RNS Number:8131O
Bespak PLC
13 July 2005
Immediate Release 13 July 2005
Bespak plc
Preliminary results for the 52 weeks to 30 April 2005
Bespak (LSE: BPK), a leader in specialty medical devices, today announces its
preliminary results for the 52 weeks to 30 April 2005.
Highlights
* Earnings per share before exceptionals increased 6% to 32.8p (2004: 30.9p
restated)
* Profit before tax and exceptionals increased 1% to #11.5m (2004: #11.3m
restated) representing an increase in profit margin to 14.4% (2004: 13.6%
restated)
* Turnover declined 5% to #79.4m (2004: #83.2m) due to sales of the Group's
largest contract manufactured product returning to normal levels
* Exceptional costs of #6.1m associated with Cary plant closure, which is on
track for shutdown in August 2005
* After exceptional items, profit before tax was #5.4m (2004: #8.9m
restated) and earnings per share were 10.2p (2004: 23.9p restated)
* Operating cash inflow increased 8% to #14.2m (2004: #13.2m)
* Net cash of #17.4m (2004: #12.3m)
* Final dividend maintained at 12.1p (2004: 12.1p)
* Pfizer announced in March that it filed the NDA for Exubera(R), the
world's first inhaled insulin.
Mark Throdahl, Bespak Chief Executive, commented:
"Bespak delivered its sales and profit plan. We increased earnings per share
before exceptionals despite the anticipated normalisation of sales to our
largest customer. We enjoyed strong growth from new products, and our
efficiencies improved. We won three new device development projects and continue
to win the majority of new valve programmes. We are encouraged by our growth
prospects for the new financial year."
For further information, please contact:
Bespak plc Tel: +44 (0) 1908 525241
Mark Throdahl - Chief Executive
Martin Hopcroft - Group Finance Director
Buchanan Communications Tel: +44 (0) 20 7466 5000
Tim Thompson / Mark Court / Mary-Jane Johnson
Bespak plc
Preliminary results for the 52 weeks to 30 April 2005
Overview
Bespak plc, a leader in specialty medical devices, increased earnings per share
before exceptionals by 6% to 32.8p (2004: 30.9p restated) despite lower sales
following the return to 5-day production of its largest contract manufactured
product. Profit before tax and exceptionals increased 1% to #11.5 million (2004:
#11.3 million restated) due to strong HFA valve growth in the Respiratory
business, new product growth in the Device & Manufacturing Services business,
increased efficiency across the business and reduced overheads.
In March, the Food & Drug Administration announced that CFC albuterol
formulations can be sold in the US until the end of December 2008, a longer
period of time than some observers had expected. Sales of CFC valves to the US
market increased, and revenues were disproportionately weighted to the final
months of the financial year.
Sales of products and services decreased 4% to #77.9 million (2004: #80.8
million) and, including sales of tooling and equipment, turnover decreased 5% to
#79.4 million (2004: #83.2 million). Expenses were well controlled in the year,
and we benefited from increased interest income. Profit before tax and
exceptionals increased 1% to #11.5 million (2004: #11.3 million restated)
representing an increase in profit margin to 14.4% (2004: 13.6% restated).
Exceptional operating expenses of #6.1 million were incurred as a result of the
decision announced in November to close the Group's manufacturing facility in
Cary, North Carolina. This is expected to improve operating profit once
production is transferred to the UK, although customers have pulled forward
orders to build their inventories in advance of the closure. Closure of the
facility is progressing according to plan and will be completed by the end of
August 2005. All significant business has been retained, and customers will
receive product from our UK facilities in the future. Of the exceptional costs
associated with the Cary site closure, #3.8 million reflects an impairment of
the fixed assets and #2.3 million is a provision for employee termination costs,
closure expenses, and transfer costs.
Profit before tax after exceptionals declined to #5.4 million (2004: #8.9
million restated). Earnings per share after exceptionals declined to 10.2p
(2004: 23.9p restated).
