RNS Number:8071G
Fitness First Plc
30 January 2003
FITNESS FIRST PLC
("Fitness First" or the "Company")
30 January 2003
Preliminary Results for the Year Ended 31 October 2002
Year Ended 31 October 2002
2002 2001
(Audited) (Audited)
Turnover #224.2m #133.1m +68%
EBITDA* #54.6m #34.9m +56%
Pre-tax profit* #24.1m #20.6m +17%
Earnings per share* 13.9p 13.5p +3%
Clubs 311 200 +55%
Membership 720,000 440,000 +63%
*Before goodwill amortisation and exceptional items
- Fitness First is the largest fitness club operator in Europe and one of
the leading operators in the world.
- It currently operates 330 clubs located in 14 countries and has a total
membership of 784,000. 180 of these clubs are located in Continental Europe, the
Far East and Australia.
- Negotiations, under the supervision of the Independent Directors,
Walter Goldsmith and John Denning, are underway with a third party which may
lead to an offer being made for the Company.
- 56% increase in EBITDA to #54.6m.
- Net debt at year end of #143m, undrawn facilities of #57m.
- An additional 36 clubs are expected to open during the year to bring
the total number in operation to 366 by 31 October 2003.
Mike Balfour, Chief Executive of Fitness First, commented:
"Although we have had a challenging year in our UK operations, I am very pleased
with our progress in developing our international operations. Overall during
the period the Company has increased club numbers by 55% and membership by
63%.We have a well established brand in our key markets and we remain confident
that our flexible model of affordable fitness will enable us to continue to grow
throughout 2003.
We continue to believe that the outlook for the health and fitness industry
remains attractive. The Group remains in strong financial health and the Board
is confident that the prospects for Fitness First remain good."
Enquiries:
Gavin Anderson & Company 020 7554 1400
Rebecca Penney/Amelia Hine
Notes to Editors:
Fitness First:
- Fitness First was floated on the Alternative Investment Market in
October 1996 at an equivalent price of 40 pence per share. In February 1999, the
Company moved to the Official List. On the basis of the closing share price on
29 January 2003 of 133.5 pence, the Group has a market capitalisation of
approximately #154 million.
- Founded in 1992, Fitness First was created with the objective of
developing a chain of health and fitness clubs to focus on the concept of high
quality and value for money, providing health and fitness club facilities that
tend to be in most demand for a relatively modest subscription fee of around #33
per month (#42 in London) and a joining fee of typically #40.
- A typical Fitness First health club follows a consistent format
of providing high quality facilities that are typically most used by club
members, including a well-equipped gymnasium, aerobics studios, luxury changing
facilities, sauna/steam rooms, lounge and beauty salon. Clubs have a free video
and DVD library, 16-channel entertainment system and provide complimentary soft
drinks, coffee and tea.
- Club locations
October 2002 January 2003 October 2003
Actual Actual Forecast
UK 142 150 158
Continental Europe:
Germany 62 64 74
Spain 14 15 18
Netherlands 9 11 11
Italy 10 10 11
France 8 8 9
Belgium 17 20 20
Far East 24 25 30
Australia 25 27 35
Total 311 330 366
CHAIRMAN'S STATEMENT
The past financial year has seen considerable growth which has presented new
challenges for Fitness First. During the year, 111 new clubs were opened,
bringing the total number of clubs operated at 31 October 2002 to 311 with 169
clubs located outside of the UK in Continental Europe, the Far East and
Australia. There was a 63 per cent. increase in members to over 720,000.
Our financial results showed an improvement on the prior year's performance and
are in line with the revised market guidance issued in October.
Financial Results
Turnover in the year ended 31 October 2002 increased by 68 per cent. to #224.2m
(2001: #133.1m), Profit before goodwill amortisation and exceptional items was
#24.1m (2001: #20.6m), an increase of 17 per cent. Earnings per share, before
goodwill amortisation and exceptional items, rose by 3 per cent. to 13.9p per
share (2001 restated: 13.5p).
As announced in October 2002, the second half performance of our UK business was
adversely affected by a number of factors. Although by international standards
our new clubs in the UK achieved break-even relatively quickly, we experienced a
slow down in our fill rate in the second half. The operational teams in the UK,
stretched by the demands of managing the significant club opening programme,
lost some focus in maintaining cost controls and managing certain
under-performing clubs.
Our response to these factors was to reduce excess costs, together with a
re-structuring of the UK management and operational teams to ensure a more
effective management of our existing clubs. An exceptional charge of #1.2m has
been included in the results for the year ended 31 October 2002.
