RNS No 2802r
DEAN CORPORATION PLC
31st March 1998
DEAN CORPORATION PLC
UNAUDITED PRELIMINARY STATEMENT FOR THE YEAR ENDED
31 DECEMBER 1997
RECORD PROFITS, DIVIDEND AND EARNINGS PER SHARE
Dean Corporation PLC ("Dean"), the building and property services
group, announces increased preliminary results for the year ended
31 December, 1997. During the year, the Company raised #2.4m
and joined the Official List.
KEY POINTS
- Turnover - #31.7m (1996: #14.9m), a rise of 113%
- Operating Profit from Continuing Activities - #1.4m
(1996: #.09m), an increase of 59%
- Profit before tax - #1.3m (1996: #0.9m), an increase of 44%
- Earnings per share - 2.02p (1996: 1.66p), up 22%
- Final dividend of 0.4p net per share making 0.7p for the
year (1996: 0.5p), up 40%
- #2.4m raised net of expenses to finance future acquisitions
and the deferred element of the consideration for H Page
Engineering Services payable on 30 June, 1998.
- Property Services Division had a very successful year. Clients
include BBC, Glaxo Wellcome, many London boroughs, London
Underground, Allied Domecq, Scottish & Newcastle, Whitbread,
Pizza Hut, Yates's Wine Lodges and Greene King.
- Housebuilding Division built 54 homes for its own account and
39 in partnership. It expanded its joint venture with MJ
Gleeson Plc and partnership developments for social and
elderly housing.
CURRENT TRADING
Stephen Dean, Chairman,said "The property services sector of
the construction industry continues to be strong. We recently
announced new orders worth in excess of #14m, all due for
completion this year, for the property services division. The
number and quality of enquiries and opportunities to tender for
contracts is encouraging. The housing market has proceeded at a
maintainable level with sales in line with our expectations. The
directors believe that another satisfactory year is in prospect."
Enquiries:
DEAN CORPORATION PLC 01480 436 666
Stephen Dean, Chairman Mobile: 0385 938 782
JOHN EAST & PARTNERS 0171 628 2200
John East
TEATHER & GREENWOOD 0171 426 9000
Peter Trevelyan-Clark
BOSWELL CITY FINANCIAL PR 0171 583 2001
Glenda Boswell Mobile: 0468 235 735
Maxine Barnes Mobile: 0860 489 571
DEAN CORPORATION PLC
UNAUDITED PRELIMINARY STATEMENT FOR THE YEAR
ENDED 31 DECEMBER 1997
CHAIRMAN'S STATEMENT
I am pleased to be able to report that the year under review has
seen the Group achieve new milestones in its development.
YEAR ENDED YEAR ENDED
31 DECEMBER 31 DECEMBER
1997 1996
#'000 #'000
Turnover 31,654 14,864
Profit Before Tax 1,301 931
Dividends Per Share 0.7p 0.5p
Earnings Per Share 2.02p 1.66p
Shareholders' Funds 5,420 3,002
The Board recommends a final dividend of 0.4p per share which,
together with the interim dividend of 0.3p per share totals 0.7p
per share for the year. If approved, the final dividend will be
paid on 22 May 1998 to shareholders on the register at 14 April
1998.
The Group has continued to expand organically during the year,
with earnings per share at 2.02p which is an increase on 1996 of
22%.
At the year end, the Group had cash balances of #1,705,791 and
undrawn banking facilities of a further #1,000,000.
During the year the Group raised #2.4 million cash, net of
expenses, to finance suitable future acquisitions and to finance
the deferred element of #697,000 of the consideration for the
acquisition of H Page Engineering Services Limited, part of which
remains payable on 30 June 1998.
The Company's shares were admitted to the Official List of the
London Stock Exchange on 18 November 1997.
PROPERTY SERVICES DIVISION
J C Tripp provides property maintenance and facilities management
services, primarily to London Borough Councils.
The senior management of the company has been strengthened by the
appointment of Mr Colin Dent as Managing Director and Mr George
Rajendra as Commercial Director.
The business has been developed with the opening of a new depot
in Camden to service one of the recent contract awards from the
City of Westminster for residential and civic buildings property
maintenance. The agreement is for five years.
