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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bespak | LSE:BPK | London | Ordinary Share | GB0000946276 | 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% | 667.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number:6463N
Bespak PLC
17 July 2003
For Immediate Release: 07.00, Thursday 17 July 2003
Bespak plc
Preliminary Results for the 52 weeks ended 3 May 2003
Bespak, an innovator in drug delivery, today announces its preliminary results
for the 52 weeks ended 3 May 2003.
HIGHLIGHTS
*Sales of products and services declined by 13% to #79.9m (2002: #91.5m)
*Profit before taxation and exceptional items of #4.2m (2002: #15.0m)
impacted by price reduction on major product and reduced demand for CFC
valves
*Restructuring and manufacturing efficiencies on track - expected to
achieve significant annualised savings as previously announced
*Final dividend maintained at 12.1p per share
*Net cash #8.8m at 3 May 2003 (2002: #24.8m)
*Increasing conversion from CFC valves to HFA valves, with significant
market share gain expected
*Encouraging signs on Pfizer's Exubera inhaled insulin - Bespak to
manufacture this delivery device
Commenting on the results, Mark Throdahl, Bespak's Chief Executive, said:
"While it has been a tough year, we have taken aggressive steps to address the
issues responsible for our unsatisfactory financial results. Bespak is well
placed to return to previous levels of performance and we continue to be
encouraged by the strong fundamentals in our core businesses and the positive
start to our new financial year.
In recent months we have regained the initiative in winning HFA valve
evaluations, demand remains strong for GlaxoSmithKline's DiskusTM device and we
are confident about the prospects for Pfizer's Exubera inhaled insulin product.
With a strong balance sheet, the Group is well-positioned to create substantial
shareholder value going forward."
For further information please contact:
Bespak plc Tel on 17.07.03 : +44 (0)20 7466 5000
Mark Throdahl - Chief Executive Thereafter: +44 (0)1908 552 600
Martin Hopcroft - Group Finance Director
Buchanan Communications
Nicola How / Bobbie Swanson Tel: +44 (0)20 7466 5000
Mobile: 07956 597 099
Bespak plc
Preliminary Results for the year ended 3 May 2003
OVERVIEW
2002/03 has proved to be a difficult year. Bespak has been impacted by reduced
demand for many Respiratory product lines and, primarily, by a significant price
reduction on a major Device & Manufacturing Services (DMS) product. While the
price reduction was not matched by cost reductions as anticipated, we expect to
achieve these cost reductions during the coming year. Delays in the Exubera
inhaled insulin programme, our largest current potential source of growth, meant
that we were unable to offset the impact of these factors. However, our
confidence in this product reaching the market remains high.
As a result of these issues, sales of products and services declined by 13% to
#79.9 million (2002: #91.5 million). The overall impact on profitability was to
reduce profit before taxation and exceptional items to #4.2 million (2002: #15.0
million).
To restore Bespak to previous levels of performance, we have taken significant
steps to restructure the Group's cost base. This restructuring programme is well
underway and is planned for completion in January 2004. The restructuring is
expected to achieve significant annualised savings as previously announced. Most
of the headcount reductions have already been made and the Board is confident
that savings from the restructuring will be realised. In view of this, the Board
is committed to maintaining the current dividend and, hence, is proposing a
final dividend of 12.1 pence per share (2002: 12.1 pence).
The year has also seen some changes to the Board. In September, we announced the
appointment of Jack Cashman as a non-executive director. As former Chairman and
joint CEO of R P Scherer Corporation, Jack's experience and contacts in the drug
delivery arena continue to prove invaluable.
In November, Martin Hopcroft joined us as Group Finance Director. His broad
experience and fresh perspective have been greatly appreciated during the course
of our restructuring.
Overall, this year has presented Bespak with unprecedented challenges. The
impact of the price reduction on a major product and reduced CFC valve demand,
necessitated a programme of restructuring. It should be noted, however, that our
performance in the last financial year masks some encouraging trends. Pulmonary
valves are poised for significant revenue growth and gain in market share over
the medium term, while DMS looks set to grow rapidly as Exubera and other new
products are launched.
