Interim Results - 6 Months to 31 Oct 1999, Part 2

Mentmore Abbey Plc 7 December 1999 PART 2 MENTMORE ABBEY plc ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 1999 Group profit and loss account for the six months ended 31 October 1999 Six months ended 31 October 1999 Before goodwill amortisation and Goodwill Note exceptionals amortisation Exceptionals Total £'000 £'000 £'000 £'000 Turnover 2 Continuing operations: Group and share of joint venture 13,272 - - 13,272 Less groups share of joint venture (5,841) - - (5,841) --------------------------------------------- 7,431 - - 7,431 Acquisitions 8,173 - - 8,173 -------------------------------------------- 15,604 - - 15,604 ============================================ Operating profit Continuing operations 2,369 - - 2,369 Acquisitions 2,861 (666) (604) 1,591 ---------------------------------------------- 5,230 (666) (604) 3,960 Share of operating profit in joint venture 1,135 (127) - 1,008 ---------------------------------------------- Total operating profit 2 6,365 (793) (604) 4,968 Profit on disposal of shares in BDM - - - - --------------------------------------------- Profit on ordinary 6,365 (793) (604) 4,968 activities before interest Net interest payable (922) - - (922) --------------------------------------------- Profit on ordinary 5,443 (793) (604) 4,046 activities before taxation Taxation 3 (1,363) - 151 (1,212) --------------------------------------------- Profit on ordinary 4,080 (793) (453) 2,834 activities after taxation Dividends (689) - - (689) ---------------------------------------------- Retained profit for the financial period 3,391 (793) (453) 2,145 ============================================== Basic earnings per share: Before goodwill 4 amortisation and exceptionals 3.56p - - 3.56p Goodwill amortisation - (0.69p) - (0.69p) Exceptionals - - (0.40p) (0.40p) Profit on disposal of shares in BDM - - - - --------------------------------------------- Total 3.56p (0.69p) (0.40p) 2.47p --------------------------------------------- Diluted earnings per share 2.43p 2.94p Dividends per share 0.402p 0.374p Six months Year ended 31 ended October 1998 30 April 1999 £'000 £'000 Turnover 2 Continuing operations: Group and share of joint venture 15,982 29,501 Less groups share of joint venture - (3,570) -------------------------------- 15,982 25,931 Acquisitions - - -------------------------------- 15,982 25,931 ================================ Operating profit Continuing operations 4,348 7,161 Acquisitions - - ------------------------------- 4,348 7,161 Share of operating profit in joint venture - 876 -------------------------------- Total operating profit 2 4,348 8,037 Profit on disposal of shares in BDM - 4,443 -------------------------------- Profit on ordinary 4,348 12,470 activities before interest Net interest payable (1,051) (1,215) -------------------------------- Profit on ordinary 3,297 11,255 activities before taxation Taxation 3 (754) (1,413) -------------------------------- Profit on ordinary 2,543 9,842 activities after taxation Dividends (320) (998) --------------------------------- Retained profit for the financial period 2,223 8,844 ================================ Basic earnings per share: Before goodwill 4 amortisation and exceptionals 2.98p 6.32p Goodwill amortisation - - Exceptionals - - Profit on disposal of shares in BDM - 5.18p ------------------------------- Total 2.98p 11.50p -------------------------------- Diluted earnings per share 2.94p 11.32p Dividends per share 0.374p 1.155p Group balance sheet as at 31 October 1999 31 October 31 October 30 April 1999 1998 1999 £ 000 £ 000 £ 000 Fixed assets Intangible assets 79,214 - - Tangible assets 161,428 49,858 31,637 Investments in joint venture 6,641 - 6,099 Other investments 20,488 - - ----------------------------------- 267,771 49,858 37,736 ----------------------------------- Current assets Stocks 1,858 1,556 1,269 Assets held for resale 12,269 - - Debtors 17,071 5,597 1,784 Cash at bank and in hand 31 13 15,499 ------------------------------------ 31,229 7,166 18,552 Creditors: amounts falling due within one year (43,944) (15,026) (6,960) ------------------------------------ Net current (liabilities) /assets (12,715) (7,860) 11,592 ----------------------------------- Total assets less current liabilities 255,056 41,998 49,328 Creditors: amounts falling due after more than one year (81,371) (17,913) (12) Provisions for liabilities and charges (579) (259) (133) -------------------------------------- Net assets 173,106 23,826 49,183 ====================================== Capital and reserves Called up share capital 17,128 8,546 8,621 Share premium account 113,686 10 415 Other reserve 27,226 8,970 27,226 Profit and loss account 15,066 6,300 12,921 ------------------------------------- Equity shareholders funds (Note 5) 173,106 23,826 49,183 ===================================== Group cash flow statement for the six months ended 31 October 1999 Year Six months ended ended 31 October 30 April 1999 1998 1999 £ 000 £ 000 £ 000 Cash flow from operating activities (note 6) 5,374 4,535 7,900 Returns on investment and servicing of finance (452) (950) (1,471) Taxation (474) (73) (509) Capital expenditure (2,075) (1,705) (3,511) Loans made to joint venture (7,969) - - Acquisitions and disposals (48,449) (5,222) 20,236 Equity dividends paid (678) (606) (926) --------------------------------- Cash (outflow)/inflow before use of financing (54,723) (4,021) 21,719 Financing 50,060 487 (9,465) --------------------------------- (Decrease)/increase in cash in the period (4,663) (3,534) 12,254 ================================ Reconciliation of net cash flow to movement in net debt Year Six months ended ended 31 October 30 April 1999 1998 1999 £ 000 £ 000 £ 000 (Decrease)/increase in cash in the period (4,663) (3,534) 12,254 Cash (inflow)/outflow from change in debt and lease financing (49,801) (487) 9,945 Change in net debt resulting from cash flow (54,464) (4,021) 22,199 Loans and finance leases (acquired)/divested with subsidiary undertakings (61,601) - 10,437 Loan amortisation costs written off - - (194) ------------------------------- Movement in net debt in the period (116,065) (4,021) 32,442 Net funds/(debt) at beginning of the period 15,475 (16,967) (16,967) -------------------------------- Net (debt)/funds at end of the period (note 7) (100,590) (20,988) 15,475 =============================== Notes to the interim results for the six months ended 31 October 1999 1. Basis of preparation The interim results have not been audited but have been reviewed by the auditors whose report is set out on page 8. They have been prepared on the basis of accounting policies consistent with those adopted for the year ended 30 April 1999 as set out in the financial statements of the group. The comparative figures for the year ended 30 April 1999 and other financial information contained herein do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 30 April 1999, incorporating an unqualified auditors report, have been filed with the Registrar of Companies. 2. Segmental analysis Six months ended Year ended 31 October 30 April 1999 1998 1999 £ 000 £ 000 £ 000 Turnover Personal storage 5,095 4,539 8,844 Serviced business space 8,173 - - Records management 5,841 8,797 15,306 Other 2,336 2,646 5,351 -------------------------------- 21,445 15,982 29,501 Less: group s share of joint venture (5,841) - (3,570) -------------------------------- 15,604 15,982 25,931 ================================= Total operating profit Personal storage 2,511 2,248 4,455 Serviced business space 2,861 - - Records management 1,135 2,206 3,930 Other (142) (106) (348) --------------------------------- Before goodwill amortisation and exceptionals 6,365 4,348 8,037 Goodwill amortisation and exceptionals (1,397) - - --------------------------------- 4,968 4,348 8,037 ================================ The segment categories have been changed from that previously reported to reflect the acquisition of Birkby plc and the fact that BDM is now a joint venture operation. Personal storage comprises Abbey Storage; Serviced business space includes Birkby's work and retail space and asset finance activities; Records management comprises the BDM joint venture; Other includes the remainder of the group s operations. Comparative figures have been adjusted accordingly. Exceptional costs of £0.6 million relate to Birkby and principally comprise amounts payable as a result of departing directors. 3. Taxation The tax charge for the six months ended 31 October 1999 is based on the estimated rate applicable for the year ending 30 April 2000. 4. Earnings per share Basic earnings per share of 2.47p have been calculated by dividing profit after tax of £2.8 million (1998 : £2.5 million) by the weighted average number of Mentmore Abbey shares in issue of 114.6 million (1998 : 85.5 million). The basic earnings per share of 3.56p, before goodwill amortisation and exceptionals, is calculated on profit after tax of £4.1 million. The impact of all potentially dilutive share options on earnings per share would be to increase the weighted average number of shares in issue by 2.0 million (1998 : 1.1 million) and to reduce basic earnings per share by 0.04 pence (1998 : 0.04 pence). 5. Movement in equity shareholders funds Equity shareholders funds have increased to £173.1 million at 31 October 1999 from £49.2 million at 30 April 1999 as a result of the retained profit of £2.1 million for the six months to 31 October 1999 and the issue of shares valued at £121.8 million in respect of the transaction with Birkby. 6. Reconciliation of operating profit to cash flow from operating activities Six months ended Year ended 31 October 30 April 1999 1998 1999 £ 000 £ 000 £ 000 Operating profit 3,960 4,348 7,161 Depreciation charge 728 791 1,279 Goodwill amortisation 666 - - Loss on sale of tangible fixed assets - 5 7 Decrease/(increase) in stocks 34 (97) 98 Increase in debtors 123 (377) (50) Decrease in creditors (140) (143) (605) Increase in provision for liabilities and charges 3 8 10 ----------------------------------- 5,374 4,535 7,900 ================================= 7. Net debt Net debt comprises: 31 October 30 April 1999 1998 1999 £ 000 £ 000 £ 000 Cash at bank and in hand 31 13 15,499 Overdrafts (17,796) (290) - Bank loans (82,806) (19,651) - Finance leases (19) (1,060) (24) ---------------------------------- (100,590) (20,988) 15,475 ================================== Bank loans and finance leases include amounts due after more than one year amounting to £78.6 million (1998 : £17.3 million) and £ nil (1998 : £0.5 million) respectively. 8. Interim results statement The interim results statement, which was approved by the Board on 7 December 1999, will be posted to all shareholders. Thereafter copies may be obtained from the Company Secretary, Mentmore Abbey plc, Park House, 14 Pepys Road, London SW20 8NH.

Companies

Molecular Energies (MEN)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today