The Board has proposed a final dividend of 12.1p per share (2004: 12.1p),
payable on 22 September 2005 to those on the shareholder register at 22 July
2005. This reflects the Group's strong operating cash flow during the year. Net
cash on 30 April was #17.4 million (2004: #12.3 million), reflecting lower
capital spending throughout the year.
Operational Review
Summary
One year ago, we said that we expected reduced volumes of our major contract
manufactured product and lower industrialisation income on Exubera(R), which we
would offset with HFA valve growth and operational improvements from past
capital expenditure. These things have happened, and we maintained our bottom
line profitability before exceptionals during the year.
Respiratory volume grew 8% and our elastomer vertical integration programme hit
its milestones. We broadened our DMS pipeline with three new development
programmes. Our facility in Milton Keynes awaits regulatory approval of Exubera
(R) before beginning production of the delivery device. We are in the final
stage of closing our Cary plant, which manufactured less than 40% of our US
sales, and its closure allows us to optimise capacity utilisation in our UK
plants.
Respiratory
The respiratory business designs, manufactures and sells metered dose inhaler
valves, actuators, and accessories to deliver respiratory drugs to the lung and
nasal mucosa. Sales grew 7% to #39.7 million (2004: #37.2 million). We
experienced strong HFA growth to customers in Europe and Asia, while also seeing
three drugs (each of which has a Bespak valve) approved for the US market.
Bespak's valves for use with environmentally friendly HFA propellants continue
to replace CFC-based formulations in Europe. In March the FDA announced that CFC
albuterol formulations could continue to be sold in the US through December,
2008. Bespak enjoys a strong position in the US CFC market, and we are seeing
strong continued sales of these products.
Our HFA valves are under active consideration by a number of current and
prospective customers, and we believe that we have won two thirds of the HFA
formulations approved around the world. This is creating further momentum in our
Respiratory business. We have recently won a significant MDI valve development
agreement for the next generation of world leading inhaled products from a
global research-based pharmaceutical company. In the past year new HFA
formulations containing Bespak valves were approved in the US for asthma drugs
developed by Boehringer-Ingelheim, Ivax, and Sepracor.
Last summer we established a liaison office in India, where respiratory sales
have grown substantially over the past year. Key staff have been recruited and
put in place in this area.
Over the past several years, Bespak has invested significantly in the
development of proprietary rubber seals for our HFA valves. In November we
announced that we would develop the capability to manufacture these products.
Based in King's Lynn, this vertical integration programme will incur expense of
approximately #0.5 million annually over the next three years, following which
the programme will generate savings as well as strategic benefits. The programme
has hit all its milestones this year, and construction of the facility is now
complete with on-going work on process development.
Device & Manufacturing Services
The DMS business provides a comprehensive range of device-related services to
pharmaceutical and drug delivery companies. Sales decreased 13% to #32.8 million
(2004: #37.7 million), reflecting the normalisation of volumes of our largest
contract-manufactured product from last year's extraordinary levels, partially
offset by sales growth of Innovata Biomed's ClickhalerTM device, under license
to Otsuka Pharmaceutical Co. and a large European pharmaceutical company.
In conjunction with Nektar Therapeutics, Bespak is developing the manufacturing
process for the inhaler device that will deliver the world's first inhaled
insulin, Exubera(R). Nektar is collaborating with Pfizer, Inc. and
Sanofi-Aventis on the development and commercialisation of the product. The
European regulatory filing for Exubera(R) was accepted in March 2004, and the US
regulatory filing was accepted for filing in March 2005. Pfizer has
characterised Exubera(R) as the most important advance in insulin administration
since hypodermic injections were introduced 80 years ago.
Bespak will also manufacture the registration batches for the regulatory
submission of Intraject(R) for Aradigm Corp., a drug delivery company in
Hayward, California. The initial application will be the delivery of Sumatriptan
for the treatment of migraine. Intraject(R) is the needle-free injector
technology which Aradigm acquired from Weston Medical.
The business won three new development agreements in 2005: the NextTM dry powder
inhaler for Chiesi Farmaceutici, a dry powder inhaler for airPharma and a drug
delivery device for a future generation of asthma drugs for a global
pharmaceutical company.
