TIDMBLEY
RNS Number : 5817M
Bailey(C.H.) PLC
19 September 2012
Date: Wednesday 19 September 2012
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
C. H. Bailey plc ("C. H. Bailey", the "Company" or together with
its subsidiaries the "Group"), a diverse group of international
businesses, with investments and operations in leisure, property
and engineering with its current key markets being Tanzania, Malta
and the UK announces its audited preliminary results for the year
ended
31 March 2012.
2012 Preliminary Results
Financial Highlights: March 2012 March
2011
GBP4.33m GBP4.29m
* Revenue from continuing operations
GBP1.19m GBP1.06m
* Gross profit from continuing operations
GBP9.30m GBP0.26m
* Trading profit
GBP8.94m (GBP0.25m)
* Operating profit
* Gross profit margin 27.6% 24.7%
GBP8.90m (GBP0.48m)
* Profit before tax and minority interests
* Earnings per share from continuing operations 93.99p (7.12)p
GBP6.8m GBP1.4m
* Gross cash
* Net debt to equity 19.9% 48.8%
5.00p -
* Proposed special dividend
Commercial Highlights:
* Tanzania now accounts for 41% of group income
reflecting the group's diverse business interests
in high end niche properties
* Solid performance from UK non-services, Bailey
Industrial Engineering-- increasing revenue
by over 29%
Post balance sheet:
* Acquisition of 24-acres of prime beach front property
south of Dar es Salaam
* Purchase of prime location heritage property for
renovation and sale in Malta
* New skills added to the Main and subsidiaries' boards
to assist to deliver the next stage
of growth & development
"The Company in the year under review made a net profit after
tax of GBP7.7m, which largely is due to the profit on the sale of
part of our hotel assets in Malta that we announced last September.
While this has had a significant impact on our net results, I am
pleased to report further improvements in the group's underlying
performance. During the year, our operating profit, although
modest, improved for a third consecutive year, as did the operating
gross margin. Also, the group's income from operations increased
for a second year running."
Charles Bailey, Chairman
Enquiries:
C. H. Bailey plc Arden Partners TooleyStreet Communications
plc
-------------------------- ------------------- --------------------------------
Bryan Warren, Richard Day Fiona Tooley
Company Secretary Graeme Cull
-------------------------- ------------------- --------------------------------
Tel: +44 (0)1633 Tel: +44 (0)20 Tel: +44 (0) 7785
262961 7614 5900 703523
-------------------------- ------------------- --------------------------------
AIM: Ticker: BLEY Office: +44 (0)
121 309 0099
-------------------------- ------------------- --------------------------------
www.chbaileyplc.co.uk
-------------------------- ------------------- --------------------------------
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
Statement by the Chairman, Charles Bailey
The Company in the year under review made a net profit after tax
of GBP7.7m, which largely is due to the profit on the sale of part
of our hotel assets in Malta that we announced last September.
While this has had a significant impact on our net results, I am
pleased to report further improvements in the group's underlying
performance. During the year, our operating profit, although
modest, improved for a third consecutive year, as did the operating
gross margin. Also, the group's income from operations increased
for a second year running.
2012 marks our 50th anniversary in Tanzania, and our operations
there accounted for some GBP1.8m of gross group income from
continuing operations (excluding profit on asset disposals) in the
period under review. We are benefiting from increased levels of
economic activity due, in part, to significant natural resources
discoveries in the region.
Our single remaining UK non-services business, Bailey Industrial
Engineering, has benefited from the economic downturn in Europe as
our clients have sought to repair machinery and equipment rather
than invest in new, as well as certain of our clients expanding
their business in light of increased environmental considerations.
Turnover has increased 29% over the previous year, and we have seen
profitability improve for the third consecutive year.
Results
The group's consolidated pre-tax profit for the year was
GBP8.9m, compared to -GBP0.5m in the previous year which is, of
course, due in large part to the profit on the part disposal of the
group's Maltese assets.
