Preliminary Results

Carclo PLC 17 June 2002 Preliminary results for the year ended 31 March 2002 Key points * Major rationalisation of UK operations undertaken in year following collapse in telecoms markets. * Underlying operating profits down 42% at £6.7 million (2001 - £11.5 million). * After exceptional charges amounting to £21.0 million, loss before tax was £18.5 million (2001 - profit before tax £8.6 million). * Debt reduced by £5.8 million from half year. Focus on debt reduction means no dividend declared. * Remaining telecoms business has now been stabilised with annualised sales running at £9.0 million. * Specialised plastics operations in the UK and USA made good progress in medical and optical markets. * Globalisation of technical plastics business on track with China and Czech Republic facilities commissioned in the year. Commenting on the results, George Kennedy, Chairman said: 'Demand across the group stabilised in the last quarter of the year. The new financial year has started well in the USA and there are positive signs of growth in our medical and optical businesses and in card clothing. Our UK plastics operations still have some work to do to reap the full benefits of the recent rationalisation. After a very difficult and disappointing year, the prompt corrective action leaves the group considerably better positioned to address its markets and the board looks forward with confidence to the coming year.' For further information, please contact: Carclo plc On 17 June: 020 7950 2800 Ian Williamson, Chief Executive Thereafter: 01924 330500 Chris Mawe, Finance Director Weber Shandwick Square Mile 020 7950 2800 Richard Hews Trish Featherstone There will be a presentation to analysts at 9.30am today at the offices of Weber Shandwick Square Mile, Aldermary House, 15 Queen Street, EC4. Chairman's statement __________________________________________________________________ Overview This past year has been one of the most challenging faced by the group. As detailed in the chief executive's review, the significant downturn in demand in the telecoms industry hit us hard. We reacted quickly to the situation, closing our main telecoms factory in Scotland, reducing the cost base at CTP Alan and rebalancing demand within the remaining UK moulding facilities. This has been a painful process and we have charged to the profit and loss account a net £21.0 million in exceptional costs. The finance director's review gives details of these charges. After exceptional charges the loss before tax of £18.5 million is clearly a major disappointment. Sales in the year to 31 March 2002 from our continuing operations decreased by over 3% to £126.4 million compared to last year. Underlying operating profits on the same basis decreased by over 40% reflecting lower activity in all our operations and a loss of £0.6 million from CTP Alan in its first full year of our ownership. The transformation of Carclo continued with the international expansion of our technical plastics business in China and the Czech Republic. The disposal of our nylon coated wire business to Bekaert leaves our specialist wire division focused on its world leading, high quality card clothing products. Dividend We stated in our Interim report that the board of Carclo believes that shareholders will be best served by a determined focus on debt reduction to protect the overall value of the group. In the six months since the interim report, debt has reduced by £5.8 million. However, more needs to be done and we still need to see a sustainable profits recovery following the substantial reorganisation undertaken last year. Therefore your board has decided not to recommend a final dividend for the year just finished. Financial position Net debt at 31 March 2002 was £44.3 million, a modest increase of £0.6 million since 31 March 2001. This was a creditable performance in the circumstances and represents a gearing level of 89%. At 31 March 2002 the group had cash and unutilised assured medium term facilities of £61.9 million. The undrawn term facilities have an average life of five years remaining. Since the year end we have repaid £6.2 million of the US Private Placement 6.8% Loan Notes at par. Employees The current trading environment has meant a substantial reduction in the number of people employed within the group. Overall Carclo now has 2,300 employees compared with 2,940 at the start of the year. I wish to express my thanks for the hard work carried out by all employees, past and present, during what has been a difficult time. It is now appropriate that we reduce our central costs and, accordingly, Tez Kurwie, executive director responsible for UK technical plastics, will be stepping down from the board with immediate effect. Tez has borne the brunt of the reorganisation undertaken this year and has served the company