Consumer Dispensers
This business manufactures pumps for consumer household products, toiletries,
and fragrances. Sales declined 7% to #5.4 million (2004: #5.8 million) due to
aggressive price competition in certain product lines. We recruited a new
general manager who has increased commercial resources in the UK and Europe, as
well as initiated a vigorous cost-out programme. We have set realistic
turn-around targets for this business over the next six months.
Growth Strategy
Bespak's strategy is to capitalise on its leading position as a manufacturer of
specialty medical devices by growing organically and by acquisition. We will
grow our MDI valve business through continued investment in R&D, HFA market
share expansion and international sales. We will grow our Device & Manufacturing
Services business by capitalising on our proven track record of complex drug/
device launches and by adding several new programmes annually.
Our objective is to broaden our customer base beyond pharmaceutical companies.
We will build a strong and consistent sales and earnings track record from
organic growth as well as selective acquisitions that either complement existing
medical businesses or build on the Group's manufacturing and product development
expertise. Broadening the Group's customer base beyond pharmaceutical companies
will reduce our dependency on lengthy development programmes which make growth
difficult to forecast.
We will continue to develop key competencies which we will apply to our
businesses and bring to acquisitions: proprietary product development processes
that get us to market faster; Six Sigma expertise that takes cost out of our
processes and frees up money for growth priorities; and a culture that makes us
more responsive to customers and competitive challenges.
Directors
Sir John Chisholm announces today that he will stand down from the Board
immediately after the AGM in September, having served as a non-executive
director for six years. In June, he was succeeded as Chairman of the Audit
Committee by Adrian Auer, who joined the Board in April. We would like to thank
Sir John for his thoughtful counsel and contribution.
Financial Review
Trading Performance
Sales of products and services declined by 4% to #77.9 million (2004: #80.8
million), reflecting normalisation of volumes in Device & Manufacturing Services
offset by strong growth of HFA valves in Respiratory. Including sales of tooling
and equipment that are customer-funded, turnover declined by 5% to #79.4 million
(2004: #83.2 million).
Profit on ordinary activities before taxation and exceptional items increased by
1% to #11.5 million (2004: #11.3 million restated) representing an increase in
profit margin to 14.4% (2004: 13.6% restated), reflecting increased interest
rates on higher cash balances.
Following the announcement of the decision to close the manufacturing facility
in the USA, an exceptional cost of #6.1 million has been charged to reflect the
impairment of the carrying value of fixed assets and a provision to cover the
closure costs. The transfer of certain production to the Group's facilities in
the UK is proceeding as planned towards an anticipated shut-down in August 2005,
when the majority of the cash impact of the closure costs will be incurred. In
the prior year, there were exceptional operating expenses of #2.5 million for
the restructuring programme that was initiated in 2003 and whose benefits are
evident in the current year's performance.
After exceptional items, profit on ordinary activities before taxation declined
to #5.4 million (2004: #8.9 million restated).
Tax
The tax charge on profit before taxation and exceptionals of 23% in the year has
benefited from utilisation of prior year losses in the USA where activity has
increased in advance of closure, together with tax credits on research and
development expenditure in the UK. The overall tax charge of 49% in the year
reflects the nil tax credit on the exceptional operating expenses.
Earnings per share
Basic earnings per share before exceptional items increased by 6% to 32.8p
(2004: 30.9p restated), incorporating a lower tax rate as a result of
utilisation of past tax losses. After exceptional items, basic earnings per
share declined to 10.2p (2004: 23.9p restated).
Dividends
The Board is recommending a maintained final dividend per share of 12.1p (2004:
12.1p), such that the total dividend for the year amounts to 19.1p (2004:
19.1p). The final dividend will be paid on 22 September 2005 to shareholders on
the register on 22 July 2005.
Cash Flow
Activity in the second half was weighted to the final months of the period with
replenishment of the supply chain, following the impact of the FDA announcement
in March 2005 that CFC albuterol formulations cannot be sold in the USA after
December 2008. This is reflected in the increase in debtors at the year end
compared to the prior year. Nevertheless, net cash inflow from operating
activities increased by 8% to #14.2 million (2004: #13.2 million).
