Final Results
Dart Group PLC
20 June 2002
FOR IMMEDIATE RELEASE 20 June 2002
DART GROUP PLC
PRELIMINARY RESULTS FOR YEAR ENDED 31 MARCH 2002
Dart Group PLC, the distribution and aviation services group, announces its
preliminary results for the year ended 31 March 2002.
CHAIRMAN'S STATEMENT
I am pleased to report on the Group's trading for the year ended 31 March 2002.
Profit before tax and before the amortisation of goodwill has risen to £10.0m
(2001 - £9.7m), on turnover of £194.2m (2001 - £190.9m). Earnings per share
before the amortisation of goodwill were 19.87p (2001 - 19.4p). The Board is
recommending a final dividend of 4.26p (2001 - 4.16p) taking the total dividend
for the year to 6.11p (2001 - 5.96p), an increase of 2.5%. The dividend, if
approved, will be payable on 23 August 2002 to shareholders on the register on
28 June 2002.
The last financial year has been a challenging one for the Group with less
buoyant trading conditions leading to lower than expected turnover in the
Distribution Division and markedly higher aviation, vehicle and general
insurance costs. Despite the challenges, the Group has progressed during the
year.
Capital expenditure amounted to £26.9m (2001 - £24.3m) and mainly related to
the purchase of the Group's second Boeing 737-300QC aircraft, aircraft
maintenance, the purchase of land and buildings at its consolidation centres in
Kent, and a new computer system for the Distribution Division. Net borrowings
at 31 March 2002 stood at £22.5m (2001 - £2.3m), which represents gearing of 66%
(2001 - 8%). On 3 May 2002 the Group announced the acquisition of four
Boeing 737-300 aircraft which had previously been in service with Ansett
Australia Ltd.
The Group has two operating divisions - Aviation Services and Distribution, the
activities of which are also described in the more detailed Review of Operations
following this statement.
Aviation Services
In June and August of 2001, Channel Express (Air Services) commenced operating
two Boeing 737-300 Quick Change aircraft which the Group had purchased from
Lufthansa. The Quick Change concept allows the interiors of the aircraft to be
reconfigured between passenger and freighter roles in less than 45 minutes,
enhancing the aircraft's earning potential.
The aircraft are currently based at Stansted and Edinburgh airports and each
operates night mail flights and day-time passenger charters. Whilst the Group
believes that there are a limited number of airports at which both day-time
passenger and night-time freight operations can be successfully combined in this
way, we also see potential for Boeing 737-300 aircraft that have been converted
to pure freighters to take over the operation of night freight services from
older, noisier aircraft that are currently being retired for environmental
reasons.
The Group has, therefore, purchased four additional Boeing 737-300s which had
been in passenger service with Ansett Australia Ltd since new. These aircraft
are being delivered in the first half of the current financial year. Two will
initially remain as passenger aircraft whilst two are converted to freighter or
Quick Change configuration. These will be re-delivered to us in 2003. The new
aircraft are expected to make a positive contribution to the profitability of
the Group in the 2003/04 financial year. The Group anticipates adding further
Boeing 737 series aircraft to its fleet in due course and Channel Express (Air
Services) aims to become one of the leading European providers of the type,
together with associated training and parts support services.
Channel Express (Air Services) also currently operates four Airbus A300 '
Eurofreighters', seven Fokker F27s and one remaining Lockheed Electra cargo
aircraft which are contracted to operate cargo services on behalf of express
parcel companies, postal authorities, freight forwarders and other airlines.
Together the fleet offers customers payload capacities of 6 tonnes (F27), 17
tonnes (B737) and 45 tonnes (A300). This range of payloads enables us to match
our customers' needs as they develop their services.
In line with the growth of the Group's aircraft operations, Channel Express
Parts Trading, our aircraft spares business, is expanding its services to also
provide parts support for the Group's Boeing 737s and for those of other
operators. Office and warehouse premises have recently been taken at Stansted
airport, at which the low cost passenger airlines operate large fleets of Boeing
737s. We expect the development of the Group's operations with the type to
offer good opportunities for Parts Trading, which has hitherto mainly
specialised in supporting Airbus A300s, operated by both ourselves and other
airlines.
