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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Meriden Grp | LSE:MRD | London | Ordinary Share | GB0032888470 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6591X Meriden Group PLC 31 January 2006 31 January 2006 Enquiries: Russell Stevens 07860 562621 Chief Executive Russell@meriden-group.co.uk Jonathan Wright 020 7107 8000 Seymour Pierce Limited Meriden Group Plc (the "Company" or "the Group") Preliminary results for the year ended 31 July 2005 Highlights * During the year the Group made pre tax losses of #873,005 (2004: profit #569,697) on a turnover of #8,891,713 (2004: #7,513,513) * Sale of the Group's Publishing Division to its management and closure of the Scottish branch of our Logistics Division. * Results include both the trading losses of these activities which, together with the costs of providing for closure, have been significant and have therefore detrimentally impacted on our full year results. * French logistics operation is currently being evaluated. The French logistics operation, which traded at breakeven prior to the closure of our Scottish operation, is continuing to incur significant losses in the current financial year. * The Employee Benefits Division which was launched last year has won and continues to win, a large number of prestige clients. * The remaining core divisions of IT solutions, Marketing & Communications, Management Consultancy and Outsourcing have delivered acceptable results. Financial Highlights * The operating profit on the Group's continuing activities of #101,710 have therefore been eliminated by the losses on the closing activities of #879,455 resulting in an overall operating loss of #777,745 * Core business delivering sustained and resilient profits * Final dividend for 2004/2005 of 0.006 pence per share. * (Loss)/Earnings per share of (0.29) pence (2004 : 0.13 pence) Commenting, Russell Stevens, Chief Executive said: "Two of our 2004 acquisitions failed to perform and management has taken the tough decision of closing these operations. Our remaining core divisions have continued to be profitable during the financial year. Indeed our recently acquired Employee Benefits division has now established itself and has announced some major blue chip account wins, with more announcements to follow. Our loss- making French Logistics business is currently being evaluated. However, the basic building blocks for success are in place and as a result the group is poised for a period of sustained growth and we look forward to the future with confidence" Chairman's Statement I am pleased to present this, my 2005 Chairman's report for Meriden Group plc. During the year the Group made pre tax losses of #873,005 (2004: profit #569,697) on a turnover of #8,891,713 (2004: #7,513,513). In my 2005 Interim Statement I referred to the Board's intention to divest of non-core activities. During the second half of this year this process began with the sale of the Group's Publishing Division to its management and with the closure of the Scottish branch of our Logistics Division. Both these activities, whilst growing, were trading unprofitably and the time needed to reach breakeven could not be envisaged within a reasonable timescale. The results for the year have been dominated by the trading losses of the closing activities, which have therefore had a detrimental impact on our overall full year results. The operating profit on the Group's continuing activities of #101,710 have therefore been eliminated by the losses on the closing activities of #879,455, giving an overall operating loss of #777,745. In the current year, the review of non-core activities will continue. In particular, we are in the process of reviewing the final exit strategy for our remaining French logistics operation. Meriden Logistics SARL traded at breakeven prior to the closure of our Scottish operation, but is now incurring significant losses during this financial year. The Group was, until this year, profitable since floatation on AIM in 2001 and the Board anticipate a return to profitability as soon as the losses on the French operation have been eradicated. The Employee Benefits Division which was launched last year has won and continues to win a large number of prestige clients. However, the gestation period between winning a contract and the point where income (under UITF 40) can be recognised has meant that much of the profitability of these contracts cannot be recognised until completion. This coupled with significant investment in related support infrastructure has resulted in lower than expected results. The remaining core divisions of IT Solutions, Marketing & Communications, Management Consultancy and Outsourcing have delivered acceptable but unspectacular results. However, the