Final Results
Wynnstay Group PLC
26 January 2005
WYNNSTAY GROUP PLC
('Wynnstay')
ANNOUNCES
MAIDEN FINAL RESULTS
for year ended 31 October 2004
Based in Wales, Wynnstay manufactures and supplies agricultural products and
services to farmers and country dwellers.
Key Points
• Admission to AiM in May 2004 together with £1.1m (net) fund raising
• Turnover increased by 22% to £103.4m (2003: £85.0m)
• Operating profit rose by 36% to £2.6m (2003: £1.9m)
• Pre-tax profit rose by 46% to £2.6m (2003: £1.8m*)
* after an exceptional administrative expense of £0.6m
• Proposed final dividend of 4.5p per share (2003: 4.25p), an increase of 6%
• Headline earnings per share of 22.78p (2003: 16.33p)
• Fully diluted earnings per share of 15.58p (2003: 12.82p)
• Good performances from three core divisions, Feeds, Arable and Stores
- benefits of acquisition of Eifionydd Farmers Association coming through
- record production of livestock feeds
- new seed storage facility completed
- retail stores sales up by 8% on like-for-like basis
• Outlook remains encouraging
Bernard Harris, Managing Director of Wynnstay, commented,
'In spite of difficult trading conditions, I am pleased to report record
results, with turnover exceeding £100m for the first time. All divisions
performed well and our results demonstrate the strength of our diversified
approach.
Demand remains strong across the three major business units and there is now
greater stability in feed commodity prices and some small easing in fuel costs.
I am therefore confident that the Group will continue to make good progress. In
addition, the Group is in a strong financial position to take full advantage of
any possible acquisition opportunities that meet our strict criteria.'
Press enquiries:
Wynnstay Group plc Bernard Harris, Managing Director T: 020 7448 1000 today
Paul Roberts, Finance Director Thereafter: 01691 828512
Biddicks Katie Tzouliadis T: 020 7448 1000
W.H. Ireland David Youngman T: 0161 832 6644
Limited
WYNNSTAY GROUP
CHAIRMAN'S STATEMENT
Introduction
This has been a milestone year for the Group and I am pleased to report on the
excellent progress we have made both in trading and on our medium term corporate
ambitions.
A key event was Wynnstay's move from OFEX to AiM in May. The transfer underlines
the growth plans we have for the Group over the next five years and in
particular, we believe our status as a quoted company brings us significant
benefits as we act as a consolidator within our sector. At the same time as
effecting Wynnstay's admission to AiM, we raised £1.1m net in a placing at 190p
per share. This will be used to fund further growth in the business.
Trading results for the year show turnover and pre-tax profits at record levels,
with turnover exceeding £100m for the first time. All divisions performed well
and our results demonstrate the strength of our diversified approach.
Financial Results
Turnover for the year rose by 22% to £103.4m from £85.0m last year and operating
profit by 36% to£2.6m (2003: £1.9m). Pre-tax profit increased by 46% to £2.6m
from £1.8m although last year's results included an exceptional item of
£585,000. On a like-for-like basis therefore, pre-tax profit increased by 11%.
Headline earnings per share were 22.78p compared to 16.33p last year, with fully
diluted EPS increasing by 22% to 15.58p per share.
The balance sheet remains very robust, with net assets of £21.5m. This includes
a sum of £2.6m of goodwill related to the acquisition of Eifionydd Farmers
Association following the reassessment of the fair value of the consideration
for this transaction in accordance with accounting standard FRS 7. The balance
sheet strength is further demonstrated by the inclusion of £1.275m of cash and a
total net debt position of only £1.6m, much of which is in the form of loan
capital held by existing shareholders. Gearing therefore remains a very
conservative 7.6% and demonstrates the Group's considerable ability to fund
further growth.
