Interim Results - Part 2

S & U PLC 19 September 2002 PART 2 CONSOLIDATED BALANCE SHEET 31 July 2002 Note 31.7.02 31.7.01 31.1.02 £000 £000 £000 Fixed assets Tangible assets 2,767 2,862 2,768 Current assets Amounts receivable from customers 60,001 53,344 59,292 Stocks 273 404 238 Debtors 766 901 879 Cash at bank and in hand 92 176 115 61,132 54,825 60,524 Creditors: amounts falling due within one year (13,439) (15,405) (14,942) Net current assets 47,693 39,420 45,582 Total assets less current liabilities 50,460 42,282 48,350 Creditors: amounts falling due after more than one year (15,000) (10,000) (15,000) Total net assets 2 35,460 32,282 33,350 Capital and reserves Called up share capital 2,117 2,117 2,117 Share premium account 2,136 2,136 2,136 Revaluation reserve 609 620 609 Profit and loss account 30,598 27,409 28,488 Total shareholders' funds 35,460 32,282 33,350 Attributable to equity shareholders 34,810 31,632 32,700 Attributable to non-equity shareholders 650 650 650 35,460 32,282 33,350 These interim statements were approved by the Board of Directors on 18 September 2002 Signed on behalf of the Board of Directors D M COOMBS A M V COOMBS Directors CONSOLIDATED CASH FLOW STATEMENT Six months ended 31 July 2002 Note Six months ended 31.7.02 Six months ended Financial £000 31.7.01 year ended 31.1.02 £000 £000 Cash flow from operating activities 5 3,847 997 1,750 Returns on investments and servicing of (633) (718) (1,182) finance Taxation (1,393) (902) (2,430) Capital expenditure and financial (122) (286) (634) investment Equity dividends paid (2,343) (2,054) (2,876) Cash outflow before financing (644) (2,963) (5,372) Financing - - 5,000 Decrease in cash in the period (644) (2,963) (372) Reconciliation of net cash flow to movement in net debt Six months ended 31.7.02 Six months ended Financial £000 31.7.01 year ended 31.1.02 £000 £000 Decrease in cash in the period (644) (2,963) (372) Cash inflow from increase in debt - - (5,000) Movement in net debt in the period (644) (2,963) (5,372) Net debt at start of period (23,177) (17,805) (17,805) Net debt at end of period (23,821) (20,768) (23,177) NOTES TO THE INTERIM STATEMENT Six months ended 31 July 2002 ACCOUNTING POLICIES The financial information within the interim report has been prepared in accordance with applicable accounting standards. Turnover Turnover is exclusive of value added tax and comprises: * Home collected instalment credit agreements Credit charges received or receivable * Monthly instalment credit agreements (consumer credit) Credit charges received or receivable * Monthly instalment credit agreements (car finance) Credit charges received or receivable. * Hire purchase agreements Gross amount received or receivable, less deferred revenue. * Goods and services Gross amounts of goods and services supplied. * Insurance Net commission received and receivable on premiums paid by customers. Business Transacted In order to provide further comparative information, the directors have included a memorandum figure at the top of the profit and loss account, 'Business Transacted'. This represents the total amount that the customer has contracted to pay subject to the deferral of revenue attributable to a later period and VAT. FRS19 Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and laws. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset, or on unremitted earnings of subsidiaries and associates where there is no commitment to remit these earnings. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted. 1. ANALYSES OF TURNOVER, OPERATING PROFIT AND NET ASSETS All operations are situated in the United Kingdom. Analyses by class of business of turnover, operating profit and net assets are stated below: ------------ Turnover ---------------- Class of business Six months ended 31.7.02 Six months ended Financial £000 31.7.01 year ended 31.1.02 £000 £000 Consumer credit, rentals and other 13,960 12,939 27,630 retail trading Car finance 3,264 2,924 5,861 Manufacturing 277 433 939 17,501 16,296 34,430 ---------------- Operating profit -------------- Class of business Six months ended 31.7.02 Six months ended Financial £000 31.7.01 year ended 31.1.02 £000 £000 Consumer credit, rentals and other 3,871 3,944 8,441 retail trading Car finance 1,061 887 1,983 Manufacturing (83) 16 (27) 4,849 4,847 10,397 --------------------- Net assets -------------- Class of business Six months ended 31.7.02 Six months ended Financial £000 31.7.01 year ended 31.1.02 £000 £000 Consumer credit, rentals and other 33,837 31,311 32,100 retail trading Car finance 1,259 496 808 Manufacturing 364 475 442 35,460 32,282 33,350 2.GROUP OPERATING PROFIT Group operating profit is stated after charging: Six months ended 31.7.02 Six months ended Financial £000 31.7.01 year ended 31.1.02 £000 £000 Provision for doubtful debt 2,814 2,178 4,300 The provision for six months to 31st July 2002 includes the financial effects of a fraud that occurred in a branch in the South East. 3. EARNINGS PER ORDINARY SHARE The calculation of earnings per Ordinary share is based on profit after tax of £3,126,000 (for the period ended 31 July 2001- £2,939,000, and the year ended 31 January 2002 £6,431,000) from which is deducted Preference dividends of £77,000 (for the period ended 31 July 2001 - £77,000, and the year ended 31 January 2002 - £154,000) giving earnings of £3,049,000 (for the period ended 31 July 2001 - £2,862,000 and the year ended 31 January 2002 - £6,277,000). The number of shares used in the calculation is the average number of shares in issue during the year of 11,737,228 (for the period ended 31 July 2001 and the year ended 31 January 2002 - 11,737,228). Diluted earnings per share is the same as basic earnings per share as there are no dilutive shares. 4. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES Six months ended 31.7.02 Six months ended Financial £000 31.7.01 Year ended 31.1.02 £000 £000 Operating profit 4,849 4,847 10,397 Depreciation 309 286 694 Loss on sale of fixed assets 29 11 45 (Increase) / decrease in stocks (35) (21) 145 Increase in amounts receivable from (709) (3,770) (9,718) customers Decrease / (increase) in debtors 113 97 (77) (Decrease) / increase in creditors (709) (453) 264 Net cash inflow from 3,847 997 1,750 operating activities 5. INTERIM REPORT The figures for the year ended 31 January 2002 are extracted from the audited accounts for that period, on which the auditors to the Group have issued an unqualified audit report which did not contain a statement under section 237(2) or (3) of Companies Act 1985, and which have been delivered to the Registrar of Companies. A copy of this Interim Report will be posted to all shareholders and will be made available to the public at the Company's registered office at Royal House, Prince's Gate, Solihull, B91 3QQ. END This information is provided by RNS The company news service from the London Stock Exchange

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