Final Results

Marshalls PLC 8 March 2002 8 March 2002 MARSHALLS PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2001 Marshalls plc, the specialist Landscape, Clay and Stone Products Group, today announces results for the year to 31 December 2001. Year to Year to 31 Increase 31 December December 2001 2000 (Â£'000) (Â£'000) % Turnover 328,036 298,179 10.0 Operating profit before exceptional costs and goodwill amortisation 48,865 43,782 11.6 Profit before tax 42,711 41,856 2.0 Adjusted basic earnings per share 19.55p 17.86p 9.5 Dividend per share 9.50p 9.00p 5.6 * Record profits achieved in 2001 * Strong second half performance in all Divisions * Landscape products operating profit pre-exceptionals up 14.1% * Cash inflow from operating activities of Â£70.7m up 46.5% * Balance sheet strong with gearing of 6.3% after Â£43.4m of capital and acquisition investment * Dividends up 5.6% to 9.5p per share * Confident outlook for 2002 Commenting on these results, Christopher Burnett, Chairman said: 'Strong trading conditions throughout the second half of the year, notably in the Landscape Products Division, enabled full year operating profit to be well ahead of last year despite a slightly lower first half performance. The strong demand in the domestic part of our business has continued into 2002 and this, combined with an increase in commercial and public sector enquiries, gives us confidence in the prospects for 2002.' Enquiries: Christopher Chairman Marshalls plc 020 7404 5959 on 8 March 2002 Burnett 01422 306400 thereafter Ian Burrell Finance Director Marshalls plc 01422 306400 Jon Coles Brunswick Group 020 7404 5959 William Cullum Brunswick Group 020 7404 5959 Chairman's Statement We experienced strong trading conditions throughout the second half, and, as a result ended the year with sales of Â£328.0 million, 10 per cent ahead of 2000. All three Divisions, Landscape Products, Clay Products and Emerging Businesses, achieved sales growth substantially ahead of that reported at the half year. At the time of our Interim results we indicated that the anticipated improvement in operating profit for the year would be concentrated in the second half. While Group operating profit before exceptional costs and goodwill amortisation in the first six months was marginally lower than the comparable period in 2000, the full year figure was well ahead of last year, at Â£48.9 million, an increase of 11.6 per cent. In 2000, we reported a large exceptional profit of Â£2.7 million from the sale of surplus land. In 2001 exceptional profits from property disposals, which do vary from year to year, amounted to only Â£0.3 million. This, together with exceptional reorganisation costs, goodwill amortisation, and the write-off of pre-paid insurance premiums and irrecoverable insurance claims of nearly Â£1 million following the collapse of Independent Insurance PLC, (reported to shareholders in our Interim Report), reduced the amount of the increase in the profit on ordinary activities before interest. Nevertheless, the profit of Â£45.7 million was 2.3 per cent above 2000. Landscape Products Division This Division, which represents 75 per cent of Group turnover, achieved sales of Â£247.6 million for the year, 9.3 per cent ahead of 2000. The pent up demand that spilled over from the first half, especially in the domestic sector, came through strongly right up to the year end. After reporting interim operating profits similar to the first half of 2000, the improvement in the second half enabled us to meet our target for the full year. Clay Products Division The Division also experienced stronger sales growth in the second half and ended the year with sales of Â£29.4 million, 4.7 per cent ahead of 2000, whereas Industry brick volumes declined again this year by about 2.3 per cent. Despite the pricing pressure caused by this decline, operating profit was ahead of 2000 due to further benefits from our profit improvement programme. Emerging Businesses Division The Division had the benefit of a second half contribution from Stancliffe Stone, acquired in June 2001, and therefore ended the year with sales of Â£51.1 million, an increase of 16.9 per cent over 2000. We announced in our Interim Report that the operating profit before exceptional costs and goodwill amortisation had fallen by nearly 15.0 per cent compared with last year, due to a decline in our Natural Stone and Drainage businesses. While the situation improved somewhat in the second six months it was not possible to make up the shortfall in first half profits. However, taking into account the contribution from Stancliffe Stone, operating profit at this level ended the year at Â£7.1 million, 2.7 per cent ahead of