Final Results

Headlam Group PLC 16 April 2002 Preliminary Results for the Year Ended 31 December 2001 Headlam Group plc ('Headlam'), the floorcoverings distributor, announces its preliminary results for the year ended 31 December 2001. Financial highlights 2001 2000 Change Turnover £434.1m £448.6m -3% Profit before tax, goodwill amortisation, asset £28.7m £24.6m +17% impairment and exceptionals Profit/loss before taxation £8.7m £(44.0)m - Adjusted earnings per share 22.4p 18.8p +19% Total dividend per share 11.40p 10.35p +10% Key points • Operating profit, before goodwill amortisation, increased by 9% to £32.1 million • Our floorcovering distribution business in the UK showed another strong performance during 2001 and enjoyed a record year in both sales and operating profit. • Adjusted earnings per share up 19% to 22.4p • Total dividend per share up 10% to 11.4p Tony Brewer, Chief Executive of Headlam, said: ' Our UK floorcovering distribution businesses continue to grow organically, whilst having the added benefit of the recently acquired businesses. The early months of 2002 have shown a similar sales trend to those experienced during 2001. With this positive performance in the UK and sound contributions from the European floorcovering distribution and retained windowcovering businesses, we look forward to another year of growth.' Date: 16 April 2002 Enquiries: Headlam Group plc City Profile Tony Brewer, Chief Executive Simon Courtenay Steve Wilson, Finance Director Ed Senior 01675-433000 020-7448-3244 e-mail: simon.courtenay@city-profile.com Chairman's Statement It is pleasing to be able to report that during the year, our floorcoverings business, which now accounts for 91% of the turnover of continuing operations, achieved another record performance. At the same time, the board has continued with its major reshaping of the Windowcoverings division. Financial performance Operating profit, before goodwill amortisation, increased by 9% to £32.1 million compared with £29.5 million for the previous year and the disposals generated a profit of £13.7 million before goodwill adjustments. As a result of the strong organic performance and cash received from the disposals, the group ended the year with the strength of its balance sheet substantially restored and its liquidity significantly enhanced. The group completed the year with net cash resources of £12.4 million compared with net indebtedness of £38.9 million for the previous year. Shareholders funds increased by 38% to £88.3 million. Earnings and dividend Adjusted earnings per ordinary share increased by 19% from 18.8p to 22.4p. Given the group's financial strength, the board is recommending a final dividend of 8.45p per ordinary share making a total dividend for the year of 11.40p per ordinary share. This represents an increase of 10% over the previous year's total dividend of 10.35p per ordinary share and marks the tenth successive year of increasing dividends. The dividend for the year is twice covered by the profit for the year excluding exceptional items. If approved the final dividend will be paid on 1 July 2002 to shareholders on the register at 14 June 2002. Disposals Since the interim results were reported, the Gradus business has been sold, as was the Eclipse business in the Netherlands and the fabrics business of Edinburgh Weavers. These disposals follow the sale of three fabrics businesses and the Eclipse businesses in the Czech Republic, Germany and America. All these businesses and their employees leave the group with the board's best wishes for their future. Acquisitions Towards the end of 2001, the group made a number of acquisitions in the floorcoverings business funding the investments from its cash resources. This process has continued into the current year and enables the group to further enhance its product and service offerings and ultimately provides the potential to develop additional value. Employees The group's performance would not have been achieved without the commitment, dedication and efforts of our people who constantly strive to develop and improve relationships with our customers and suppliers. The board wishes to place on record its appreciation for all they have done. Outlook Following the restructuring and disposal activities of the last twelve months, Headlam is now a group that is focussed on the floorcovering distribution activities that have underpinned its success over the last ten years. The current year has started well with trading results for the first three months ahead of last year and in line with our planned performance. This continuing improvement in organic growth allied with selective acquisition opportunities should result in the group achieving its performance objectives for 2002. T.G. Larman Chief Executive's Report Our floorcovering distribution business in the UK, showed another strong performance during 2001 and enjoyed a record year in both sales and operating profit. Floorcovering distribution activities in Continental Europe had a satisfactory year and we have a solid base to further develop this business. The restructuring of the Windowcovering division is largely complete, with most businesses being sold and those which are retained, showing an improving performance. UK Floorcovering