RNS Number:8897B
White Young Green PLC
01 October 2002
This announcement replaces the previous release 8770B. An additional line has
been added in the Chairman's Statement under the sub heading Dividend "The
dividend is payable on 6 December 2002 to shareholders on the register at 11
October 2002". All other details remain unchanged.
For Immediate Release 1 October 2002
WHITE YOUNG GREEN PLC
Preliminary Results for the year ended 30 June 2002
White Young Green Plc, the engineering and environmental consultant, announces
its preliminary results for the year to 30th June 2002.
Financial Highlights
- Turnover up 21% to #64.0m (2001: #53.0m)
- Adjusted profit before tax up 21% to #4.9m (2001: #4.1m)
- Operating profit pre goodwill up 20% to #5.7m (2001: #4.8m)
- Adjusted earnings per share up 11% to 13.4p (2001: 12.1p)
- Dividend per share up 11% to 5.0p (2001: 4.5p)
Operational Highlights
- 5 acquisitions since June 2001
- Order book at highest ever level
- Long term framework agreements worth #60m
- Significant increase in public sector work
- Strong second half performance
Commenting on the results, Chairman Gareth Cooper, said:
"We continue to diversify and our objective has been to create a robust business
that can respond quickly to opportunities and has no great dependency on any
single market."
For further information, please contact:
Richard Brayson, Chief Executive Tel: 0113 278 7111
WHITE YOUNG GREEN PLC
Tim Anderson / Lisa Baderoon Tel: 0207 466 5000
BUCHANAN COMMUNICATIONS
CHAIRMAN'S STATEMENT
I am delighted, once again, to be able to report that White Young Green (WYG)
has produced results reflecting record profits and earnings per share. Profit
before tax, goodwill amortisation and property profit has increased by 21% in
the year to #4.9m (2001: #4.1m). These results are particularly pleasing given
that the period under review bore the impact of delays and uncertainty caused by
the extraordinary events of September 11th. Our order book is at its highest
ever which gives us confidence for the coming year.
We completed four acquisitions and a fifth has followed since the year end
continuing our strategy of achieving consistent growth by both acquisition and
organic development. Since our formation in 1997 our turnover has increased
from #22.7m to #64.0m of which 54% has been as a result of organic growth.
We continue to diversify and our objective has been to create a robust business
that can respond quickly to opportunities and has no great dependency on any
single market. The commitment by the UK government to improve public services
has offered significant business potential for us and the result has been a
particularly strong second half performance and the creation of real
opportunities for the future.
RESULTS
Turnover for the year from existing operations increased by 12% to #59.4m and
acquisitions contributed a further #4.6m creating a total for the year of #64.0m
(2001: #53.0m) an increase of 21%.
Operating profit before goodwill amortisation increased by 20% to #5.7m (2001:
#4.8m) whilst profit before tax was 9% higher at #4.4m (2001: #4.0m).
Adjusted earnings per share rose by 11% to 13.4p (2001: 12.1p) whilst basic
earnings per share were 2% lower at 11.4p (2001: 11.6p) due to a higher goodwill
charge and an exceptional profit on the sale of property in 2001.
Interest cover remains strong at 7 times on gearing of 50% (2001: 45%).
DIVIDEND
Dividend cover has progressively increased in recent years and it is therefore
proposed that the final dividend be raised by 15% to 3.1p (2001: 2.7p) per
ordinary share making a total for the year of 5.0p (2001: 4.5p) an increase of
11% in the total dividend. The dividend is covered 2.7 times by earnings. The
dividend is payable on 6 December 2002 to shareholders on the register at 11
October 2002.
REVIEW
The early months of the year under review were influenced by the adverse affect
on client confidence resulting from the events of September 11th and decisions
on some projects were unexpectedly delayed which impacted on our efficiency. As
the year proceeded, however, an improving trend became more evident and order
intake from March 2002 onwards was consistently at a very high level taking our
order book to record levels. The second half saw operating margins at 9.6% with
adjusted profit before tax up by 22% on the previous year.
