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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tgi | LSE:TGI | London | Ordinary Share | GB0008687369 | ORD 1P |
| 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:2253V
TGI PLC
5 December 2000
TGI plc
("TGI" or "the Group")
Interim Results for the Six Months ended 30 September 2000
Chairman's Statement
Results
I am pleased to report on a satisfactory first half outcome
for the Group. Sales at our Professional and Hi-Fi businesses
grew particularly strongly in the period, but this growth was
offset by a more difficult six months for our Automotive
business restricting overall sales growth to 5.3%.
Total sales increased to #23.74m (1999: #22.55m) which
included a first time contribution from the Lab Gruppen
professional business acquired in July of this year.
Operating profit advanced to #1.31m (1999: #1.17m) also
assisted by a first time positive contribution of #0.10m from
Lab Gruppen. This increase was despite the adverse impact of
the high value of Sterling in relation to the Euro.
Profit before tax increased to #1.31m (1999: #1.11m) which
included an exceptional profit of #0.13m from the final
proceeds from the sale and leaseback of the Tannoy Coatbridge
premises.
Earnings per share increased to 4.6p (1999: 4.0p) and headline
earnings per share were 4.2p (1999: 4.0p).
The Board has declared a maintained interim dividend of 1.2p
per share (1999: 1.2p). The interim dividend will be paid on
26 January 2001 to shareholders on the register on 8 January
2001.
Professional
For some time it has been our stated strategy to increase the
proportion of Group sales coming from the Professional audio
businesses. It is therefore extremely pleasing to report that
Martin Audio and Tannoy Professional have continued to make
excellent progress.
On 6 July, the Group announced the acquisition of Lab Gruppen,
a specialist designer and manufacturer of digital professional
audio amplifiers based in Sweden. Established for over 20
years, Lab Gruppen is positioned as a high quality, premium
brand. We plan to integrate TGI's world class professional
loudspeaker technology with Lab Gruppen's digital expertise to
provide integrated solutions for professional audio customers.
Lab Gruppen's performance since acquisition has been ahead of
expectations.
An excellent half year performance from Martin Audio, further
reinforced by the Lab Gruppen acquisition, and strong growth
from Tannoy, particularly in North America and the
Netherlands, contributed to a very positive result.
This growth continues to be enhanced by additional product
launches at Martin Audio and Tannoy as well as continued
improvements in the effectiveness of our worldwide
distribution system.
Tannoy are now shipping first supplies of their NXT
architectural speaker and have recently launched a new "quick
fit" ceiling speaker. Martin Audio have introduced further
models within their Blackline range and a supplementary under-
balcony product within the Wavefront theatre range.
Audix, the Group's public address business, experienced a
period of subdued trading.
Hi-Fi
Our Hi-Fi business continued to reap the benefits of the
concentration on Tannoy as our single worldwide Hi-Fi brand,
resulting in an extremely strong performance. The sales growth
was widespread across all regions of the world.
The MX range, launched in early 2000, has been very well
received by dealers and customers alike and further MX
products are being introduced. The innovative Supertweeter
product also performed strongly.
The new Dimension range of premium products was launched in
September 2000 and full sales will commence from December
onwards to all significant world markets.
Automotive
The Automotive business had a difficult first half, reporting
a decline in sales in continuing tough market conditions. We
had anticipated, and planned for, some decline but the fall
was greater than expected, with continuing pressure on prices
in the industry.
The change of ownership at Rover proved highly disruptive,
however, the VW Sharan and Peugeot 206 sold well in the
marketplace.
Adverse currency movements have particularly impacted our
Automotive business where the majority of our sales are now
denominated in Euros.
We are experiencing major changes in the profile of our
customer base, with new entrants, growth of previously small
accounts, but a decline of previously major accounts. This
process takes time and inevitably incurs costs ahead of sales
revenue and profit. In the short term, the impact on volumes
will be adverse.
