Interim Results - Part 2

Porvair PLC 28 June 2000 PART II For further information contact : Porvair plc Ben Stocks, Chief Executive Mark Moran, Group Finance Director today 0207 466 5000 at all other times 01553 761111 Buchanan Communications Charles Ryland/Catherine Miles 0207 466 5000 PORVAIR plc ('Porvair') INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2000 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 31 May 2000 (unaudited) Six Six Year months months ended ended ended 30 31 May 31 May November 2000 1999 1999 (restated) Note £'000 £'000 £'000 Turnover Continuing operations 1(a), 31,655 30,730 62,535 (including share of joint 1(b) venture) Less : share of joint (432) (531) (964) venture --------------------------- 31,223 30,199 61,571 ========================== Group operating profit 2,417 1,716 4,912 before goodwill amortisation Goodwill amortisation (1,056) (1,056) (2,113) --------------------------- Group operating profit 1,361 660 2,799 before joint venture - continuing operations Share of joint venture 5 40 62 -------------------------- Group operating profit 1(c) 1,366 700 2,861 including joint venture Interest payable (net) (399) (395) (749) -------------------------- Profit on ordinary 967 305 2,112 activities before taxation Tax on profit on ordinary activities (605) (409) (987) --------------------------- Profit/(loss) on ordinary activities after taxation 362 (104) 1,125 Equity minority interests 2 (2) 6 -------------------------- Profit/(loss) for the 364 (106) 1,131 period attributable to shareholders Dividends 3 (616) (591) (1,644) -------------------------- Retained loss for the (252) (697) (513) period --------------------------- Earnings per share - basic and diluted 2(a) 1.4p (0.4)p 4.4p - basic and diluted 2(b) 5.5p 3.7p 12.6p before goodwill amortisation Dividend per share 3 2.4p 2.3p 6.4p CONSOLIDATED BALANCE SHEET as at 31 May 2000 (unaudited) 31 May 31 May 30 2000 1999 November (restated) 1999 £'000 £'000 £'000 Fixed assets Goodwill 19,656 21,710 20,712 Tangible assets 19,451 19,241 19,368 Investments in joint venture Share of gross assets 182 273 292 Share of gross liabilities (157) (275) (272) ------------------------------- 25 (2) 20 ------------------------------- Other investments - 4 - ------------------------------- 39,132 40,953 40,100 ------------------------------- Current assets Stocks 11,668 11,934 11,052 Debtors 14,965 13,963 13,217 Cash at bank and in hand 898 566 665 ------------------------------ 27,531 26,463 24,934 Creditors Amounts falling due within one year (13,239) (12,001) (12,029) -------------------------------- Net current assets 14,292 14,462 12,905 -------------------------------- Total assets less current liabilities 53,424 55,415 53,005 Creditors Amounts falling due after more than one year (10,291) (12,500) (9,787) Provisions for liabilities and charges (377) (261) (320) -------------------------------- 42,756 42,654 42,898 -------------------------------- Capital and reserves Called up share capital 514 514 514 Share premium account 1,191 1,211 1,211 Other reserves 5,224 5,024 5,092 Profit and loss account 35,797 35,865 36,049 ------------------------------- Total equity shareholders' 42,726 42,614 42,866 funds Equity minority interests 30 40 32 ------------------------------- 42,756 42,654 42,898 =============================== CONSOLIDATED CASH FLOW STATEMENT for the six months ended 31 May 2000 (unaudited) Six Six Year months months ended ended ended 30 31 May 31 May November 2000 1999 1999 (restated) Note £'000 £'000 £'000 Net cash inflow from 4 2,361 1,979 8,649 operating activities Returns on investments and servicing of finance (227) (356) (760) Taxation (231) (90) (535) Capital expenditure (1,427) (2,711) (4,320) Acquisitions and disposals - (359) (418) Equity dividends paid (1,053) (1,053) (1,644) Financing 105 3,176 430 (Decrease)/increase in cash (472) 586 1,402 RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS for the six months ended 31 May 2000 (unaudited) Six Six Year months months ended ended ended 30 31 May 31 May November 2000 1999 1999 (restated) £'000 £'000 £'000 Profit/(loss) for the period 364 (106) 1,131 Dividends (616) (591) (1,644) ------------------------------ Retained loss for the period (252) (697) (513) Capital redemption (20) - - Exchange differences 132 116 184 ------------------------------ Net reduction in equity shareholders' funds (140) (581) (329) Opening equity shareholders' funds 42,866 43,195 43,195 ----------------------------- Closing equity shareholders' funds 42,726 42,614 42,866 ============================= STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 31 May 2000 (unaudited) Six Six Year months months ended Ended Ended 30 31 May 31 May November 2000 1999 1999 (restated) £'000 £'000 £'000 Profit/(loss) attributable to shareholders 364 (106) 1,131 Exchange differences on translation