RNS No 3523a
DRINGS OF BATH PLC
8th December 1997
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD ENDED 30
SEPTEMBER 1997
Drings of Bath plc announces its interim results, copies of which can be
obtained from the Company at Avon Mill Lane, Keynsham, Bristol BS31 2UG for a
period of 14 days from the date hereof.
Further to the announcement dated 12 November 1997, the options over 959,375
ordinary shares of 0.2 pence each at an exercise price of 3 pence granted on
that date to Peter Burridge, a non-executive director were cancelled and
notified to the Company on 5 December 1997 to enable the Company to release its
interim results today.
CHAIRMAN'S STATEMENT
The first half of our 1997/98 Financial Year has been a very eventful one, and
at the end of it I am pleased to be able to report an improvement in the
trading position of the business.
As I advised you in my last statement, Drings acquired the assets of Capital
Masonry from the receivers in May of this year, since which time the addition
of quality staff and the facilities at Corsham have significantly enhanced the
earnings ability of the company both through the additional throughput
capacity and by enabling us to focus production of specific stone types to
each facility.
In addition to the assets purchased from the receiver, certain assets which
were personally owned by Peter Carroll were also acquired, these included the
freehold property at Corsham. The total consideration for these assets being
#320,000 cash and #400 in shares in Capital. This has generated a minority
interest in Capital but it is intended that all profits will continue to
accrue to the benefit of Drings. Drings has retained a call option on the
minority shares (see note 4).
Our performance early in the year continued to be affected by the problems
that were highlighted in my last statement. We have, however, benefited
greatly from the change in management of the business which we can see from
both the improving profit position and the stronger balance sheet. I am
pleased to report that the recovery provides confidence that our full year
targets can still be met and that the second half of this year will produce an
acceptable return. Sales in Drings (the original business) are up 2% on the
same period last year and sales in Capital Masonry are currently ahead of
budget. Overall profit performance is consistent with the level budgeted for
the first half of the year.
The net assets of the business have risen by 8% since the year end, and I am
pleased to report a positive cash flow after financing the purchase of Capital
Masonry and #420k of fixed assets.
I reported at last year end that your Board are committed to implement the
Cadbury Committee Code of Best Practice where practicable, and to that end I
am pleased to advise you that Peter Burridge joined the Board at the beginning
of September as a non-executive director. Peter brings with him a wealth of
practical business experience from his years as a Regional Director of
Barclays Bank plc.
You will note that this Interim Statement contains more information than
hitherto. This follows from our intention to subscribe to best practice at
all times and it is therefore compiled in accordance with The Accounting
Standards Board's latest Statements on Interim Reports as far as it is
applicable.
Subsequent to the date of the balance sheet attached, Drings have purchased
Blue Pennant Stone Company Limited, a single asset company having extraction
rights to stone from a quarry in Mid Glamorgan, particularly suited to an area
of business in which your Board are investing heavily, to the extent that we
have committed to spend in excess of #300,000 on a new plant to be sited at
our Corsham premises. We firmly believe that this expansion will have a
significant and beneficial impact on the business in the years to come.
I am pleased to be able to announce that we are again the recipients of a
National Award from the Stone Federation for the works we carried out at
Cavendish Lodge in Bath. (This building was shown on the outside back cover
of our Admission Document as an artists impression). This is the second
successive award for our new build work.
As always, the success of the business is substantially dependent on the
efforts of all the management and staff who have worked extremely hard to
achieve the results set before you. What distinguishes this business from
others, brings accolades and satisfied customers, is the quality of the
workmanship and the dedication and pride of the workforce, for which your
Board and I are extremely grateful.
VINCENT MORAN
CHAIRMAN
DRINGS OF BATH PLC
Unaudited half yearly report to 30 September 1997
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 Months to 6 Months to Year to
30 September 30 September 31 March
1997 1996 1997
(unaudited) (unaudited) (audited)
Notes # # #
TURNOVER
Continuing operations UK 1,847,798 1,852,694 3,600,727
Europe 31,698 10,875 10,875
Rest of World 21,800 - -
Acquisitions UK 659,011 - -
Total Turnover 2,560,307 1,863,569 3,611,602
OPERATING PROFIT
Continuing operations 124,783 135,818 138,227
Acquisitions 65,838 -- --
190,621 135,818 138,227
Interest payable and similar
charges (17,897) (21,158) (28,393)
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 172,724 114,660 109,834
Tax on profit on ordinary
activities 2 (53,544) (40,828) (36,008)
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION 119,180 73,832 73,826
Earnings per share 4 0.16p 0.12p 0.11p
Fully diluted
earnings per share 4 0.14p - Dilution not
material -
Unaudited half yearly report to 30 September 1997
CONSOLIDATED BALANCE SHEET
6 Months to 6 Months to Year to
30 September 30 September 31 March
1997 1996 1997
(unaudited) (unaudited) (audited)
# # #
FIXED ASSETS
Intangible assets 7,196 9,919 8,558
Tangible assets 1,239,509 659,515 811,670
1,246,705 669,434 820,228