The Company has been through a period of significant capital investment. While
this has resulted in a major cash outflow during the year, this investment is
transforming our manufacturing facilities to support future growth and
efficiencies.
Despite difficult market conditions impacting performance, the Board remains
very confident about Bespak's future and is encouraged by the positive start to
the new financial year.
In April, we announced that we had received a number of approaches from third
parties. Discussions continue with several parties but there can be no certainty
that a transaction will result. A further announcement will be made in due
course.
OPERATING REVIEW
During the last financial year, Bespak was confronted with a number of
significant issues. In responding to them we have put the Company through a
period of considerable change based on a detailed review of our strategy,
business prospects and organisational structure. The fundamental strength of our
core businesses was confirmed, but the need to curtail nasal formulation
development was also identified.
The restructuring of our expense base was grounded, therefore, on a confirmed
strategy and a refined organisational structure. Obviously, the departure of
significant numbers of employees and the discontinuance of many programmes has
been difficult, but we are convinced that these changes will make Bespak a
stronger company.
Respiratory
Bespak designs, manufactures and sells metered dose inhalation (MDI) valves,
actuators and accessories used to deliver respiratory drugs to the lung. In the
past two years, the business has expanded to include systems to deliver systemic
drugs to the bloodstream through the nasal cavity. Sales declined by 17% to
#35.4 million (2002: #42.9 million) owing to de-stocking of CFC valves in the
important US market and the unpredictable pace of conversions from CFC to HFA
formulations in Europe. Despite the recent performance, there are encouraging
trends in this business.
HFA conversions are driven by international agreements to reduce ozone depletion
in the atmosphere by switching from CFC propellants to environmentally friendly
HFA propellants. The conversion process opens up the CFC formulations at every
pharmaceutical company to competition from all HFA valve suppliers, but the
result is not necessarily a smooth unit-to-unit conversion for companies like
Bespak. An incumbent CFC supplier's valves might not work with a particular HFA
formulation, or a new HFA formulation may suffer from regulatory delays or
commercial problems after launch. Therefore, there will be considerable market
share changes over the period of this conversion and we expect that Bespak's
share will expand strongly over the next few years.
Bespak is already the valve source for 12 of the 17 approved HFA formulations in
Europe and the USA. This demonstrates that Bespak has the widest range of
customers, drugs and formulations in the industry. We believe that we are
winning the majority of new valve development programmes due to our Valves
Centre of Excellence, in which we have experts in aerosol formulation, elastomer
chemistry and statistics. One of our recent new customer wins during the past
year is Chiesi Farmaceutici, where Bespak's BK357 valve is exclusively specified
in an HFA budesonide formulation. Sales began in early 2003 when the formulation
was approved in Germany, and are accelerating.
Over the next few years, we believe that Bespak's HFA valve sales will increase
significantly as approved drug development programmes receive regulatory
approval and launch, while CFC valve sales decline over time. In order to handle
these incremental volumes of business, Bespak has constructed a new #10 million
MDI valve facility in King's Lynn. This plant will provide significant cost
efficiencies and best-in-class manufacturing conditions.
Bespak continues to invest in break-through metered dose delivery technologies.
Our development with DEKA Research Corp. of a closed loop feedback device is
progressing in line with expectations. We are currently evaluating a prototype
which has been designed to eliminate patient-to-patient and breath-to-breath
dose variability. We are encouraged by the rapid technical progress of this
programme. We plan to show this new product to potential customers later this
year after in-vitro performance data have been compiled.
In April 2003, we announced the curtailment of our nasal formulation work. While
technical milestones were being met, we could no longer justify investing in
nasal programmes which would take many years before generating returns. However,
we shall continue to exploit opportunities to develop proprietary nasal drug
delivery devices that build on the technologies we have developed in recent
years. Central to this effort is our exclusive access to the modeling
capabilities at the CIIT Health Research Centres in Raleigh, North Carolina,
which enable us to deliver drugs to specific areas of the nasal anatomy - an
important requirement as more systemic drugs are delivered nasally.