We continue to benefit from the UK Government's commitment to healthcare,
education, transportation and defence whilst an increasing focus on the
environment has enabled us to significantly expand our business in this
important sector. PFI initiatives on hospitals and schools have been a source of
significant work without the need to incur exceptional pre-contract costs.
During the year we were delighted to be appointed as Principal Support Provider
(PSP) to Defence Estates on two major contracts. We are the PSP on the
modernisation of both the Single and Married Quarters Accommodation throughout
England and Wales. Each project is for a period of approximately seven years
and together they have a combined capital value of at least #2bn. They are
amongst the largest construction projects currently being undertaken in the UK.
Since June 30th 2002 we have secured important framework agreements with the
Court Service as managing agent for all its property located in the western
region and with Wates Construction as part of their team to supply design
services to Durham County Council.
Our order book is underpinned by approximately 80 long term agreements with
clients which are expected to generate over #60m of fee income. These long term
agreements provide highly visible good quality revenue streams. Work of this
type now accounts for approximately 35% of our turnover. This business model is
prevalent in our Rail business which continues to expand having secured several
framework agreements in the year.
In Ireland our business continues to grow both organically and by acquisition
and now represents 15% of Group turnover. Acquisitions since June 30th, 2001,
have considerably broadened the range of services available to clients and we
are now the fourth largest consultant in Ireland. Our markets remain strong and
margins are excellent. Order book in Ireland is at the highest level as a
proportion of turnover within WYG.
Our Environmental business has again made excellent progress contributing 20% to
Group turnover. We now have strong businesses both in the UK and Ireland and
growth in both regions, particularly as a result of cross selling to existing
clients, has been very pleasing.
Our Town Planning service created by two acquisitions in 2001 has made an
encouraging start with a good contribution to profits.
The consulting services sector is subject to major increases in the cost of
insurance and some impact on profitability in the short term cannot be avoided.
We are proactively taking steps to reduce our exposure to risk in the future to
minimise the consequences of factors outside of our control.
ACQUISITIONS
In September 2001 we made three acquisitions. We acquired MCD Consult Limited a
Civil and Structural engineering consultant based in Dublin, Gemica Limited and
its subsidiary K T Cullen Limited, one of Ireland's leading environmental
consultancies and also based in Dublin and Fisher Wilson Planning Limited, a
London based town planning business.
H&ES Limited, a Belfast based environmental consultancy was acquired in
November, 2001.
Each of these businesses has already made an excellent contribution to WYG and
has been integrated efficiently.
In August 2002, Cuthbert Associates Limited a consulting mechanical and
electrical engineer was acquired and has introduced new skills into our Dublin
based operations. We are confident that cross selling opportunities will
quickly develop between our various skill sets in Ireland.
BUSINESS SUCCESS AND PEOPLE
The growth and development of our business since its creation has been
outstanding. Since 1997, turnover has increased by 280% whilst operating profit
is up by 625%. Adjusted earnings per share has been improved by 285% and
operating profit is currently 9% of turnover.
Progress of this magnitude in a services business can only be achieved with a
dedicated and motivated staff and I take this opportunity once again to express
my thanks to everyone for their absolute commitment in ensuring that our company
continues to grow with such a successful record.
OUTLOOK
Our business has been developed on the basis that it is diverse in both the
skills it offers and the sectors in which it operates. This approach has
enabled WYG to produce record results in the year to June, 2002, despite the
uncertainties of the market. Public sector initiatives have provided real
opportunities. Our success in exploiting these opportunities means that our
service provision to the public sector has increased to 50% of our turnover.
We are continually introducing new skills organically that enable us to provide
a wide range of added value technical and management consultancy services to
support our clients in both their investment and operational activities. The
blend of growth arising from acquisition together with further organic
development is expected to continue.
Order book already covers about 70% of the current year turnover requirement and
35% for 2004. With our focus on growth sectors and an order book at its highest
level we remain confident about our future.
