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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:5096X
Range Cooker Company PLC
22 January 2001
FOR RELEASE 7.00 AM 22 JANUARY 2001
THE RANGE COOKER COMPANY PLC
("Range Cooker")
One of the largest suppliers of quality domestic cookers in the UK
Interim results for the six months ended 31 October 2000
HIGHLIGHTS
2000 1999 Change
Turnover #6.74m #5.80m +16%
Profit before tax #1.80m #1.38m +30%
Earnings per share (fully diluted) 0.85p 0.59p +44%
Interim dividend 0.275p 0.250p +10%
* Excellent period for the Company
* Continued growth in the home improvement market
* Strength of Britannia brand continues to grow
* Further development of the Morice and Majestic ranges
* Sales and marketing director appointed
* Order book at record levels
* Looking forward to another successful year
For further information contact:
John Armstrong (Chairman) 020 7786 9600 (Monday only)
01253 471111 (thereafter)
Brian Coleman-Smith / Amanda Sheehy 020 7786 9600
Binns & Co Public Relations
THE RANGE COOKER COMPANY PLC
Interim results for the six months ended 31 October 1999
CHAIRMAN'S STATEMENT
I am pleased to report that unaudited profits before tax for the six months
ended 31 October 2000 rose to #1,795,568, an increase of 30% on the comparable
period last year (1999 #1,377,343). Turnover rose by 16% to #6,735,812 (1999
#5,802,162). Earnings per share rose by 44% to 0.85p (1999: 0.59p).
Review of Activities
The last six months has been an excellent period for the company as the above
results demonstrate and sales in November and December have continued at a
high level.
Following the successful launch of Morice and Majestic in 2000, we see 2001 as
a year of establishing these new products with no new product launches planned
before the Autumn when the new production facility at our main supplier ILVE
spa will be completed.
The strength of the Britannia brand continues to grow and in late February we
are launching a television campaign aimed at further promoting the brand.
Models from the Majestic range have been displayed in a limited selection of
retailers and we remain confident that we shall see increased awareness of
this exclusive brand during the current year. The Morice range is targeted at
a yet more specialist market with each product individually built to the
customer's specifications and complements our existing ranges. We can now
offer cookers ranging from around #1,200 to over #35,000.
The home improvement market remains buoyant. With our continuing investment
in innovative marketing of all our brands, I am confident that we will see
further increases in our share of the market for high quality cookers. The
Internet continues to be an important product information channel and our
website www.rangecooker.co.uk has been highly commended.
Board Changes
I am pleased to welcome Mr Chris Grattan, whose appointment to the Board of
Directors was announced on 2 January 2001. Chris Grattan has been in the
kitchen industry for 20 years and so comes with a vast experience of our
market place. His position will be Sales and Marketing Director and he will
be replacing Mr John Preston our Sales Director who is retiring in April.
I would like to take this opportunity to thank John Preston for the never
ending efforts he has given the Company in the last six years, efforts without
which our growth would have been a lot harder. He will be missed by all his
colleagues.
Dividend
It is our intention to continue our progressive dividend policy, subject to
the need to retain earnings for further growth. Your Board has proposed the
payment of an interim dividend of 0.275p per share (1999 0.25p per share) #
437,250 in total (1999 #397,500 in total) to holders of ordinary shares on the
register on 16 March 2001. This will be payable on 5 April 2001.
Future Prospects
Your Board believes that the strength of our product range and current order
book, which has reached a record high, places the Company in a position to
look forward to another highly successful year.