Device & Manufacturing Services (DMS)
Bespak provides a comprehensive range of device-related services to
pharmaceutical and drug delivery companies. Bespak takes customers' devices from
concept through to regulatory approval, supply chain management and full-scale
manufacture. Our customers benefit principally in two ways: Bespak can design
the device for efficient manufacturing and minimise the time from concept to
market introduction. Bespak offers its development services on a fee-for-service
basis.
DMS volumes grew substantially over the past year owing to new volumes of
Abboject prefilled syringes for Abbott Laboratories. However, the impact of a
price reduction on our largest DMS product was a major factor in the 9% decline
in sales to #37.8 million (2002: #41.5 million re-presented). While this price
reduction was anticipated, technical issues and additional volume demands
delayed the implementation of cost reduction programmes, which are now well
advanced.
Bespak has invested considerable selling and engineering resources in bidding on
numerous prospective DMS opportunities. While we generally do not own
intellectual property in this business, the know-how associated with managing
complex CGMP programmes and the capability to manufacture millions of devices
with high speed automated equipment constitute considerable barriers to
competition.
We continue to finalise the capability that will deliver Exubera, the first
inhaled insulin product, working with our partner, Nektar Therapeutics of San
Carlos, California (formerly Inhale Therapeutic Systems). Our manufacturing
facility in Milton Keynes has progressed to the point where we are now ready to
begin final validation activities. Considerable work has been done to create a
facility that complies with the exacting FDA medical device standard known as 21
CFR 820. In June, Pfizer, Nektar's partner, presented additional encouraging
clinical data at the annual meeting of the American Diabetes Association. While
the regulatory submission has taken longer than Bespak originally anticipated,
we remain optimistic that Pfizer and Nektar will be successful in launching
Exubera, a product that can revolutionise insulin therapy for millions of
patients. This exciting development will also pave the way for other protein
based systemic drugs to be delivered to the bloodstream through the lung,
creating new opportunities for Bespak.
Consumer Dispensers
Bespak manufactures pumps for consumer household products, toiletries and
fragrances. Sales declined by 6% to #6.7 million (2002: #7.1 million) over the
past year. Bespak Consumer Dispensers generally does not serve regulated
industries and so new product sales can occur more rapidly than in our other
businesses.
We are committed to growing this business through selective investments and
licensing agreements, of which the Millennium pump is the first. Millennium is a
new spray pump designed to handle viscous products such as deodorants and
hairsprays and, as a result, we expect to see sales expanding over the next few
years.
FINANCIAL REVIEW
Trading performance
Turnover declined by 12% to #88.3 million (2002: #100.3 million re-presented).
Excluding sales of tooling and equipment that are customer-funded, sales of
products and services declined by 13% to #79.9 million (2002: #91.5 million)
arising from the impact of a significant price reduction on a major product and
reduced demand for CFC valves. Consequently, Group operating profit before
exceptional items declined to #3.5 million (2002: #14.2 million re-presented).
Profit on ordinary activities before taxation and exceptional items of
#4.2 million (2002: #15.0 million) demonstrates that Bespak has traded at
breakeven in the second half of the year, as forecast in the April announcement.
Looking ahead, the results will benefit from the significant overhead reductions
arising from the restructuring and manufacturing cost reductions as offset by
the annualised impact of the price reduction on a major DMS product.
Exceptional items
Exceptional items have been incurred on the restructuring and on the sale of an
associate. Firstly, as a result of actions to re-align the cost base with the
activity levels, restructuring costs of #2.4 million have been charged in the
year. Secondly, a profit of #1.4 million arose on the sale of the 40%
shareholding in Microspray Delta S.p.A.
The restructuring that was initiated in November 2002 is expected to continue
until January 2004, such that further restructuring costs will be charged as
incurred in our next financial year.
Tax
The overall tax charge of 15% reflects an effective tax rate of 27% on the
profit on ordinary activities before exceptional items, together with a nil tax
charge on the sale of shares in the associate. The effective tax rate is
expected to increase over time as the US operations return to profitability,
once accumulated tax losses have been fully utilised.