Cash Flow
Net debt at 30 September 2000 was #2.1m and reflects the cash
impact of the Lap Gruppen acquisition of #2.6m, together with
an increase in working capital. Our balance sheet remains
strong with gearing at less than 20%.
Prospects
We are pleased with the advance in overall performance
compared with last year and with the impact of the acquisition
of Lab Gruppen. However, the Automotive situation remains
increasingly difficult and within Automotive the continued
strength of Sterling against European currencies coupled with
its weakness against the US$ is affecting sales and costs
respectively.
However, we plan for continued strong growth in our
Professional and Hi-Fi businesses and continue to believe that
the year as a whole will show a satisfactory result.
Enquiries
TGI plc 023 9249 2555
Nigel Hamilton, Chief Executive
Peter Russell, Finance Director
Square Mile Communications 0207 601 1000
Kevin Smith
Anna Watson
TGI plc
Interim results for the six months ended 30 September 2000
Consolidated Profit and Loss Account
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2000
2000 1999 #000
#000 #000
______________ _____________ ____________
Turnover
Continuing operations 22,834 22,553 46,807
Acquisitions 907 - -
______________ _____________ ____________
Total Turnover 23,741 22,553 46,807
______________ _____________ ____________
Operating Profit
Continuing operations 1,215 1,170 2,508
Acquisitions 97 - -
Total Operating
Profit 1,312 1,170 2,508
______________ ______________ ____________
Exceptional items
Profit on the sale of
fixed assets -
continuing
operations 127 - -
_______________ ______________ ____________
Profit on ordinary
activities before
interest 1,439 1,170 2,508
Interest (131) (60) (126)
Profit before tax 1,308 1,110 2,382
______________ ______________ ____________
Tax
On exceptional items (12) - -
Other (270) (222) (427)
______________ ______________ ____________
Total tax (282) (222) (427)
______________ ______________ ____________
Profit after tax 1,026 888 1,955
Minority interests (30) (14) (35)
______________ ______________ ____________
Profit for the
period 996 874 1,920
Dividends (260) (260) (823)
______________ ______________ ____________
Retained profit 736 614 1,097
______________ ______________ ____________
Earnings per share 4.6p 4.0p 8.9p
Diluted earnings per
share 4.6p 4.0p 8.9p
Headline earnings
per share 4.2p 4.0p 8.9p
TGI plc
Interim Results for the six months ended 30 September 2000
Consolidated Balance Sheet
At At At
30 September 30 September 31 March
2000 1999 2000
#000 #000 #000
_____________ ____________ ____________
Fixed assets
Intangible assets-
goodwill 1,885 - -
Tangible assets 3,143 3,119 3,088
_____________ _____________ ____________
5,028 3,119 3,088
_____________ _____________ ____________
Current assets
Stocks and work in
progress 7,989 6,165 6,891
Debtors 8,846 8,201 7,840
Cash 97 50 2,298
_____________ _____________ ____________
16,932 14,416 17,029
_____________ _____________ ____________
Creditors: amounts
falling due within
one year (9,815) (6,657) (8,655)
______________ ____________ ____________
Net current assets 7,117 7,759 8,374
______________ ____________ ____________
Total assets less
current
liabilities 12,145 10,878 11,462
Creditors: amounts
falling due after
more than one year (300) (297) (382)
Provisions for
liabilities and
charges (66) (72) (67)
______________ _____________ ____________
Net assets 11,779 10,509 11,013
______________ _____________ ____________
Capital and reserves
Equity shareholders'funds 11,517 10,298 10,781
Minority interests 262 211 232
______________ _____________ ____________
11,779 10,509 11,013
______________ _____________ ____________
TGI plc
Interim results for the six months ended 30 September 2000
Consolidated Cash Flow Statement
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2000
2000 1999 #000
#000 #000
______________ _____________ ___________
Operating activities
Net cash inflow from
operating activities 137 987 3,871
_______________ _____________ ___________
Returns on investment and
servicing of finance
Interest paid (122) (55) (104)
Interest element of