I am also delighted to report the excellent progress made by our freight
management company, Benair Freight International. Against industry trends,
this company's business has profitably developed reflecting the high standard of
service it provides.
Distribution
The Dart Distribution companies have continued to develop their services in
order to meet the ever evolving requirements of their supermarket customers.
Over the past few years the Group has built its distribution business both
organically and through the acquisition in 1994 of Fowler Welch, which
distributes fresh produce grown in and imported into Lincolnshire, and the
acquisition in 1999 of Coolchain, which distributes locally grown and imported
fruit from its centres in Kent.
The division has continued to win new business during the financial year.
However, turnover has shown relatively little growth due to, it is believed,
both poor trading conditions in the first half, a tighter economy and
refinements in the way our customers organise the supply of their products.
A significant development affecting the Distribution Division's operations in
the year ahead will be the introduction of 'factory gate' pricing whereby the
retailer takes responsibility for product, including its distribution, from
suppliers at the point of despatch. The division's challenge will be to meet
the price expectation of our supermarket customers whilst still delivering the
service they have come to expect. We are acutely aware of the fundamental
importance of the division's role in the extremely efficient multiple retailers'
supply chains and take our responsibilities in the distribution of highly
perishable products very seriously.
The distribution of fresh produce and other short shelf-life products is both
specialised and time-sensitive requiring hands-on and dedicated managers who are
used to working long and anti-social hours. Volumes can vary dramatically with
both weather and social factors influencing short-term demand. We are
fortunate to have highly experienced management in the companies within this
division. They fully recognise that the division must continually develop and
re-organise its business to deliver a quality service at the most competitive
price.
The Dart Distribution Division is well placed to benefit from the expected
long-term growth in the consumption of fresh produce and freshly prepared
chilled foods. The distribution industry is expected to continue to
consolidate and the Group's policy remains to grow both organically, by winning
more business, and through carefully selected acquisitions.
Our Staff
Both the Aviation Services and Distribution divisions operate 24 hours a day,
365 days a year, offering time sensitive specialised services. The Group is,
therefore, uniquely dependent on the contribution of every member of the
operational and administrative teams. Our continued success is a reflection of
our dedicated and hard working staff to whom I am extremely grateful. We are
committed to promoting from within wherever possible, to training and personal
development and, through best health and safety practices, to the development of
a safe workplace.
Outlook
I believe increased profits will be difficult to achieve in the current
financial year. However, I expect the addition of the Group's further Boeing
737-300 aircraft to enable profit growth to resume thereafter with both
divisions being well positioned to take advantage of opportunities in their
evolving markets. Finally, I am pleased to say that the current year's trading
has commenced satisfactorily.
Philip Meeson
Chairman
20 June 2002
For further information about Dart Group PLC and its subsidiary companies please
visit our website, http://www.dartgroup.co.uk/
REVIEW OF OPERATIONS
Aviation Services
With the addition of the four Boeing 737-300 aircraft purchased by the Group in
May 2002 from the Administrators of Ansett Australia Ltd, Channel Express (Air
Services) will be operating 18 aircraft, flying contract services on behalf of
express parcel companies, postal authorities, freight forwarders and other
passenger and cargo airlines throughout Europe and to the Middle East.
The company's current operating freighter fleet consists of four Airbus A300 '
Eurofreighters', each offering a payload of 45 tonnes, two Boeing 737-300 Quick
Change (QC) aircraft offering 17 tonnes, seven Fokker F27s offering 6 tonnes and
our remaining 15 tonne payload Lockheed Electra.