J D O Armstrong
Chairman
22 January 2001
THE RANGE COOKER COMPANY PLC
SUMMARISED PROFIT AND LOSS ACCOUNT
For the six months ended 31 October 2000
Unaudited Unaudited Audited
6 months 6 months year
ended 31 ended 31 ended 30
October October April
2000 1999 2000
Notes # # #
Turnover 6,735,812 5,802,162 12,102,123
------------ ------------- ------------
Operating profit 1,697,215 1,320,821 2,702,265
Net interest receivable 98,353 56,522 124,516
------------ ------------- ------------
Profit on ordinary activities
before taxation
1,795,568 1,377,343 2,826,781
Tax on profit on ordinary 2 (451,021) (432,000) (892,648)
activities
------------ ------------- ------------
Profit on ordinary activities 1,344,547 945,343 1,934,133
after taxation
Dividends - ordinary shares 3 (437,250) (397,500) (1,590,000)
------------ ------------- ------------
Retained profit for the period 907,297 547,843 344,133
------------ ------------- ------------
Basic and diluted earnings per 4 0.85p 0.59p 1.22p
share
------------ ------------- ------------
THE RANGE COOKER COMPANY PLC
SUMMARISED BALANCE SHEET
At 31 October 2000
Unaudited Unaudited Audited
31 31 30
October October April
2000 1999 2000
# # #
Fixed assets 1,110,792 1,142,057 1,146,030
----------- ----------- -----------
Current assets
Stock 946,838 1,084,453 1,343,305
Debtors 1,243,599 1,030,588 1,212,043
Cash at bank and in hand 4,276,360 3,316,455 3,386,161
----------- ----------- -----------
6,466,797 5,431,496 5,941,509
----------- ----------- -----------
Creditors - amounts falling due within (2,740,262) (2,702,459) (3,071,405)
one year
----------- ----------- -----------
Net current assets 3,726,535 2,729,037 2,870,104
----------- ----------- -----------
Total assets less current liabilities 4,837,327 3,871,094 4,016,134
----------- ----------- -----------
Creditors - amounts falling due after
more than one year - - -
Provisions for liabilities and charges (348,750) - (348,750)
----------- ----------- -----------
Net assets 4,488,577 3,871,094 3,667,384
======= ======= =======
Capital and reserves 4,488,577 3,871,094 3,667,384
----------- ----------- -----------
Shareholders' funds 4,488,577 3,871,094 3,667,384
======= ======= =======
THE RANGE COOKER COMPANY PLC
SUMMARISED CASH FLOW STATEMENT
For the six months ended 31 October 2000
Unaudited Unaudited Audited
6 months 6 months year
ended 31 ended 31 ended 30
October October April
2000 1999 2000
Notes # # #
Net cash inflow from operating 5 1,682,094 2,414,510 2,759,254
activities
----------- ----------- ------------
Returns on investment and
servicing of finance
98,353 56,522 124,516
----------- ----------- ------------
Taxation (355,414) (672,000) (883,480)
----------- ----------- ------------
Capital expenditure (24,776) (58,201) (106,432)
----------- ----------- ------------
Equity dividends paid (548,399) (310,008) (993,750)
----------- ----------- ------------
Management of liquid resources (264,398) (1,000,000) (2,000,000)
----------- ----------- ------------
Increase/(decrease) in cash in the 6 587,460 430,823 (1,099,892)
period
======= ======= =======
THE RANGE COOKER COMPANY PLC
NOTES TO THE INTERIM REPORT
1. Basis of preparation
The interim financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention.
The unaudited results have been prepared in accordance with the accounting
policies set out in the Annual Report for the year ended 30 April 2000.
The financial information in this interim report does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985.
Statutory accounts for the year ended 30 April 2000, upon which the auditors
gave an unqualified opinion, have been delivered to the Registrar of
Companies.
2. Taxation
The tax charge for the six months has been based on an estimated effective tax
rate for the full year.
3. Dividend
Unaudited 6 Unaudited 6 Audited
months ended 31 months ended 31 year
October 2000 October 1999 ended
30
April
2000
# # #
Ordinary shares - interim dividend
of 0.275p (1999: 0.25p) per share
payable 5 April 2000 437,250 397,500 397,500
Ordinary shares - final dividend of - - 1,192,500
0.75p per share
---------- ---------- ---------
437,250 397,500 1,590,000
4. Earnings per share
Earnings per ordinary share is based on the profit on ordinary activities
after taxation divided by the weighted average number of ordinary shares in
issue during the year.
The earnings and the number of shares used in the calculations are as follows:
31.10.00 31.10.99 30.04.00
Attributable profit 1,344,547 945,343 1,934,133
Weighted average number of ordinary shares in
issue 159,000,000 159,000,000 159,000,000
Earnings per share 0.85p 0.59p 1.22p
5. Reconciliation of operating profit to net cash inflow from operating
activities
Unaudited Unaudited Audited
6 months 6 months year
ended 31 ended 31 ended 30
October October April
2000 1999 2000
# # #
Operating profit 1,697,215 1,320,821 2,702,265
Depreciation 24,894 30,978 78,406
Increase in provisions 348,750 - 348,750
Loss on sale of tangible fixed - 60,449 57,746
assets
Decrease/(increase) in stocks 182,615 72,697 (181,278)
(Increase)/Decrease in debtors (209,679) 23,137 (252,392)
(Decrease)/increase in creditors (361,701) 906,428 5,757
----------- ----------- -----------
Net cash inflow from operating 1,682,094 2,414,510 2,759,254
activities
======= ======= =======
6. Reconciliation of net cash inflow to movement in net funds
Unaudited Unaudited Audited
6 months 6 months year
ended 31 ended 31 ended 30
October October April
2000 1999 2000
# # #
Increase/(decrease) in cash in the 587,460 430,823 (1,099,892)
period
Cash outflow from increase in liquid 264,398 1,000,000 2,000,000
funds
----------- ----------- -----------
Movement in net funds in the year 851,858 1,430,823 900,108
Net funds at beginning of year 3,321,047 2,420,939 2,420,939
----------- ----------- -----------
Net funds at 31 October 2000 4,172,905 3,851,762 3,321,047
======= ======= =======
7. Interim Report
Further copies of the interim report are available from the Range Cooker
Company plc, Range House, 281 Bristol Avenue, Blackpool, FY2 0JF.
Telephone number: 01253 471123
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