Acatos & Hutcheson - Final Results - Amendment
June 25 1998 - 11:52AM
UK Regulatory
RNS No 4416q
ACATOS & HUTCHESON PLC
25th June 1998
The headline for the Acatos & Hutcheson announcement released today as
'Interim Results' should read 'Final Results'. The full text shown below remains
unchanged.
ACATOS & HUTCHESON plc
NOTES:
1. Continuing operations - exceptional items
Included within the operating loss is a charge of #1.3m (1997: #0.7m)
relating to redundancies in respect of the pending closure of factories at
Trafford and Bootle.
A charge of #1.5m was required to provide against our 25% investment in an
associate company.
2. Dividends
There is no dividend in the period.
3. Accounting convention
The accounts are prepared on the basis of the accounting policies set out
in the most recently published set of financial statements.
FINANCIAL CALENDAR 1998/99
Extraordinary general meeting 29th July 1998
Financial half year end 27th September 1998
Interim results Late October 1998
Financial year end 31st March 1999
Preliminary results and Chairman's statement Mid-June
Report and accounts posted to shareholders Late June
Dividends: Interim - announced Late October
- paid Late October
Second interim/final -announced Mid-June
- paid Late June
The annual report and accounts will be posted to shareholders on 29th June
1998 and from that date will be available on application to:
The Secretary
Acatos & Hutcheson plc
Orchard Place
London E14 0JH
This preliminary announcement does not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985. The full statutory
accounts, on which the auditors have expressed an unqualified opinion, will be
filed with the Registrar of Companies after the extraordinary general meeting.
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS
FOR THE 26 WEEKS ENDED 29th MARCH 1998
Acatos & Hutcheson plc, the edible oils and fats manufacturing group, announces
its results for the 26 weeks ended 29th March 1998.
26 weeks to Year to
29/3/98 28/9/97
Turnover #151m #277m
Operating (loss) / profit on continuing operations (#0.7m) #5.2m
(Loss) / profit on ordinary activities before taxation (#2.9m) #5.8m
(Loss) / profit on ordinary activities after taxation (#2.8m) #4.0m
Earnings per share (6.1p) 9.5p
Proposed ordinary final dividend Nil 6.5p
Total ordinary dividends for the year Nil 10.5p
STATEMENT BY THE CHAIRMAN
The results show a loss of #2.9m in line with my statement at our Annual
General Meeting in February 1998.
Operating costs of Peerless Refinery and Trafford Edible Oil Refiners during
the six months period amounted to #4.5m.
The first three months of our new financial year, as the last months of last
year, have absorbed all our energies in completing the transfer of business from
the North West to Orchard Place.
Since the effective closure of Trafford and Peerless Refinery, it has been
possible to transfer experienced North West management to Orchard Place and this
has greatly benefited the operation of our new plant.
Our operational and technical management has also been greatly strengthened
through our association with Archer Daniels Midland. ADM are providing us with
operational, technical and engineering assistance. We still have a way to go to
reach the levels of efficiency and cost effectiveness that I seek and know from
past experience can be achieved.
Negotiations for the sale of the Peerless and Trafford sites are near
completion.
Our joint venture soft oil refinery and bottling plant at Erith continues to
perform very satisfactorily with improving efficiencies.
Leon Frenkel's olive and speciality oils business continues to perform very
well. We have recently sold 50% of this business to Princes Limited forming a
joint venture operation with them. With its experienced successful management
and the resources now available to it, we anticipate continued and substantial
expansion of this business.
Britannia Food Ingredients Limited, our speciality chocolate and confectionery
fats producer, continues to make progress as forecast.
The trading environment has continued to deteriorate. On several occasions I
have expressed my views on the economic folly of total reliance on interest
rates to control inflation in preference to limiting demand fiscally.
As I write, the cumulative effect of our uncompetitive exchange rate is now
being almost fully felt. We have been forced to withdraw from some European
markets as price levels have fallen below even "contribution" levels. To
protect our UK business against aggressive continental competition, we have
ourselves had to operate at cost or even below, providing only a contribution to
overheads.
It is too early to indicate the likely performance of our company this financial
year. We have to complete our cost saving exercises and restructuring post our
North West closures, plus overhead and manpower reductions. Much will also
depend on the level of the sterling exchange rate.
We are becoming leaner and fitter but we have not yet won the battle. Actions
are underway to solve our managerial and operational problems so that we can
fully exploit the advantages of our fully integrated edible oil and fats
operations at Orchard Place. We process from crude edible oil to finished
products for the food processing industry, baking, catering and the retail
grocery trade. There are only two such operations in the U K.
I trust that our shareholders will view this as positive news for the longer
term.
I S Hutcheson
Chairman
ENQUIRIES:
Ian Hutcheson, Chairman 0171 - 418 1531
Colin Campbell, Finance Director 0171 - 418 1535
RNS No 4141t
MKEYING
YB1
CONSOLIDATED PROFIT AND LOSS ACCOUNT
26 weeks ended 29th March 1998
26 weeks to Year to
29/3/1998 28/9/97
#'000 #"000
Turnover
Continuing operations 139,535 277,288
Acquisitions 11,366 --
150,901 277,288
Cost of sales (137,277) (248,951)
Gross profit 13,624 28,337
Distribution and administration costs (14,313) (23,094)
Operating results
Continuing Operations (1,864) 5,243
Acquisitions 1,175 --
Operating (loss) / profit (689) 5,243
Losses on disposal of associate (1,531) --
Share of associate's profits 104 218
Net interest (charge) / income (781) 376
(Loss) / profit on ordinary activities
before taxation (2,897) 5,837
Taxation 124 (1,867)
(Loss) / profit for the period (2,773) 3,970
Minority interest 85 180
(Loss) / profit attributable to the shareholders (2,688) 4,150
Dividends (4,512)
Retained (loss) / profit for the period (2,688) (362)
Earnings per ordinary share 6.1 P 9.5p
CONSOLIDATED BALANCE SHEET
at 29th March 1998
29/3/98 28/9/97
#'000 #'000
Fixed assets
Tangible assets 75,928 57,860
Investments in associated companies 13,391 14,965
Trade investment 3,058 3,031
92,377 75,856
Current assets
Stocks 17,892 14,939
Debtors 40,764 37,642
Own shares held in trust 165 150
Cash at bank 3,526 9,595
62,347 62.326
Current liabilities
Creditors due within one year (71,276) (58,530)
Net current assets (8,929) 3,796
Total assets less current liabilities 83,448 79,652
Long term liabilities
Creditors due after more than one year (5,875) -
Provisions for liabilities and charges (4,384) (4,717)
(10,259) (4,717)
73,189 74,935
Capital and reserves
Called up share capital 21,891 21,888
Share premium reserve 25,455 25,448
Revaluation reserve 2,777 2,777
Capital reserve 2,959 1,891
Profit and loss account 20,885 23,626
Own shares held by subsidiaries (778) (778)
Shareholders' funds 73,189 74,852
Minority interest 0 83
Capital employed 73,189 74,935
Approved by the board of directors on 24th June 1998.
END
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