Interim Results
10 Setembro 2004 - 4:01AM
UK Regulatory
RNS Number:8159C
Johnson Service Group PLC
10 September 2004
10 September 2004
JOHNSON SERVICE GROUP PLC
INTERIM RESULTS FOR THE 26 WEEKS TO 26 JUNE 2004
Johnson delivers as progress continues
HIGHLIGHTS
* Turnover from continuing operations, excluding costs recharged to
customers, increased to #125.7m (2003: #96.0m).
* Adjusted operating profit from continuing operations (excluding
goodwill amortisation) increased to #14.0m (2003: #12.9m).
* Adjusted pre-tax profit (excluding goodwill amortisation and
exceptional items) up 8% at #12.1m (2003: #11.2m).
* Adjusted fully diluted EPS increased by 4.3% to 14.6p (2003: 14.0p).
* Pre-tax profit was #8.9m (2003: Loss #5.5m).
* Net debt of #43.7m as at 26 June 2004 (December 2003: #43.4m).
* Interim dividend increased by 5% to 4.2p (2003:4.0p).
* Acquisitions performing well.
Simon Sherrard, Chairman, said "We have again delivered on our plans and will
continue to pursue our stated strategy of organic growth and selective
acquisition. Overall, I am very encouraged by the progress that we have made
during the first six months of the year. The two months of the second half year
have continued this trend and I anticipate a satisfactory outcome for the year
as a whole. "
Enquiries:
Johnson Service Group PLC
Stuart Graham, CEO Tel: 020 7796 4133 on Friday 10 September 2004 only
Mike Sutton, CFO thereafter on 0151 933 6161
gcg hudson sandler
Michael Sandler Tel: 020 7796 4133
Sandrine Boussard
James Benjamin
CHAIRMAN'S STATEMENT
During the first half of 2004, we have again delivered on our plans and will
continue to pursue our stated strategy of organic growth supported by selective
acquisition. We invested in our established businesses, implemented operating
efficiencies and made targeted acquisitions in areas that offer attractive long
term growth potential.
GROUP RESULTS AND DIVIDEND
The Group results for the six months to 26 June were in line with expectations.
Total turnover was #168.7million (2003: #110.3million) and operating profit was
#10.8million (2003: #10.8million). Turnover from continuing operations
(excluding costs recharged to customers) was #125.7million (2003: #96.0million)
and adjusted operating profit from continuing operations (which excludes
goodwill amortisation) was #14.0million (2003: #12.9million), an increase of
8.5%.
Profit before tax was #8.9million (2003: loss #5.5million) and fully diluted
earnings per share were 9.1p (2003: loss 9.5p). Adjusted pre-tax profit (which
excludes goodwill amortisation and, in 2003, exceptional items) was #12.1million
(2003: #11.2million) and adjusted fully diluted earnings per share (which
excludes goodwill amortisation and, in 2003, exceptional items and a tax credit
relating to previous years) were 14.6p (2003: 14.0p).
The net interest charge was #1.9million (2003: #2.2million) reflecting the
Group's lower level of debt compared to the first half of 2003. The interest
charge was covered over seven times by adjusted operating profit.
Net debt at 26 June was #43.7million. Since the end of the period we have
acquired Dimensions Holdings Limited for #24 million in cash and loan notes, of
which #21.7 million was paid in cash.
The Board has decided to pay an increased interim dividend of 4.2p (2003: 4.0p)
per share.
DIVISIONAL TRADING RESULTS
Textile and Hospitality Services
Turnover from continuing operations increased by 8.1% to #65.1million (2003:
#60.2million), though operating profit before goodwill amortisation was 7.9%
lower than in the first half last year at #8.2million (2003: #8.9million). The
reduction in turnover and operating profit in Johnsons Apparelmaster masks the
increases achieved in our other businesses.
Our actions to strengthen the Johnsons Apparelmaster management and invest in
both improved customer service and more effective selling have delivered
significant and sustainable improvement in new sales performance. However, this
has only partly offset the continued effects of wearer attrition in our
traditional customer base, an industry trend identified by us two years ago,
particularly in the manufacturing sector of the Midlands and North. This
attrition has created a highly competitive market environment but we are, and
will remain, ahead in addressing the effects of this. Our restructured sales
team is now operating at full strength and we expect to see increasing benefit
from their activities over the coming months. Simultaneously and with equal
importance, we continue to identify cost reductions and production efficiency
improvements which will contribute to the stabilisation of profitability in this
business.
The strong growth achieved by Stalbridge Linen Services in recent years has
continued. We are having considerable success in developing new accounts where
quality and service is a requirement, areas where we see long-term growth
potential.
CCM, our garment sourcing business, has also continued its growth, expanding
product range through a further small acquisition with other potential lines
having been identified. Importantly, CCM has expanded its reach in the sourcing
and supply chain to our business.
Our hospitality services business which was acquired in December 2003, and which
now trades under the Johnson Hospitality Services name, performed to
expectations. The range of product on offer was expanded in April 2004 through
the acquisition of HSS Events Hire and we are now the UK's largest hospitality
and event hire company.
Each of the businesses within this division are at the forefront of the markets
they serve.
Drycleaning
Turnover was #41.4million (2003: #35.8million) and operating profit before
goodwill amortisation increased by 12.5% to #4.5million (2003: #4.0million). In
particular our Johnsons drycleaning business performed well within a somewhat
challenging market, achieving an encouraging sales increase that reflected the
quality and range of the services we offer. The roll-out of the GreenEarth(R)
process has continued with over 150 shops now converted. A new EPOS system has
also been introduced which will further improve our database and marketing and
allow further initiatives.
In May we acquired the Sketchley high street drycleaning shops for a nominal #1,
thereby strengthening our coverage in the South and South East of England. The
refurbishment and reorganisation of the acquired shops is under way but it will
take time for them to be fully integrated into the Johnson portfolio. It is
intended that the Sketchley brand will be retained within the London area. The
estimated cost of reorganisation is #2million which will be incurred in the
second half and charged as an exceptional operating cost.
We are revitalising the Jeeves of Belgravia brand with a new shop design being
developed. A new branch in central London has opened and we intend to expand
into other suitable locations.
Facilities Management and Specialist Supplies
Turnover excluding costs recharged to customers from Johnson Workplace
Management and Alex Reid was #19.2million and operating profit excluding
goodwill amortisation was #1.3million.
Johnson Workplace Management continues to perform well and achieved good growth.
The head office has been relocated, contributing to a reduction in overhead.
We are expanding the range of services offered to clients and are currently
developing these offerings across the country.
Our Alex Reid business supplying consumables to the clothes care sector produced
good results despite a difficult trading period for the UK drycleaning industry
as a whole. We have begun marketing the innovative GreenEarth(R) cleaning
technology to independent drycleaners in the UK and Ireland and initial reaction
has been very positive.
SUBSEQUENT EVENTS
In July we acquired Dimensions, the UK's leading supplier of corporatewear, for
a maximum consideration of up to #27.4million including performance related
deferred consideration. This acquisition expands the range of textile-related
services we offer, making Johnson Service Group the country's clear market
leader in both corporate and workwear, and takes us into a market where we see
considerable growth potential.
THE BOARD
We were pleased to welcome Simon Moate and Michael Del Mar to the Board on 12
May 2004. Simon (42), who joined the Group in 2002, has executive
responsibility for corporate strategy and for our facilities management and
specialist supplies division. Michael (58) has extensive experience of
corporate finance as a former investment banker, and joins us an additional
independent non-executive director.
OUTLOOK
We will continue to pursue our stated strategy of organic growth and selective
acquisition. Management and employees will benefit from and participate in our
success as we continue to introduce incentive schemes at all levels.
In the Johnsons Apparelmaster business, we are focusing on new sales, product
development and cost reduction to mitigate the effects of contraction in our UK
manufacturing customer base, with the aim of stabilising profitability. The
other businesses within the textile and hospitality services division address
growing markets and prospects are good. Our facilities management and
specialist supplies division is continuing to expand its customer base as well
as developing additional services all organically. We expect our drycleaning
business to continue to benefit from our various initiatives and from the
re-organisation and subsequent integration of the Sketchley portfolio.
The re-positioning of the Group through strong organic growth, coupled with
acquisition growth, has reduced our dependency on the traditional workwear
rental market of Johnsons Apparelmaster. We are now, therefore, no longer as
reliant on any one of the Group's businesses. At this time, all other than
Johnsons Apparelmaster are performing very well and are either market leaders or
significant players in their respective sectors.
During this my first year as Chairman I have visited many of our businesses as
indeed have a number of my Board colleagues. A great amount of activity has
taken place over the last two years and there is significant enthusiasm for the
future throughout the Group. I must say a large thank you to all our employees
who contribute to the Group in so many different ways.
Overall, I am very encouraged by the progress that we have made during the first
six months of the year. The first two months of the second half year have
continued this trend and I anticipate a satisfactory outcome for the year as a
whole.
Simon P Sherrard
Chairman
JOHNSON SERVICE GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
Note 2004 2003 2003
#m #m #m
2 TURNOVER
Continuing 168.7 96.0 213.3
Discontinued - 14.3 18.3
TOTAL TURNOVER 168.7 110.3 231.6
Costs recharged to customers (43.0) - (12.0)
Turnover excluding costs recharged to customers 125.7 110.3 219.6
2 OPERATING PROFIT BEFORE GOODWILL AMORTISATION
Continuing 14.0 12.9 26.4
Discontinued - 0.5 0.7
Total 14.0 13.4 27.1
Amortisation of goodwill (3.2) (2.6) (5.0)
OPERATING PROFIT
Continuing 10.8 11.1 22.4
Discontinued - (0.3) (0.3)
Total 10.8 10.8 22.1
3 EXCEPTIONAL ITEMS
Disposal of businesses (discontinued) - (14.1) (9.2)
Gain on disposal of property (discontinued) - - 0.8
2 PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST 10.8 (3.3) 13.7
Net interest (1.9) (2.2) (4.0)
2 PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 8.9 (5.5) 9.7
5 Tax on profit/(loss) on ordinary activities (3.6) - (2.8)
PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 5.3 (5.5) 6.9
6 Dividends (2.4) (2.3) (10.0)
9 RETAINED PROFIT/(LOSS) FOR THE PERIOD 2.9 (7.8) (3.1)
4 PROFIT BEFORE TAX EXCLUDING GOODWILL AMORTISATION AND 12.1 11.2 23.1
EXCEPTIONAL ITEMS
JOHNSON SERVICE GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT (continued)
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
Note 2004 2003 2003
#m #m #m
6 RATES OF DIVIDEND PER SHARE
Ordinary shares of 10p each:-
Interim - paid - 4.0p 4.0p
Interim - proposed 4.2p - -
Final - paid - - 13.6p
7 EARNINGS/(LOSS) PER SHARE
BASIC 9.3p (9.6)p 12.3p
FULLY DILUTED 9.1p (9.5)p 12.2p
7 ADJUSTED EARNINGS PER SHARE*
BASIC 14.8p 14.1.p 28.9p
FULLY DILUTED 14.6p 14.0p 28.7p
* As detailed in note 7
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Profit/(loss) for the period 5.3 (5.5) 6.9
Charge for share options - - 0.1
Currency translation differences on foreign currency - 0.2 0.1
net investments
Total gains and losses recognised since last annual 5.3 (5.3) 7.1
report
JOHNSON SERVICE GROUP PLC
CONSOLIDATED BALANCE SHEET
26 JUNE 28 JUNE 27 DECEMBER
Note 2004 2003 2003
#m #m #m
Restated Restated
FIXED ASSETS
Goodwill 86.8 67.8 89.8
Tangible fixed assets:
Property, plant and equipment 65.6 73.7 64.2
Rental items 22.3 25.4 21.4
87.9 99.1 85.6
174.7 166.9 175.4
CURRENT ASSETS
Stocks 9.7 8.7 8.8
Debtors:
Amounts falling due within one year 55.5 34.2 47.7
Amounts falling due after more than one year 10.7 6.3 5.8
66.2 40.5 53.5
Cash at bank and in hand 8.4 1.2 2.2
84.3 50.4 64.5
CURRENT LIABILITIES
Creditors:
Amounts falling due within one year (77.7) (40.5) (71.0)
NET CURRENT ASSETS/(LIABILITIES) 6.6 9.9 (6.5)
TOTAL ASSETS LESS CURRENT LIABILITIES 181.3 176.8 168.9
Creditors:
Amounts falling due after more than one year (55.6) (64.0) (49.1)
PROVISIONS FOR LIABILITIES AND CHARGES (17.3) (13.2) (14.9)
NET ASSETS 108.4 99.6 104.9
CAPITAL AND RESERVES
Called-up share capital 5.8 5.7 5.7
9 Share premium account 8.5 7.4 8.0
9 Revaluation reserve 8.3 9.4 8.5
9 Other reserves 2.1 2.1 2.1
9 Profit and loss account 83.7 75.0 80.6
10 SHAREHOLDERS' FUNDS 108.4 99.6 104.9
The Interim Statement was approved by the
Board of Directors on 10th September 2004
JOHNSON SERVICE GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
Note 2004 2003 2003
#m #m #m
Operating profit 10.8 10.8 22.1
Depreciation and goodwill amortisation 13.9 16.4 30.3
Working capital and other items (net) (0.7) 0.6 0.5
NET CASH INFLOW FROM OPERATING ACTIVITIES 24.0 27.8 52.9
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Net interest paid (1.6) (2.5) (4.4)
Issue costs of new bank loans - (0.2) (0.3)
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND (1.6) (2.7) (4.7)
SERVICING OF FINANCE
TAXATION
Tax paid (net) (2.3) (3.5) (6.9)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets - property, (3.0) (2.2) (5.2)
plant and equipment
Receipts from sales of tangible fixed assets - property, 1.0 0.9 4.1
plant and equipment
Payments to acquire tangible fixed assets - rental items (8.6) (10.2) (19.8)
Proceeds from tangible fixed assets - rental items 2.3 2.5 4.8
withdrawn from circulation
NET CASH OUTFLOW FOR CAPITAL EXPENDITURE AND FINANCIAL (8.3) (9.0) (16.1)
INVESTMENT
FREE CASHFLOW 11.8 12.6 25.2
ACQUISITIONS AND DISPOSALS
Payments to acquire businesses, net of cash balances (2.1) (4.5) (23.1)
acquired
Receipts from disposal of businesses, net of cash 0.2 - 28.7
balances disposed
NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS (1.9) (4.5) 5.6
JOHNSON SERVICE GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
Note 2004 2003 2003
#m #m #m
EQUITY DIVIDENDS PAID (7.8) (7.7) (10.0)
CASH INFLOW BEFORE FINANCING 2.1 0.4 20.8
FINANCING
Issue of Ordinary share capital 0.6 0.1 0.7
Debt due in more than one year:
Loans repaid (0.3) (42.6) (62.4)
New loans advanced 4.0 46.0 46.0
Capital element of payments under finance agreements (0.2) (0.4) (0.6)
NET CASH INFLOW/(OUTLFOW) FROM FINANCING 4.1 3.1 (16.3)
11 INCREASE IN CASH IN PERIOD 6.2 3.5 4.5
JOHNSON SERVICE GROUP PLC
NOTES
1. Change in Accounting Policy
The Accounting Standards Board has issued Urgent Issues Task Force ("UITF")
Abstract 38 "Accounting for ESOP Trusts" which supersedes UITF Abstract 13 and
requires presentation of an entity's own shares held in an ESOP trust to be
deducted in arriving at shareholders' funds as opposed to being recognised as
assets. The Group has changed its accounting policy in respect of its trust to
comply with the provisions of the Abstract. The impact of adopting UITF 38 was
to reduce investments and shareholders' funds by #0.4million as at 28th June
2003 and 27th December 2003.
