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Name | Symbol | Market | Type |
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Mid Kent Wtr4% | LSE:48HO | London | Debenture |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS Number:3954N Mid Kent Water PLC 10 June 2005 10 June 2005 Mid Kent Water Limited Preliminary results for the year to 31 March 2005 Chairman's Statement Introduction This year has been a very important one in the history and progress of Mid Kent Water Limited, with the Company consolidating on its recent operational success, the satisfactory conclusion of the Periodic Review process and the successful sale of the Company to a new owner committed to the long term development of our business. Mid Kent Water has consistently improved its regulatory performance over the last five years and I am pleased to report that the year ended 31 March 2005 represents its best position to date with all levels of customer service either improved or broadly maintained compared to last year. The Company also believes that the Final Determination which was the culmination of a long and intensive Periodic Review process is a fair and balanced outcome for the Company. On 28 February 2005 Utilities Trust of Australia and Hastings Diversified Utilities Fund purchased 100% of the share capital of Swan Group, Mid Kent Water 's holding company. I am pleased to welcome Peter Taylor, Jim Hallam and Carey Anderson onto the Board and look forward to working with them in the continued development of the Mid Kent Water business. Results Turnover for the year was #43.2m, up marginally on #43m last year. Water income increased by 0.4% on last year reflecting a water price rise of 2.53% offset by a year on year reduction in demand following the dry summer of 2003 and customers moving to metered billing. Non-regulated turnover was maintained at #4.6m. Operating profit was #14.1m compared to #14.2m in the previous year. The depreciation charge increased in the year by #0.7m reflecting the Company's continued investment in its infrastructure but other Operating costs showed a decrease of #0.3m representing the effect of further operating efficiencies. Net interest payable has increased by #0.7m reflecting the cost of increased debt in the business. After profit on the disposal of fixed assets of #0.2m (2004: #1.7m) profit before tax has reduced to #6.3m from #8.6m in 2004. Dividend The Company has declared a final dividend of #1.5m, giving a total dividend for the year of #4.8m (2004: #5m). Capital Expenditure Cash payments for capital expenditure in the year were #24.6m (2004: #22.2m). Significant investment in the year was delivered in network improvements to enhance the resilience and flexibility of the Company's infrastructure. A new reservoir at our Ford pumping station was constructed during the year and became operational in May 2005. This reservoir will improve operational services and the security of supply in the Herne Bay and Whitstable area. Water Quality The quality of water we deliver to our customers' taps is of paramount importance and I am pleased to report that once more our compliance with DWI standards has improved, with expected compliance for 2004 at 99.97% compared to 99.92% in 2003. During the year the Company brought back in-house its laboratory service which had previously been provided by Eclipse Scientific Limited, a sister company which was sold by Swan Group in July 2004. Non-Regulated Activity This year has seen another good performance from the Company's non-regulated commercial business which utilises the core skills inherent in our staff coupled with the Mid Kent Water brand. Key revenue streams include water related consultancy services, environmental and fishery management and the provision of water operational services to the owners of private water infrastructure. Corporate Social Responsibility The community in which Mid Kent Water operates is very important to the Company and we strive to ensure that all stakeholders are consulted and involved in our plans. We also support staff in a range of charitable activities and in particular in fund-raising for Water Aid. This year a staff member went with Water Aid to Tanzania to support the work of the charity at first hand. Employees The sale of a company can, at times, present a significant distraction to staff. I am pleased to report that this was not the case for Mid Kent Water this year and that once more the staff's commitment and hard work ensured that the Company continued to deliver high quality customer focused service. On behalf of the Board, I would like to thank all the staff for their continued support. The Year Ahead The year ahead will