REVIEW OF OPERATIONS
INTRODUCTION
In June 2002, White Young Green (WYG) completed a fifth consecutive year of
consistent growth with adjusted operating profit and turnover up by 20% and 21%
respectively from the previous year. This was achieved against a background of
an order book at unprecedented levels, significant new project wins on long term
assignments in growth sectors, a clear corporate objective for the future
development of the business and a new fully integrated operational management
structure designed to deliver that objective.
Operational highlights in the year included the following:
* Consolidation of WYG's position as one of the leading consultancies in
the defence sector with two new appointments as Principal Support Provider (PSP)
to the MoD on national prime contracts scheduled to deliver in the order of #2.0
billion of construction work over the next seven years.
* An 86% increase in the volume of higher value environmental work
undertaken by WYG. Operating across a wide range of the increasingly critical
environmental sciences this sector now represents 20% of WYG's overall business.
* A 65% increase in turnover secured by WYG in the buoyant health &
education markets. Public sector work now comprises in excess of 50% of WYG's
overall turnover and this is likely to increase further in the year ahead.
* The emergence of transportation and infrastructure as the largest
single sector within WYG's extremely diverse business portfolio. Transportation
and infrastructure now represents 22% of WYG's overall turnover with
approximately half of this emanating from the rail industry. Organic growth in
this important and buoyant sector amounted to 33% during the year.
* The establishment of a seven year forward order book now amounting to
#102m in fee value. This includes work emanating from over 80 long term
framework agreements with key clients in addition to work on discreet major
projects already awarded to WYG.
* A record volume of new business secured in each of the final four
months of the financial year amounting to a total over that period well in
excess of #27m in fee value. This significant increase in new business
underpins WYG's confidence that profitable growth will continue into the new
financial year.
* The acquisition of four profitable and highly regarded businesses in
the year significantly strengthening WYG's position in Ireland and the town
planning sector in the United Kingdom. These acquisitions reflect WYG's policy
of utilising acquisitions to either balance the skills base within key regions
or, more significantly, to penetrate new growth markets and new clients from
which the rest of the business can benefit.
* The organic development of new higher value specialist skills within
WYG's service portfolio including facilities consultancy, urban design,
construction litigation, emergency planning, fire engineering and rail
signalling. Of particular note over recent weeks has been the appointment of
WYG as managing agent for all Courts Service property in its western region.
This is potentially a five year contract and is a major success in the field of
facilities consultancy.
RISK MANAGEMENT
Underpinning WYG's success in delivering consistent and profitable growth is a
clear and unambiguous approach to risk management across all business
activities. This assists both directors and local management to achieve success
whilst managing and minimising risk to the overall business. The key elements
of WYG's risk management policy are as follows:
* WYG have no exposure to PFI equity or the attendant high bid costs
arising out of ownership.
* WYG do not carry the contracting risk on construction or maintenance
contracts and do not pay the construction or maintenance contractors directly on
behalf of the client.
* WYG have limited exposure to any uncertainty in the London property
market.
* WYG maintain an extremely diverse and high quality client base
representing all sectors of the economy including defence, health and education,
law and order, transportation, industry, property and development, retail and
financial services. This diversity provides both stability and opportunity for
the company as the majority of WYG skills are transportable between sectors.
* WYG focus clearly on higher value professional services and, as a
consequence, do not employ manual labour in low margin competitive business
streams.
OPERATIONAL STRUCTURE
WYG have a relatively small Group Board comprising Plc Executive Directors, the
Managing Directors of each of six newly defined business units and a Group
Services Director with overall responsibility for training, quality assurance,
health and safety, IT development and marketing administration.
The six business units are defined essentially by function with a single
Managing Director for each of WYG Environmental, WYG Rail and WYG Planning
together with three regional Managing Directors for WYG Engineering and
Management i.e. North, South and Ireland. Each Managing Director presides over
a Management Board made up of directors responsible for all activities carried
out by the business unit at specific locations. This structure ensures
participation from the broad range of skills available within the company in the
decision making processes, to encourage integration of service delivery across
all product groups
This structure is reflected in all Group wide activity including financial
management, business development, health and safety management and training
implementation thereby vesting real responsibility in the business unit
management team without any ambiguity or potential conflict of interest.