In the light of increasing health and safety concerns, we decided that it was in
the best interest of our members to remove the spa baths located in 67 of our
older UK clubs. The cost of this has also been included as an exceptional item.
Our international operations performed well during the year, with strong
performances in most of the territories. Turnover for overseas operations
increased to #119.2m (2001 : #59.2m) with operating profit increasing to #12.4m
(2001 : #6.2m).
Club roll out programme
In light of our experiences in 2002, we have already scaled down the Group's new
club opening programme. During 2003 we plan to open 55 new clubs around the
world. Based on our current outlook we expect that the roll out programme will
be maintained at around 50 clubs per year in subsequent years.
The capital expenditure budget for the current financial year is approximately
#75m (2002 #135.6m). This will be financed from our strong operational cash
flow and existing facilities.
Dividends
Your Board continues to believe that shareholder returns can be maximised by
investing profits in further club openings. Accordingly, in line with previous
years, a dividend for the year ended 31 October 2002 is not being declared. We
will review our dividend policy in the current year.
Review of Shareholder Value and Possible Offer for the Company
On 20 November 2002 the Board announced that, in view of the Company's share
price performance and a number of preliminary expressions of interest, it would
investigate options to maximise shareholder value. The Company is currently in
negotiations with a third party which may lead to an offer being made for the
Company. In light of the other directors' potential involvement in an offer,
the process is being overseen by the Independent Directors, Walter Goldsmith and
John Denning.
Management and Employees
In the latter part of the year we implemented a number of management and
organisational changes, especially in the UK.
During the year, Sean Phillips and Nigel Cartwright, former Directors, left the
Group. Both made a considerable contribution to the growth of the Group and I
should like to wish them well for the future.
In September 2002, Colin Child became Chief Operating Officer and was replaced
as Finance Director by Tim Newman who was previously Finance Director of N.O.P.
World, part of United Business Media Plc.
In December 2002, Jim McGoldrick, one of the founders of our German subsidiary,
joined the Board with responsibility for the development of Fitness First in
Continental Europe. He has many years experience in the fitness industry and I
am confident that he will make a valuable contribution to the further successful
growth of the Group's operations.
These changes in the senior management team now give us the appropriate resource
and expertise to maintain the successful growth and development of the Group.
I would like to thank everyone within Fitness First for their efforts during the
year.
Current Trading and Outlook
The Board believes that the outlook for the health and fitness industry remains
attractive. We believe that Fitness First has a proven and successful formula
and that we can continue to grow. With the strong management team and our
continued new club opening programme, we can look forward to consolidating our
position as a world leader in the health and fitness industry. The current
financial year has started well with membership rising to 784,000 at the end of
January and the Board is confident that the prospects for Fitness First remain
good.
Christopher Pearce
Chairman
30 January 2003
CHIEF EXECUTIVE'S REVIEW
Fitness First has developed a brand that is becoming well established in all 14
countries in which we now operate. Our focused model of affordable fitness in a
flexible but quality format of club design continues to attract members and can
generate attractive financial returns.
During the past two years we have built an international platform, which
provides real opportunities for Fitness First to benefit from the worldwide
trend towards a healthier lifestyle. Our international development strategy
remains focused on the fragmented markets of Continental Europe, the Far East
and Australia.
Even though the UK health club market has become more competitive at a time of
economic uncertainty, we continue to believe that we can generate more profits
from existing clubs. Our model allows us to develop new clubs in a wide range
of locations, many of which would be uneconomic for other operators.
Operational review
During the past year we have made considerable progress in expanding Fitness
First in Continental Europe, the Far East and Australia. These markets are
generally less mature than the UK and continue to present substantial
opportunities for further growth.
We build high specification clubs which typically comprise a well equipped
gymnasium, aerobics studio, luxury changing facilities, steam/sauna area, beauty
salons and members' lounge.
During the year we opened an additional 111 clubs worldwide, including the 12
Curzons clubs we acquired and refurbished in the UK. As at the end of January
2003 we have 330 clubs open as set out below. Membership grew during the period
to 720,000 at October 2002 (2001: 440,000) and 784,000 at the end of January
2003.
