6 April 2004
Enquiries:
Russell Stevens 07860 562621
Chief Executive Russell@meriden-group.co.uk
Ewan Leggat 020 7107 8000
Seymour Pierce Limited Ewanleggat@seymourpierce.com
Meriden Group Plc (the "Company" or "the Group")
Interim results for the six months ended 31 January 2004
Highlights
* New London centre performing well
* Edinburgh centre about to open
* Stable platform for future growth established
* Acquisition strategy approved
* Several targets being appraised
* Cash generative core business
* Cash balances on hand to fund acquisitions
* Dividend level maintained
Financial Highlights
* Profit before taxation of �315,057 (2003 : �306,371)
* Interim dividend of �29,000 (2003 : �29,000)
* Period end cash balances of �852,164 (2003 : �660,920)
* Earnings per share of 0.078 pence (2003 : 0.074 pence)
Commenting, Russell Stevens, Chief Executive said:
'Since our impact on AIM in August 2001 we have experienced steady growth in
difficult market conditions. The Board have now resolved to supplement this
organic growth with a programme of selective acquisitions to expand existing
divisions and createnew ones.'
Chairman's Statement
I am pleased to present my Chairman's report for Meriden Group Plc for the six
months ended 31 January 2004.
The Group has performed satisfactorily during this period, delivering a pre-tax
profit of �315,057 (2003: �306,371) on a turnover of �3,009,035 (2003: �2,865,327)
and having cash balances at the end of the period of �852,164 (2003: �660,920).
We are particularly pleased that the Board is recommending an interim dividend
of 0.01p per share, which is maintained at the same level as 2003. The Board
will review the full year's dividend when the annual results are known.
During the period our London centre has been established and is performing
well, in addition a centre in Edinburgh has been targeted and will open in
April 2004. Our Birmingham centre continues to trade steadily and we have a
growing presence in Cardiff which at present is being run as a satellite of
Birmingham.
As a result of our efforts over the last two and a half years we have
established a sound financial base with good organic growth prospects. To
coincide with the improvement in business confidence and general trading
conditions the Board have now resolved to supplement our organic growth with a
programme of acquisitions as theBoard believes there are many exciting
opportunities to acquire businesses at favourable values as we emerge from the
economic downturn.
Derek Hall
6 April 2004
Consolidated Profit and Loss Account for the 6 months ended 31 January 2004
Note 6 months ended 6 months ended Year
31 January 2004 31 January 2003 ended
(unaudited) (unaudited) 31 July
� � 2003
(audited)
�
Turnover 3,009,0352,865,327 5,790,628
Cost of sales (2,304,738) (2,197,653) (4,312,261)
_________ _________ _________
Gross Profit 704,297 667,674 1,478,367
Administrative (395,997) (367,129) (785,564)
Expenses
_________ _________ _________
Operating Profit 308,300 300,545 692,803
Interest Receivable 6,757 5,826 12,352
_________ _________ _________
Profit on ordinary 315,057 306,371 705,155
activities before
taxation
Taxation (88,431) (91,533) (197,592)
_________ _________ _________
Profit for the 226,626 214,838 507,563
financial period
Dividends (29,000) (29,000) (66,628)
_________ _________ _________
Retained profits 197,626 185,838 440,935
_________ _________ _________
Basic earnings per 3 0.078 0.074 0.18
share (pence)
Dividend per share 0.010 0.010 0.023
(pence)
_________ _________ _________
The company has no recognised gains or losses other than the profit for the
period, which has been derived from continuing operations.
