2001 Prelim.Results-Replacemt
March 12 2002 - 5:53AM
UK Regulatory
RNS Number:7977S
Metalrax Group PLC
12 March 2002
The issuer advises that the following replaces the preliminary results for
2001 announcement released today at 7.30am under RNS number 7674S.
The comparative date in the first and third paragraphs of the introductory
summary should have read 2000 and not 2001 as previously stated.
All other details remain unchanged. The full amended text appears below:-
METALRAX GROUP PLC
AND SUBSIDIARY UNDERTAKINGS
Turnover a record £108.5m (£104.7m)
Pre-tax profits £11.9m (£14.6m) - dividend unchanged
"Current recovery trend...... opportunities for advancement in the
coming months"
Metalrax Group PLC, the engineering specialists, announce record sales
of £108.5m up by 3.7% on 2000, achieved in particularly difficult
trading conditions. Profit before tax and goodwill amortisation fell
for the first time in 20 years from £14.6m to £11.9m.
The board statement says "Since the year end there have been
encouraging signs of market recovery".
A final dividend of 3.75p per share is recommended, making 5.4p per
share for the full year, unchanged on 2000 and representing a dividend
yield of over 8% per annum on current share price levels.
Mr JGL Edwards and Mr GH Gresham, associate directors of the group,
have been appointed to the board. Mr WI Campion and Mr DM Coombs have
retired from the board.
The statement also indicates that the setback in 2001 should be
temporary. "Subject to world events, and their impact on consumer
spending, we expect the current recovery trend to provide us with
further opportunities for advancement in the coming months".
PRELIMINARY ANNOUNCEMENT with regard to the consolidated accounts for
the year ended 31st December 2001.
Board Statement
Results
It is pleasing to report record sales figures achieved in a year when
we encountered particularly difficult trading conditions. Group
turnover for the twelve months to 31st December 2001 increased to
£108.543m from £104.698m in the previous year. These production levels
were maintained at the expense of lower selling prices and margins in
fiercely competitive markets, resulting in a reduction in profit before
taxation and goodwill amortisation for the first time in twenty years,
to £11.878m from £14.604m. The latter months of the year were also
adversely affected by repercussions from the tragic events of September
11th in the United States, but since the year end there have been
encouraging signs of market recovery.
Dividend
The board considers that there are adequate cash resources and retained
profits to justify the payment of an unchanged final dividend.
Accordingly, the recommendation is that a payment of 3.75 pence per
share will be made on 31st May 2002 to shareholders on the register of
members at the close of business on 10th May 2002. Subject to approval
at the annual general meeting on 21st May 2002 it will bring the total
dividends to 5.4 pence per share. This is the same figure as that for
the previous year and would represent a dividend yield in excess of 8
per cent per annum at current share price levels.
Board Changes
As an integral part of group management succession policies our two
associate directors, J.G.L. Edwards and G.H. Gresham, have been
appointed to the board as executive directors with immediate effect.
To make way for these promotions W.I. Campion and D.M. Coombs have
retired from the board, having respectively served the group for
periods of 37 and 27 years. The post of chairman will become non-executive
on a part time basis.
Prospects
In the interim report we expressed the view that a combination of
adverse cyclical factors would be confined to 2001 and that the setback
should be temporary. Current projections suggest that these sentiments
will prove to be well founded.