October January October
2002 2003 2003
Actual Actual Forecast
UK 142 150 158
Continental Europe:
Germany 62 64 74
Spain 14 15 18
Netherlands 9 11 11
Italy 10 10 11
France 8 8 9
Belgium 17 20 20
Far East 24 25 30
Australia 25 27 35
Total 311 330 366
The spread of international operations provides the Group with the additional
benefits of being able to share ideas of best practice across all our clubs,
providing better service to our members. We are also able to negotiate Group
purchasing arrangements across all operations and also share information on
design and build costs to help improve returns on invested capital.
UK review
Year ended 31 October
2002 2001
Number of members ('000) 320 220
Turnover (#m) 105.1 73.8
Operating profit (#m) 21.3 19.2
The Group has continued to expand its operations in the UK and as at the end of
January 2003 we have 150 clubs making us the largest UK chain by number of
clubs. During the year we opened or acquired 42 clubs, which included the
acquisition of 12 London clubs formerly trading as Curzons which have been
refurbished and re-opened as Fitness First clubs and a chain of five ladies only
clubs which now trades as "Fresh Start Fitness" (and which currently operates
nine clubs).
The increase of 42 clubs in the UK has been a huge achievement but this level of
growth stretched management resources. Operational teams, through concentrating
on the demanding opening programme, lost some focus in maintaining cost controls
and in dealing adequately with a number of under-performing clubs. In
consequence, although like-for-like revenues in mature clubs increased by 3.4
per cent., profitability suffered. Action has already been taken to address
these issues by restructuring head office and operational teams both to reduce
cost and to focus on areas where financial returns can be improved.
Another feature of the second half of 2002 has been the increased
competitiveness within the UK market. We have seen this reflected in slower "
fill rates" in many of our new clubs. Break-even for new clubs is typically now
being achieved in six to nine months, more in line with our Continental European
clubs, compared with three to six months previously.
As a consequence the number of new clubs to be opened in the UK in 2003 has been
scaled back with a number of planned openings being deferred to the following
financial year. This prudent approach also allows management to focus on
maximising profitability of existing clubs.
Continental European review
Year ended 31 October
2002 2001
Number of members ('000) 252 134
Turnover (#m) 72.5 30.5
Operating profit (#m) 6.2 2.9
We opened a total of 46 clubs in Continental Europe and I am delighted with the
progress we have made. The German business has continued to build on its market
leading position and has opened 19 clubs. It has traded successfully despite a
challenging economic environment and fill rates for new clubs remained stable
during the year. Operating profit for the year was #6.0m (2001: #4.4m).
Like-for-like revenues in mature clubs increased by 8 per cent.
The operations in Belgium, Italy, Holland and Spain have performed well,
reporting aggregate operating profits of #2.0m (2001: #1.3m loss). Fitness
First has already established a reputation in these markets for affordable
fitness with quality facilities. In most cases we have quickly become the
leading chain in what continue to be relatively immature and fragmented markets.
Most clubs are now trading profitably and new clubs have filled at rates
consistent with our earlier experience in Germany. A cautious roll out programme
will continue in these countries.
Our French business had a disappointing year with trading losses totalling #1.8m
(2001: #0.2m loss). This result is mainly attributable to delays in the opening
of new clubs and slower than expected fill rates. However, the more recently
opened clubs, located in the Paris region, are either profitable or close to
break-even. We consider it prudent not to commit further investment albeit one
further club, previously contracted for, will open in February.
Since the year-end we have increased our investment in our Belgium operation -
Passage Fitness First - from 52 per cent. to 85 per cent.. The increased
holding will enable us to integrate this business more fully into the Group and
will allow it to benefit from the Fitness First brand and other initiatives
within the Group.
Far East review
Year ended 31 October
2002 2001
Number of members ('000) 41 16
Turnover (#m) 20.1 10.3
Operating profit (#m) 1.0 0.7
During the year SPORTathlon, our Far East operation, opened Fitness First clubs
in Hong Kong, China, Malaysia, Thailand and the Philippines.
These clubs follow our existing format but are of a very high specification
compared with most existing operators in these countries. The new clubs have
performed well, achieving breakeven within three to nine months and we will be
opening six new clubs in 2003 as we continue to believe that our prospects are
excellent in this region.
Australia review
Year ended 31 October
2002 2001
Number of members ('000) 108 70
Turnover (#m) 26.5 18.4
Operating profit (#m) 5.2 2.6
Fitness First Australia had another very successful year growing from 15 clubs
to 25. Fitness First is now Australia's largest health club chain measured by
number of members. The new clubs have performed well, filling in line with our
expectations. Furthermore the local management team has improved trading
performance at existing clubs. The Australian market is less mature than that of
the UK and presents an excellent opportunity for further growth.