Our underlying operating profit, which excludes profit on the
sale of assets and depreciation, was -GBP0.3m. This shows an
improvement over the previous year's figure (2011: -GBP0.5m).
Group comprehensive total income increased from -GBP0.6m in 2011
to GBP6.4m this year, and this is after spending some GBP960,509 on
buying back our own shares during the capital reorganisation that
took place in January. The 727,658 ordinary shares purchased are
retained as treasury shares.
The group's cash holdings grew to GBP6.8m from GBP1.4m in 2011.
This will give us a greater ability to plan and to make strategic
longer term acquisitions.
Net debt to equity improved from 48.8% in 2011 to 19.9% in 2012,
and the loss per share of -7.12p improved to a profit per share of
93.99p.
Tanzania
Total Group income derived from our businesses in Tanzania
increased from GBP1.2m in 2011 to GBP1.8m this year, and now
represents 41% of total group income, testifying to the
significance of our diverse businesses there. We expect this
percentage should increase in the coming period.
In the tourism sector, we continue to own and operate niche,
high-end properties at The Oyster Bay, our hotel in Dar es Salaam,
and Beho Beho, our safari camp in the Selous Game Reserve. We also
operate Mikumi Wildlife Camp, which provides a safari experience
for educational groups and for "Visiting Friends & Relatives"
of expatriates based in Dar es Salaam.
Gross income from our hospitality operations in Tanzania fell 2%
to $372,000 (2011: $379,000). Given the adverse economic conditions
in our major markets, we consider this to be a reasonable
result.
During the year, we completed the construction of a second block
of serviced offices on the Oyster Bay site, facing the Indian Ocean
on the Msasani Peninsular in Dar es Salaam. This building takes our
investment in serviced commercial office space to 8,199m(2) . Its
prime location and quality of construction was reflected in the
building being fully let prior to completion to good quality
global corporations. The offices should produce in 2013 a net
rental yield of 12.6%. These figures exclude 153 underground car
parking spaces that are rented out to tenants at $123,000 per
annum.
Our Oyster Bay Hotel shops continue to be profitable. With just
under 1,900m(2) of serviced retail space, we achieved an average
occupancy of 94.6%. We will be adding some 250 m(2) of retail space
this coming year, at a rent in excess of the current average.
To capitalise on our reputation locally for providing high end
hospitality, and serviced commercial and retail space, we have
begun construction of a further building of some 6,000 m(2) on the
corner of the Oyster Bay Hotel site, facing the Indian Ocean. With
spacious luxury suites and studios, The Oyster Bay Club & Spa
will offer the business community a new venue for short and medium
term accommodation. The building will also contain retail space and
serviced offices. The Club is scheduled to open in Q4 of 2013.
As a post balance sheet event, we announced, on the 11 June
2012, the acquisition of approximately 24 acres of prime,
undeveloped beach front property, 45 minutes south of Dar es
Salaam. As The Oyster Bay Club & Spa will be the final
development on our Dar es Salaam site, this purchase offers an
exciting opportunity to provide guests with a beach-based
hospitality facility to complement Beho Beho and the Oyster Bay
Hotel. The size of the site will allow consideration of other
development opportunities that might arise in the future as Dar es
Salaam grows.
Malta
Hotel operations continue on a reduced scale, due to the sale of
part of the property. Because of this, turnover in 2012 was down
some 27% on the previous year, and a small operating loss was made
in the year of -GBP19,000 (2011: GBP107,000).
As announced on the 11 June 2012, we recently purchased for 1.2m
Euros a "heritage property" - equivalent to a listed townhouse in
London - in a prime location in Valletta, with uninterrupted views
of the Grand Harbour. It is being renovated and we expect that it
will be offered for sale in Q4 of this calendar year.
The United Kingdom
Bailey Industrial Engineering, while operating on a modest
scale, continues to go from strength to strength. Total income
increased during the year by 29% to GBP1.8m, with operating profit
increasing to GBP46,000 (2011: GBP15,000).
