Interim Results
November 23 2001 - 5:15AM
UK Regulatory
RNS Number:5531N
Black Arrow Group PLC
23 November 2001
BLACK ARROW GROUP PLC
SUMMARY OF GROUP INTERIM RESULTS (UNAUDITED)
#'000 Half year Year
September Ended
March
2001 2000 2001
TURNOVER
Leasing & Instalment finance 520 522 1,113
Office furniture Manufacturing
Distribution and partitioning 8,426 10,312 21,282
8,946 10,834 22,395
Operating Profit -17 1,242 2,808
Interest receivable 179 224 371
Interest payable -2 -9 -1
Profit on ordinary activities
before taxation 160 1,457 3,178
Taxation on profits on ordinary
Activities (Note 1) -50 -452 -980
Profit on ordinary activities after taxation 110 1,005 2,198
Minority Interests 25 - -13
Profit attributable to members of 135 1,005 2,185
the parent company
Dividends Nil -375 -1,123
Profits retained 135 630 1,062
PER SHARE
Earnings (Note 2) 0.63p 4.39p 9.90p
Diluted Earnings (Note 2) 0.63p 4.37p 9.86p
Dividends Nil 1.75p 5.25p
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the half year to 30th September Year
Ended
March
2001 2000 2001
Profit attributable to shareholders
of the parent undertaking 135 1,005 2,185
Unrealised surplus on revaluation of properties - - 478
Cumulative effect of prior period adjustments - - 680
135 1,005 3,343
NOTE OF HISTORICAL COST PROFITS AND LOSSES
For the half year to 30th September Year
Ended
March
2001 2000 2001
Reported Profit on ordinary activities before
Taxation 160 1,457 3,178
160 1,457 3,178
Historical cost profit for the period retained
after taxation, minority interests, dividends
and other appropriations 135 630 1,062
SUMMARISED CONSOLIDATED BALANCE SHEET
as at 30th September Year Ended
March
2001 2000 2001
FIXED ASSETS 7,099 6,196 6,595
CURRENT ASSETS
Stocks 2,360 2,241 1,999
Debtors falling due within 1 year 6,217 8,333 6,087
Debtors falling due after 1 year 2,044 1,862 3,276
Cash & bank Balances 6,616 5,329 7,157
17,237 17,765 18,519
CREDITORS - amounts falling due within
one year 4,481 5,654 5,329
NET CURRENT ASSETS 12,756 12,111 13,190
TOTAL ASSETS LESS
CURRENT LIABILITIES 19,855 18,307 19,785
PROVISIONS FOR LIABILITIES AND
CHARGES 100 100 100
19,755 18,207 19,685
CAPITAL & RESERVES
Called up share capital 4,279 4,319 4,289
Share premium account 285 285 285
Revaluation Reserve 1,223 745 1,223
Other Reserves 757 717 747
Profit & Loss Account 13,203 12,121 13,108
19,747 18,187 19,652
MINORITY INTERESTS 8 20 33
SHAREHOLDERS FUNDS 19,755 18,207 19,685
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year to 30th September Year
Ended
March
2001 2000 2001
Net cash inflows from operating activities 583 468 3,772
Net cash inflow from returns on investments
and servicing of finance 177 215 370
Taxation -491 -403 -1,080
Net cash (outflow)/inflow from
capital expenditure and Financial Investments -770 -154 397
Equity dividends paid - - -1,184
Net cash flow before use of liquid resources & financing -501 126 2,275
Management Of liquid resources - - -
Financing -40 -1,328 -1,453
(Decrease)/Increase in cash -541 -1,202 822
Net cash inflow from operating activities
Operating Profit -17 1,242 2,808
Depreciation 277 295 576
Other items -11 -8 -11
Working capital 334 -1,061 399
583 468 3,772
1. The charge for the six months to 30th September 2001 is based on the
estimated rate chargeable for the year to 31st March 2002
2. The basic earnings per share calculation complies with the provisions of
FRS 14 and is based on profit attributable to members and the weighted
average number of shares in issue during this period, excluding the shares
held by the ESOP Trust.
Diluted earning per share take into account outstanding share options and
complies with FRS 14.
3. The above financial information has neither been audited nor reviewed and
does not constitute statutory accounts as defined in section 240 of the
Companies Act 1985 and has not been delivered to the Registrar of
Companies.
4. The figures for the year ended 31st March 2001 are taken from the accounts
filed with the Registrar of Companies. The auditor's report on these
accounts was unqualified.
5. Copies of the Chairman's Statement and the Interim Results are being
distributed to Shareholders. Copies will also be available from the
Company Secretary, Black Arrow Group plc, 748 London Road, Hounslow,
Middlesex TW3 1PD
CHAIRMAN'S COMMENTARY
In my annual statement I alerted shareholders to the sorry state of
the economy and the negative impact this was having on our office
furniture business.
Our group half-year results reflect this situation and I am sorry to
have to report only a marginal profit for that period.
The events of 11th September conspire to make the outlook for the
remainder of the year even more depressing. Our order books are at a
low ebb and there is no immediate prospect of any improvement in the
level of enquiries.
Against this background your Directors have decided not to pay an
interim dividend, having considered it imprudent to do so.
23rd November, 2001 Arnold Edward
Chairman
Telephone No: 020 8572 7474
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