CORPORATE OBJECTIVE
Having established a clear and appropriate operational structure it is important
that all corporate activity both within the business units and at Group level
should be focused on achieving equally clear corporate objectives. This is
particularly so in the case of acquisition, recruitment and business development
policy.
In that regard, WYG has already evolved from being essentially a consulting
engineer engaged primarily on capital projects to rapidly becoming a much more
broadly based multi-disciplinary consultancy providing a wide range of life
cycle professional support services to clients. This is part of a broader based
strategy to elevate the business up the supply chain and up the value chain to a
position of strategic engagement with key clients calling on a broad range of
specialist technical and management skills to deliver real added value to that
client's activities.
The corporate objective of WYG over the next five years is therefore to build on
the strengths of the existing business to enable it to become an international
provider of higher value management and technical consultancy services directly
to a diverse blue chip client base supporting both their investment and
operational activities across the built and natural environment. This process
will involve WYG in extending its geographic reach, broadening the base of its
management services and extending the skills base further to capture more
non-construction related business activity.
STRATEGIC CORPORATE RELATIONSHIPS
Fundamental to achieving the above objective is the need to change and improve
the nature and structure of relationships within WYG's key markets including, in
particular, the construction industry. WYG are therefore actively promoting the
concept of strategic corporate relationships with key clients, fellow
professionals and major national contractors as this represents a real
opportunity to improve the cultural framework of relationships and, as a
consequence, establish a much better and sustainable way of doing business.
The key features of WYG's concept of strategic corporate relationships include
board level commitment and participation, pre-planning of collaborative activity
and performance measurement.
Improving relationships, managing risk, establishing appropriate operational
structures and clearly defining the future direction of the business have all
helped WYG to develop a unified and integrated focus from which all business
units have clearly benefited during the course of the year.
WYG ENVIRONMENTAL
WYG's environmental business has grown by 86% in the year and now represents
approximately 20% of the Group's overall turnover. This has been achieved by a
combination of 25% organic growth in the year and the acquisitions in Ireland.
These strategically important acquisitions have not only extended the geographic
reach of WYG Environmental, they have also brought complementary skills to those
previously offered within the UK. The opportunities for integration and cross
selling of a wider portfolio of services into a much larger European market are
significant. Other highlights from the Groups diverse activities in the
environmental sector are as follows:
* The development of sustainability advisory services as a discreet
business stream within WYG Environmental.
* A broad ranging appointment from the DTi to assist small businesses to
develop Environmental Management Systems appropriate to their individual
business needs.
* An appointment from Petronas, the multi-national oil company, to
design a fully integrated emergency response management system capable of being
rolled out with local adaptations to all of their installations worldwide.
* The organic development of urban and landscape design consultancy
services.
* A framework agreement with Lattice Properties to design and manage
ground contamination remediation measures at several sites across the UK.
It is anticipated that environmental work will continue to grow both in real
terms, and as a proportion of WYG's overall business, as a consequence of the
cross-selling opportunities referred to above. In particular waste management
and hydro-geological skills will be brought to the UK market whilst significant
specialist geotechnical expertise will now be available to the business in
Ireland.
WYG RAIL
WYG's rail business, which is focused very firmly on safety critical work rather
than major development schemes, has grown organically over the last year by 28%
and now provides approximately 10% of the company's overall turnover. WYG Rail
are now well established throughout the UK as a multi-skilled provider of
specialist resources working throughout the operational network for the
Strategic Rail Authority, Railtrack, the train operating companies and a number
of key contractor partners. The following recent developments reflect the
success of WYG Rail.
* The opening of new Rail offices in York, Manchester and Newcastle.
* The development of specialist in-house signalling and safety training
expertise.