outlook for 2005/2006 is more encouraging and significant and notable contracts have already been won by a number of these divisions. As referred to in our Interim Statement, the Board has recruited further key executives to strengthen its Head Office function in advance of our planned expansion and I am therefore pleased to report the appointment to the Board, from 1 February 2006, of Mr. Craig J. Povey as Chief Operating Officer who has a wide range of business expertise, most recently working as a consultant within Orange PCS and Mr. James N. Brinton as Finance Director, which is an internal promotion. As I am sure many of our investors are aware our Chief Executive Officer Mr. Russell Stevens had to take a period of compassionate leave to care for his terminally ill wife. Unfortunately, Jane Stevens lost her battle with cancer in October 2005 which necessitated Russell being out of the business for most of the second half of the calendar year. I am, however, pleased to report that he has now returned. Despite the disappointing performance for the full year the Board has nevertheless decided to recommend the payment of a final dividend for 2004/2005 of 0.006 pence per share. The Board is delighted to welcome newcomers to the Meriden family and as always we thank all of our staff for their hard work Mr Derek Hall Non-executive Chairman 30 January 2006 Consolidated Profit and Loss Account for the year ended 31 July 2005 Note Year ended Year ended 31 July 31 July Closing Ongoing 2005 2004 # # # # Turnover 4,187,423 4,704,290 8,891,713 7,513,513 Cost of sales (3,854,104) (3,864,771) (7,718,875) (5,655,567) ----------- ----------- ----------- ----------- Gross profit 333,319 839,519 1,172,838 1,857,946 Administrative expenses (1,212,774) (737,809) (1,950,583) (1,301,248) ----------- ----------- ----------- ----------- Operating (loss)/profit (879,455) 101,710 (777,745) 556,698 Interest receivable 712 14,815 Interest payable (95,972) (1,816) ----------- ----------- (Loss)/profit on ordinary activities before taxation (873,005) 569,697 Taxation (12,805) (189,754) ----------- ----------- (Loss)/profit on ordinary (885,810) 379,943 activities after taxation Dividends paid and proposed (49,700) (66,700) ----------- ----------- Retained (loss)/profit for (935,510) 313,243 the year ----------- ----------- Basic and diluted (loss)/ 2 earnings per share (pence) (0.29) 0.13 ----------- ----------- Consolidated Balance Sheet as at 31 July 2005 Note As at As at 31 July 2005 31 July 2004 # # Fixed Assets Tangible assets 1,344,842 214,447 Fixed asset investments 177,853 177,853 ----------- ----------- 1,522,695 392,300 Current assets Stocks and work in progress 134,220 263,032 Debtors 3,884,527 4,533,946 Cash at bank and in hand 400,049 285,152 ----------- ----------- 4,418,796 5,082,130 Creditors: amounts falling due within one year (3,406,918) (3,524,209) ----------- ----------- Net current assets 1,011,878 1,557,921 ----------- ----------- Total assets less current liabilities 2,534,573 1,950,221 Creditors: amounts falling due after one year (939,062) - Provisions for liabilities and charges (5,977) (5,977) ----------- ----------- Net assets 1,589,534 1,944,244 ----------- ----------- Capital and reserves Called up share capital 345,000 290,000 Share premium 1,049,155 523,355 Profit and loss account 195,379 1,130,889 ----------- ----------- Equity shareholders' funds 3 1,589,534 1,944,244 ----------- ----------- Consolidated Cash Flow Statement for the year ended 31 July 2005 Notes Year ended Year ended 31 July 2005 31 July 2004 # # Net cash (outflow) from operating activities 4 (394,329) (931,841) Return on investments and servicing of finance Interest received 712 14,815 Interest payable (95,972) (1,816) ------------ ------------ Net cash (outflow)/inflow from returns on investments and servicing of finance (95,260) 12,999 Tax paid (74,138) (200,000) Capital expenditure and financial investment Payments to acquire tangible fixed assets (1,349,925) (70,940) Receipt from disposal of intangible fixed assets - 49 Receipts from the sale of tangible fixed assets - 9,214 ------------ ------------ Net cash (outflow) from capital expenditure and financial investment (1,349,925) (61,677) Dividends paid (66,421) (66,597) ------------ ------------ Net cash (outflow) before financing (1,980,073) (1,247,116) ------------ ------------ Financing Issue of ordinary shares for cash 580,800 - New bank loans 1,272,507 - Increase in invoice discounting loans 149,079 713,804 Capital element of finance lease rentals (964) - ------------ ------------ Net cash inflow from financing 2,001,422 713,804 ------------ ------------ ------------ ------------ Increase/(decrease) in cash 5 21,349 (533,312) ------------ ------------ Notes to the Preliminary Results for the year ended 31 July 