long-term investments and therefore, in conformity with International Accounting Standards, they are carried at cost with the market value shown by way of note. The effect of this change is a reduction in investments and non-distributable reserves of Z$65,137,000 at 1 April 1997. Freehold land and buildings were previously included in the Financial Statement at valuation and buildings were not depreciated. The Group has now adopted the International Accounting Standard and included them at historic cost, with the market value shown by way of note. The effect of this change is a reduction in freehold land and buildings and non-distributable reserves of Z$328,945,000 at 1 April 1997. Freehold buildings are now depreciated on a straight line basis over their estimated useful life of 60 years. The effect of the change is an increase in the depreciation charge of Z$4,554,384 (1998) and Z$4,029,922 (1997). Retained earnings have been reduced by Z$19,274,471, which is the amount of the charge relating to periods prior to 1 April 1998 END FR AMMPBLLJTBIP
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