well. Outlook Demand across the group stabilised in the last quarter of the year. The new financial year has started well in the USA and there are positive signs of growth in our medical and optical businesses and in card clothing. Our UK plastics operations still have some work to do to reap the full benefits of the recent rationalisation. After a very difficult and disappointing year, the prompt corrective action leaves the group considerably better positioned to address its markets and the board looks forward with confidence to the coming year. George Kennedy 17 June 2002 Chief executive's review __________________________________________________________________ This has been a difficult and very disappointing year. The collapse of telecom markets has had a severe impact on the group and required major reorganisation of our UK operations. Underlying operating profits from continuing operations dropped by over 40% to £6.7 million, but exceptional charges amounting to £21.0 million took the group to a substantial loss. Production of mobile handsets peaked in July 2000 and then fell sharply towards the end of 2000. In early 2001 demand for our specialised connector and optical products fell sharply and, after a brief and tentative recovery in mid 2001, spiralled further down in the second half of 2001. The effect on the group has been severe. On an annualised basis approximately £13.0 million of telecom related revenues has been lost, with a contribution to fixed costs of approximately £4.8 million. So far we have reduced our fixed cost base by approximately £3.1 million, closing two plants within the UK with a loss of over 200 jobs. Our remaining telecom business has now stabilised, annualised sales are running at approximately £9.0 million and, whilst prospects for the longer term remain positive, we do not expect to see any significant short term recovery. This industry specific problem occurred against an unhelpful background of global economic weakness. As a consequence underlying profit from ongoing operations fell by 42%. Carclo technical plastics __________________________________________________________________ 2002 2001 __________________________________________________________________ Turnover £98.4m £100.6m Underlying operating profit £5.8m £10.0m Net assets £51.0m £45.9m Operating profit on turnover 5.9% 9.9% Operating profit on net assets 11.3% 21.7% Average number of employees 1,882 2,056 __________________________________________________________________ Outside of telecoms the plastics businesses continued to develop, winning new contracts for office equipment products and automated teller machines. Our specialised plastics operations in UK and USA made good progress in medical and optical markets. Medical, in particular, was unaffected by the global economic malaise and delivered good sales and profit growth. Our optical plastics business has benefited from the move to the new factory in Slough and we are developing an exciting pipeline of new products and technologies. The automotive product businesses benefited from new products and growth in our specialist communications and lighting businesses. However, profits were impacted by production problems experienced at CTP Wipac which have now been successfully addressed. We continue to win new contracts for lighting products for high value, prestige sports cars. The Aston Martin Vantage with CTP Wipac lighting was introduced during the year. The pressure to reduce prices in automotive remains very strong. Our global capability within CTP is allowing us to be more flexible in our response to this pressure and during the year we successfully outsourced some of our automotive assembly operations to Hungary. We are also well advanced with the sourcing of cable assemblies from India. These initiatives will help us to sustain our margins in automotive products. Outside of telecoms the plastics businesses proved resilient with significant new contracts for office equipment products and automated teller machines. Strategic progress Although management focus has been mainly on the reorganisation of our telecom related businesses, this was a year of good strategic progress. We commissioned new factories in Brno, Czech Republic and Shanghai, China. The Czech Republic facility, which is modelled on CTP Carrera, is based on the Flextronics Industrial Park in Brno. We agreed the principles of this investment with Flextronics in June 2001 and the factory was commissioned and operational by March 2002. We have invested £1.2 million in the factory and transferred £0.6 million of injection moulding presses from the UK. The workload for this facility is growing strongly. The China facility was originally aimed at telecom connector markets and has accordingly been slower to develop than Czech Republic. The workload is now building