Distribution The strong performance of this business was due to a number of factors. The multi-brand strategy allows our current 34 trade brands to operate with a combination of national and regional presence. The autonomous brands are operated by individual management teams to a defined strategy and this is proving to give us substantial and increasing market penetration in all key product areas. Relationships with major suppliers have ensured that we remain at the forefront of product development. In conjunction with this, our principal customers, the independent flooring retailer and flooring contractor are trading positively, with the number of active accounts increasing significantly. We have a policy of supplying a comprehensive range of products covering all the flooring needs, for both the residential and commercial sectors. During 2001, carpet sales have continued to grow and this, in combination with a strong increase in commercial product sales and substantial growth in laminate and wood flooring, has resulted in an enhanced market share. It is encouraging that due to these various initiatives, all UK operations produced increased year-on-year sales volume, reflecting a well-balanced geographical growth in our business. During the latter part of the year and the early part of 2002, we have made a number of acquisitions and subsequently re-sited the businesses into our existing distribution centres, whilst retaining their individual trade identities. The Floorsales business, based in Belfast, acquired in November 2001, is a commercial floorcovering distributor complementing our existing Belfast business, which distributes principally residential products. The two businesses will be re-sited into one distribution centre in the autumn of 2002, when the cost benefits will be realised and an increase in profitability achieved. Georgian Carpets, a supplier of luxury woollen products, was acquired in December 2001. This business gives us the opportunity to market high quality products on a national basis, with product being sourced from our traditional supplier base. In February 2002, we acquired the UK distribution operation of Rikett, which supplies resilient commercial floorcovering. This business now operates from the Joseph Hamilton & Seaton distribution centre and complements its existing commercial carpet business. Also acquired in February 2002, was the residential floorcovering business of HBS Floortrade, which now operates from our distribution centre in Stockport, servicing retail customers in the North-West of England. The latest acquisition Betrex Supplies, based in central Birmingham, will be a satellite of the Coleshill distribution centre and provide an enhanced service to commercial flooring customers in the city of Birmingham. A project is currently underway to have a similar business operating in the centre of London, again to enhance our commercial trade. Continental Europe Floorcovering Distribution We have continued to develop our businesses in Holland, Switzerland and France. The foundation for this is the utilisation of information technology systems developed in the UK business, to ensure up-to-date logistics techniques. Furthermore, these businesses have enjoyed the benefit of our relationship with key manufacturers throughout Europe. These operations achieved a satisfactory result in 2001. Demand generally experienced in these countries, was not as buoyant as the UK market and therefore, significant sales growth has been difficult to achieve. We are however, comfortable with these activities, which give us a solid base in Continental Europe and at the appropriate time, will enable us to enlarge our presence, particularly in these three markets, with further acquisitions. These opportunities continue to be carefully considered. Gradus Whilst an improved performance was shown by Gradus during 2001, the future role of this business within the group was carefully reviewed during the autumn. Decisions with regard to ongoing investment in product development and marketing, the proposed relocation of the business and possible acquisitions, would inevitably have involved the group in more manufacturing. Therefore, it was considered more appropriate for Gradus to pursue an independent future and develop outside the group, whilst continuing as an important supplier. This sale was successfully completed during December 2001 and we wish the management and staff of Gradus every success. Windowcoverings The restructuring of this division announced at the end of 2000, was largely completed during 2001. The loss making and under-performing fabric businesses were disposed of during the spring of 2001 and the loss making Eclipse European businesses, with the exception of Sweden, were disposed of during the summer of 2001. The Eclipse American operation, whilst profitable, was non-core and therefore, sale of the business was completed in August 2001. The performance of the retained Eclipse business in the UK has been enhanced by the streamlining of logistics techniques, in order to support new product and marketing initiatives and is now making a satisfactory contribution to profits. The Eclipse operation in Sweden made a positive contribution to profits during the year. William O'Hanlon, involved