Interim Results
06 November 2003 - 6:00PM
UK Regulatory
RNS Number:7302R
Chamberlin & Hill PLC
06 November 2003
CHAMBERLIN & HILL PLC
INTERIM RESULTS - SIX MONTHS ENDED 30 SEPTEMBER 2003
Chairman's Statement
In the six months to 30 September 2003 we continued to operate below capacity
with a turnover of #13.23 million. Profit before tax was #0.59 million (2002:
#0.70 million) with net cash in the bank of #0.35 million (2002: net debt of
#0.45 million). The board has decided to pay an unchanged interim dividend of
3.85p per share payable on 19 December 2003 to all shareholders registered on 21
November 2003.
We are not alone in experiencing slow markets, and recent developments confirm
that there will be further concentration, at least within the foundry sector,
from which we expect to benefit.
Steps are being taken to ensure board and management succession. Tom Brown,
chairman of Dyson Group plc, who joined the board as a non-executive director in
September of this year has agreed to become non-executive chairman early in
2004. Peter Bell, finance director, has indicated his wish to retire, and we
have agreed to recruit his successor. Adam Vicary is completing a realignment
of the foundry management team to provide greater flexibility in our response to
customer needs.
Following the successful introduction of further Exidor emergency exit hardware
products and a widening of the range of heavy duty lighting, current thinking
suggests that, whilst our foundries will continue to make the best of the
opportunities available to them, our strategic direction will move towards
growing security and safety markets.
John Eccles
Chairman
6 November 2003
Group Profit and Loss Account
Unaudited Unaudited
6 months to 6 months to Year ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Turnover 13,234 13,806 27,027
Operating profit 587 715 1,373
Exceptional item- restructuring costs - - (451)
Profit before interest & taxation 587 715 922
Interest receivable/(payable) 5 (11) (14)
Profit before taxation 592 704 908
Taxation (178) (211) (250)
Profit after taxation 414 493 658
Dividend (283) (282) (871)
Retained profit 131 211 (213)
Earnings per share - basic 5.64p 6.72p 9.00p
- adjusted - - 13.30p
- fully diluted 5.64p 6.70p 9.00p
Dividend per share 3.85p 3.85p 11.85p
Summarised Group Balance Sheet
As at As at As at
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Fixed assets
Tangible assets 8,559 9,528 9,045
Intangible assets 209 223 215
Current assets
Stock 3,351 3,305 3,282
Debtors 6,329 6,783 5,623
Cash at bank 345 - 692
10,025 10,088 9,597
Creditors - under one year
Bank overdraft - (449) -
Other (4,269) (4,559) (4,449)
Net current assets 5,756 5,080 5,148
Provisions for liabilities and charges (747) (761) (762)
13,777 14,070 13,646
Capital and reserves
Called up share capital 1,835 1,835 1,835
Share premium account 718 718 718
Capital redemption reserve 109 109 109
Revaluation reserve 587 595 591
Profit & loss account 10,528 10,813 10,393
13,777 14,070 13,646
Consolidated Cash Flow Statement
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Net cash inflow from operating activities
Operating profit 587 715 1,373
Exceptional item - restructuring costs - - (451)
Non cash items - depreciation 738 770 1,542
- goodwill amortisation 6 6 14
- other - - (81)
Changes in working capital (749) (188) 821
582 1,303 3,218
Returns on investments and servicing of finance
Interest received 9 5 10
Interest paid (4) (16) (24)
5 (11) (14)
Corporation tax paid (95) (405) (679)
Investing activities
Purchase of tangible fixed assets (291) (1,424) (1,710)
Proceeds from sale of tangible fixed assets 39 18 91
(252) (1,406) (1,619)
Equity dividends paid (587) (586) (870)
Net cash (outflow)/inflow before financing (347) (1,105) 36
Financing
Issue of shares (incl. premium) - 30 30
______ ______ _____
(Decrease)/increase in cash (347) (1,075) 66
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash in the period (347) (1,075) 66
Opening net funds 692 626 626
Closing net funds 345 (449) 692
Notes:
1. Preparation of interim accounts
This interim statement has been prepared on the basis of the accounting policies
set out in the 2003 Annual Report and Accounts.
The results for the year to 31 March 2003 are an abridged version of the full
accounts which have been filed with the Registrar of Companies. The report of
the auditors was unqualified and did not contain a statement under section 237
(2) or (3) of the Companies Act 1985. The figures for the six months ended 30
September 2002 and 30 September 2003 have not been audited.
2. Dividend
The interim dividend of 3.85p per share will be paid on 19 December 2003 to all
shareholders registered at the close of business on 21 November 2003.
3. Earnings per share
The calculation of basic earnings per share is based on the profit after tax of
#414,000 (2002: #493,000) and the weighted average of ordinary shares in issue
and ranking for dividend of 7,340,908 shares (2002: 7,331,994).
Diluted earnings per share is based on 7,340,908 shares (2002: 7,362,681) after
adjusting for the dilutive effect of the potential exercise of share options
where the prices at which they are exercisable are below the weighted average
share price during the year.
4. Reconciliation of movement in shareholders' funds
30 September 30 September 31 March
2003 2002 2003
#000 #000 #000
Profit after tax 414 493 658
Dividends (283) (282) (871)
Issue of share capital - 30 30
131 241 (183)
Opening shareholders' funds 13,646 13,829 13,829
Closing shareholders' funds 13,777 14,070 13,646
A copy of the interim results will be sent to shareholders and further copies
will be available from the Company's registered office: Chuckery Foundry,
Walsall WS1 2DU.
This information is provided by RNS
The company news service from the London Stock Exchange
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