2. Segmental Information
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Turnover
Continuing
Textile and Hospitality Services 65.1 60.2 122.4
Drycleaning 41.4 35.8 73.5
Facilities Management and Specialist Supplies 62.2 - 17.4
Total continuing 168.7 96.0 213.3
Discontinued
UK - Textile rental - 4.6 6.1
IR - Textile rental - 9.7 12.2
Total discontinued - 14.3 18.3
168.7 110.3 231.6
Turnover excluding costs recharged to customers
Continuing
Textile and Hospitality Services 65.1 60.2 122.4
Drycleaning 41.4 35.8 73.5
Facilities Management and Specialist Supplies 19.2 - 5.4
Total continuing 125.7 96.0 201.3
Total discontinued (as above) - 14.3 18.3
125.7 110.3 219.6
Operating profit before goodwill amortisation
Continuing
Textile and Hospitality Services 8.2 8.9 18.0
Drycleaning 4.5 4.0 8.0
Facilities Management and Specialist Supplies 1.3 - 0.4
Total continuing 14.0 12.9 26.4
Discontinued
UK - Textile rental - 0.2 0.3
IR - Textile rental - 0.3 0.4
Total discontinued - 0.5 0.7
14.0 13.4 27.1
2. Segmental Information / Continued ....
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Profit / (loss) before taxation
Continuing
Textile and Hospitality Services 6.2 7.2 14.6
Drycleaning 4.1 3.9 7.6
Facilities Management and Specialist Supplies 0.5 - 0.2
Total continuing 10.8 11.1 22.4
Discontinued
UK - Textile rental - (3.8) 1.5
IR - Textile rental - (10.6) (10.2)
Total discontinued - (14.4) (8.7)
10.8 (3.3) 13.7
Interest (1.9) (2.2) (4.0)
Profit / (loss) before taxation 8.9 (5.5) 9.7
In respect of discontinued operations in 2003 UK Textile rental represents the
results of Johnson Washroom Services Ltd (JWS) and Central Laundries Ltd
(Central) and IR Textile rental of Connacht Court Group Ltd (CCG) up to the date
of disposal. The results for the period to 28 June 2003 have been re-presented
to include Central within discontinued operations.
There is no material difference between turnover by origin and by destination.
3. Exceptional Items
The loss on disposal of businesses in 2003 represents the loss on disposal of
CCG and Central and the gain on the disposal of JWS.
No taxation arises on the exceptional items.
4. Adjusted Profit Before Tax
The reconciliation of profit before tax and adjusted profit before tax is as
follows:
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Profit / (loss) on ordinary activities 8.9 (5.5) 9.7
before taxation
Add goodwill amortisation 3.2 2.6 5.0
Add exceptional items - 14.1 8.4
Adjusted profit before tax 12.1 11.2 23.1
5. Tax on Profit on Ordinary Activities
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Taxation has been estimated at:
CURRENT TAX
UK corporation tax charge for the period 3.3 3.2 5.8
Adjustment in relation to previous years - (3.2) (4.5)
(see note 7)
Current tax charge for the period 3.3 - 1.3
DEFERRED TAX
Deferred tax charge for the period 0.3 - 1.5
Total charge for taxation 3.6 - 2.8
The adjustment in the periods of 26 weeks to June 2003 and 52 weeks to December
2003 include #3.2 million and #3.9 million, respectively, in relation to the
agreement of specific, non recurring matters with the Inland Revenue.
6. Dividends
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Dividend on Ordinary shares 2.4 2.3 10.0
The interim dividend, of 4.2p, on Ordinary shares will be paid on 22nd October
2004 to those Shareholders registered in the books of the Company at 1st October
2004.
7. Earnings Per Share
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Profit / (loss) attributable to Ordinary 5.3 (5.5) 6.9
Shareholders
Exceptional items (net of taxation) - 14.1 8.4
Tax credit relating to prior periods - non routine - (3.2) (3.9)
(see note 5)
Goodwill amortisation 3.2 2.6 5.0
Adjusted profit attributable 8.5 8.0 16.4
Weighted average number of Ordinary shares 57,366,096 56,894,476 56,940,711
Fully diluted number of Ordinary shares 58,335,967 57,233,861 57,449,593
Adjusted earnings per share figures exclude the effects of goodwill
amortisation, exceptional items (net of taxation), and, in 2003, the
non-recurring tax credit relating to the agreement of specific matters in prior
periods and are considered to show the underlying results of the Group.
8. Acquisitions
Several acquisitions, with a total cash consideration payable of #2.1million and
deferred consideration payable of #3.0million, have been completed in the period
to 26th June 2004 on which goodwill estimated at #0.2million arises.
Sketchley Services Ltd (Sketchley) was acquired on 18th May 2004 for a nominal
cash consideration of #1 plus deferred consideration. Sketchley will benefit
from the potential tax benefits which may arise from the future utilisation of
brought forward trading losses. If such tax benefits are realised deferred
consideration, representing a proportion of such potential tax benefits which
are expected to arise, will be payable to the Vendor.
The Directors have currently estimated that the potential tax benefits that may
be realised are #5.1million arising between 2007 and 2010. This amount has been
recognised as a deferred tax asset, falling due after more than one year, but
within current assets. If this benefit is realised the deferred consideration
payable will be #3.0million and this has been recognised as an amount due after
more than one year. Any future amendments to these estimates will change the
goodwill recognised in respect of this acquisition.