The net cash inflow before management of liquid resources and financing
increased to #4.7 million (2004: #2.0 million), reflecting lower capital
expenditure following the completion of significant capital expenditure
programmes and customer-funded projects.
Going forward, capital expenditure will exceed depreciation in the short term,
in view of the transfer of certain production from the US and the elastomer
integration programme. However, we expect to benefit from the sales proceeds on
disposal of assets in the USA after closure.
Net cash flow is stated after the cash impact of current year and prior year
exceptional operating expenses of #0.2 million (2004: #3.6 million).
Treasury
At the year end, the Group had net cash of #17.4 million (2004: #12.3 million),
and un-drawn committed facilities of #12.8 million (2004: #11.7 million).
Transactions in foreign currencies are matched wherever possible and the net
position is hedged using forward contracts. The treasury function does not act
as a profit centre and no speculative treasury transactions are undertaken.
A proportion of operating assets are denominated in US dollars, which are
broadly matched by US dollar borrowings, thereby hedging the balance sheet
exposure.
Last year, the average rate of exchange between sterling and the US dollar was
1.85 (2004: 1.71), whilst the year end rate of exchange was 1.91 (2004: 1.77).
Around 10% of the Group's sales from the UK are denominated in US dollars.
Pensions
Bespak operates a defined benefit pension scheme in the UK which is closed to
new employees who are eligible to join a defined contribution pension scheme.
The latest triennial actuarial valuation under SSAP 24 as at 30 April 2002
disclosed net assets of #17.0 million and a deficit of #4.0 million. After
consultation, contributions by employees were increased in order to eliminate
the deficit over a 15-year period. Bespak continues to account for pensions
under SSAP 24. The net deficit under FRS 17 was #10.9 million as at 30 April
2005.
Accounting Policies
During the period, the Group adopted UITF 17 (revised) 'Employee share schemes'
and UITF 38 'Accounting for ESOP trusts'. Investments in the Company's own
shares are now shown as a deduction from shareholders' funds rather than as
fixed asset investments. The prior period has been restated and there is no
impact on cash flow.
International Financial Reporting Standards
Preparations are in progress to implement the new international accounting
standards in the 52 weeks to 29 April 2006, with first financial results in the
interims. Impacts will include changes to the accounts for pension costs and
share options. Clarification of the impact in the 52 weeks to 30 April 2005 will
be provided in advance of the interims.
Outlook
We have had an encouraging start to the year. We continue to see replenishment
of the CFC supply chain in the USA following the FDA ruling on phase out of CFC
albuterol formulations, together with inventory building by customers of
US-manufactured products in anticipation of an August closure of the Cary
facility.
Looking ahead, we expect continuing sales growth of HFA valves in Respiratory
and the launch of a new product in Consumer Dispensers. Our DMS business will
benefit from increased production of new dry powder inhalers and
industrialisation programmes. However, we face timing uncertainty in the current
year as to the start of full scale production of the delivery device for Exubera
(R), which is pending regulatory approval.
We are increasing resources in the DMS business to target new opportunities. The
costs for the elastomer vertical integration programme will average #0.5 million
in each of the next three years with financial benefits thereafter. The pension
deficit will result in a stepped increase in annual pension costs, estimated to
be #0.8 million. We are also concerned about a potential stepped increase in
electricity charges this year after the large increase last year.
Having achieved performance that was consistent with our plan in the year just
ended, we are reassured by the Group's future growth potential this year and
beyond, as well as its strong underlying cash generation, but await positive
news on Exubera(R).
