Information  X 
Enter a valid email address

John Mansfield Group (JMS)

  Print      Mail a friend

Tuesday 04 April, 2000

John Mansfield Group

Final Results - Year Ended 31 December 1999

John Mansfield Group PLC
4 April 2000

John Mansfield Group PLC ('Mansfield')

Preliminary Results for the year ended 31 December 1999

-  Mansfield  today announces its preliminary results  for
   the year ended 31 December 1999.

- On  1  February 2000, the Company declared its offer for
   Waddington  PLC  unconditional.   This  Acquisition  is
   therefore  not covered by these results.  In  addition,
   the   Company   has   today  announced   the   proposed
   acquisition  of Rexam's Printing Division  ('RPD')  and
   the outcome of its financial review into Waddington.

Abridged version of the Chairman's Statement

John Mansfield Timber Limited ('the timber business')
The  second  half  of  1999  saw  the  completion  of  the
reshaping  of  the  timber business  as  outlined  in  the
Interim Statement.

Sales  for  the year were £12.5 million, down slightly  on
1998, with sales in the second half of 1999 down 12%  year
on year reflecting the removal, as planned, of loss making
commodity manufacturing business.  The timber business  is
continuing  to  develop its 'package'  sales  offering  to
major  customers, where new lines have been recently added
and well received.

Gross margins, which had reduced during the first half  of
the year, recovered progressively in the second six months
reflecting  the  improved sales mix  and  selective  price

Sales and manufacturing are now managed from one main site
with  a  smaller  regionally  based  business  being   run
independently.   The studios business continues  to  trade

  Significant  changes have been made to the structure  of
the  business.   Total  headcount  has  been  reduced  and
improved productivity achieved at all levels, resulting in
improved  cost to sales ratios.  A charge of £1.7  million
was incurred as a result of the restructuring.

Trends  for  the  first quarter of 2000 confirm  that  the
anticipated  benefits of the business  reorganisation  are
being realised.  If current trends in levels of sales  and
profitability  continue, then it is anticipated  that  the
timber business will return a profit for the first half of
2000 compared to a loss of £298,000 in the same period  of

Corporate activity
On  1  February 2000 the Company declared its agreed  £289
million    offer   for   Waddington   PLC   unconditional.
Waddington  PLC  is  a specialist printing  and  packaging
group, headquartered in Leeds.

The  Company  is today announcing the proposed acquisition
of  RPD,  a specialist printing business, from Rexam  PLC.
The  Company is also announcing the intention  to  develop
the  group  as an information management and communication
business.   As part of this strategy, the Company  intends
to  dispose  of the food services and packaging businesses
acquired as part of Waddington PLC.

These  transactions represent an exciting  development  of
the  Company's  size and opportunities, and  will  clearly
have a significant impact on the Company's future results.

The directors do not recommend the payment of a dividend.

S M Wallis


Consolidated profit and loss account
For the year ended 31 December 1999

                                        1999       1998
                                       £'000      £'000
Turnover                              12,470     12,757
Cost of sales                       (10,500)   (10,362)
Gross profit                           1,970      2,395
Administrative expenses              (4,757)    (4,162)
Operating loss                       (2,787)    (1,767)
Operating     loss    excluding      (1,085)      (267)
exceptional items
Exceptional items                    (1,702)    (1,500)
Interest receivable                       73        187
Interest  payable  and  similar        (123)      (145)
Loss   on  ordinary  activities                        
before taxation                      (2,837)    (1,725)
Tax   on   loss   on   ordinary            -          -
Retained loss for the financial      (2,837)    (1,725)
Retained loss brought forward        (5,494)    (3,769)
Retained loss carried forward        (8,331)    (5,494)
Basic  and  diluted  loss   per      (1.01)p    (0.67)p

Consolidated balance sheet
31 December 1999

                                        1999       1998
                                       £'000      £'000
Fixed assets                                           
Tangible assets                          954      1,637
Current assets                                         
Stocks                                 1,050      1,525
Debtors                                2,025      3,873
Cash at bank and in hand               1,299      3,249
                                       4,374      8,647
Creditors: Amounts falling  due      (3,559)    (5,864)
within one year
Net        current       assets          815      2,783
Total   assets   less   current        1,769      4,420
Creditors: Amounts falling  due      (1,045)    (1,293)
after more than one year
Provisions for liabilities  and        (480)       (46)
Net assets                               244      3,081
Capital and reserves                                   
Called-up share capital                2,804      2,804
Share premium account                  5,252      5,252
Merger reserve                           519        519
Profit and loss account              (8,331)    (5,494)
Equity shareholders' funds               244      3,081

Consolidated cash flow statement
31 December 1999

                                        1999       1998
                                       £'000      £'000
Net cash outflow from operating      (1,391)    (1,592)
Returns   on  investments   and         (50)         42
servicing of finance
Capital     expenditure     and        (278)      (740)
financial investments
Cash outflow before financing        (1,719)    (2,290)
Financing                              (288)      1,692
Decrease in cash                     (2,007)      (598)

Reconciliation of net cash flow to movement in net debt

                                        1999       1998
                                       £'000      £'000
Decrease in cash in the year         (2,007)      (598)
Cash   outflow  (inflow)   from          288      (192)
increase  in  debt  and   lease
                                     (1,719)      (790)
New finance leases                         -      (209)
Movement in net debt in year         (1,719)      (999)
Net funds at beginning of year           995      1,994
Net (debt) funds at end of year        (724)        995

The  financial information set out above does not comprise
the  company's statutory accounts.  Statutory accounts for
the  previous financial year ended 31 December  1998  have
been  delivered  to  the  Registrar  of  Companies.    The
auditor's report on those accounts was unqualified and did
not  contain any statement under section 237(2) or (3)  of
the Companies Act 1985.

The  auditors  have given an unqualified  opinion  on  the
accounts for the year ended 31 December 1999 which will be
delivered  to  the  Registrar of Companies  following  the
annual general meeting.


a d v e r t i s e m e n t