This is a very pleasing result under any circumstances, and
reflects the hard work of the BIE Board and the team in Wales, for
which I congratulate them.
Board & senior management matters
Since the end of the period under review, Rod Reynolds has
joined your board as a non-executive director and brings with him
experience gained globally over many years in financial services
and investment. Rod will chair the Remuneration Committee, and
succeeds Sir William McAlpine as your senior independent director.
Rod will also serve on the Audit & Risk Committee.
Guy Leadbeater joins the senior management team as Chief
Operating Officer. Guy has worked both in London and abroad for
Coopers & Lybrand (now PwC) and KPMG in their management
consulting divisions. In these roles, he gained extensive
experience of working in emerging economies, especially in Africa,
where he lived in Tanzania for a number of years. More recently,
Guy worked for well-known family offices in London, holding
positions in corporate advisory and, latterly, as finance director.
We are pleased to have him on board.
In addition to these appointments, we have taken steps to
strengthen our subsidiaries' boards further. We hope to continue
this process during the coming year.
Annual General Meeting and proposed special dividend
I had stated previously that a dividend from the sale of the
Maltese assets would be considered after the second part of the
sale of the Maltese property was completed in 2015.
However, in light of both the group's cash reserves and improved
trading, which I believe to be sustainable, we will be asking
shareholders at the Annual General Meeting on the 12 October 2012
for their approval to pay a special dividend of 5p per share to
Members on the share register as at 26 October 2012. The shares
will become ex-dividend on 24 October 2012.
Outlook
We expect that income and net profits from our Tanzanian
operations will improve again in 2013, due to the Oyster Bay Hotel
shops and serviced offices being fully let. With the continuing
economic downturn in our principal tourist markets, we have
budgeted for reduced occupancies and profitability in our
hospitality division.
In respect of ongoing operations in Malta, we expect again that
a small loss will be made. However, during the year we will be
developing in greater detail our business model for new ventures on
the island. With Malta as a springboard, we also will be looking at
one or two opportunities within the Mediterranean basin.
We anticipate that Bailey Industrial Engineering will continue
to increase its turnover and profit this coming year.
The sale of our principle Maltese asset has acted as a catalyst
that, over the past few years, has allowed the group to restructure
organisationally and operationally. With this almost complete, we
now are focussed on future growth and adding value to the business.
I believe that we face a very exciting and rewarding decade.
I take this opportunity to thank all our staff in the Group for
their continued hard work, commitment and enthusiasm.
C. H. Bailey plc
18 September 2012
C. H. Bailey plc 2012 2011 2010 2009
Summary of Group results GBP'000s GBP'000s GBP'000s GBP'000s
Revenue from continuing
operations 4,339 4,299 3,897 5,370
Gross profit from continuing
operations 1,196 1,063 781 682
Gross profit margin 27.6% 24.7% 20.0% 12.7%
Operating profit/(loss)
from continuing operations,
before exceptional
items, investment activities
and depreciation 64 40 (238) (730)
Profit/(loss) before
tax and minority interests 8,907 (480) 1,369 769
Profit/(loss) from
continuing operations
after tax 7,700 (593) 1,104 371
Earnings/(loss) per
share from continuing
operations 93.99p (7.12p) 13.25p 4.53p
Earnings/(loss) per
share from total operations 93.99p (7.12p) 13.25p 3.38p
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
Consolidated Income Statement
for the year ended 31
March 2012
Notes 2012 2011
GBP GBP
Continuing operations
Revenue 2 4,339,390 4,298,596
Cost of sales (3,143,612) (3,235,190)
---------------- ----------------
Gross profit 1,195,778 1,063,406
Profit on the sale of
property 6 9,625,213 587,859
Administrative expenses (1,517,395) (1,386,761)
---------------- ----------------
Trading profit 9,303,596 264,504
Investment activities
and other income (355,379) (517,198)
---------------- ----------------
Operating profit (loss) 8,948,217 (252,694)
EBITDA* (291,586) (477,368)
Depreciation (384,387) (363,313)
(1,023) 128
---------------- ----------------
Normalised operating (loss) (676,996) (840,553)
Profit on sale of property 9,625,213 587,859
---------------- ----------------
Operating profit (loss) 8,948,217 (252,694)
----------------------------------- ---------- ---------------- ----------------
Finance income 154,208 44,799
Finance costs (195,153) (272,035)
---------------- ----------------
Profit (loss) before taxation 4 8,907,272 (479,930)
Taxation 5 (1,113,748) (106,358)
Minority interest (93,939) (7,032)
---------------- ----------------
Profit (loss) for the
financial year 7,699,585 (593,320)
---------------- ----------------
Earnings (loss) per share
from continuing and total
operations 7 93.99p (7.12p)
*Earnings before interest, taxation, depreciation, profit on
sale of plant and equipment and profit on sale of property.
