RNS No 7394c
ALLIED LEISURE PLC
8 October 1999
ALLIED LEISURE PLC
("Allied" or "the Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 1999
Highlights
- Merger with European Leisure completed 11 June 1999 -
three weeks trading consolidated into 1998/99 results
- 1998/9 results show a 25% growth in turnover and 5%
growth in operating profit from ordinary activities before
exceptional items
- Profit before tax #1.4 million (1998: #4.4 million) after
#3.3 million exceptional charge
- Exceptional profit of #618,000 on disposal of two Burger
King franchises illustrates inherent value of Burger King
estate
- Operating cash flow up 14% to #9.6 million (1998: #8.4
million), equivalent to 7.6p per share (1998: 7.1p), and
dividend up 10% to 1.15p (1998: 1.05p)
- Merged group focusing on market leading Rileys and
Megabowl brands - 27 new units to open in current year
- Joint venture with Duke Street announced 16 August 1999
will create clear market leader in bowling based family
entertainment
- Non-core assets identified for disposal
Ken Scobie, Chairman of the Group, said, "We are in the
process of delivering on a number of key strategic initiatives
which will totally transform the Group. Once this process is
complete Allied will be a far larger business with a strong
balance sheet, enhanced growth prospects, excellent underlying
cash flows and a strong management team. We will be very well
positioned for both organic growth and further acquisitions as
the consolidation of the leisure sector gathers pace."
Enquiries:
Allied Leisure PLC (08/10/99) 0171 601 1000
Ken Scobie, Chairman (Thereafter) 01509 414422
Neil Goulden, Chief Executive
Square Mile Communications 0171 601 1000
Kevin Smith
ALLIED LEISURE PLC
("Allied" or "the Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 1999
CHAIRMAN'S STATEMENT
The last few months have been exciting times for Allied and
the strategy we have in progress will totally transform the
Group.
On 11 June 1999 we successfully completed our merger with
European Leisure PLC ("European") and this effectively doubled
the size of the Group. Subsequent to the year end, on 16
August 1999, we announced our participation in a joint venture
with Duke Street Capital ("Duke Street") to purchase the
Family Entertainment Division of First Leisure Corporation
PLC, which includes 28 ten-pin bowling centres trading under
the Superbowl brand, with a further three centres due to come
on stream in 2000. It is our intention to merge our Megabowl
business into the joint venture, which will then be owned on a
50/50 basis by Allied and Duke Street and run by the Allied
management team. The transaction will create the largest ten-
pin bowling operator in the UK.
As the merger with European did not occur until the last few
weeks of the 1998/9 financial year and the joint venture was
agreed after the year end, these transactions have had a
minimal impact on the 1998/9 results reported in these
accounts. The full results of this radical transformation of
Allied will be seen in the 1999/2000 accounts.
The joint venture with Duke Street is an exciting and
innovative approach by Allied and will allow the Group to
deliver the benefits of a trade buyer without having to resort
to our shareholders for funding. Following the proposed
merger of Megabowl and Superbowl we will have 50% of a much
larger bowling business, with significant long-term gains to
come through greater critical mass. The anticipated cash
proceeds from this transaction, other planned disposals and
the sale of our trade investments will leave Allied with a
strong balance sheet, negligible debt and enhanced growth
prospects both in the joint venture and within our wholly
owned Rileys and Burger King restaurant businesses.
Financial Results
Turnover rose by 25% to #61.2 million (1998: #48.9 million)
and operating profit from ordinary activities before
exceptional items increased by 5% to #6.1 million (1998: #5.8
million). The Group also achieved a profit of #618,000 on the
sale of two Burger King franchises in the South East,
illustrating the inherent value of our restaurant estate. An
exceptional charge of #3.3 million (1998: nil) reduced the
post-exceptional profit before tax to #1.4 million (1998: #4.4
million) and the earnings per share to 1.07p (1998: 3.61p).
Cash flow from operating activities increased by 14% to #9.6
million (1998: #8.4 million), which was equivalent to 7.6p per
share (1998: 7.1p) which again demonstrates the exceptionally
strong cash flow underpinning Allied's trading activities.
The Board conducted a full review of the European property
portfolio at the year-end and decided to write down the value
of these assets by #35.2 million as part of a post acquisition
fair value exercise. Adjusted year end net assets were #59.6
million (1998: #24.9 million) and year-end gearing was 87%
(1998: 75%).