Dividend
Reflecting the Group's progressive dividend policy, the board is pleased to
recommend an increased final dividend of 4.5p per share (2003: 4.25p), which
will be paid on 30 April 2005 to shareholders on the register at the close of
business on 31 March 2005. Traditionally, the Company does not pay an interim
dividend but the Board will continue to keep this policy under regular review.
Overview of Trading
Market conditions were volatile over the year. However, the broad spread of our
activities, in particular our presence in both the arable and feeds sectors,
provided a smoothing effect. For instance, the rise in the price of grain in the
first half of the year depressed margins in the Feeds Division but benefited our
grain trading arm and Arable Division.
All three of the Group's core divisions, Feeds, Arable and Stores, continued to
make encouraging progress. The Stores Division, which sells an extensive range
of products to both farmers and the general public, performed particularly well.
The benefits of the integration of a further eight retail sites, acquired with
the purchase of Eifionydd Farmers Association in August 2003, are now beginning
to come through strongly. We see excellent growth opportunities for the Stores
Division and have earmarked capital investment to build a new store at our
existing site in Newtown, Powys. We are also unrolling a new format across our
stores. The Feeds Division produced a very pleasing result in the face of severe
volatility in raw material prices and cattle feed sales rose strongly, helped by
our partnership with The Welsh Meat Company. We are currently considering an
outline proposal to build a new feed blending plant in North Wales. The Arable
Division saw sales of seeds, fertiliser and agro-chemicals improve and its grain
trading arm performed ahead of expectations. We are now planning to extend the
activities of our grain trading arm into new regions.
Our joint venture and associate companies contributed £167,000 to Group
operating profits and in November 2004, following its restructuring, we acquired
full ownership of the Frank Rowe business, the producer of flowers and pot
plants.
Prospects
The rationalisation of the agricultural supply business continues, driven by the
impact of the EU's reform of the Common Agricultural Policy, which is aimed at
making farmers more competitive and market-orientated. Against this background,
we believe our business is well placed to take advantage of the changing
situation and to increase market share.
We believe our target of a 50% increase in turnover over the next five years,
based on organic as well as acquisitional growth, is achievable.
Trading in the new financial year has started well, with good demand across the
three main business units.
J. E. Davies
Chairman
MANAGING DIRECTOR'S REPORT
Admission to AiM in May 2004 represented a landmark in the Group's history which
can be traced back to 1918, when Wynnstay Farmers Association was formed. In the
Group's first year as an AiM quoted company, I am therefore all the more
delighted to report record results.
Results are especially creditable for having been achieved in one of the most
volatile markets for raw materials in over thirty years. The cost of wheat, for
example, a major ingredient for feeds, almost doubled in price before returning
to little more than the opening values in the late Summer. I am pleased to
report that prices for raw materials have now returned to more normal levels due
to improved harvests around the globe.
All three of our core divisions performed well and we are now seeing the
benefits of the acquisition of the Eifionydd Farmers business in August 2003
coming through in these results.
DIVISIONAL REVIEW
Feeds Division
The Feeds Division manufactures and markets a wide range of animal nutrition
products for farm livestock. The Division also operates a raw materials
wholesale business which supplies feed ingredients to farmers and other
manufacturers in England and Wales.
The Feeds Division, which accounts for 36% of Group turnover, performed robustly
in a most challenging year, with sales rising by 15%. As I mentioned in my
introduction, raw material prices were extremely volatile and we also saw
increases in compliance, insurance and power costs.
Sales of cattle feed increased by over 30%, aided by our partnership with The
Welsh Meat Company, and sheep feed sales rose by 6%, after a record increase of
over 24% in the previous year. The Division has won further new business in
poultry feed sales and we are working closely with a major marketer of eggs to
encourage producers to set up welfare friendly egg production units, for niche
products, which can be sold into premium outlets.
We are now seeing the benefits of the capital expenditure programme, begun in
2002, at our flagship feeds plant at Llansantffraid, Powys. Investment has
improved the plant's capacity and enhanced quality and this year, Llansantffraid
produced record tonnes of Wynnstay branded feed. We have also increased tonnage
of blended feeds, which represents a growing sector of the market. We are
continuing to utilise the facilities of other manufacturers, in both blended and
compound products, to meet peak demand and to expand our geographical coverage.