After an extensive analysis of the European cargo market's likely future
aircraft requirements, the company chose to develop its operations with the
Boeing 737 series. Increasingly stringent airport noise regulations are
hastening the retirement of older freighters, such as the Boeing 727 series
which carry up to 27 tonnes and have until now been the backbone of express
carriers' fleets. Its slightly larger replacement, already chosen by one
leading operator, is the Boeing 757-200 offering a payload of 30 tonnes. It
is believed that Boeing 737-300 freighters, with up to 18 tonnes payload, will
be needed to serve less developed and lower volume routes. The company's
Lockheed Electra aircraft previously filled this niche.
Of the six Boeing 737-300s now owned by the Group, two are already operating in
QC configuration allowing them to carry cargo or passengers, and two will be
converted to QCs or dedicated freighters during 2003. Two will remain as
passenger aircraft until they are also converted in 2004.
The dual role passenger or freighter capability of the QC aircraft obviously
enhances the potential to maximise utilisation. However, timing is critical to
the success of Quick Change operations in order to complete day-time passenger
flying prior to the role change and commencement of time sensitive night freight
flights. This does limit the level of day-time utilisation achievable and the
number of suitable airports at which the Quick Change concept can be used.
The reception that the company's current passenger and cargo service has
received from its customers has been very encouraging. The Group's two owned
QC aircraft, based at Edinburgh and Stansted airports, are each contracted to
fly approximately 1,000 hours of passenger services during the months April to
October this year. At night the aircraft fly mail services between the two
airports on behalf of the Royal Mail and together the combination produces an
efficient, value for money service for both the Royal Mail and our passenger
customers.
The financial difficulties which led to the administration of Ansett Australia
Ltd offered the Group the opportunity to acquire four well-maintained Boeing
737-300s, which had been with the same operator since new, at a competitive
price. During the period that these aircraft are being converted to QCs or
freighters their contribution to the Group will be limited. However, the Boeing
737 fleet is expected to make increasing positive contributions to the long-term
profitability of the Group from the 2003/4 financial year from both freight and
passenger flying.
Channel Express (Air Services) currently operates four Airbus A300
'Eurofreighters' - two of which are owned by the Group, with two on flexible
lease terms from Finova Capital Corporation. During the year the Eurofreighter
has achieved a remarkable 99.5% technical record of on-time departures. This
is a reflection of the excellent teamwork between our aircrew and engineering
staff and the company is naturally proud of this result.
The Fokker F27 turbo prop fleet remains busy flying express parcel and mail
services and the Group's own general freight service to and from the Channel
Islands for which the type is ideally suited. In recent years this fleet has
suffered from a high turnover of pilots, with staff being attracted to other
operators of jet aircraft as they expanded. A less buoyant industry generally
and the prospect of a clear promotional path to the Boeing 737 fleet has
resulted in better retention of F27 pilots, increasing operational standards and
reducing training costs. The company expects to operate F27s for several years
to come and is investing in an upgrade programme to meet the Royal Mail's need
for higher volumes and quicker loading by fitting a new load netting system
thereby enhancing the competitiveness of the aircraft.
We are particularly proud of the excellent training offered to aircrew joining
and progressing through Channel Express (Air Services)' fleets. The high
standards that result, coupled with the professional and dedicated support of
our engineers, enables the company to offer its customers reliable and efficient
operations - we are extremely grateful to everyone concerned.
Whilst Channel Express Parts Trading continues to be a major supplier of Airbus
A300 aircraft components, this year it has focused on extending its product
range and establishing a new parts distribution facility at Stansted airport.
Consignment stock agreements have been negotiated with a number of repair
vendors and parts suppliers for Parts Trading to manage, on their behalf,
stocks for various aircraft types, in particular the Boeing 737. These
arrangements enable Parts Trading to profitably develop its market and
customers, with access to trading stocks that do not require capital investment.
Equally, this allows the Group to have access to low cost spares to support
its own airline's operations, in particular at Stansted, which is becoming an
increasingly important operational base.
Channel Express Parts Trading has recently been awarded a contract to manage the
aircraft stores for a leading low cost airline at its Stansted facility which
promises potential for future mutual business activities.
