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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Omega Intl | LSE:OME | London | Ordinary Share | GB00B00J0S40 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 106.50 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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30/1/2006 10:59 | Kombimatic what do you mean????? | oranges | |
30/1/2006 09:06 | Thanks for bringing to my attention by posting it on another thread. I Have decided to make this my first ever short. | kombimatec | |
29/1/2006 14:36 | I too believe that there is an interesting development to be unfolded shortly. Increasing capacity and variant product range perhaps? | oranges | |
28/1/2006 20:24 | good news to come...watch and keep watching. | omega | |
27/1/2006 11:49 | It just seems to be following the graph trend, sharp rise followed by dribble down to new low, sharp rise followed by dribble down to new low. Hope to be wrong as I am still red from last year and had big hopes for these when I jumped in. It has to be one of the quietest shares as far as BB activity goes. Having said that so is SMC which has done 100% over the previous months. | nig295 | |
27/1/2006 11:35 | Some nice movement but quiet on here and can't find any news. | dirtysteve | |
16/12/2005 18:21 | Dirtysteve, I think you have done quite well buying into Omega at this time, I would like to top up my holding, Maybe on Monday. Company is doing quite well I believe. | oranges | |
09/12/2005 13:37 | Just in at 142 mid price. Had to pay 145.75 tho. Still a cheap price to pay I hope. Very quiet thread tho. Any latest news? Figures? Gossip? Rumours? | dirtysteve | |
15/9/2005 18:31 | Nice set of figures today from Omega. Consistent growth in profit and useful dividend announced. I believe that this management team have got the formula right for the medium to longer term. | neefax | |
11/6/2005 14:01 | nig295, you have far from bought a dud! Omega are certainly doing quite well in what I think are 'far from easy' trading conditions. The company have a fairly robust set of 'independent retailers' who are offering the Omega product range to a more discerning clientel, ( who I think are more affluent than the typical 'shed' customer ). I am a holder of this stock and intend to add to my holding shortly. | neefax | |
18/5/2005 18:46 | I just bought into this today on a recommendation, came to see what everyone is saying about the Co and the place has been empty for 2 months. Have I bought a dud? | nig295 | |
18/5/2005 18:45 | I just bought into this today on a recommendation, came to see what everyone is saying about the Co and the place has been empty for 2 months. Have I bought a dud? | nig295 | |
24/3/2005 07:58 | Omega International Group PLC 24 March 2005 For Immediate Release 24 March 2005 OMEGA INTERNATIONAL GROUP PLC MAIDEN FINAL RESULTS Omega International Group PLC, a leading UK manufacturer of branded kitchen furniture, today announces its maiden final results for the year ended 31 December 2004. Omega was successfully admitted to AIM in April 2004, raising £9.5 million. KEY POINTS Increase 2004 2003 Turnover 20% £21.3m £17.8m Operating Profit 41% £4.1m £2.9m Pre tax profit 47% £3.9m £2.6m Basic earnings per share 8% 8.3p 7.7p Adjusted earnings per share* 32% 10.2p 7.7p Successful admission to AIM in April 2004 raising £2.25m of new money, used primarily to redeem all of the Group's preference shares and to pay related dividend liabilities Dividend of 1.5p per share proposed payable on 8 July 2005 to shareholders recorded on the register on 10 June 2005 * Adjusted for an exceptional tax credit and preference dividend Commenting on the results Chairman, Bob Murray, said: 'I am delighted to be reporting these strong results. The Directors are confident that the product launches in 2005, together with improved distribution, will lead to further growth in volumes, margins and profit.' For further information, please contact: Omega International Group plc: Tel: 01405 743 333 Francis Galvin: Group Chief Executive Martin Levitt: Finance Director Buchanan Communications: Tel: 020 7466 5000 Mark Edwards e-mail: nicolac@buchanan.uk. Nicola Cronk Notes to editors: The Group's core business is the design, manufacture and marketing of branded kitchen furniture through three main brands: Sheraton, Omega and Chippendale. These three brands are sold throughout the UK, mainly to independent retailers. The Group's manufacturing, distribution and sales facilities are located in its 205,000 square ft. purpose built factory complex in Thorne, Doncaster, adjacent