Craig & Rose PLC - Final Results
16 6월 1998 - 1:39AM
UK Regulatory
RNS No 9417e
CRAIG & ROSE PLC
15th June 1998
CRAIG & ROSE PLC
The following information is extracted from the audited 1997 annual
report and accounts.
CHAIRMAN'S STATEMENT
Management efforts were concentrated through the second half of the year
on eliminating unprofitable activities and refocusing on our core
markets. Improvements in operating efficiencies have benefited the
balance sheet and, as a consequence, the Company has actually generated
cash in 1997 despite the disappointing losses being reported. This has
been achieved by reducing stocks and debtors and thereby the working
capital required to fund the business.
Significant costs were incurred in closing the loss-making Irish
branch and in making other organisational changes. Over supply in
the market place means that our traditional wall coverings sales and
profitability have continued to decline. These changes are however
creating new openings which we are beginning to exploit. The Board
continues to focus on reorganising the Company and in particular the
paint manufacturing facility in order to meet the needs of our developing
markets. Through operating efficiencies and greater market awareness we
are improving the margins being generated by the core business and
creating opportunities for growth in additional niche markets.
The results of the change of strategic direction instigated during 1997
are beginning to come through into 1998, and the results have shown that
the Company has traded profitably each month since the year-end, albeit
at a modest level. The stronger balance sheet and positive trading base
should now provide a platform for sustainable, profitable expansion.
I would thank the Board of Directors and all our staff for their
continuing hard work.
REVIEW OF BUSINESS
The 1997 half-year results focused the Board's attention on the need for
further change at both a strategic and an operational level. The change
in direction arising from this process has resulted in a small reduction
in second half turnover through further withdrawals from unprofitable
trade business and the closure of the loss-making Irish branch.
Underlying margins have, however, been increased by these reductions in
turnover.
The key areas addressed internally were working capital levels,
production logistics and headcount. The working capital improvements at
31st December 1997 are clear from the balance sheet, and the business is
now trading on a cash-positive basis. In addition, the production
planning cycle, quality control systems and the product flow through the
factory have been overhauled, and headcount has been significantly
reduced.
Administration costs were similar to 1996, but the 1997 figure includes
a number of reorganisation costs, which have been separately identified
in the notes to the accounts.
By the end of the year the balance sheet was substantially strengthened,
and the Company was in a position to move forward.
FUTURE DEVELOPMENTS
Trading in the early part of 1998 has seen a marginal reduction in
turnover from the corresponding months in 1997 as a result of our
planned withdrawal from unprofitable business, but has consequently
generated more acceptable margins.
The main thrust of the Company's development programme through 1998 and
beyond will see it exploit gaps in various niche markets, initially with
specialist decorative products, and continue to trade out of marginal
business into more profitable product areas and channels of
distribution. This will put the Company in a better position to fully
exploit its premium products and reputation for quality.
PROFIT AND LOSS ACCOUNT
for the year ended 31st December 1997
1997 1996
#000 #000
Turnover 3,711 4,140
Cost of Sales 2,565 2,776
----- -----
Gross Profit 1,146 1,364
----- -----
Distribution costs 127 147
Administration expenses 1,359 1,422
----- -----
1,486 1,569
----- -----
Operating loss (340) (205)
Loss on sale of fixed assets (25) -
Interest receivable - 4
(365) (201)
Interest payable 25 13
---- ----
Loss on ordinary activities before (390) (214)
taxation
Tax on loss on ordinary activities - -
---- ----
Loss on ordinary activities after (390) (214)
taxation
Preference dividends on non-equity 4 4
shares ---- ----
Loss transferred to reserves (394) (218)
---- ----
Loss per #1 Ordinary Stock Unit 65.66p 36.33p
There are no recognised gains and losses apart from the loss on ordinary
activities after taxation of #390,000 (1996: #214,000) shown above.
BALANCE SHEET
at 31st December 1997
1997 1996
#000 #000
Fixed Assets:
Tangible assets 948 891
Current Assets:
Stocks 355 628
Debtors 619 975
Cash at bank and in hand 3 5
----- -----
977 1,608
Creditors: amounts falling due
within one 670 877
year ----- -----
Net current assets 307 731
----- -----
Total assets less current 1,255 1,622
liabilities
Creditors: amounts falling due
after more than one year 37 24
Accruals and Deferred Income 14 -
----- -----
1,204 1,598
----- -----
Capital and reserves:
Equity share capital 600 600
Non Equity share capital 100 100
----- -----
700 700
Share Premium account 222 222
Revaluation reserve 431 439
Profit and loss account (149) 237
----- -----
1,204 1,598
----- -----
The financial statements in this announcement do not comprise statutory
accounts. The 1996 statutory accounts on which the auditors reported without
qualification, have been delivered to the Registrar of Companies. The 1997
statutory accounts will be forwarded to shareholders on Monday 22nd June 1998.
END
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