Benair Freight International, our freight management company, has made progress
during the year in a competitive and demanding market. Benair has
strategically placed offices at London Heathrow, Manchester, East Midlands and
Newcastle airports, together with a wholly-owned subsidiary in Singapore. The
company has a number of niche business areas - the importation of tropical and
fresh water ornamental fish, special logistics services for the aviation and
other time sensitive industries and high quality freight management services to
the USA and Far East.
A further service offered this year has been the introduction of a
temperature-controlled storage facility at the company's Heathrow branch. This
is marketed as the Heathrow Perishables Centre and has enabled Benair to expand
its services to serve the Distribution Division's customers, arranging the
seamless temperature-controlled importation and distribution of fresh produce.
Outlook
The Group expects to lease or purchase further Boeing 737 series aircraft and
will offer them to its customers as either full freighters, QC or dedicated
passenger aircraft. Additionally, its existing aircrew and engineering
training facilities are expected to be developed for the training of personnel
from other companies to whom parts support will also be offered through Channel
Express Parts Trading. The Group also plans to continue to carefully expand
Benair's business particularly in its key specialist areas.
Distribution
The year to 31 March 2002 has been one of both opportunities and challenges for
the Dart Distribution companies, Fowler Welch, Coolchain and Channel Express
(CI) and has seen continuing development of their core business activities.
Overall, the division operates from some 500,000 sq ft of temperature-controlled
consolidation facilities and manages a road fleet of over 500 vehicles providing
nationwide temperature-controlled distribution services for fresh produce,
chilled foods and horticultural products on behalf of supermarkets, suppliers
and to traditional wholesale markets.
Fowler Welch and Coolchain have strategically located consolidation centres in
the UK's prime fresh produce growing and horticulture regions. A wide range of
ancillary services is offered for UK and imported temperature-controlled
products, including stock management, pre-packing and labelling prior to
despatch.
The Dutch subsidiary, Fowler Welch BV, operates a daily service into Britain
from the continent, feeding flowers and fresh produce into the division's UK
network. The Group's Channel Islands based subsidiary, Channel Express (CI), is
a provider of temperature-controlled and air transport services for Guernsey and
Jersey horticulture and fresh produce exporters and of temperature-controlled
and express freight services into both Islands from the UK.
As well as their traditional core business of handling fresh produce and
horticulture, the companies are increasingly involved in the distribution of
pre-prepared salads, dairy based foods and ready meals. Deliveries are made 24
hours a day, seven days a week, on behalf of growers, importers and producers of
these short shelf-life products to the regional distribution centres of leading
supermarket chains, traditional wholesale markets and for companies supplying
brewery chains, petrol stations, convenience stores, fast food restaurants and
similar outlets.
Trading during the year has been less buoyant than in previous years with lower
than anticipated turnover generated through the distribution network. Moreover,
retailers are now taking a more active role in the total distribution process
and are seeking further efficiencies from their supply chains.
These factors are creating changes in the overall shape of the division's
business, with some retailers moving to 'factory gate' pricing structures with
their suppliers whereby they take responsibility for goods at the point of
despatch. Where this is the case, this has led to a change in the commercial
relationship, with control of the distribution process passing from the supplier
to the retailer as customer.
The continuing evolution of the organisation of the supply chain is creating
demands that are becoming ever more sophisticated and complex. Some multiple
retailers' policies to introduce, for example, continuous store replenishment
techniques have required vehicle loads to comprise smaller quantities of a
greater range of products. To accommodate this, and to provide a high quality
and cost effective service, the division is continuing its development of the
use of multi-temperature warehouses and delivery vehicles together with
management tools such as those provided by the new single computer operating
system.
The division's project to introduce a single computer operating system, which
will offer each of its consolidation centres full visibility of the vehicle
fleet, has progressed during the year. Channel Express (CI) in Guernsey and
Jersey and Coolchain's Portsmouth and Southampton centres are now on line.
Coolchain's remaining operations and Fowler Welch's sites will implement the
system during the first half of the new financial year. Once the software is
fully commissioned, traffic managers will have on line visibility of all vehicle
movements across the division's network. This single operating system is a
platform from which all business processes can be integrated.
The recently introduced satellite trailer tracking system is now proving to be
an important aid to fleet and load security as well as to the utilisation of
vehicle resources. It is intended to link the resultant data into the new
single operating system to provide real time visibility of on board consignments
and route monitoring.
The division employs some 1,200 experienced and dedicated staff. Their health,
well-being and individual development needs are provided for by a comprehensive
programme of health and safety training and skills development courses. New
initiatives, such as increased emphasis on in-house driver training to develop a
larger pool of skilled labour will be introduced in the coming year to respond
to the industry shortages and help staff understand the complexities of meeting
the new service level criteria.
The Fowler Welch main consolidation centre is situated on its 20 acre site at
Spalding from which the division's central and northern supplier base is served.
The centre is supported by secondary consolidation facilities at Chatteris in
Cambridgeshire and Selby, North Yorkshire.
In May 2002, Fowler Welch won significant additional fresh and chilled
temperature-controlled distribution business from a major retailer. This has
been gained against a highly competitive background with a commitment to a cost
efficient operation and continued high service levels. An operating agreement
will be entered into with the retailer which will further strengthen
relationships and provide a platform for future opportunities to develop the
business.
Fowler Welch BV has continued to position itself as the leading provider of
transport to the retail horticulture market between the Netherlands and the UK.
It has also been successful in strengthening its trading relationships with
existing customers and forging links with new users. A new, leased 10,000
square feet temperature-controlled facility has been opened within the
Honselersdijk Flower Market complex in Holland, providing increased capability
to handle new business opportunities. The company has also formed alliances
with other like-minded continental transport operators to widen its European
penetration.
Coolchain has principal operating centres at Teynham and Paddock Wood in Kent
and Portsmouth, Hampshire. These facilities are supported by secondary
operations at Gateshead (Tyne and Wear), Warrington (Cheshire), Southampton
(Hampshire) and Sheerness (Kent).
During the year, Coolchain has been able to increase its efficiency in a number
of operational areas and thereby realise reductions in its cost base. In order
to enable the company to centralise its operations, a new modular office complex
has been installed at Teynham to accommodate its administration, finance and
other support staff.
In October 2001 the company purchased the freehold of its Paddock Wood
consolidation centre, not only to create greater flexibility in the use of its
accommodation both by its own operation and by its tenant suppliers, but also to
extinguish its rental commitments there.
English fruit production in Kent experienced a better than expected season last
year, helping bolster throughput. Sheerness continues to be the country's main
seaport of entry for globally sourced fresh produce, generating important
volumes for distribution. The Teynham packhouse has also benefited from new
work from a supermarket supplier based within the Coolchain facility.
The Portsmouth consolidation and distribution centre has successfully managed
another season of Canary Island imports with volume increases and service level
improvements and was also successful in gaining further business on behalf of a
major retailer in November.
Channel Express (CI), the Channel Islands company, maintains its important role
as a provider of air, sea and road services to the communities of Guernsey and
Jersey. The company's core activity is the export of flowers, pot plants and
fresh produce from the Islands, as well as the importation of
temperature-controlled and time sensitive freight from the UK. Portsmouth is
also the gateway for traffic handled by Channel Express (CI) with its export
volumes being consolidated with south coast products prior to UK delivery.
The company has experienced new growth in its distribution activities during the
year. The Islands' tax regime has encouraged mail order and internet-based
retailers, specialising in plug plants, flowers in boxes and other products
such as health foods and CDs, to market their operations via the Islands
leading to an increase in the company's import and export traffic flows.
Channel Express, as one of the principal carriers for the Guernsey Post Office,
has benefited from this new work.
