RNS No 2336k
CREST PACKAGING PLC
18th December 1998
Interim Results for the 27 weeks to 31 October 1998
Crest Packaging plc ("Crest"), the flexible packaging and
folding cartons manufacturer, announces Interim Results for
the 27 weeks to 31 October 1998.
Interim Interim
1998 1997
Turnover #29.9m #30.7m
Operating profit #1.96m #2.06m
Pre-tax profit #1.58m #1.82m
Earnings per share 2.8p 3.5p
* Results reflect demanding trading conditions throughout
the Group
* Offer for the entire issued share capital of Crest
Packaging plc from Angley Holdings PLC on 2 December 1998
* Continued investment in both divisions
* Operating profit in Flexible Packaging division improved
due to achievement of cost savings and efficiencies
* Restructuring in Flexible Packaging substantially
completed and on budget
* Cartons division affected by a temporary slow down in
demand and short term costs associated with the ongoing
integration of Wellingborough and Gillingham plants
Ian Tegner, Chairman, commented:
"As stated in the Offer document, trading conditions have
continued to be demanding. While it is too early to forecast
the results for the year as a whole, the business has to date
performed in line with expectations and the Directors are not
aware of any reason why this will not continue".
For further information, please contact:
Crest Packaging plc 01634 234444
Roy Cook, Managing Director
Mike Kenny, Deputy Managing Director
Square Mile Communications 0171 583 4567
Louise Robson
Interim Results for the 27 weeks to 31 October 1998
CHAIRMAN'S STATEMENT
Results
Group turnover in the 27 weeks to 31 October 1998 was #29.9
million compared to #30.7 million in the 26 weeks in the first
half of last year. Operating profit reduced to #1.96 million
(1997: #2.06 million) and profit after tax reduced to #1.14
million (1997: #1.4 million). Pre-tax profit reduced to #1.58
million (1997: #1.82 million)
The interest charge of #374,000 (1997: #235,000) principally
reflects continued investment in modern productive equipment.
As stated in the 1998 Annual Report & Accounts, a further
Roland 700 Litho Printing Press and ancillary equipment was
installed at Crest Chapman in Wellingborough in March and
April at a cost of #2 million.
Earnings per share reduced to 2.8p (1997: 3.5p). The tax
charge at 28% reflects the anticipated full year charge after
a reduction in the deferred tax provision arising from the
change in the Corporation Tax rate to 30% from 31%.
Gearing has improved to 27.7% compared to 32.6% at the same
time last year and 33.7% at 30 April 1998. This level of
gearing, together with interest cover of approximately five
times, will continue to support the ongoing substantial
investment programme being undertaken by the business.
Dividend
As you may be aware, the Company is the subject of an Offer
dated 2 December 1998 from Angley Holdings PLC on behalf of
Rodney Webb to acquire the entire issued share capital. In
the event that the Offer is not declared, or does not become,
unconditional, it would be the Directors' intention to pay an
interim dividend of 1p per share (1997: 1.375p per share). It
is expected that if such a dividend were declared it would be
paid on 12 March 1999 to shareholders on the register at 12
February 1999.
Flexible Packaging
Turnover reduced to #12.9 million (1997: #13.5 million).
Operating profit has improved to #1.21 million (1997: #1.01
million) reflecting cost savings and efficiencies being
achieved.
As stated in the 1998 Annual Report, the #250,000
restructuring programme, projected to achieve savings of
#450,000 a year, has been substantially completed on budget
and management's focus is now targeted to further improving
efficiency levels. Additional investments are actively being
considered to support these improvements and to meet the
demands and expectations of our customer base.
The installation of an oxidiser at a cost of #700,000 to
restrict the emission of Volatile Organic Compounds, as
required under the obligations of the Environmental Protection
Act, is now nearing completion.
Cartons
Turnover reduced to #17.0 million (1997: #17.2 million).
Operating profit reduced to #0.99 million (1997: #1.36
million) as a result of a temporary slowdown in demand and
short term costs associated with the ongoing integration of
the Wellingborough and Gillingham plants.
A fourth Roland 700 commissioned in April 1998 together with
ancillary equipment is fully operational and is now achieving
the efficiency levels necessary to provide the anticipated
return on investment.
Current Trading
As stated in the Offer document, trading conditions have
continued to be demanding. While it is too early to forecast
the results for the year as a whole, the business has to date
performed in line with expectations and the Directors are not
aware of any reason why this will not continue.