in both curtain and window blinds, has continued to perform profitably and develop its business during this transitional period for the Windowcovering division. Outlook The early months of 2002 have shown a similar sales trend to those experienced during 2001, with the UK market strong. Our UK floorcovering distribution businesses continue to grow organically, whilst having the added benefit of the recently acquired businesses. We continue to evaluate acquisition opportunities and would envisage more businesses joining the group during 2002. With this positive performance in the UK and sound contributions from the European floorcovering distribution and retained windowcovering businesses, we look forward to another year of growth. Financial Review Trading summary Turnover During the year, the group's turnover reduced by 3.2% from £448.6 million to £434.1 million. The decrease was entirely attributable to the restructuring and divestment activity that occurred during the year and conceals the improvement in turnover from continuing operations, up 4.3%, from £365.6 million to £381.3 million. Turnover from continuing operations in the Floorcoverings division increased by 4.7% during the year, up from £330.8 million to £346.4 million principally as a result of a strong performance from the UK businesses. Turnover in the Windowcoverings division showed a modest increase improving from £34.8 million to £34.9 million. The turnover contributed by discontinued operations was £52.8 million compared with £83.1 million for the previous year. Operating profit Operating profit on ordinary activities before goodwill amortisation and asset impairment amounted to £32.1 million compared with £29.5 million for the previous year. Profit in the Floorcoverings division increased by 10% from £24.0 million to £26.4 million whilst operating profit in the Windowcoverings division declined from £2.5 million to £2.2 million. Operating profit contributed by the discontinued operations increased from £4.2 million to £4.7 million. Exceptional items The exceptional items for the year relate to the disposal of operations and properties. Businesses disposed of during the year were as follows Business Activity Location Month disposed BS Brown Fabrics UK January 2001 Gordon John Textiles Fabrics UK February 2001 Claremont Fabrics Fabrics UK April 2001 HPM Window blinds Czech Republic June 2001 Haller Boden Window blinds Germany June 2001 Eclipse Inc Window blinds USA August 2001 Scientific Plastics Inc Window blinds USA August 2001 Eclipse BV Window blinds Netherlands October 2001 Gradus Floorcovering UK December 2001 Decor Fabrications Lighting UK December 2001 In addition, Edinburgh Weavers, a fabrics business located in the UK, was disposed during February 2002. The operating results of all these businesses have been included in discontinued operations. The net profit, before goodwill, arising on the disposal of these operations amounted to £13.7 million. Goodwill of £32.5 million, previously written off to reserves on the acquisition of these businesses, has been charged to the profit and loss account in the year of disposal. The net loss on disposal after recognising goodwill amounts to £18.8 million. The loss on property disposals amounting to £0.4 million relate to surplus properties no longer required and the properties occupied by Gradus that were disposed along with the sale of the business. Interest During the year, the group's borrowings declined due to strong operational cash flows and receipts from disposals. This combined with lower average interest rates, gave rise to net interest payable reducing by £1.5 million from £4.9 million to £3.4 million. Interest cost was covered 9 times by operating profit before goodwill amortisation. Taxation The taxation charge for the year of £9.2 million is based on a rate of 32% and is calculated by reference to profit before goodwill amortisation and exceptional items. Goodwill amortisation remains a non-deductible item and no taxable benefit has been assumed for the exceptional losses. The underlying rate exceeds the standard UK rate of 30% because of the affects of foreign tax and non-deductible items in the UK. The underlying rate of tax for the year is likely to be maintained for the near future and the adoption of FRS 19 is not anticipated to have any appreciable impact. Fixed tangible assets The group's freehold property portfolio was independently valued at 31 December 2001 and the resultant revaluation surplus of £1.6 million has been included in tangible fixed assets and the revaluation reserve. The valuation was conducted on an existing use basis for properties occupied by group operations and open market value for properties occupied by third parties. During 2002, it is anticipated that work will commence on the development on a new distribution centre for Mercado, the national floorcovering distribution business based in Leeds. Terms have been agreed, subject to contract, for the disposal of the existing site and this property has therefore been transferred to assets held for resale. Cash flow, capital expenditure and borrowings During the year, cash flow from operating activities increased from £32.3 million to £36.1 million confirming the strong trading performance