Financing
The Group remains in good financial health, having generated earnings before
interest, depreciation and amortisation of #54.6m (2001: #34.9m) during the
year. In February 2002 we completed a placing of 18.75m ordinary shares to raise
approximately #75m (net of expenses). Capital expenditure for the year ended 31
October 2002 was #135.6m (2001: #119.6m), primarily spent on new clubs. The net
debt at the year end was #143m and undrawn banking facilities available at the
year end were #57m. With 55 clubs expected to open this year, capital
expenditure is projected to fall to around #75m which will be funded from our
strong operational cash flow and existing facilities.
Summary
We believe that more people around the world wish to improve their lifestyles
and achieve a healthier life through regular exercise. The demand for fitness
facilities will grow as people, companies and governments recognise the dangers
of inactive lifestyles and increased levels of obesity. We will continue to
develop new clubs in our existing markets and expand the products and services
we offer and deliver further growth.
Finally I should like to thank our employees around the world for their
contribution during the past year. The new year brings many challenges, and we
will continue to invest in the training and development of our staff to ensure
that they are well-equipped to work within a more demanding environment.
Mike Balfour
Chief Executive
30 January 2003
2002 2002 Goodwill 2002 2001
Before goodwill amortisation (Restated
and exceptional and exceptional see note 4)
items items Total Total
Note #000 #000 #000 #000
Group turnover - continuing operations 210,989 - 210,989 133,059
- acquisitions 13,231 - 13,231 -
---------- ---------- ---------- ----------
2,3 224,220 - 224,220 133,059
Cost of sales (14,705) - (14,705) (9,234)
---------- ---------- ---------- ----------
Gross profit 209,515 - 209,515 123,825
Administrative expenses - exceptional items 2 - (2,917) (2,917) -
- goodwill amortisation - (2,654) (2,654) (2,441)
- other (178,235) - (178,235) (100,444)
---------- ---------- ---------- ----------
(178,235) (5,571) (183,806) (102,885)
---------- ---------- ---------- ----------
Group operating profit - continuing operations 2,3 30,453 (5,186) 25,267 20,940
- acquisitions 827 (385) 442 -
---------- ---------- ---------- ----------
31,280 (5,571) 25,709 20,940
Share of profit of joint venture and associated
undertakings 42 - 42 (66)
Net interest payable (7,249) - (7,249) (2,780)
---------- ---------- ---------- ----------
Profit on ordinary activities before taxation 2 24,073 (5,571) 18,502 18,094
Tax on profit on ordinary activities 4 (8,303) 722 (7,581) (7,216)
---------- ---------- ---------- ----------
Profit on ordinary activities after taxation 15,770 (4,849) 10,921 10,878
Equity minority interests (546) - (546) (306)
---------- ---------- ---------- ----------
Retained profit for the financial year 15,224 (4,849) 10,375 10,572
======== ======== ======== ========
Earnings per ordinary share 5 13.9p (4.4p) 9.5p 11.0p
======== ======== ======== ========
Diluted earnings per ordinary share 5 13.6p (4.4p) 9.2p 10.7p
======== ======== ======== ========
2002 2001
(Restated see
note 4)
#000 #000
Fixed assets
Intangible assets 51,621 46,949
Tangible assets 380,117 250,622
Investments 834 2,223
---------- ----------
432,572 299,794
---------- ----------
Current assets
Stocks 3,886 2,697
Debtors 17,322 12,313
Cash at bank and in hand 9,180 10,384
---------- ----------
30,388 25,394
Creditors: amounts falling due within one year (66,337) (56,920)
---------- ----------
Net current liabilities (35,949) (31,526)
---------- ----------
Total assets less current liabilities 396,623 268,268
Creditors: amounts falling due after more than
one year (139,673) (104,277)
Provisions for liabilities and charges
Deferred tax (16,785) (12,940)
Minority interests
Equity minority interests (3,233) (965)
---------- ----------
236,932 150,086
======== ========
Capital and reserves
Called up share capital 14,470 11,496
Shares to be issued - 27,010
Share premium account 201,361 99,893
Profit and loss account 21,101 11,687
---------- ----------