and we are transferring further presses from the UK to expand the capacity of our China operations. Behind the scenes we have continued to drive common quality operating and IT systems across the CTP operations. We entered 2002 with Carclo Technical Plastics positioned as one of a handful of integrated, global players. Carclo specialist wire __________________________________________________________________ 2002 2001 __________________________________________________________________ Turnover £28.0m £30.3m Underlying operating profit £2.1m £2.4m Net assets £13.8m £19.7m Operating profit on turnover 7.6% 7.9% Operating profit on net assets 15.4% 12.1% Average number of employees 665 904 __________________________________________________________________ Historically, order intake in card clothing has proved a sensitive, leading indicator of global economic confidence. Order intake started to decline in November 2000, showed a false dawn in May/June 2001, but then continued to decline until January 2002. Order intake is now back on a modestly rising trend. Faced with declining activity, we undertook some further rationalisation in ECC, closing a US wire factory, a German service company and selling a flexible card clothing factory in Holland. Profits were marginally down from the prior year on lower sales, but the business is now well positioned to grow profits in a trading environment which is looking more positive. We plan to further expand our low cost manufacturing base in India during 2002/03. The smaller UK based precision engineering companies performed well. Corporate actions In September we sold our nylon coated wire business, Joseph Sykes Brothers, to Bekaert. Bekaert paid £6.1 million for operating assets of £5.2 million, we retained and collected working capital valued at £1.8 million and have retained the land and buildings valued at £3.2 million. This business was hit hard by the downturn following 11th September and Bekaert have announced the closure of the manufacturing facilities. The site will revert to Carclo at the end of this year and will increase the value of surplus property to £9.3 million. Debt reduction The telecom collapse and the consequential reorganisation expenditure and write offs left the group slightly overgeared. We are therefore very focused on debt reduction. At the operating level the group remains strongly cash generative. Our facilities are well invested and the reduction of UK capacity has released assets for relocation to China and the Czech Republic. Accordingly, our forward capital needs are modest and are likely to remain below depreciation in the medium term. The combination of further property disposals, cash from trading and a much reduced expenditure on reorganisation will significantly reduce debt in the current financial year. Ian Williamson 17 June 2002 Finance director's review ____________________________________________________________________ 2002 2001 £million £million Turnover (continuing) 126.4 130.9 _____________________ Divisional operating profit 7.9 12.3 Central costs, net of pension (1.3) (0.8) _____________________ Underlying operating profit from continuing operations 6.6 11.5 Underlying operating (loss) / profit from discontinued operations (0.1) 2.3 Goodwill amortised (1.0) (1.0) Other non recurring items (21.0) (1.5) Interest (3.0) (2.7) _____________________ (Loss) / profit before tax (18.5) 8.6 Taxation 0.2 (2.9) _____________________ (Loss) / profit attributable to ordinary shareholders (18.3) 5.7 _____________________ Divisional operating margin from continuing operations 6.3% 9.4% Basic earnings per share (35.9p) 10.5p Underlying trading The year was dominated by the slowdown in the telecoms industry which adversely affected the financial performance of the group and required a rationalisation and closure programme to rebalance supply with demand in the UK plastic operations. In addition we have disposed of our nylon coated wire business, Joseph Sykes Brothers. The group is focussed on three clear business sectors, technical plastic manufacturing services, automotive components and specialist wire products. Technical plastic manufacturing services suffered from the severe downturn in the telecoms industry, with under utilisation of plant and high operational gearing causing operating margins in the UK to fall from 7.9% to 3.3% in the year. Our US operations benefited from a move in mix towards higher margin medical work, however, turnover fell by 11.1% primarily as a result of reduced telecoms activities causing operating margins to fall from 16.2% last year to 11.3%. During the year we opened a manufacturing facility in the Czech Republic and continued the development of the CTP Alan facility in China. These two operations were in start up mode and have had minimal impact on the trading results in the