of the group in general and the UK floorcovering businesses in particular. As in keeping with previous years, the net working capital investment at the half year amounting to £8.3 million was liquidated during the second half, resulting in a £7.7 million cash inflow and a net investment for the year of £0.6 million. Capital expenditure on tangible fixed assets of £1.7 million was significantly below the previous year's expenditure of £5.7 million due to the absence of major investment projects. As mentioned above however, the proposed development of a new distribution centre for Mercado during 2002 will give rise to total expenditure of £8.5 million. Approximately £4.0 million will be spent during 2002 with the balance expended during the first quarter of 2003. The cost of this project will be offset by the sale of the existing site for £4.8 million the proceeds are anticipated to be received during the first quarter of 2003. Disposal and restructuring activities gave rise to cash inflows amounting to £34.3 million. The cash balances inherited by the disposed businesses, amounting to £6.6 million means that the net cash benefit of these disposals amounted to £27.7 million. Acquisitions during the year resulted in a cash outflow of £0.9 million. The cash outflows relating to interest, taxation and dividends amounted to £17.4 million compared with £ 22.2 million for the previous year. The decrease of £4.8 million was due to a reduction in taxation payable during the year because of the relief received on the asset impairment arising in connection with the fabrics businesses in 2000. Net cash inflow before financing amounted to £50.6 million compared with £0.9 million for the previous year. Financing outflows of £14.4 million resulted in a net increase in cash during the year of £36.2 million compared with a net outflow of cash for the previous year of £3.5 million. Net indebtedness at 31 December 2000 of £38.9 million moved to a net cash position of £12.4 million. Treasury management and financial instruments The group manages and co-ordinates its treasury activities centrally. The activities relate to the group's funding arrangements, foreign exchange requirements and interest rate exposure. Financial instruments The group's financial instruments, other than derivatives, comprise cash, borrowings and various items that arise directly from its operations such as trade debtors and trade creditors. The main purpose of these financial instruments is to raise finance for and support the group's trading operations. In addition, the group had non-equity shares that at 31 December 2001 had a nominal value of £4,078 and market value £4,384. During the year, the company acquired for cancellation 45,922 shares and since the 31 December 2001, has acquired and cancelled the remaining 4,078 shares. The group's principal derivatives transactions, relate to forward foreign currency contracts which are used to manage the currency risks arising from the group's operations. The group has used interest rate swaps to manage interest rate exposures on borrowings but is presently not a party to such an instrument. It is, and has been throughout the period under review, the group's policy that trading in financial instruments is not permitted. The main risks arising from the group's financial instruments are interest rate risk, liquidity risk and foreign currency risk. The board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged during the period under review. Interest rate risk The group is exposed to interest rate fluctuations on its borrowings and deposits. It borrows principally in sterling, euros, Swiss francs and US dollars at both fixed and floating rates of interest and places deposits in sterling and euros at floating rates. During the year, with the exception of a fixed interest term facility amounting to £2.0 million denominated in Swiss francs, the group maintained its policy of borrowing at floating rates. This policy is based on the board's view that the benefits derived from flexibility, particularly during this period of divestment and restructuring, continue to outweigh the certainty of fixed rates. Liquidity risk The board's policy on liquidity is to ensure there are sufficient medium term committed borrowing facilities to fund medium term requirements. The net cash received from the restructuring and divestment activities combined with the operating cash flow during 2001, has considerably reduced the group's requirement for medium term facilities. The group's net indebtedness at 31 December 2000 amounted to £38.9 million. At 31 December 2001, the group had net cash balances of £12.4 million. During the year, the group repaid a sterling term facility of £12.5 million and a facility denominated in US dollars amounting to £1.1 million. During January 2002, the group repaid a further sterling term facility of £16.0 million. Foreign currency risk The group's exposure to movements in currency exchange rates arises from transaction currency cash flows and the translation of the results and net assets of foreign subsidiary undertakings. Following the disposal of a significant number of businesses in the group's Windowcoverings division, the group's exposure to transaction currency cash flows has considerably