Final Results

RNS Number:9973Z
Range Cooker Company PLC
15 August 2002




FOR RELEASE                      7.00 AM                         15 August  2002


                          THE RANGE COOKER COMPANY PLC
                                ("the Company")
    (One of the largest suppliers of quality domestic cookers in the UK)


  Preliminary announcement of audited results for the year ended 30 April 2002


                            CHAIRMAN'S STATEMENT


Results


I am pleased to report, once again, that your Company has performed well in the
year to 30 April 2002 maintaining eight years of organic growth.


During the year ended 30 April 2002 turnover increased by 14.1% to #15.4m (2001
#13.5m) and operating profit rose to #4.2m (2001 #3.4m) an increase of 23.5%.
Profit before tax of #4.4 million (2001: #3.6 million) was slightly higher than
the market expectation due to the strength of our product range and the growing
demand for high quality domestic cookers.


Earnings per share increased from 1.56p in 2001 to 1.94p in 2002, a rise of
24.4%.


Review of Activities


Current trading is at the same level as the corresponding period last year,
despite the market being suppressed compared to the previous year.


The Britannia / Dynasty range launched last year has been very well accepted and
reinforces the standing of our number one selling brand.


Majestic and Morice have still to progress to the level of sales expected and we
are reviewing the opportunities for these brands in the UK market.


During this financial period a venture was formed with Waterford Stanley.  This
agreement has had a limited impact on the Company's profitability during the
period under review, however I remain confident that given time, this
arrangement will increasingly add to our profitability.


Dividends and ongoing takeover discussions


It remains the Company's intention to pursue a progressive dividend policy and
distribute as much cash to shareholders as is reasonable while, at the same
time, maintaining adequate resources to continue growing the business.


We announced on 15 February 2002 and updated further on 14 June 2002 that the
Company had entered into discussions with Robin Russell and certain directors of
the Company (backed by funds managed by Graphite Capital Management Limited)
which may or may not lead to an offer being made for the Company. These
discussions have made good progress and are continuing, however the period of
exclusivity granted to Robin Russell has now terminated and talks with other
parties have now commenced, which may or may not lead to an offer being made for
the Company.


Your board has therefore given careful consideration to recommending a final
dividend, and in light of the continuing discussions we have decided not to
recommend a final dividend.


However, should these talks terminate, your board will consider recommending an
immediate special dividend and a further announcement regarding the Company's
strategy will be issued at that time.


Prospects


I have been delighted with the progress made by the Company during an uncertain
period for your board and our employees. I have been unwell during recent months
and have relied upon the rest of your board to oversee and pursue the Company's
strategy and these financial results are tangible evidence that the business has
a strong management team in place and continues to be profitable and cash
generative.

John Armstrong
Chairman


For further information contact:

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.

 5. In August 2001, The Range Cooker Company formed a joint venture whereby
Waterford Stanley was appointed the sole distributor for The Range Cooker
Company products in the Republic of Ireland.  In turn, The Range Cooker
Company was appointed sole and exclusive distributor for Stanley cast iron
range cookers in Britain. This agreement commenced in November 2001.

6.      The Dynasty is a new contemporary-styled range cooker which sells for
around #2,200 to #2,500.


THE RANGE COOKER COMPANY plc

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2002

                                                                               2002          2001
                                                                        Note   #             #

Turnover - continuing operations                                               15,410,649   
13,532,840

Cost of sales                                                                  (6,886,876)  
(5,960,510)

Gross profit                                                                   8,523,773    
7,572,330

Distribution costs                                                             (2,961,358)  
(2,770,890)

Administrative expenses                                                        (1,331,234)  
(1,448,549)

Operating profit - continuing operations                                       4,231,181    
3,352,891

Interest receivable                                                            181,204      
218,357

Interest payable                                                               (1,005)      
(1,374)

Profit on ordinary activities before taxation                                  4,411,380    
3,569,874

Tax on profit on ordinary activities                                    2      (1,322,845)  
(1,082,345)

Profit on ordinary activities after taxation                                   3,088,535    
2,487,529

Dividends                                                               3      (1,272,000)  
(2,981,250)

Retained profit /(loss) for the year                                           1,816,535    
(493,721)


Basic and diluted earnings per share                                    4      1.94p         1.56p



There were no recognised gains or losses other than the result for the financial
year.