Dividend
The Board is recommending a 10% increase in the final dividend
to 0.77p per share bringing the total for the year to 1.15p
(1998: 1.05p). The final dividend will be paid on 14 January
2000 to shareholders on the register on 10 December 1999.
Board
Following the merger with European I was pleased to welcome to
the Board John Casey, as Group Services Director and Company
Secretary, and Charles Levison, as a non-executive Director.
David Barrett has now become Group Property Director and
Malcolm Nicholls has stepped down from the Board to
concentrate on his expanded operational responsibilities.
Employees
The last financial year was again one of significant change
for Allied and I would like to extend a particular welcome to
the new employees who have joined the Group through our merger
with European and the expansion of our Burger King estate. On
behalf of the Board I would like to thank all employees for
the tremendous efforts that have made over the year.
Group Name
At the time of our merger with European we indicated a
possible name change for the Group. After a review, involving
employees of the enlarged group, your Board has concluded that
Allied Leisure remains an appropriate name for the enlarged
business.
Prospects
Trading in the first quarter of the new financial year has
been adversely affected by the hot weather. However this is
traditionally the quietest period of our year, accounting for
less than 10% of budgeted annual profit. Strong underlying
trading when weather conditions are in our favour leaves us
optimistic regarding the year ahead as we enter our peak
trading period.
In last year's Report and Accounts I stated that Allied was
well placed to accelerate the pace of its expansion plans in a
rapidly consolidating leisure sector. Significant progress
has been made towards these objectives in recent months and
Allied is now a substantial leisure group with a strong
underlying cash flow, enhanced growth prospects and an
excellent management team. In addition we soon expect to have
a significantly stronger balance sheet and negligible debt.
We are now firmly focused on integrating the European business
into Allied, concluding the joint venture transaction with
Duke Street and delivering cash from our disposal programme.
The anticipated consolidation in the leisure sector continues
to gather pace and the strategic initiatives outlined above
will leave Allied in a very strong position to actively
participate in, and benefit from, the consolidation process.
I look forward to updating shareholders on progress as events
unfold over the next few months.
Ken Scobie 8 October 1999
Chairman
CHIEF EXECUTIVE'S REVIEW
Highlights
Following the merger with European, Allied is now a much more
significant leisure business. The enlarged Group trades in
four sectors of the leisure market - bowling based family
entertainment centres under the Megabowl brand, cue sports
under the Rileys brand, Burger King franchised restaurants and
bars and discotheques.
Allied now has over 200 venues nationwide, up from 56 at the
1998 year end. The joint venture with Duke Street will add
another 28 bowling centres to the estate, and a number of new
bowling and cue sports units are due to come on stream during
the current financial year.
Family Entertainment Centres
During the year to 30 June 1999 Megabowl sales fell to #35.3
million following the disposal of six ten-pin bowling centres
to XS Leisure in April 1998. This however, represents a 2.1%
growth on a like-for-like basis.
Megabowl continues to grow in a mature profile and with
maintenance capital now running significantly below the rate
of depreciation, delivers an excellent return on capital and a
very strong cash flow.
Two new Megabowls will open during the current financial year
and we are actively pursuing a number of other development
opportunities, which meet our demanding site selection and
return on capital criteria. We will also continue to invest
in the existing estate, where our capital expenditure
programme continues to show strong returns.
The proposed merger of Megabowl and Superbowl, outlined in the
Chairman's Statement, will bring significant benefits to the
joint venture partners. Cost savings and purchasing gains are
only the starting point. The major opportunity lies in the
enhanced growth prospects. With nearly 70% of the British
population living within a 30 minute drive of one of our bowls
we can look, for the first time, at advertising on a national
basis. In addition, there remain significant opportunities to
develop new sites both in the UK and in mainland Europe.
Final negotiations with Duke Street, and their debt providers,
are progressing and we anticipate being in a position to
circulate full details of the transaction to shareholders in
the near future. We are also delighted to welcome Nick Irens
to the Board of the joint venture as independent Chairman.
Cue Sports
At the end of June 1999 Allied operated from 87 cue sports
venues, predominantly trading under the Rileys brand.
The Rileys American pool and snooker club concept is highly
popular, especially among the 18-24 age group and the growing
student population. Rileys provides American pool tables in a
lively themed sports bar environment, as well as a quiet area
for snooker, and as a private members club it offers a secure
environment with extended, and in some cases, 24 hour, trading
and access to highly profitable jackpot gaming machines.