be important to the development of the company as we begin to implement the schemes and deliver the efficiencies that are part of the Price Review Process. I look forward to working with the staff, my fellow Directors and our new owners in ensuring that the Company continues to efficiently provide ongoing high quality customer service. Gordon Maxwell 9 June 2005 Profit and loss account Year ended 31 March 2005 ------------------------------ ----------- ----------- Notes 2005 2004 2 #000 #000 Turnover 43,200 43,039 Operating costs (29,112) (28,837) ------------------------------ ----------- ----------- Operating profit 14,088 14,202 Profit on sale of fixed assets 177 1,656 ------------------------------ ----------- ----------- Profit on ordinary activities before interest 14,265 15,858 Interest receivable and similar income 3,383 2,976 Interest payable and similar charges (11,372) (10,218) ------------------------------ ----------- ----------- 3 Profit on ordinary activities before taxation 6,276 8,616 Tax on profit on ordinary activities 337 (716) ------------------------------ ----------- ----------- 4 Profit on ordinary activities after taxation 6,613 7,900 Dividends paid and proposed (4,776) (4,973) ------------------------------ ----------- ----------- Retained profit for the year 1,837 2,927 ------------------------------ ----------- ----------- 5 Earnings per ordinary share - basic and 35.4p 42.4p diluted ------------------------------ ----------- ----------- 4 Dividends per ordinary share 24.95p 26.67p ------------------------------ ----------- ----------- Summarised balance sheet At 31 March 2005 ---------------------------------- -------- -------- 2005 2004 #000 #000 Fixed assets Tangible assets 184,561 173,986 ---------------------------------- -------- -------- Current assets Stocks 798 722 Debtors: amounts falling due within one year 7,704 8,043 Debtors: amounts falling due after more than one year 35,000 35,000 Investments 12,024 10,060 Cash at bank and in hand 1,136 1,130 ---------------------------------- -------- -------- 56,662 54,955 Creditors: amounts falling due within one year (43,281) (43,635) ---------------------------------- -------- -------- Net current assets/(liabilities) 13,381 11,320 ---------------------------------- -------- -------- Total assets less current liabilities 197,942 185,306 Creditors: amounts falling due after more than one year (142,434) (138,105) Provision for liabilities and charges (9,473) (9,810) ---------------------------------- -------- -------- Net assets 46,035 37,391 ---------------------------------- -------- -------- Capital and reserves Attributable to equity interests Called up ordinary share capital 19,781 18,646 Share premium 5,672 - Profit and loss account 20,582 18,745 ---------------------------------- -------- -------- Equity shareholders' funds 46,035 37,391 ---------------------------------- -------- -------- Summarised cash flow statement Year ended 31 March 2005 ---------------------------------- -------- -------- 2005 2004 #000 #000 Net cash inflow from operating activities 22,079 21,501 Returns on investments and servicing of finance (2,521) (4,550) Taxation and group relief (4,048) (411) Net capital expenditure (22,270) (20,259) Equity dividends paid (4,507) (6,841) ---------------------------------- -------- -------- Cash outflow before management of liquid resources and financing (11,267) (10,560) Management of liquid resources (1,964) 4,868 Financing 13,237 5,250 ---------------------------------- -------- -------- Increase/(decrease) in cash in the year 6 (442) ---------------------------------- -------- -------- Notes 6 to 9 are part of this statement. NOTES 1 Basis of preparation (i) The financial information included within this statement has been prepared on the basis of accounting policies consistent with those set out in the Report and Accounts for the year ended 31 March 2004. (ii) The information shown for the years ended 31 March 2005 and 31 March 2004 does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985 and has been extracted from the full accounts for the years ended 31 March 2005 and 31 March 2004 respectively. The reports of the auditors on those accounts were unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. The accounts for the year ended 31 March 2004 have been filed with the Registrar of Companies. The accounts for the year ended 31 March 2005 will be delivered to the Registrar of Companies in due course. (iii) The financial information included in this statement was approved by the Board on 9 June 2005. 