Outlook
The preference for healthy eating is maintaining strong customer demand for
chilled and fresh goods such as pre-packed salads, chilled foods and ready made
meals. The division's retail customers constantly seek new products attractive
to consumer lifestyles and redefine their own supply chain techniques to achieve
maximum cost efficiency. Increased involvement by supermarkets in the methods
used for the movement of products from suppliers to either their regional
distribution centres or stores has introduced new challenges for the division.
Although continued innovation will continue to be a feature of business during
the coming year, it is anticipated that there will be a period of settling down
within the supply chain as some of the new strategic plans bed down. The
division will continue to concentrate on growing its businesses organically and
developing related business opportunities within the distribution sector.
The view ahead is therefore one of confidence but with a recognition that the
division will need to continue to innovate and work with even greater
operational flexibility. However, the scale of the division, the expertise at
its disposal and its established business relationships put it in a sound
position to meet the challenges ahead.
For further information contact:
Dart Group PLC Tel: 01202 597676
Philip Meeson,
Group Chairman and Chief Executive Mobile: 07785 258666
Mike Forder,
Group Finance Director Mobile: 07721 865850
Consolidated Profit And Loss Account
for the year ended 31 March 2002
2002 2001
Note £'000 £'000
Turnover
Continuing operations 194,242 190,912
Net operating expenses, excluding amortisation of goodwill (183,233) (180,630)
Amortisation of goodwill (497) (497)
Net operating expenses (183,730) (181,127)
Operating profit
Continuing operations 10,512 9,785
Profit on disposal of fixed assets 232 18
Net interest payable (1,257) (592)
Profit on ordinary activities
before taxation 9,487 9,211
Taxation (3,179) (3,085)
Profit on ordinary activities
after taxation 6,308 6,126
Dividends (2,094) (2,040)
Retained profit for the year 4,214 4,086
Earnings per share
- basic 4 18.41p 17.94p
- basic, excluding the amortisation of goodwill 4 19.87p 19.40p
- diluted 4 18.25p 17.77p
Statement of Total Recognised Gains and Losses
2002 2001
£'000 £'000
Profit on ordinary activities after taxation 6,308 6,126
Exchange (loss)/gain on foreign equity investment (18) 33
6,290 6,159
Balance Sheet
at 31 March 2002
Group Company
2002 2001 2002 2001
Note £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 8,774 9,271 - -
Tangible assets 54,790 41,534 43,271 32,388
Investments - 59 18,279 18,279
63,564 50,864 61,550 50,667
Current assets
Stock 2,507 1,756 - -
Debtors 29,817 29,965 7,639 4,841
Cash at bank and in hand 1,356 7,061 4 1,101
33,680 38,782 7,643 5,942
Current liabilities
Creditors: amounts falling due
within one year (39,546) (49,301) (35,754) (37,421)
Net current liabilities (5,866) (10,519) (28,111) (31,479)
Total assets less current liabilities 57,698 40,345 33,439 19,188
Creditors: amounts falling due after
more than one year (18,970) (6,790) (17,630) (4,867)
Provision for liabilities and charges (4,432) (3,569) (3,987) (3,207)
(23,402) (10,359) (21,617) (8,074)
34,296 29,986 11,822 11,114
Capital and reserves
Called up share capital 1,716 1,710 1,716 1,710
Share premium account 7,659 7,551 7,659 7,551
Profit and loss account 24,921 20,725 2,447 1,853
Shareholders' funds - equity interests 2 34,296 29,986 11,822 11,114
Consolidated Cash Flow Statement
for the year ended 31 March 2002
2002 2001
Note £'000 £'000
Net cash inflow from operating activities 3 21,566 24,909
Returns on investment and servicing of finance (1,257) (592)
Taxation (2,343) (2,089)
Capital expenditure and financial investment (36,205) (12,877)
Equity dividends paid (2,052) (1,798)
Cash (outflow)/inflow before financing (20,291) 7,553
Financing 13,805 (8,147)
Decrease in cash in the year (6,486) (594)
Reconciliation of net cash flow to movement in net debt
2002 2001
£'000 £'000
Decrease in cash in the year (6,486) (594)
Cash outflow from (increase)/decrease in net debt in the year (13,691) 8,267
Change in net debt in the year (20,177) 7,673
Net debt at 1 April (2,326) (9,999)
Net debt at 31 March (22,503) (2,326)
1. Turnover
2002 2001
£'000 £'000
Distribution 120,313 116,065
Aviation Services 73,929 74,847
_______ _______
194,242 190,912
_______ _______
Turnover arising within:
The United Kingdom and the Channel Islands 188,671 185,931
Mainland Europe 4,143 3,300
The Far East 1,428 1,681
________ _______
194,242 190,912
_________ _______
Turnover to third parties by destination is not materially different to that by
source and relates to continuing activities.
