Final Results
28 January 2004 - 6:00PM
UK Regulatory
RNS Number:7047U
Albion PLC
28 January 2004
The following is the preliminary announcement of the unaudited results of Albion
PLC and its subsidiaries for the year ended 30 September 2003. The financial
statements for the year ended 30 September 2002 received an unqualified audit
opinion and were filed with the Registrar of Companies. The comparative figures
included in this announcement are extracted from those financial statements and
adjusted to reflect the implementation of FRS17.
Albion Plc
Consolidated profit and loss account
for the year ended 30 September 2003
2003 2002
#'000 #'000
Restated
Turnover 16,272 17,929
Cost of sales (13,942) (15,574)
Gross profit 2,330 2,355
Distribution costs (1,185) (1,169)
Administrative expenses (661) (629)
Operating profit 484 557
Share of profits of associated undertakings 124 155
Amounts written off investments-reversal - 20
Other finance charges (22) (10)
Profit on ordinary activities before taxation 586 722
Tax on profit on ordinary activities (13) (55)
Profit for the financial year 573 667
Dividends paid and proposed - equity (178) (193)
Retained profit for the financial year 395 474
Earnings per share and dividends
Earnings per share 16.42p 18.58p
Dividends per share 5.10p 5.50p
Turnover was #1657k down on the prior year ended 30 September 2002 reflecting
the move into administration of one of our major customers, Ciro Citterio. The
knock on effect on the volumes produced in our overseas associates is reflected
in the lower share of profits at #124k compared with #155k in the previous year.
The restatement of the prior year results and balance sheet reflects the
implementation in full of revised pensions accounting incorporated in FRS17. The
taxation charge for the year includes share of taxation of associated
undertakings #13k (2002 #6k). The directors are recommending a final dividend of
4.3p making a total for the year of 5.1p.
The Company's AGM will be held at Rudding Park, Harrogate on Thursday 18 March
2004. Subject to confirmation by members at the AGM, the proposed final dividend
will be paid on 7 April 2004 to shareholders on the register on 12 March 2004.
Albion PLC
Consolidated Balance sheet at 30 September 2003
2003 2002
Restated
#'000 #'000
Fixed assets
Tangible assets 609 697
Investments 1,103 1,045
1,712 1,742
Current assets
Stocks 2,013 2,060
Debtors 2,906 2,884
Investments - 2,000
Cash at bank and in hand 1,017 214
5,936 7,158
Creditors: amounts falling due within one year (1,656) (1,563)
Net current assets 4,280 5,595
Total assets less current liabilities 5,992 7,337
Pension Liability (882) (2283)
Net assets 5,110 5,054
Capital and reserves
Called up share capital 730 750
Capital Redemption Premium 20 -
Profit and loss account 4,360 4,304
Equity shareholders' funds 5,110 5,054
Albion PLC
Consolidated cash flow statement
for the year ended 30 September 2003
2003 2002
#'000 #'000
Net Cash (Outflow)/Inflow from operating activities (1,042) 737
Dividends received from associated undertakings 127 107
Returns on investments and servicing of finance
Interest received 55 88
Interest paid - (1)
Interest element of finance lease rentals (1) (4)
54 83
Taxation
Taxation paid (60) (40)
Taxation refund 15 67
(45) 27
Capital expenditure and financial investments
Purchase of fixed assets (17) (91)
Net proceeds on sale of tangible fixed assets 11 9
(6) (82)
Equity dividends paid (192) (213)
Net cash (outflow)/inflow before management of liquid resources and financing (1,104) 659
Management of liquid resources
Decrease/(Increase) in short term deposits 2,000 (534)
Financing
Purchase of shares (71) -
Capital repayment of finance lease (12) (28)
Increase in cash in the year 813 97
This information is provided by RNS
The company news service from the London Stock Exchange
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