* A recent appointment on a five year multi-functional framework
contract for lineside structures with Railtrack.
* A three year framework agreement with Railtrack Major Stations.
* An appointment to assist in the master planning of major upgrade works
to Birmingham New Street station.
WYG PLANNING
WYG's town planning business completed its first full year of trading in
confident mood having contributed 4% of the Group's overall turnover.
The planning business was significantly strengthened during the course of the
year by the acquisition of Fisher Wilson, a London based planning consultant, in
September, 2001. This brought the number of planning offices to three with
strong representation in Bristol, Manchester and London. Further growth is
anticipated in due course to enable WYG to offer clients town planning support
in all key geographic regions.
The acquisition of town planning skills now enables WYG to offer clients, where
appropriate, a full range of integrated and fully co-ordinated pre-development
skills from in-house resources including town planning, environmental,
geotechnical, transportation, urban design and utility infrastructure support
services.
During the course of the year WYG Planning was confirmed as a key strategic
partner to Sainsbury's providing planning support in the South West and Eastern
regions of England.
WYG MANAGEMENT SERVICES
The provision to clients of a growing range of strategically important
management services continues to be an important element in WYG's growth and
diversification strategy. Management Services, including project management,
place WYG at the heart of a clients operational activities and projects from
where opportunities for other WYG skills and services can often emanate.
Management Services have grown organically over the last year by 11% in volume
terms and now represent 11% of WYG's overall turnover.
Of particular importance during the course of the past year has been the
securing of two of the first four Principal Support Provider (PSP) appointments
to be let by Government Departments in support of the Treasury's drive to
implement Prime Contracting as the preferred procurement model for all major
publicly funded projects in the future. Both of these projects involve seven
year contracts to upgrade military accommodation throughout England and Wales
for Defence Estates and the Defence Housing Executive respectively. WYG's role
as PSP is to provide the client with high level project management and
multi-discipline technical support services throughout the development and
implementation stages of these projects which together have a projected capital
expenditure profile approaching #2 billion.
Also of major significance is a new appointment confirmed in September, 2002, to
provide managing agent services to the Courts Service across the South West
region of England. This is a large scale property management and facilities
consultancy appointment and represents a significant opportunity for WYG to
further develop those critical skills associated with property ownership.
Other Management Services appointments undertaken during the course of the year
include relocation management services for the Highways Agency and project
management services for the Home Office Prison Service.
WYG ENGINEERING
Multi-discipline consulting engineering services continue to be the largest
single element of WYG's business portfolio and currently represent 57% of total
Group turnover. The rate of growth in this skill sector is less than elsewhere
at approximately 6% due primarily to delay and uncertainty in the marketplace in
the first half of the year caused primarily by the events of September 11th.
Those events clearly had less impact on the legislation driven environmental
market, the rail industry with its own safety driven agenda and the more longer
term and strategically important planning and management services markets.
Key achievements include the following :
* The establishment of multi-discipline engineering skills in the
important Dublin market by the acquisition of Cuthbert Condron Associates Ltd, a
mechanical and electrical engineering consultant, in August 2002. This balances
and complements the civil and structural engineering capability previously
established in Dublin. WYG continue to benefit from the higher margins
available in Ireland which now contributes 15% of overall Group turnover. All
WYG's key skills are now represented in four office locations across Ireland
from where WYG can expect further success as a consequence of integration and
cross selling.
* A significant increase of business in the transportation and
infrastructure market particularly in the context of major Highways Agency
schemes now coming forward for implementation across the Midlands region.
Transportation and infrastructure now represents 22% of WYG's overall business
portfolio.
* A 65% increase in turnover emanating from the extremely active health
and education sector which now provides 14% of WYG's overall turnover from both
public and privately financed schemes. This includes on-going involvement in
nine major hospital redevelopment projects, three major school upgrade
programmes and ten state of the art university laboratory projects, including
those at Oxford, Manchester, Leicester, Dundee and Newcastle Universities.
