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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Range Cooker | LSE:RCC | London | Ordinary Share | GB0002182896 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2598G
Range Cooker Company PLC
3 July 2001
FOR RELEASE 7.00 AM 3 JULY 2001
THE RANGE COOKER COMPANY PLC
("The Range Cooker Company" or "the Company")
(One of the largest suppliers of quality domestic cookers in the UK)
Preliminary results for the year ended 30 April 2001
HIGHLIGHTS
Year ended 30 April: 2001 2000 Change
Turnover #13.53m #12.10m +11.8%
Profit before tax #3.57m #2.83m +26.1%
Earnings per share 1.56p 1.22p +27.9%
Dividends per share 1.875p 1.00p +87.5%
* Another year of sustained growth
* Trading continues to be buoyant, supported by strong order book
* Sales in Ireland up 30% over last year
* Main supplier extending production facility by 60,000 ft
* Planning application for Blackpool extension approved
* On course in responding to market trends and needs
* A successful year in sight
For further information contact:
John Armstrong (Chairman) 020 7786 9600 (Tuesday and Wednesday only)
The Range Cooker Company plc 01253 471123 (thereafter)
Brian Coleman-Smith / Jacqui Graves 020 7786 9600
Binns & Co Public Relations
Background note
1. The Range Cooker Company's shares are traded on AIM having gained
admission in November 1997 by way of a placing at 5p a share.
2. The Britannia product range offers a number of different sizes from
60cm single oven models to the larger 90cm (single and twin ovens), 100cm,
120cm and 150cm twin oven widths. Sales are predominantly in the larger
models, price range from #1,200 to over #5,000. These models are sold through
over 650 retail outlets in the UK and Ireland. Sales are balanced through
retailers such as John Lewis Partnership, Harrods, specialist appliance
retailers and kitchen specialists.
3. The Majestic range offers over 700 models ranging in size from 700mm
to 1511mm. Price range on Majestic is between #1,800 and #7,500. This range
is available through a smaller number of dedicated retailers.
4. The Morice range offers over 800 models, mostly to the consumers'
personal requirements and price range is from #5,500 and is available only
through outlets that can offer an extremely high level of service and
installation.
THE RANGE COOKER COMPANY PLC
("The Range Cooker Company" or "the Company")
CHAIRMAN'S STATEMENT
Results
I am pleased to report, once again, that your Company has performed well in
the year ended 30 April 2001 and has maintained a seventh year of organic
growth.
In the year ended 30 April 2001 turnover increased to #13.5m (2000: #12.1m) an
increase of 11.8%.
Operating profit rose to #3.4m (2000: #2.7m) an increase of 24.1%.
Earnings per share have increased from 1.22p to 1.56p, a rise of 27.9%.
Current trading remains buoyant with our order book remaining strong.
Sales in Ireland have continued to grow, up 30% on last year.
Dividends
As stated in previous reports, it has always been our intention to pursue a
progressive dividend policy, subject to retaining adequate earnings for the
future growth of your Company.
It was in support of this policy that we declared the special dividend of 0.7p
per share in May 2001, which was paid on 15 June 2001.
Your board considers that your Company has suitable funding for future needs
and, in view of your Company's healthy cash resources, is proposing a final
dividend of 0.9p per share, #1,431,000 in total, to shareholders on the
register at 13 July 2001. This will be payable on 14 August 2001 and makes a
total payment for the year under review of 1.875p per share (2000: 1.0p per
share).
Company's Objectives
The Range Cooker Company plc is still the largest specialist supplier of high
quality range style domestic cookers in the UK.
We continue to develop our long trading relationship with our suppliers and
major trade customers, whilst continuing to build on our reputation as a
supplier of quality cooking and air extraction equipment.
Our policy of providing a service to our customers which is "second to none"
is the envy of our competitors in the industry.
Development
As reported in the interim statement, published in January 2001, the Company
plans to further establish all the new products launched in 2000.
Our relationship with our main supplier, ILVE S.p.A., has been a major
influence on them extending their production facility by some 60,000 square
feet. These facilities are expected to come on stream in September 2002.
Several projects to further extend and enhance our range are in progress at
present and, although in their infancy, it is hoped that one or more of these
projects will be announced in the near future.
The planning application to extend our warehouse facility at Blackpool has
been approved and the proposed building work will be carried out as and when
required. At the present time your Company has, through more efficient
production planning, seen fit to delay actual commissioning of these works.