During the year to 30 June 1999 Rileys increased its sales by
over 20% to #25.1 million. Like-for-like sales rose by 6.4%
and 17 new venues were opened.
Rileys is the clear market leader in cue sports, with 65% more
venues than its main competitor, yet still controls less than
10% of a highly fragmented cue sports market. New Rileys
units continue to perform strongly and we intend to step up
the rate of expansion, with 25 new units planned for the
current financial year. We are already well on the way to
meeting this target - since the year-end we have opened four new
units, with eleven more under development and a further 14 sites
in the pipeline.
With strong like-for-like sales growth and a high return on
capital the prospects for Rileys are exciting.
Branded Food
Allied added 10 new Burger King restaurants to its portfolio
during the year, seven coming from an acquisition from brand
owner Burger King and three new builds. In addition, we
disposed of two restaurants in the South East which lay
outside our East Midlands/Yorkshire Tyne-Tees trading area.
The price achieved on the disposal significantly exceeded the
net book value of the units and this underlines the value of
our Burger King estate. We now trade from 35 restaurants
stretching from Northampton to Newcastle.
During the year to 30 June 1999 our restaurants sales more
than doubled to #22.4 million (1998: #10.9 million). Like-for-
like sales were a disappointing 2.2% down on the previous
year. However we remain optimistic that the strategic
initiatives recently announced by Burger King in the UK will
produce above inflation growth, enhanced margins and reduced
development costs. These initiatives would enable Allied to
accelerate the development of its restaurant chain with
enhanced returns to shareholders.
Bars and Discotheques
Following the merger, the Group now operates 30 discotheques,
21 bars and a hotel as well as a number of leased pubs and
other related leisure assets.
The business continues to be impacted by competitor activity,
and in particular the increased number of late licences.
Turnover for the year ended 30 June 1999 was down 9.0% to
#40.8 million (1998: #44.8 million), reflecting a number of
closures and disposals, with like-for-like sales down 5.4%
over the year.
The licensed estate is a collection of unbranded venues, which
is not currently producing the return on capital targets set
by the Board. Whilst this division is currently the largest
part of the Group in turnover terms, the low return on capital
and negative like-for-like sales performance which has
continued into the new financial year, mitigate against
significant investment in the business. Although the Bars
and Discotheques business generates significant profits and is
also highly cash generative, Allied clearly has better
opportunities, and higher priorities, elsewhere, most notably
within its Megabowl and Rileys estates.
Following a strategic review of this business, it is clear
that a sale of part or all of the estate will both strengthen
the Group's balance sheet and enhance future growth prospects.
Investments
As part of the merger with European, Allied acquired a 23.8%
stake in Waterfall Holdings PLC, which was acquired by
European at an average price of 44p per share. Waterfall
operates cue sports venues, ten-pin bowling centres and
discotheques.
Allied also holds 15% of XS Leisure PLC (formerly Sanctuary
Leisure plc), which was part of the consideration for the sale
of six bowling centres to XS Leisure in April 1998. The
shares are held in our books at the issue price of 45p and
currently trade on AIM at a significant premium to the issue
price.
Merger Integration
The post merger integration of Allied and European continues
to progress smoothly.
At 1 October 1999, all accounting functions had been
consolidated into the Poole accounts centre whilst other
corporate and operational functions had been rationalised and
transferred to the former European head office in
Leicestershire. New, and improved, bank facilities are in
place and purchasing agreements are being aggregated and re-
negotiated as they fall due.
The enlarged group is on course to deliver annualised merger
benefits of #3.0 million per annum.
Management, Employees and Training
Allied and European were both fully accredited Investors in
People providing an excellent cultural fit as the best
practices of each business are adopted across the Group.
Allied remains firmly committed to effective training and
human resource management. Our aim is to provide a quality
service, in a focused and cost efficient manner, from well
trained, highly motivated and incentivised staff and thus
produce the very best returns from the businesses under our
control.
Outlook
In my review last year I stated that Allied had the management
resources and operational systems in place to support a
significantly larger business. Following the merger with
European, and with negotiations with Duke Street continuing,
these resources are now being fully deployed to the benefit of
shareholders.
