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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Worthington Group Plc | LSE:WRN | London | Ordinary Share | GB00B01YQ796 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 87.00 | 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 : 7213N
Worthington Group PLC
16 June 2010
Worthington Group plc ("the Company")
Results for the Year Ended 31 March 2010
Chairman's Statement
The Company generated a profit of GBP230,000 (2009: loss of GBP11,000) excluding
the non cash items relating to the pension scheme finance charge and the amounts
related to associated companies, which are discussed below. Including the non
cash items, the Company produced a loss after tax for the year of GBP316,000
(2009: GBP487,000).
We ended the year with cash balances of GBP831,000, an increase of GBP35,000,
which is highly creditable given the payments to the pension scheme of
GBP182,000 and the ongoing administration costs of the scheme which are picked
up in the head office costs.
During the year we successfully completed two secured bridging loans utilising
our cash balances for a good part of the year and generating interest and fees
of GBP116,000 on an average sum lent of GBP630,000 over the two deals. We
continue to look for suitable opportunities to lend always mindful of the need
to preserve our capital.
I am pleased to report a slight increase in rental receipts during the year to
GBP147,000 (2009: GBP142,000) which compared favourably with the GBP150,000
budget set against a challenging economic background. Overall we produced
surplus rental income of GBP135,000 (2009: GBP59,000) after much reduced
maintenance costs in the year. Head office costs as a whole also reduced in the
year although this was largely due to the release of some provisions from
earlier years which were no longer deemed necessary.
We are investigating various planning schemes for the site at Keighley to
realise the maximum value out of the site. A public consultation in Keighley was
completed at the end of April 2010 which proposed the building of a new health
centre on our land which whilst zoned for industrial use nevertheless sits
within a large residential area. The alternative was to rebuild a new centre on
the existing site. We still await the outcome of the consultation and if our
site is selected it is likely we would enter negotiations to sell the spare land
whilst retaining the buildings which are currently being rented. We anticipate
moving forward with some sort of planning application for the site in the coming
year dependent on the outcome of the consultation.
Turning to the pension scheme, the income statement, in accordance with IAS 19,
includes a non cash charge of GBP242,000 (2009: GBP166,000) in respect of the
pension scheme net finance cost. Payments into the scheme to reduce the deficit
during the period amounted to GBP182,000 (2009: GBP223,000) but despite this the
scheme deficit on an IAS 19 basis increased to GBP3,240,000 (2009:
GBP2,641,000).
The pension scheme funding risk continues to represent the principal risk factor
faced by the Company. The tri-annual full actuarial review of the scheme as at 5
April 2010 is currently being prepared by the scheme actuaries, the results of
which will be known in the next few months. We are however mindful that the
review may well revise mortality rates upwards since the last review in 2007
which may have a consequential impact on the scheme deficit.
The investment performance of the scheme assets against benchmarks together with
the levels of head office costs and the rental income continue to be monitored
closely by the Board as key performance indicators.
Trimmings by Design ("Trimmings"), in which we have a 44% shareholding, produced
another loss for the year, with our share of the trading losses included in
these accounts amounting to GBP79,000 (2009: GBP56,000). Actions have been taken
by management, to reduce staff costs in particular, but we feel there is more
that could be done. Whilst the budget for this year has forecast a near
breakeven position we have had to review the carrying value of the investment
given a lack of dividends and have accordingly made an impairment provision of
GBP225,000 against the value of the investment on our statement of financial
position. All these items are non cash items.
Accordingly net asset value has decreased by GBP855,000 in the year to
GBP232,000 (2009: GBP1,087,000) once again principally as a result of the rise
in the pension scheme deficit of GBP599,000. A substantial recovery in the
scheme assets during the year was unfortunately more than offset by the effect
of changes in discount rates on the scheme liabilities.
We continue to look for ways to reduce the Company's exposure going forward to
the pension scheme but it is likely that this can only be addressed when we have
found a suitable acquisition opportunity which we continue to seek.
J C Dwek CBE
Executive Chairman
16 June 2010
Worthington Group plc
Income Statement
for the year ended 31 March 2010
2010 2009
Note GBP'000 GBP'000
Revenue
2 147 142
Cost of sales
(12) (83)
______ ______
Gross profit
135 59
Administrative expenses
(74) (149)
______ ______
Operating profit / (loss)
61 (90)
Investment revenues 3
169 79
Finance costs
4 (242) (166)
Share of results of associate
(79) (56)
Provision for impairment losses 5
(225) (254)
______ ______
Loss before taxation(316) (487)
Taxation
6 - -
______ ______
Loss after taxation for current year(316) (487)
______ ______
Loss per ordinary share from continuing operations
- Basic
7 (2.7p) (4.1p)
- Fully diluted
7 n/a n/a
All items are derived from continuing operations.