Equity shareholders' funds 236,932 150,086
======== ========
2002 2001
#000 #000
Net cash inflow from operating activities 43,983 42,940
Returns on investments and servicing of
finance (5,094) (2,650)
Taxation (3,139) (1,896)
Capital expenditure (135,623) (119,627)
Acquisitions and disposals (6,286) (5,406)
------------ ------------
Net cash outflow before management of liquid
resources and financing (106,159) (86,639)
Management of liquid resources - 3,188
Financing 101,936 81,983
------------ ------------
Decrease in cash in year (4,223) (1,468)
======== ========
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Year ended 31 October 2002
2002 2001
#000 #000
Decrease in cash in the year (4,223) (1,468)
Cash outflow from decrease in liquid resources - (3,188)
Cash inflow from increase in debt and lease financing (25,365) (82,011)
---------- ----------
Movement in debt arising from cash flows (29,588) (86,667)
Loans and finance leases acquired with subsidiaries (3,211) (1,856)
Loan notes issued on acquisition of subsidiary (1,609) -
Amortisation of finance costs (289) -
Exchange differences (628) (40)
New finance leases and hire purchase contracts (8,527) (584)
---------- ----------
Movement in debt in the year (43,852) (89,147)
Net debt at beginning of year (99,007) (9,860)
---------- ----------
Net debt at end of year (142,859) (99,007)
======== ========
2002 2001
(Restated see
note 4)
#000 #000
Profit for the financial year 10,375 10,572
Currency translation differences on foreign currency net investments 408 435
Adjustment on acquisition of subsidiary 402 -
---------- ----------
Total recognised gains and losses in the year 11,185 11,007
Prior year adjustment (see note 4) (12,940) -
---------- ----------
Total recognised gains and losses since last annual report (1,755) 11,007
======== ========
RECONCILIATION OF MOVEMENT IN CONSOLIDATED SHAREHOLDERS' FUNDS
Year ended 31 October 2002
2002 2001
(Restated see
note 4)
#000 #000
Profit for the financial year 10,375 10,572
Other recognised gains and losses relating to the year 810 435
Shares issued 75,661 242
---------- ----------
Net addition to shareholders' funds 86,846 11,249
Opening shareholders' funds 150,086 138,837
---------- ----------
Closing shareholders' funds 236,932 150,086
======== ========
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
2002 2001
#000 #000
Operating profit 25,709 20,940
Depreciation 23,366 11,555
Goodwill amortisation 2,654 2,441
Increase in stocks (1,049) (1,400)
Increase in debtors (4,160) (8,046)
(Decrease)/increase in creditors (4,243) 17,450
Exceptional items - writedown of fixed assets 1,706 -
---------- ----------
Net cash inflow from operating activities 43,983 42,940
======== ========
ANALYSIS OF NET DEBT
At Other At
1 Nov Cash Debts non cash 31 Oct
2001 flow acquired changes 2002
#000 #000 #000 #000 #000
Cash at bank and in hand - short term - - - - -
deposits
Cash at bank and in hand 10,384 (1,302) - 98 9,180
Bank overdrafts (1,758) (2,921) - - (4,679)
---------- ---------- ---------- ---------- ----------
8,626 (4,223) - 98 4,501
Debt due after one year (100,083) (29,816) (1,923) 261 (131,561)
Debt due within one year (2,234) (109) (843) (1,276) (4,462)
Loan notes due within one year (712) 2,162 - (1,609) (159)
Other loan receivable after one year 600 - - - 600
Finance leases and hire purchase contracts (5,204) 2,398 (445) (8,527) (11,778)
---------- ---------- ---------- ---------- ----------
Total net debt (99,007) (29,588) (3,211) (11,053) (142,859)
======= ======= ======= ======= =======
1. FINANCIAL INFORMATION
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 October 2002 or 2001, but is derived
from those accounts. Statutory accounts for 2001 have been delivered to the
Registrar of Companies and those for 2002 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those accounts;
their reports were unqualified and did not contain statements under s237(2) or
(3) Companies Act 1985.
2. ANALYSIS OF TURNOVER, OPERATING PROFIT, NET ASSETS AND EXCEPTIONAL
ITEMS
Group turnover represents amounts derived from the provision of goods and
services, which fall within the Group's ordinary activities after deduction of
value added tax.
