Final Results
July 27 2001 - 6:15AM
UK Regulatory
RNS Number:5590H
Black Arrow Group PLC
27 July 2001
PRESS ANNOUNCEMENT
FOR IMMEDIATE RELEASE 27th JULY 2001
BLACK ARROW GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST. MARCH, 2001
At a meeting held today the board voted to recommend a final dividend of 3.50p
per share (3.50p) for the year ended 31st. March, 2001. When added to the
interim dividend of 1.75p per share (1.50p) this will make a total
distribution for the year of 5.25p per share (5.00p).
The results are as follows:-
Year Year Ended
Ended
#'000 31st 31st
March March
2001 2000
(As restated)
TURNOVER
Leasing & Instalment finance 1,113 997
Office furniture manufacturing
distribution and partitioning 21,282 22,138
22,395 23,135
Operating Profit 2,797 2,717
Profit on disposal of tangible fixed assets 11 49
Profit on disposal of investment properties - 82
Interest receivable 371 369
Interest payable -1 -1
Profit on ordinary activities
before taxation 3,178 3,216
Taxation on profits on ordinary
activities (Note1) -980 -1,017
Profit for the financial year 2,198 2,199
Minority interests -13 -3
Profit attributable to members of
the parent company 2,185 2,196
Dividends
Interim paid 1.75p (1.50p) 377 342
Final proposed 3.50p (3.50p) (note2) 746 1,123 807 1,149
Retained profit for the year 1,062 1,047
Retained Profits brought forward 13,499 12,714
Repurchase of shares -1,453 -291
Transfer to profit and loss account on disposal of 29
investment properties
Retained Profits carried forward 13,108 13,499
PER SHARE
Earnings (Note 3) 9.90p 9.48p
Diluted Earnings (Note 3) 9.86p 9.38p
Dividends 5.25p 5.00p
NOTE OF HISTORICAL COST PROFITS AND LOSSES
For the year ended 31st March 2001
#'000 2001 2000
(As restated)
Reported Profit on ordinary activities before taxation 3,178 3,216
Realisation of property revaluation gains of previous - 29
years
Historical cost profit on ordinary activities before 3,178 3,245
taxation
Historical cost profit for the year retained after
taxation, minority interests, dividends and other
appropriations. 1,062 1,076
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31st March 2001
Profit attributable to shareholders of the company 2,185 2,199
Unrealised surplus on revaluation of Property 478
Total gains and losses recognised 2,663 2,199
Cumulative effect of prior period adjustments 680 -
SUMMARISED CONSOLIDATED BALANCE SHEET
as at 31st March 2001
#'000 2001 2000
(As restated)
FIXED ASSETS 6,595 6,329
CURRENT ASSETS
Stocks 1,999 2,160
Debtors falling due within 1 year 6,087 6,695
Debtors falling after 1 year 3,276 2,728
Cash & Bank balances 7,157 6,509
18,519 18,092
CREDITORS - amounts falling due within
one year 5,329 4,736
NET CURRENT ASSETS 13,190 13,356
TOTAL ASSETS LESS CURRENT LIABILITIES 19,785 19,685
PROVISIONS FOR LIABILITIES AND CHARGES 100 100
19,685 19,585
CAPITAL & RESERVES
Called up share capital 4,289 4,659
Share premium account 285 285
Revaluation reserve 1,223 745
Other reserves 747 377
Profit & Loss account 13,108 13,499
Shareholders funds - Equity 19,652 19,565
Minority Interests - Equity 33 20
19,685 19,585
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31st March 2001
#'000 2001 2000
Net cash inflows from operating activities 4,522 2,100
Returns on investments and servicing
of finance
Interest received 371 369
Interest paid -1 -1
Dividend paid to minority interest -2
370 366
Taxation
Corporation tax paid(including
advance corporation tax) -1080 -868
Capital expenditure and financial investment
Payments to acquire tangible fixed assets -504 -617
Proceeds from sales of tangible fixed assets 151 135
Proceeds from sales of investments - 300
-353 -182
Equity dividends paid -1184 -1138
Net cash inflow before use of financing
2,275 278
Financing
Increase in minority interest in subsidiary
- 20
Repurchase of shares -1,453 -291
Net cash outflow from financing -1,453 -271
Increase in cash 822 7
Reconciliation of operating profit to net cash inflow
from operating activities
#'000 2001 2000
Operating Profit 2,797 2,717
Depreciation 576 612
Release of vacant property provision - -50
Decrease/(Increase) in debtors 188 -1247
Decrease in stocks 161 107
Increase/(Decrease) in creditors 800 -39
4,522 2100
Note 1
TAXATION #'000 2001 2000
(As restated)
Corporation Tax @ 30% 1,151 977
Deferred Tax -128 26
Adjustment in respect of previous years -43 14
980 1,017
The Group has adopted FRS 19 - deferred tax in accordance with best practice.
This approach has resulted in a reduced tax charge for the year ended 31 March
2001 of #128,000 as the Group now accounts for deferred tax on a full basis. A
prior year adjustment to the previous year's deferred tax now recognised of
#680,000 has been made following this change in accounting policy.
Note 2.
The directors of Black Arrow Trustees Limited have waived substantially all of
their entitlement to the ordinary dividends in respect of the year ended 31
March 2001. Consequently the cost of the ordinary dividends have been reduced
by #5,224 (2000 - #13,025)
Note 3.
The calculation of earnings per share is based upon profits of #2,185,000
(2000-#2,196,000) and 22,061,586 (2000 - 23,152,503) ordinary shares of 20p
each being the weighted average number in issue during the year and the
previous year, less the number held by the ESOP Trust. The diluted earnings
per share is based on profit for the year of #2,185,000 (2000 - #2,196,000)
and on 22,150,115 (2000 - 23,408,480) ordinary shares.
Note 4.
The figures for the year ended 31st. March 2001 are unaudited and do not
constitute full accounts within the meaning of S240 of the Companies Act 1985.
The figures for the year ended 31st. March, 2000 have been extracted from the
full accounts for that year which have been delivered to the Registrar of
Companies and on which the auditors have issued an unqualified audit report.
CHAIRMAN'S COMMENTARY
The second half of the year did not turn out as I anticipated in my half year
statement and, in consequence, the full year's profit at #3,178,000
(#3,216,000) fell well short of expectation.
We are not immune from the problems being experienced by industry generally
and, although it is early days, there has been a distinct downturn in business
during the current year and the future is looking somewhat bleak. Unless we
see a dramatic change in the near future, prospects for the first half of this
year are not good, but I will be able to say more in my annual statement.
Earnings per share have improved to 9.90p (9.48p restated) and your directors
are recommending a maintained final dividend of 3.50p (3.50p) which, together
with the interim dividend of 1.75p (1.50p) already paid, will bring the total
for the year to 5.25p (5.00p)
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The annual General Meeting will be held on the 4th October 2001 and the
proposed final dividend will be paid on the 5th October, 2001 to shareholders
registered on the 7th September, 2001.
Enquiries ARNOLD EDWARD
Telephone 020-8572-7474
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