year. CTP Alan, acquired in December 2000, contributed losses of £0.6 million on turnover of £3.6 million due to its predominant exposure to the telecoms market. In the year prior to acquisition CTP Alan had made operating profits of £1.6 million on turnover of £7.7 million. A sharp reduction in demand for its high precision tooling meant we had to downsize this business which has now been successfully integrated into the UK mouldings operations. Within discontinued operations are the results of CTP White Knight and CTP Silleck Scotland. We announced the closure of these businesses in September 2001. CTP White Knight was engaged in the manufacture of CD and video boxes. Cheap imports and the exit by Sega from games production made this business non-viable and with no prospect of a return to profitability the business has been closed. CTP Silleck Scotland was our main telecoms manufacturer based in Scotland. Automotive components held up reasonably well with turnover 3.0% down on last year caused by the impact of price downs which were mitigated by efficiency improvements. However, a one off problem associated with the introduction of new projects resulted in margins falling to 6.0% (2001 - 7.6%). Specialist wire benefited from the productivity improvement programme which included the consolidation of our German distribution centre into our UK and French operations and the sale of our flexible card clothing operation in Holland. Demand in total held up well, but compared to last year the division missed the sales it had previously made to Crossrol, the last UK carding machine manufacturer, which closed in 2001. As a result operating margins were broadly similar to last year at 7.6% despite a 7.7% reduction in sales. The other precision engineering companies performed well, holding margins on flat sales. Exceptional items As described in the operational review, the downturn in the telecoms market led to an extensive rationalisation programme. As a result, the group has incurred exceptional costs in the year consolidating its UK plastics businesses, eliminating goodwill on previous acquisitions and reducing surplus capacity in the UK. Actions included the reduction in the number of tool manufacturing sites at CTP Alan and the closure of CTP Silleck Scotland and CTP White Knight, costs of which totalled £12.5 million. Of this £3.7 million is disclosed within operating exceptional items and £8.8 million is disclosed within non operating exceptional items. At the year end the rationalisation is broadly complete and has resulted in book write downs of £7.9 million and cash charges of £4.6 million. After the year end we decided to completely exit the Eastbourne site occupied by CTP White Knight. In line with current accounting standards, the full impairment of these assets has been reflected in the exceptional charge. However, there will be further costs of approximately £1 million in 2002/03 to complete the rationalisation. The low activity levels at CTP Alan have caused us to review the carrying value of the goodwill associated with this acquisition and, as a result, we have written off the full balance amounting to £6.4 million. In common with many other publicly quoted companies, Carclo had acquired its own shares through an employee trust for the purpose of incentivising key employees. The purchase of these shares caps the cost of meeting the obligations. At the year end 0.6 million shares had been acquired at an average price of 127 pence per share. As a consequence of the current share price however, the board considered it prudent to write down the investment. Accordingly a charge of £0.5 million has been provided. A summary of the exceptional items is included below: 2002 2001 £million £million _______________________________________________________________________ Rationalisation of technical plastics operations 3.1 0.2 Rationalisation of specialist wire operations 0.4 0.2 Impairment of surplus fixed assets 0.6 - Provision for diminution in value of own shares 0.5 - Disposal of subsidiary undertaking 1.8 0.1 Loss on termination of operations 8.8 1.1 Profit on disposal of surplus properties (0.6) (0.1) Goodwill impaired on CTP Alan 6.4 - __________________ Total exceptional items 21.0 1.5 __________________ Taxation Due to the large loss, the group is able to credit £0.2 million to the profit and loss account. Expected tax repayments in the UK should more than offset tax payable in the USA with cash flows occurring during 2002/03. Goodwill charged to the profit and loss account is not allowable for tax purposes. This, along with losses on the cessation of overseas businesses not recognised as a deferred tax asset, accounts for the difference between the actual and expected tax charge in the year. The group actively manages its tax exposure in all jurisdictions and adequate