Dean Corporation PLC - Interim Results
August 11 1997 - 3:30AM
UK Regulatory
RNS No 5126r
DEAN CORPORATION PLC
11th August, 1997
DEAN CORPORATION PLC
(AIM - BUILDING AND PROPERTY SERVICES)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997
HIGHLIGHTS
TURNOVER UP TO #16.15 MILLION (1996: #7.7 MILLION)
PRE TAX PROFIT UP TO #739,000 (1996: #353,000)
EARNINGS PER SHARE UP TO 1.13P (1996: 0.72P)
INTERIM DIVIDEND PER SHARE 0.3P (1996: 0.2P)
Chairman, Stephen Dean commenting on the results:
"Our strategy to build a broadly based property services group is
producing positive results. I am pleased to report that each
division has shown signs of signicant improvement and am
confident this trend will continue for the remainder of the
year."
Enquiries
DEAN CORPORATION PLC 01480 436666
Group Chairman, Stephen Dean Mobile 0385 938 782
JOHN EAST & PARTNERS LTD 0171 628 2200
David Worlidge
BOSWELL CITY FINANCIAL PR LTD 0171 583 2001
Glenda Boswell Mobile 0468 235 735
DEAN CORPORATION PLC
(AIM - BUILDING AND PROPERTY SERVICES)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997
CHAIRMAN'S STATEMENT
Results
Your Board is pleased to report a profit before taxation of
#739,000 for the six months ended 30 June 1997, compared
with #353,000 for the comparable half year for 1996 and
#931,000 for the full year ended 31 December 1996.
The Board has declared an interim dividend of 0.3p per share
to shareholders on the register at the close of business
on 15 September 1997 which will be paid on 12 December 1997.
Property Services Division
J C Tripp & Son Ltd
Tripp continues to expand its list of clients with the
recent addition of term contracts with London Boroughs
of Westminster and Bromley, Broomleigh Housing Association
and Community Housing Association. During the period,
Tripp established a further depot in north London to service
some of these contracts. Tripp continues to carry out
various housing regeneration works for these authorities as
well as Southwark, Croydon and Merton. The new contracts
are expected to add at least '2 million per annum of turnover
to Tripp for the next three years.
H Page Engineering Services Ltd
Page had a very encouraging first half with turnover and
profits significantly ahead of this period last year.
Projects were undertaken for Price Waterhouse, Linklater
Powes, BBC, The Aquarium at County Hall and various NHS trusts.
Page continues to develop ongoing maintenance contracts on
its installation projects.
Housebuilding Division
The housing market has improved substantially throughout the
period under review, particularly in the company's core area of
Cambridgeshire, Herefordshire and Northamptonshire. The company
is currently undertaking the second phase of a 24 unit
development for Nene Housing Association and has just
completed phase three of a 17 unit development for the Healthcare
Corporation. Dean intends to build 93 houses this year, 54
for its own account and 39 in partnership. In the period
under review Dean sold 22 homes.
Specialist Contracting Division
Speymill Tripp
Speymill continues to benefit from the continued substantial
capital expenditure by brewers and licensed retailers.
It has added to its client portfolio such names as Yates Brothers
Wine Lodges, J D Wetherspoon, Mill House Inns and Greenalls. The
themed restaurant/public house market continues unabated and in
order to meet increasing demand, the company has opened a central
London office and intends to open a further regional office in
the Leeds/south Yorkshire area.
Current Trading
The property services market in which your Group operates
continues to improve and I am confident that the Group will
continue to make good progress in the remainder of the year. The
results for July are in line with expectations and lead your
Board to expect a satisfactory outcome for the full year.
I look forward to the future with confidence.
STEPHEN DEAN
CHAIRMAN
DEAN CORPORATION PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997
SUMMARISED CONSOLIDATED PROFIT AND LOSS ACCOUNT
Six months Six months Year
ended ended ended
30th June 30th June 31st Dec
1997 1996 1996
(Unaudited) (Audited)
#000 #000 #000
TURNOVER 16,150 7,728 14,864
====== ===== ======
OPERATING PROFIT 770 321 895
Interest (31) (24) (53)
SHARE OF PROFIT FROM
ASSOCIATED UNDERTAKINGS - 56 89
------ ----- ------
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 739 353 931
Taxation (214) (117) (255)
----- ----- ------
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION 525 236 676
Dividend (139) (86) (231)
----- ----- ------
RETAINED PROFIT 386 150 445
===== ===== ======
EARNINGS PER SHARE 1.13p 0.72p 1.66p
==== ==== ====
FULLY DILUTED 0.98p
====
DIVIDEND PER SHARE 0.30p 0.20p 0.50p
==== ==== ====
DEAN CORPORATION PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997
UNAUDITED CONSOLIDATED BALANCE SHEET
As at As at
30th June 31st December
1997 1996
(Unaudited) (Audited)
#000 #000
FIXED ASSETS
Intangible Fixed assets - 30
Tangible Fixed assets 937 898
Investments 421 24
----- ----
1,358 952
----- ----
CURRENT ASSETS
Stocks 3,386 2,246
Debtors 5,195 4,426
Cash at bank and in hand 1,108 1,790
----- -----
9,689 8,462
CREDITORS
Amounts falling due within one year (6,575) (5,953)
----- -----
NET CURRENT ASSETS 3,114 2,509
----- -----
TOTAL ASSETS LESS CURRENT LIABILITIES 4,472 3,461
CREDITORS
Amounts falling due after more than year (1,121) (457)
PROVISION FOR LIABILITIES AND CHARGES (2) (2)
----- -----
NET ASSETS 3,349 3,002
===== =====
CAPITAL AND RESERVES
Called up Share Capital 231 231
Share Premium Account 1,441 1,441
Capital Reserve 657 665
Profit and loss account 852 497
----- -----
EQUITY SHAREHOLDERS FUNDS 3,181 2,834
MINORITY INTERESTS (Non Equity) 168 168
----- -----
3,349 3,002
===== =====
DEAN CORPORATION PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997
Notes:
1. The financial information for the year ended 31 December
1996 has been extracted from the full accounts for that period,
which have been delivered to the Registrar of Companies and on
which the auditors gave an unqualified report. The foregoing
financial information does not amount to statutory accounts
within the meaning of Section 240 of the Companies Act 1985
(as amended). The half year figures have not been audited.
2. The calculation of earnings per share is based on the profit
on ordinary activities after taxation and 46,298,123 ordinary
shares (1996: 32,932,244) being the weighted average number of
shares in issue during the half year. The weighted average
number of shares in issue during the year ended 31 December 1996
was 40,708,950.
The calculation of fully diluted earnings per share is based on
the profit on ordinary activities after taxation and 53,698,123
ordinary shares, being the weighted average number of shares
in issue during the half year, after allowing for share options
and the directors' estimate of the number of shares to be issued
in respect of the deferred consideration for H. Page.
3. The Interim Statement will be sent to shareholders shortly.
Thereafter copies will be available to members of the public,
free of charge, from the Company's registered office, Dean House,
Soverign Court, Ermine Business Park, Huntingdon, Cambridgeshire
PE18 6WA.
4. The Directors have declared an interim dividend of 0.3p per
share (1996: 0.2p) to shareholders on the register at the close
of business on 15 September, 1997 which will be paid on
12 December 1997.
Enquiries
DEAN CORPORATION PLC 01480 436666
Group Chairman, Stephen Dean Mobile 0385 938 782
JOHN EAST & PARTNERS LTD 0171 628 2200
David Worlidge
BOSWELL CITY FINANCIAL PR LTD 0171 583 2001
Glenda Boswell Mobile 0468 235 735
END
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