Turnover* Operating profit/(loss) Net assets
2002 2001 2002 2001 2002 2001
(Restated note
Geographical analysis by location 4)
and destination #000 #000 #000 #000 #000 #000
United Kingdom 105,063 73,856 21,281 19,214 73,282 40,987
Other European countries 72,475 30,492 6,239 2,923 75,819 45,602
Far East and Australia 46,682 28,711 6,161 3,267 27,109 16,131
Central - - (2,401) (2,023) 60,722 47,366
---------- ---------- --------- ---------- ---------- ----------
224,220 133,059 31,280 23,381 236,932 150,086
Goodwill amortisation - - (2,654) (2,441) - -
Exceptional items - - (2,917) - - -
---------- ---------- ---------- ---------- ---------- ----------
224,220 133,059 25,709 20,940 236,932 150,086
======= ======= ======= ======= ======= =======
* In addition, the Group's share of a joint venture, under the gross equity
method required by FRS 9, was #276,000 (2001: #293,000).
Central net assets include goodwill, other investments and net funds.
Exceptional items:
2002 2001
#000 #000
Fixed asset write offs 1,706 -
Reorganisation costs 1,211 -
---------- ----------
2,917 -
======= =======
As noted in the Chairman's Statement action has been taken to reduce excess
costs and restructure the management and operational teams in the UK which has
resulted in a #1.2m exceptional cost. A further exceptional charge of #1.7m has
been included in respect of the fixed asset write-offs arising primarily on the
removal of spa baths.
3. ANALYSIS OF CONTINUING OPERATIONS
2002 2002 2002 2001
Continuing Acquisitions Total Total
#000 #000 #000 #000
Turnover 210,989 13,231 224,220 133,059
Cost of sales (13,872) (833) (14,705) (9,234)
---------- ---------- ---------- ---------
Gross profit 197,117 12,398 209,515 123,825
Administrative expenses (166,664) (11,571) (178,235) (100,444)
---------- ---------- ---------- ----------
Operating profit before goodwill and exceptional
items 30,453 827 31,280 23,381
Goodwill amortisation (2,482) (172) (2,654) (2,441)
Exceptional items (2,704) (213) (2,917) -
---------- ---------- --------- ----------
Group operating profit 25,267 442 25,709 20,940
======= ======= ======= =======
4. TAXATION AND PRIOR YEAR ADJUSTMENT
The Company has adopted FRS 19 during the year, which has given rise to a prior
period adjustment of #12,940,000 to shareholders' funds as at 31 October 2001,
the effect of which has been to reduce previously reported profit after tax for
the year ended 31 October 2001 by #4,154,000 and reduce current year profit
after tax by #4,081,000.
The effective tax rate for the Group on profits before goodwill amortisation and
exceptional items for the year ended 31 October 2002 is 36.4% (2001: 35.1% as
restated). The effective tax rate has increased from 17.3% to 36.4% as a result
of applying FRS 19.
5. EARNINGS AND DILUTED EARNINGS PER ORDINARY SHARE
The earnings and weighted average number of shares used in the calculation of
earnings and diluted earnings per share are as follows:
2002 2001
(Restated)
Earnings Shares EPS Earnings Shares EPS
#000 '000 Pence #000 '000 Pence
Adjusted basic 15,224 109,293 13.9 13,032 96,339 13.5
Goodwill amortisation and
Exceptional items (5,571) - (5.1) (2,460) - (2.5)
Tax credit on exceptional items 722 - 0.7 - - -
---------- ---------- -------- ---------- ---------- --------
Basic 10,375 109,293 9.5 10,572 96,339 11.0
Effect of dilutive share options - 3,271 (0.3) - 2,088 (0.3)
---------- ---------- -------- ---------- ---------- --------
Diluted 10,375 112,564 9.2 10,572 98,427 10.7
======== ======= ==== ======== ======== =====
Earnings are calculated as profits after taxation and minority interests for the
year and incorporate the effects of adopting FRS 19 in the year (note 4). The
weighted average number of shares used in the above calculation in 2001 includes
the effects of the 4,501,600 shares to be issued, which were issued on 31
January 2002.
6. PASSAGE
On 2 January 2003 the Company increased its shareholding in Passage Invest NV
from 52% to 85% for a consideration of #2.6m.
7. PRELIMINARY RESULTS AND ANNUAL REPORT
Copies of the preliminary results announcement are available from the offices of
the Company's joint adviser-broker, Investec Investment Banking located at 2
Gresham Street, London, EC2V 7QP for a period of 14 days from the date of this
announcement.
The annual report and accounts will be posted to shareholders in due course.
Copies will then be available on request from the Company Secretary at 58 Fleets
Lane, Fleetsbridge, Poole, Dorset, BH15 3BT.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BMMMTMMJJMRJ
Foresight Enterprise Vct (LSE:FTF)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Foresight Enterprise Vct (LSE:FTF)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