Consolidated Profit and Loss Account
For the 52 weeks to 30 April 2005
2005 2005 2005 2004 2004 2004
Before Before
exceptional Exceptional exceptional Exceptional
items items Total Items items Total
Restated Restated
(Note 3) (Note 1) (Note 3) (Note 1)
Note #000 #000 #000 #000 #000 #000
Sales of products and 77,894 - 77,894 80,754 - 80,754
services
Sales of tooling and 1,492 - 1,492 2,422 - 2,422
equipment
Turnover 2 79,386 - 79,386 83,176 - 83,176
Operating expenses (68,634) (6,066) (74,700) (72,216) (2,465) (74,681)
Operating profit 2 10,752 (6,066) 4,686 10,960 (2,465) 8,495
Share of joint ventures and (39) - (39) (69) - (69)
associates
Net interest receivable 4 737 - 737 432 - 432
Profit on ordinary
activities
before taxation 11,450 (6,066) 5,384 11,323 (2,465) 8,858
Taxation 5 (2,656) - (2,656) (3,099) 611 (2,488)
Profit for the 8,794 (6,066) 2,728 8,224 (1,854) 6,370
financial period
Dividends 7 (5,115) (5,111)
Retained (loss)/profit (2,387) 1,259
Earnings per share - 6 32.8p (22.6p) 10.2p 30.9p (7.0p) 23.9p
basic
Earnings per share - 6 32.4p (22.3p) 10.1p 30.7p (6.9p) 23.8p
diluted
Dividends per share 7 19.1p 19.1p
All amounts relate to continuing operations.
Consolidated Balance Sheet
At 30 April 2005
2005 2004
Restated
(Note 1)
Note #000 #000
Fixed assets
Tangible assets 51,289 60,479
Investments 346 543
51,635 61,022
Current assets
Stocks 6,082 5,996
Debtors 8 14,616 10,615
Short-term investments 15,229 17,739
Cash at bank and in hand 5,073 2,231
41,000 36,581
Creditors: amounts falling due within one year 9 (19,086) (22,692)
Net current assets 21,914 13,889
Total assets less current liabilities 73,549 74,911
Creditors: amounts falling due after more than one year 9 (399) (798)
Provisions for liabilities and charges 10 (7,556) (6,130)
Net assets 65,594 67,983
Capital and reserves
Called up share capital 2,681 2,681
Share premium account 23,051 23,052
Profit and loss account 39,862 42,250
Shareholders' funds 65,594 67,983
Consolidated Cash Flow Statement
For the 52 weeks to 30 April 2005
2005 2004
Note #000 #000
Net cash inflow from operating activities 11 14,218 13,215
Dividends received from associates - 10
Returns on investment and servicing of finance
Interest received 900 578
Interest paid (157) (204)
743 374
Taxation
UK corporation tax paid (2,609) (1,568)
Overseas tax received/(paid) 1 (25)
(2,608) (1,593)
Capital expenditure and financial instruments
Payments to acquire tangible fixed assets (2,590) (5,017)
Receipts from sales of tangible fixed assets 4 30
(2,586) (4,987)
Acquisitions and disposals
Purchase of fixed asset investments - (56)
Sale of fixed asset investments 66 128
66 72
Equity dividends paid (5,111) (5,086)
Net cash inflow before management of liquid resources and financing 12 4,722 2,005
Management of liquid resources
Decrease/(increase) in short-term investments 2,510 (1,374)
Financing
Payment for shares 12 766
Repayment of loans - (1,754)
Net cash inflow/(outflow) from financing 12 (988)
Increase/(decrease) in net cash 7,244 (357)
Reconciliation of net cash flow to movement in net cash
Net cash brought forward 12,320 8,820
Net cash inflow before management of liquid resources and financing 4,722 2,005
Payment for shares 12 766
Exchange movements on foreign currency net cash 361 729
Net cash carried forward 17,415 12,320
Statement of Total Recognised Gains and Losses
For the 52 weeks to 30 April 2005
2005 2004
Restated
(Note 1)
#000 #000
Profit for the financial period 2,728 6,370
Exchange movements on foreign currency net investments (142) (315)
Total recognised gains and losses for the financial period 2,586 6,055
Prior year adjustment 1 53
Total recognised gains and losses since last annual report 2,639
Reconciliation of Movements in Shareholders' Funds
For the 52 weeks to 30 April 2005
2005 2004
Restated
(Note 1)
#000 #000
Shareholders' funds brought forward - as previously stated 68,251 67,033
Prior year adjustment 1 (268) (760)
Shareholders' funds brought forward - restated 67,983 66,273
Profit for the financial period 2,728 6,370
Dividends (5,115) (5,111)
Exchange movements on foreign currency net investments (142) (315)
Issue of ordinary share capital - 44
Credit in respect of employee share options 128 -
Proceeds from sale of own shares for employee share options 12 722
Shareholders' funds carried forward 65,594 67,983
Notes to the Accounts
1. Basis of preparation and accounting policies
Based on audited accounts, the financial information set out in this
announcement does not constitute the Company's statutory accounts for the 52
weeks to 30 April 2005 or the 52 weeks to 1 May 2004, but is derived from
those accounts. Statutory accounts for 2004 have been delivered to the
Registrar of Companies and those for 2005 will be delivered after the
Company's Annual General Meeting. The auditors have reported on those
accounts; their reports were unqualified and did not contain statements
under s237(2) or s237(3) Companies Act 1985.