reduced. However, the group has maintained its policy of limiting transaction exposures by hedging with forward foreign exchange contracts for a period of up to twelve months. The group's foreign operations are now limited to the Netherlands, France, Switzerland and Sweden. The group's exposure to the currency risk of these operations is minimal since the majority of the day to day transactions of these foreign subsidiaries, are denominated in the currency of the country where they are based. The translation exposure relating to the net assets of foreign subsidiary undertakings is hedged by means of foreign currency borrowings. Accounting policies The financial statements have been prepared on a basis that is consistent with previous years. The introduction of FRS 18, Accounting Policies, has had no affect on the basis on which the financial statements are prepared. The financial statements include the disclosure required by the transitional arrangements of FRS 17 Retirement benefits. No amounts will be recognised in the primary statements until 31 December 2003. Consolidated profit and loss account for the year ended 31 December 2001 2001 2000 £000 £000 Turnover Continuing operations 381,324 365,578 Discontinued operations 52,798 83,068 434,122 448,646 Cost of sales (298,951) (309,117) Gross profit 135,171 139,529 Net operating expenses (103,843) (176,593) Operating profit/(loss) Continuing operations 26,670 (35,451) Discontinued operations 4,658 (1,613) Operating profit before goodwill amortisation and asset impairment 32,111 29,516 Goodwill amortisation and impairment (783) (60,757) Asset impairment - (5,823) 31,328 (37,064) Profit/(loss) on disposal of operations excluding goodwill 13,741 (1,454) Goodwill previously written off to reserves (32,552) - Loss on disposal of operations (18,811) (1,454) Loss on sale of properties in discontinued operations (434) (604) Profit/(loss) on ordinary activities before interest 12,083 (39,122) Net interest payable and other similar items (3,403) (4,914) Profit/(loss) on ordinary activities before taxation 8,680 (44,036) Taxation on profit/(loss) on ordinary activities (9,188) (3,696) Loss for the financial year (508) (47,732) Dividends paid and proposed on equity and non-equity shares (9,558) (8,650) Retained loss for the financial year (10,066) (56,382) Earnings/(loss) per share Basic (0.6p) (57.0p) Diluted (0.6p) (57.0)p Adjusted 22.4p 18.8p Consolidated balance sheet at 31 December 2001 2001 2000 £000 £000 Fixed assets Intangible assets 12,741 14,422 Tangible assets 37,913 54,856 Investments - 466 50,654 69,744 Current assets Stocks 70,742 82,115 Debtors: amounts falling due within one year 79,008 79,075 Debtors: amounts falling due after more than one year 2,180 - Total debtors 81,188 79,075 Cash at bank and in hand 44,464 7,216 196,394 168,406 Creditors: amounts falling due within one year (153,803) (135,384) Net current assets 42,591 33,022 Total assets less current liabilities 93,245 102,766 Creditors: amounts falling due after more than one year (4,498) (38,219) Provisions for liabilities and charges (482) (667) Net assets 88,265 63,880 Capital and reserves Called up share capital 4,200 4,235 Share premium account 48,605 48,303 Revaluation reserve 4,102 3,606 Profit and loss account 31,358 7,736 Shareholders' funds Equity 88,261 63,830 Non equity 4 50 88,265 63,880 Consolidated cash flow statement for the year ended 31 December 2001 2001 2000 £000 £000 Net cash inflow from operating activities 36,130 32,309 Returns on investments and servicing of finance (3,872) (4,652) Taxation (4,849) (9,184) Capital expenditure and financial investment 5,017 (847) Acquisitions and disposals 26,874 (8,389) Equity dividends paid (8,657) (8,323) Cash inflow before financing 50,643 914 Financing (14,476) (4,411) Increase/(decrease) in cash in year 36,167 (3,497) Reconciliation of net cash flow to movements in net debt 2001 2000 £000 £000 Increase/(decrease) in cash in year 36,167 (3,497) Cash outflow from reduction in debt 14,745 4,891 Change in debt resulting from cash flows 50,912 1,394 Debt acquired with subsidiaries - (3,080) Debt disposed of with subsidiaries 576 - New finance leases and similar hire purchase contracts (308) (2,996) Translation difference 125 (634) Movement in net cash/(debt) in the year 51,305 (5,316) Net debt at 1 January (38,947) (33,631) Net cash/(debt) at 31 December 12,358 (38,947) Consolidated statement of total recognised gains and losses for the year ended 31 December 2001 2001 2000 £000 £000 Loss for the financial year (508) (47,732) Currency translation differences on foreign currency net investments 38 167 Surplus on revaluation of tangible fixed assets 1,594 - Total recognised gains and losses for the financial year 1,124 (47,565) Note of consolidated historical cost profits and losses for the year ended 31 December 2001 2001 2000 £000 £000 Reported profit/(loss) on ordinary activities before taxation 8,680 (44,036) Difference between an historical cost depreciation charge and 78 260 the actual depreciation charge calculated on the revalued amount Realisation of property revaluation gains 1,098 - Historical cost profit/(loss) on ordinary activities before taxation 9,856 (43,776) Historical cost loss for the year retained after taxation and dividends (8,890) (56,122) Reconciliation of movements in consolidated shareholders' funds for the year ended 31 December 2001 2001 2000 £000 £000 Loss for the financial year (508) (47,732) Dividends Equity shares (9,556) (8,632) Non-equity shares (2) (3) Retained (loss)/profit for the financial year (10,066) (56,382) Equity share capital issued 313 480 Preference share capital redeemed (46) - Goodwill previously written off to reserves 32,552 - Transfer from revaluation reserve (1,098) (260) Transfer to profit and loss reserve 1,098 260 Surplus on revaluation of tangible fixed assets 1,594 - Shares issued from Qualifying Employee Share Trust - 166 Currency translation differences on foreign currency net investments 38 167 Net addition/(reduction) to shareholders' funds 24,385 (55,569) Shareholders' funds at 1 January 63,880 119,449 Shareholders' funds at 31 December 88,265 63,880 Segmental analysis Turnover By activity 2001 2000 £000 £000 Floorcoverings Continuing activities 346,377 330,800 Windowcoverings Continuing activities 34,947 34,778 Discontinued operations 52,798 83,068 87,745 117,846 434,122 448,646 Operating profit By activity 2001 2000 £000 £000 Floorcoverings Continuing activities 26,365 23,971 Less: goodwill amortisation (783) (787) 25,582 23,184 Windowcoverings Continuing activities 2,174 2,506 Less: goodwill impairment - (59,970) 2,174 (57,464) Discontinued operations 4,658 4210 Less: asset impairment - (5,823) 4,658 (1,613) 32,414 (35,893) Central operations (1,086) (1,171) 31,328 (37,064) Earnings per share The calculation of earnings per share is based on the average number of ordinary shares in issue during the year of 83,846,685 (2000: 83,614,426). The weighted average number of ordinary shares used for the diluted earnings per share calculation is 84,434,241 (2000: 83,709,152). The calculation of profit for the financial period used for the adjusted earnings per share is shown below. Adjusted earnings per share 2001 2000 £000 £000 Operating profit after goodwill amortisation but before asset impairment 31,328 28,729 Net interest payable (3,403) (4,914) Profit on ordinary activities before taxation 27,925 23,815 Taxation on profit on ordinary activities (9,188) (8,119) Profit for the financial period 18,737 15,696 Reconciliation of group operating profit/(loss) to net cash inflow from operating activities 2001 2000 £000 £000 Profit/(loss) on ordinary activities before interest 12,083 (39,122) Exceptional items 19,245 2,058 Operating profit 31,328 (37,064) Depreciation of tangible fixed assets 4,589 5,319 Depreciation of intangible fixed assets 4 64 Fixed asset investment write-down - 28 Goodwill amortisation 783 787 Goodwill impairment - 59,970 Asset impairment - 5,823 Loss on sale of fixed tangible assets 8 250 Movement in stocks (2,675) 323 Movement in debtors (6,005) 4,804 Movement in creditors 8,098 (7,995) Net cash inflow from operating activities 36,130 32,309 Gross cash flows 2001 2000 £000 £000 Returns on investments and servicing of finance Bank interest receivable 1,806 78 Bank and loan interest (5,286) (4,452) Interest payable on finance leases and similar hire purchase contracts (390) (275) Dividends on non-equity shares (2) (3) (3,872) (4,652) Capital expenditure and financial investments Purchase of tangible fixed assets (1,735) (5,687) Sale of tangible fixed assets 6,752 424 Sale of assets held for resale - 4,416 5,017 (847) Acquisitions and disposals Sale of subsidiary undertakings 34,364 - Net cash/(overdrafts) disposed of with subsidiaries (6,625) - Net cash outflow from purchase of businesses (865) (8,389) 26,874 (8,389) Financing Issue of ordinary share capital 313 480 Repayment of amounts borrowed (13,880) (8,254) New loans 546 5,202 Redemption of preference shares (46) - Capital element of finance leases and similar hire purchase contract payments (1,409) (1,839) (14,476) (4,411) Analysis of changes in net debt At 1 Cash flows Acquisitions Other Translation At 31 December January and disposals non-cash differences 2001 2001 exec cash and changes overdrafts £000 £000 £000 £000 £000 £000 Cash at bank and in hand 7,216 37,152 - - 96 44,464 Bank overdraft (729) (985) - - 19 (1,695) 6,487 36,167 - - 115 42,769 Debt due within one year (5,721) 815 413 (20,159) 21 (24,631) Debt due after one year (34,573) 12,521 - 20,159 (11) (1,904) Finance leases and similar hire purchase (5,140) 1,409 163 (308) - (3,876) contracts (38,947) 50,912 576 (308) 125 12,358 The financial information set out in the financial statements and notes above does not constitute the Company's statutory accounts for the years ended 31 December 2001 or 2000. The financial information for 2000 is derived from the statutory accounts for 2000 which have been delivered to the registrar of companies. The auditors have reported on the 2000 accounts; their report was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 2001 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the registrar of companies following the company's annual general meeting. The financial statements for the year ended 31 December 2001 will be posted to shareholders shortly. This information is provided by RNS The company news service from the London Stock Exchange
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