Earnings per share
Basic earnings per share after exceptional items are 10.5p (2002: 41.3p). The
impact of dilution is not material.
Dividends
The Board is recommending a maintained final dividend per share of 12.1p (2002:
12.1p), such that the total dividend for the year amounts to 19.1p (2002:
19.1p). The final dividend will be paid on 18 September 2003 to shareholders on
the register on 22 August 2003.
Treasury
At the year end, Bespak had net cash of #8.8 million (2002: #24.8 million).
A significant proportion of operating assets are denominated in US dollars.
Operating assets denominated in US dollars are broadly matched by US dollar
borrowings, thereby hedging the exchange rate exposure. Such borrowings total
the equivalent of #7.5 million.
In addition to its cash balances and short-term investments at the year end,
which amounted to #18.0 million (2002: #34.4 million), Bespak also had un-drawn
committed facilities of #4.2 million (2002: #9.1 million).
Transactions in foreign currencies are matched wherever possible and the net
balance is hedged using forward contracts. The treasury function does not
operate as a profit centre and no speculative treasury transactions are
undertaken.
Cash flow
The net cash outflow before management of liquid resources and financing was
#16.6 million (2002: #16.2 million cash inflow). The reduction in the year
reflects the decline in operating profit, the unwinding of working capital
related to customer-funded projects, significant capital expenditure programmes
and payments of dividends.
Over the past few years, Bespak has undertaken significant capital expenditure
programmes and customer-funded projects. These include expansion and
consolidation of the Diskus facility, scale up for Nektar, investment in
laboratories and consolidation of the MDI valves facility. This last investment
is expected to be completed in September 2003, after which capital expenditure
will return to more normal levels.
Accounting policies
Income from the sale of tooling and equipment that Bespak procures on behalf of
its customers is now included within turnover and related costs within operating
expenses. This provides greater visibility of the investment by customers in the
productive capacity. The comparative income has been re-presented. This
reclassification does not affect the operating profit or net assets.
Income from amounts invoiced by reference to the level of the Group's capital
investment has been reclassified from interest receivable to turnover in order
to more fairly reflect the nature of the income. The comparative income has been
re-presented. This reclassification does not affect the profit before tax or net
assets.
Pensions
Bespak operates a defined benefit pension scheme in the UK, which was closed to
new members at 30 June 2002. The latest triennial actuarial valuation under SSAP
24 as at 30 April 2002 disclosed net assets of #17.0 million and a deficit of
#4.0 million. After consultation, contributions by employees have been increased
in order to eliminate the deficit over a 15-year period. From 1 July 2002, new
employees are eligible to join a defined contribution pension scheme.
SUMMARY
While it has been a tough year, we have taken aggressive steps to address the
issues responsible for our unsatisfactory financial results. Bespak is well
placed to return to previous levels of performance and we continue to be
encouraged by the strong fundamentals in our core businesses and the positive
start to our new financial year.
In recent months we have regained the initiative in winning HFA valve
evaluations, demand remains strong for GlaxoSmithKline's DiskusTM device and we
are confident about the prospects for Pfizer's Exubera inhaled insulin product.
With a strong balance sheet, the Group is well-positioned to create substantial
shareholder value going forward.