Worthington Group plc
Statement of Comprehensive Income
For the year ended 31 March 2010
2010 2009
GBP'000 GBP'000
Loss for the year
(316) (487)
Actuarial loss on retirement benefit obligation
(539) (1,779)
______ ______
Total comprehensive loss for the period
(855) (2,266)
______ ______
Attributable to:
Owners of the parent
(855) (2,266)
______ ______
Worthington Group plc
Statement of Financial Position
At 31 March 2010
2010 2010 2009 2009
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Investment property
1,800 1,800
Interests in associates
125 429
Other financial assets
800 800
_____ _____
2,725 3,029
Current assets
Trade and other receivables
15 85
Cash and bank balances
831 796
_____ _____
846 881
______ _____
Total assets
3,571 3,910
Current liabilities
Trade and other payables
99 182
_____ _____
Non-current liabilities
Retirement benefit obligation
3,240 2,641
_____ _____
3,240 2,641
_____ _____
Total liabilties
(3,339) (2,823)
______ ______
Net assets
232 1,087
______ _____
Equity
Called-up share capital
11,807 11,807
Share premium account
9,836 9,836
Retained earnings
(21,411) (20,556)
______ ______
Total equity 232 1,087
______ ______
Worthington Group plc
Statement of Changes in Equity
for the year ended 31 March 2010
Share Share Retained
capital premium earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2009 11,807
9,836 (20,556) 1,087
Total comprehensive income for the year -
- (855) (855)
______
______ ______ ______
At 31 March 2010 11,807
9,836 (21,411) 232
______
______ ______ ______
Share Share Retained
capital premium earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2008 11,807
9,836 (18,290) 3,353
Total comprehensive income for the year -
- (2,266) (2,266)
______
______ ______ ______
At 31 March 2009 11,807
9,836 (20,556) 1,087
______ ______ ______
______
Worthington Group plc
Cash Flow Statement
for the year ended 31 March 2010
2010 2009
GBP'000 GBP'000
Cash flow from operating activities
Operating profit / (loss)
61 (90)
Movement in trade and other receivables
70 (40)
Movement in trade and other payables excluding pension obligation
(83) 17
Payments to pension scheme
(182) (223)
_____ _____
Net cash outflow from operating activities
(134) (336)
Cash flow from investing activities
Interest received
169 66
Dividends received from associated undertakings
- 66
_____ _____
Net cash generated by investing activities169 132
_____ _____
Increase/(decrease) in cash and cash equivalents35 (204)
Cash and cash equivalents at beginning of year
796 1,000
_____ _____
Cash and cash equivalents at end of year
831 796
_____ _____
Cash and cash equivalents comprise of cash held at bank.
Worthington Group plc
Notes forming part of the preliminary announcement for the year ended 31 March
2010
1. Basis of preparation
The financial statements of the Company have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union.
The financial information in this announcement, which was approved by the Board
of Directors on 16 June 2010, does not constitute the Company's statutory
accounts for the years ended 31 March 2010 or 2009, but is derived from these
accounts.
Statutory accounts to 31 March 2009 have been delivered to the Registrar of
Companies and those for 2010 will be delivered following the Company's annual
general meeting. The auditors have reported on these accounts; their reports
were unqualified and did not contain statements under S498 of the Companies Act
2006.
The financial information has been prepared on the historical cost basis, except
for the revaluation of certain properties and assets.
2. Segmental Analysis
The Company has adopted IFRS 8 with effect from 01 April 2009. IFRS 8 requires
operating segments to be identified on the basis of internal reports about
components of the Company that are regularly reviewed by the Chief Executive to
allocate resources and assess performance.
As a result, following the adoption of IFRS 8, the Company's only
reportable segment remains property rental and management in the UK.
Included in revenues arising from the Company's only operating segment are
revenues of approximately GBP135,000 which arose from the Company's three
largest customers being GBP98,000, GBP22,000 and GBP15,000 respectively.
3. Investment Revenues
2010 2009
GBP'000 GBP'000
Loan note interest
52 52
Interest and arrangement fees on bridging loans
116 -
Interest on bank deposits
1 27
____ ____
169 79
____ ____
4. Finance Costs
2010 2009
GBP'000 GBP'000
Pension scheme net finance charge
242 166
____ ____
5. Impairment losses recognised
2010 2009
GBP'000 GBP'000
Goodwill written off
- 145
Provision against goodwill in balance sheet of associate
- 109
Provision for impairment losses
225 -
____ ____
225 254
____ ____
Following losses made in the current year by Trimmings by Design Ltd and a
budgeted loss for the 2010/11 year the Directors consider there has been an
impairment of the investment recognised in the Company's statement of financial
position. Accordingly a provision has been made against the carrying value of
the investment of GBP225,000 in respect of its associate with a corresponding
charge to the income statement.
6. Taxation
No corporation charge has been provided for 2010 or 2009 as a result of the
availability of various reliefs.
7. Earnings per share
The earnings per share has been calculated using the weighted average number of
shares in issue during the relevant financial periods. The weighted average
number of shares in issue during the year was 11,807,013 (2009: 11,807,013) and
the loss after taxation was GBP316,000 (2009: GBP487,000).
There is no difference between the basic and diluted loss per share in either
year.
8. Copies of the Annual Report
Copies of the Annual Report are available from the Company Secretary at the
registered office which is situated at Suite 1, Courthill House, 66 Water Lane,
Wilmslow, Cheshire, SK9 5AP. The annual report and AGM notices will also be
available for download on the Company's website www.worthingtongroupplc.co.uk
+---------------------------------+---------------------------------+
| Enquiries: | Worthington Group plc |
| | |
+---------------------------------+---------------------------------+
| Joe Dwek CBE, Chairman | Tel: 01625 549082 |
+---------------------------------+---------------------------------+
| David Shalom , Finance Director | Tel: 07912 777470 |
| | |
+---------------------------------+---------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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