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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 |
6 April 2004 Enquiries: Russell Stevens 07860 562621 Chief Executive Russell@meriden-group.co.uk Ewan Leggat 020 7107 8000 Seymour Pierce Limited Ewanleggat@seymourpierce.com Meriden Group Plc (the "Company" or "the Group") Interim results for the six months ended 31 January 2004 Highlights * New London centre performing well * Edinburgh centre about to open * Stable platform for future growth established * Acquisition strategy approved * Several targets being appraised * Cash generative core business * Cash balances on hand to fund acquisitions * Dividend level maintained Financial Highlights * Profit before taxation of £315,057 (2003 : £306,371) * Interim dividend of £29,000 (2003 : £29,000) * Period end cash balances of £852,164 (2003 : £660,920) * Earnings per share of 0.078 pence (2003 : 0.074 pence) Commenting, Russell Stevens, Chief Executive said: 'Since our impact on AIM in August 2001 we have experienced steady growth in difficult market conditions. The Board have now resolved to supplement this organic growth with a programme of selective acquisitions to expand existing divisions and createnew ones.' Chairman's Statement I am pleased to present my Chairman's report for Meriden Group Plc for the six months ended 31 January 2004. The Group has performed satisfactorily during this period, delivering a pre-tax profit of £315,057 (2003: £306,371) on a turnover of £3,009,035 (2003: £2,865,327) and having cash balances at the end of the period of £852,164 (2003: £660,920). We are particularly pleased that the Board is recommending an interim dividend of 0.01p per share, which is maintained at the same level as 2003. The Board will review the full year's dividend when the annual results are known. During the period our London centre has been established and is performing well, in addition a centre in Edinburgh has been targeted and will open in April 2004. Our Birmingham centre continues to trade steadily and we have a growing presence in Cardiff which at present is being run as a satellite of Birmingham. As a result of our efforts over the last two and a half years we have established a sound financial base with good organic growth prospects. To coincide with the improvement in business confidence and general trading conditions the Board have now resolved to supplement our organic growth with a programme of acquisitions as theBoard believes there are many exciting opportunities to acquire businesses at favourable values as we emerge from the economic downturn. Derek Hall 6 April 2004 Consolidated Profit and Loss Account for the 6 months ended 31 January 2004 Note 6 months ended 6 months ended Year 31 January 2004 31 January 2003 ended (unaudited) (unaudited) 31 July £ £ 2003 (audited) £ Turnover 3,009,0352,865,327 5,790,628 Cost of sales (2,304,738) (2,197,653) (4,312,261) _________ _________ _________ Gross Profit 704,297 667,674 1,478,367 Administrative (395,997) (367,129) (785,564) Expenses _________ _________ _________ Operating Profit 308,300 300,545 692,803 Interest Receivable 6,757 5,826 12,352 _________ _________ _________ Profit on ordinary 315,057 306,371 705,155 activities before taxation Taxation (88,431) (91,533) (197,592) _________ _________ _________ Profit for the 226,626 214,838 507,563 financial period Dividends (29,000) (29,000) (66,628) _________ _________ _________ Retained profits 197,626 185,838 440,935 _________ _________ _________ Basic earnings per 3 0.078 0.074 0.18 share (pence) Dividend per share 0.010 0.010 0.023 (pence) _________ _________ _________ The company has no recognised gains or losses other than the profit for the period, which has been derived from continuing operations. Consolidated Balance Sheet as at 31 January 2004 Note As at As at As at 31 January 31 January 31 July 2004 2003 2003 (unaudited) (unaudited) (audited) £ £ £ Fixed assets Tangible assets 202,511 294,057 251,298 Fixed asset investments 177,902 177,853 177,902 _________ _________ _________ 380,413 471,910 429,200 Current assets Stocks and work in progress 249,769 59,684 36,420 Debtors 2,821,863 1,603,309 3,407,637 Cash at bank and in hand 852,164 660,920 805,589 _________ _________ _________ 3,923,796 2,323,913 4,249,646 Current liabilities