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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 | |
---|---|---|---|---|---|---|---|---|---|---|
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:2668Q Watermark Group PLC 26 September 2003 For immediate release WATERMARK GROUP PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 Watermark Group plc ("Watermark"), the provider of marketing support services to the international travel industry, announces interim results for the six months ended 30 June 2003. Financial Highlights for the six months ended 30 June 2003: * Turnover #16.36m (2002: #16.15m) * Operating Profit #1.23m (2002: #1.20m) * Headline PBIT #1.34m (2002: #1.20m) * Headline EPS (basic) 3.77 pence (2002: 3.66 pence) * Headline EPS (diluted) 3.72 pence (2002: 3.56 pence) John Caulcutt, Chief Executive of Watermark, commented: "As time passes it is easy to forget the impact that September 11th, SARS and the war in Iraq have had on the industry in which we operate. Against this turbulent backdrop we believe that our results show and will continue to show the strength of management and the overall resilience of the group's business model. Recently market conditions have seen some improvement so that we anticipate that the group will show further growth for the current year." For further information please contact: John Caulcutt / Crispin Quail Rosie Brown / Claire Melly Watermark Group plc Tavistock Communications Tel: 01489 897800 Tel: 020 7920 3150 e-mail: info@watermarkplc.co.uk e-mail: rbrown@tavistock.co.uk Chairman's and chief executive's letter to share owners Whilst our interim figures for turnover, operating profit and headline earnings are still ahead of last year, they do reflect the "head winds" that the airline industry has continued to face as outlined in our AGM statement of the 25 June. As time passes it is easy to forget the impact that September 11th, SARS and the war in Iraq have had on the industry in which we operate. Against this turbulent backdrop we believe that our results show and will continue to show the strength of management and the overall resilience of the group's business model. Recently market conditions have seen some improvement so that we anticipate that the group will show further growth for the current year. One year ago, analysts were invited to our UK headquarters to share our vision to expand the range of goods and services that the group offers to the airline and travel industry. In response to our clients' needs to lower operational costs we explained our solution - the provision of a total cabin management programme for products and services "above the wing". In just twelve months we have put in place the building blocks for our future growth by concluding or agreeing in principle no less than nine deals. Two of these which have been concluded are the acquisitions of M'n'H Recycling Ltd and Media on the Move Ltd and the remaining seven have been joint venture agreements. Two of these joint ventures, which have hitherto not been announced, have been agreed in principle with Duty Free Air Ship and Supply (DFASS), the world's largest provider of onboard retail programmes and with Inflight Productions Limited, a company providing entertainment programming services for the airline industry. Furthermore, we have created two new divisions in-house to add to the portfolio of products and services that we will be offering for the group's continued development. All of these deals will allow us to turn our total cabin management concept into further income streams during 2004. John A-G-Calthorpe John Caulcutt Chairman Chief executive 26 September 2003 Unaudited consolidated summarised profit and loss account for the six months ended 30 June 2003 Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 ------------ ----------- ---------- Turnover Continuing Operations 13,732 14,206 29,467 Acquisitions 2,627 1,940 6,330 ------------ ----------- ---------- 16,359 16,146 35,797 ------------ ----------- ---------- Operating profit Continuing Operations 821 1,094 2,664 Acquisitions 409 109 463 ------------ ----------- ---------- 1,230 1,203 3,127 Net interest payable (148) (21) (134) ------------ ----------- ---------- Profit on ordinary activities 1,082 1,182 2,993 before taxation Taxation (281) (307) (842) ------------ ----------- ---------- Profit on ordinary activities 801 875 2,151 after taxation Dividends - - (397) ------------ ----------- ---------- Retained profit 801 875 1,754 ------------ ----------- ---------- Headline PBIT* 1,343 1,203 3,193 Headline PBT* 1,195 1,182 3,059 ------------ ----------- ---------- Headline earnings per share** Basic earnings per share 3.77p 3.66p 9.22p Diluted earnings per share 3.72p 3.56p 9.03p ------------ ----------- ---------- Standard earnings per share Basic earnings per share 3.30p 3.66p 8.95p Diluted earnings per share 3.26p 3.56p 8.76p ------------ ----------- ---------- *Headline PBIT: Profit on ordinary activities before interest, taxation and amortisation of goodwill. Headline PBT: Profit on ordinary activities before taxation and amortisation of goodwill. The calculation of Headline PBIT and Headline PBT are presented as note 3. ** Headline earnings per share exclude amortisation of goodwill. The calculation of Headline earnings is presented as note 4. Unaudited consolidated balance sheet as at 30 June 2003 As at As at As at 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 ------------ ---------- ------------- Fixed assets Goodwill 4,337 1,906 1,771 Tangible assets 676 408 556 Investments 337 337 337 ------------ ---------- ------------- 5,350 2,651 2,664 Current assets Stocks 4,941 5,163 4,533 Debtors 13,262 11,267 15,266 Cash at bank and in hand 2,716 975 4,160 ------------ ---------- ------------- 20,919 17,405 23,959 Creditors : Amounts falling due (14,627) (13,204) (17,552) within one year ------------ ---------- ------------- Net current assets 6,292 4,201 6,407 ------------ ---------- ------------- Total assets less current liabilities 11,642 6,852 9,071 ------------ ---------- ------------- Creditors : Amounts falling due after (2,835) - (1,622) more than one year ------------ ---------- ------------- Total assets 8,807 6,852 7,449 ------------ ---------- ------------- Capital and reserves Called-up share capital 244 242 242 Share premium account 1,056 900 886 Shares to be issued 1,369 1,002 974 Capital redemption reserve 24 24 24 Merger reserve (527) (527) (527) Profit and loss account 6,641 5,211 5,850 ------------ ---------- ------------- Equity share owners' funds 8,807 6,852 7,449 ------------ ---------- ------------- Unaudited consolidated statement of total recognised gains and losses for the six months ended 30 June 2003 Six months Six months Year ended ended ended 30 June 2003 30 June 2002 31 December 2002 #'000 #'000 #'000 ----------- ---------- ------------- Profit for the financial year 801 875 2,151 Currency translation (10) (42) (282) ----------- ---------- ------------- Total recognised gains relating 791 833 1,869 to the period ----------- ---------- ------------- Unaudited consolidated cash flow statement for the six months ended 30 June 2003 Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 ---------- ---------- ---------- Net cash inflow / (outflow) from 604 (691) (990) operating activities Returns on investments and servicing (148) (21) (134) of finance Taxation (201) (477) (881) Capital expenditure and financial investment (171) (66) (304) Acquisitions and disposals (411) - (1,467) Equity dividends paid - - (299) ---------- ---------- ---------- Net cash outflow before financing (327) (1,255) (4,075) Financing (155) 232 215 ---------- ---------- ---------- Decrease in cash (482) (1,023) (3,860) ---------- ---------- ---------- Reconciliation of operating profit to net inflow / (outflow) from operating activities Operating profit 1,230 1,203 3,127 Depreciation and amortisation charges 219 55 244 Exchange difference on retranslation 1 (85) (282) of foreign currency net assets (Increase) / decrease in stocks (389) 433 964 Decrease / (increase) in debtors 3,058 (3,219) (7,368) (Decrease) / increase in creditors (3,515) 922 2,325 ---------- ---------- ---------- Net cash inflow / (outflow) from 604 (691) (990) operating activities ---------- ---------- ---------- Net cash inflow / (outflow) from acquisitions 384 - (527) ---------- ---------- ---------- Net cash inflow / (outflow) from 220 (691) (463) continuing operations ---------- ---------- ---------- 604 (691) (990) ---------- ---------- ---------- Notes : 1. The results for the year to 31 December 2002 do not constitute statutory accounts. They are an abridged version of the full accounts which received an unqualified report by the auditors and have been filed with the Registrar of Companies. The interim results are unaudited. 2. The taxation charge for the six months ended 30 June 2003 is based on the effective rate which is estimated to apply for the full year. 3. Headline PBIT and PBT Headline PBIT is calculated as profit on ordinary activities before interest, taxation and amortisation of goodwill Headline PBT is calculated as profit on ordinary activities before taxation and amortisation of goodwill Six months Six months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #'000 #'000 #'000 Profit on ordinary activities before interest and taxation 1,230 1,203 3,127 Amortisation of goodwill 113 - 66 Headline PBIT 1,343 1,203 3,193 Interest payable (148) (148) (148) Headline PBT 1,195 1,055 3,045 4. Standard basic and diluted earnings per share have been calculated in accordance with FRS14 - 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 the results from operating activities on a comparable basis, headline earnings per share, both diluted and basic, have been presented which exclude amortisation of goodwill from the adjusted earnings calculation. The calculations of earnings per share are based on the following profits and weighted average numbers of shares. Six months ended Six months ended Year ended 30 June 2003 30 June 2002 31 December 2002 Earnings Shares Earnings Shares Earnings Shares #'000 Number #'000 Number #'000 Number Standard earnings per share Basic earnings per share 801 24,254,902 875 23,889,473 2,151 24,040,859 Add dilutive effect of share options - 336,573 - 697,294 - 523,724 Diluted earnings per share 801 24,591,475 875 24,586,767 2,151 24,564,583 Headline earnings per share Basic earnings per share 801 24,254,902 875 23,889,473 2,151 24,040,859 Add amortisation of goodwill 113 - - - 66 - Headline earnings per share - basic 914 24,254,902 875 23,889,473 2,217 24,040,859 Diluted earnings per share 801 24,591,475 875 24,586,767 2,151 24,564,583 Add amortisation of goodwill 113 - - - 66 - Headline earnings per share - diluted 914 24,591,475 875 24,586,767 2,217 24,564,583 5. This report covers the six month period ended 30 June 2003 and was approved by the board of directors on 26 September 2003. It has not been audited or reviewed by the group's auditors. 6. The Interim Report will be posted to all share owners before 14 October 2003 and is 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 IR ILFVAARIRFIV
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