![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Mid Kent Wtr4% | LSE:48HO | London | Debenture |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
RNS Number:2314X Mid Kent Water PLC 14 June 2002 Mid Kent Water plc Preliminary Results for the year to 31 March 2002 Chairman's Statement Introduction The year has seen significant changes in terms of performance, management and ownership. As I reported in November, the Company's ultimate parent company changed in May 2001 and is now Swan Capital Group Ltd. Part of the reason for the change in ownership was to secure the funds required during the current regulatory period to meet our substantial capital investment programme. The new management team is now well established and it is pleasing to report both significant improvements in levels of service for our customers and a strong financial performance. Results Overall turnover for the year was £38.7m, an increase of 5.9% from £36.6m with water supply revenue increasing 6.8% on last year. This increase reflects increased water prices of 7.7% as allowed by the Regulator, offset by the impact of metering and the reduction in metered volumes. Operating profit was £14.2m compared with £8.8m. It should be noted that operating profit last year was stated after Competition Commission costs of £1.5m. Profits on surplus property disposals were down from £1.9m last year to £0.5m. Net interest payable has increased from £3.3m to £4.3m reflecting the increased borrowing requirement to fund capital expenditure. An interim dividend of 9.45p per share was paid on 27th November 2001 (2001: 9.01p) and a second interim dividend of 14.16p (2001: 13.52p) will be paid on 26 July 2002. This represents a 4.8% increase on last year's dividend. No final dividend is proposed. The dividend policy is to provide shareholders with a return in line with market expectations. This will be reviewed in the coming year along with the financial structure of the Company. Capital expenditure Capital expenditure in the year of £28.0m gross (£24.8m net of contributions) represents the largest annual programme in the history of the Company. Five new treatment plants are in the course of completion of which three have been commissioned during the year. 128km of mains were either refurbished or replaced in the year. This is part of our mains rehabilitation project which is underpinned by an undertaking given to the Drinking Water Inspectorate on behalf of the Secretary of State. We continue to promote the take up of meters with in excess of 7,000 free meters to customers transferring from unmeasured accounts and 2,000 new domestic property meters being installed in the year. Operations Performance in terms of all levels of service measured by OFWAT has shown improvement in the year. Unaudited figures show that the Company's leakage target has been met and water quality results for the year are the best on record, beating last year's compliance figure for overall water quality. Non regulated activities We have continued to develop further our contracted services for the industrial and commercial market place in South East England, and a number of innovative opportunities are actively being investigated. We are also continuing to grow our share of the plumbing service market and to build on the reputation of our Fisheries business. Community We take an active role in working with our community and in the year we were delighted to support the Festival for Schools, an education programme working in conjunction with Kent County Council, and the Kent Environment Award where we sponsored the site management category. Prospects We aim to continue to deliver improved levels of service in the coming year. This will be coupled with a significant programme of improved performance delivery and process efficiencies. Successful completion of the programme will ensure that we are well positioned in efficiency terms when compared with other water companies. Employees The Company and its customers benefit from the skills, dedication and commitment of its staff. I would like to take the opportunity to thank them for their hard work and support, and look forward to working with them to meet the challenges in the year ahead. Keith Tozzi Chairman 14 June 2002 Profit and loss account Year ended 31 March 2002 Notes 2002 2001 £000 (restated) £000 2 Turnover 38,710 36,561 Operating costs (24,478) (27,758) ---------- ---------- 3 Operating profit 14,232 8,803 Profit on sale of fixed assets 477 1,875 ----------- ----------- Profit on ordinary activities before interest 14,709 10,678 Interest receivable 106 604 Interest payable and similar charges (4,357) (3,946) ---------- ----------- 1, 4 Profit on ordinary activities before taxation 10,458 7,336 Tax on profit on ordinary activities (1,464) (848) ---------- ---------- Profit on ordinary activities after taxation 8,994 6,488 5 Dividends paid and proposed (4,402) (4,200) ---------- ---------- Retained profit for the year 4,592 2,288 ---------- ---------- 6 Earnings per ordinary share 48.2p 34.8p ---------- ---------- 5 Dividends per ordinary share 23.61p 22.53p Summarised balance sheet At 31 March 2002 Notes 2002 2001 £000 (restated) £000 Fixed assets Tangible assets 151,978 133,869 ---------- ---------- Current assets Stocks 567 459 Debtors 7,922 7,335 Cash at bank and in hand 1,370 5,184 ---------- ---------- 9,859 12,978 Creditors: amounts falling due within one year (33,200) (37,172) ---------- ---------- Net current liabilities (23,341) (24,194) ---------- ---------- Total assets less current liabilities 128,637 109,675 Creditors: amounts falling due after more than one year (56,107) (42,531) Provision for deferred taxation (12,898) (12,104) 1 ---------- ---------- Net assets 59,632 55,040 ---------- ---------- Capital and reserves Attributable to equity interests Called up share capital 18,646 18,646 Profit and loss account 40,986 36,394 ---------- ---------- Capital employed 59,632 55,040 ---------- ---------- Summarised cash flow statement Year ended 31 March 2002 2002 2001 £000 £000 Net cash inflow from operating activities 17,727 17,718 Returns on investments and servicing of finance (4,009) (3,349) Taxation 682 (2,537) Net capital expenditure (27,456) (11,051) Equity dividends paid (4,283) (4,600) ---------- ---------- Cash outflow before financing (17,339) (3,819) Financing 13,525 (54) ---------- ---------- Decrease in cash (3,814) (3,873) Notes 7 to 10 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 2001 with the following exceptions: (a) Financial Reporting Standard 19 "Deferred tax" has been adopted for the first time in these accounts, resulting in a restatement of prior year figures. Profit for the year to 31 March 2001 has been reduced by £739,000 reflecting the deferred tax charge for that year. Net assets at 1 April 2001 have reduced by £12,104,000, reflecting the provision for deferred tax. (b) Financial Reporting Standard 18 "Accounting Policies" (FRS 18) has also been adopted for the first time in these accounts. The directors have reviewed the Company's accounting policies and consider that the accounts are prepared in accordance with FRS 18. This has had no impact on the profit or net assets of the Company. (ii) The information shown for the years ended 31 March 2002 and 31 March 2001 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 2002 and 31 March 2001 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 2001 have been filed with the Registrar of Companies. The accounts for the year ended 31 March 2002 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 14 June 2002. 2 Analysis of turnover 2002 2001 £000 £000 Unmeasured supplies 21,200 20,599 Measured supplies 14,645 12,967 Other activities 2,865 2,995 ---------- ---------- 38,710 36,561 ---------- ---------- 3 Operating profit 2002 2001 £000 £000 Operating profit is stated after charging Competition Commission referral costs - 1,545 4 Corporation tax 2002 2001 £000 (restated) £000 Current tax UK Corporation tax 1,878 1,105 Tax over provided in previous years (1,208) (517) Group relief surrended at nil charge by other group undertaking - (479) ---------- ---------- 670 109 Deferred tax Discounted origination and reversal of timing differences 794 739 ---------- ---------- 1,464 848 ---------- -------- 5 Dividends A second interim dividend of 14.16p per ordinary share in respect of the year ended 31 March 2002 will be paid on 26 July 2002 to shareholders on the register on 28 June 2002. The second interim dividend is in addition to the interim dividend of 9.45p, already paid, making a total of 23.61p for the year. This compares with a second interim dividend last year of 13.52p and an interim dividend of 9.01p, making a total of 22.53p for that year. No final dividend is proposed. 6 Earnings per ordinary share Earnings per ordinary share are calculated on the profit for the year of £8,994,000 (2001 restated: £6,488,000) and the weighted average number of shares in issue of 18,646,142 (2001: 18,646,142). 7 Reconciliation of operating profit to net cash flow from operating activities 2002 2001 £000 (restated) £000 Operating profit 14,232 8,803 Depreciation charge 6,637 6,619 (Increase)/decrease in stocks (108) 66 Increase in debtors (249) (112) (Decrease)/increase in creditors (2,785) 2,342 ---------- ---------- 17,727 17,718 ---------- ---------- 8 Analysis of cash flows for headings netted in cash flow statement 2002 2001 £000 £000 Returns on investments and servicing of finance Interest received 106 608 Interest paid (4,100) (3,941) Interest element of finance lease rental payments (15) (16) ---------- ---------- (4,009) (3,349) ---------- ---------- Net capital expenditure Purchase of tangible fixed assets (28,473) (18,477) Contributions to infrastructure assets 805 4,976 Sale of tangible fixed assets 212 2,450 ---------- ----------- (27,456) (11,051) ---------- ---------- Financing Capital element of finance lease rental payments (75) (54) Loans from holding company 13,600 - ---------- ---------- 13,525 (54) ---------- ---------- 9 Analysis of net debt At At 1 April Cash flow 31 March 2001 £000 2002 £000 £000 Cash at bank and in hand 5,184 (3,814) 1,370 Finance leases (128) 75 (53) Loans from holding company (38,000) (13,600) (51,600) Debenture stock (4,461) - (4,461) ---------- ---------- ---------- (37,405) (17,339) (54,744) ---------- ---------- ---------- 10 Reconciliation of net cash flow to movement in net debt 2002 2001 £000 £000 Decrease in cash in the year (3,814) (3,873) Cash outflow from lease repayments 75 54 Cash inflow from loans from holding company (13,600) - ---------- ---------- Movement in net debt resulting from cash flows (17,339) (3,819) Net debt at 1 April (37,405) (33,586) ---------- ---------- Net debt at 31 March (54,744) (37,405) ---------- ---------- This information is provided by RNS The company news service from the London Stock Exchange
1 Year Mid Kent Wtr4% Chart |
1 Month Mid Kent Wtr4% Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions