Interim Results

Chamberlin & Hill PLC 9 November 1999 CHAMBERLIN & HILL PLC ANNOUNCEMENT OF RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999 Chairman's Statement Operating profit for the first half of the financial year 1999/2000 was £1.564m compared to £1.425m in the previous six months and £1.601m at the interim stage last year. Turnover at £15.0m was 2.8% lower compared with £15.5m a year ago. Basic earnings per share were marginally higher at 14.53p. The Board has declared an interim dividend of 3.55p net per share (1998: 3.30p), an increase of 7.5%. Walsall and Bloxwich Foundries have enjoyed improved volumes in recent months. While Ductile Castings saw a fall in demand in the first quarter as a consequence of reduced indirect exports, this trend has recently been reversed. Deflationary pressures and changes in markets are bringing about considerable reorganisation within the sectors in which we operate, and we are evaluating the opportunities generated by such developments. Fred Duncombe maintained turnover and Webb Lloyd, acquired at the end of the last financial year, has contributed to sales and profit. At PFP Electrical Products orders were at a lower level than in the first half of last year. We continue to invest in new product development in our engineering businesses. During June and July the Board decided to exercise its powers to buy-back Company shares and 436,000 shares, representing 5.665% of the original issued share capital, were purchased and subsequently cancelled. These purchases will result in improved earnings per share for the remaining shareholders. In October we were pleased to strengthen the Board by the appointment of Nick Kuenssberg as a non-executive director. In summary, this half year represents a robust performance following a six month period of falling orders and price deflation. Margins have been maintained. In recent months order books across the Company have strengthened to the best levels yet seen. Monthly operating profits also show an improving trend. The second half has started strongly and consequently we expect an increase in profit for the year as a whole. John Eccles Chairman 9 November 1999 Group Profit and Loss Account Unaudited Unaudited 6 months 6 months Year to 30 to 30 ended September September 31 1999 1998 March 1999 £000 £000 £000 Turnover 15,025 15,461 30,061 -------- ------- ------- Operating profit 1,564 1,601 3,026 Interest (3) 7 28 (payable)/receivable -------- ------- ------- Profit before taxation 1,561 1,608 3,054 Taxation (468) (498) (1,003) -------- ------- -------- Profit after taxation 1,093 1,110 2,051 Dividend (258) (253) (788) -------- ------- ------- Retained profit 835 857 1,263 ------- ------ ------ Earnings per share - basic 14.53p 14.45p 26.67p - diluted 14.47p 14.38p 26.58p Dividend per share 3.55p 3.30p 10.20p Summarised Group Balance Sheet As at As at As at 30 30 31 September September March 1999 1998 1999 £000 £000 £000 Fixed assets Tangible assets 8,658 9,061 9,022 Intangible assets 263 - 270 Current assets Debtors 7,022 6,510 5,972 Stock 2,916 2,313 3,119 Cash at bank - 623 587 ------ ------ ------ 9,938 9,446 9,678 Creditors - under one year (6,696) (6,061) (6,921) ------- ------- ------- Net current assets 3,242 3,385 2,757 Creditors - after one (187) (1,142) - year Provision for liabilities (78) - (78) and charges ------- ------ ------ 11,898 11,304 11,971 ------- ------ ------ Capital and reserves Called up share 1,818 1,924 1,927 capital Share premium account 625 614 625 Capital redemption 109 - - reserve Revaluation reserve 619 627 623 Profit and loss 8,727 8,139 8,796 account ------- ------- ------ 11,898 11,304 11,971 ------- ------- ------ Consolidated Cash Flow Statement Six Six Year months months ended ended ended 31 30 30 March September September 1999 1999 1998 £000 £000 £000 Net cash inflow from operating activities Operating profit 1,564 1,601 3,026 Non cash items - depreciation and 773 733 1,406 amortisation - other - - (15) Changes in working capital (1,087) (579) (441) -------- ------- ------ ---- 1,250 1,755 3,976 -------- ------- ------ Returns on investments and servicing of finance Interest paid (19) (3) (9) Interest received 16 10 37 ------ ------ ------ ---- (3) 7 28 ------- ------- ------ Corporation tax paid - (148) (846) ------ ------- ------ Investing activities Purchase of tangible fixed assets (431) (778) (1,183) Proceeds from sale of tangible 28 33 44 fixed assets ------ ------ ------ (403) (745) (1,139) ------- ------- ------- Acquisitions - (162) (1,076) Equity dividends paid (532) (479) (734) ------- ------- ------ - Net cash inflow before financing 312 228 209 Financing Loan and lease repayments - - (30) Issue of shares - 51 64 Purchase of own shares (908) - - ------- ------ ------ Increase/(decrease) in cash (596) 279 243 ------- ------ ------ Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in (596) 279 243 the period Issue of loan notes - - (654) ------- ------ ------ Movement in net debt (596) 279 (411) Opening net debt (67) 344 344 ------- ------ ------ Closing net debt (663) 623 (67) ------- ------ ------ Notes: 1. Preparation of interim accounts This interim statement has been prepared on the basis of the accounting policies set out on page 20 of the 1999 Annual Report and Accounts. The results for the year to 31 March 1999 are an abridged version of the full accounts which have been filed with the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The figures for the six months ended 30 September 1998 and 30 September 1999 have not been audited. 2. Dividend The interim dividend of 3.55p net per share will be paid on 17 December 1999 to all shareholders registered at the close of business on 19 November 1999. 3. Earnings per share The calculation of basic earnings per share is based on the profit after tax of £1,093,000 (1998: £1,110,000) and the weighted average of ordinary shares in issue and ranking for dividend of 7,520,639 shares (1998: 7,683,322). Diluted earnings per share is based on 7,552,947 shares (1998: 7,721,430) after adjusting for the dilution effect of the potential exercise of share options. 4. Year 2000 A working party was formed in 1997 to identify and manage any potential adverse effects of the year 2000 date change. This exercise is now substantially complete and no material additional cost has been incurred. 5. Analysis of net debt 1 April Cash 30 1999 Movement September £000 1999 £000 £000 Cash at bank and in hand 587 (596) (9) Loan Notes (654) - (654) ------- ------ ------- Net debt (67) (596) (663) ------- ------ ------- 6. Reconciliation of movement in shareholders' funds 30 30 31 September September March 1999 1998 1999 £000 £000 £000 Profit after tax 1,093 1,110 2,051 Dividends (258) (253) (788) Goodwill eliminated on - - 248 consolidation Issue of shares - 51 64 Purchase of own shares (908) - - ------- ------ ------ (73) 908 1,575 Opening shareholders' funds 11,971 10,396 10,396 ------- ------- ------- Closing shareholders' funds 11,898 11,304 11,971 ------- ------- -------

Companies

Chamberlin (CMH)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today