Interim Results - Part 2

Save Group PLC 30 August 2000 PART 2 Contact: Save Group PLC Tel: 01296 395 951 R. James Frost, Chairman John Murgatroyd, Group Finance Director Buchanan Communications Tel: 020 7466 5000 Charles Ryland / Catherine Miles SAVE GROUP PLC Interim Results for the 27 weeks ended 29 June 2000 Group profit and loss account for the 27 weeks ended 29 June 2000 Unaudited and unreviewed Notes 26 weeks 52 weeks 27 weeks ended ended ended 24.6.99 23.12.99 29.6.00 Restated Restated £'000 £'000 £'000 Turnover 2 235,752 201,486 420,640 Cost of sales (221,128) (187,424) (391,220) ----------------------------- Gross profit 14,624 14,062 29,420 Distribution costs --- other (9,262) (9,183) (19,944) --- exceptional 4 --- (148) (148) ----------------------------- (9,262) (9,331) (20,092) Administrative expenses (3,882) (3,858) (7,367) Other operating income 2,656 2,315 4,765 ----------------------------- (10,488) (10,874) (22,694) ---------------------------- Operating profit 4,136 3,188 6,726 ---------------------------- Bank interest and facility fees 5 (2,934) (2,218) (4,819) ---------------------------- Profit on ordinary activities before taxation 2 1,202 970 1,907 Tax on profit on ordinary activities 3 --- --- --- ---------------------------- Profit on ordinary activities after taxation 1,202 970 1,907 Dividends --- --- --- ---------------------------- Profit retained 1,202 970 1,907 ---------------------------- Earnings per share 6 1.2p 1.0p 2.0p Adjusted earnings per share 6 1.2p 1.1p 2.1p Dividend per share 0.0p 0.0p 0.0p --------------------------- There were no recognised gains and losses other than the profit for the period. Group balance sheet as at 29 June 2000 Unaudited and unreviewed Notes At At At 29.6.00 24.6.99 23.12.99 £'000 £'000 £'000 Fixed assets Tangible 195,591 196,259 195,897 ----------------------------- Current assets Stocks 9,990 10,479 9,895 Debtors 7 12,714 13,809 11,784 Cash at bank and in hand 901 982 926 ----------------------------- 23,605 25,270 22,605 ----------------------------- Current liabilities Creditors: amounts falling due within one year: Bank loans and overdrafts 47,964 60,399 53,537 Other creditors 50,146 42,264 45,119 ------------------------------ 98,110 102,663 98,656 ----------------------------- Net current (liabilities) (74,505) (77,393) (76,051) Total assets less current liabilities 121,086 118,866 119,846 Provisions for liabilities and charges 1,918 1,837 1,880 ----------------------------- 119,168 117,029 117,966 Capital and reserves ----------------------------- Called up share capital 24,462 24,462 24,462 Share premium account 68,497 68,497 68,497 Revaluation reserve 285 285 285 Profit and loss account 25,924 23,785 24,722 ----------------------------- Shareholders' funds 119,168 117,029 117,966 ----------------------------- Summarised group cash flow statement for the 27 weeks ended 29 June 2000 Unaudited and unreviewed 27 27 26 52 weeks weeks weeks weeks ended ended ended ended 29.6.00 29.6.00 24.6.99 23.12.99 £'000 £'000 £'000 £'000 Net cash inflow from operating activities after restructuring costs 7,889 1,787 9,444 (note 8) Returns on investments and servicing of finance Net interest paid (2,483) (3,461) (5,303) Net Corporation taxation received --- --- 790 Capital expenditure and financial investment Purchase of tangible fixed assets (207) (749) (973) Sale of tangible fixed assets 349 192 617 ------- ----------------- Net inflow/(outflow) from capital expenditure and financial investment 142 (557) (356) Equity dividend paid --- (3,229) (3,229) ------------------------ Decrease/(increase) in net debt 5,548 (5,460) 1,346 ------------------------ Decrease in debt 4,000 --- 1,500 Decrease/(increase) in overdraft 1,573 (5,454) (92) Decrease in cash (25) (6) (62) ------------------------ Decrease/(increase) in net debt 5,548 (5,460) 1,346 ------------------------ Notes to the interim results for the 27 weeks ended 29 June 2000 Unaudited and unreviewed The comparative figures for the 52 weeks ended 23 December 1999 have been extracted from the Group's latest published accounts which contain an unqualified audit report and which have been filed with the Registrar of Companies. The figures have been adjusted for note 5 below. 1 Basis of Accounting The interim results have been prepared under the historical cost convention modified to include the revaluation of certain freehold and investment properties and adopting the accounting policies set out in the statutory accounts for the Group for the 52 weeks ended 23 December 1999. 