finance lease repayments (10) (10) (25)
Interest received 1 5 3
______________ _____________ ___________
(131) (60) (126)
______________ _____________ ___________
Taxation (64) (52) (99)
______________ _____________ ___________
Capital Expenditure
Purchase of fixed assets (622) (425) (851)
Sale proceeds from fixed
assets 197 - 7
______________ _____________ ___________
(425) (425) (844)
______________ _____________ ___________
Acquisition of Lab (2,560) - -
Gruppen ______________ _____________ ___________
Equity dividends paid (563) (531) (791)
______________ _____________ ___________
Net cash flow before
financing (3,606) (81) 2,011
______________ _____________ ___________
Financing
Capital payments on
finance leases (52) (141) (222)
Capital payments on bank
loans (30) (6) (11)
______________ ______________ ___________
(82) (147) (233)
______________ _____________ ___________
(Decrease)/increase in (3,688) (228) 1,778
cash ______________ _____________ ___________
TGI plc
Interim results for the six months ended 30 September 2000
Reconciliation of Net Cash Flow to Movement in Net Debt
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2000
2000 1999 #000
#000 #000
(Decrease)/increase in cash
in the period (3,688) (228) 1,778
Cash flow from change in debt
and lease financing 82 147 233
____________ ___________ __________
Change in net debt resulting
from cash flows (3,606) (81) 2,011
New finance leases - (22) (176)
Translation differences 6 7 8
____________ ____________ __________
Movement in the period (3,600) (96) 1,843
Net cash/(debt) at start of
period 1,514 (329) (329)
____________ ____________ __________
Net (debt)/cash at end of (2,086) (425) 1,514
period ____________ ____________ __________
Net cash flow from operating activities
Six months Six months Year ended
ended ended 31 March
30 September 30 September 2000
2000 1999 #000
#000 #000
Operating profit 1,312 1,170 2,508
Depreciation and
amortisation 577 558 1,164
Loss on disposal of fixed
assets - - 6
(Increase)/decrease in
stocks (499) 285 (441)
(Increase) in debtors (308) (818) (467)
(Decrease)/increase in
creditors (944) (197) 1,117
(Decrease) in provisions (1) (11) (16)
Net cash flow from _____________ ____________ __________
operating activities 137 987 3,871
_____________ ____________ __________
TGI plc
Acquisitions
On 6 July 2000, the Group acquired Lap Gruppen, a company
registered in Sweden.
Book and Fair
Value of Assets
Acquired
#000
__________________
Tangible fixed assets 56
Stocks 599
Debtors 681
Creditors (573)
Taxation (112)
Net overdraft (105)
Loans (281)
Goodwill 1,909
__________________
Cost of acquisition 2,174
__________________
Satisfied by:
Cash 2,111
Cash costs of acquisition 63
__________________
2,174
Net overdraft and loans acquired 386
__________________
Cash outflow on acquisition 2,560
__________________
Notes:
1. The figures for the six months ended 30 September are
unaudited. These figures have been prepared in accordance with
the same accounting policies used in the accounts for the
financial year ended 31 March 2000.
2. The comparative figures for the financial year ended 31
March 2000 are not the Group's statutory accounts for that
financial year. Those accounts have been reported on by the
Group's auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified and did not contain
a statement under section 237 (2) or (3) of the Companies Act
1985.
3. The taxation charge reflects the utilisation of ACT
previously written off.
4. Earnings per share is based upon profits of #996,000 and
21,657,497 ordinary shares in issue during the six months
ended 30 September 2000. Headline earnings per share exclude
the impact of exceptional profits and losses and the
associated taxation and exclude amortisation of goodwill.
5. The interim dividend of 1.2p per share will be paid on 26
January 2001 to shareholders on the registrar at 8 January
2001. The ex-dividend date is 2 January 2001.
6. Copies of the interim statement are being sent to
shareholders and further copies are available from the
registered office of TGI plc, 3 Ridgway, Havant, Hampshire,
PO9 1JS.
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