RNS No 8195k
CREST PACKAGING PLC
18th December 1997
Crest Packaging plc
Interim Results for the 26 Weeks to 25 October 1997
Interim Interim
1997 1996
Turnover #30.7m #24.7m
Operating profit #2.06m #2.22m
Pre-tax profit #1.8m #2.2m
Earnings per share 3.5p 4.0p
Dividend per share 1.375p 1.375p
* Difficult first half but good order levels
* In Cartons, increased turnover to #11.4m reflects success of
ongoing investment programme and partnerships with growing
customers
* Flexible Packaging still affected by strength of Sterling but
order intake strong
* Integration of Crest Chapman progressing well
* Maintained dividend of 1.375p
Ian Tegner, Chairman, commented:
"The ongoing strength of sterling continues to affect our
business, particularly in Flexible Packaging. While inevitably
there have been some changes in the sales mix as a result of
competitive activity, new business gains provide the sustained
organic growth required for our continued development".
For further information please contact:
Crest Packaging plc 01634 234444
Rodney Webb, Managing Director
Mike Kenny, Finance Director
Square Mile Communications Ltd 0171 583 4567
Susan Ellis/Louise Robson
Crest Packaging plc
Interim Results for the 26 Weeks to 25 October 1997
Chairman's Statement
Results
Group Turnover turnover increased in the 26 weeks to
25th October 1997 over the same period last year to #30.7
million by to #30.7 million (1996: (1996: #24.7 million).
This increase included sales of #5.8 million from Crest
Chapman Ltd acquired on 30th April 1997.
As with many other organisations, the company has been
adversely impacted by the strength of sterling, particularly
in Flexible Packaging. Operating Profit profit reduced by
7.7% to #2.06 million (1996: #2.22 million) including a
contribution of #264,000 from Crest Chapman. Before the
contribution of Chapman this reduction was 23.619.1%. Profit
after tax reduced by 15.7% to #to #1.404 million (1996: #1.62
million).
The interest charge of #235,000 (1996: #56,000) reflects the
cost of funding the Crest Chapman acquisition, the investment
in full period the new Cerutti gravure press installed last
year last year in Flexible Packaging and the installation in
March of another Roland 700 line in Cartons, a total
investment in 1996/97 of of approximately #10 million.
Earnings per share reduced to 3.5p (1996: 4.0p). The tax
charge at 235% reflects the anticipated full year charge after
a reduction in the deferred tax provision arising from the
change in the Corporation Tax rate to 31% from 33%.
Gearing is a modest 32.6% with interest cover Operating Profit
approaching nine times, providing scope for further
investment.
The Directors have declared a maintained interim dividend of
1.375p per share payable on 13 March 1998 to shareholders on
the register on 13 February 1998.
Flexible Packaging
Turnover reduced to #13.5 million (1996: #14.6 million). The
ongoing strength and volatility of sterling continues to cause
difficulties in all markets and has both squeezed margins and
led to loss of hard won business in export markets. Exports
accounted for 18% of sales compared to 23% previously.
Nevertheless we have been successful in gaining new business
in the UK. Order intake remains strong with capacity
available to fulfil demand.
Operating profit declined to #1.010 million (1996: #1.23
million) reflecting the effects of currency movements and the
full period depreciation charge of the new Cerutti gravure
press.
Cartons (excluding Crest Chapman)
Turnover increased by 12.2% to #11.4 million (1996: #10.2
million). This reflecting the success of the the ongoing
investment programme in new machinery and , partnerships with
growing customers. Our and efficient high quality service
has enabled us to succeed with opening new business
opportunities.
Operating profits reduced to #1.10 million (1996: #1.28
million) on increased competitive pressure. While the
margin has reduced we believe the current level is
sustainable.
Crest Chapman
Following the acquisition of Crest Chapman in April,
changes in management, productivity improvements
reductions and the refocussing of the business have
contributed to a significant dramatic improvement in the
performance.