falling due (2,416,561) (1,350,281) (2,988,824) within one year _________ _________ _________ Net current assets 1,507,235 973,632 1,260,822 Total assets less current 1,887,648 1,445,542 1,690,022 liabilities Provisions for liabilities and (59,021) (69,638) (59,021) charges _________ _________ _________ Net assets 1,828,627 1,375,904 1,631,001 _________ _________ _________ Capital and reserves Called up share capital 290,000 290,000 290,000 Share premium 523,355 523,355 523,355 Profit and loss account 1,015,272 562,549 817,646 _________ _________ _________ Equity shareholders' funds 4 1,828,627 1,375,904 1,631,001 _________ _________ _________ Consolidated Cash Flow Statement for the 6 months ended 31 January 2004 Note 6 months ended 31 6 months January 2004 ended 31 Year ended (unaudited) January 31 July £ 2003 2003 (unaudited) (audited) £ £ Net cash inflow from operating 5 77,985 152,179 422,683 activities Return on investments Interest received 6,757 5,826 12,352 _________ _________ _________ Net cash inflow from returns on investment and servicing of 6,757 5,826 12,352 finance Tax paid - - (97,309) Capital expenditure and financial investment Payments to acquire tangible (467) (18,199) (24,274) fixed assets Payments to acquire fixed asset - - (49) investments Receipts from the sale of - 40,297 40,297 tangible fixed assets _________ _________ _________ Net cash inflow/(outflow) from (467) 22,098 15,974 capital expenditure and financial investments Dividend paid (37,700) (58,000) (86,928) _________ _________ _________ Increase in cash 6 46,575 122,103 266,772 _________ _________ _________ Notes to the Interim Results for the period ended 31 January 2004 1 Basis of preparation The interim report does not represent statutory accounts within the meaning of section 240 Companies Act 1985. Comparative figures for the year ended 31 July 2003 are an abridged version of the Group's full accounts which carries an unqualified audit report and have been delivered to the Registrar. The interim report has not been audited or reviewed but was approved by the Board on 6 April 2004. 2 Basis of consolidation The Consolidated Profit and Loss Account, Balance Sheet and Cash Flow Statement consolidate those of the Company and its subsidiary undertakings as at 31 January 2004. Intra-group transactions have been eliminated in full. 3 Basic 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: Weighted Basic average Earnings Profit number per share £ of shares (pence) 6 months ended 31 January 2004 226,626 290,000,000 0.078 6 months ended 31 January 2003 214,838 290,000,000 0.074 Year ended 31 July 2003 507,563 290,000,000 0.18 _________ _______ _________ 4 Reconciliation of movements in shareholders' funds 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2004 2003 2003 (unaudited) (unaudited) (audited) £ £ £ Profit on ordinary activities after 226,626 214,838 507,563 taxation Dividend (29,000) (29,000) (66,628) _________ ________ ________ Net addition to shareholders' funds 197,626 185,838 440,935 Opening shareholders' funds 1,631,001 1,190,066 1,190,066 _________ ________ ________ Closing shareholders' funds 1,828,627 1,375,904 1,631,001 _________ ________ ________ 5 Reconciliation of operating profit with net cash flow from operating activities 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2004 2003 2003 (unaudited) (unaudited) (audited) £ £ £ Operating profit 308,300 300,545 692,803 Depreciation 49,254 48,576 97,410 (Increase)/Decrease in stocks and work (213,349) 7,544 30,808 in progress Decrease/(Increase) in debtors 585,774 (316,189) (2,120,517) (Decrease)/Increase in creditors (651,994) 111,703 1,722,179 _________ _________ ________ Net cash inflow from operativing 77,985 152,179 422,683 activities _________ _________ ________ 6. Analysis of changes in net funds As at Cash flow 1 August 2003 in period 31 January 2004 £ £ £ Cash at bank 805,589 46,575 852,164 _________ _________ _________ 7. Interim Dividend The interim dividend of 0.010 pence per share will be available to shareholders on the register at the close of business on 16 April 2004 ('the record date') and will be paid on 17 May 2004. 8. Notification of results A copy of these interim results will be posted to shareholders on 13 April 2004. END
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