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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Swp Grp. | LSE:SWP | London | Ordinary Share | GB00B010NX28 | 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% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2427B SWP Group PLC 29 March 2001 SWP Group plc Interim Results for the six months ended 31 December 2000 Chairman's Statement Results In the six months to 31 December 2000 your Company recorded a net profit of # 67,000 (#25,000) on turnover of #6,555,000 (#6,885,000). The net profit equates to 0.02p (0.01p) per ordinary share. Review of Operations As has been the case for some while the Group's results have been significantly affected by a poor performance on the part of DRC Polymer Products. This subsidiary, which was acquired by the Group at the beginning of 1998, has been a consistent loss-maker and although we implemented a sizeable reduction in the Company's overhead last April, sales have generally continued to fall well below break-even point. Clearly this situation cannot be sustained indefinitely, no matter how promising the Company's medium-term prospects appear, but at this time it remains our view that it is in shareholders' interests for us to continue to support the business and that our patience in this regard will be rewarded sooner rather than later. In recent weeks two new partnership arrangements have reached commercial fruition and both should now give rise to significant levels of turnover. One of these products has genuine global sales potential and the other will benefit from an existing distribution network spanning Continental Europe: both offer the potential for considerable volumes of repeat business. This increase in momentum has been reinforced by additional sales of material for use as bootliners in the new Honda Civic. Elsewhere in the Group both Fullflow and Crescent of Cambridge exceeded their profit budgets for the period under review. Fullflow continued to develop its operations in Continental Europe and within the next six months it is expected that its recently formed European subsidiary, Fullflow BV, will obtain formal approval for the Company's syphonic roof drainage system from the relevant authorities in each of the countries which have been targeted initially. The completion of this process will act as a catalyst for a major marketing initiative in those markets and in this context it is encouraging that, even in the initial absence of official product approvals, the Company has succeeded not only in winning and fulfilling a number of major contracts but also in developing excellent contacts with some of Europe's largest contractors. In the UK, Fullflow maintained its dominant market share whilst at the same time developing new operating systems and controls intended to provide a sound platform for future expansion both in the UK and abroad. We believe that Fullflow has the potential to develop its operations throughout the developed world and considerable effort is being expended to ensure that the planned expansion of the Company's activities proceeds in a controlled and profitable manner. Plasflow, which operates as Fullflow Group's pipework supply subsidiary, continued to generate sharply increased third party sales. Following a substantial investment in new plant and machinery this operation is now able to provide a rapid and reliable service to customers requiring large and small diameter fittings and even at this relatively early stage strong levels of demand have been experienced. Plasflow is well placed to exploit the sizeable opportunities available to it and further significant growth is anticipated in the period ahead. With spiral and other feature staircases continuing to be a popular choice amongst Architects in all sectors of the construction market, Crescent of Cambridge has reinforced its position as market leaders in this field. A recent advertising initiative which promoted Crescent's ability to provide customised solutions for individual projects produced an encouraging response and should lead to increased sales in due course. Current trading and future prospects Whilst Crescent has continued to produce robust results in the early part of the new calendar year, the performances of both Fullflow and DRC have been below expectations. Fullflow in particular has suffered from contract delays arising as a result of the adverse weather conditions which prevailed in the autumn and early winter but there are now positive signs that the backlog is starting to clear. Generally prospects for the last quarter of the financial year appear promising. Order and enquiry levels at Crescent and Fullflow provide strong support for healthy business levels during this period and at DRC there is a real expectation that the extra impetus provided by the new partnership arrangements referred to above will enable