The operating profit was #264,000 in the period on
turnover of #5.8 million. In the preceding full
financial year the company reported a period loss
before interest of #9192,000.
Management Changes
Bert Harman is retiring at the end of March 1998 after
thirty years with the Group. He has played a major role
in the successful development of Crest Flexible Packaging
and we wish him a long and happy retirement.
Rodney Webb has decided to move to a part-time role and
will become Executive Deputy Chairman concentrating on
Group and strategic matters.
The Board has concluded that we should gain maximum
benefit from managing the two divisions in a more closely
co-ordinated way. I am therefore pleased to announce the
following management changes with effect from 1 January
1998:
* Roy Cook will become Managing Director of Crest
Packaging plc, responsible for the operations and
profitable growth, organically and by acquisition, of
both the Flexible Packaging and Cartons divisions.
* Michael Kenny will become Deputy Managing Director,
with ongoing responsibility for finance. He also remains
Company Secretary.
Current Trading
The ongoing strength of sterling continues to affect our
business, particularly in Flexible Packaging. While
inevitably there have been some changes in the sales mix
as a result of competitive activity, new business gains
provide the sustained organic growth required for our
continued development.
Ian N Tegner 18 December 1997
Chairman
For further information please contact:
Crest Packaging plc 01634 234444
Rodney Webb, Managing Director
Mike Kenny, Finance Director
Square Mile Communications Ltd 0171 583 4567
Susan Ellis/Louise Robson
Crest Packaging plc
Group Profit and Loss Account
for the 26 weeks to 25 October 1997
Unaudited Unaudited Audited
26 Weeks to 26 Weeks to Year to
25 October 26 October 30 April
1997 1996 1997
#'000 #'000 #'000
Turnover
Flexible 13,503 14,564 29,540
Cartons 11,399 10,158 20,858
Crest Chapman 5,809 - -
-------- -------- --------
30,711 24,722 50,398
-------- -------- --------
Segment profit
Flexible 1,005 1,228 2,656
Cartons 1,101 1,275 2,128
Crest Chapman 264 - -
Restructuring costs - - (350)
Common costs (311) (285) (590)
-------- -------- --------
Operating profit 2,059 2,218 3,844
Interest payable (235) (56) (40)
-------- -------- --------
Profit on ordinary activities
before taxation 1,824 2,162 3,804
Taxation (420) (540) (694)
-------- -------- --------
Profit on ordinary activities 1,404 1,622 3,110
after taxation (551) (551) (1,653)
-------- -------- --------
Dividends
Profit retained for the period 853 1,071 1,457
======== ======== ========
Basic earnings per share 3.5p 4.0p 7.8p
Dividends per share 1.375p 1.375p 4.125p
Crest Packaging plc
Group Balance Sheet
as at 25 October 1997
Unaudited Unaudited Audited
as at as at as at
25 October 26 October 30 April
1997 1996 1997
#'000 #'000 #'000
Fixed Assets 26,738 22,352 27,066
-------- -------- --------
Current Assets
Stocks 8,923 6,912 7,800
Debtors 16,355 12,328 13,957
Cash at bank - 326 -
-------- -------- --------
25,278 19,566 21,757
Creditors due within one year
Bank overdraft (4,666) - (2,116)
Other creditors (15,528) (13,782) (15,762)
-------- -------- --------
(20,194) (13,782) (17,878)
-------- -------- --------
Net current assets 5,084 5,784 3,879
-------- -------- --------
Total assets less current
liabilities 31,822 28,136 30,945
Obligations under finance leases (2,547) (984) (2,749)
Provisions for liabilities
and charges (5,846) (5,338) (5,749)
-------- -------- --------
23,429 21,814 22,447
======== ======== ========
Capital and reserves
Called-up share capital 2,004 2,004 2,004
Reserves 21,049 19,810 20,196
Capital reserves 376 - 247
-------- -------- --------