The Group has adopted UITF 17 (revised) 'Employee share schemes' and UITF 38
'Accounting for ESOP trusts'. In accordance with the change in accounting
policy, investments in the Company's own shares are now shown as a deduction
from shareholders' funds rather than as fixed asset investments. The effect
on the results for the 52 weeks to 30 April 2005 has been to increase
profits by #26,000 and earnings per share by 0.1p and reduce net assets by
#101,000. The effect on the 52 weeks to 1 May 2004 has been to reduce
profits by #230,000 and earnings per share by 0.8p and net assets by
#268,000. The net adjustment of #53,000 disclosed in the statement of total
recognised gains and losses represents the cumulative profit and loss
movements on investment in own shares arising from the change in accounting
policy. The restatement of investment in own shares as a deduction from the
profit and loss reserve is not a recognised gain or loss.
The consolidated accounts include the accounts of Bespak plc and its
subsidiary undertakings for the 52 weeks to 30 April 2005 (2004: 52 weeks to
1 May 2004).
The accounts are prepared under the historical cost convention and in
accordance with applicable Accounting Standards in the United Kingdom.
2. Segmental information
Turnover by business 2005 2004
#000 #000
Respiratory 39,681 37,240
Device & Manufacturing Services 32,836 37,727
Consumer Dispensers 5,377 5,787
Sales of products and services 77,894 80,754
Sales of tooling and equipment 1,492 2,422
79,386 83,176
Turnover by destination 2005 2004
#000 #000
United Kingdom 23,613 31,806
United States of America 27,808 26,019
Europe 20,276 18,619
Rest of the World 7,689 6,732
79,386 83,176
Turnover by origin 2005 2004
#000 #000
United Kingdom 67,882 73,017
United States of America 18,923 17,833
Total sales 86,805 90,850
Intra-group sales (7,419) (7,674)
79,386 83,176
Operating profit by origin 2005 2004
Restated
(Note 1)
#000 #000
United Kingdom
Operating profit before exceptional
operating expenses 9,219 10,526
Exceptional operating expenses - (2,037)
9,219 8,489
United States of America
Operating profit before exceptional
operating expenses 1,533 434
Exceptional operating expenses (6,066) (428)
(4,533) 6
Group
Operating profit before
exceptional operating expenses 10,752 10,960
Exceptional operating expenses (6,066) (2,465)
4,686 8,495
Net operating assets by origin 2005 2004
Restated
(Note 1)
#000 #000
United Kingdom 55,284 57,504
United States of America 4,964 8,285
Allocated net operating assets 60,248 65,789
Unallocated net assets 5,346 2,194
Net assets 65,594 67,983
Exchange rates 2005 2004
Average rate of exchange
US $: #1 Sterling 1.85 1.71
Closing rate of exchange
US $ : #1 Sterling 1.91 1.77
3. Exceptional items
2005 2004
#000 #000
Exceptional operating expenses 6,066 2,465
Taxation - (611)
Exceptional items after taxation 6,066 1,854
The exceptional operating expenses in the 52 weeks to 30 April 2005 comprise
an impairment charge against the carrying value of the Group's fixed assets
in the United States, following the decision to close the manufacturing
facility in North Carolina, together with exceptional cash costs that will
be incurred during the period that it remains operational. The exceptional
operating expenses in the prior year comprised mainly employee severance
costs.
