Interim Results
10 7월 2006 - 4:01PM
UK Regulatory
THE LONGMEAD GROUP plc ("Longmead" or "the Company")
Interim Results for the 26 weeks to 29 April 2006
CHAIRMAN'S STATEMENT
Trading Results
During the six months under review, the Company achieved 96% of its budgeted turnover at �1.173
million (2005: �1.270 million). The shortfall against budget was almost entirely due to lower sales
to our major DIY accounts, where all the major DIY groups have reported a fall in sales turnover.
More encouragingly our General Trade sales have continued to grow as we reach a much wider range of
customers and where our products are gaining increased acceptance. We are budgeting for a further
increase in General Trade sales during the second half.
The shortfall in sales turnover has resulted in a slightly larger loss than budgeted at �54,000
(2005: �6,000). However, margins have remained steady in spite of a continuing pressure on costs.
We have experienced significant increases in metal costs but have been able to compensate by greater
efficiency elsewhere. Our overheads are being kept under strict control, and, in spite of large
rises in distribution costs we have been able to reduce our total overhead spend by 3%.
Product Development
The new products which we showed at the KBB Exhibition in January have now started to arrive in the
UK. An important part of our product portfolio is bathroom furniture and these products are now
available for distribution to customers. Bathroom furniture has a much higher unit sales value and
we are therefore expecting to see the average value of orders increasing. Other new products will
be arriving in the UK during the next few weeks, which will give an added boost to turnover.
Our Marketing Department is currently working on further product development projects to enable the
Company to widen, even further, its product offering.
Balance Sheet
Our Balance Sheet at the end of the period is very much in line with budget. Capital Expenditure
has been severely restricted and we have no plans for any expenditure in the second half. Stocks
are almost exactly to budget and show a reduction compared with the level at the end of the
financial year. Debtors have risen somewhat as a result in the make-up of our customers.
The Medium Term Loan is being repaid according to programme and at the period end stood at �708,000,
while our current cash situation is better than budget and an improvement on the situation at the
end of the last financial year.
Future Prospects
The results for the last six months have been affected by the shortfall in sales to our major DIY
customers. These represent a very important part of our sales and it is difficult to predict how
they will perform during the rest of our financial year. However, we are confident that our level
of business to other outlets will continue to grow particularly with the arrival of new products and
more aggressive marketing.
We continue to keep costs strictly under control in spite of unavoidable cost increases in certain
areas.
In our last statement, your Board felt the Company had turned the corner and we believe this is
still the case. The next few months will be difficult in the light of the present economic
situation but we are still of the opinion that the current year should show a significant
improvement over the previous year.
REW Newman
Chairman
[10] July 2005
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR 26 WEEKS ENDED 29 APRIL 2006
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
29 April 2006 30 April 2005 29 Oct 2005
�'000 �'000 �'000
TURNOVER 1,173 1,270 2,263
Cost of sales (731) (779) (1,449)
_____ _____ _____
Gross profit 442 491 814
Operating costs (471) (473) (972)
_____ _____ _____
OPERATING (LOSS)/PROFIT (29) 18 (158)
Interest receivable - - -
Interest payable (25) (24) (49)
_____ _____ _____
(LOSS)/ ON ORDINARY
ACTIVITIES BEFORE
TAXATION (54) (6) (207)
Tax on profit on ordinary
activities - - -
_____ _____ _____
(LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION
(54) (6) (207)
Dividends - - -
_____ _____ _____
RETAINED (LOSS)
FOR THE PERIOD (54) (6) (207)
_____ _____ _____
(LOSS)/ PER ORDINARY SHARE