We are considering the construction of a new feed blending plant in Rhosfawr,
North Wales during 2005, subject to the confirmation of the award of an
Objective 1 EU Grant. This will allow us to supply the increased demand in that
area and also improve the efficiency of vehicle utilisation between our various
feed manufacturing operations.
The raw material trading department managed a difficult year extremely well and
made a substantial contribution to the profits of the Feeds Division. It
continues to build its customer base, particularly in the Eifionydd area.
Arable Division
The Arable Division supplies a wide range of services and products, including
seeds, fertiliser and agro-chemicals, to grain and grassland farmers. Its grain
trading arm provides farmers in the West Midlands with professional marketing
services.
Sales in the Arable Division, which account for 34% of Group turnover, rose by
8%, with all sectors (seeds, fertiliser and agro-chemicals) increasing their
contribution to the business.
The seed operation has continued to develop its relationships with national
breeders and is well established as one of the main seed producers in the West
of the Country. Cereal seed sales remained similar to 2003, despite the
difficult crop quality resulting from adverse weather at harvest. Our market
share of herbage and maize seed continues to grow against market trends. During
the Summer, we constructed new storage facilities for the seed arm, which has
significantly improved operational efficiency.
Sales of agro-chemicals have increased by 12%. This was due mainly to growth in
farm sales in the Eifionydd area.
Volumes of fertiliser have remained stable in a market showing signs of decline
as a result of the EU's Mid Term Review of the Common Agricultural Policy. The
national fertiliser supply chain has continued to consolidate and we are well
placed to benefit from our strong relationship with major manufacturers,
including Kemira.
Our grain trading arm, Shropshire Grain, produced another very satisfactory
performance. Sales advanced by about 8%, very much in line with expectations,
but an improved margin significantly increased the contribution to the Group
from this division.
The year has been marked by substantial volatility within the grain market. The
harvest of 2004, which promised so much, was at the last minute seriously
damaged by the weather. This has given rise to a crop of unusual variation.
Managing the variation made exceptional demands of the Shropshire Grain team but
I am pleased to report that they have responded skilfully. The business
continues to benefit from an increasing drive for premium markets and we have
plans to extend the trading area of the grain division to take advantage of the
expertise we have in this business.
Stores Division
The Stores Division operates 24 retail outlets in Mid and North Wales,
Shropshire, Staffordshire and Warwickshire. It sells an extensive range of
products both to professional farmers and the general public.
The Stores Division, which accounts for 28% of Group turnover, enjoyed another
successful year, with sales benefiting from the integration of a further eight
outlets acquired with the Eifionydd Farmers business in August 2003. Overall,
sales in the core business grew by 8% on a like-for-like basis.
Pet product sales improved by 14%, stimulated by a greater emphasis on pet
accessories, a growth area of the market. Sales of equine products increased by
38%, helped particularly by our new specialist equine outlet based at Shipston,
Warwickshire.
There was a conscious drive to improve the marketing of country clothing
throughout the year and clothing sales grew by 18%, due to better ranging and
improved presentation.
The eight stores acquired with the Eifionydd Farmers business have now been
fully integrated within the Wynnstay chain and their performance showed
incremental rises during the year as we improved the product range and services
within each store.
We worked hard during the year to improve our supply chain with particular
emphasis on product availability and the investment we have made in new I.T.
systems is beginning to bring benefits. We have also strengthened our team in
purchasing and supply chain management and we foresee further benefits coming
through in 2005.
We have re-fitted our flagship store at Welshpool with a new format and initial
results are encouraging. During 2005, we intend to roll out a store improvement
programme, with the new format to include an expanded range of goods and greater
sales space given over to pet products, clothing and hardware. We have also
received planning permission for a new store at Newtown, Powys to be built on
our existing site and have submitted an application for a new store at our
Llansantffraid site.