Products
Britannia
The existing Britannia product range continues, yet again, to grow in stature,
despite no major product enhancement since last year's report.
September this year will see the launch of a new generation of Britannia
cookers and hoods.
These products will further enhance our range of styles, enabling Britannia to
complement both traditional and modern kitchen designs.
This new range, based on the success of the existing Britannia technology,
will be phased in over the next two years, as the new production facility at
ILVE S.p.A. comes on stream.
The range will demonstrate how the Company can react to the market
requirements.
Our policy of specialising in the middle to upper end of the market is still
proving correct. Consumers do appreciate a quality product, especially when
backed by good service.
Majestic
Majestic is the Company's brand name for a more advanced style of cooker.
The cooker and hood range is another example of the close working relationship
between the Company and ILVE S.p.A.
Majestic is an exceptional family of range cookers, combining internationally
recognised design flair and craftsmanship with the very latest technology.
The quality of the Majestic product is apparent the moment it is viewed.
With over 700 model combinations of dual fuel or all gas, in widths ranging
from 700mm to 1511mm, and available to special order in stainless steel or
four alternative colours, this truly is an impressive range.
To complement the Majestic cookers, a range of hoods has been developed which
incorporate infra-red heat lamps. These infra-red heat lamps are used for
plate warming and keeping hot previously heated food.
Morice
Morice is targeted at the very pinnacle of the range cooker market. This
ultimate bespoke cooker is for the discerning few. With an infinite array of
layout combinations, each Morice cooker is individually hand-built to order.
Working with Morice (the company) is a long term project for The Range Cooker
Company providing a platform to address this niche market sector.
Retirements
I would like to thank Mr John Preston, who has retired from the board, for his
contribution to the Company. John deserves to enjoy his retirement having been
an exemplary representative of the kitchen industry for some 35 plus years.
He will be greatly missed by colleagues and customers alike.
I would also like to note my gratitude to my ex-wife Mrs Tracy Armstrong, who
has retired from the Board, for her contribution and support to the Company.
Staff
The Company recognises that without dedicated staff it would not be
successful, and continues its policy of developing its workforce to cater for
its customers needs. We, as a Board, will continue to develop the Company's
ongoing commitment to training its staff.
Once again, I would like to thank our team without which we could not produce
the results for our shareholders.
Prospects
We continue to build our presence in the new build and replacement cooker
market.
I am confident that our strengthened sales and marketing operations,
establishing the new products launched in 2000, coupled with the current
product development, will see your Company progress through another successful
year.
John Armstrong
Chairman
3 July 2001
PROFIT AND LOSS ACCOUNT
For the year ended 30 April 2001
Notes Year Ended 30 Year Ended 30
April 2001 April 2000
# #
Turnover 13,532,840 12,102,123
Cost of sales (5,960,510) (5,697,152)
------------- -------------
Gross profit 7,572,330 6,404,971
Distribution costs (2,770,890) (2,597,596)
Administrative expenses (1,448,549) (1,105,110)
------------- -------------
Operating profit 3,352,891 2,702,265
Interest receivable 218,357 124,516
Interest payable (1,374) -
------------- -------------
Profit on ordinary activities 3,569,874 2,826,781
before taxation
Tax on profit on ordinary 2 (1,082,345) (892,648)
activities
------------- ------------
Profit for the financial year 2,487,529 1,934,133
Dividends 3 (2,981,250) (1,590,000)
------------- ------------
Retained (loss)/profit for the year (493,721) 344,133
======== =======
Basic earnings per share 4 1.56p 1.22p
All the above results derive from continuing activities. There are no
recognised gains or losses other than the result disclosed.
