RNS Number:8766D
Walker (Thomas) PLC
08 October 2004
Thomas Walker PLC (the "Company" or the "Group")
Preliminary statement of results for the year ended 30 June 2004
Chairman's Review
The trading results for the year ending 30 June 2004 relate to the activities of
Thomas Walker PLC only in that they do not incorporate the results of Guests
Brass Stamping Company Ltd ("Guests"), which was acquired on 30 June 2004. The
assets and liabilities have been consolidated in the Group's year end balance
sheet.
Pre-Tax Profits of #1,697,860 (2003 - #197,666) were dominated by the
exceptional profit arising from the sale of the St Paul's Square freehold
property in Birmingham. This surplus has subsequently been reinvested in the
acquisition of Guests.
At the operating level, sales remained constant at #3,785,767 (2003: #3,749,017)
but the headline profit fell to #128,021 (2003: #190,250). This is after costs
of holding an EGM and an exceptional payment to bring the Company Pension Fund
into balance at this time.
Excluding these items, the underlying operating profit was #178,021 - a 6.4%
decline on the comparable result in 2003 (#190,250).
Thomas Walker's two core trades report differing fortunes with the garment
accessory business reflecting the much publicised problems of the High Street
retailers. Following the overall decline in garment sales, further rounds of
non-negotiable discounts have been imposed on manufacturers. This is in spite of
substantial increases in raw material prices.
The personal identity and security trades continue to show commendable growth -
in part through expansion into Continental Europe - and margins have been
maintained. The enhanced profitability of this trade has not been sufficient to
offset the decline in garment accessories.
The acquisition of Guests Brass Stamping Company Ltd in Birmingham gives Thomas
Walker the means of further diversification away from trades, which are
dominated by the garment industry. Benefits should accrue over the coming year.
Taking an overall view of the Company's operations and likely trends this coming
year, the Board is pleased to recommend a final dividend of 0.65p per share thus
yielding an overall dividend of 0.80p per share for the year. This compares with
a total dividend of 0.73p per share for the year ending June 2003.
Following the acquisition of Guests, the Company has restructured its operations
to enhance precision and clarity in managerial responsibility and control. With
effect from 1 July 2004, Thomas Walker PLC has become a holding company and the
subsidiary companies will now operate independently within the Group.
Bryan C Knight
Chairman
8 October 2004
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2004
Year ended Year ended
30/06/04 30/06/03
# #
Turnover 3,785,767 3,749,017
Net operating expenses (3,657,746) (3,558,767)
Operating profit 128,021 190,250
Gain on the disposal of freehold property 1,554,824 -
Operating profit 1,682,845 190,250
Bank interest receivable 36,221 12,873
Bank interest payable (21,206) (5,457)
Profit on ordinary activities before taxation 1,697,860 197,666
Taxation (65,881) (68,683)
Profit on ordinary activities after taxation 1,631,979 128,983
Dividends (49,280) (44,968)
Retained profit for the year 1,582,699 84,015
Earnings per share - basic and diluted 26.49p 2.09p
All results in the year were from continuing operations
NOTE OF HISTORICAL COST PROFITS AND LOSSES
2004 2003
for the year ended 30 June 2004
Reported profit on ordinary activities before taxation 1,697,860 197,666
Realisation of property revaluation gains of previous years 489,770 -
2,197,630 197,666
Historical cost profit for the year retained after taxation, 2,072,469 84,015
dividends and other appropriations
Group statement of total recognised gains and losses
2004 2003
for the year ended 30 June 2004
Profit for the financial year attributable to members of the 1,631,979 128,983
parent company
Exchange difference on retranslation of net assets of 2,992 3,030
subsidiary undertakings
Total recognised gains and losses relating to the year 1,634,971 132,013
Group balance sheet
at 30 June 2004
Year ended Year ended
30/06/04 30/06/03
# #
Fixed assets
Intangible assets 402,529 81,660
Tangible assets 2,602,698 2,299,902
Investments 104 104
3,005,331 2,381,666
Current assets
Stocks 763,755 860,485
Debtors 2,259,992 1,381,608
Short term deposits - -
Cash at bank and in hand 580,891 308,860
3,604,638 2,550,953
Creditors: amounts falling due within one year (2,229,904) (2,203,645)
Net current assets 1,374,734 347,308
Total assets less current liabilities 4,380,065 2,728,974
Deferred income (5,700) -
Provisions for liabilities and charges (63,282) (3,582)
4,311,083 2,725,392
Capital and reserves
Called up share capital 308,000 308,000
Share premium account 15,200 15,200
Revaluation reserve - 489,770
Profit and loss account 3,987,883 1,912,422
Equity Shareholders' Funds 4,311,083 2,725,392
Group statement of cash flow
for the year ended 30 June 2004
2004 2003
# # # #
Net cash inflow from operating activities 347,629 72,757
Returns on investments and servicing of
finance
Interest received 36,221 12,873
Interest paid (21,206) (5,457)
15,015 7,416
Taxation
Corporation tax paid (60,102) (61,233)
Repayment of prior year corporation tax 10,565 -
(49,537) (61,233)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (916,861) (1,616,216)
Payments to acquire intangible fixed assets (536) (12,887)
Receipts from sales of tangible fixed assets 2,131,803 2,250
Net cash inflow/(outflow) from capital 1,214,406 (1,626,853)
expenditure and financial investment
Acquisitions and disposals
Purchase of subsidiary undertaking (1,325,410) -
Net cash acquired with subsidiary 414,896 -
undertaking
(910,514) -
Equity dividends paid (44,968) (40,656)
Net cash inflow/(outflow) before management 572,031 (1,648,469)
of liquid resources and financing
Management of liquid resources
Decrease in short term deposits - 460,000
Financing
Repayment of bank loan (1,300,000) -
Proceeds from new bank loan 1,000,000 1,300,000
Net cash (outflow)/inflow from financing (300,000) 1,300,000
Increase in cash in the year 272,031 111,431
Dividends will be paid on 12 November 2004 to those shareholders on the Register
at the close of business on 22 October 2004.
The abridged financial information set out above does not constitute the Group's
statutory accounts as defined under Section 240 of the Companies Act 1985. The
auditors have not yet made a report under Section 235 of the Companies Act 1985
on the financial statements for the year ended 30 June 2004 from which the
financial information is extracted, and consequently full accounts for the
period have not been filed at Companies House.
The report of the auditors on the accounts for the year ended 30 June 2003 was
unqualified and there was no statement under either Section 237(2) or Section
237(3). Full accounts for the year ended 30 June 2003 have been filed at
Companies House.
The trading results for the year ending 30 June 2004 relate to the activities of
Thomas Walker PLC only in that they do not incorporate the results of Guests
Brass Stamping Company Ltd, which was acquired on 30 June 2004. The assets and
liabilities acquired have been consolidated in the Group's year end balance
sheet.
This announcement was approved by the Board of Directors on 8 October 2004.
The Annual General Meeting will be held on Wednesday 10 November 2004 at 12 noon
at The Birmingham Hippodrome Theatre, Hurst Street, Birmingham.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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