Joint Ventures and Associates Companies
Joint Ventures
• Youngs Animal Feeds Limited
Youngs Animal Feeds, which manufactures and distributes equine and pet feeds,
commenced work on a new factory to produce the Super Molichop range of high
fibre equine feeds. Substantial new business has been gained for the new equine
product range and we have received commitment from a number of substantial
equine feed distributors to purchase product from the new plant.
• Wyro Developments Limited
The property development company had a comparatively low level of activity
during the year. However, work has commenced on the first phase of the Abermule
development near Newtown, Powys where we have sold the first release of
properties. Ultimately 110 houses will be built in this development across two
sites and we are confident that the mixed housing will sell readily. We have now
gained planning permission to develop a redundant brown field site in North
Wales. Construction of a small number of residential houses will begin this
year.
• Welsh Feed Producers Limited
Our association with Welsh Feed Producers, the manufacturer of ruminant animal
feeds, is working extremely well and, during the year, we increased our
shareholding to 50%. There are excellent opportunities for our Feeds Division to
work closely with our partners, Clynderwen and Cardiganshire Farmers, to
rationalise the sales, marketing and distribution of feeds in South West Wales.
Associate companies
• Wynnstay Fuels Limited
Wynnstay Fuels, which distributes agricultural, commercial and domestic fuel
oils, established a new fuel distribution depot at Pwllheli, on a former
Eifionydd Farmers site. This has been a great success and further investment in
the depot will take place during the year.
• Frank Rowe
Following its restructuring, we acquired full ownership of the Frank Rowe
business in November 2004, after our year-end. The pot plant production business
will now form a new division within the Group, trading as Foxmoor.
OUTLOOK
In 2005, we will see the introduction of the most radical changes to the Common
Agricultural Policy ('CAP') since its inception. At the heart of the changes is
the severing of the link between production and direct farm aid. Reform of CAP
will provide a catalyst for farmers to re-think their business strategies in
order to become more competitive and market-focused. We also believe the reform
will speed up the rationalisation trend that is already taking place in the
agricultural supply industry.
Against this background, the Group is in a strong financial position and we
intend to take full advantage of the opportunities that are available to gain
market share in all sectors. Over the year under review, we examined a number of
business opportunities, most of which were rejected as not meeting our strict
acquisition criteria with regard to potential returns and we will continue to
take a prudent approach with acquisitions.
The purchase of the Eifionydd Farmers Association in August 2003 has
substantially increased our customer base and there remains excellent scope to
increase sales of our goods and services to this new customer base.
We expect our three core divisions to continue to make good progress this year
and both the Stores and Feeds Division will benefit from the capital investment
we have planned this year to increase capacity and build sales. Sales within the
Feeds Division are also benefiting from our partnerships with food suppliers,
such as The Welsh Meat Company, which guarantee participating farmers certain
commercial benefits. We are developing further similar specialist partnerships
within the food supply chain.
The new financial year has begun well. Demand remains strong across the three
major business units and there is now greater stability in feed commodity prices
and some small easing in fuel costs. I am therefore confident that the Group
will continue to make good progress.
B B Harris
Managing Director
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 October 2004
As restated
2004 2003
Note £000 £000
TURNOVER 1,2
Continuing operations 103,430 80,219
Acquisitions - 4,791
103,430 85,010
Cost of sales (85,465) (69,009)
GROSS PROFIT 17,965 16,001
Selling and distribution costs (14,660) (12,979)
Administrative expenses (889) (769)
Exceptional administrative expense - (585)
OPERATING PROFIT 2 2,416 1,668
Share of operating profit in joint ventures 110 151
Share of operating profit in associates 57 78
TOTAL OPERATING PROFIT 2,583 1,897
Net profit on sale of fixed assets 171 -
PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 2,754 1,897
Income from other fixed asset investments 27 -
Interest receivable 88 17
Interest payable (229) (110)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2,640 1,804
TAX ON PROFIT ON ORDINARY ACTIVITIES (780) (552)
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 1,860 1,252
DIVIDENDS - On equity shares 3 (391) (331)
RETAINED PROFIT FOR THE FINANCIAL YEAR 1,469 921
--------- -------
Earnings per 25p share 3 22.78p 16.33p
Diluted earnings per 25p share 3 20.12p 13.86p
Fully diluted earnings per 25p share 3 15.58p 12.82p
There were no recognised gains and losses for 2004 or 2003 other than those
included in the profit and loss account.