THE RANGE COOKER COMPANY plc

BALANCE SHEET AT 30 APRIL 2002

                                                                               2002          2001
                                                                               #             #

Fixed assets
Tangible assets                                                                1,053,090    
1,107,011

Current assets
Stocks                                                                         1,795,284    
1,079,073
Debtors                                                                        1,616,579    
1,380,344
Cash at bank and in hand                                                       4,010,804    
5,125,270
                                                                               7,422,667    
7,584,687

Creditors: amounts falling due within one year                                 (3,149,791)  
(5,142,642)

Net current assets                                                             4,272,876    
2,442,045

Total assets less current liabilities                                          5,325,966    
3,549,056

Provisions for liabilities and charges                                         (335,768)    
(375,393)

Net assets                                                                     4,990,198    
3,173,663


Capital and reserves
Called up share capital                                                        795,000      
795,000
Share premium account                                                          578,831      
578,831
Profit and loss account                                                        3,616,367    
1,799,832
Equity shareholders' funds                                                     4,990,198    
3,173,663



THE RANGE COOKER COMPANY plc

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2002

                                                                               2002          2001
                                                                         Note  #             #

Net cash inflow from operating activities                                5     3,618,793    
4,276,791

Returns on investments and servicing of finance
Interest received                                                              181,204      
218,357
Interest paid                                                                  (1,005)      
(1,374)

Net cash inflow from returns on investments and servicing of finance           180,199      
216,983

Taxation
Corporation tax paid                                                           (1,058,490)  
(1,048,336)

Capital expenditure and financial investment
Payment to acquire tangible fixed assets                                       (22,768)     
(82,136)
Receipts from sale of tangible fixed assets                                    9,995        
44,476

Net cash (outflow) from capital expenditure and financial investment           (12,773)     
(37,660)

Equity dividends paid                                                          (3,816,000)  
(1,629,750)

Net cash (outflow) / inflow before use of liquid resources and financing       (1,088,271)  
1,778,028

Management of liquid resources
Net increase in short term deposits                                                         
(1,293,568)

(Decrease) / increase in cash                                            6     (1,088,271)  
484,460



PRELIMINARY AUDITED RESULTS FOR THE YEAR ENDED 30 APRIL 2002

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 2001 annual report and financial statements, with
the exception of the adoption of FRS19 Deferred Taxation.


2.      TAX ON PROFIT ON ORDINARY ACTIVITIES

                                                                   2002              2001

The taxation charge is based on the profit for the year and        #                 #
represents :

UK Corporation tax at 30% (2001 : 30%)                             1,325,270         1,064,471
Adjustments in respect of prior years                              -                 (8,769)
Deferred tax                                                       (2,425)           26,643

                                                                   1,322,845         1,082,345


3.      DIVIDENDS

                                                                   2002              2001
                                                                   #                 #

Interim dividend of 0.8p per share (2001 : 0.275p per share)       1,272,000         437,250
Special dividend of nil per share (2001 : 0.7p per share)          -                 1,113,000
Final proposed dividend of nil per share                           -                 1,431,000
(2001 : 0.9p per share)

                                                                   1,272,000         2,981,250



4.      EARNINGS PER SHARE

Earnings per ordinary share is based on the profit on ordinary activities after
taxation of #3,088,535 (2001 : #2,487,529) divided by the number of ordinary
shares in issue during the year.


                                                                   2002              2001
                                                                   #                 #

Attributable profit                                                    3,088,535         2,487,529
Number of ordinary shares in issue                                 159,000,000       159,000,000
Basic and diluted earnings per share                               1.94p             1.56p


5.      NET CASH INFLOW FROM OPERATING ACTIVITIES

                                                                   2002              2001
                                                                   #                 #

Operating profit                                                   4,231,181         3,352,891
Depreciation                                                       61,657            53,660
Decrease in provisions                                             (37,200)          -
Loss on sale of tangible fixed assets                              5,037             23,019
(Increase)/decrease in stocks                                      (716,211)         264,232
Increase in debtors                                                (236,235)         (168,301)
Increase in creditors                                              310,564           751,290
Net cash inflow from operating activities                          3,618,793         4,276,791

6.      RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                                                   2002              2001
                                                                   #                 #

(Decrease)/increase in cash in the year                            (1,088,271)       484,460
Cash outflow from increase in liquid funds                         -                 1,293,568
Movement in net funds in the year                                  (1,088,271)       1,778,028
Net funds at 1 May 2001                                            5,099,075         3,321,047
Net funds at 30 April 2002                                         4,010,804         5,099,075




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 2002 and the profit and loss account, cash flow
statement and associated notes for the year then ended have been extracted from
the Company's 2002 statutory financial statements upon which the auditors'
opinion is unqualified and does not include any statement under section 237 of
the Companies Act 1985.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

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