* An appointment to the Tesco 'Centre of Excellence' effectively
confirming White Young Green as a strategic partner of Tesco for the provision
of civil and structural engineering services in support of their new store and
refurbishment programme over the next three year period.
* The securing of a wide range of new long term framework agreements
with clients such as London Development Agency, the National Gallery, Yorkshire
Forward, Durham County Council and many others. WYG now benefit from a total of
eighty such long term framework agreements which contribute in excess of #60m to
the overall order book.
WYG INTERNATIONAL
During the course of the year WYG enjoyed further successes in the international
market, including environmental appointments in Spain and Malaysia, minor
infrastructure works in Greece and a strategically important appointment as
preferred bidder for the provision of mechanical and electrical engineering
consultancy services to BAA on the Seeb Airport redevelopment project in Muscat,
Oman. However, international business currently represents less than 1% of
total Group turnover and therefore further significant penetration within the
immediate future will depend upon the possible acquisition of a successful UK
business with an existing international network of interests compatible with
WYG's strategic objectives.
THE FUTURE
WYG approaches the new financial year with real pride in what has been achieved
to date, a clarity of purpose for the future strategic development of the
business and optimism for the immediate future. That optimism is backed up by
an order book at record levels, a discernible momentum in new business activity
in key markets and a demonstrable track record of having consistently delivered
profitable growth. In addition the diversity of sectors to which WYG supply
services provide the business with significant flexibility to adjust to changes
in investment patterns across the economy and therefore delivers both stability
and opportunity.
The evolutionary development of White Young Green is therefore well on track and
will continue over the coming years, providing the company with the resilience,
flexibility and opportunity it requires to enable it to maximise its potential.
Consolidated Profit and Loss Account
For the year ended 30 June 2002
2002 2001
Notes #'000 #'000
Turnover
- Continuing operations 59,428 53,029
- Acquisitions 4,594 -
64,022 53,029
Operating expenses (58,859) (48,502)
Operating profit
- Continuing operations 5,118 4,775
- Acquisitions 596 -
5,714 4,775
Goodwill amortisation (551) (248)
5,163 4,527
Property profit - 192
Profit before interest 5,163 4,719
Net interest payable (807) (714)
Profit before taxation 4,356 4,005
Taxation 2 (1,272) (1,244)
Profit after taxation 3,084 2,761
Dividends 3 (1,413) (1,141)
Retained profit for the year 1,671 1,620
Earnings per ordinary share 4
Basic 11.4p 11.6p
Diluted 11.0p 11.1p
Adjusted earnings per ordinary share 4
Basic 13.4p 12.1p
Diluted 13.0p 11.6p
Dividend per ordinary share 3 5.0p 4.5p
Consolidated Balance Sheet
As at 30 June 2002
2002 2001
#'000 #'000
Fixed assets
Intangible assets 13,472 8,242
Tangible assets 5,436 4,929
Investments 87 104
18,995 13,275
Current assets
Work in progress 11,630 9,471
Debtors 19,176 16,228
Cash at bank 1,644 549
32,450 26,248
Creditors: amounts falling due within one year (18,388) (12,522)
Net current assets 14,062 13,726
Total assets less current liabilities 33,057 27,001
Creditors: amounts falling due after more than one year (6,352) (6,622)
Net assets 26,705 20,379
Capital and reserves
Called up equity share capital 1,400 1,260
Share premium account 13,022 8,036
Shares to be issued 1,275 1,275
Profit and loss account 11,008 9,808
Equity shareholders' funds (note 5) 26,705 20,379
Consolidated Cash Flow Statement
For the year ended 30 June 2002
2002 2002 2001 2001
#'000 #'000 #'000 #'000
Net cash inflow from operating activities (Note 6) 2,933 3,320