last year. Balance Sheet The Group balance sheet remains exceptionally strong. Cash inflow from operating activities amounted to Â£70.7million an increase of 46.5 per cent. During the year we acquired Stancliffe Stone for a cash consideration of Â£10.4 million. In addition the Group investment in capital expenditure was Â£31.3 million. Extra working capital was also needed to fund the growth in the business and our acquisitions. Despite this we ended the year with net borrowings of Â£12.9 million (2000: Â£8.8 million) which represents gearing of 6.3 per cent. This was achieved because of our very good financial controls throughout the Group, and the cash generative nature of the business. Dividend The Board has decided to recommend a final dividend of 6.35p (2000: 6.00p) per ordinary share making a total of 9.50p (2000: 9.00p) for the year, an increase of 5.6 per cent compared with 2000. The dividend will be paid on 1 July 2002 to shareholders on the register on 31 May 2002. The ex-dividend date will be 29 May 2002. Group Outlook The level of demand for our products remains strong, and in recent months there has been a noticeable increase in the number of commercial and public sector enquiries. We are seeing the first signs of an improvement in construction industry activity arising from Government spending plans. The strong demand in the domestic part of the business has continued into 2002 with trading in the first two months of this financial year significantly ahead of the same period last year. The Landscape Products Division has had supply agreements with the three major builders merchant groups for the past three years. These agreements were due for renewal and were therefore the subject of renegotiation towards the end of the year. New agreements have been concluded, subject to formal Board ratification on both sides. We remain confident of the prospects for 2002 and, as a financially prudent business, take comfort in the added security that our low level of gearing provides. Landscape Products Division Sales reached Â£247.6 million (2000: Â£226.4 million) for the year, an increase of 9.3 per cent. Operating profit before exceptional costs and goodwill amortisation was a record Â£36.8 million (2000: Â£32.2 million), an improvement of 14.1 per cent. A sluggish first half, due entirely to the widespread flooding across the UK, meant that results for the first six months were just ahead of 2000. We told shareholders at the time of the interim announcement that the full year improvement in profits would be biased towards the second half. Sales in the second half were Â£117.7 million (2000: Â£103.1 million), an increase of 14.1 per cent, and operating profit before exceptional costs and goodwill amortisation was Â£15.5 million (2000: Â£11.2 million), an improvement of 38.4 per cent. Besides the boost to the second half from pent up consumer demand, three other factors contributed to this very pleasing result: greater investment in marketing; improved service to customers via our Service Centres; and further gains in efficiency resulting from capital investment and better working practices. We have increased our direct communication with the consumer through more advertising, an enhanced Marshalls web site and a new aspirational product catalogue. The Marshalls Register of approved driveway and patio installers also continued to expand, helped by a scheme introduced to train more installers. The ten year guarantee of product and workmanship we offer consumers is growing in popularity, and we are delighted with the positive feedback they are providing. Eleven Service Centres are now in operation, capable of supplying builders merchant customers nationally, with a comprehensive range of Marshalls products in mixed loads. Another Service Centre will open in the second quarter of 2002, and in 2003 we will begin the development of a major new site in Central Southern England. The importance of the Service Centre concept is demonstrated by the fact that the established Service Centres in total, produced growth 3.5 per cent higher than our other sites. The strongest performance came from the three Service Centres that have been open for more than one year. Capital investment in the Division reached Â£23.9 million this year. Some of this was for additional capacity to meet the growing demand for our products, but we continue to also invest in projects to improve the efficiency of our existing plant and equipment. Outlook There is no doubt that consumer demand for driveway, garden and patio products continues to grow. The 2002 catalogue 'At home with Marshalls' has just been published and its circulation will be backed by radio and press advertising. Our