The notes on the following pages form part of these financial statements.
BALANCE SHEET
As at 31 October 2004
As restated
2004 2003
Note £000 £000
FIXED ASSETS
Intangible fixed assets 4 3,134 601
Tangible fixed assets 8,694 8,445
Investments 1,651 1,616
--------- ---------
13,479 10,662
CURRENT ASSETS
Stocks 8,018 7,228
Debtors 17,210 14,229
Cash at bank and in hand 1,275 1,903
--------- ---------
26,503 23,360
CREDITORS: amounts falling due within one year (17,856) (17,141)
------------ ------------
NET CURRENT ASSETS 8,647 6,219
--------- ---------
TOTAL ASSETS LESS CURRENT LIABILITIES 22,126 16,881
CREDITORS: amounts falling due after more than
one year (437) (585)
PROVISIONS FOR LIABILITIES AND CHARGES
Deferred taxation (189) (167)
--------- ---------
NET ASSETS 21,500 16,129
---------- ----------
CAPITAL AND RESERVES
Called up share capital 2,170 1,948
Share premium account 2,464 1,428
Loanstock redemption reserve 5,084 2,440
General reserves 1,582 1,582
Profit and loss account 10,200 8,731
---------- ---------
SHAREHOLDERS' FUNDS - ALL EQUITY 21,500 16,129
----------- -----------
CASH FLOW STATEMENT
For the year ended 31 October 2004
As restated
2004 2003
Note £000 £000
Net cash flow from operating activities 5 128 4,483
Returns on investments and servicing of finance 6 (114) (82)
Taxation (548) (540)
Capital expenditure and financial investment 6 (681) (1,943)
Acquisitions and disposals 6 - (605)
Equity dividends paid (331) (302)
---- ----
CASH (OUTFLOW)/INFLOW BEFORE FINANCING (1,546) 1,011
Financing 6 805 (473)
---- ----
(DECREASE)/INCREASE IN CASH IN THE YEAR (741) 538
========== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT
For the year ended 31 October 2004
As restated
2004 2003
£000 £000
(Decrease)/Increase in cash in the year 7 (741) 538
Repayment of loans and lease financing 453 657
---- ----
CHANGE IN NET DEBT RESULTING FROM CASH FLOWS 7 (288) 1,195
New finance leases and debt (451) (984)
Loans and finance leases acquired with subsidiary - (821)
---- ----
MOVEMENT IN NET DEBT IN THE YEAR (739) (610)
Net debt at 1 November 2003 (888) (278)
---- ----
NET DEBT AT 31 OCTOBER 2004 7 (1,627) (888)
============ ==========
NOTES
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial information is prepared under the historical cost convention and
in accordance with applicable United Kingdom law and accounting standards. The
particular accounting policies adopted are described below.
Certain comparative disclosure figures have been restated to accord with current
year reporting formats.
1.2 Basis of consolidation and goodwill
Corporate and unincorporated joint ventures in which the Group has an investment
representing not less than 20% of the voting rights, and over which it exerts
significant influence, are treated as associated undertakings. The Group
accounts include the appropriate share of these undertakings' profits based on
the latest available audited accounts, and provide for an appropriate share of
their losses, based on the latest available management accounts. The results of
subsidiary undertakings are consolidated on an acquisition accounting basis,
with purchased goodwill arising prior to FRS 10 written off against reserves.