Consolidated Statement of Comprehensive Total Income
for the year ended 31 March 2012
2012 2011
GBP GBP
Profit (loss) for the
financial year 7,699,585 (593,320)
Investment in own shares (960,509) -
Purchase of minority interest - (22,234)
Exchange differences (374,867) (10,415)
Total comprehensive income
for the year 6,364,209 (625,969)
-------------- --------------
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
Balance Sheets
as at 31 March Group Company
2012 2011 2012 2011
GBP GBP GBP GBP
Non-current assets
Property, plant
and equipment 8,821,655 10,727,180 1,928 1,985
Investments in
subsidiary
undertakings - - 2,736,111 3,147,216
Deferred tax asset 139,447 151,868 139,447 151,868
8,961,102 10,879,048 2,877,486 3,301,069
--------------------- --------------------- ------------------------ ---------------------
Current assets
Inventory 23,731 29,498 - -
Trade and other
receivables 1,892,898 1,351,953 1,626,413 1,339,451
Current asset
investments 3,010,643 1,731,722 1,117,168 465,805
Cash and cash
equivalents 6,795,648 1,364,541 2,954,356 -
11,722,920 4,477,714 5,697,937 1,805,256
--------------------- --------------------- ------------------------ ---------------------
Current
liabilities
Trade and other
payables (2,617,354) (1,755,831) (893,717) (1,434,999)
Bank loans and
overdrafts (711,349) (1,241,666) (297,021) (257,869)
Other loans (697,285) (676,531) - -
Obligations under
finance leases (23,661) (14,491) - -
Provisions (225,000) (225,000) (225,000) (225,000)
(4,274,649) (3,913,519) (1,415,738) (1,917,868)
--------------------- --------------------- ------------------------ ---------------------
Net current assets 7,448,271 564,195 4,282,199 (112,612)
--------------------- --------------------- ------------------------ ---------------------
Total assets less
current
liabilities 16,409,373 11,443,243 7,159,685 3,188,457
Non-current
liabilities
Trade and other
payables - (720,431) - -
Bank loans (2,619,374) (2,893,409) - -
Obligations under
finance leases (62,872) (2,859) - -
Deferred tax
liabilities (271,723) (732,642) - -
Net assets 13,455,404 7,093,902 7,159,685 3,188,457
--------------------- --------------------- ------------------------ ---------------------
Equity
Called-up share
capital 833,541 833,541 833,541 833,541
Share premium
account 609,690 609,690 609,690 609,690
Capital redemption
reserve 5,163,332 5,163,332 5,163,332 5,163,332
Investment in own
shares (960,509) - (960,509) -
Translation
reserve 695,086 874,630 - -
Retained earnings 7,040,162 (464,100) 1,513,631 (3,418,106)
--------------------- --------------------- ------------------------ ---------------------
Surplus
attributable
to the parent's
shareholders 13,381,302 7,017,093 7,159,685 3,188,457
Minority interest 74,102 76,809 - -
Total equity 13,455,404 7,093,902 7,159,685 3,188,457
--------------------- --------------------- ------------------------ ---------------------
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
Consolidated Cash Flow Statement Note 2012 2011
for the year ended 31 March
2012
GBP GBP
Cash flows from operating
activities
Cash generated from operations 8 (19,952) (320,553)
Interest paid-continuing
operations (195,153) (272,035)
Overseas tax paid (1,521,006) (85,390)
---------------- ----------------
Net cash flow from operating
activities (1,736,111) (677,978)
---------------- ----------------
Investing activities
Sale of property, plant
and equipment 12,415,560 609,163
Purchase of property, plant
and equipment (2,348,529) (1,327,713)
Sale of investments 29,194 97,109