to the M18 motorway. CHAIRMAN'S STATEMENT I am pleased to report that the year ended 31 December 2004 reflected a period of significant achievement and importance for the Group. The Company was successfully admitted to the Alternative Investment Market of the London Stock Exchange on 13 April 2004. This achieved a key objective and allowed the Company to redeem all remaining preference shares and to pay in full the associated dividend liabilities. The increase in our share price since flotation reflects how well the listing was received. The financial performance of the Group has been robust with turnover at a record £21.3m (2003:£17.8m). We recorded a 47% gross margin (2003:44%) and an operating margin of 19% (2003:16%). Operating profit has grown by 41% to £4.1m which reflects economies of scale and improved efficiencies on incremental volumes. Cash flow has been strong, allowing the early repayment of some £1.3m of long term debt. The Directors are proposing a maiden dividend of 1.5p per ordinary share payable on 8 July 2005. The Group's strategy continues to focus strongly on increased development of its kitchen brands and expanded distribution through independent retail outlets nationwide in the replacement and new build markets. Current trading is in line with expectations and the Directors are confident that the product launches in 2005, together with improved distribution, will lead to further growth in volumes, margins and profit. On behalf of the Group, I would like to thank all of our customers and suppliers as well as our own skilled and dedicated staff, who now number over 200, for their support, commitment and energy throughout the year. R S MURRAY CBE FCCA CHAIRMAN 23 March 2005 CHIEF EXECUTIVE'S REPORT Omega's three brands Sheraton, Omega Kitchens and Chippendale Kitchens are distributed and sold through a national network of specialist kitchen outlets, the majority of which are independent retailers. Omega had a very good year with progress being made in all areas of the business. The Group continued with its investment in expanding and strengthening its display base on all three brands by taking on new displaying dealers as well as adding displays of new kitchen ranges within existing outlets. During 2004 Omega also increased its focus on sales activity in the South where historically its distribution has not been as concentrated. This ongoing initiative is expected to gain momentum throughout 2005 and make an increased contribution to the business. New product development continues to be a key area for the Group. Twenty new kitchens were launched during 2004 across all three brands helping to improve yields per outlet as well as refreshing the mix of kitchens on display nationally. Omega continues to work closely with its displaying outlets, utilising its national sales force to motivate dealers and their staff as well as constructing tailored marketing packages including showroom layouts, staff training, CAD planning and quotations, product promotions and support materials. Our modest market share should allow us to continue with our growth plans even if market conditions ease. The operational side of the business also made significant progress. Production volumes increased by around 20% in line with sales growth and manufacturing volumes per operative improved by over 18% in the year. Service levels remained consistently high, averaging 96 % of all kitchens being despatched complete and on time to our dealers or their customers' home addresses. The Group continues with its successful formula into 2005, targeting additional new display outlets and further strengthening the existing display network. Four new kitchens have been launched into Sheraton this month and a new product development programme for Omega Kitchens and Chippendale Kitchens is now underway with launches planned for September 2005. FRANCIS GALVIN CHIEF EXECUTIVE 23 March 2005 FINANCIAL REVIEW Trading Turnover grew by 20% to £21.3m from £17.8m in 2003. Increased volumes and improved cost controls allowed gross margins to reach 47% up from 44% in 2003. Further, operational efficiencies allowed operating margins to reach 19 % for the year compared with 16% in 2003. Unusual items The consolidated profit and loss account includes a tax charge that is much lower than the statutory rate of 30%. This arose from statutory deductions of £3 million available to the Group through the exercise of EMI share options by the Executive Directors on the flotation of the Company. On flotation, all the Company's previously issued preference shares were redeemed