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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Journey Grp | LSE:WMK | London | Ordinary Share | GB0009422097 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 5.13 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9048I Watermark Group PLC 19 March 2003 Strictly Embargoed until: 07.00 Wednesday 19 March 2003 Another Exceptional Year for Watermark Group plc Average compound growth rate of 30% per annum over 10 years Watermark Group plc ("Watermark"), the provider of marketing support services to the international travel industry, announces final results for the year ended 31 December 2002. Financial Highlights Comparing consolidated operations in 2002 with 2001: * Turnover Up 10% to #35.80m (2001: #32.56m) * EBITDA Up 30% to #3.37m (2001: #2.59m) * Operating profit Up 28% to #3.13m (2001: #2.45m) * Profit (pre-tax) Up 46% to #2.99m (2001: #2.05m) * Profit (post-tax) Up 41% to #2.15m (2001: #1.53m) * Dividend per share Up 30% to 1.62p (2001: 1.24p) * Share owners' funds Up 56% to #7.45m (2001: #4.79m) * EPS (diluted) Up 43% to 8.76p (2001: 6.14p) John Caulcutt, Chief Executive of Watermark, commented: "Consistently outperforming expectations, Watermark has once again achieved a set of record results. Revenues, profits and earnings per share have yet again reached all-time highs. "In terms of operating profits, we have now shown an average compound growth rate of 30% per annum over the last ten years. The continued growth is despite the effects of September 11th and the resulting difficulties experienced by certain airline operators. Indeed, it is the current environment within the airline industry that presents new and larger opportunities for Watermark, as airlines revisit their operational cost structures, and increasingly look at the benefit of outsourcing their requirements for products and services." For further information please visit www.watermarkplc.com or contact: John Caulcutt / Crispin Quail John West / Rosie Brown Watermark Group plc Tavistock Communications Tel: 01489 897800 Tel: 020 7600 2288 e-mail: info@watermarkplc.co.uk e-mail: jwest@tavistock.co.uk Chairman's and Chief Executive's letter to share owners The year in brief Consistently outperforming expectations, the group has once again achieved a set of record results. Revenues, profits and earnings per share have yet again reached all-time highs. In terms of operating profits, the company has now shown an average compound growth rate of 30% per annum over the last 10 years. The continued growth is despite the effects of September 11th, and the resulting difficulties experienced by certain airline operators, which have been fully "digested" and are reflected in these latest results. We believe that our figures prove that our successful business model is based upon the continuing rise in worldwide passenger numbers (source IATA) and not simply the profitability of our airline clients, as is often perceived. Indeed it is the current environment within the airline industry that presents new and larger opportunities for this company, as airlines revisit their operational cost structures, and increasingly look at the benefit of outsourcing their requirements for products and services. In our trading update dated 14 January 2003, we informed share owners that we had now started to pitch for total supply chain management contracts, which are the first steps in our (demand led) vision of offering a total "above the wing" service to airlines. Financial summary Comparing consolidated operations in 2002 with 2001: * Turnover Up 10% to #35.80m (#32.56m) * EBITDA Up 30% to #3.37m (#2.59m) * Operating profit Up 28% to #3.13m (#2.45m) * Profit (pre-tax) Up 46% to #2.99m (#2.05m) * Profit (post-tax) Up 41% to #2.15m (#1.53m) * Dividend per share Up 30% to 1.62p (1.24p) * Share owners' funds Up 56% to #7.45m (#4.79m) * EPS (diluted) Up 43% to 8.76p (6.14p) Creating continued value through growth During the year, the company acquired Globe Audio Limited and Update International Limited. Both companies have enhanced the range of goods and services that we supply to the airline and travel sector, as well as increasing the number of clients with whom we deal. Update has performed in line with our expectations at the time of acquisition and has given the group access, for the first time, to the market for meal service equipment. Globe Audio has performed well above the forecasts made by them at the time of acquisition, and both companies have contributed to the improvement in gross margins. Share price During the year 2002 the company's share price ranged from 116p to 65.5p. At a share price of 76p, the group stands on an historic price earnings ratio of 8.7. Dividend policy The directors appreciate that the importance to the market of dividend yield has increased significantly. It is therefore proposed that for this year at least, we increase the cash dividend by 30% (in line with the 10 year average compound operating profit growth rate) to 1.62p per share (1.24p), giving dividend cover of 5.4 times. Personnel It has been a challenging year for business in general, and the airline sector in particular. We were therefore the more delighted to receive the KPMG Company of the Year Award for the best business in Hampshire. Our success in achieving this award, as well as the results tabled above is, in great part, due to the dedication and loyalty of our staff; we are grateful for the superlative effort that has been shown by so many in order to achieve another record year for this company. John A-G-Calthorpe John Caulcutt Chairman Chief executive Consolidated summarised profit and loss account For the year ended 31 December 2002 Continuing Operations Acquisitions Total Total 2002 2002 2002 2001 #'000 #'000 #'000 #'000 Turnover 29,467 6,330 35,797 32,559 Cost of sales (22,807) (4,708) (27,515) (26,564) ____________________________________________ Gross profit 6,660 1,622 8,282 5,995 Other operating expenses (3,996) (1,159) (5,155) (3,541) (net) ____________________________________________ Operating profit 2,664 463 3,127 2,454 _______________________ Exceptional item - cost of disposal of discontinued operation - (187) Interest receivable 26 30 Interest payable and similar (160) (245) charges _________________ Profit on ordinary activities before taxation 2,993 2,052 Tax on profit on ordinary (842) (518) activities _________________ Profit for the financial 2,151 1,534 year Dividends (397) (553) _________________ Retained profit for the 1,754 981 year _________________ Earnings per share Basic 8.95p 6.37p Diluted 8.76p 6.14p Normalised - diluted 9.03p 6.14p Diluted (adjusted for underprovision of taxation in 2001) 9.23p 5.67p _________________ Consolidated statement of total recognised gains and losses Total Total 2002 2001 #'000 #'000 Profit for the financial year 2,151 1,534 Currency translation (282) 22 _________________________ Total recognised gains relating to the year 1,869 1,556 _________________________ Consolidated summarised balance sheet As at 31 December 2002 2002 2001 #'000 #'000 Fixed assets Goodwill 1,771 - Tangible fixed assets 556 309 Investments 337 337 ______________________ 2,664 646 ______________________ Current assets Stocks 4,533 4,765 Debtors 15,266 6,792 Cash at bank and in hand 4,160 296 ______________________ 23,959 11,853 Creditors : Amounts falling due within one year (17,552) (7,714) ______________________ Net current assets 6,407 4,139 ______________________ Total assets less current liabilities 9,071 4,785 Creditors : Amounts falling due after more than one year (1,622) - _______________________ Total assets 7,449 4,785 _______________________ Capital and reserves Called-up share capital 242 232 Share premium account 886 678 Shares to be issued 974 - Capital redemption reserve 24 24 Merger reserve (527) (527) Profit and loss account 5,850 4,378 _______________________ Equity share owners' funds 7,449 4,785 _______________________ Consolidated summarised cash flow statement For the year ended 31 December 2002 2002 2001 #'000 #'000 Net cash (outflow) / inflow from operating activities (990) 1,834 Returns on investments and servicing of finance (134) (215) Taxation (881) (320) Capital expenditure and financial investment (304) (300) Acquisitions and disposals (1,467) (187) Equity dividends paid (299) (262) __________________________ Cash (outflow) / inflow before financing (4,075) 550 Financing 215 32 __________________________ (Decrease) / increase in cash (3,860) 582 __________________________ Reconciliation of operating profit to net cash (outflow) / inflow from operating activities Operating profit 3,127 2,454 Depreciation and amortisation charges 244 139 Loss on disposal of investments - 5 Exchange difference on retranslation of foreign currency net assets (282) 22 Decrease / (increase) in stocks 964 (1,746) (Increase) / decrease in debtors (7,368) 7,703 Decrease / (increase) in creditors 2,325 (6,743) _________________________ Net cash (outflow) / inflow from operating activities (990) 1,834 _________________________ Net cash outflow from acquisitions (527) - Net cash (outflow) / inflow from continuing (463) 1,834 operations _________________________ (990) 1,834 _________________________ Analysis and reconciliation of net debt (Decrease) / increase in cash in the year (3,860) 582 Acquisitions 810 - Cash flow from movement in hire purchase 3 2 agreements _________________________ Change in net debt resulting from cash flows (3,047) 584 Inception of finance leases (35) - Net debt - beginning of year (1,066) (1,650) _________________________ Net debt - end of year (4,148) (1,066) _________________________ Notes to the preliminary announcement For the year ended 31 December 2002 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 group have remained unchanged from those set out in the group's 2001 annual report and financial statements apart from the adoption of FRS19 - Deferred Tax. 2. 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 summarised balance sheet at 31 December 2002 and the summarised profit and loss account, summarised cash flow statement and associated notes for the year then ended have been extracted from the group's 2002 statutory financial statements upon which the auditors' opinion is unqualified. 3. Earnings per share Basic and diluted earnings per share have been calculated in accordance with FRS 14 - Earnings Per Share. Diluted earnings per share takes into account the effect of the exercise of employee share options and shares to be issued where these are expected to dilute earnings. In order to show results from operating activities on a comparable basis, a normalised earnings per share has been presented which excludes amortisation costs from the adjusted earnings calculation following implementation of FRS10 - Goodwill and Intangible Assets. An adjusted diluted earnings per share has also been presented which takes into account an underprovision of taxation in 2001 of #116,000. The calculations of earnings per share are based on the following profits and numbers of shares: Earnings Weighted Total 2002 Earnings Weighted Total 2001 average earnings average earnings shares per share shares per share #'000 Number (pence) #'000 Number (pence) Basic earnings 2,151 24,040,859 8.95 1,534 24,054,358 6.37 per share Add dilutive - 523,724 (0.19) - 928,338 (0.23) effect of share options _________________________________________________________________________ Diluted 2,151 24,564,583 8.76 1,534 24,982,696 6.14 earnings per share _________________________________________________________________________ Add 66 - 0.27 - - - amortisation _________________________________________________________________________ Normalised 2,217 24,564,583 9.03 1,534 24,982,696 6.14 earnings per share _________________________________________________________________________ Diluted 2,151 24,564,583 8.76 1,534 24,982,696 6.14 earnings per share (above) Add 116 - 0.47 (116) - (0.47) underprovision of tax in 2001 ________________________________________________________________________ Adjusted diluted earnings per share 2,267 24,564,583 9.23 1,418 24,982,696 5.67 ________________________________________________________________________ 4. Dividends 2002 2001 #'000 #'000 Dividend payable 1.62p per share (2001: 1.24p) 393 295 Under / (over) accrual in prior year 4 (25) Dividend in specie on the disposal of the Event - 283 Management division _______________________ 397 553 _______________________ 5. Annual Accounts The Annual Report and Accounts will be posted to all share owners in April 2003 and will be available at the company's registered office: Belmore Park Upham Hampshire SO32 1HQ This information is provided by RNS The company news service from the London Stock Exchange END FR NKFKBFBKDBND
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