9. Reserves
Other Reserves
Share Revaluation Capital Merger Profit & loss
premium reserve redemption reserve account
account reserve (restated)
#m #m #m #m #m
At 27th December 2003 - as 8.0 8.5 0.6 1.5 81.0
previously reported
Prior year adjustment - UITF - - - - (0.4)
38
At 27th December 2003 as 8.0 8.5 0.6 1.5 80.6
restated
Premium on issue of shares 0.5 - - - -
Profit for period - - - - 2.9
Transfer of realised profits - (0.2) - - 0.2
At 26th June 2004 8.5 8.3 0.6 1.5 83.7
10. Reconciliation of Movement in Shareholders' Funds
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
(restated) (restated)
Profit / (loss) for the period 5.3 (5.5) 6.9
Dividends (2.4) (2.3) (10.0)
2.9 (7.8) (3.1)
Other recognised gains and losses relating to the - 0.2 0.1
period
Movement in share capital 0.1 - -
Share premium 0.5 0.1 0.7
Charge for share options - - 0.1
Net addition / (reduction) to Shareholders' funds 3.5 (7.5) (2.2)
Opening Shareholders' funds, as previously stated 105.3 107.5 107.5
Prior year adjustment - UITF 38 (note 1) (0.4) (0.4) (0.4)
Opening Shareholders' funds, as restated 104.9 107.1 107.1
Closing Shareholders' funds 108.4 99.6 104.9
11. Reconciliation of Net Cash Flow to Movement in Net Debt
26 WEEKS 26 WEEKS 52 WEEKS
26 JUNE 28 JUNE 27 DECEMBER
2004 2003 2003
#m #m #m
Increase in cash in the period 6.2 3.5 4.5
Cash (inflow) / outflow on change in debt and lease (3.5) (2.8) 17.3
financing
Change in net debt resulting from cash flows 2.7 0.7 21.8
Finance leases - new (2.6) (0.9) (1.1)
Amortisation of issue costs of bank loans (0.1) - (0.1)
Issue of loan notes - - (0.9)
Loans and leases acquired with businesses (0.3) - (0.1)
Leases disposed with businesses - - 0.3
Exchange movement - (1.1) (1.4)
Movement in net debt in period (0.3) (1.3) 18.5
Opening net debt (43.4) (61.9) (61.9)
Closing net debt (43.7) (63.2) (43.4)
12. Analysis of Net Debt
At 27 Cash Acquisitions Other At 26
December flow (excl cash) non-cash June
2003 changes 2004
#m #m #m #m #m
Cash in hand and at bank 2.2 6.2 - - 8.4
Debt due after more than one year (44.7) (3.7) (0.3) (0.1) (48.8)
Finance leases (0.9) 0.2 - (2.6) (3.3)
(3.5)
Total (43.4) 2.7 (0.3) (2.7) (43.7)
Non-cash changes represent new finance leases and the effects of amortising
issue costs relating to bank loans.
13. Post Balance Sheet Events
On 15th July 2004 the Group acquired the issued share capital of Dimensions
Holdings Ltd and its subsidiary undertakings for an initial consideration of
#21.7million in cash and #2.3million in loan notes. Deferred consideration of
up to #3.4million is payable in 2005 and 2006 dependent upon the achievement of
certain profit targets.
14. Preparation of Interim Financial Information
The interim results have been prepared on the basis of accounting policies set
out in the Group's 2003 statutory accounts other than for the change arising on
the implementation of UITF Abstract 38 "Accounting for ESOP Trusts". The profit
and loss accounts, balance sheets and cash flow statements as at June 2004 and
June 2003, as restated, are unaudited and have not been reviewed by the
auditors. The financial information does not amount to full accounts within the
meaning of Section 240 of the Companies Act 1985 (as amended).
The profit and loss account, balance sheet and cash flow statement for December
2003, as restated, are abridged from the Group's full accounts for that year.
Those accounts received an unqualified audit report and have been filed with the
Registrar of Companies. The auditors' report did not contain a statement under
Section 237 (2) or (3) of the Companies Act 1985 (as amended).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BKLLBZKBFBBZ
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