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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 |
From Jul 2019 to Jul 2024
TIDMWRN
RNS Number : 9300I
Worthington Group PLC
31 July 2012
Worthington Group plc ("the Company")
Results for the Year Ended 31 March 2012
Chief Executive's Statement
The year ending 31(st) March 2012 has been an eventful year for the Company which has been followed by the departure of the incumbent Board on 1(st) June 2012, just 2 months after the year end.
The Company recorded a loss for the year of GBP625,000 (2011: profit of GBP2,077,000) which was largely due to increased pension costs, and professional fees and costs involved in the proposed development of our Keighley site.
At the year end, our cash balances had increased slightly to GBP264,000, from GBP247,000 in 2011. Unfortunately, for actuarial reasons, the Pension Scheme deficit increased from GBP2,842,000 in 2011 to GBP3,933,000 at the end of 2012. The pension scheme funding risk continues to represent the principle risk factor faced by the Company. The Company pays GBP110,000 per annum to the Pension Scheme plus 20% of any pre tax profits made in the year. The Company also pays the annual PPF levy previously borne by the Scheme. We continue to monitor closely the performance of the Scheme's investments which total GBP7.9m (2011: GBP8.3m). Early in 2012, the Trustees of the Scheme were in the process of advancing a secured loan of circa GBP3m to Rangers Football Club ("RFC"), on very advantageous terms, when RFC was placed into Administration on 14(th) February 2012. The loan had never completed, but the Administrators of RFC, Duff & Phelps, now have these funds in their solicitor's client's account and the recovery of these monies is subject to ongoing legal proceedings. Our legal team are confident that the GBP3m will be recovered, plus interest & costs.
Following the departure of the main tenant from the Keighley site in 2011, and in order to save business rates on an empty property, the site has now been mostly cleared. This was carried out at nil cost to the Company, and the rental income has now ceased. In 2011, the Company had every reason to believe that a planning application for a multi-use development, to include a Cinema, a Hotel, Retail outlets, Industrial and some Residential, would be favourably received by the local authority planners. However, when the plans were submitted to the council planning office, the Company was informed that a more suitable multi - use site had been identified, and that an application for purely residential use, approximately 200 homes, was now in favour. The Company was therefore asked to withdraw its application and resubmit for this alternative use. Whilst it is unfortunate that the site no longer has the potential originally envisaged, there is still considerable value in the land for residential use. A large amount of the work done thus far for the planning application can, however, be used in this new application. The Board is currently considering how to achieve the highest possible return from the Keighley site for the Company.
Trimmings By Design ("TBD") is an associated company, in which the Company holds a 44% shareholding and also has a seat on the Board. During the year, the Company received a dividend of GBP44,000 from TBD (2011: nil). The Board of TBD are to be congratulated on maintaining profitability and delivering a return for the Company, I wish them the very best for the future. By working closely with the Board of TBD, I am confident that our return from this investment can be enhanced, and also continue to be a regular source of income for the Company in the years to come.
As I mentioned on my appointment on 1(st) June 2012, I have introduced several potential acquisitions to the Company and we are currently progressing to due diligence on two potential unquoted opportunities. Announcements will follow if, and when, appropriate. To increase shareholder value, it is important to bring other businesses into the Group in order to generate healthy profits.
Your new Board is committed to increasing shareholder value in the Company. I am confident that, over the coming year, much progress will be made, and a secure future for your Company will be made possible.
Doug Ware
Chief Executive 31 July 2011
Worthington Group plc
Hot Features
Premium
Income Statement
for the year ended 31 March
2012
Total Total
2012 2011
Note GBP'000 GBP'000
Revenue 2 43 140
Cost of sales (115) (154)
_________ _________
Gross loss (72) (14)
Administrative expenses (165) (151)
Share based payment (166) -
Pension expenses (235) 32
_________ _________
Operating (loss) / profit (638) (133)
Investment revenues 3 87 88
Fair value gain on investment
property 4 - 2,200
Pension Finance costs 5 (101) (110)
Share of results of associate 6 27 32
_________ _________
(Loss)/profit before taxation (625) 2,077
Taxation 8 - -
_________ _________
(Loss)/profit after taxation
for year (625) 2,077
_________ _________
(Loss)/earnings per ordinary
share from continuing operations
- Basic 9 (5.3p) 17.6p
-Fully diluted 9 N/A N/A
All items are derived from continuing operations.
