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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vista Group | LSE:VST | London | Ordinary Share | GB0033962787 | 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% | 18.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9082R
Vista Group PLC
29 September 2005
FOR RELEASE 7.00AM 29 SEPTEMBER 2005
VISTA GROUP PLC
("Vista Group")
(Leading manufacturer of PVC door panels and composite doors)
UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2005
6 months 6 months
30/06/05 30/06/04
#'000 #'000
Turnover 3,397 4,400
Profit before tax and goodwill amortisation 111 426
Profit before tax 56 260
Basic earnings per share (pence) 0.2 1.7
* First half impacted by major customer (BHD) going into receivership in
2004
* Overall result disappointing, but sales stabilised in May and June
after poor start
* First two months of second half of the year show overall sales maintained
at a similar level to the previous year despite the window market being
25% down overall
* Long term contracts now fully on stream
* Like for like sales (excluding BHD sales in 2004) up 18.3% in July and
August
* Looking for a significant improvement in the second half and into 2006
* Seeking to expand both organically and through acquisition
For further information:
Vista Group plc
Keith Sadler (Chief Executive) 0151 608 1423
Keith Salisbury (Non Executive Director) 07851 008 212
Beattie Financial
Brian Coleman-Smith / Nia Thomas / Grace Dewhurst 020 7053 6400
VISTA GROUP PLC
(Leading manufacturer of PVC door panels and composite doors)
INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2005
Chairman's Statement
Results
Despite a difficult start to the year, our sales are now recovering strongly and
credit must go to the management team for replacing much of the business which
was lost as a result of BHD, one of our largest customers, going into
receivership.
Turnover in the six months ended 30 June 2005 was #3.4 million (#2004: #4.4
million) reflecting the loss of sales from BHD, which accounted for sales of
#830,000 in the similar period last year. Margins during the period were lower
partly due to competitive pressures at a time when input prices were rising and
partly as a result of the reduction of sales during a period when we continued
to employ the skilled staff required to manufacture composite doors ahead of the
expected upturn in sales. The profit before tax and goodwill amortisation was
#111,000 (2004: #426,000) with earnings per share before goodwill amortisation
amounting to 0.6p ( 2004: 2.0p). Gearing at the half year was 119% (2004: 179%).
The Directors consider it prudent to conserve cash for ongoing investment in the
business and the Directors are therefore not declaring an interim dividend.
Capital expenditure was relatively low in the first half of the year but we are
continuing to invest in our factory on Merseyside with #120,000 being invested
in a new CNC router on order for installation in September this year. This
machine will increase capacity and improve quality.
Operating Review
After a quiet start to the year, when the sales team were focused on replacing
the business that was lost as a result of BHD going into receivership in 2004,
we saw a good recovery in May and June and this trend is continuing.
In May, three new 5 year contracts to supply composite doors to Wirral
Partnership Homes, Connaught and Hankinson commenced. A number of other
contracts are currently underway including fulfilling orders for Cruden
Construction and HT Forrest.
The door panel market has been flat as consumer spending has decreased mainly as
a result of the downturn in the housing and retail markets. To counteract
falling sales in this sector, the sales team has taken a positive approach to
the situation and I am pleased to report that we have won a number of commercial
contracts for local authorities which started in June.
Due to the flat market, price pressure has been severe but we have concentrated
on quality and service as our main defence. A close eye has been kept on our
administrative and sales overheads which have been streamlined, allowing us to
focus on our key target markets.
The Market
Palmer Market research highlights that the private sector entrance door market
in 2003 was 1.15 million doors, with the social housing market valued at #435
million for total installed value which represents an 8% increase on the
previous year. This is due in part to the sharp increase in the transfer of
housing stock to comply with the Government's Decent Homes Initiative. Composite
door leaf construction has grown to take over half of the market and is likely
to grow as PVCu declines.
Outlook
The second half of the year has started more positively with sales in July and
August being maintained at similar level to the same period last year. This was
despite our belief that sales across the industry were down 25%. With the long
term contracts fully on stream and particularly with like for like sales,
excluding BHD sales in 2004, up 18.3%, the Directors are confident that we can
look forward to a significant improvement in the second half of the year and
into 2006.
We have come though a difficult period for the Company but we have reacted
positively, cut costs where appropriate and reorganised our sales force. As the
market recovers, I believe that we are now in a strong position to grow
organically and we have the resources in place to target acquisitions which we
believe will enhance earnings per share and increase shareholder value and I
look forward to updating shareholders at the year end.