Despite the turbulent trading environment we have continued to
invest in production facilities while adding two manufacturing units to
our housewares division. Subject to world events, and their impact on
consumer spending, we expect the current recovery trend to provide us
with further opportunities for advancement in the coming months.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER, 2001
2001 2000
£'000 £'000 £'000 £'000
TURNOVER
Continuing operations 103323 104698
Acquisitions 5220 -
======= =======
108543 104698
Cost of sales 79105 73892
_______ _______
GROSS PROFIT 29438 30806
Operating expenses
Goodwill amortisation 268 262
Other 17617 16247
======= =======
17885 16509
_______ _______
PROFIT ON ORDINARY
ACTIVITIES BEFORE INTEREST
Continuing operations 11260 14297
Acquisitions 293 -
======= =======
11553 14297
Interest receivable 234 282
_______ _______
11787 14579
Interest payable 177 237
_______ _______
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 11610 14342
TAXATION 3541 4289
_______ _______
PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION 8069 10053
Minority interests - equity
interests 29 47
_______ _______
PROFIT FOR THE FINANCIAL YEAR 8040 10006
DIVIDENDS:
Interim of 1.65p per share
(2000: 1.65p) 1985 1985
Proposed final of 3.75p
(2000: 3.75p) 4510 4510
======= =======
6495 6495
_______ _______
RETAINED PROFIT FOR THE YEAR 1545 3511
======= =======
EARNINGS PER SHARE basic 6.68 pence 8.30 pence
The group profit for the financial year £8,040,000
related to 120,270,740, being the weighted average
number of ordinary shares in issue during the year
(2000 : 120,500,000)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED
31st DECEMBER 2001
2001 2000
£'000 £'000
Profit for the financial year 8040 10006
Exchange fluctuation on foreign currency
investments 51 133
_______ _______
Total recognised gains and losses for the
financial year 8091 10139
======= =======
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED
31st DECEMBER 2001 2001 2000
£'000 £'000
Profit for the financial year 8040 10006
Dividends (6495) (6495)
Dividend saving on purchase of own shares - 40
_______ ______
1545 3551
Purchase of own shares - (655)
Goodwill adjustment - (5)
Exchange fluctuation on foreign currency
investments 51 133
_______ ______
Net addition to shareholders' funds 1596 3024
Opening shareholders' funds 49444 46420
_______ ______
Closing shareholders' funds 51040 49444
======= =======
CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2001
2001 2000
£'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 5397 4865
Tangible assets 26116 25548
Investments 200 200
_______ _______
31713 30613
CURRENT ASSETS
Stocks 18149 16879
Debtors 22648 21157
Freehold property for
disposal 1040 -
Cash at bank 9310 7403
_______ _______
51147 45439
======= =======
CREDITORS
Amounts falling due within
one year 27487 24682
======= =======
Net current assets 23660 20757
_______ _______
Total assets less current
liabilities 55373 51370
CREDITORS
Amounts falling due after
more than one year 2333 28
_______ _______
53040 51342
PROVISION FOR LIABILITIES
AND CHARGES
Deferred taxation 1426 1366
_______ _______
NET ASSETS 51614 49976
======= =======
Financed by:
CAPITAL AND RESERVES
Called up share capital 6014 6014
Share premium account 2355 2355
Capital redemption reserve 224 224
Profit and loss account 42447 40851
________ _______
Shareholders' funds - equity
interests 51040 49444
Minority interests - equity
interests 574 532
________ _______
51614 49976
======= =======
CASH FLOW STATEMENT
FOR THE YEAR ENDED
31ST DECEMBER 2001
2001 2000
£'000 £'000 £'000 £'000
Cash inflow from operating
activities
Continuing operations 17224 16183
Returns on investments and
servicing of finance
Interest received 234 282
Interest paid (177) (237)
======= =======
Net cash inflow from returns
on investments and Servicing
of finance 57 45
Taxation paid (4158) (4629)
Capital expenditure and
financial investment
Purchase of tangible fixed
assets (3660) (4232)
Sale of tangible fixed assets 232 287
Purchase of goodwill (182) -
======= =======
Net cash outflow for capital
expenditure and Financial
investment (3610) (3945)
Acquisitions
Purchase of subsidiary
undertakings (667) (799)
Bank balances acquired with