provision is made for uncertainties inherent in the tax system or interpretation of the law. Net debt and gearing 2002 2001 £million £million Underlying cash flow 16.9 21.4 Interest and tax (4.3) (5.5) Capital expenditure, other than for expansion (4.2) (2.9) ____________________ Free cash flow 8.4 13.0 Other non recurring (1.9) (0.3) Equity dividends (5.6) (6.0) ____________________ Cash flow available for corporate activities 0.9 6.7 Capital expenditure for expansion (4.6) (6.9) Sale / (purchase) of businesses 3.1 (9.0) Purchase of own shares (net) - (4.5) Exchange movement - (1.9) ____________________ Increase in debt in period (0.6) (15.6) ____________________ Total debt in the period increased marginally by £0.6 million to £44.3 million representing a gearing level of 89%. As a consequence of reduced profitability underlying cash from operations reduced by £4.5 million compared to the prior year. Capital expenditure was at a modest level reflecting the low requirement in our moulding operations as surplus capacity is reduced and assets redeployed across the group. Our Czech Republic facility cost £1.2 million and £0.2 million was invested in China. In addition we have acquired the land and buildings occupied by CTP Wipac at a cost of £3.2 million. During the year we disposed of two specialist wire businesses for £5.2 million. We also paid the last instalment of the deferred consideration on CTP Carrera. Carclo now owns all its operating businesses and there are no further deferred payments in respect of businesses or property. In total the net proceeds from business disposals and acquisitions therefore amounted to £3.1 million which, together with the proceeds from the disposal of surplus properties of £3.0 million, provided sufficient cash to fund the closure and rationalisation programmes. Despite the neutral cash flow in the period, the group balance sheet has been affected by non cash items including the write down of goodwill in respect of CTP Alan and the write down of assets as a part of the extensive rationalisation programme undertaken within the group. As a result a retained loss of £18.3 million has been transferred to reserves and total shareholders funds have reduced to £49.7 million compared to £66.8 million in the prior year. Assets per share have fallen by 26% to 96 pence. At 31 March 2002 we have surplus property with a book value of £9.3 million and the group will be realising these assets when the opportunity arises. Pensions Carclo operates two defined benefit pension schemes, both of which are now closed to new members. These schemes are large due to their maturity with 80% of the scheme liabilities accounted for by current pensions in payment and former employees with deferred rights under the schemes. These accounts are drawn up using the current pensions accounting standard, SSAP 24. During the year a new accounting standard FRS 17 was introduced. This will require Carclo to include the surplus or deficit on its pension funds in the financial statements for the year ending 31 March 2004. This is calculated at the balance sheet date using prescribed corporate bond rates. Carclo have elected to follow the transitional rules under this standard which require us to disclose initially the effect on the balance sheet. Disclosure by way of note to the accounts of the effect on the profit and loss account is required for the year ending 31 March 2003 with full implementation in the year ended 31 March 2004. The table below illustrates the balance sheet impact of applying FRS17 compared to SSAP 24. 2002 2001 FRS17 SSAP24 FRS17 SSAP24 £million £million £million £million ___________________________________________________________________ (Liability) / asset (15.7) 11.7 (1.1) 11.6 Deferred tax 4.7 (3.5) 0.3 (3.5) __________________________________________ (Liability) / asset (11.0) 8.2 (0.8) 8.1 __________________________________________ FRS 17 requires a snapshot view of the position at the balance sheet date. Because the investment markets fluctuate, this figure changes on a daily basis. At 31 March 2002 FRS 17 records a deficit of £11 million, this reflects the investment market levels at 31 March 2002 and the historically low bond yields which increase future liabilities. This however represents less than 10% of the total assets held. Under SSAP 24, as the scheme was fully funded at the start of the year, the charge to the profit and loss account is not materially different from previous years. FRS 17 uses different actuarial assumptions and requires a fuller disclosure on the face of the profit and loss account. Under this standard the charge to the profit and loss account would have been £0.495 million greater than under SSAP 24. In view of a relatively poor investment performance, we have recommenced cash contributions during 2002/03 in line with