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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 106.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 0751D Omega International Group PLC 10 September 2008 Immediate Release 10 September 2008 OMEGA INTERNATIONAL GROUP PLC INTERIM RESULTS Omega International Group PLC, a leading UK manufacturer of branded kitchen furniture, today announces its interim results for the six months to 27 June 2008. FINANCIAL HIGHLIGHTS 6 months2008 6 months2007 · Revenue + 10% £17.9m £16.3m · Pre tax profit + 4% £4.0m £3.8m · Basic earnings per share + 7% 10.2p 9.5p · Interim dividend per share + 4% 0.94p 0.9p · Net assets per share + 37% 100.0p 73.0p · Net cash £4.02m £1.02m * Purchase of 3.42 acres of land adjacent to the existing factory, taking total freehold area to 21 acres and providing future expansion potential of up to 95,000 sq ft. * New products launched into all three brands during the first half, strengthening competitive position. Commenting on the results Chairman, Bob Murray, said: "I am delighted to report a positive set of results for the first six months of the year. Whilst the economic environment is undoubtedly challenging, the fundamental strengths of the Group remain unchanged. We have a robust business model, the balance sheet is strong and we continue to take market share. The Board remains confident in its strategy for growth and in the prospects for the Group going forward. " For further information, please contact: Omega International Group plc: Tel: 01405 743 333 Francis Galvin: Group Chief Executive Buchanan Communications: Tel: 020 7466 5000 Mark Edwards Nicola Cronk e-mail: nicolac@buchanan.uk.com 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 mainly through independent kitchen specialist outlets throughout the UK. The Group's manufacturing, distribution and sales facilities are located in its purpose built factory complex in Thorne, Doncaster, adjacent to the M18 motorway. Chairman's statement Interim results 2008 I am delighted to report a positive set of results for the first six months to 27 June 2008. The Group remains committed to its medium term growth plan in which it is actively investing. Whilst market conditions have progressively deteriorated compared to the more buoyant conditions of last year, the Group has once again succeeded in growing its business in a difficult economic environment. Revenue for the first half of 2008 was £17.9 million, 10% higher than the same period last year (2007: £16.3 million). Input prices remain under pressure, particularly from our European sources. This has been compounded by the strength of the Euro resulting in an adverse impact in excess of £0.5 million on our profitability in the first six months when compared with 2007. Despite these significant cost issues the Group increased profit before tax by 4% to £4.0 million (2007: £3.8 million). Operating profit was £3.9 million (2007: £3.8 million) with the resulting operating margin of 22% (2007: 23%). Without adverse currency movements, operating margin would have increased to 25%. Basic earnings per share rose 7% to 10.2p (2007:9.5p). Forward Euro purchases to mid 2009, are expected to contain the adverse currency impact over the next year. Price increases of 5% were successfully implemented on our three brands between April and June 2008 which we expect to contribute to our profitability in the second half. Cash generation continues to be strong and the Group remains debt free. Following the purchase of adjacent freehold land for £1.3 million in the first half, net cash at the end of the period was £4.0 million. I am pleased to report that the Board has approved an increase of 4% in the interim dividend this year to 0.94p per share (2007: 0.9p) payable on 9 January 2009. As already stated, we are continuing with our programme of investment for our long term future growth. We have purchased the freehold of 3.42 acres of land adjacent to the existing factory, taking our total freehold area to 21 acres. Whilst we have comfortable headroom in our medium term production capacities this additional land will provide future expansion potential of up to 95,000 sq ft resulting in a single operational area of up to 410,000 sq ft . Our investments in the marketplace continued during the first half, obtaining new display dealers and updating the display base at existing customer outlets. New products were launched into our Sheraton brand in April and into our Omega and