Consolidated Profit and Loss Account
For the 52 weeks ended 3 May 2003
2003 2003 2003 2002
Before
Exceptional Exceptional
Items Items Total Total
(Re-presented)
(Note1)
#000 #000 #000 #000
Sales of products
and
services 79,887 - 79,887 91,506
Sales of tooling and
equipment (Note 1) 8,423 - 8,423 8,786
--------- --------- -------- ---------
Turnover (Note 2) 88,310 - 88,310 100,292
Operating expenses (84,815) (2,365) (87,180) (86,082)
--------- --------- -------- ---------
Group operating 3,495 (2,365) 1,130 14,210
profit
(Note 2)
Share of joint
ventures
and associates 325 - 325 225
--------- --------- -------- ---------
Total operating 3,820 (2,365) 1,455 14,435
profit
Profit on sale of - 1,439 1,439 -
associate
Net interest 391 - 391 596
receivable --------- --------- -------- ---------
Profit on ordinary activities
before taxation 4,211 (926) 3,285 15,031
Taxation (Note 4) (1,147) 648 (499) (4,068)
--------- --------- -------- ---------
Profit for the
financial
year 3,064 (278) 2,786 10,963
--------- ---------
Dividends (Note 5) (5,071) (5,068)
-------- ---------
Retained (loss)/ (2,285) 5,895
profit -------- ---------
Earnings per share
Basic (pence) (Note 6) 11.5p (1.0p) 10.5p 41.3p
Diluted (pence) (Note 6) 11.5p (1.0p) 10.5p 41.0p
Consolidated Balance Sheet
At 3 May 2003
2003 2002
#000 #000
Fixed assets
Intangible assets - 437
Tangible assets 64,132 57,991
Investments 1,397 2,448
------- --------
65,529 60,876
------- --------
Current assets
Stocks 3,514 3,387
Debtors 12,729 10,171
Short-term investments 16,365 31,473
Cash at bank and in hand 1,678 2,892
------- --------
34,286 47,923
Creditors
Amounts falling due within one year (25,786) (31,322)
------- --------
Net current assets 8,500 16,601
------- --------
Total assets less current liabilities 74,029 77,477
Creditors
Amounts falling due after more than one year (731) (2,044)
Provisions for liabilities and charges (6,265) (5,730)
------- --------
Net assets 67,033 69,703
------- --------
Capital and reserves
Called up share capital 2,679 2,679
Share premium account 23,010 22,988
Profit and loss account 41,344 44,036
------- --------
Equity shareholders' funds 67,033 69,703
------- --------
Consolidated Cash Flow Statement
For the 52 weeks ended 3 May 2003
2003 2002
(Re-presented)
(Note1)
#000 #000
Net cash inflow from operating activities (Note 7) 2,975 28,250
Dividends received from associates 9 87
Returns on investment and servicing of finance
Interest received 866 1,201
Interest paid (443) (553)
------- --------
423 648
------- --------
Taxation
UK corporation tax (2,088) (3,253)
Overseas tax repaid 41 174
------- --------
(2,047) (3,079)
------- --------
Capital expenditure and financial investment
Payments to acquire intangible fixed assets (70) (67)
Payments to acquire tangible fixed assets (15,703) (4,902)
Receipts from sales of tangible assets 597 146
------- --------
(15,176) (4,823)
------- --------
Acquisitions and disposals
Purchase of fixed asset investments (122) (19)
Receipt from sale of associate (Note 3) 2,379 -
------- --------
2,257 (19)
------- --------
Equity dividends paid (5,070) (4,878)
------- --------
Net cash (outflow)/inflow before management
of liquid resources and financing (16,629) 16,186
Management of liquid resources
Decrease/(increase) in short term investments 15,108 (11,633)
Financing
Payment for shares 22 158
Net decrease in loans (1,971) (2,183)
------- --------
Net cash outflow from financing (1,949) (2,025)
------- --------
(Decrease)/increase in net cash (3,470) 2,528
------- --------
Statement of Total Recognised Gains and Losses
For the 52 weeks ended 3 May 2003
2003 2002
#000 #000
Profit for the financial year 2,786 10,963
Exchange movements on foreign currency net investments (415) (110)
------- --------
Total recognised gains and losses for the financial year 2,371 10,853
------- --------
Reconciliation of Movements in Equity Shareholders' Funds
For the 52 weeks ended 3 May 2003
2003 2002
#000 #000
Equity shareholders' funds brought forward 69,703 63,010
Profit for the financial year 2,786 10,963
Dividends (Note 5) (5,071) (5,068)
Exchange movements on foreign currency net investments (415) (110)
Movement relating to QUEST 8 (320)
Issue of ordinary share capital 22 1,228
------- --------
Equity shareholders' funds carried forward 67,033 69,703
------- --------
Notes to the Preliminary Results
1. Basis of preparation
The financial information set out in this announcement does not constitute the
Company's statutory accounts for the 52 weeks ended 3 May 2003 or 53 weeks ended
3 May 2002, but is derived from those accounts. Statutory accounts for 2002 have
been delivered to the Registrar of Companies and those for 2003 will be
delivered after the Company's Annual General Meeting. The auditors have reported
on those accounts; their reports were unqualified and did not contain statements
under s237(2) or (3) Companies Act 1985.