Ian N Tegner
Chairman
For further information, please contact:
Crest Packaging plc 01634 234444
Roy Cook, Managing Director
Mike Kenny, Deputy Managing Director
Square Mile Communications 0171 583 4567
Louise Robson
Crest Packaging plc
Interim Results for the 27 weeks to 31 October 1998
Summarised Group Results
Unaudited Unaudited Audited
27 weeks to 26 weeks to Year to
31 October 25 October April
1998 1997 1998
#'000 #'000 #'000
Turnover:
Flexible 12,939 13,503 27,078
Cartons 16,981 17,208 33,817
------- ------- -------
29,920 30,711 60,895
------- ------- -------
Segment profit:
Flexible 1,212 1,005 1,780
Cartons 989 1,365 2,326
Restructuring costs - - (250)
Common costs (244) (311) (597)
------- ------- -------
Operating profit 1,957 2,059 3,259
Interest payable (374) (235) (562)
------- ------- -------
Profit on ordinary activities
before taxation 1,583 1,824 2,697
Taxation (443) (420) (500)
------- ------- -------
Profit on ordinary activities
after taxation 1,140 1,404 2,197
Dividends - (551) (1,102)
------- ------- -------
Profit retained for the year 1,140 853 1,095
------- ------- -------
Basic and diluted earnings per share 2.8p 3.5p 5.5p
Dividends per share - 1.375p 2.75p
Crest Packaging plc
Interim Results for the 27 weeks to 31 October 1998
Group Balance Sheet
Unaudited Unaudited Audited
as at as at as at
31 October 25 October 30 April
1998 1997 1998
#'000 #'000 #'000
Fixed assets 27,627 26,738 28,367
------- ------- -------
Current assets:
Stocks 8,632 8,923 8,648
Debtors 14,894 16,355 15,088
------- ------- -------
23,526 25,278 23,736
Creditors due within one year:
Bank overdraft (2,472) (4,666) (3,280)
Other creditors (14,480) (15,528) (15,523)
------- ------- -------
(16,952) (20,194) (18,803)
------- ------- -------
Net current assets 6,574 5,084 4,933
------- ------- -------
Total assets less current
liabilities 34,201 31,822 33,300
Obligations under finance
leases due in more than one year (3,644) (2,547) (3,935)
Provisions for liabilities and
charges (6,122) (5,846) (6,070)
------- ------- -------
24,435 23,429 23,295
------- ------- -------
Capital and reserves:
Called-up share capital 2,004 2,004 2,004
Reserves 22,431 21,049 21,291
Capital reserves - 376 -
------- ------- -------
Total shareholders' funds 24,435 23,429 23,295
------- ------- -------
Crest Packaging plc
Interim Results for the 27 weeks to 31 October 1998
Group Cash Flow Statement
Unaudited Unaudited Audited
as at as at as at
31 October 25 October 30 April
1998 1997 1998
#'000 #'000 #'000
Net cash inflow/(outflow) from 2,611 (1,350) 2,759
operating activities
Returns on investments and servicing
of finance:
Net interest (paid)/received (217) 13 (182)
Interest paid on finance leases (179) (131) (255)
------- ------- -------
(396) (118) (437)
Taxation:
Net corporation tax (paid)/received (120) 575 145
------- ------- -------
Capital expenditure and financial
investment:
Purchase of tangible fixed assets (576) (512) (1,888)
Proceeds from sales of tangible
fixed assets 100 17 169
------- ------- -------
(476) (495) (1,719)
Acquisitions - 129 129
Equity dividends paid (551) (1,101) (1,653)
------- ------- -------
Cash inflow/(outflow) before
financing 1,068 (2,360) (776)
Financing:
Issue of ordinary shares - - -
Net cash (outflow)/inflow from
finance leases (260) (190) 388
(Repayment)/issue of acceptance credits (2,000) - 2,000
Receipt of money market loans 2,500 - -
------- ------- -------
Increase/(decrease) in cash in the year 1,308 (2,550) 836
------- ------- -------
Reconciliation of operating profit to net cash inflow/(outflow)
from operating activities:
Operating profit 1,957 1,824 3,259
Depreciation 1,216 1,128 2,259
Gain on sale of tangible fixed assets - (87) (33)
Decrease/(increase) in stocks 17 (1,123) (916)
Decrease/(increase) in debtors 260 (2,949) (1,880)
(Decrease)/increase in creditors (839) (143) 70
------- ------- -------
Net cash inflow/(outflow) from
operating activities 2,611 (1,350) 2,759
------- ------- -------
Reconciliation of net cash flow to movement in net debt:
Increase/(decrease) in cash in the
period 1,308 (2,550) 836
Cash outflow from decrease in
finance leases 260 190 388
Repayment/(issue) of acceptance
credits 2,000 - (2,000)
Receipt of money market loans (2,500) - -
------- ------- -------
Change in net debt resulting from
cash flows 1,068 (2,360) (776)
Issue of new shares - - -
New finance leases - - (1,806)
------- ------- -------
Decrease/(increase) in net
borrowings 1,068 (2,360) (2,582)
------- ------- -------
Net borrowings brought forward (7,840) (5,258) (5,258)
------- ------- -------
Net borrowings carried forward (6,772) (7,618) (7,840)
------- ------- -------
Crest Packaging plc
Interim Results for the 27 weeks to 31 October 1998
Notes to the Accounts
1 Basis of Preparation
The interim financial information has been prepared on
the basis of the accounting policies set out in the
Group's 1998 Annual Report and Accounts. The taxation
charge for the 27 weeks ended 31 October 1998 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 1998 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 27 weeks ended 31
October 1998.
3 Earnings per Share
The basic earnings per share for the 27 weeks to 31
October 1998, the year ended 30 April 1998 and the 26
weeks to 25 October 1997 are based on the weighted
average number of ordinary shares of 40,088,315 (diluted:
40,127,473), 40,088,302 (diluted: 40,129,914), 40,087,699
(diluted: 40,130,229) respectively.
4 Contingent Liability
The Group faces a product liability claim from a customer
for approximately #650,000. The matter has been referred
to the Group's insurers and investigations are presently
being undertaken. The insurers have reserved their
position pending the conclusion of these investigations.
A contingent liability exists to the extent that it is
not yet clear whether, in the event that the Group is
found liable, there will be any residual liability on the
Group not covered by insurance. No provision has been
made in the accounts in respect of the claim as it is
expected that in the event the Group is found to be
liable (and no admissions are made in this regard), the
insurers will meet any liability arising.
5 Interim Statement
The interim statement is being sent to shareholders and
will be available at the Company's registered office,
Courtney Road, Gillingham, Kent, ME8 0RX
END
IR ALLSAFALDLAT
City Pub (LSE:CPC)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
City Pub (LSE:CPC)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