of net assets of subsidiary undertakings and foreign borrowings 132 116 184 ------------------------------ Total recognised gains and 496 10 1,315 losses relating to the period Prior year adjustment to goodwill - 22,407 22,407 ------------------------------ 496 22,417 23,722 ============================== NOTES 1 Segmental analysis Six Six Year months months ended ended ended 30 November 31 May 31 May 1999 2000 1999 £'000 £'000 £'000 (a) Turnover analysis by geographical segment United Kingdom 4,259 5,817 11,168 Continental Europe 5,840 5,455 10,786 Americas 15,009 14,788 29,142 Asia 4,313 3,442 7,485 Australasia 359 301 751 Africa 1,875 927 3,203 -------------------------- 31,655 30,730 62,535 ========================= (b) Turnover analysis by class of business Consumer 14,579 14,897 29,701 Filtration 17,076 15,833 32,834 ------------------------- 31,655 30,730 62,535 ========================= (c) Operating profit Consumer 936 977 2,251 Filtration 1,486 779 2,723 Goodwill amortisation (1,056) (1,056) (2,113) -------------------------- 1,366 700 2,861 ========================== (d) Net assets As at As at As at 31 May 31 May 30 2000 1999 November (restated) 1999 £'000 £'000 £'000 Consumer division 19,197 19,673 18,672 Filtration division 14,332 14,278 13,011 Goodwill 19,656 21,710 20,712 Net borrowings (10,429) (13,007) (9,497) --------------------------- 42,756 42,654 42,898 ========================== 2 Earnings per share Six Six Year months months ended ended ended 30 31 May 31 May November 2000 1999 1999 a) Earnings per share Earnings £364,000 £(106,000) £1,131,000 Number of shares (weighted) 25,676,406 25,683,073 25,683,073 Earnings per share 1.4p (0.4)p 4.4p b) Earnings per share before goodwill amortisation Earnings £1,420,000 £950,000 £3,244,000 Number of shares (weighted) 25,676,406 25,683,073 25,683,073 Earnings per share 5.5p 3.7p 12.6p 3 Dividends Six Six Year months months ended ended ended 30 November 31 May 31 May 1999 2000 1999 £'000 £'000 £'000 Interim dividend of 2.4p (1999 : 2.3p) 616 591 591 Final dividend of 4.1p - - 1,053 ------------------------------- 616 591 1,644 =============================== The interim dividend of 2.4p per share for the six months to 31 May 2000 will be paid on 15 September 2000 to members on the register on 18 August 2000. 4 Reconciliation of operating profit to net cash inflow from operating activities Six Six Year months months ended ended ended 30 November 31 May 31 May 1999 2000 1999 (restated) £'000 £'000 £'000 Group operating profit including joint venture 1,366 700 2,861 Goodwill amortisation 1,056 1,056 2,113 Depreciation 1,636 1,444 2,909 Loss on sale of fixed 29 197 39 assets (Increase)/decrease in stocks (455) 1,377 2,287 Increase in debtors (1,467) (1,482) (696) Increase/(decrease) in creditors 201 (1,273) (802) Share of joint venture profit (5) (40) (62) -------------------------- Net cash inflow from 2,361 1,979 8,649 operating activities ========================= 5 Reconciliation of net cash flow to movement in net borrowings Six Six Year months months ended ended ended 30 November 31 May 31 May 1999 2000 1999 £'000 £'000 £'000 (Decrease)/increase in cash in the period (472) 586 1,402 Increase in bank loans - (3,176) (430) Change in net borrowings from cash flows (472) (2,590) 972 Translation difference (460) (181) (233) Movements in net borrowings in period (932) (2,771) 739 Opening net borrowings (9,497) (10,236) (10,236) Closing net borrowings (10,429) (13,007) (9,497) 6 Analysis of net borrowings 30 Cash Exchange 31 May November flow Movement 2000 1999 £'000 £'000 £'000 £'000 Cash at bank and in hand 665 189 44 898 Overdrafts (250) (661) - (911) ---------------------------------- (472) --------------------------------- Borrowings due after 1 year (9,787) - (504) (10,291) Borrowings due within 1 year (125) - - (125) ---------------------------------- Total (9,497) (472) (460) (10,429) ================================== 7 Statutory group accounts The interim financial statements have been prepared in accordance with applicable accounting standards. The accounting policies applied are those set out in the Annual Report and Accounts for the year ended 30 November 1999. The interim results for 31 May 1999 have been restated to reflect goodwill arising on acquisitions being capitalised and amortised over its useful economic life which was first adopted in the accounts for the year ended 30 November 1999. The interim financial statements do not constitute statutory accounts as they are unaudited. They have, however, been reviewed by the auditors and their report to the Group is set out below. The abridged accounts for the year ended 30 November 1999 set out above are an extract from the latest statutory accounts of the Group which have been delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985.

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