Chippendale brands during June, strengthening our competitive position. Towards the end of this year, we will be launching a new brand of kitchen furniture, our first for six years. As announced at the AGM there will be an exceptional cost of around £0.6 million contained within the 2008 full year results relating to the upfront investment. The Board sees this as a significant new opportunity for incremental sales on which we will update the market in due course. Whilst we managed to grow sales in the first half we are now seeing a more noticeable effect from the credit squeeze and the downturn in the economy. These two factors have led to a slowdown in activity both in the new build housing sector and on the high street. As a result dealer showrooms are seeing less traffic and also a lengthening in the quote to order cycle. Whilst we expect some uplift from home improvements - where home owners are choosing to improve their properties rather than move - the outlook overall remains challenging as market conditions weaken. Since our AGM trading statement in early June we have seen a marked downturn in order intakes. Sales in the first two months of the second half year were down 15% on the comparative period, although it should be noted that this is included an exceptionally strong performance in July last year. The economic environment is unlikely to improve in the short term and we therefore anticipate trading in both the second half and full year to be below 2007 levels. A number of management initiatives have been implemented in an effort to manage the business more prudently, in these challenging economic conditions. The fundamental strengths of the Group remain unchanged. We have a robust business model, the balance sheet is strong and we continue to take market share from our competitors. The Board remains confident in its' strategy for growth and in the prospects for the Group going forward. R S Murray CBE FCCA Chairman 10 September 2008 Consolidated income statement Unaudited Unaudited Audited for the six months ended 27 June 2008 six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 Notes £'000 £'000 £'000 Revenue 2 17,923 16,342 33,650 Cost of sales (8,847) (8,139) (16,629) Gross profit 9,076 8,203 17,021 Other operating expenses (5,166) (4,362) (8,975) Operating profit 3,910 3,841 8,046 Finance income - bank 101 5 49 Finance costs - bank - (5) (6) 101 - 43 Profit before income tax 4,011 3,841 8,089 Income tax expense 3 (1,136) (1,190) (2,401) Profit for the period 2,875 2,651 5,688 Earnings per share (pence) 4 Basic 10.2 9.5 20.3 Diluted 10.1 9.4 20.2 All results presented above arise from continuing operations and are wholly attributable to the equity shareholders of the Company. There is no material difference between reported and historical cost profits and losses. Consolidated statement of Unaudited Unaudited Audited recognised income and expense for the six months ended 27 June 2008 six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 £'000 £'000 £'000 Profit for the period 2,875 2,651 5,688 Deferred tax on share-based (5) 140 (240) payments Deferred tax on revaluation of (46) 50 (877) land and buildings Remeasurement of deferred tax for change in UK tax rate - - 250 Unrealised surplus on revaluation of freehold land and - - 3,221 buildings Total recognised income for the 2,824 2,841 8,042 period Consolidated balance sheet Unaudited Unaudited Audited 27 June 2008 27 June 26 June 31 December 2008 2007 2007 Note £'000 £'000 £'000 Non-current assets Intangible assets 170 96 135 Property, plant and equipment 24,367 19,211 22,969 24,537 19,307 23,104 Current assets Inventories 4,644 4,381 4,546 Trade and other receivables 6,757 6,369 5,192 Cash and cash equivalents 4,016 1,019 3,804 15,417 11,769 13,542 Total assets 39,954 31,076 36,646 Liabilities Non-current liabilities Other non-current liabilities 13 38 25 Deferred income tax 3,622 2,457 3,604 liabilities 3,635 2,495 3,629 Current liabilities Trade and other payables 6,967 7,048 6,216 Current income tax liabilities 1,070 1,256 722 8,037 8,304 6,938 Total liabilities 11,672 10,799 10,567 Net assets 28,282 20,277 26,079 Equity Ordinary shares 2,824 2,776 2,824 Share premium 2,058 1,563 2,058 Other reserves 10,953 8,432 10,963 Retained earnings 12,447 7,506 10,234 Total equity 6 28,282 20,277 26,079 Consolidated cash flow Unaudited Unaudited Audited statement for the six months ended 27 June 2008 six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 Note £'000 £'000 £'000 Cash flows from operating activities Cash generated from operations 7 3,336 3,936 8,476 Interest received 97 6 42 Interest paid - (3) (6) Income tax paid (822) (930) (2,299) Net cash inflow from operating 2,611 3,009 6,213 activities Cash flows from investing activities Purchase of property, plant (2,146) (2,850) (3,328) and equipment Proceeds from sale of 1 3 19 property, plant and equipment Net cash used in investing (2,145) (2,847) (3,309) activities Cash flows from financing activities Proceeds from issue of - - 543 ordinary shares Equity dividends paid to (254) (194) (694) shareholders Net cash used in financing (254) (194) (151) activities Net increase/(decrease) in 212 (32) 2,753 cash in the period Cash and cash equivalents at 1 3,804 1,051 1,051 January Cash and cash equivalents at 4,016 1,019 3,804 end of period 1. Basis of preparation The interim accounts have been prepared using the same accounting policies, in accordance with International Financial Reporting Standards, as were used in the Group's statutory accounts to 31 December 2007. The Group has taken advantage of the option not to apply IAS 23 "Interim financial reporting". The interim accounts were approved by the Board of Directors on 10 September 2008. The interim accounts for the six months ended 27 June 2008 and 26 June 2007 contained within this statement do not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The figures for the year ended 31 December 2007 have been extracted from the statutory accounts for 2007 which received an unqualified auditors' report and which have been delivered to the Registrar of Companies. 2. Revenue Revenue and operating results are derived from within the United Kingdom and from the Group's principal activity of the manufacture and marketing of branded consumer products. 3. Taxation The taxation charge on profit on ordinary activities has been based upon the estimated effective tax rate for the year. 4. Earnings per share Unaudited Unaudited Audited six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 Earnings per share (pence) Basic 10.2 9.5 20.3 Diluted 10.1 9.4 20.2 Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of shares in issue during each period. 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 employee share options. Weighted average number of shares: Unaudited Unaudited Audited six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 For basic earnings per share 28,241,465 27,761,150 28,001,307 Dilution for share-based 195,834 425,652 95,913 payments For diluted earnings per share 28,437,299 28,186,802 28,097,220 5. Dividends Amounts recorded as dividends in the interim report comprise: Unaudited Unaudited Audited six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 £'000 £'000 £'000 Final dividend per share for 1.8p - 500 500 2006 Interim dividend per share for 0.9p - - 254 2007 Final dividend per share for 2.3p 650 - - 2007 650 500 754 The Directors have approved an interim dividend of 0.94p per ordinary share payable on 9 January 2009 to shareholders recorded on the register on 12 December 2008. 6. Equity The movement on equity shareholders' funds comprises: Unaudited Unaudited Audited six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 £'000 £'000 £'000 Profit for the financial period 2,875 2,651 5,688 Ordinary dividends paid (650) (500) (754) Share option expense 29 34 59 Tax on exercise of share - - 287 options Issue of share capital - - 543 Revaluation of freehold land - - 3,221 and buildings Deferred tax movement (51) 190 (1,117) Remeasurement of deferred tax - - 250 for change in UK rate Net addition to equity 2,203 2,375 8,177 shareholders' funds At 1 January 26,079 17,902 17,902 Equity shareholders' funds at 28,282 20,277 26,079 end of period 7. Cash generated from operations Unaudited Unaudited Audited six months to six months to year ended 27 June 26 June 31 December 2008 2007 2007 £'000 £'000 £'000 Operating profit 3,910 3,841 8,046 Adjusted for: Depreciation and amortisation 323 279 566 Loss/(profit) on disposal of property, plant and equipment 2 (1) 17 Share option expense 29 34 59 Grant released from deferred (11) (13) (27) income Changes in working capital: Increase in inventories (97) (739) (904) Increase in trade and other (1,870) (1,243) (187) receivables Increase in trade and other 1,050 1,778 906 payables Cash generated from operations 3,336 3,936 8,476 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFFEADIAIIT
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