Statement of Comprehensive Income
For the year ended 31 March 2012
2012 2011
GBP GBP
(Loss)/profit for the year (625) 2,077
Actuarial (loss)/profit on retirement
benefit obligation (979) 328
_______ _______
Total comprehensive (loss) /income
for the year (1,604) 2,405
Attributable to:
Owners of the parent (1,604) 2,405
_______ _______
Statement of Financial Position
For the year ended 31 March 2012
2012 2012 2011 2011
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets
Investment property - 4,000
Interests in associates 140 157
Other financial assets 800 800
_____ _-___
940 4,957
Current assets
Inventories 4,000 -
Trade and other receivables 34 483
Cash and bank balances 264 247
_____ _-___
4,298 730
_____ _____
Total assets 5,238 5,687
Current liabilities
Trade and other payables 106 208
_____ _____
106 208
_____ _____
Non-current liabilities
Retirement benefit obligation 3,933 2,842
_____ _____
3,933 2,842
_____ _____
Total liabilities (4,039) (3,050)
_____ _____
Net assets 1,199 2,637
_____ _____
Equity
Called-up share capital 1,181 1,181
Share premium account 9,836 9,836
Other reserve 10,626 10,626
Share based payment 166 -
Retained earnings (20,610) (19,006)
_____ _____
Total equity 1,199 2,637
_____ _____
Changes in Equity
For the year ended 31 March
2012
Share
Share Share Other Based Retained
Capital Premium Reserve Payment Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2010 11,807 9,836 - - (21,411) 232
Purchase and cancellation
of deferred shares (10,626) - 10,626 - - -
Total comprehensive
income for the year - - - - 2,405 2,405
_____ _____ _____ _____ _____ _____
At 31 March 2011 1,181 9,836 10,626 - (19,006) 2,637
Share based compensation - - - 166 - 166
Total comprehensive
income for the year - - - - (1,604) (1,604)
_____ _____ _____ _____ _____ _____
Balance as at 31 March
2012 1,181 9,836 10,626 166 (20,610) 1,199
_____ _____ _____ _____ _____ _____
Cash Flow Statement
for the year ended 31 March 2012
2012 2011
GBP'000 GBP'000
Cash flow from operating activities
Operating loss (638) (133)
Movement in trade and other receivables 99 (71)
Movement in trade and other payables (102) 109
Share based payment 166 -
Receipts from/(payments to) pension scheme 11 (180)
_____ _____
Net cash outflow from operating activities (464) (275)
Cash flows from investing activities
Interest received 87 41
Dividends received 44 -
Loans advanced - (350)
Loans repaid 350 -
_____ _____
Net cash generated /(used) by investing
activities 481 (309)
Increase/(decrease) in cash and cash equivalents 17 (584)
Opening cash and cash equivalents 247 831
_____ _____
Closing cash and cash equivalents 264 247
_____ _____
Worthington Group plc
Notes forming part of the preliminary announcement for the year ended 31 March 2012.
1. Basis of preparation
Worthington Group plc is a company incorporated in the United Kingdom. The Company has its primary listing on the London Stock Exchange.
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 31 July 2012, does not constitute the Company's statutory accounts for the years ended 31 March 2012 or 2011, but is derived from these accounts.
Statutory accounts to 31 March 2011 have been delivered to the Registrar of Companies and those for 2012 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. The principle accounting policies applied in the preparation of the consolidated financial statements are consistent with those set out in the statutory accounts for 2011.
2. Operating segments
The Company has adopted IFRS 8 with effect from 1 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 adoption of IFRS 8, the Company's only reportable segment remains property rental and management in the UK.