Our focus is on consolidating our market leading positions in
both bowling based Family Entertainment Centres and cue sports
whilst expanding both these businesses organically. Rileys
continues to show strong underlying growth as well as
significant new build opportunities whilst Megabowl's more
mature growth profile provides an exceptionally strong base of
cash generation. We envisage rationalising our bars and
discotheques, whilst our Burger King business will continue to
be developed on a selective basis.
Allied is now positioned for the next stage of its strategic
development. We are the market leader in two important
leisure sectors and our strong cash generation will facilitate
the continued growth of the Group. Allied is a well managed
and resourced Group and we hope that our increased size and
enhanced growth prospects will now enable us to attract a
wider range of institutional support and play a leading role
in a rapidly consolidating leisure sector.
Neil Goulden 8 October 1999
Chief Executive
GROUP FINANCE DIRECTOR'S REVIEW
Highlights
In my report last year I referred to the significant progress
made by the Group since the restructuring in 1994. The last
few months have again demonstrated our commitment to
delivering shareholder value through a clear and focused
strategy for growth.
Trading performance
Turnover increased by 25% to #61.2 million, principally due to
the full year effect of the enlarged Burger King division
offset by the disposal of six bowls in April 1998. The
European business contributed turnover of #3.4 million (1998:
nil). Burger King accounted for 36.7% of turnover (1998:
22.3%) and this increase in income from a lower margin
business resulted in operating margins falling to 9.9% (1998:
11.9%).
Net interest payable increased by 28% to #2.0 million (1998:
#1.6 million) as a result of the expansion of the Burger King
estate. Interest cover remains a comfortable 3.1 times (1998:
3.8 times).
Balance Sheet
Following the merger we conducted a thorough review of the
European property portfolio. At the time of the merger
European's shares were trading at a significant discount to
stated net asset value and we effectively acquired the
business on this basis. The fair value exercise resulted in a
property asset write-down of #35.2 million which relates
predominately to the bars and discotheques estate. The
Directors believe that the restated value brings the enlarged
property portfolio into line with current market values. As a
result of the asset write-down net assets at the year-end
totalled #59.6 million (1998: #24.9 million) and gearing rose
to 87% (1998: 75%).
Depreciation policy
The Board has also reviewed the accounting policies of the
enlarged group. The only significant change is to bring the
depreciation of European's freehold and leasehold assets into
line with Allied's existing policy. Depreciation in the year
totalled #3.4 million (1998: #2.8 million).
Capital expenditure
Capital expenditure in the year, excluding acquisitions,
totalled #3.8 million (1998: #3.8 million). This related
predominately to the refurbishment to our Megabowls in
Liverpool, York and Poole and the development of three new
Burger Kings in Sheffield, York and Mansfield. Expenditure on
acquisitions totalled #1.3 million, excluding stocks and
working capital (1998: #8.0 million) and related to the
acquisition of seven Burger King restaurants from Burger King
(UK) Limited in October 1998 for #1.3 million cash, with a
balance of #1.05 million to be paid in three annual
instalments of #350,000 on each anniversary of completion.
Bank facilities
As a result of the merger with European the Group assumed
additional debt of #34.1 million, giving total net borrowings
of #51.9 million (1998: #18.6 million) at 30 June 1999.
Following the merger the Group has successfully renegotiated
its banking facilities and now has a new facility totalling
#65.0 million, comprising a #35.0 million five year term loan,
a #20.0 million five year revolving loan and a #10.0 million
overdraft. These facilities have been provided on terms more
favourable than those previously enjoyed by Allied or
European. The new syndicate, led by NatWest, also consists of
the Bank of Scotland, HSBC Midland and the Royal Bank of
Scotland.
Taxation
The Group continues to benefit from a tax shield relating to
previous tax losses, carried forward ACT and capital
allowances and there was no tax charge in the year ended 30
June 1999 (1998: #93,000).
Dividend
The full year dividend of 1.15p (1998: 1.05p) is covered 1.6
times (1998: 3.4 times). The fall in dividend cover is a
direct result of the new shares issued to European
shareholders within three weeks of the year end without a
corresponding consolidation of full year profits from
European. The Board is confident that the Group's dividend
will be adequately covered going forward.
Accounting and controls
European's accounting centre in Leicestershire has now been
closed and this will result in significant cost savings. The
accounting systems, reporting and internal controls will be
based on Allied's existing systems which will provide
significantly enhanced management information and control
processes to the European businesses. I would like to thank
all our accounting staff, in both Poole and Leicestershire,
for their hard work and commitment during the integration
period.