Installers tell us that going into the new year they had a backlog of work. The outlook for the domestic side of the business is therefore very encouraging. The commercial and public sector side of our business has also noticeably increased in the past few months. The significant growth in spending announced by the Government in all parts of the public sector through to 2004 will bring additional opportunities for Marshalls. The capital investment we made in 2001 will start to come on stream this year to provide the increased capacity we need to meet these growth prospects. The Division also has ambitious further investment plans in 2002. For all these reasons we expect to make further progress and deliver improved results in 2002. Clay Products Division The 4.7 per cent increase in sales to Â£29.4 million (2000: Â£28.1 million), and 7.4 per cent increase in operating profit before exceptional costs represents a very creditable performance against the background of declining Industry volumes again this year, rising costs associated with higher gas prices, and the introduction of the Climate Change Levy. These results are in stark contrast to most of our main competitors who have reported lower profits in 2001 and lower return on sales. That we were able to deliver this improvement in performance is due in the main to the continuing drive to lower the cost base of the business and find more operating efficiencies. A further reduction of 9.6 per cent in the numbers employed in the Division was achieved in 2001. In last year's Annual Report we told shareholders of our plans to make available to customers a number of brick products via the Landscape Products Division's Service Centres. This would enable builders merchants to purchase smaller quantities of standard bricks for immediate delivery when ordering other landscape products. The customers welcomed this additional service, and the contribution to sales from this new activity, unique to Marshalls, is growing well. There were a number of Industry developments during the year, and into the early part of 2002, that should bring better trading conditions. These include capacity reduction and the merging of two brick manufacturers of similar size to Marshalls. There has also been an acceptance by customers that the increase in production costs for reasons outside our control requires prices to rise, thereby allowing these costs to be passed through to the market. Outlook The expectation is that the brick market will remain challenging in the coming year. Some of the increase in Government spending, on public housing and other similar projects, should benefit the brick sector. It would be wrong to assume though that the decline in Industry volumes that have occurred almost annually since 1973 is going to be easily reversed. Industry brick stocks have, however, fallen, and this has to be helpful in trying to ensure that the prices we obtain reflect our true costs. Emerging Businesses Division This Division comprises smaller but important Group businesses. Sales in the year amounted to Â£51.1 million (2000: Â£43.7 million) a rise of 16.9 per cent compared with 2000. However, this increase included a full year contribution from a new business activity in Street Furniture and a contribution from a new Natural Stone business which was not part of the Group last year. On a like for like basis sales increased by 4.0 per cent. Operating profit before exceptional costs and goodwill amortisation at Â£7.1 million (2000: Â£6.9 million) was 2.7 per cent ahead. Again, if the contribution from the two new businesses are excluded operating profit is 9.4 per cent lower. At the half year we informed shareholders that the reason for the decline in profit from the Division was due to Natural Stone being unable to match the volume of business achieved in millennium year, and Drainage Products being held back by lack of activity in the Government's road programme. While the situation improved somewhat in the second half it was not possible to make up fully the 15.0 per cent shortfall at the half year. Natural Stone The Natural Stone business includes many types of stone products for the domestic, commercial and public sector markets, including granite and our traditional Yorkstone. In June 2001 we acquired Stancliffe Stone another natural stone, walling and paving business for a total consideration of Â£10.4 million. Sales were 22.3 per cent ahead of last year, but excluding the acquisition, down by 3.6 per cent. The decline in the core business is only temporary, and we fully expect to reverse the position in the new financial year. We have also been investing in new plant to improve efficiency, and will