2. Reconciliation of movements in shareholders' funds
Group Company
2002 2001 2002 2001
£'000 £'000 £'000 £'000
Profit for the year 6,308 6,126 2,688 3,324
Dividends (2,094) (2,040) (2,094) (2,040)
______ ______ ______ ______
4,214 4,086 594 1,284
Currency translation differences (18) 33 - -
Issue of shares under share option schemes 114 119 114 119
_____ ______ _____ ______
Net addition to
shareholders' funds 4,310 4,238 708 1,403
Opening shareholders' funds 29,986 25,748 11,114 9,711
______ ______ ______ _____
Closing shareholders' funds 34,296 29,986 11,822 11,114
______ ______ ______ _____
3. Reconciliation of operating profit to net cash flow from operating
activities
2002 2001
£'000 £'000
Operating Profit 10,512 9,785
Depreciation 12,527 14,690
Amortisation of goodwill 497 497
(Increase)/decrease in stock (751) 17
Decrease/(increase) in debtors 148 (4,776)
(Decrease)/increase in creditors (1,349) 4,663
Exchange differences (18) 33
______ ______
Net cash inflow from operating activities 21,566 24,909
______ ______
4. Earnings per share
The calculation of basic earnings per share is based on earnings
for the year ended 31 March 2002 of £6,308,000 (2001 - £6,126,000) and on
34,255,405 shares (2001 - 34,143,816) being the weighted average number of
shares in issue for the year.
The calculation of basic earnings per share, excluding the
amortisation of goodwill, is based on earnings of £6,805,000, as calculated
below, for the year ended 31 March 2002 (2001 - £6,623,000) and on 34,255,405
shares (2001 - 34,143,816) being the weighted average number of shares in
issue for the year.
2002 2001
£'000 £'000
Profit on ordinary activities after taxation 6,308 6,126
Amortisation of goodwill 497 497
_____ _____
6,805 6,623
_____ _____
The diluted earnings per share is based on earnings for the year ended 31 March
2002 of £6,308,000 (2001 - £6,126,000), and on 34,571,105 ordinary shares
(2001 - 34,474,149) calculated as follows:
2002 2001
000's 000's
Basic weighted average number of shares 34,255 34,144
Dilutive potential ordinary share:
Employee share options 316 330
_______ ______
34,571 34,474
_______ ______
5. The financial information for the years ended 31 March 2001 and 2002
does not constitute statutory accounts, as defined in Section 240 of the
Companies Act 1985, but is based on the statutory accounts for the years then
ended. Statutory accounts for the year ended 31 March 2001, on which the
auditors issued an unqualified opinion pursuant to Section 235 of the Companies
Act 1985, have been filed with the Registrar of Companies. Statutory accounts
for the year ended 31 March 2002, on which the auditors issued an unqualified
opinion pursuant to Section 235 of the Companies Act 1985, will be filed with
the Registrar of Companies in due course.
6. The proposed final dividend of 4.26 pence per share will, if
approved, be payable on 23 August 2002 to shareholders on the Company's register
at the close of business on 28 June 2002.
7. The 2002 Annual Report and Accounts (together with the Auditors
Report) will be posted to shareholders on 12 July 2002. The Annual General
Meeting will be held on 8 August 2002.
This information is provided by RNS
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