Year 2000 compliance
The Group has completed its risk assessment resulting from
Year 2000 and believes that all its key operating systems are
now Year 2000 compliant. This has been achieved at little
additional cost to the Group.
Martin Scott 8 October 1999
Group Finance Director
Enquiries:
Allied Leisure PLC (08/10/99) 0171 601 1000
Ken Scobie, Chairman (Thereafter) 01509 414422
Neil Goulden, Chief Executive
Square Mile Communications 0171 601 1000
Kevin Smith
ALLIED LEISURE PLC
Preliminary Results for the year ended 30 June 1999
Consolidated Profit and Loss Account
Before Year Year
excep Excep- to to
Continuing Acquisi- tional tional 30 30
operations tions items items June June
1999 1998
#000 #000 #000 #000 #000 #000
Turnover 54,117 7,097 61,214 - 61,214 48,876
Cost of sales (22,017) (2,994) (25,011) - (25,011)(18,072)
-------------------------------------------------------
Gross profit 32,100 4,103 36,203 - 36,203 30,804
Net operating
expenses (26,672) (3,456) (30,128) (3,352)(33,480)(25,002)
-------------------------------------------------------
Operating profit
Ordinary activities 5,428 647 6,075 - 6,075 5,802
Exceptional costs - - - (3,352) (3,352) -
-------------------------------------------------------
Total operating profit 5,428 647 6,075 (3,352) 2,723 5,802
Profit on sale of
operations - 618 618 136
-------------------------------
Profit on ordinary
activities before
interest and tax 6,075 (2,734) 3,341 5,938
Net interest payable (1,989) - (1,989) (1,551)
-------------------------------
Profit on ordinary
activities before tax 4,086 (2,734) 1,352 4,387
Tax on profit on
ordinary activities - - - (93)
-------------------------------
Profit for the
financial year 4,086 (2,734) 1,352 4,294
Dividends - - (2,531) (1,258)
-------------------------------
Transfer (from)/to
profit and loss
account in respect of
current year
activities (1,179) 3,036
----------------
Earnings per share
before
exceptional items 3.22p 3.50p
----------------
Earnings per share
after
exceptional items 1.07p 3.61p
----------------
Diluted earnings per share 1.06p 3.59p
----------------
ALLIED LEISURE PLC
Preliminary Results for the year ended 30 June 1999
Group Balance Sheet as at 30 June 1999
1999 1999 1998 1998
#000 #000 #000 #000
Fixed assets
Intangible assets 383 134
Tangible assets 85,104 46,805
Investments 5,122 800
----------------------------------------------------------------------
90,609 47,739
Current assets
Stocks 2,014 1,180
Debtors 10,215 3,838
Assets held for resale 43,514 -
Cash at bank and in hand 1,628 197
----------------------------------------------------------------------
57,371 5,215
Creditors due within one year (42,649) (13,653)
----------------------------------------------------------------------
Net current assets/(liabilities) 14,722 (8,438)
----------------------------------------------------------------------
Total assets less current
liabilities 105,331 39,301
Creditors due after more than
one year (41,069) (13,821)
Provisions for liabilities
and charges (4,709) (601)
----------------------------------------------------------------------
(45,778) (14,422)
----------------------------------------------------------------------
Net assets 59,553 24,879
----------------------------------------------------------------------
Capital and reserves
Called up share capital 13,504 5,945
Share premium account 42,706 14,412
Profit and loss account 3,343 4,522
----------------------------------------------------------------------
Group shareholders' funds -
equity interests 59,553 24,879
----------------------------------------------------------------------
ALLIED LEISURE PLC
Preliminary Results for the year ended 30 June 1999
Group Cash Flow statement for the year ended 30 June 1999
1999 1999 1998 1998
#000 #000 #000 #000
Net cash inflow from operating activities 9,620 8,424
Returns on investment and servicing of
finance
Interest paid (2,046) (1,399)
Interest received 58 32
Interest element of finance lease payment (36) (75)
-------------------------------------------------------------------------
Net cash outflow from returns on
investment and servicing of finance (2,024) (1,442)
Taxation
Advanced corporation tax paid (104) (284)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (3,750) (3,767)
Sale of tangible fixed assets 282 1,101
Purchase of intangible fixed assets (60) (26)
Sale of intangible fixed assets - 20
-------------------------------------------------------------------------
(3,528) (2,672)
Acquisitions and disposals
Purchase of Burger Kings (1,499) (7,972)
Costs associated with acquisition of Burger
