Interim Results
06 June 2003 - 5:00PM
UK Regulatory
RNS Number:7371L
Albion PLC
06 June 2003
The following is the announcement of the interim results of Albion PLC and its
subsidiaries for the half-year ended 31 March 2003.
ALBION PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 March 2003
Unaudited
6 months 6 months
Year to 31 March to 31 March
2002 2003 2002
#'000 #'000 #'000
17,929 Turnover 7,163 7,613
293 Operating (loss)/profit (49) (51)
155 Share of profits of associated 139 90
companies
20 Amount written off investments - - -
reversal
65 Net interest receivable 35 40
533 Profit before taxation 125 79
(104) Taxation (25) (9)
429 Profit attributable to shareholders 100 70
(193) Dividend (28) (29)
236 Retained profit 72 41
11.95p Earnings per share 2.87p 1.95p
5.50p Dividend per Share 0.80p 0.80p
Current Trading Performance
Turnover was #450,000 lower than the first half last year reflecting the
continuing high street pressures on both price and volume but increased
efficiency enabled the operating loss to be reduced from #51,000 to #49,000. Our
associated factories in Morocco performed particularly well in this half year
and this has boosted the traditionally low first half year profitability.
Prospects
Our review of the market leads us to believe that we shall not recover the
turnover lost in the first half year and in fact this could be further depressed
in the second half. Costs are under control and the downturn in turnover should
not dramatically effect our profitability for the full year.
Special Factors
On 28 October 2002 the Group purchased 100,000 of its own shares for
cancellation.
During the first half year the company has transferred #1,500,000 in to the
pension fund in recognition of the shortfall which was highlighted in the
September 2002 accounts.
Dividend
The Board is paying an unchanged interim dividend of 0.80p per share, which is
to be paid on 16 July 2003 to shareholders on the register on 20 June 2003.
By order of the Board
T C Rogers
Director/Secretary
06 June 2003
ALBION PLC
CONSOLIDATED BALANCE SHEET
At 31 March 2003
Unaudited
At 30 At 31 At 31
September March March
2002 2003 2002
#'000 #'000 #'000
Fixed assets
697 Tangible assets 652 655
1,045 Investments 1,170 1,065
1,742 1,822 1,720
Current assets
2,060 Stocks 2,757 3,004
3,216 Debtors 4,162 2,719
2,000 Investments 500 1,417
214 Cash at bank and in hand 7 283
7,490 7,426 7,423
Creditors: amounts falling due
within one year
(16) Bank overdraft - -
(1,195) Other creditors (1,345) (1,565)
(352) Amounts owed to associated (233) (154)
undertakings
(1,563) (1,578) (1,719)
5,927 Net current assets 5,848 5,704
7,669 Total assets less current liabilities 7,670 7,424
Creditors: amounts falling due
- after more than one year - (5)
(92) Provisions for liabilities and charges (92) (36)
7,577 Net assets 7,578 7,383
Capital and reserves
750 Called up share capital 730 750
- Capital redemption premium 20 -
6,827 Profit and loss account 6,828 6,633
7,577 Equity shareholders' funds 7,578 7,383
ALBION PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 31 March 2003
Unaudited
6 months 6 months
to 31 March to 31 March
Year 2002 2003 2002
#'000 #'000 #'000
293 Operating (loss)/profit (49) (51)
92 Depreciation charge 47 47
(2) Loss/(profit) on sale of tangible - 2
fixed assets
317 (Increase)/decrease in stocks (697) (627)
433 (Increase)/decrease in debtors (963) 928
(396) Increase/(decrease) in creditors 174 (70)
737 Net cash (outflow)/inflow from (1,488) 229
operating activities
107 Dividends received from associated - -
undertakings
Return on investments and servicing of finance
88 Interest received 47 62
(1) Interest paid (1) -
(4) Interest element of finance rentals - (1)
83 46 61
Taxation
(40) Taxation paid - -
67 Taxation refund - 45
27 - 45
Capital expenditure and financial
investments
(91) Purchase of fixed assets (2) -
9 Net proceeds on sale of fixed assets - 2
- Purchase of own shares (71) -
(82) (73) 2
(213) Equity dividends paid (164) (191)
659 Net cash (outflow)/inflow before (1,679) 146
management of
liquid resources and financing
Management of liquid resources
(534) Decrease/(increase) in short term 1,500 49
deposits
Financing
(28) Capital repayment of finance leases (12) (13)
97 (Decrease)/increase in cash (191) 182
The Group accounts for the year 2002, which are summarised in this Interim
Statement, received an unqualified auditors' report and have been filed with the
Registrar of Companies. The interim figures, which are unaudited and do not
constitute statutory accounts, have been prepared using accounting policies
consistent with those used in the 2002 Group accounts.
Albion PLC
Directors and Advisers
Directors
T Fulford, Chairman
C J Wood, Managing
T C Rogers, Finance/Secretary
A Sharp, Operations
J R Fetherston, Non Executive
W A Moore, Non Executive
M J Myerscough, Non Executive
Registered Office
Maldon Street
Belfast
BT12 6NZ
Registered in N. Ireland No. R 16
Head Office
Cardale Park
Beckwithshaw
Harrogate
HG3 1RY
Registrars
Computershare Investor Services PLC
PO Box 82
The Pavillions
Bridgewater Road
Bristol
BS99 7NH
This information is provided by RNS
The company news service from the London Stock Exchange
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