Interim Results
November 29 2002 - 5:10AM
UK Regulatory
RNS Number:4544E
Black Arrow Group PLC
29 November 2002
BLACK ARROW GROUP PLC
SUMMARY OF GROUP INTERIM RESULTS (UNAUDITED)
#'000 Half year Year
September Ended
March
2002 2001 2002
TURNOVER
Leasing & Instalment finance 389 520 1,010
Office furniture Manufacturing
Distribution and partitioning 9,609 8,426 16,990
9,998 8,946 18,000
Operating Profit 815 -17 316
Interest receivable 125 179 301
Interest payable -2 -2 -4
Profit on ordinary activities
before taxation 938 160 613
Taxation on profits on ordinary
Activities (Note 1) -291 -50 -189
Profit on ordinary activities after taxation 647 110 424
Minority Interests -9 25 -10
Profit attributable to members of 638 135 414
the parent company
Dividends Nil Nil -206
Profits retained 638 135 208
PER SHARE
Earnings (Note 2) 3.09p 0.63p 1.95p
Diluted Earnings (Note 2) 3.09p 0.63p 1.95p
Dividends Nil Nil 1.00p
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the half year to 30th September Year
Ended
March
2002 2001 2002
Profit attributable to shareholders
of the parent undertaking 638 135 414
Unrealised surplus on revaluation of - - 290
properties
638 135 704
NOTE OF HISTORICAL COST PROFITS AND LOSSES
For the half year to 30th September Year
Ended
March
2001 2001 2002
Reported Profit on ordinary activities before
Taxation 938 160 613
938 160 613
Historical cost profit for the period retained
after taxation, minority interests, dividends
and other appropriations 638 135 208
SUMMARISED CONSOLIDATED BALANCE SHEET
as at 30th September At
31March
2002 2001 2002
FIXED ASSETS 8,108 7,099 8,372
CURRENT ASSETS
Stocks 2,289 2,360 1,977
Debtors falling due within 1 year 5,478 6,217 4,932
Debtors falling due after 1 year 1,969 2,044 2,313
Cash & bank Balances 7,125 6,616 6,120
16,861 17,237 15,342
CREDITORS - amounts falling due within
one year 4,460 4,481 3,801
NET CURRENT ASSETS 12,401 12,756 11,541
TOTAL ASSETS LESS
CURRENT LIABILITIES 20,509 19,855 19,913
PROVISIONS FOR LIABILITIES AND
CHARGES 100 100 100
20,409 19,755 19,813
CAPITAL & RESERVES
Called up share capital 4,128 4,279 4,148
Share premium account 285 285 285
Revaluation Reserve 1,513 1,223 1,513
Other Reserves 908 757 888
Profit & Loss Account 13,523 13,203 12,936
20,357 19,747 19,770
MINORITY INTERESTS 52 8 43
SHAREHOLDERS FUNDS 20,409 19,755 19,813
CONSOLIDATED STATEMENT OF CASH FLOWS
For the half year to 30th September Year
Ended
March
2002 2001 2002
Net cash inflows from operating activities 1,133 583 2,787
Net cash inflow from returns on investments
and servicing of finance 123 177 297
Taxation -284 -491 -890
Net cash inflow/(outflow) from
capital expenditure and Financial 84 -770 -2106
Investments
Equity dividends paid - - -746
Net cash flow before financing 1,056 -501 -658
Financing -51 -40 -380
Increase/(decrease) in cash 1,005 -541 -1038
Net cash inflow from operating activities
Operating Profit 815 -17 316
Depreciation 229 277 557
Other items -49 -11 62
Working capital 138 334 1852
1,133 583 2,787
1. The charge for the six months to 30th September 2002 is
based on the estimated rate chargeable for the year to 31st March 2003
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 2002 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
Although our turnover in the period only increased by about 11%, the cost
reductions that I referred to in my annual statement have borne fruit. In
consequence profit before tax increased from #160,000 to #938,000.
I must say, however, that there is little likelihood of our achieving much
better than a break even situation in the second half of the year. Trading
conditions remain extremely difficult and, at this juncture, I can see no
evidence that things are going to get any better. We would, nevertheless, expect
to benefit from any upturn in the economy.
In view of this your directors have decided not to pay an interim dividend
29th November, 2002
Arnold Edward
Chairman
Telephone No: 020 8572 7474
This information is provided by RNS
The company news service from the London Stock Exchange
END
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