4. Net interest receivable
2005 2004
#000 #000
Interest receivable 894 599
Interest payable (157) (167)
737 432
5. Taxation
2005 2004
#000 #000
Current taxation 2,901 2,492
Deferred taxation (245) (4)
2,656 2,488
6. Earnings per share
2005 2004
Restated
(Note 1)
#000 #000
Net profit after tax before exceptional items 8,794 8,224
Exceptional items after taxation (6,066) (1,854)
Net profit after tax 2,728 6,370
Weighted average number of shares in issue (shares) 26,805,889 26,804,021
Shares owned by Employee Share Ownership Trusts (shares) (34,114) (156,045)
Average number of shares in issue for basic earnings (shares) 26,771,775 26,647,976
Dilutive impact of share options outstanding (shares) 353,691 136,407
Diluted average number of shares in issue (shares) 27,125,466 26,784,383
Basic earnings per share before exceptional items (pence) 32.8p 30.9p
Basic loss per share on exceptional items (pence) (22.6p) (7.0p)
Basic earnings per share (pence) 10.2p 23.9p
Diluted earnings per share before exceptional items (pence) 32.4p 30.7p
Diluted loss per share on exceptional items (pence) (22.3p) (6.9p)
Diluted earnings per share (pence) 10.1p 23.8p
7. Dividends
2005 2004
#000 #000
Interim dividend paid of 7.0p per share (2004: 7.0p) 1,874 1,874
Final dividend proposed of 12.1p per share (2004: 12.1p per share) 3,241 3,237
5,115 5,111
8. Debtors
2005 2004
#000 #000
Debtors falling due within one year 13,750 9,851
Debtors falling due after more than one year 866 764
14,616 10,615
9. Creditors
2005 2004
#000 #000
Amounts falling due within one year
Bank overdrafts & loans - unsecured 2,887 7,650
Proposed dividend 3,241 3,237
Corporate taxation 1,618 1,316
Other creditors 11,340 10,489
19,086 22,692
Amounts falling due after more than one year
Other creditors 399 798
399 798
10. Provisions for liabilities and charges
2005 2004
#000 #000
Deferred taxation 5,478 5,723
Plant closure 1,845 -
Post retirement benefits 233 407
7,556 6,130
11. Cash flow from operating activities
2005 2004
Restated
(Note 1)
#000 #000
Operating profit 4,686 8,495
Depreciation 7,637 7,608
Impairment charge (note 3) 3,784 -
Provision against/(profit on sale of) fixed asset investment 102 (80)
Loss on sale of tangible fixed assets 97 65
Charge in respect of own shares 128 -
Increase in stocks (171) (2,580)
(Increase)/decrease in debtors (4,169) 1,528
Increase/(decrease) in creditors 330 (1,719)
Increase/(decrease) in provisions 1,794 (102)
Net cash inflow from operating activities 14,218 13,215
Operating cash flow in the 52 weeks to 30 April 2005 includes an outflow of
#235,000 relating to exceptional operating expenses in the 52 weeks to 30
April 2005.
Operating cash flow in the 52 weeks to 1 May 2004 includes an outflow of
#2,419,000 relating to exceptional operating expenses in the 52 weeks to 1
May 2004 and an outflow of #1,196,000 relating to exceptional operating
expenses in the 52 weeks to 3 May 2003.
12. Reconciliation of net cash flow to movement in net cash
2 May Cash Exchange 30 April
2004 flow Movements 2005
#000 #000 #000 #000
Cash at bank and in hand 2,231 2,866 (24) 5,073
Overdrafts and short-term loans (7,650) 4,378 385 (2,887)
Net (overdrafts and short-term loans)/cash (5,419) 7,244 361 2,186
Short-term investments 17,739 (2,510) - 15,229
Net cash 12,320 4,734 361 17,415
Financing items included in cash flow movements
Payment for shares (12)
Net cash inflow before management of liquid
resources and financing 4,722
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SFEEFESISEEW
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