CURRENT ASSETS
Stocks 161,384 117,681 126,683
Debtors 1,323,982 1,253,984 977,313
Cash at bank and in hand 39,574 - 271
1,524,940 1,371,665 1,104,267
CREDITORS
Falling due in one year (1,024,407) (761,606) (564,002)
NET CURRENT ASSETS 500,533 610,059 540,265
TOTAL ASSETS LESS
CURRENT LIABILITIES 1,747,238 1,279,493 1,360,493
CREDITORS
Falling due after one year (476,545) (109,093) (180,493)
PROVISIONS FOR LIABILITIES
AND CHARGES (48,000) (38,468) (48,000)
NET ASSETS 1,222,693 1,131,932 1,132,000
CAPITAL AND RESERVES
Called up share capital 153,500 153,500 153,500
Minority shareholding in
subsidiary 400 - -
Share premium account 764,983 687,409 764,983
Profit and loss account 303,810 291,023 213,517
TOTAL EQUITY
SHAREHOLDERS' FUNDS 1,222,693 1,131,932 1,132,000
Unaudited half yearly report to 30 September 1997
CONSOLIDATED CASH FLOW STATEMENT
6 Months to 6 Months to Year to
30 September 30th September 31 March
1997 1996 1997
Notes (unaudited) (unaudited) (audited)
# # #
Operating profit 190,621 135,818 138,227
Depreciation Charges 64,789 60,074 80,643
Decrease/(increase) in stock 82,249 11,338 2,336
Decrease/(increase) in
debtors (346,669) (259,061) 16,888
(Decrease)/increase in
creditors 427,597 (273,603) (318,015)
Net cash inflow (outflow) from
operating activities 418,587 (325,434) (79,921)
Returns on Investments and
servicing of finance
Interest paid (13,127) (20,759) (27,594)
Finance lease interest paid (4,770) (399) (799)
- - (96,569)
Taxation
Capital expenditure
Purchase of tangible fixed
assets (420,267) (69,340) (96,999)
Sale of tangible fixed assets 1,000 - 6,296
Purchase of business 5 (187,162) - -
Financing
Issue of shares - 830,983 830,983
Borrowings 258,293 (282,394) (282,394)
Capital element of finance
leases (6,777) (21,875) (43,750)
Increase in cash 45,777 110,782 209,253
Reconciliation of net cash flow to movement in net debt and analysis of net debt
For the six months to 30 September 1997
#
Increase in cash in the period 45,777
Cash inflow from increase in debt/lease financing 251,516
Movement in net debt in the period (205,739)
At 1 April Cash Non-cash At 30 September
1997 Flow items 1997
# # # #
Cash at bank and
in hand (6,203) 45,777 - 39,574
Debt falling due
after one year (104,000) (258,293) 34,000 (328,293)
Debt falling due
within one year (26,000) - (34,000) (60,000)
Finance leases (117,054) 6,777 - (110,277)
Total (253,257) (205,739) - (458,996)
DRINGS OF BATH PLC
Unaudited half yearly report to 30 September 1997
NOTES
1. ACCOUNTING POLICIES
The financial information contained in this interim report does not constitute
statutory accounts. The interim results, which have not been audited, have
been prepared using accounting policies and practices consistent with those
used in the preparation of the Annual Report and Accounts for the year ended
31 March 1997 which should be read in conjunction with this report. Those
accounts, which contained an unqualified audit report, have been filed with
the Registrar of Companies.
2. TAXATION
Taxation for the half year ended 30 September 1997 is based on the effective
rate of 31% which is estimated will apply to the year ending 31 March 1998.
For the year ended 31 March 1997 the effective rate was 33%.
3. DIVIDENDS
The directors have decided that there should be no interim dividend. (1996
#nil).
4. EARNINGS PER SHARE
Earnings per share are based on profits on ordinary activities after tax of
#119,180 and the weighted average number of shares in issue of 76,750,000
(1996 interim 60,250,000, 1997 final 68,500,000). The company has an option
to buy back the minority shareholding in Capital Masonry Limited by the issue
of 8,543,200 ordinary shares in Drings of Bath plc. There are also grants of
options in relation to 4,796,875 ordinary shares in accordance with the 1996
Share Option Scheme. Fully diluted earnings per share based on 90,090,075
shares in issue are 0.14p.
5. ACQUISITIONS
Turnover and operating profit in respect of acquisitions include the results
of Capital Masonry Limited for the period from 1 May to 30 September 1997.
Summary of acquisition
#
Net assets acquired at fair value in accordance with FRS7
Tangible fixed assets 71,999
Stocks 116,950
Corporation tax payable (30,674)
Goodwill written off 28,887
187,162
Satisfied by:
Cash 187,162
6. APPROVAL
This report was approved by the Board of Directors on 5 December 1997.
REVIEW REPORT BY THE AUDITORS TO DRINGS OF BATH PLC
We have reviewed the interim financial information for the six months ended 30
September 1997 set out on pages 4 to 7 which is the responsibility of, and has
been approved by, the directors. Our responsibility is to report on the
results of our review.
Our review was carried out having regard to the Bulletin "Review of Interim
Financial Information" issued by the Auditing Practices Board. This review
consisted principally of applying analytical procedures to the underlying
financial data, assessing whether accounting policies have been consistently
applied, and making enquiries of management responsible for financial and
accounting matters. The review excluded audit procedures such as tests of
controls and verification of assets and liabilities, and was therefore
substantially less in scope than an audit performed in accordance with
Auditing Standards. Accordingly, we do not express an audit opinion on the
interim financial information.
On the basis of our review:
(i) in our opinion the interim financial information has been prepared using
accounting policies consistent with those adopted by Drings of Bath plc in
its financial statements for the year ended 31 March 1997, and
(ii) we are not aware of any material modifications that should be made to the
interim financial information as presented.
Grant Thornton
Registered Auditors
Chartered Accountants
BRISTOL
5 December 1997
END
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