Purchase of investments (1,479,261) (254,997)
Dividend to minority interest (81,479) (30,000)
Interest received 154,208 44,799
---------------- ----------------
Net cash flow from investing
activities 8,689,693 (861,639)
---------------- ----------------
Financing activities
Investment in own shares (960,509) -
Movement in bank loans (280,928) 1,074,529
Movement in directors' loans 223,436 (286,039)
Movement in other loans 20,754 7,517
Movement in capital element
of finance leases 69,183 (20,518)
---------------- ----------------
Net cash flow from financing
activities (928,064) 775,489
---------------- ----------------
Net increase (decrease)
in cash and cash equivalents 6,025,518 (764,128)
Cash and cash equivalents
at beginning of year 122,875 911,428
Exchange differences (64,094) (24,425)
---------------- ----------------
Cash and cash equivalents
at end of year 6,084,299 122,875
---------------- ----------------
Reconciliation of net cash
flow to movement in net
fund (debt) in the year
Net increase (decrease)
in cash and cash equivalents 6,025,518 (764,128)
Net cash flow from the movement
in debt 190,991 (1,061,528)
---------------- ----------------
Movement in net funds (debt)
during the year 6,216,509 (1,825,656)
Net (debt) at the beginning
of the year (3,464,415) (1,704,989)
Exchange differences (70,987) 66,230
---------------- ----------------
Net funds (debt) at the
end of the year 2,681,107 (3,464,415)
---------------- ----------------
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
Consolidated Statement of Changes in Equity
for the year ended 31 March 2012
Called-up Share Capital Investment Translation Retained Minority Total
share premium redemption in own reserve earnings interest
capital account reserve shares
GBP GBP GBP GBP GBP GBP GBP GBP
Group
At 31 March
2010 833,541 609,690 5,163,332 - 769,123 267,376 79,023 7,722,085
Purchase of
minority
interest - - - - - (22,234) (7,766) (30,000)
(Loss) for
the
financial
year - - - - - (593,320) 7,032 (586,288)
Exchange
differences - - - - 105,507 (115,922) (1,480) (11,895)
-------------- ------------ --------------- --------------- ---------------- -------------- ------------- ---------------
At 31 March
2011 833,541 609,690 5,163,332 - 874,630 (464,100) 76,809 7,093,902
Investment
in own
shares - - - (960,509) - - - (960,509)
Dividend to
minority
interest - - - - - - (81,479) (81,479)
Profit for
the
financial
year - - - - - 7,699,585 93,939 7,793,524
Exchange
differences - - - - (179,544) (195,323) (15,167) (390,034)
-------------- ------------ --------------- --------------- ---------------- -------------- ------------- ---------------
At 31 March
2012 833,541 609,690 5,163,332 (960,509) 695,086 7,040,162 74,102 13,455,404
-------------- ------------ --------------- --------------- ---------------- -------------- ------------- ---------------
Company
At 31 March
2010 833,541 609,690 5,163,332 - - (4,761,720) - 1,844,843
Profit for
the
financial
year - - - - - 1,343,614 - 1,343,614
------------- ------------- -------------- --------------- ------- ----------------- ------- ---------------
At 31 March
2011 833,541 609,690 5,163,332 - - (3,418,106) - 3,188,457
Investment
in own
shares - - - (960,509) - - - (960,509)
Profit for
the
financial
year - - - - - 4,931,737 - 4,931,737
At 31 March
2012 833,541 609,690 5,163,332 (960,509) - 1,513,631 - 7,159,685
------------- ------------- -------------- --------------- ------- ----------------- ------- ---------------
There were no transactions with owners recorded directly in
equity during the year ended 31 March 2012.