BALANCE SHEET
AT 30 APRIL 2001
30 April 30 April
2001 2000
# #
Fixed assets
Tangible assets 1,107,011 1,146,030
------------ ------------
Current assets
Stocks 1,079,073 1,343,305
Debtors 1,380,344 1,212,043
Cash at bank and in hand 5,125,270 3,386,161
------------- ------------
7,584,687 5,941,509
Creditors (amounts falling due within one (5,142,642) (3,071,405)
year)
------------- -------------
Net current assets 2,442,045 2,870,104
------------- -------------
Total assets less current liabilities 3,549,056 4,016,134
Provisions for liabilities and charges (375,393) (348,750)
------------ ------------
Net assets 3,173,663 3,667,384
------------ ------------
Capital and reserves
Share capital 795,000 795,000
Share premium account 578,831 578,831
Profit and loss account 1,799,832 2,293,553
------------ ------------
Equity shareholders' funds 3,173,663 3,667,384
------------ ------------
CASH FLOW STATEMENT
For the year ended 30 April 2001
Notes Year ended Year ended
30 April 30 April
2001 2000
# #
Net cash inflow from operating activities 5 4,276,791 2,759,254
------------ ------------
Returns on investments and servicing of finance
Interest received
Interest paid 218,357 124,516
(1,374) -
----------- ----------
Net cash inflow from returns on investment and
servicing of finance 216,983 124,516
----------- ----------
Taxation
Corporation tax paid (1,048,336) (883,480)
------------ ----------
Capital expenditure
Payments to acquire tangible fixed assets (82,136) (131,192)
Receipts from sales of tangible fixed assets 44,476 24,760
------------ ----------
Net cash outflow from capital expenditure (37,660) (106,432)
------------ ----------
Equity dividends paid (1,629,750) (993,750)
------------ ----------
Net cash inflow before use of liquid resources and
financing 1,778,028 900,108
------------ ----------
Management of liquid resources
Net increase in short term deposits (1,293,568) (2,000,000)
------------ -----------
Increase/(decrease) in cash in the year 6 484,460 (1,099,892)
------------- -----------
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2001
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. Basis of Preparation
The preliminary announcement has been prepared in accordance with applicable
accounting standards and under the historical cost convention.
The principal accounting policies of the Company have remained unchanged from
those set out in the Company's 2000 annual report and financial statements.
2. Tax on profit on ordinary activities
2001 2000
# #
UK corporation tax @ 30 % (2000@ 30%) 1,064,471 872,105
Adjustment in respect of prior years (8,769) 20,543
Deferred tax 26,643 -
----------- ---------
1,082,345 892,648
----------- ---------
3. Dividends
2001 2000
# #
Interim dividend of 0.275p per share (2000: 0.25p per
share)
437,250 397,500
Special dividend of 0.7p per share (2000: nil)
1,113,000 -
Proposed final dividend of 0.9 per share (2000: 0.75p
per share)
1,431,000 1,192,500
------------ ------------
2,981,250 1,590,000
------------ ------------
4. Earnings per share
Earnings per ordinary share is based on the profit on ordinary activities
after taxation of #2,487,529 (2000: #1,934,133) divided by the number of
ordinary shares in issue during the year.
2001 2000
# #
Attributable profit 2,487,529 1,934,133
Number of ordinary shares in issue 159,000,000 159,000,000
Basic earnings per share 1.56p 1.22p
------- -------
5. Reconciliation of operating profit to net cash inflow from operating
activities
2001 2000
# #
Operating profit 3,352,891 2,702,265
Depreciation charges 53,660 78,406
Increase in provisions - 348,750
Loss on sale of tangible fixed assets 23,019 57,746
Decrease/(increase) in stocks 264,232 (181,278)
Increase in debtors (168,301) (252,392)
Increase in creditors 751,290 5,757
------------ ------------
Net cash inflow from operating activities 4,276,791 2,759,254
------------ -----------
6. Reconciliation of net cash inflow to movement in net funds
2001 2000
# #
Increase/(decrease) in cash in year 484,460 (1,099,892)
Cash outflow from increase in liquid funds 1,293,568 2,000,000
----------- ------------
Movement in net funds in the year 1,778,028 900,108
Net funds at beginning of year 3,321,047 2,420,939
------------- ------------
Net funds at end of year 5,099,075 3,321,047
------------- -----------
7. Publication of non statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
The balance sheet at 30 April 2001 and the profit and loss account, cash flow
statement and associated notes for the year then ended have been extracted
from the Company's 2001 statutory financial statements upon which the
auditors' opinion is unqualified and does not include any statement under
section 237 of the Companies Act 1985.
8. Distribution of published accounts
The Company's annual report & accounts will be posted to shareholders on
Friday, 6 July 2001 and additional copies will be available from the Company
Secretary at The Range Cooker Company Plc, Range House, 281 Bristol Avenue,
Blackpool FY2 0JF. The Company's Annual General Meeting will be held at The
Building Centre, Store Street, off Tottenham Court Road, London W.C.1, at 2.30
pm, on Tuesday 7 August 2001.
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