2 Analysis of turnover 2005 2004 #000 #000 Unmeasured supplies 20,950 21,072 Measured supplies 17,691 17,407 Other activities 4,559 4,560 -------------------------------- ----------- ----------- 43,200 43,039 -------------------------------- ----------- ----------- 3 Corporation tax -------------------------------- ----------- ----------- 2005 2004 #000 #000 -------------------------------- ----------- ----------- Current tax -------------------------------- ----------- ----------- UK Corporation tax 300 - -------------------------------- ----------- ----------- Tax over provided in previous years (300) (875) Group relief surrendered by other group undertakings - 2,607 -------------------------------- ----------- ----------- - 1,732 Deferred tax Discounted origination and reversal of timing differences (337) (1,016) -------------------------------- ----------- ----------- (337) 716 -------------------------------- ----------- ----------- 4 Dividends A final dividend of 7.80p per ordinary share in respect of the year ended 31 March 2005 will be paid on 30 June 2005 to shareholders on the register at 23 June 2005. The final dividend is in addition to the interim dividend of 9.65p and a second interim dividend of 7.50p, already paid, making a total of 24.95p for the year. This compares with a final dividend last year of 6.83p and an interim dividend of 19.84p, making a total of 26.67p for that year. 5 Earnings per ordinary share - basic and diluted Earnings per ordinary share are calculated on the profit for the year of #6,613,000 (2004: #7,900,000) and the weighted average number of shares in issue of 18,688,000 (2004: 18,646,000). 6 Reconciliation of operating profit to net cash inflow from operating activities 2005 2004 #000 #000 Operating profit 14,088 14,202 Depreciation charge 9,488 8,745 Increase in stocks (76) (41) Decrease/(increase) in debtors (945) 3,748 Decrease in creditors (476) (5,153) -------------------------------- ----------- ----------- 22,079 21,501 -------------------------------- ----------- ----------- 7 Analysis of cash flows for headings netted in cash flow statement 2005 2004 #000 #000 Returns on investments and servicing of finance Interest received 4,667 2,342 Interest paid (7,188) (6,884) Interest element of finance lease rental payments - (8) -------------------------------- ----------- ----------- (2,521) (4,550) -------------------------------- ----------- ----------- Net capital expenditure Purchase of tangible fixed assets (24,568) (22,180) Contributions to infrastructure assets 2,082 234 Sale of tangible fixed assets 216 1,687 -------------------------------- ----------- ----------- (22,270) (20,259) -------------------------------- ----------- ----------- Management of liquid resources Cash deposits (1,964) 4,868 -------------------------------- ----------- ----------- Financing Issue of ordinary share capital 6,807 - Loans (repaid to)/from other group undertakings (11,070) 5,250 Bank loans 21,500 - Repayment of debentures (4,000) - -------------------------------- ----------- ----------- 13,237 5,250 -------------------------------- ----------- ----------- 8 Analysis of net debt At Cash Non-cash At 1 April flow changes 31 March 2004 2005 #000 #000 #000 #000 Cash at bank and in hand 1,130 6 - 1,136 Short term deposits 10,060 1,964 - 12,024 ---------------------- --------- --------- --------- --------- 11,190 1,970 - 13,160 Loans from other group undertakings (11,070) 11,070 - - Index linked loan (139,985) - (4,247) (144,232) Bank loans - (21,500) - (21,500) Issue costs 2,341 - (82) 2,259 Debenture stock (4,461) 4,000 - (461) ---------------------- --------- --------- --------- --------- (141,985) (4,460) (4,329) (150,774) ---------------------- --------- --------- --------- --------- The above table excludes the loan to the Company's parent undertakings of #35,000,000 (2004: #35,000,000). ------------------------------------------------- 9 Reconciliation of net cash flow to movements in net debt 2005 2004 #000 #000 Increase/(decrease) in cash in the year 6 (442) Cash inflow from increase in debt and lease financing (net of issue costs paid of nil (2003: #2,450,000)) (6,430) (5,250) Cash outflow/(inflow) from movement in liquid resources 1,964 (4,868) Movement in net debt resulting from cash flows (4,460) (10,560) Loan indexation (4,247) (3,782) Amortisation of loan issue costs (82) (84) Net debt at 1 April (141,985) (127,559) --------------------------------- ----------- ---------- Net debt at 31 March (150,774) (141,985) --------------------------------- ----------- ---------- The above table excludes the loan to the Company's parent undertakings of #35,000,000 (2004: #35,000,000). ------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END FR UKOBRVWRNRAR
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