obtain the benefit in 2002. Flooring The business that manufactures precast flooring systems mostly for new houses also provides all the other precast components a builder might need such as stairs, landings, balconies and other specially designed items. Sales grew by 7.5 per cent in the year despite the total number of new houses built in the UK being very similar to 2000. Drainage Products The Drainage Products business supplies linear drainage for use in road building as well as for commercial and domestic landscaping schemes. At the half year sales were behind last year due to lack of activity in the road building programme. However, business picked up in the second half and we ended the year with sales 15.0 per cent ahead of 2000. Street Furniture The Street Furniture business consists of our own manufactured concrete products supplemented by a wide range of factored products. It had the full year benefit of an acquisition we made in October 2000 that sells mainly telescopic bollards used for security purposes in both the domestic and commercial markets. As a result street furniture sales increased by 57.1 per cent in the year. Classical Flagstones The aspirational range of high quality flagstones produced by this business are sold mainly to the domestic market for internal flooring in hallways and kitchens. The business achieved sales growth of 4.8 per cent this year. We are, however, looking for more substantial growth to take advantage of the capacity of the new manufacturing plant we installed in 2000. Outlook The objective of this Division is to grow the individual businesses organically and through acquisition to the point where they can become a Division in their own right. Natural Stone has reached that point while others still have some way to go. In order to meet our objectives much work is ongoing to refine the strategies of each business and to improve their efficiency and management. All of this will have the effect of increasing their value to shareholders. The prospects for the Division in 2002 are encouraging in terms of achieving further growth. MARSHALLS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS AUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2001 Notes 2001 2000 Â£'000 Â£'000 Turnover 1 328,036 298,179 Operating costs (282,703) (256,271) ========= ========= Operating profit Before exceptional reorganisation and insurance costs and goodwill amortisation 1 48,865 43,782 Exceptional reorganisation costs 1 (1,564) (1,106) Exceptional insurance costs 1 (944) - Goodwill amortisation (1,024) (768) _________ _________ 45,333 41,908 Gain on disposals of property 1 321 2,720 _________ _________ Profit on ordinary activities before interest 45,654 44,628 Interest (net) (2,943) (2,772) _________ _________ Profit on ordinary activities before taxation 1 42,711 41,856 Taxation on profit on ordinary activities 2 (12,500) (11,700) _________ _________ Profit for the financial year 30,211 30,156 Preference dividends: Non equity shares 3 (174) (2,359) _________ _________ Profit attributable to ordinary shareholders 30,037 27,797 Ordinary dividends: Equity shares 4 (15,846) (13,964) _________ _________ Retained profit for the financial year 14,191 13,833 ========= ========= Earnings per share: Basic 5 18.01p 19.67p ========= ========= Diluted 5 18.00p 19.65p ========= ========= Adjusted Basic 5 19.55p 17.86p ========= ========= MARSHALLS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS AUDITED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2001 Notes 2001 2000 Â£'000 Â£'000 Fixed assets Intangible 21,316 15,126 Tangible 169,902 149,785 _________ _________ 191,218 164,911 _________ _________ Current assets Stocks 54,387 57,342 Debtors: due within one year 31,517 31,976 Debtors: due after more than one year - 2,171 Cash at bank and in hand 14,655 12,529 _________ _________ 100,559 104,018 _________ _________ Creditors: amounts falling due within one year (66,215) (56,764) _________ _________ Net current assets 34,344 47,254 _________ _________ Total assets less current liabilities 225,562 212,165 _________ _________ Creditors: amounts falling due after more than one year (20,007) (21,344) _________ _________ Net assets 1 205,555 190,821 ========= ========= Capital and reserves Called up share capital 43,006 42,911 Share premium account 18,910 18,453 Revaluation reserve 5,166 5,166 Other reserves 14,352 10,274 Profit and loss account 124,121 114,017 _________ _________ Shareholders' funds 205,555 190,821 ========= ========= Analysis of shareholders' funds Equity 203,432 188,698 Non Equity 2,123 2,123 _________ _________ 205,555 190,821 ========= ========= MARSHALLS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001 