C. H. Bailey plc
Preliminary Results for the year ended 31 March 2012
Notes to the Statements
1. General Information
Basis of preparation
These financial statements have been prepared in accordance with
International Accounting Standards (IAS) and International
Financial Reporting Standards (IFRS) as adopted by the European
Union and with the Companies Act 2006. Therefore these financial
statements comply with the AIM rules.
The financial statements are prepared using the historical cost
basis of accounting except for:
-- Properties held at the date of transition to IFRS which are stated at deemed cost; and
-- Assets held for sales which are stated at the lower of fair
value less anticipated disposal costs and carrying value.
Going concern
The directors have prepared these financial statements on the
fundamental assumption that the group is a going concern and will
continue to trade for at least 12 months following the date of
approval of the financial statements.
Further information explaining why the directors believe the
group is a going concern is given in the financial review section
of the Directors' Report contained in the 2012 Annual Report.
2. Segmental information
Revenue Operating Net assets
continuing profit (loss)
operations continuing
operations
GBP GBP GBP
Classes of business
Industrial:
2012 1,784,430 46,008 420,791
2011 1,384,600 15,261 423,504
Leisure:
2012 2,554,960 9,848,049 6,757,502
2011 2,895,498 705,833 6,495,933
Management:
2012 - (945,840) 6,277,111
2011 18,498 (973,788) 174,465
Total:
2012 4,339,390 8,948,217 13,455,404
2011 4,298,596 (252,694) 7,093,902
Geographical segments
United Kingdom:
2012 1,988,465 (396,559) 3,713,612
2011 2,253,789 (443,720) 93,830
Malta, Tanzania
and Rest of the
World:
2012 2,350,925 9,344,776 9,741,792
2011 2,044,807 191,026 7,000,072
Total:
2012 4,339,830 8,948,217 13,455,404
2011 4,298,596 (252,694) 7,093,902
3. Investment activities and other income
2012 2011
GBP GBP
Income from current asset
investments 93,467 83,202
(Loss) profit on sale of
current asset investments (51) 26,333
(Increase) in provision on
current asset investments (92,996) (118,175)
Net foreign exchange (loss) (277,700) (629,381)
Fair value movement on investments (78,099) 120,823
(355,379) (517,198)
-------------- --------------
4. Profit (loss) before taxation
The following have been charged (credited) in arriving at the
profit (loss) before taxation:
2012 2011
GBP GBP
Depreciation - owned assets 355,734 349,723
Depreciation - finance leased
assets 28,653 13,590
(Profit) on sale of property
(note 6) (9,625,213) 587,859
Loss (profit) on sale of
plant and equipment 1,023 (128)
Operating lease rental payments 15,323 13,997
The profit on the sale of property arises on the sale of part of
the hotel complex in Malta.