Kings (91) (511)
Net cash acquired with Burger Kings 17 36
Costs associated with the acquisition of
European Leisure (271) -
Net cash acquired with European Leisure 412 -
Disposal of operating units 61 1,225
Costs associated with disposal - (109)
Net cash disposed of with operating units (3) -
-------------------------------------------------------------------------
Net cash outflow from acquisitions and
disposals (1,374) (7,331)
Equity dividends paid (1,284) (1,213)
-------------------------------------------------------------------------
Net cash inflow/(outflow) before use of
liquid resources and financing 1,306 (4,518)
Financing
New term borrowings - 4,905
Repayment of term borrowings (2,320) (2,805)
Capital element of finance lease borrowings (207) (248)
New finance leases 682 -
Issue of ordinary share capital - 117
Share issue costs (150) -
-------------------------------------------------------------------------
Net cash (outflow)/inflow from financing (1,995) 1,969
-------------------------------------------------------------------------
Decrease in cash in the year (689) (2,549)
-------------------------------------------------------------------------
Notes
1 Financial information
The above financial information does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act
1985. The financial information for the year ended 30 June 1999
and the year to 30 June 1998 has been extracted from the Group's
financial statements at those dates which received unqualified
auditors' reports. The financial statements for the year ended 30
June 1998 have been delivered to the Registrar of Companies.
2 Earnings per share
Earnings per share have been calculated on the weighted average
number of shares in issue during the relevant financial periods.
The number of equity shares in issue at 30 June 1999 was
270,084,000 (1998: 118,901,000). The weighted average shares for
the period was 126,770,000 (1998: 118,816,000)
The earnings per share before exceptional items is based on a
profit for the year of #4,086,000 (1998: #4,158,000). Earnings per
share after exceptional items is based on a profit after tax of
#1,352,000 (1998: #4,294,000).
The diluted earnings per share figure is based on a profit for the
year of #1,352,000 (1998: #4,294,000) and on 127,259,000 (1998:
119,541,000) ordinary shares, calculated as follows:
Year Year
ended ended
30 June 30 June
1999 1998
#000 #000
Basic weighted average number of shares 126,771 118,816
Dilutive potential ordinary shares:
Executive share options 482 725
Employee share options 6 -
-----------------
127,259 119,541
-----------------
3 a Reconciliation of net cash flow to movement in net debt
1999 1998
#000 #000
Decrease in cash in the year (689) (2,549)
Cash outflow/(inflow) from decrease/(increase)
in debt and lease financing 1,845 (1,852)
-----------------
Change in net debt resulting from cash flows 1,156 (4,401)
Loans acquired with European Leisure (34,500) -
Net debt at 1 July 1998 (18,568) (14,167)
-----------------
Net debt at 30 June 1999 (51,912) (18,568)
-----------------
b Reconciliation of operating profit to net cash inflow from
operating activities
1999 1998
#000 #000
Operating profit 2,723 5,959
Depreciation and amortisation charges 3,430 2,818
Profit on disposal of fixed assets (64) (261)
Increase in stocks (1) (125)
Increase in debtors (1,213) (453)
Increase in creditors 3,544 1,698
-----------------
Net cash inflow pre-restructuring and
exceptional costs 8,419 9,636
Provision for vacant properties 2,049 -
Provisions utilised (848) (1,055)
Discontinued business costs - (157)
-----------------
Net cash inflow from operating activities 9,620 8,424
-----------------
4 Reconciliation of movements in reserves and shareholders' funds
Called up Share Profit Total
share premium and loss shareholders'
capital account account funds
#000 #000 #000 #000
Group
As at 1 July 1998 5,945 14,412 4,522 24,879
Profit for the year - - 1,352 1,352
Dividends - - (2,531) (2,531)
Issue of ordinary shares 7,559 28,725 - 36,284
Expenses of share issues - (431) - (431)
--------------------------------------------------------------------
As at 30 June 1999 13,504 42,706 3,343 59,553
--------------------------------------------------------------------
5 Report and Accounts
Copies of the 1999 Report and Accounts will be sent to shareholders
in due course and further copies will be available to the public
from the Group's registered office, Charnwood Mill, Sileby Road,
Barrow-Upon-Soar, Loughborough, Leicestershire, LE12 8LR.
END
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