the Company to deliver a much improved performance. In the 2000 Annual Report we advised shareholders that, with a view to underpinning and enhancing shareholder value, it was our intention to dispose of the Group's existing businesses and seek alternative opportunities amongst those sectors of the financial markets which benefit from higher ratings. However, since the date of our announcement it will not have escaped the notice of shareholders that there has been something of a sea change in stockmarkets across the world and while our strategy remains entirely valid we now anticipate that the timescale involved in implementing it is likely to be somewhat longer than previously indicated. The volatility which is currently prevalent in the financial markets does not represent an ideal background against which to conclude transactions of the sort we are planning and whilst we have received expressions of interest in relation to each of our three subsidiaries we believe that, with a view to securing proper value for the Group's assets, it is appropriate for us to adopt a patient approach in this area. Other things being equal the progress currently being achieved by the subsidiaries should mean that any delay will operate to the advantage of shareholders. Finally we wish to advise shareholders that the litigation issues to which we have referred in previous reports remain ongoing and we will provide a full update on these matters in the 2001 Annual Report. R M Muddimer Chairman Consolidated Profit and Loss Account Six months ended 31 Dec 2000 Six months Six months Year ended ended ended 31.12.00 31.12.99 30.06.00 #'000 #'000 #'000 Turnover 6,555 6,885 13,548 Operating profit 268 160 321 Profit on ordinary activities before interest and taxation 268 160 321 Net interest payable and (201) (135) (341) similar charges Profit/(loss) on ordinary 67 25 (20) activities before taxation Taxation - - - Retained profit/(loss) 67 25 (20) Basic earnings per share 0.02p 0.01p (0.01)p (pence) Consolidated Balance Sheet As at 31 Dec 2000 As at As at As at 31.12.00 31.12.99 30.06.00 #'000 #'000 #'000 Fixed assets Intangible assets 19 56 38 Tangible assets 3,025 2,825 2,953 3,044 2,881 2,991 Current assets Stocks 1,376 888 1,295 Debtors 3,837 4,098 3,624 5,213 4,986 4,919 Creditors: amounts falling due (5,908) (5,412) (5,208) within one year Net current liabilities (695) (426) (289) Total assets less current 2,349 2,455 2,702 liabilities Creditors: amounts falling due 1,229 1,553 1,611 after more than one year Provision for liabilities and 39 307 53 charges Capital and reserves Called up share capital 6,352 6,038 6,344 Share premium account 1,216 1,177 1,215 Capital reserve 41 41 41 Revaluation reserve 551 370 559 Profit and loss account (7,109) (7,131) (7,176) 1,051 495 983 Minority interests Non equity 30 100 55 2,349 2,455 2,702 Consolidated Cash Flow Statement Six months ended 31 Dec 2000 Six months Six months Year ended ended ended 31.12.00 31.12.99 30.06.00 #'000 #'000 #'000 Net cash flow from (76) 191 492 operating activities Returns on investments and servicing of finance Net interest paid (146) (114) (282) Hire purchase interest (20) (21) (70) (166) (135) (352) Investing activities Payments to acquire (283) (350) (764) tangible fixed assets Receipts from sales of 21 42 268 tangible fixed assets (262) (308) (496) Acquisitions and disposals Purchase of minority (25) (25) (70) interest (25) (25) (70) Financing Issue of ordinary share 9 - 344 capital Bank loans received 500 100 500 Bank loan repayments (180) (131) (403) Capital element of 5 (38) (127) finance leases and purchase payments 334 (69) 314 Net decrease in cash (195) (346) (112) Consolidated Cash Flow Statement 1 Financial Information The interim results are unaudited and do not constitute statutory accounts. The comparative information contained in this report for the year ended 30th June 2000 does not constitute the statutory accounts for that financial year. Those accounts have been reported on by the Group's auditor and delivered to the Registrar of Companies. The report of the Auditor was unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act. 2 Taxation There is no charge in the profit and loss account for taxation due to the fact that the Group has sufficient tax capacity to absorb these through carry forward losses. 3 Earnings per share Earning per share is calculated on the basis of 317,292,390 shares (1999: 301,927,169) which is the weighted average of the number of shares in issue during the period. 4 Dividends The Directors are not recommending the payment of an interim dividend. 5 Copies of interim report Copies of the interim report are being circulated to shareholders. Further copies are available from the Company's registered office at SWP Group plc, 4th Floor, Bedford House, 3 Bedford Street, London WC2E 9HD.
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