subsidiaries 105 -
======= =======
Net cash outflow for
acquisitions (562) (799)
Equity dividends paid (6495) (6194)
_______ ______
Cash inflow before management
of liquid Resources and
financing 2456 661
Management of liquid resources
Increase in short term
deposits (1809) 1808
======= =======
Net cash outflow for
management of liquid
Resources (1809) 1808
Financing:-
Purchase of own shares - (655)
Borrowings repaid (549) (159)
======= =======
Net cash outflow for financing (549) (814)
_______ _______
Increase in cash in the period 98 1655
======= =======
NOTES ON THE CASH FLOW STATEMENT
FOR THE YEAR ENDED
31ST DECEMBER 2001
2001 2000
Continuing Continuing
£'000 £'000
1. Reconciliation of operating
profit to net cash flow from
operating activities
Operating profit 11553 14297
Depreciation, net of disposal
surpluses 3267 3172
Amortisation of goodwill 268 262
Increase in stocks (590) (899)
Increase in debtors (681) (215)
Increase in creditors 3407 (434)
_______ ______
Net cash inflow from operating
activities 17224 16183
======= =======
2001 2000
£'000 £'000 £'000 £'000
2. Reconciliation of net
cash flow to movement in
net funds
Increase in cash in the
period 98 1655
Cash outflow for decrease
in debt 549 159
Cash outflow for increase
in liquid resources 1809 (1808)
======= =======
2456 6
Effect of foreign exchange
rate changes (66) (197)
_______ ______
Movement in net funds in the
period 2390 (191)
Net funds at 31st December
2000 4874 5065
_______ ______
Net funds at 31st December
2001 7264 4874
======= =======
Foreign
At Cash exchange At
31.12.00 flow movement 31.12.01
£'000 £'000 £'000 £'000
3. Analysis of net funds
Bank balances 4479 98 - 4577
Short term deposits 2924 1809 - 4733
______ ______
Cash at bank per balance
sheet 7403 - - 9310
Debt (2529) 549 (66) (2046)
______ ______ ______ ______
4874 2456 (66) 7264
======= ======= ======= =======
NOTES ON THE CASH FLOW STATEMENT
FOR THE YEAR ENDED
31ST DECEMBER 2001
2001 2000
£\'000 £'000
4. Purchase of subsidiary
undertakings
Cash consideration 594 -
Bank balances acquired (105) -
Deferred consideration as
calculated at Acquisition - 760
Additional consideration 73 39
_______ _______
Net cash outflow 562 799
======= =======
The subsidiary undertaking acquired did not have a material effect on
the group's net cashflows.
5. Major non-cash transactions
Part of the consideration for the purchase of subsidiary undertakings
is deferred and satisfied by loan notes not exceeding £1,050,000.
The consideration for the cost of freehold property acquired for
subsequent disposal is deferred and satisfied by loan notes amounting
to £1,040,000.
NOTES FORMING PART OF THE ACCOUNTS
31ST DECEMBER 2001
SEGMENTAL ANALYSIS
Analysis by activity:-
2001 2000
Net Net
Operating Operating Operating Operating
Turnover profit assets Turnover profit assets
£'000 £'000 £'000 £'000 £'000 £'000
Engineering and
storage products 55281 6930 22426 59411 8890 25041
Housewares 53262 4623 25267 45287 5407 23158
_______ _______ _______ ______ ______ ______
108543 11553 47693 104698 14297 48199
======= ======= ======= =======
Unallocated net
assets 3921 1777
_______ ______
51614 49976
======= =======
Geographical analysis by origin:-
2001 2000
Net Net
Operating Operating Operating Operating
Turnover profit assets Turnover profit assets
£'000 £'000 £'000 £'000 £'000 £'000
United Kingdom 99618 11209 48937 96632 13817 47502
North America 8925 344 2677 8066 480 2474
_______ _______ _______ ______ ______ ______
108543 11553 51614 104698 14297 49976
======= ======= ======= ======= ======= =======
Geographical analysis by destination:-
2001 2000
£'000 £'000
North America 10869 9686
Germany 1432 1222
Sweden 508 594
France 1068 1031
Spain 605 856
Holland 592 690
Austria 1554 898
Rest of Europe 2689 2288
Africa 99 75
Far East, Australia
and other 1149 1311
United Kingdom 87978 86047
_______ _______
108543 104698
======= =======
The annual general meeting will be convened for Tuesday 21st May 2002.
Copies of the Report and Accounts will be posted to all shareholders on
22nd April 2002 and will be available from the same date to the public
from:-
The Secretary
Metalrax Group PLC
Ardath Road
Kings Norton
Birmingham
B38 9PN
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