Following the implementation of FRS 10, purchased goodwill is capitalised and
written off over its estimated useful economic life.
The Company has taken advantage of the exemptions conferred by S.230 of the
Companies Act 1985 not to prepare a profit and loss account. A profit of
£1,603,000 (2003: £989,000) has been dealt with in the parent company accounts.
1.3 Turnover
Turnover represents the invoiced value of sales which fall within Wynnstay
Group's ordinary activities and excludes Value Added Tax.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost, net of depreciation and any provision
for impairment.
Depreciation is provided at rates calculated to write off the cost of fixed
assets on a straight line basis over their expected useful lives as follows:
Freehold property - 2.5% - 5% per annum
Plant and machinery/office equipment - 10% - 33% per annum
Motor vehicles - 20% - 30% per annum
1.5 Stocks
Stocks are valued at the lower of cost and net realisable value.
1.6 Deferred taxation
Provision is made in full for all taxation deferred in respect of timing
differences that have originated but not reversed by the balance sheet date.
Deferred tax assets are recognised to the extent that it is more likely than not
that they will be recovered.
1.7 Leasing and hire purchase
Assets held under finance leases or being obtained under hire purchase contracts
are capitalised in the balance sheet and depreciated over their useful economic
lives, interest being charged to the profit and loss account over the period of
the agreement. Operating lease rentals are charged to the profit and loss
account as incurred.
1.8 Pensions
The Company operates a defined contribution scheme. Contributions to this scheme
are charged to the profit and loss account, as they are incurred in accordance
with the rules of the scheme.
1.9 Employee share ownership trust
The Company operates an employee share ownership trust. Contributions to this
trust are charged to the profit and loss account on an accruals basis.
1.10 Investments
(i) Subsidiary Undertakings
Share in subsidiaries are valued at cost less provision for permanent impairment.
(ii) Associated undertakings
Investments in associates are stated at the amount of the company's share of net
assets. The consolidated profit and loss account includes the company's share of
the associated companies' profits after taxation using the equity accounting
basis.
(iii) Joint venture undertakings
Investments in joint ventures are stated at the company's share of net assets.
The company's share of the profits or losses of the joint ventures is included
in the consolidated profit and loss account using the equity accounting basis.
This accounting treatment is not in line with the requirements of Financial
Reporting Standard 9, Associates and joint ventures, which requires the adoption
of the gross equity accounting basis. There is no material effect to the
reported figures as a result of this departure.
(iv) Other investments
Investments held as fixed assets are shown at cost less provisions for their
permanent impairment.
2. OPERATING PROFIT
The Operating profit is stated after charging:
As restated
2004 2003
£000 £000
Amortisation - intangible fixed assets 249 161
Depreciation of tangible fixed assets:
- owned by the company 825 869
- held under finance leases 203 162
Auditors' remuneration 35 29
Auditors' remuneration - non-audit 20 18
Operating lease rentals:
- other operating leases 48 113
Directors emoluments 508 492
Exceptional administrative expense - 585
==== ====
Auditors fees for the Company were £28,000 (2003: £23,000)
3. DIVIDENDS AND EARNINGS PER SHARE
As restated
2004 2003
£000 £000
391 331
======== ========
Total dividends proposed
The proposed dividend is as recommended in the directors report at a rate of 4.5
pence net per 25p ordinary share (2003: 4.25 pence net per 25p ordinary share).
Fully diluted earnings per share figures are presented below in addition to the
basic and diluted earnings per share figures required to be reported under
Financial Reporting Standard 14, Earnings per share. In the opinion of the
directors such figures are relevant to the understanding of the financial
position of the Group in the light of the convertible loanstock. The fully
diluted earnings per share figures may be reconciled to the diluted earnings per
share figures after taking into account the different weighting apportionments
involved.