3. Investment Revenues
2012 2011
GBP'000 GBP'000
Loan note interest 52 52
Interest and arrangement fees on bridging
loans 35 35
Interest on bank deposits - 1
_____ _____
87 88
_____ _____
4. Investment property 2012 2011
GBP'000 GBP'000
Fair value at 31 March - 4,000
_____ _____
The directors understand that the local planning authority's current view is that the preferred use for the property in Keighley is now for high density residential development, as opposed to the multi use development previously sought. The directors are currently considering the best way to maximise value from the property with this change of use. Previously, in 2011, the property had been valued at GBP4m. After correspondence with the directors who held office at the relevant date, the current directors see no reason to change this view; however, when the exact density and mix of housing is known, this value may well increase or decrease.
Revenues receivable in respect of the property amounted to GBP43,000 (2011: GBP140,000). Operating costs in respect of the property amounted to GBP115,000 (2011: GBP154,000). The operating costs in 2012 included costs related to the planning application including architects and legal fees and monies paid to Corporate Services Associates Ltd for consultancy services.
After the tenant vacated the remaining building on the property in the summer of 2011, the building was demolished. This was in order to save business rate costs on unoccupied property pending planning and redevelopment of the site. Rental income has therefore now ceased. The demolition was achieved without cost as a result of salvage sales of materials on the clearance of the site.
The directors are presently continuing to progress planning permission for a development on the site, but consider that, in due course, the site will be sold rather than the Company building out the project itself. Accordingly at 31 March 2012 the property has been reclassified from an investment property to inventories in current assets at the director's valuation of GBP4m pending an eventual sale.
5. Pension Finance Costs
2012 2011
GBP'000 GBP'000
Pension scheme net finance charge 101 110
_____ _____
6. Share of results of associates
2012 2011
GBP'000 GBP'000
Share of profits 48 57
Associates' net finance costs (21) (25)
_____ _____
27 32
_____ _____
7. Inventories 2012 2011
GBP'000 GBP'000
Inventories 4,000 -
_____ _____
Inventories comprise land for redevelopment which has been transferred in at the director's valuation of GBP4m and this will be the base cost from 1 April 2012.
8. Taxation
No corporation charge has been provided for 2012 or 2011 as a result of the availability of various reliefs.
9. Earnings per share
The earnings per share has been calculated using the weighted average number of ordinary shares in issue during the relevant financial periods. The weighted average number of shares in issue during the year was 11,807,014 (2011:11,807,013) and the loss after taxation was GBP625, 000 (2011: profit GBP2,077,000). There is no difference between the basic and diluted losses per share in either year.
10. Related party transactions
During the year the sum of GBP50,000 (2011: GBP88,000) was paid to Corporate Services Associates Ltd for services in respect of Anthony Cooke and Peter Townsend. Peter Townsend is a director and shareholder of Corporate Services Associates Ltd.
During the year the sum of GBP5,000 (2011: GBPnil) was paid to Richmond Corporate Developments Limited for the services in respect of Anthony Cooke.
Included in other financial assets are loan notes of GBP800,000 (2011: GBP800,000) due from Trimmings by Design Limited an associated company in which the Company has a 44% interest. The loan notes are subject to interest at 6.5% amounting to an interest revenue for the period of GBP52,000 (2011: GBP52,000) and as at the period end there was GBP13,000 (2011: GBP13,000) of unpaid interest within Trade and other receivables.
11. Statement of Directors' responsibilities
Each of the Directors confirms that to the best of their knowledge:
1. The financial statements within the full Annual Report and Accounts from which the financial information within this Final Results announcement has been extracted, have been prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Company; and
2. The management report, which is incorporated into the Directors' Report, includes a fair review of the development and performance of the business and the position of the Company taken as a whole, together with a description of the principal risks and uncertainties
12. Copies of the Annual Report
Copies of the Annual Report will be available from the Company Secretary at the registered office which is situated at 1 The Green, Richmond, Surrey TW9 1PL. The annual report and AGM notices will also be available for download on the Company's website www.worthingtongroupplc.co.uk at the appropriate time.
Enquiries: Anne Alesbury, PD Cosec Ltd - Tel: 0208 940 0963 Company Secretary Tel: 0207 628 3396 Roland Cornish, Beaumont Cornish Website: www.worthingtongroupplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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