Consolidated Balance Sheet as at 31 January 2004
Note As at As at As at
31 January 31 January 31 July
2004 2003 2003
(unaudited) (unaudited) (audited)
� � �
Fixed assets
Tangible assets 202,511 294,057 251,298
Fixed asset investments 177,902 177,853 177,902
_________ _________ _________
380,413 471,910 429,200
Current assets
Stocks and work in progress 249,769 59,684 36,420
Debtors 2,821,863 1,603,309 3,407,637
Cash at bank and in hand 852,164 660,920 805,589
_________ _________ _________
3,923,796 2,323,913 4,249,646
Current liabilities falling due (2,416,561) (1,350,281) (2,988,824)
within one year
_________ _________ _________
Net current assets 1,507,235 973,632 1,260,822
Total assets less current 1,887,648 1,445,542 1,690,022
liabilities
Provisions for liabilities and (59,021) (69,638) (59,021)
charges
_________ _________ _________
Net assets 1,828,627 1,375,904 1,631,001
_________ _________ _________
Capital and reserves
Called up share capital 290,000 290,000 290,000
Share premium 523,355 523,355 523,355
Profit and loss account 1,015,272 562,549 817,646
_________ _________ _________
Equity shareholders' funds 4 1,828,627 1,375,904 1,631,001
_________ _________ _________
Consolidated Cash Flow Statement for the 6 months ended 31 January 2004
Note 6 months ended 31 6 months
January 2004 ended 31 Year ended
(unaudited) January 31 July
� 2003 2003
(unaudited) (audited)
� �
Net cash inflow from operating 5 77,985 152,179 422,683
activities
Return on investments
Interest received 6,757 5,826 12,352
_________ _________ _________
Net cash inflow from returns on
investment and servicing of 6,757 5,826 12,352
finance
Tax paid - - (97,309)
Capital expenditure and
financial investment
Payments to acquire tangible (467) (18,199) (24,274)
fixed assets
Payments to acquire fixed asset - - (49)
investments
Receipts from the sale of - 40,297 40,297
tangible fixed assets
_________ _________ _________
Net cash inflow/(outflow) from (467) 22,098 15,974
capital expenditure and
financial investments
Dividend paid (37,700) (58,000) (86,928)
_________ _________ _________
Increase in cash 6 46,575 122,103 266,772
_________ _________ _________
Notes to the Interim Results for the period ended 31 January 2004
1 Basis of preparation
The interim report does not represent statutory accounts within the meaning
of section 240 Companies Act 1985. Comparative figures for the year ended 31
July 2003 are an abridged version of the Group's full accounts which carries
an unqualified audit report and have been delivered to the Registrar. The
interim report has not been audited or reviewed but was approved by the Board
on 6 April 2004.
2 Basis of consolidation
The Consolidated Profit and Loss Account, Balance Sheet and Cash Flow
Statement consolidate those of the Company and its subsidiary undertakings as
at 31 January 2004. Intra-group transactions have been eliminated in full.
3 Basic earnings per share
The calculation of the basic earnings per share is based on the profit on
ordinary activities after taxation and on the weighted average number of
shares in issue during the period. The profit and weighted average number of
shares used in the calculations are set out below:
Weighted Basic
average Earnings
Profit number per share
� of shares (pence)
6 months ended 31 January 2004 226,626 290,000,000 0.078
6 months ended 31 January 2003 214,838 290,000,000 0.074
Year ended 31 July 2003 507,563 290,000,000 0.18
_________ _______ _________
4 Reconciliation of movements in shareholders' funds
6 months 6 months Year
ended ended ended
31 January 31 January 31 July
2004 2003 2003
(unaudited) (unaudited) (audited)
� � �
Profit on ordinary activities after 226,626 214,838 507,563
taxation
Dividend (29,000) (29,000) (66,628)
_________ ________ ________
Net addition to shareholders' funds 197,626 185,838 440,935
Opening shareholders' funds 1,631,001 1,190,066 1,190,066
_________ ________ ________
Closing shareholders' funds 1,828,627 1,375,904 1,631,001
_________ ________ ________
5 Reconciliation of operating profit with net cash flow from operating
activities
6 months 6 months Year
ended ended ended
31 January 31 January 31 July
2004 2003 2003
(unaudited) (unaudited) (audited)
� � �
Operating profit 308,300 300,545 692,803
Depreciation 49,254 48,576 97,410
(Increase)/Decrease in stocks and work (213,349) 7,544 30,808
in progress
Decrease/(Increase) in debtors 585,774 (316,189) (2,120,517)
(Decrease)/Increase in creditors (651,994) 111,703 1,722,179
_________ _________ ________
Net cash inflow from operativing 77,985 152,179 422,683
activities
_________ _________ ________
6. Analysis of changes in net funds
As at Cash flow
1 August 2003 in period 31 January 2004
� � �
Cash at bank 805,589 46,575 852,164
_________ _________ _________
7. Interim Dividend
The interim dividend of 0.010 pence per share will be available to
shareholders on the register at the close of business on 16 April 2004
('the record date') and will be paid on 17 May 2004.
8. Notification of results
A copy of these interim results will be posted to shareholders on 13 April
2004.
END
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