Final Results
31 March 2008 - 6:00PM
UK Regulatory
Wellington Market Company plc
("Wellington" or "the Company")
Financial Statements for the year ended 31st December 2007
Chairman's Statement
As I indicated in my Interim Statement our operating profit before impairment
of tangible fixed assets for the year to 31st December 2007 has turned out to
be broadly comparable to that of the previous year. Consequently we are
maintaining our total dividend at 4p per ordinary share by declaring a final
dividend of 2.5p to be paid on May 12th 2008 to shareholders on the register on
April 25th 2008.
I had hoped to report better results this year not least because of the
inclusion of a full year's contribution from Cornish Market World/Ben's
Playworld which traded well up to expectations and is featured on the inside
cover of this Annual Report. However a combination of difficult trading
conditions for markets generally and some appalling weather, which caused the
cancellation of a number of our outside markets, impacted negatively.
On the management front, Chris Barber, as Acting Chief Executive, has done
sterling work in stewarding Wellington through this difficult period,
tightening controls and improving line management, and I pay tribute to him and
all his team. I am pleased to report that the process to recruit a new Chief
Executive has been underway for some time and an announcement will be made in
due course.
Meanwhile, our asset base remains strong, although a revaluation of our
investment properties shows a reduction in value of 11% (�357,000) in line with
the national deterioration in property values. Gearing, (borrowings excluding
preference shares as a percentage of shareholder's funds) at 68% (2006:66%),
remains at a comfortable level.
This year on Friday May 9th we are holding our Annual General Meeting at Morley
near Leeds. This venue is designed to give shareholders an opportunity to visit
our important Morley market, following last year's successful Wellington AGM
visit. We hope that as many shareholders as possible will be able to join us. I
would also like to draw your attention to our new website
www.wellingtonmarkets.co.uk.
At the AGM John Davies, a long serving director, is not standing for
re-election. John is taking a well-earned retirement and on behalf of his
colleagues and the Company I would like to thank him for his significant and
well-appreciated contribution over many years. I wish him a long and happy
retirement.
Looking to the future, the value and customer experience our markets offer,
should ensure that the Company is well placed to weather the current difficult
economic climate in the UK.
Lord Lee of Trafford
Chairman
28 March 2008
Consolidated Profit and Loss Account
for the year ended 31 December 2007
2007 2006
�'000 �'000
Turnover - Continuing operations 7,266 6,260
Cost of sales (5,745) (4,760)
Gross profit 1,521 1,500
Administrative expenses (851) (796)
Impairment of tangible fixed assets - (680)
Total administrative expenses (851) (1,476)
Operating profit - Continuing 670 24
operations
Interest payable (412) (355)
Profit/(loss) on ordinary activities 258 (331)
before taxation
Tax on ordinary activities (38) (60)
Profit/(loss) on ordinary activities 220 (391)
after taxation
Minority interests 31 -
Profit/(loss) for the financial year 251 391)
Basic earnings/ (loss) per ordinary 3.7p (6.6p)
share
Diluted earnings/ (loss) per ordinary 3.7p (6.6p)
share
Consolidated Balance Sheet
at 31 December 2007
2007 2006
�'000 �'000
Fixed assets
Intangible assets
- positive goodwill and other intangible
assets 688 719
- negative goodwill (400) (489)
Tangible assets 14,681 15,019
14,969 15,249
Current assets
Stocks 49 57
Debtors 562 543
Cash at bank and in hand 8 142
619 742
Creditors: Amounts falling due within one (2,226) (2,899)
year
Net current liabilities (1,607) (2,157)
Total assets less current liabilities 13,362 13,092
Creditors: Amounts falling due after more (4,947) (4,400)
than one year
Provisions for liabilities and charges (254) (249)
Net assets 8,161 8,443
Capital and reserves
Called up share capital 3,000 2,968
Share premium account 250 228
Revaluation reserve 4,032 4,399
Share based payment reserve 9 -
Profit and loss account 870 848
Shareholders' funds 8,161 8,443
Attributable to
Equity minority interest 362 393
Equity shareholders' funds 7,799 8,050
NOTES
1. The calculation of earnings per share for the 12 months to 31st December
2007 is based on the weighted average number of shares throughout the
period of 5,968,843 (2006: 5,894,434)
2. The directors have proposed a final ordinary share dividend of 2.5p per
share, which will be paid on 12th May 2008 to shareholders on the register
on the 11th April 2008. A preference share dividend of 1.5875 pence per
share was paid on the 30th June 2007 and the 31st December 2007. The
combined cost of the dividend will be �262,000 (2007:�259,000)
3. The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31st December 2006 and 31st December
2007 but is derived from them. The auditors have reported on the statutory
accounts for both financial years. Their reports were unqualified and did
not contain a statement under section 237(2) or (3) of the Companies Act
1985.
4. The annual report to shareholders will be sent to all shareholders week
commencing 7th April 2008 and will also be available on the Company's
website www.wellingtonmarkets.co.uk.
The directors of the issuer (Wellington Market Company plc) accept
responsibility for this announcement.
END
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