Basic earnings per share Diluted earnings per share Fully diluted earnings per share
2004 2003 2004 2003 2004 2003
£000 £000 £000 £000 £000 £000
Earnings
attributable
to
shareholders 1,860 1,252 1,882 1,252 1,882 1,252
Weighted
average
number
of shares in
issue during
the year 8,166 7,666 9,354 9,034 12,077 9,767
Earnings per
ordinary 25p
share 23 16 20 14 16 13
====== ====== ====== ====== ====== ======
Comparative share numbers above have been restated to allow for the share split
from one single ordinary £1 share to four ordinary 25p shares.
4. INTANGIBLE FIXED ASSETS
Intangible fixed assets represent purchased Goodwill which is being amortised
over the estimated life of each transaction. In accordance with Financial
Reporting Standard 7, Fair values in acquisition accounting, a revised fair
value assessment has been made as at 31st October 2004 of the purchase
consideration for the Eifionydd Farmers transaction. This reassessment is
required due to the consideration being in the form of convertible loanstock,
the fair value of which fluctuates with the price of the Company's shares until
the loanstock is actually converted into ordinary shares in the Company. The
conversion period is 1st September 2005 to 31st August 2006. The revised fair
value has created an additional goodwill asset of £2,644,000, which has been
amortised in this period by £132,200. An equivalent adjustment has been made to
the Loanstock Redemption Reserve
5. NET CASH FLOW FROM OPERATING ACTIVITIES
2004 2003
£000 £000
Operating profit 2,583 1,897
Associated undertaking results (167) (229)
Amortisation of intangible fixed assets 249 160
Depreciation of tangible fixed assets 1,028 1,031
Increase in stocks (790) (579)
Increase in debtors (2,981) (1,368)
Increase in creditors 206 3,571
---- ----
NET CASH INFLOW FROM OPERATIONS 128 4,483
======== ========
6. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT
2004 2003
£000 £000
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 88 14
Interest paid (177) (63)
Hire purchase interest (52) (33)
Dividends received 27 -
---- ----
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE (114) (82)
========== =========
2004 2003
£000 £000
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of intangible fixed assets (63) (74)
Purchase of tangible fixed assets (902) (1,786)
Proceeds from sale of tangible fixed assets 40 56
Purchase of investments (50) (139)
Proceeds from sale of investments 294 -
---- ----
NET CASH OUTFLOW FROM CAPITAL EXPENDITURE (681) (1,943)
========== ============
2004 2003
£000 £000
ACQUISITIONS AND DISPOSALS
Purchase of subsidiary undertaking - (492)
Legal fees re acquisition - (20)
Net overdrafts acquired with subsidiary and other acquisitions - (93)
---- ----
NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS - (605)
====== ======
2004 2003
£000 £000
FINANCING
Issue of ordinary shares 1,258 184
Repayment of loans (190) (442)
Capital element of finance lease repayments (263) (215)
---- ----
NET CASH INFLOW/(OUTFLOW) FROM FINANCING 805 (473)
======== ========
7. ANALYSIS OF CHANGES IN NET DEBT
Other
non-cash
1 November Cash flow changes 31 October
2003 2004
£000 £000 £000 £000
Cash at bank and
in hand: 1,903 (628) - 1,275
Bank overdraft (496) (113) - (609)
---- ---- ---- ----
1,407 (741) - 666
DEBT :
Finance leases (490) 263 (394) (621)
Debts due within
one year (1,515) (12) (57) (1,584)
Debts falling due
after more than
one year (290) 202 - (88)
--------- ------- ----- --------
NET DEBT (888) (288) (451) (1,627)
========== ========== ========== ============
8. ANNUAL REPORT
The annual report and financial statements will be posted to shareholders in
February 2005. Further copies will be available after that date from the Company
Secretary, Wynnstay Group plc, Eagle House, Llansantffraid, Powys SY22 6AQ.
9. ANNUAL GENERAL MEETING
The Annual General Meeting of Wynnstay Group plc will be held at The Lord Hill
Hotel, Shrewsbury on the 22 March 2005 at 11.45am.
This information is provided by RNS
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