Final Results
July 26 2002 - 6:10AM
UK Regulatory
RNS Number:1096Z
Black Arrow Group PLC
26 July 2002
PRESS ANNOUNCEMENT
FOR IMMEDIATE RELEASE 26th JULY 2002
BLACK ARROW GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31ST. MARCH, 2002
At a meeting held today the board voted to recommend a final dividend of 1.00p
per share (2001 - 3.50p) for the year ended 31st. March, 2002. No interim
dividend was paid (2001 - 1.75p) and the total distribution for the year was
1.00p per share (2001 - 5.25p).
The results are as follows:-
Year Ended
Year Ended
#'000 31st March
31st March
2002
2001
TURNOVER
Leasing & Instalment finance 1,010
1,113
Office furniture manufacturing
distribution and partitioning 16,990
21,282
18,000
22,395
Operating Profit 378
2,797
(Loss)/Profit on disposal of -62
11
tangible fixed assets
Interest receivable 301
371
Interest payable -4
-1
Profit on ordinary activities
before taxation 613
3,178
Taxation on profits on ordinary
activities (Note1) -189
-980
Profit for the financial year 424
2,198
Minority interests -10
-13
Profit attributable to 414
2,185
shareholders of the parent
undertaking
Dividends
Interim paid - nil - (1.75p) -
377
Final proposed 1.00p (3.50p) 206 206
746 1,123
(note2)
Retained profit for the year 208
1,062
Retained Profits brought forward 13,108
13,499
Repurchase of shares -380
-1,453
Retained Profits carried forward 12,936
13,108
PER SHARE
Earnings (Note 3) 1.95p
9.90p
Diluted Earnings (Note 3) 1.95p
9.86p
Dividends 1.00p
5.25p
NOTE OF HISTORICAL COST PROFITS AND LOSSES
For the year ended 31st March 2002
#'000 2002
2001
Reported Profit on ordinary activities before 613
3,178
taxation
Historical cost profit on ordinary
activities before taxation 613
3,178
Historical cost profit for the year
retained after taxation, minority
interests, dividends and other
appropriations. 208
1,062
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31st March 2002
Profit attributable to shareholders of the 414
2,185
parent undertaking
Unrealised surplus on revaluation of Property 290
478
Total gains and losses recognised 704
2,663
SUMMARISED CONSOLIDATED BALANCE SHEET
as at 31st March 2002
#'000 2002
2001
FIXED ASSETS 8,372
6,595
CURRENT ASSETS
Stocks 1,977
1,999
Debtors falling due within 1 4,932
6,087
year
Debtors falling after 1 year 2,313
3,276
Cash & Bank balances 6,120
7,157
15,342
18,519
CREDITORS - amounts falling due within
one year 3,801
5,329
NET CURRENT ASSETS 11,541
13,190
TOTAL ASSETS LESS CURRENT LIABILITIES 19,913
19,785
PROVISIONS FOR LIABILITIES AND CHARGES 100
100
19,813
19,685
CAPITAL & RESERVES
Called up share capital 4,148
4,289
Share premium account 285
285
Revaluation reserve 1,513
1,223
Other reserves 888
747
Profit & Loss account 12,936
13,108
Shareholders funds - Equity 19,770
19,652
Minority Interests - Equity 43
33
19,813
19,685
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31st March 2002
#'000 2002
2001
Net cash inflows from operating activities 2,787
3,772
Returns on investments and
servicing
of finance
Interest received 301
371
Interest paid -4
-1
Dividend paid to minority
interest
297
370
Taxation
Corporation tax paid(including
advance corporation tax) -890
-1080
Capital expenditure and financial
investment
Payments to acquire tangible fixed assets -2,210
-504
Proceeds from sales of tangible fixed 104
151
assets
Loan to third party
750
Proceeds from sales of -
-
investments
-2,106
397
Equity dividends paid -746
-1184
Net cash (outflow)/inflow before -658
2,275
use of financing
Financing
Repurchase of shares -380
-1,453
Net cash outflow from financing -380
-1,453
(Decrease)/Increase in cash -1038
822
Reconciliation of operating profit to net cash inflow
from operating activities
#'000 2002
2001
Operating Profit 378
2,797
Depreciation 557
576
Decrease/(Increase) in debtors 2,311
-562
Decrease in stocks 22
161
(Decrease)/Increase in creditors -481
800
2,787
3,772
Note 1
TAXATION #'000 2002
2001
Corporation Tax @ 30% 383
1,151
Deferred Tax -193
-128
Adjustment in respect of previous years -1
-43
189
980
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 2002. Consequently the cost of the ordinary dividends have been reduced
by
#895 (2001 - #5,224)
Note 3.
The calculation of earnings per share is based upon profits of #414,000
(2001-#2,185,000) and 21,199,819 (2001 - 22,061,586) 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 #414,000 (2001 - #2,185,000) and on 21,257,246
(2001 - 22,150,115) ordinary shares.
Note 4.
The figures for the year ended 31st. March 2002 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, 2001 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
Our results for the year are little better than I predicted in my interim
commentary.
The pre-tax profit of #613,000 can only be regarded as marginal and relates
very
unfavourably to the comparable figure for last year.
As might be expected in recessionary times, the office furniture market has
become increasingly competitive. We have won more than our share of the larger
projects but at depressingly low margins and this has resulted in a dip in our
gross percentages. I will have more to say about this aspect of our business
in
my annual statement and will also be able to give an indication as to how the
current year is progressing. I must say, however, the signs are not
promising
for the office furniture business for the immediate future.
Net earnings per share are only 1.95p and out of this your directors propose a
dividend of 1.00p (2001 - 5.25p), which will be paid on the 3rd October, 2002
to
shareholders registered on the 6th September, 2002.
------------------------------------------------------------------
Enquiries ARNOLD EDWARD
Telephone 020-8572-7474
This information is provided by RNS
The company news service from the London Stock Exchange
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