Notes 2001 2000 Â£'000 Â£'000 Cash inflow from operating activities 6 70,677 48,254 Returns on investments and servicing of finance (4,118) (5,836) Taxation (13,172) (12,773) Capital expenditure (30,607) (20,325) Acquisitions and disposals (5,696) (680) Equity dividends paid (15,239) (11,070) __________ _________ Cash inflow / (outflow) before use of liquid resources and financing 1,845 (2,430) Management of liquid - 2,650 resources Financing 281 1,061 __________ _________ Increase in cash in the year 2,126 1,281 ========== ========= Reconciliation of net cash flow to movement in net debt Increase in cash in the year 2,126 1,281 Cash outflow from decrease in debt and lease financing 262 596 Cash inflow from decrease in liquid resources - (2,650) __________ _________ Change in net debt resulting from cash flows 2,388 (773) New finance leases and loans on acquisition of businesses - (279) Loans issued on acquisition of businesses (6,408) (1,327) Translation differences - (12) __________ _________ Movement in net debt in the year (4,020) (2,391) Net debt at beginning of year (8,842) (6,451) __________ _________ Net debt at end of year (12,862) (8,842) ========== ========= MARSHALLS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS AUDITED CONSOLIDATED PRIMARY STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2001 Consolidated Statement of Total Recognised Gains and Losses 2001 2000 Â£'000 Â£'000 Profit for the financial year 30,211 30,156 Exchange differences on foreign currency loan - (12) __________ _________ Total recognised gains and losses relating to the financial year 30,211 30,144 ========== ========= Reconciliation of Movements in Consolidated Shareholders' Funds 2001 2000 Â£'000 Â£'000 Profit for the financial year 30,211 30,156 Dividends (16,020) (16,323) __________ _________ Retained profit for the financial year 14,191 13,833 Other recognised gains and losses - (12) New share capital issued 552 2,853 Write off on issue of shares to QUEST (9) (1,186) Share issue costs - (10) __________ _________ Net additions to shareholders' funds 14,734 15,478 Shareholders' funds at beginning of year 190,821 175,343 __________ _________ Shareholders' funds at end of year 205,555 190,821 ========== ========= Consolidated Historical Cost Profits and Losses There is no material difference between historical cost profits and those reported in the profit and loss account. MARSHALLS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS AUDITED CONSOLIDATED NOTES FOR THE YEAR ENDED 31 DECEMBER 2001 1 Segmental analysis Turnover Operating profit Operating profit before exceptional reorganisation and insurance costs and goodwill amortisation 2001 2000 2001 2000 2001 2000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Landscape 247,585 226,431 36,768 32,219 34,441 31,442 Clay 29,401 28,093 5,024 4,679 4,482 4,153 Emerging Businesses 51,050 43,655 7,073 6,884 6,410 6,313 _______ _______ _______ _______ _______ _______ 328,036 298,179 48,865 43,782 45,333 41,908 ======= ======= ======= ======= ======= ======= Gain on disposals of property 321 2,720 Interest (net) (2,943) (2,772) _______ _______ Profit on ordinary activities before taxation 42,711 41,856 ======= ======= Emerging businesses includes turnover of Â£3.4m and an operating profit of Â£0.6m before amortisation of goodwill of Â£0.2m, relating to the business of Stancliffe Stone Co. Limited which was purchased on 15 June 2001. The post acquisition results of Stancliffe Stone Co. Limited are not considered to be material and no further disclosure has been provided on the face of the Profit and Loss Account. Operating exceptional reorganisation costs incurred primarily related to redundancy costs of Â£1.3m (2000: Â£1.1m) and costs arising on acquisitions of Â£0.3m (2000: Nil). Operating exceptional insurance costs of Â£0.9m (2000: Nil) relate to pre-paid insurance premiums, unpaid insurance claims receivable and associated costs arising from the collapse of Independent Insurance plc. Net Assets 2001 2000 Â£'000 Â£'000 Landscape 142,248 138,491 Clay 43,910 45,102 Emerging Businesses 40,177 27,063 _______ _______ 226,335 210,656 Unallocated net liabilities (20,780) (19,835) _______ _______ 205,555 190,821 ======= ======= Unallocated net liabilities comprise non-operating assets and liabilities of a financing nature, principally net borrowings, corporation tax, dividends payable. 2001 2000 Â£'000 Â£'000 Geographical destination of sales: United Kingdom 322,846 292,892 Rest of the world 5,190 5,287 _______ _______ 328,036 298,179 ======= ======= All turnover is derived from United Kingdom continuing operations and there is no material inter-segmental turnover. 