The consolidated accounts include the accounts of Bespak plc and its subsidiary
undertakings for the 52 weeks ended 3 May 2003 (2002: 53 weeks ended 3 May
2002).
The accounts are prepared under the historical cost convention and in accordance
with applicable Accounting Standards in the United Kingdom.
Income from the sale of tooling and equipment that the Group procures on behalf
of customers has historically been excluded from turnover. The policy has now
been changed to include such revenue within turnover and related costs within
operating expenses. This provides greater visibility of the investment by
customers in the productive capacity. The effect on the current year is to
increase turnover by #8,423,000, increase raw materials and consumables by
#7,833,000 and increase other external charges by #590,000. The comparative
income for the 53 weeks ended 3 May 2002 has been increased by #8,786,000. The
comparative figure for raw materials and consumables has been increased by
#8,293,000 and the comparative figure for other external charges has been
increased by #493,000. This reclassification does not affect the operating
profit or net assets.
Income from amounts invoiced by reference to the level of the Company's capital
investment has been reclassified from interest receivable to turnover in order
to more fairly reflect the nature of the income. The effect on the current year
is to increase turnover by #1,303,000. The comparative income for the year ended
3 May 2002 has been increased by #501,000. This reclassification increases
operating profit by #1,303,000 in the current year and #501,000 in the prior
year, but does not affect the profit before tax or net assets.
2. Segmental Information
Turnover by business
2003 2002
(Re-presented)
#000 #000
Respiratory 35,409 42,907
Device and Manufacturing Services 37,751 41,454
Consumer Dispensers 6,727 7,145
------- --------
Sales of products and services 79,887 91,506
Tooling and equipment 8,423 8,786
------- --------
88,310 100,292
------- --------
Average rate of exchange #1 Sterling : US $ 1.56 1.43
Turnover by destination
2003 2002
(Re-presented)
#000 #000
United Kingdom 37,017 45,648
United States of America 31,184 29,857
Europe 12,664 17,365
Rest of the World 7,445 7,422
------- --------
88,310 100,292
------- --------
Turnover by origin
2003 2002
(Re-presented)
#000 #000
United Kingdom 78,224 86,911
United States of America 22,254 23,182
------- --------
Total sales 100,478 110,093
Intra-group sales (12,168) (9,801)
------- --------
88,310 100,292
------- --------
Group operating profit by origin
United United States
Kingdom of America Total Total
----------------------------------------------------------------------------------------
2003 2002 2003 2002 2003 2002
(Re-presented) (Re-presented)
#000 #000 #000 #000 #000 #000
----------------------------------------------------------------------------------------
Group
operating
profit
before
exceptional 4,058 15,073 (563) (863) 3,495 14,210
items
Exceptional
items (2,208) - (157) - (2,365) -
----------------------------------------------------------------------------------------
1,850 15,073 (720) (863) 1,130 14,210
----------------------------------------------------------------------------------------
Net assets
2003 2002
#000 #000
United Kingdom 51,293 41,919
United States of America 15,745 11,943
------- --------
Allocated net assets 67,038 53,862
Investments 1,397 2,448
Provisions for liabilities and charges (6,265) (5,730)
Taxation and dividends (3,957) (5,645)
Net funds 8,820 24,768
------- --------
67,033 69,703
------- --------
Closing rate of exchange #1 Sterling : US $ 1.60 1.47
3. Exceptional Items
The exceptional charge of #2,365,000 for the 52 weeks ended 3 May 2003 comprises
employee severance costs, curtailment of nasal formulation activities, and costs
incurred with the profit forecast and bid approaches.
On 10 October 2002, the Group sold its 40% shareholding in Microspray Delta
S.p.A. for #2.4 million in cash, resulting in a profit of #1,439,000. No
goodwill was attributed to the acquisition of these shares. No taxation
liability arises on the gain as the sale of the shareholding falls within the UK
substantial corporate shareholding exemptions.