2 Segmental analysis Turnover Profit before tax 27 52 27 52 weeks weeks weeks weeks ended ended ended ended 29.6.00 23.12.99 29.6.00 23.12.99 £'000 £'000 £'000 £'000 Retailing of petroleum products 232,908 402,841 3,765 5,902 Wholesaling of petroleum products 2,819 17,485 (48) (28) Sales promotion schemes 911 2,596 419 759 Property services --- 225 0 93 Less: Inter-company turnover (886) (2,507) --- --- --------------------------------------- 235,752 420,640 4,136 6,726 Net interest payable (2,934) (4,819) ----------------- Profit on ordinary activities before taxation 1,202 1,907 ----------------- Net expenses of the parent undertaking have been allocated to the divisions in arriving at the profit before tax shown above. 3 Taxation The taxation result is based on the profit for the period and is made up as follows:-- 27 52 weeks weeks ended ended 29.6.00 23.12.99 £'000 £'000 Corporation tax at 30% (1999: 30.25%) --- --- ----------------- The Group has trading tax losses available for set off against future trading profits of £3.9m gross (23 December 1999: £3.5m). The taxation result includes a credit of £1.8m gross (52 week period ended 23 December 1999: £4.3m) as a result of timing differences on accelerated capital allowances on which deferred tax has not been provided. At 29 June 2000 the Group had a pool of capital allowances of approximately £12.5m (23 December 1999: £14.4m). At 29 June 2000 the company had approximately £1m (1999: £1m) realised capital losses available for carry forward. 4 Exceptional item The exceptional item relates to charges under a Transport Agreement which expired on 1 April 1999. No further amounts are expected to be incurred in respect of this matter. 5 Bank interest and facility fees 27 weeks 26 weeks 52 weeks ended ended ended 29.6.00 24.6.99 23.12.99 £'000 £'000 £'000 Interest 2,652 2,193 4,653 Facility fees 282 25 166 --------------------------------- 2,934 2,218 4,819 --------------------------------- Bank facility fees have been included with Bank interest for the first time with the comparative figures restated accordingly. This gives a more meaningful comparison of operating profit. 6 Earnings per share and adjusted earnings per share The calculation of earnings per share for the 27 weeks ended 29 June 2000 and the 26 weeks ended 24 June 1999 is based on the profit on ordinary activities after taxation of £1,202,000 and £970,000 respectively and on 97,849,245 ordinary shares of 25p each, being the weighted average number of ordinary shares in issue. The earnings per share for the 52 weeks ended 23 December 1999 is as shown in the 1999 Annual Report and is based on the profit on ordinary activities after taxation of £1,907,000 and 97,849,245 ordinary shares of 25p each, being the weighted average number of shares in issue during that period. The calculation of the adjusted earnings per share is based on the profit on ordinary activities after taxation for the period and adding back the charge for exceptional items relating to the Transport Contract of £nil (24.6.99: £148,000; 23.12.99: £148,000) and tax credit thereon of £nil (24.6.99: £nil, 23.12.99: £nil). The adjusted earnings per share has been presented to better reflect the Group's underlying performance. There was no difference between earnings per share and diluted earnings per share. 7 Debtors Debtors includes ACT recoverable of £5.1m (1999: £5.1m) which is recoverable in more than one year from the balance sheet date. Recoverability of this amount is dependent upon the Group making future taxable trading profits. In addition to the amount stated above the Group has £807,250 of shadow ACT relating to the dividend paid on 6 April 1999. 8 Net cash inflow from operating activities 27 26 52 weeks weeks weeks ended ended ended 29.6.00 24.6.99 23.12.99 £'000 £'000 £'000 Operating profit 3,854 3,163 6,560 Depreciation and amortisation 222 274 539 (Profit)/loss on sale of fixed assets (58) 64 (40) Movement on redemption fund 38 (75) (32) (Increase) in stocks (95) (748) (164) (Increase) in debtors (930) (1,883) (650) Increase in creditors 4,858 992 3,231 ------------------------ Net cash inflow from operating activities 7,889 1,787 9,444 ------------------------ 9 Analysis of changes in net debt At At 23.12.99 Cashflow 29.6.00 £'000 £'000 £'000 Cash at bank and in hand 926 (25) 901 Overdrafts and debt (53,537) 5,573 (47,964) -------------------------------- Net debt (52,611) 5,548 (47,063) --------------------------------- A copy of the Interim Report will be sent to shareholders on 6 September 2000. Further copies are available from the Company Secretary, Save Group PLC, Walton Lodge, Walton Street, Aylesbury, Buckinghamshire HP21 7QY.

Companies

Starvest (SVE)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today