2005 1 Accounting policies Basis of accounting The financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the Group have remained unchanged from those set out in the Group's 2004 annual report and financial statements. Basis of consolidation The Consolidated Profit and Loss Account, Balance Sheet and Cash Flow Statement consolidates those of the Company and its subsidiary undertakings. Intra-group transactions have been eliminated in full. Tangible fixed assets and depreciation Plant and machinery - 12.5% straight line Motor vehicles - 25 - 33.33% straight line Leasing and hire purchase commitments Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account. On consolidation, assets and liabilities of foreign undertakings are translated into sterling at year end exchange rates. The results of foreign undertakings are translated into sterling at average rates of exchange for the year. Exchange differences arising from the retranslation at year end exchange rates of the investment in foreign undertakings, less exchange differences on foreign currency borrowings which finance these undertakings are taken to reserves. 2 Earnings per share The calculation of the basic earnings per share is based on the profit on ordinary activities after taxation and on the weighted average number of shares in issue during the period. The profit and weighted average number of shares used in the calculations are set out below: (Loss)/ Weighted Basic profit average (loss)/ # number Earnings of shares per share (pence) Basic and diluted earnings per share: Year ended 31 July (885,810) 301,000,000 (0.29) 2005 Year ended 31 July 379,943 290,000,000 0.13 2004 --------------- --------------- ----------- 3 Reconciliation of movements in shareholders' funds Year ended Year ended 31 July 2005 31 July 2004 # # (Loss)/profit on ordinary activities after (885,810) 379,943 taxation Dividend (49,700) (66,700) Share subscription 605,000 - Share subscription costs (24,200) - ------------ ------------ (Loss)/profit on ordinary activities after (354,710) 313,243 taxation and dividends Opening shareholders' funds 1,944,244 1,631,001 ------------ ------------ Closing shareholders' funds 1,589,534 1,944,244 ------------ ------------ 4 Reconciliation of operating profit with net cash inflow from operating activities Year ended Year ended 31 July 2005 31 July 2004 # # Operating (loss)/profit (777,745) 556,698 Depreciation 231,561 98,577 Decrease/(increase) in stocks and work in 128,812 (226,612) progress Decrease/(increase) in debtors 649,419 (1,126,309) Decrease in creditors (626,376) (234,195) ------------ ------------ Net cash (outflow)/inflow from operating (394,329) (931,841) activities ------------ ------------ 5 Analysis of changes in net funds 1 August Cash Flow Other 31 July 2004 in Year Changes 2005 # # # # Cash at bank and in hand 285,152 114,897 - 400,049 Bank overdraft (12,875) (93,548) - (106,423) ------------ 21,349 Bank loans - (1,272,507) - (1,272,507) Debt due within one year (713,804) (149,079) - (862,883) Finance lease and hire purchase - 964 (12,031) (11,067) contracts ------------ ------------ ------------ ------------ (441,527) (1,399,273) (12,031) (1,852,831) ------------ ------------ ------------ ------------ 6 Publication of non-statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The summarised balance sheet at 31 July 2005 and the summarised profit and loss account, summarised cashflow statement and associated notes for the year then ended have been extracted from the Company's 2005 statutory financial statements upon which the auditors opinion is unqualified and does not contain any statement under section 237 of the Companies Act 1985. Statutory accounts for the year ended 31 July 2005 will be delivered to the Registrar in due course. The comparative financial information is based on the statutory accounts for the financial year ended 31 July 2004. Those accounts on which the auditors issued an unqualified opinion have been delivered to the Registrar of Companies. 7 Availability of Annual Report The Annual Report has been posted to shareholders and copies will be available from the registered office of the Company or as a download from the Company's website at www.meriden-group.co.uk by 4.00pm on 31 January 2006. 8 Dividend The Company intends to pay the final dividend of 0.006p per ordinary share on 12 May 2006 to shareholders on the register at the close of business on 10 February 2006. The dividend is subject to shareholder approval at the forthcoming AGM, which is scheduled to be held at 11.00am on Tuesday 2nd May 2006 at Meriden House, 6 Great Cornbow, Halesowen, West Midlands, B63 3AB. This information is provided by RNS The company news service from the London Stock Exchange END FR BMMRTMMAJBPF
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