Other new contracts awarded are for London and Quadrant Housing
Trust, Limehouse Fields Estate in east London and Mount Carmel
School for the Westminster Roman Catholic Diocese Trustees.
The company continues to work with the London Boroughs of Croydon
and Bromley and Broomleigh Housing Association under term
contracts, the latter of which has been extended for a further
year.
During the year J C Tripp has continued to pursue its strategy
of developing a network of London branches to support major
contracts.
H Page is a multi-disciplinary environmental and building
services supplier which provides mechanical and electrical
services such as fire protection systems, air conditioning
systems and low and high voltage switch gear.
The company made its first full year contribution to the Group
in 1997 and has continued to build on its impressive client
portfolio which includes Glaxo Wellcome, BBC, London Underground
and various London NHS Trusts.
New clients or contracts won during the year include IBM and the
new Lloyds TSB bank refurbishment in Cornhill, in the City of
London.
Speymill Tripp has contributed its first full years profits to
the Group. The themed public house and restaurant market
continues to be buoyant with numerous contracts awarded by
existing clients such as Allied Domecq Leisure, Scottish and
Newcastle, Whitbread, Greene King and Mill House Inns and by new
clients including Old Monk Pub Company, Pizza Hut, Everards
Brewery and Yates's Wine Lodges.
The senior management of the company has been further
strengthened with the appointment of Mr Alan Brookes and Mr Chris
Musselle, as Managing Director and Finance Director respectively.
The company intends to develop a network of branches in key
locations throughout the United Kingdom to enable it to service
more fully its clients with nationwide operations.
HOUSEBUILDING DIVISION
Dean Homes has continued its activities with further development
contracts for social and elderly housing and also in joint
ventures with M J Gleeson Plc.
The company's own developments account for around one third of
its activities. The company has sufficient development
opportunities for the next twelve to eighteen months.
Reservations continue to run at six per month in the first three
months of this year. During 1997, the company developed ninety
three homes, fifty four for its own account and thirty nine in
partnership with others.
CURRENT TRADING
It is your directors' view that the property services sector of
the construction industry continues to be strong. As recently
announced, the property services businesses between them won new
orders in excess of #14 million, all due for completion this
current year. The number and quality of enquiries and
opportunities to tender for contracts is encouraging. The
housing market has proceeded at a maintainable level with sales
in line with our expectations.
Your directors believe that another satisfactory year is in
prospect.
Stephen Dean
Executive Chairman
UNAUDITED PRELIMINARY STATEMENT FOR THE YEAR
ENDED 31 DECEMBER 1997
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended Year ended
31 December 1997 31 December 1996
#'s #'s
TURNOVER
Continuing Operations 30,039,278 13,915,261
Discontinued Operations 1,614,973 948,502
---------- ----------
31,654,251 14,863,763
COST OF SALES (26,857,002) (12,091,991)
---------- ----------
GROSS PROFIT 4,797,249 2,771,772
Administrative Expenses (3,439,844) (1,878,774)
Other Operating Income 21,261 24,458
Exceptional Expenses on Full Listing (93,680) -
OPERATING PROFIT
Continuing Operations 1,383,297 882,301
Discontinued Operations (98,311) 35,155
--------- ---------
1,284,986 917,456
Continuing Operations:
Profit/(Loss) on disposal of
Tangible Fixed Assets 91,203 (22,594)
Discontinued Operations:
Profit on Sale of Discontinued
Operations 57,962 -
--------- ---------
1,434,151 894,862
Interest Receivable 88,520 37,000
Interest Payable (222,042) (90,242)
Income from Participating Interest - 89,628
--------- ---------
Profit on Ordinary Activities
Before Taxation 1,300,629 931,248
Taxation (311,125) (254,890)
--------- ---------