the regular cost of £1.8 million per annum. New accounting standards During the year two new accounting standards were introduced FRS 17 Retirement Benefits and FRS 19 Deferred taxation. FRS 17 is covered in detail in my report. FRS 19 was implemented in the current year and has resulted in a £1.295 million increase in provision and has, in accordance with the standard, been recorded as a prior year adjustment. Christopher Mawe 17 June 2002 ___________________________________________________________________ Consolidated profit and loss account year ended 31 march 2002 2001 £000 £000 ___________________________________________________________________ Turnover Continuing operations 126,419 130,922 Discontinued operations 19,211 40,218 ______________________ 145,630 171,140 ______________________ Operating (loss) / profit Continuing operations - before exceptional costs 6,658 11,511 - exceptional costs (4,610) (261) ______________________ - after exceptional costs 2,048 11,250 Discontinued operations (136) 2,200 ______________________ 1,912 13,450 Goodwill amortisation (1,042) (1,038) Goodwill impairment (6,354) - ______________________ Operating (loss)/ profit (5,484) 12,412 ______________________ Continuing operations (5,348) 10,212 Discontinued operations (136) 2,200 ______________________ Operating (loss)/ profit (5,484) 12,412 Disposal of subsidiary undertakings (1,795) (101) Loss on termination of operations (8,825) (1,102) Profit on sale of properties 619 98 ______________________ (Loss)/ profit before interest (15,485) 11,307 Net interest payable 2,992 2,680 ______________________ (Loss)/ profit on ordinary activities before taxation (18,477) 8,627 Taxation 204 (2,938) ______________________ (Loss)/ profit attributable to ordinary shareholders (18,273) 5,689 Ordinary dividends - 5,624 ______________________ (Deficit)/ surplus for the year (18,273) 65 ====================== Earnings per ordinary share Basic and diluted (35.9)p 10.5p Underlying 4.7p 13.7p ______________________ Dividend per ordinary share 0.0p 11.0p ______________________ ______________________________________________________________________ Consolidated balance sheet as at 31 March 2002 2001 as restated £000 £000 £000 £000 ______________________________________________________________________ Fixed assets Intangible assets 18,023 24,676 Tangible assets 53,642 61,508 Investments 826 1,369 _______ _______ 72,491 87,553 Current assets Stocks 14,045 18,076 Debtors 31,256 38,030 Pensions prepayment due after more than one year 11,742 11,561 Cash at bank and in hand 17,224 10,797 _______ _______ 74,267 78,464 _______ _______ Creditors - amounts due within one year Bank loans and overdrafts 11,135 10,046 Trade and other creditors 27,791 31,054 Taxation - 1,662 Dividends - 5,621 _______ _______ 38,926 48,383 _________ _______ Net current assets 35,341 30,081 _______ _______ Total assets less current liabilities 107,832 117,634 Creditors - amounts due after more than one year 49,773 43,488 Provisions for liabilities and charges 8,351 7,376 _______ _______ Total net assets 49,708 66,770 ======= ======= Capital and reserves Called up share capital 2,594 2,594 Share premium 41,772 41,772 Revaluation reserve 2,246 2,268 Other reserves 1,330 1,330 Profit and loss account 1,766 18,806 _______ _______ Equity shareholders' funds 49,708 66,770 ======= ======= ______________________________________________________________________ Cash flow statement year ended 31 March 2002 2001 £000 £000 ______________________________________________________________________ Cash flow from operating activities 11,865 20,656 Returns on investments and servicing of finance (3,030) (2,811) Taxation (1,290) (2,672) Capital expenditure and financial investment (5,623) (9,402) Acquisitions and disposals 3,120 (6,752) Equity dividends paid (5,622) (6,020) ______________________ Cash outflow before use of liquid resources and funding (580) (7,001) Financing Issue of shares - 52 Repurchase of own shares - (4,491) Increase in debt 6,517 11,078 Capital element of finance lease rentals (907) (760) ______________________ Increase/ (decrease) in cash in period 5,030 (1,122) ====================== Reconciliation of net cash flow to movement in net debt Increase / (decrease) in cash in period 5,030 (1,122) Cash inflow from increase in debt and lease financing (5,610) (10,318) ______________________ Change in net debt resulting from cash flows (580) (11,440) Exchange movement (18) (1,878) Loans and finance leases acquired with subsidiary undertaking - (2,238) ______________________ Movement in net debt in period (598) (15,556) Net debt at beginning of period (43,671) (28,115) ______________________ Net debt at end of period (44,269) (43,671) ====================== ______________________________________________________________________ Turnover, operating (loss) / profit and net assets employed year ended 31 March 2002 Turnover Operating Net assets profit £000 £000 £000 ______________________________________________________________________ By class of business Continuing operations Technical plastics division 98,433 5,787 51,017 Specialist wire division 27,986 2,122 13,781 __________________________________ 126,419 7,909 64,798 Exceptional costs (4,610) __________________________________ 126,419 3,299 64,798 Discontinued operations Technical plastics division 9,898 (926) - Specialist wire division 9,313 790 - Rationalisation costs - _______ Operating assets 64,798 Unallocated net liabilities (note 1) (15,090) _________ _______ 145,630 49,708 __________________________________ Divisional operating profit 3,163 Central administration costs (1,242) Pension cost: - regular cost (1,893) - credit in respect of surplus 1,884 Goodwill amortisation (note 2) (1,042) Goodwill impairment (note 2) (6,354) _______ Group operating (loss)/ profit (5,484) ======= By geographical area Continuing operations United Kingdom 89,916 5,617 44,705 United States of America 27,523 2,625 15,896 Rest of World 8,980 (333) 4,197 __________________________________ 126,419 7,909 64,798 Exceptional costs United Kingdom (3,869) Rest of World (741) __________________________________ 126,419 3,299 64,798 Discontinued operations United Kingdom 19,211 (136) - Rest of World - - - _______ Operating assets 64,798 Unallocated net liabilities (note 1) (15,090) _________ _______ 145,630 49,708 __________________________________ Divisional operating profit 3,163 Central administration costs (1,242) Pension cost - regular cost (1,893) - credit in respect of surplus 1,884 Goodwill amortisation (note 2) (1,042) Goodwill impairment (note 2) (6,354) _______ Group operating (loss)/ profit (5,484) ======= Geographical segment - by destination United Kingdom 68,695 Rest of Europe 31,668 Rest of World 45,267 _________ 145,630 _________ _______________________________________________________________________ 2001 Turnover Operating Net assets profit as restated £000 £000 £000 _______________________________________________________________________ By class of business Continuing operations Technical plastics division 100,614 9,957 45,872 Specialist wire division 30,308 2,390 19,723 __________________________________ 130,922 12,347 65,595 Exceptional costs (261) __________________________________ 130,922 12,086 65,595 Discontinued operations Technical plastics division 21,482 1,079 7,716 Specialist wire division 18,736 1,253 8,953 Rationalisation costs (132) _______ Operating assets 82,264 Unallocated net liabilities (note 1) (15,494) ________ _______ 171,140 66,770 __________________________________ Divisional operating profit 14,286 Central administration costs (1,136) Pension cost: - regular cost (2,538) - credit in respect of surplus 2,838 Goodwill amortisation (note 2) (1,038) Goodwill impairment (note 2) - _______ Group operating (loss)/ profit 12,412 ======= By geographical area Continuing operations United Kingdom 91,240 8,340 44,874 United States of America 31,193 4,193 17,330 Rest of World 8,489 (186) 3,391 __________________________________ 130,922 12,347 65,595 Exceptional costs United Kingdom (170) Rest of World (91) __________________________________ 130,922 12,086 65,595 Discontinued operations United Kingdom 39,905 2,153 16,669 Rest of World 313 47 - _______ Operating assets 82,264 Unallocated net liabilities (note 1) (15,494) ________ _______ 171,140 66,770 __________________________________ Divisional operating profit 14,286 Central administration costs (1,136) Pension cost - regular cost (2,538) - credit in respect of surplus 2,838 Goodwill amortisation (note 2) (1,038) Goodwill impairment (note 2) - _______ Group operating (loss)/ profit 12,412 ======= Geographical segment - by destination United Kingdom 89,040 Rest of Europe 28,520 Rest of World 53,580 ________ 171,140 ________ Notes 1. Unallocated net liabilities include interest bearing assets and liabilities, investments, taxation balances, capitalised goodwill and head office net assets. 2. Goodwill amortisation and goodwill impairment relates to businesses within the technical plastics division. 3. The taxation charge for the year ended 31 March 2002 has been calculated in accordance with the provisions of FRS 19 on deferred taxation. No adjustment is required to the taxation charge for the year to 31 March 2001. A prior year adjustment of £1,295,000 has been made against revenue reserves at 1 April 2000 to incorporate a full provision for deferred taxation at that date in accordance with FRS 19. As a result the balance sheet at 31 March 2001 have been restated. This information is provided by RNS The company news service from the London Stock Exchange

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