Final Results
March 07 2001 - 2:00AM
UK Regulatory
RNS Number:0253A
Mallett PLC
7 March 2001
MALLETT PLC
7 MARCH 2001
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001
CHAIRMAN'S STATEMENT
This is the first time I have presented the annual results and I am delighted
to say that the year 2000 produced a record result for the company. In the
year ended 31 December 2000, turnover increased by 26.8 per cent. from #
16,574,000 last year to #21,020,000 and profit before tax up 22.9 per cent.
from #4,287,000 to #5,267,000. Earnings per share rose from 21.34p in 1999 to
26.43p. I am pleased to say that the board is recommending a final dividend of
6p compared to a final dividend of 5p for 1999. This gives a total dividend
for the year of 8.2p compared to 7p for 1999, which is an increase of 17.1 per
cent. Subject to the approval of shareholders at the Annual General Meeting to
be held on 3 May 2001, the dividend will be paid on 18 May 2001 to
shareholders on the register on 20 April 2001.
These excellent results are due partly to the Matthew Boulton exhibition held
in June and July last year, but also generally as a result of an increase in
the level of business within the whole group. Exhibiting at international
fairs has brought additional sales and good opportunities to meet new clients
and renew acquaintances with old clients. The stock at 31 December 2000 is #
22,584,000 compared with #17,448,000 at the end of 1999 and trade creditors
have increased to #4,087,000 at 31 December 2000 compared to #837,000. The
main reason for the increase in these figures is that, as stated in our
interim report, we have improved the quality of our stock of paintings and we
have stock in our showrooms which does not have to be paid for in full until
sold or until January 2005 whichever is earlier.
In January 2001 we participated, for the first time, at the Palm Beach Fair
and this has proved a success. As well as continuing to exhibit abroad at
fairs we shall be holding another major exhibition in Bond Street this summer,
on this occasion of paintings, and also a needlework exhibition following the
two previous successful ones. Our new website is now in operation and has
already proved to be an excellent marketing vehicle, bringing favourable
comment from old and new clients, but we do not at this stage expect it to be
a major source of revenue. The current year has had an encouraging start but
it will be difficult to improve on the 2000 results. Much will depend on the
American economy and our ability to find the right stock at the right prices.
I would like to take this opportunity to welcome Simon de Zoete as a
non-executive director, to thank Rex Cooper for his contribution as the
previous Chairman and to thank all the employees for their hard work, without
which these results would not have been possible.
GEORGE MAGAN
CHAIRMAN
7 March 2001
CONSOLIDATED PROFIT & LOSS ACCOUNT
for the year ended 31 December 2000
2000 1999
#'000 #'000
TURNOVER 21,020 16,574
Cost of sales (14,737) (11,489)
--------- --------
GROSS PROFIT 6,283 5,085
Operating expenses (1,107) (874)
--------- --------
OPERATING PROFIT 5,176 4,211
Net Interest 91 76
--------- --------
PROFIT ON ORDINARY ACTIVITES BEFORE TAXATION 5,267 4,287
TAXATION (1,620) (1,342)
--------- --------
PROFIT FOR THE FINANCIAL YEAR 3,647 2,945
DIVIDENDS (1,132) (966)
--------- --------
Retained profit for the financial year 2,515 1,979
========= ========
Earnings per ordinary share 26.43p 21.34p
All disclosures relate only to continuing operations.
There are no recognised gains or losses other than the profit or loss for the
year.
The results prepared on an unmodified historical cost basis would not have
been materially different from those shown above and consequently no separate
historical cost profit and loss account is presented.
CONSOLIDATED BALANCE SHEET
as at 31 December 2000
2000 1999
#'000 #'000 #'000 #'000
FIXED ASSETS
Tangible assets 3,966 4,107
CURRENT ASSETS
Stocks 22,584 17,448
Debtors 709 1,136
Bank balances and cash 3,441 1,779
-------- --------
26,734 20,363
CREDITORS - amounts falling
due within one year 6,482 2,740
-------- --------
NET CURRENT ASSETS 20,252 17,623
------- --------
TOTAL ASSETS LESS
CURRENT LIABILITIES 24,218 21,730
PROVISIONS FOR
LIABILITIES AND
CHARGES 20 47
------- --------
TOTAL NET ASSETS 24,198 21,683
======== =========
CAPITAL AND RESERVES
Called up share capital 690 690
Share premium account 5,168 5,168
Revaluation reserve 1,820 1,857
Profit and loss account 16,520 13,968
------- --------
24,198 21,683
======== =========
Net assets per share #1.75 #1.57
======== =========
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2000
2000 1999
#'000 #'000
NET CASH INFLOW FROM
OPERATING ACTIVITIES 4,010 4,678
RETURNS ON INVESTMENT
AND SERVICING OF FINANCE 91 76
TAXATION PAID (1,425) (1,961)
CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT (20) (52)
EQUITY DIVIDEND PAID (994) (869)
--------- ---------
NET INFLOW BEFORE USE OF LIQUID RESOURCES
AND FINANCING 1,662 1,872
FINANCING - bank and other loans repaid - (40)
--------- ---------
INCREASE IN CASH FOR THE YEAR 1,662 1,832
========== ==========
MOVEMENT IN CASH AND CASH EQUIVALENTS
DURING THE YEAR
Increase in cash in the year and movement
in net debt in the year 1,662 1,832
Net surplus at 1 January 1,779 (53)
--------- ---------
Cash and cash equivalents at 31 December 3,441 1,779
========== ==========
NOTES
1. EARNINGS PER SHARE
Earnings and net assets per share have been calculated on the basis of profit
on ordinary activities after taxation of #3,647,000, net assets of #
24,198,000 and on 13,800,060 shares in issue.
2. BASIS OF PRESENTATION
The accounts for the twelve months ended 31 December 2000 comply with the
relevant accounting standards and have been prepared on a consistent basis
using accounting policies set out in the 1999 Annual Report. The figures for
the twelve months ended 31 December 1999 do not constitute the company's
statutory accounts for that period but have been extracted from the statutory
accounts which have been filed with the Registrar of Companies. The auditors
have reported on both the 1999 and 2000 accounts and those reports were not
qualified and did not contain a statement under section 237 (2) of the
Companies Act 1985.
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