2 Taxation on profit on ordinary activities 2001 2000 Â£'000 Â£'000 United Kingdom corporation tax at 30.00% (2000: 30.00%) based on the profit for the year 12,500 11,700 ======= ======= The charge for corporation tax has been increased/(reduced) due to: Surplus of capital allowances over depreciation (689) (829) Disallowed amortisation of goodwill 307 230 ======= ======= 3 Preference dividends: Non equity shares 2001 2000 per share Â£'000 per share Â£'000 Cumulative redeemable preference shares of 20p each 6.50p 73 6.50p 2,258 _______ _______ 10% cumulative preference shares of Â£1 each 101 101 _______ _______ 174 2,359 ======= ======= 4 Ordinary dividends: Equity shares 2001 2000 per share Â£'000 per share Â£'000 Interim: Paid 3 December 2001 3.15p 5,246 3.00p 3,987 Final: Proposed 6.35p 10,600 6.00p 9,983 _______ _______ 15,846 13,970 Dividend adjustment - (6) _______ _______ _______ _______ 9.50p 15,846 9.00p 13,964 ======= ======= ======= ======= 5 Earnings per share 2001 2000 Â£'000 Â£'000 Profit for the financial year attributable to ordinary shareholders 30,037 27,797 =========== =========== Profit for the financial year attributable to ordinary shares and potentially ordinary dilutive shares 30,037 27,797 =========== =========== Adjusted basic earnings per share reconciliation: Profit for the financial year 30,037 27,797 Exceptional reorganisation costs 1,564 1,106 Exceptional insurance costs 944 - Goodwill amortisation 1,024 768 Gain on disposals of property (321) (2,720) Taxation (640) 451 Cumulative redeemable preference dividend - 2,185 ___________ ___________ 32,608 29,587 =========== =========== Weighted average number of shares 166,804,445 141,334,404 =========== =========== Weighted average number of shares 166,804,445 141,334,404 Dilutive shares 45,244 171,396 ___________ ___________ 166,849,689 141,505,800 =========== =========== Weighted average number of shares 166,804,445 141,334,404 Conversion of cumulative redeemable preference shares - 24,345,026 ___________ ___________ 166,804,445 165,679,430 =========== =========== Basic earnings per share 18.01p 19.67p =========== =========== Diluted earnings per share 18.00p 19.65p =========== =========== Adjusted basic earnings per share 19.55p 17.86p =========== =========== Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders of Â£30,037,000 (2000: Â£27,797,000) by the weighted average number of shares in issue during the year of 166,804,445 (2000: 141,334,404). Diluted earnings per share is calculated by dividing profit attributable to ordinary shares and potentially ordinary dilutive shares of Â£30,037,000 (2000: Â£27,797,000) by the weighted average number of shares in issue during the year of 166,804,445 (2000: 141,334,404), plus dilutive shares of 45,244 (2000: 171,396) which totals 166,849,689 (2000: 141,505,800). An adjusted basic earnings per share has been prepared in order to show the underlying performance of the business. The adjusted basic earnings per share is adjusted for exceptional reorganisation and insurance costs, goodwill amortisation, gain on disposals of property and the associated taxation. It is also adjusted for the conversion of cumulative redeemable preference shares of 20p each on 1 October 2000 and the associated preference dividend as though converted on the first day of the period. 6 Reconciliation of operating profit to cash flow from operating activities 2001 2000 Â£'000 Â£'000 Operating profit 45,333 41,908 Amortisation charges 1,024 768 Depreciation charges 14,616 12,825 Loss on sale of tangible fixed assets 301 36 Decrease/(increase) in stocks 3,663 (12,896) Decrease in debtors 4,276 6,899 Increase/(decrease) in creditors 1,464 (1,286) ________ ________ 70,677 48,254 ======== ======== 7 Annual General Meeting The Annual General Meeting will be held at Birkby Grange, Birkby Hall Road at 2.30p.m. on 22 May 2002. The Annual Report will be posted on 17 April 2002. 8 Other The audited consolidated figures have been prepared on the basis of the accounting policies set out in the 2000 financial statements. The above financial information does not constitute statutory accounts for the year ended 31 December 2001 or for the year ended 31 December 2000 but is derived from those financial statements. Statutory accounts for the year ended 31 December 2000 have been delivered to the Registrar of Companies. The auditors have reported on the year ended 31 December 2000 financial statements and 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 the year ended 31 December 2001 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This information is provided by RNS The company news service from the London Stock Exchange

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