Returns on investment and servicing of finance
Interest received 9 3
Interest paid (775) (719)
(766) (716)
Taxation paid (1,560) (1,394)
Capital expenditure and financial investment
Purchases of tangible fixed assets (340) (425)
Sale of tangible fixed assets 248 153
Options exercised (QUEST shares) 330 -
Sale of property - 1,408
Purchase of own shares - (104)
238 1,032
Acquisitions
Purchase of subsidiary undertakings (1,424) (1,126)
Cash balances acquired with subsidiaries 893 (19)
(531) (1,145)
Equity dividends paid (1,216) (1,016)
Net cash (outflow) inflow before financing (902) 81
Financing
Issue of Ordinary Shares 62 1,833
Bank loan received - 5,000
Bank loan repayments (521) (1,840)
Mortgage loan repayments - (883)
Loan note repayments (54) -
Capital element of finance lease rentals and
hire purchase contracts (2,150) (1,914)
(2,663) 2,196
(Decrease)increase in cash during the year (Note 7) (3,565) 2,277
1. Financial Information
The financial information set out in this preliminary announcement does not
constitute statutory accounts within the meaning of s240 of the Companies Act
1985. Statutory accounts for the year ended 30 June 2002 will be dispatched to
shareholders by 1 November 2002 for approval at the Annual General Meeting to be
held on 27 November 2002. The statutory accounts contain an unqualified audit
report and will be delivered to the Registrar of Companies in accordance with
s242 of the Companies Act 1985.
2. Taxation
2002 2001
#'000 #'000
UK corporation tax at 30% (2001: 30%) 1,087 1,179
Overseas tax 174 118
Adjustments in respect of prior years 11 (53)
1,272 1,244
3. Dividends
2002 2001
#'000 #'000
Interim paid 1.9p (2001: 1.8p) per ordinary share 535 460
Final proposed 3.1p (2001: 2.7p) per ordinary share 878 681
1,413 1,141
4. Earnings per share
Calculations of basic earnings per share are based on the average number of
ordinary shares in issue during the year ranking for dividend of 27,043,070
(2001: 23,833,626). Diluted earnings per share is calculated after the effect of
dilutive share options of 152,275 shares (2001: 316,361) and of shares to be
issued in respect of acquisitions of 758,928 (2001: 626,536).
Earnings per share is calculated as follows:
2002 2001
#'000 #'000
Profit after taxation 3,084 2,761
Earnings per share
Basic 11.4p 11.6p
Diluted 11.0p 11.1p
Adjusted earnings per share, which excludes goodwill amortisation and property
profit, is also presented in order to give an indication of the underlying
performance of the Group and is calculated as follows:
2002 2001
#'000 #'000
Profit after taxation 3,084 2,761
Property profit (net of taxation) - (134)
Goodwill 551 248
3,635 2,875
Adjusted earnings per share
Basic 13.4p 12.1p
Diluted 13.0p 11.6p
5. Reconciliation of movements in equity shareholders' funds
2002 2001
#'000 #'000
Profit after taxation 3,084 2,761
Dividends (1,413) (1,141)
1,671 1,620
New share capital issued 4,163 5,188
Shares to be issued - 1,275
Shares issued to the QUEST 963 -
Currency translation differences 162 (62)
QUEST loss (633) -
Shareholders' funds at start of year 20,379 12,358
Closing shareholders' funds 26,705 20,379
6. Reconciliation of operating profit to operating cash flows
2002 2001
#'000 #'000
Operating profit 5,163 4,527
Depreciation 2,083 1,869
Loss on sale of fixed assets 74 54
Amortisation of intangible assets 551 248
Amortisation of investment 25 -
Increase in work in progress (2,016) (827)
Increase in debtors (1,517) (1,117)
Decrease in creditors (1,430) (1,434)
Net cash flow from operating activities 2,933 3,320
7. Reconciliation of net cash flow to movement in net debt
2002 2001
#'000 #'000
(Decrease) increase in cash during the year (3,565) 2,277
Increase in debt and lease financing (480) (2,312)
Change in net debt (4,045) (35)
Net debt at 1 July 2001 (9,207) (9,172)
Net debt at 30 June 2002 (13,252) (9,207)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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