Profit on Ordinary Activities
After Taxation 989,504 676,358
Dividends (414,511) (231,490)
--------- ---------
Retained Profit for the year 574,993 444,868
--------- ---------
Earnings per Share 2.02p 1.66p
--------- --------
CONSOLIDATED BALANCE SHEET
As at As at
31 December 1997 31 December 1996
#'s #'s
FIXED ASSETS
Intangible Fixed Assets - 30,000
Tangible Fixed Assets 608,318 897,995
Investments 372,961 24,358
------- -------
981,279 952,353
CURRENT ASSETS
Stock and Work in Progress 2,262,627 2,245,496
Debtors 7,703,834 4,426,248
Cash at Bank and in Hand 2,785,625 1,790,455
---------- ---------
12,752,086 8,462,199
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR (7,317,137) (5,953,298)
--------- ---------
NET CURRENT ASSETS 5,434,949 2,508,901
TOTAL ASSETS LESS CURRENT
LIABILITIES 6,416,228 3,461,254
CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR (994,169) (457,492)
PROVISION FOR LIABILITIES AND CHARGES (2,226) (2,226)
--------- ---------
5,419,833 3,001,536
--------- ---------
CAPITAL AND RESERVES
Called up Share Capital 344,521 231,490
Share Premium Account 3,823,824 1,440,684
Capital Reserve 12,022 664,889
Profit and Loss Account 1,071,596 496,603
--------- ---------
Equity Shareholders Funds 5,251,963 2,833,666
Non Equity Interest 167,870 167,870
--------- ---------
5,419,833 3,001,536
--------- ---------
CONSOLIDATED CASH FLOW STATEMEMT
Year ended Year ended
31 December 1997 31 December 1996
#'s #'s
NET CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES (1,844,343) 379,531
RETURN ON INVESTMENTS AND
SERVICING OF FINANCE
Interest Received 88,520 37,000
Interest Paid (222,042) (90,242)
--------- ----------
NET CASH (OUTFLOW) FROM RETURNS
ON INVESTMENTS AND SERVICING OF
FINANCE (133,522) (53,242)
TAXATION
UK Corporation Tax Paid (142,115) (37,697)
CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENT
Sale/(Purchase) of Tangible
Fixed Assets 143,040 (460,310)
(Purchase) of Intangible Fixed Assets - (30,000)
--------- -----------
NET CASH INFLOW/(OUTFLOW) FROM
INVESTING ACTIVITIES 143,040 (490,310)
ACQUISITIONS AND DISPOSALS
Purchase of Subsidiary Undertakings (381,181) (396,403)
Disposal of Subsidiary Undertakings 179,286 99,387
Purchase/sale of Investments in
Other Entities (351,596) 74,144
--------- ----------
CONSOLIDATED CASH FLOW STATEMEMT
Year ended Year ended
31 December 1997 31 December 1996
#'s #'s
NET CASH (OUTFLOW) FROM ACQUISITIONS
AND DISPOSALS (553,491) (222,872)
EQUITY DIVIDENDS PAID (266,669) (165,112)
NET CASH (OUTFLOW) BEFORE FINANCING (2,797,100) (589,702)
FINANCING
Issue of Shares net of Costs 2,496,171 1,762,633
Additions to Borrowings 657,876 84,851
Capital Element of Finance Leases 158,084 20,657
---------- ---------
NET CASH INFLOW FROM FINANCING 3,312,131 1,868,141
---------- ---------
INCREASE IN CASH 515,031 1,278,439
---------- ---------
NOTES
1. The earnings per share calculation is based on the weighted
average number of shares in issue during the year of 49,023,250
(1996: 40,708,950) and on the profit after taxation for the
financial year of #989,504 (1996: #676,358).
2. The financial information set out in this document does not
constitute statutory group accounts. Statutory accounts for the
year ended 31 December 1996 containing an unqualified auditors
report and no statement under Section 237 (2) or (3) of the
Companies Act 1985 have been delivered to the Registrar of
Companies. The Report and Accounts for the year ended 31
December 1997 will be posted to shareholders shortly and, after
adoption at the Annual General Meeting, delivered to the
Registrar of Companies.
3. The Annual General Meeting will be held at the Company's
registered office, Dean House, Sovereign Court, Ermine Business
Park, Huntingdon, Cambridgeshire, PE18 6WA at 11.00 a.m. on
13 May 1998.
Enquiries:
DEAN CORPORATION PLC 01480 436 666
Stephen Dean, Chairman Mobile: 0385 938 782
JOHN EAST & PARTNERS 0171 628 2200
John East
TEATHER & GREENWOOD 0171 426 9000
Peter Trevelyan-Clark
BOSWELL CITY FINANCIAL PR 0171 583 2001
Glenda Boswell Mobile: 0468 235 735
Maxine Barnes Mobile: 0860 489 571
END
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