4. Taxation
2003 2002
#000 #000
UK corporation tax at 30% (2002: 30%) (70) 3,230
Share of taxation of associates 166 113
Overseas taxation 76 (27)
------- --------
Total current tax 172 3,316
------- --------
UK origination and reversal of timing differences 543 512
Adjustments in respect of prior periods (216) 240
------- --------
Total deferred tax 327 752
------- --------
Total taxation 499 4,068
------- --------
Reconciliation to UK statutory rate:
2003 2002
#000 #000
Profit on ordinary activities before taxation 3,285 15,031
------- --------
Taxation charge at UK corporation tax rate of 30% 986 4,509
Adjustments in respect of prior periods 27 (796)
Accelerated capital allowances & other timing differences (543) (512)
Permanent differences (478) (125)
Current tax on losses not recognised 143 188
Higher average tax rates in overseas countries 37 52
------- --------
Total current tax 172 3,316
------- --------
5. Dividends
2003 2002
#000 #000
Interim dividend paid of 7.0p per share (2002: 7.0p) 1,859 1,857
Final dividend proposed of 12.1p per share (2002: 12.1p) 3,212 3,211
------- --------
5,071 5,068
------- --------
The record date for the proposed final dividend is close of business on 22
August 2003.
6. Earnings per share
Basic earnings per share are calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the year, excluding those held in employee trusts which are treated as
cancelled.
Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares in issue to assume conversion of all dilutive
potential shares.
2003 2002
Earnings before exceptional items (#000) 3,064 10,963
Exceptional items after taxation(#000) (278) -
-------- --------
Earnings (#000) 2,786 10,963
-------- --------
Weighted average number of shares in issue 26,790,505 26,570,967
Shares owned by Employee Share Ownership (245,793) (52,739)
Trusts -------- --------
Average number of shares in issues for basic 26,544,712 26,518,228
earnings
Dilutive impact of share options outstanding 95 193,368
-------- --------
Dilutive average number of shares in issue 26,544,807 26,711,596
-------- --------
Basic earnings per share before exceptional 11.5p 41.3p
items
Basic loss per share on exceptional items (1.0p) -
-------- --------
Basic earnings per share 10.5p 41.3p
------- -------
Diluted earnings per share before exceptional 11.5p 41.0p
items
Diluted loss per share on exceptional items (1.0p) -
-------- --------
Diluted earnings per share 10.5p 41.0p
------- -------
7. Cash flow from operating activities
2003 2002
(Re-presented)
#000 #000
Operating profit 1,130 14,210
Depreciation 7,116 6,491
Amortisation of intangible fixed assets 507 51
Amounts provided against investment in own shares 264 -
Amounts provided on revaluation of fixed asset 78 -
investment
Loss/(profit) on sale of tangible fixed assets 484 (41)
(Increase)/decrease in stocks (187) 87
(Increase)/decrease in debtors (2,655) 1,750
(Decrease)/increase in creditors (3,998) 5,690
Increase in provisions 236 12
------- --------
Net cash inflow from operating activities 2,975 28,250
------- --------
Operating cash flows include an outflow of #725,000 relating to exceptional
charges (note 3).
8. Reconciliation of net cash flow to movement in net funds
At 4 May Cash Exchange At 3 May
2002 Flow movements 2003
#000 #000 #000 #000
Cash at bank & in 2,892 (1,160) (54) 1,678
hand
Overdraft & short term (5,462) (2,310) 422 (7,350)
loans -----------------------------------------------------
Net overdrafts & short (2,570) (3,470) 368 (5,672)
term loans
Loans & leasing (4,135) 1,971 291 (1,873)
obligations
Short term 31,473 (15,108) - 16,365
investments -----------------------------------------------------
Net funds 24,768 (16,607) 659 8,820
-----------------------------------------------------
Financing items included in cash flow
movements
Payment for shares (22)
-------
Net cash outflow before
management
of liquid resources (16,629)
and financing -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFIFAMSDSEEW
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