5. Taxation
2012 2011
GBP GBP
Current tax - overseas tax
based on taxable profit for
the year 1,521,006 85,390
Deferred tax (credit) charge
on the origination and reversal
of temporary differences (407,258) 20,968
-------------- -------------
Total tax charge for the
financial year attributable
to total operations 1,113,748 106,358
-------------- -------------
The tax charge for the financial year can be reconciled to the
profit before tax per the income statement multiplied by the
standard applicable corporation tax rate in the UK of 26% as
follows:
2012 2011
GBP GBP
Profit (loss) before taxation 8,907,272 (377,010)
------------------ --------------
Tax at the UK effective corporation
tax rate of 26% (2011: 28%) 2,315,891 (105,563)
Effects of:
Non-deductable expenses 2,854 447
Movement in overseas trading
losses and effect of different
overseas tax rates (1,343,343) 136,400
Differences arising on capital
sales and investment income 22,148 34,437
Deferred tax on losses not
recoverable 82,261 58,024
Effect of change in tax rate 33,937 (17,387)
Total tax charge for the financial
year 1,113,748 106,358
------------------ --------------
6. Profit on the sale of property
On the 9 October 2009, St George's Bay Hotel Limited entered in
to a conditional agreement to sell the majority of the group's
hotel complex in Malta. A deposit of 815,300 Euros was paid by the
purchaser. On completion a further 28,301,867 Euros was to be paid
giving a total consideration of 29,117,167 Euros.
On 9 September 2011, the agreement was varied and pursuant to
the variation, completion took place on the sale of part of the
hotel complex for 15,373,884 Euros. Pursuant the variation, it was
also agreed that the purchaser has until 30 March 2015 to complete
the purchase of the remaining property. The total consideration of
29,117,167 Euros remains unchanged. Therefore, the consideration
payable for the remaining property will be 13,743,283 Euros.
The amount received as per the cash flow was 14,337,688 Euros
(GBP12,415,560) which was made up of the agreed price of 15,373,884
Euros less the original deposit of 815,300 Euros and sale cost of
220,896 Euros.
7. Earnings (loss) per share
The earnings per share has been calculated by reference to the
weighted average number of ordinary shares of 10p each in issue of
8,192,267 (2011: 8,335,413) which excludes own shares held. There
are no share options, convertible equity or debt instruments in
issue.
Continuing Number of
earnings shares
2012
Basic earnings/weighted
average number of shares 7,699,585 8,192,267
--------------- --------------
Basic earnings per share
(pence) 93.99p
---------------
2011
Basic earnings/weighted
average number of shares (593,320) 8,333,413
--------------- --------------
Basic loss per share (pence) (7.12p)
---------------
8. Cash generated from operations
2012 2011
GBP GBP
Operating profit (loss) continuing
operations 8,948,217 (252,694)
Depreciation 384,387 363,313
(Profit) on the sale of property,
plant and equipment (9,624,190) (587,987)
Loss (profit) on sale of current
asset investments 51 (26,333)
Fair value movement of investments 78,099 (120,823)
Provision on current asset
investments 92,996 118,175
Exchange differences (2,421) 541,664
---------------- ---------------
Cash generated from operations
before movements in
working capital (122,861) 35,315
Decrease in inventories 5,767 1,964
(Increase) in trade and other
receivables (540,945) (432,607)
Increase in trade and other
payables 638,087 74,775
Cash generated from operations (19,952) (320,553)
---------------- ---------------
9. Preliminary Statement
This preliminary statement will not be posted to shareholders;
however, a copy will be available on the Company's website,
www.chbaileyplc.co.uk. This preliminary announcement does not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The annual report and accounts for the year
ended 31 March 2012 and the comparatives under IFRS have not yet
been filed with the Registrar of Companies.
The full Annual Report & Financial Statements, together with
the notice convening the company's the annual general meeting, is
being posted to shareholders today and will be available for
viewing and download on the Group's website, from today.
The statutory financial statements for the year ended 31 March
2011, prepared under adopted IFRS, have been reported on by the
group's auditors and delivered to the registrar of companies. The
auditors' report was unqualified and did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
This announcement contains forward looking statements which are
made in good faith based on the information available at the time
of its approval. It is believed that the expectations reflected in
these statements are reasonable but they may be affected by a
number of risks and uncertainties that are inherent in any forward
looking statement which could cause actual results to differ
materially from those currently anticipated.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UWSBRURAKAAR
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