together with deferred dividend payments of £1.4 million arising on redemption. In view of the significance of these unusual items, an adjusted earnings per share calculation has been presented that excludes their impact on reported results. Cashflow The placing of new shares on flotation and the exercise of options raised £2.06 million net of expenses which was used mainly to redeem the remaining preference shares and to pay the deferred dividend referred to above. Operating cash flows at £4.9 m against £1.8 million in 2003 reflected both the improved profitability and control of working capital, especially stock levels which reduced slightly year on year. Capital expenditure totalled £0.7m, leaving the remainder of cash flows, after the payment of £0.6m in Corporation Tax, to service and reduce net debt. Capital structure The Group is now funded by equity and medium term borrowings from Lloyds TSB Bank plc. Early repayments of the ten year loan from the bank have resulted in a year end balance of £2.1 million (2003 - £3.8 million). Other borrowings at the beginning of the year of £1.3 million were repaid in full, leaving net gearing of 15% at year end. Both medium and short term facilities are payable in sterling and carry interest linked to base rate. Treasury The Group's current policy is to use floating interest rates on its debt and any surplus funds are placed on deposit daily. However, when commitments allow, early repayments will continue to be made on the medium term debt rather than placing funds on deposit. About one third of the Group's purchases of material are made in Euros. It is the Group's policy to purchase Euros using forward options when rates are favourable. This though is usually for less than the next half year's purchases and the purchase of forward currency, if any, is delegated to the Finance and Operations Directors, acting together. MARTIN LEVITT FCA FINANCE DIRECTOR 23 March 2005 CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2004 Notes Audited Audited 2004 2003 £'000 £'000 Turnover 2 21,326 17,845 Cost of sales (11,232) (9,922) Gross profit 10,094 7,923 Other operating expenses (6,007) (5,018) Operating profit 4,087 2,905 Net interest payable (230) (277) Profit before tax 3,857 2,628 Tax on profit on ordinary activities 3 (266) (792) Profit for the financial year 3,591 1,836 Dividends 4 (1,827) (94) Retained profit for the year 1,764 1,742 Basic and diluted earnings per share (pence) 5 8.3 7.7 Basic and diluted adjusted earnings per share (pence) 5 10.2 7.7 All activities of the Group are continuing. There is no material difference between reported and historical cost profits and losses. There were no recognised gains and losses for both of the years ended 31 December 2003 and 2004 other than the profit for the year. CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2004 Notes Audited Audited 2004 2003 £'000 £ '000 Fixed assets Intangible assets 22 29 Tangible assets 11,832 11,897 11,854 11,926 Current assets Stocks 3,125 3,386 Debtors 3,363 3,176 Cash 327 - 6,815 6,562 Creditors: amounts falling due within one year (4,468) (5,640) Net current assets 2,347 922 Total assets less current liabilities 14,201 12,848 Creditors: amounts falling due after more than one year (1,806) (3,658) Provision for liabilities and charges (535) (459) Net assets 11,860 8,731 Capital and reserves Called-up share capital 2,776 2,977 Share premium account 1,563 - Capital redemption reserve 3,096 2,746 Revaluation reserve 4,440 4,462 Profit and loss account (15) (1,454) Shareholders' funds 6 11,860 8,731 Attributable to: Equity interests 11,860 6,641 Non-equity interests - 2,090 Shareholders' funds 11,860 8,731 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 Notes Audited Audited 2004 2003 £'000 £'000 Net cash inflow from operating activities 7 4,878 1,816 Returns on investments and servicing of finance Interest paid (234) (277) Preference dividends paid (1,426) (122) Net cash outflow from returns on investments and servicing of finance (1,660) (399) Taxation (620) - Capital expenditure and financial investment Purchase of tangible fixed assets (669) (1,011) Sale of tangible fixed assets 30 62 Grants received for capital expenditure 23 - Net cash used for capital expenditure and financial investment (616) (949) Net cash inflow before use of liquid resources and financing 1,982 468 Financing Issue of shares 2,550 - Costs of share issue (488) - Redemption of preference shares (700) (1,300) Bank loans - 4,275 Repayment of bank loans (1,929) (3,914) Repayment of other loan (50) (100) Net cash outflow from financing (617) (1,039) Increase/(decrease) in cash in the year 8 1,365 (571) NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 1. BASIS OF PREPARATION The audited consolidated financial information for the year ended 31 December 2004 has been prepared in accordance with applicable UK accounting standards and the accounting policies disclosed in the Group's accounts for the year ended 31 December 2003. The financial information included in this announcement has been extracted from the audited financial statements for the years ended 31 December 2004 and 2003. The content of this announcement has been agreed with the Company's auditors. This preliminary announcement does not constitute the Group's financial statements. The Group's 2004 Annual Report and Financial Statements, on which the Company's auditors, PricewaterhouseCoope unqualified opinion in accordance with Section 235 of the Companies Act 1985, are to be delivered to the Registrar of Companies. The Group's 2003 accounts, which contain an unqualified audit report, have been filed with the Registrar of Companies. Copies of the Group's 2004 Annual Report and Financial Statements will be posted to all shareholders during April 2005. 2. TURNOVER Turnover, operating profits and net assets are derived from within the United Kingdom and are from the Group's principal activity of the manufacture and marketing of branded consumer products. 3. TAX ON PROFIT ON ORDINARY ACTIVITIES a) Analysis of charge in year Audited Audited 2004 2003 £'000 £'000 Current tax UK Corporation tax on profit for the year 188 618 Adjustment for prior years 2 - 190 618 Deferred tax Deferred tax at 30% 71 183 Adjustment for prior years 5 (9) 76 174 Tax on profit on ordinary activities 266 792 NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 3. TAX ON PROFIT ON ORDINARY ACTIVITIES (continued) b) Factors affecting tax charge for the year The taxation assessed for the year is lower than the standard rate of 30% as set out below- Audited Audited 2004 2003 £'000 £'000 Profit on ordinary activities before taxation 3,857 2,628 Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 30% (2003 - 30%) 1,157 788 Expenses not deductible for tax purposes 25 13 Capital allowances in excess of depreciation (65) (106) Short term timing differences (6) (1) Utilisation of tax losses brought forward - (76) Statutory deduction for exercise of share options (900) - Effect of small companies and marginal tax rates (23) - Adjustment in respect of prior years 2 - 190 618 c) Factors that may affect future current tax charges Future tax charges are expected to increase as all brought forward losses have been utilised, the significant statutory deduction on the exercise of share options is not expected to recur, and the excess of capital allowances over depreciation is expected to fall over the next few years. 4. DIVIDENDS Audited Audited 2004 2003 £'000 £'000 Equity Proposed final dividend of 1.5p per share 416 - Non-Equity Regular dividends paid 26 122 Appropriation of profit in respect of preference shares (15) (28) Deferred dividend paid 1,400 - 1,411 94 Total dividends 1,827 94 5. EARNINGS PER SHARE Basic earnings per share of 8.3p (2003:7.7p) is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share reflect the adjustment of the weighted average number of ordinary shares in issue to assume conversion of all dilutive potential ordinary shares, being outstanding share options. NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 5. EARNINGS PER SHARE (continued) The number of shares has been adjusted to calculate earnings per share as though the 10 for 1 share split on 13 April 2004 had been in effect throughout both 2003 and 2004. Weighted average number of shares: Audited Audited 2004 2003 For basic earnings per share 26,356,537 22,770,000 Share options 48,510 - For diluted earnings per share 26,405,047 22,770,000 The share options outstanding at 31 December 2003 were not dilutive under the provisions of FRS14. The dilution above at 31 December 2004 does not give rise to a difference between basic and diluted earnings per share. The earnings attributable to ordinary shareholders used in the calculation of basic and diluted earnings per share reflect: Audited Audited 2004 2003 £'000 £'000 Profit for the period 3,591 1,836 Dividends - non equity (1,411) (94) 2,180 1,742 Adjusted earnings used in the calculation of basic and diluted earnings per share reconciles to basic earnings as follows: Audited Audited 2004 2003 £'000 £'000 Basic earnings (as above) 2,180 1,742 Exceptional tax credit generated by the exercise of Directors' share options immediately prior to flotation (900) - Deferred preference dividend payable on flotation 1,400 - Adjusted earnings 2,680 1,742 Adjusted earnings per share is provided in order that the effect of these one-off items can be fully appreciated. NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 6. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Audited Audited 2004 2003 £'000 £'000 Profit for the year 3,591 1,836 Preference dividends (1,411) (94) Preference share redemptions (700) (1,300) Ordinary dividends (416) - Share option expense 3 - Issue of ordinary shares 2,550 - Cost of share issue (488) - Net addition to shareholders' funds 3,129 442 As at 1 January 8,731 8,289 As at 31 December 11,860 8,731 7. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Audited Audited 2004 2003 £'000 £'000 Operating profit 4,087 2,905 Depreciation and amortisation 518 444 (Profit)/loss on disposal of fixed assets 14 (1) Share option expense 3 - Grant released from deferred income (39) (35) (Increase)/decrease in stocks 261 (1,045) Increase in debtors (210) (431) Increase/(decrease) in creditors 244 (21) Net cash inflow from operating activities 4,878 1,816 8. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Audited Audited 2004 2003 £'000 £'000 Increase/(decrease) in cash 1,365 (571) Net decrease/(increase) in debt 1,979 (262) 3,344 (833) Net debt at 1 January (5,117) (4,284) Net debt at 31 December (1,773) (5,117) | peladon | |
12/3/2005 09:40 | I bought early yesterday, figures are out 24th March, I anticipate a good set of accounts, more interesting though will be any news of expansion plans. I believe that the management are highly motivated, not just by money, but the achievement of growing a company organically must be really fulfilling. | neefax | |
11/3/2005 20:53 | £2.00 on the way, damn and blast, i wish i picked up more.. oh well be content with what i have.. looking good. | omega | |
05/3/2005 11:24 | Interesting observations, I too have knowledge of their trading by simply visiting a couple of retailers and looking at the range. Speaking to the sales staff and assuming that their comments are genuine, it would appear that the Omega range is very well respected and sales are bouyant. Figures are out March 24th, very excited about them, will they announce a dividend, my betting is YES, this will along with report and accounts could well propel the price beyond the £2 mark, I'm a holder and I'm in for the next few years. | neefax | |
04/3/2005 20:58 | pardon the coincedence on my name, without giving too much info away the company will report a massive profit in first year unfortunately i did not buy in,wish i had, i have a colleague who sells their products and they are definately going to be a big player in the kitchen market with good money being plowed back in and staffing levels already to the bone,ripe for a good return, i missed the boat, or have i, may still get in. | omega | |
01/3/2005 10:03 | Shares are so tightly held its almost impossible to buy any significant quantity. I guess a share split is in the offing, one for one is my bet. Company is performing remarkably in mediocre trading conditions. Expect a trading update soon. | neefax | |
28/2/2005 18:19 | Nice rise - anyone know why? | peladon | |
31/12/2004 06:55 | Beware, directors embargo on selling shares ends today, there may well be a lot of stock becoming available. I guess that the stock will be placed rather than flooding the market. We will wait and see. | neefax | |
30/12/2004 20:00 | It means nothing I just edited out a comment. The share price is doing very well looks like the MMs are short of stock, what stock is available appears to be tightly held and nobody is selling by the looks of it. The only problem with this share is the huge spread, the positive is the market they're in is growing rapidly and the potential capacity to feed that demand is already in place. I do not know of any news but I do know the charts are very positive for those that trade stocks (my point & figure chart showed up a buy signal on 22.12.04 @160p which could mean the party has just started). | easytimes | |
30/12/2004 15:34 | easytimes, what does this mean . Omega shareprice is doing rather well! | neefax | |
12/11/2004 10:03 | The key component of this outfit, is its extremely competent management team and structure. Clearly a wealth of experience in their chosen sector would indicate that they have a clear business plan for the next three or four years, which should prove to be good for investors. | neefax |
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