(PENCE) (0.97)p (0.11)p (3.69)p
UNAUDITED CONSOLIDATED BALANCE SHEET
AT 29 APRIL 2006
Unaudited Unaudited Audited
as at as at as at
29 April 2006 30 April 2005 29 Oct 2005
�'000 �'000 �'000
FIXED ASSETS
Intangible Assets 17 19 20
Tangible Assets 1,355 1,449 1,398
_____ _____ _____
1,372 1,469 1,417
_____ _____ _____
CURRENT ASSETS
Stocks 1,267 1,281 1,305
Debtors 563 539 421
Cash at bank and in hand 3 4 2
_____ _____ _____
1,833 1,728 1,824
CREDITORS: amounts
falling due within one year (897) (909) (742)
_____ _____ _____
NET CURRENT ASSETS 936 915 986
_____ _____ _____
TOTAL ASSETS LESS
CURRENT LIABILITIES 2,308 2,384 2,403
CREDITORS: amounts
falling due after one year (738) (559) (779)
PROVISIONS FOR
LIABILITIES & CHARGES - - -
_____ _____ _____
1,570 1,825 1,624
_____ _____ _____
CAPITAL AND RESERVES
Called up share capital 558 558 558
Share premium account 1,398 1,398 1,398
Capital redemption reserve 19 19 19
Revaluation reserve 258 263 260
Profit and loss account (663) (413) (611)
_____ _____ _____
TOTAL EQUITY
SHAREHOLDERS' FUNDS 1,570 1,825 1,624
_____ _____ _____
UNAUDITED CASH FLOW STATEMENT
FOR 26 WEEKS ENDED 29 APRIL 2006
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
29 April 2006 30 April 2005 29 Oct 2005
�'000 �'000 �'000
CASH FLOW FROM OPERATING
ACTIVITIES (Note 1) 17 (107) (138)
Returns on investment and
servicing of finance (30) (25) (50)
Taxation - - -
Capital expenditure and
financial investment (3) (10) (9)
_____ _____ _____
NET CASH (OUTFLOW)
BEFORE FINANCING (16) (142) (197)
Financing - (Decrease)/increase in debt (43) (65) 66
_____ _____ _____
(DECREASE) IN CASH (59) (207) (131)
_____ _____ ______
Note 1: Reconciliation of operating profit to net cash inflow from operating activities
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
29 April 2006 30 April 2005 29 Oct 2005
�'000 �'000 �'000
Operating (loss)/profit (29) 18 (158)
Depreciation 50 53 104
(Profit) on sale of fixed assets (1) (1) (1)
Decrease/(increase) in stock 37 1 (23)
(Increase) in debtors (143) (153) (35)
Increase/(decrease) in creditors 103 (25) (25)
_____ _____ _____
Net cash inflow/(outflow) from
operating activities 17 (107) (138)
_____ _____ _____
Note 2: Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Audited
26 weeks to 26 weeks to 52 weeks to
29 April 2006 30 April 2005 29 Oct 2005
�'000 �'000 �'000
(Decrease)/increase in cash in the period (59) (207) (131)
Cash inflow from decrease in
debt and lease and hire purchase financing 43 65 (66)
_____ _____ _____
(16) (142) (197)
New finance lease and hire
purchase obligations - (28) (28)
_____ _____ _____
Movement in net debt in period (16) (170) (225)
Net debt at beginning of period (1,191) (966) (966)
_____ _____ _____
Net debt at end of period (1,207) (1,136) (1,191)
_____ _____ _____
ANALYSIS OF NET DEBT
At Cash flow Other At
30 Oct 2005 non-cash changes 29 April 2006
�'000 �'000 �'000 �'000
Cash 2 - 3 1
Overdraft (417) - (477) (60)
_____ _____ _____ _____
(415) (59) (474) -
Debt due within one year (54) 32 (36) (58)
Debt due after one year (687) - 36 (651)
Finance leases (35) 11 - (24)
_____ _____ _____ _____
TOTAL (1,191) (16) - (1,207)
_____ _____ _____ _____
Note 3: Earnings per share
The loss per ordinary share is calculated on the loss on ordinary activities after taxation and on a weighted
average of ordinary shares in issue of 5,584,391 in the period (26 weeks to 30 April 2005: 5,584,391 and
52 weeks to 29 October 2005: 5,584,391).
Note 4: Preparation of interim financial statements
These unaudited financial statements have been prepared on the basis of the accounting policies set out in the
Group's 2005 statutory financial statements.
Note 5: Copies of the Accounts
Copies of the interim accounts will be sent to shareholders. Further copies will be available from the
Company's head office at The Longmead Group plc, Millwey Industrial Estate, Axminster, Devon, EX13 5HU
and from the Company's nominated adviser, Smith & Williamson Corporate Finance Limited, at 25 Moorgate,
London EC2 6AY for at least one month from the date of this announcement.
The Longmead Group PLC
Longmead (LSE:LGM)
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