Total shareholders' funds 23,429 21,814 22,447
======== ======== ========
Crest Packaging plc
Group Cash Flow Statement
for the 26 weeks to 25 October 1997
Unaudited Unaudited Audited
26 weeks to 26 weeks to Year to
25 October 26 October 30 April
1997 1996 1997
#'000 #'000 #'000
Net cash (outflow)/inflow from
operating activities (1,350) 2,956 7,200
Returns on investments and
servicing of finance
Net interest received/(paid) 13 (46) (87)
Interest paid on finance leases (131) (51) (99)
-------- -------- --------
(118) (97) (186)
Taxation
Net corporation tax received/(paid) 575 134 (773)
-------- -------- --------
Capital expenditure and
financial investment
Purchase of tangible fixed assets (512) (1,128) (4,532)
Proceeds from sales of tangible
fixed assets 17 15 72
-------- -------- --------
(495) (1,113) (4,460)
Acquisitions 129 - (3,800)
Equity dividends paid (1,101) (1,099) (1,653)
-------- -------- --------
Cash (outflow)/inflow before
financing (2,360) 781 (3,672)
Financing
Net cash (outflow)/inflow from
finance leases (190) (60) 1,951
-------- -------- --------
(Decrease)/increase in cash in
the period (2,550) 721 (1,721)
-------- -------- --------
Crest Packaging plc
Notes:
1. Basis of preparation
The interim financial information has been prepared on
the basis of the accounting policies set out in the
Group's 1997 Annual Report and Accounts. The taxation
charge for the 26 weeks ended 25 October 1997 has been
calculated on the basis of the estimated effective tax
rate for the full year.
2. Non-statutory accounts
These statements do not constitute financial statements
within the meaning of Section 240 of the Companies Act
1985. The comparative figures for the year ended 30
April 1997 are an abridged statement of the Group's
financial statements for that period which have been
delivered to the Registrar of Companies and on which
the auditors made an unqualified report. No financial
statements will be filed for the 26 weeks ended 25
October 1997.
3. Reconciliation of operating profit to net cash
(outflow)/inflow from operating activities
Unaudited Unaudited Audited
26 weeks to 26 weeks to Year to
25 October 26 October 30 April
1997 1996 1997
#'000 #'000 #'000
Operating profit 1,824 2,218 3,844
Depreciation charges 1,128 832 1,752
(Gain)/loss on sales of
tangible fixed assets (87) 34 (14)
(Increase)/decrease in stocks (1,123) (419) 1,069
(Increase)/decrease in debtors (2,949) (895) 134
(Decrease)/increase in creditors (143) 1,186 415
-------- -------- --------
Net cash (outflow)/inflow from
operating activities (1,350) 2,956 7,200
4. Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Audited
26 weeks to 26 weeks to Year to
25 October 26 October 30 April
1997 1996 1997
#'000 #'000 #'000
(Decrease)/increase in cash
in the period (2,550) 721 (1,721)
Cash outflow from decrease in
finance lease 190 60 143
-------- -------- --------
Change in net debt resulting
from cash flows (2,360) 781 (1,578)
New finance leases - - (2,094)
-------- -------- --------
(Increase)/decrease in net
borrowings (2,360) 781 (3,672
Net borrowings brought forward (5,258) (1,586) (1,586)
-------- -------- --------
Net borrowings carried forward (7,618) (805) (5,258)
-------- -------- --------
5. Earnings per share
The earnings per share for the 26 weeks to 25 October
1997, the year ended 30 April 1997 and the 26 weeks to
26 October 1996 are based on the weighted average
number of ordinary shares of 40,087,699, 40,079,998 and
40,078,259 respectively.
6. Interim Statement
The interim statement is being sent to shareholders and
will be available at the company's registered office,
Courteney Road, Gillingham, Kent, ME8 0RX.
END
IR ALLSAFLLDLAD
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