Gavin Johnson
Chairman
29 September 2005
Vista Group Plc
Group Profit and Loss Account
For the Six Months Ended 30 June 2005
Unaudited Unaudited Audited
6 months 6 months 12 months
30/06/05 30/06/04 31/12/04
#'000 #'000 #'000
Turnover 3,397 4,400 7,845
--------- --------- --------
EBITDA 282 614 857
Depreciation (103) (110) (218)
Amortisation of Goodwill (55) (55) (110)
--------- --------- --------
Operating profit 124 449 529
Net Interest (68) (78) (158)
--------- --------- --------
Profit on ordinary activities
before taxation 56 371 371
Taxation (22) (111) (28)
--------- --------- --------
Profit on ordinary activities after
taxation 34 260 343
Dividends - - -
--------- --------- --------
Retained Profit 34 260 343
--------- --------- --------
Basic earnings per share 0.2p 1.7p 2.2p
--------- --------- --------
Vista Group Plc
Group Balance Sheet
At 30 June 2005
Unaudited Unaudited Audited
30/06/05 30/06/04 31/12/04
#'000 #'000 #'000
Fixed assets
Intangible assets 2,029 2,140 2,084
Tangible assets 429 585 511
--------- --------- --------
2,458 2,725 2,595
--------- --------- --------
Current assets
Stock 431 629 498
Debtors 1,520 1,784 1,267
Cash at Bank and in hand 102 94 54
--------- --------- --------
2,053 2,507 1,819
Creditors amounts
falling due within one year (2,028) (2,413) (1,730)
--------- --------- --------
Net current assets 25 94 89
--------- --------- --------
Total assets less current liabilities 2,483 2,819 2,684
Creditors falling due after
more than one year (1,131) (1,585) (1,366)
--------- --------- --------
Net assets 1,352 1,234 1,318
--------- --------- --------
Capital and reserves
Called up share capital 77 77 77
Share premium account 896 896 896
Profit and loss account 379 261 345
--------- --------- --------
Equity Shareholders' Funds 1,352 1,234 1,318
--------- --------- --------
Vista Group Plc
Group Cash Flow Statement
For the Six Months Ended 30 June 2005
Unaudited Unaudited (Audited)
6 months 6 months 12 months
30/06/05 30/06/04 31/12/04
#'000 #'000 #'000
Net cash inflow/(outflow) from
operating activities 377 333 650
Returns on investments and
servicing finance (68) (78) (157)
Taxation (8) - (30)
Capital expenditure and financial
investment (21) (101) (132)
Cash Inflow before use of liquid
resources 280 154 331
Financing (232) (211) (429)
--------- --------- ---------
Increase / (decrease) in cash in
the period 48 (57) (98)
--------- --------- ---------
Vista Group Plc
For the Six Months Ended 30 June 2005
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
6months 6months Period
ended ended ended
30 June 30 June 31 December
2005 2004 2004
unaudited unaudited audited
#'000 #'000 #'000
Operating profit 124 449 529
Depreciation 99 110 218
Amortisation of goodwill 59 55 110
Profit on sale of fixed assets - - (3)
Decrease / (increase) in stocks 67 (122) 10
(Increase) / decrease in debtors (253) (386) 117
Increase/(decrease) in creditors 281 227 (331)
--------- --------- ----------
Net cash inflow from operating
activities 377 333 650
--------- --------- ----------
Vista Group Plc
Notes to the Interim Accounts
For the 6 months ended 30 June 2005
1. The unaudited results for the six months have been prepared on a basis
consistent with the accounting policies disclosed in the Group's 2004
accounts and do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
2. The figures for the year ended 31 December 2004 have been extracted from
statutory accounts which have been delivered to the Registrar of Companies
and received and an unqualified audit report.
3. The tax charge is based on the estimated tax rate for the year to 31
December 2005.
4. The calculation of earnings per share for the period is based upon the
profit after taxation divided by the weighted average number of shares in
issue being 15,382,116 (6 months to 30 June 2004 and year ended 31 December
2004 15,382,116).
5. Copies of the interim statement will be sent to shareholders shortly and
will be available to the public at the registered office of the Company at
Vista Group plc, Unit H1, Prenton Way, North Cheshire Trading Estate,
Wirral, Merseyside CH43 3DU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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