RNS Number:8202W
Spring Grove Prop. Maintenance PLC
24 March 2004
SPRING GROVE PROPERTY MAINTENANCE PLC
Preliminary results for the year ended 31 January 2004
Spring Grove Property Maintenance Plc, the specialist provider of repair and
maintenance services to the social housing and retail sectors, today announces
its preliminary results for the year ended 31 January 2004.
Highlights
* 19 per cent increase in turnover
* Return to profitability in second half of year
* Clark Ray appointed Finance Director
* "Indy 100" award for third consecutive year
Chris Phillips, Chairman, commented as follows:
"I am pleased to report another year of revenue growth and, whilst disappointed
to be reporting a full year loss, a return to profitability in the second half
of the year was encouraging.
The continuing investment in infrastructure means that the Group has in place a
strong management team which is well equipped for profitable growthin the year
ahead."
Press Enquiries:
Kevin Childs and Andrew Milne, Spring Grove 020 8326 1188
Alex Borrelli and Jonathan Nelson, Shore Capital 020 7408 4090
SPRING GROVE PROPERTY MAINTENANCE PLC
CHAIRMAN'S STATEMENT
I am pleased to report a further year of expansion for your Group with turnover
rising by 19 per cent to #12.8 million (2003: #10.8 million). The loss before
tax for the year of #23,950 (2003: profit #394,549) is disappointing but
represents a turnaround from the loss before tax sustained in the first half
year of #113,000.
As I have reported previously your Group suffered from the slow build up of work
levels from major contracts in the first half of the year. Additionally Robt.
Hawkins (Contractors) Limited ("Hawkins"), which was acquired in November 2002,
suffered from the loss of a major contract early in 2003, which accounted for
some 20 per cent of its turnover. It is a measure of theresilience of the
business that it has since more than recovered from this shortfall and Hawkins'
turnover is currently ahead of the level at the time of its acquisition.
I can also report that for the third year in succession Spring Grove hasbeen
recognised in the Deloitte Indy (Independent on Sunday) 100 Fastest Growing
Companies Awards. Only a handful of companies have achieved this distinction.
In January this year Clark Ray joined the Board as full-time Finance Director. I
would like to thank John Harrison for standing in as Finance Director during the
search for a suitable candidate.
Your Group has continued to improve the strength of its management team and
infrastructure and is well positioned for future profitable growth. New
contracts have been won recently with a combined gross value of #2.5million.
A difficult year is now behind us and the New Year has started well. As a
result, we would expect your Group to return to an acceptable level of
profitability in the current year.
Chris Phillips
Chairman
24 March 2004
SPRING GROVE PROPERTY MAINTENANCE PLC
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 January 2004
Note 2004 2003
# #
Turnover 12,805,955 10,792,813
Cost of sales (8,825,120) (7,612,722)
Gross profit 3,980,835 3,180,091
Net operating expenses (3,828,218) (2,720,109)
Operating profit 152,617 459,982
Interest receivable - 2,326
Interest payable and similar charges (176,567) (67,759)
(Loss)/profit on ordinary activities (23,950) 394,549
before taxation
Tax on (loss)/profit on ordinary 2 (17,469) (137,472)
activities
Retained (loss)/profit for the financial (41,419) 257,077
year
(Loss)/earnings per share (pence) - basic3 (0.33p) 2.12p
(Loss)/earnings per share (pence) - 3 (0.33p) 2.04p
diluted
SPRING GROVE PROPERTY MAINTENANCE PLC
GROUP BALANCE SHEET
As at 31 January 2004
2004 2004 2003 2003
# # # #
Fixed assets
Intangible assets 580,637 611,467
Tangible assets 1,748,530 1,421,441
2,329,167 2,032,908
Current assets
Stocks 2,066,638 1,283,222
Debtors 3,387,186 2,705,559
Cash at bank and in hand 12,142 74,623
5,465,966 4,063,404
Creditors: amounts falling due within one (4,177,526) (2,500,274)
year
Net current assets1,288,440 1,563,130
Total assets less current liabilities 3,617,607 3,596,038
Creditors: amounts falling due after more (306,900) (257,493)
than one year
3,310,707 3,338,545
Provisions for liabilities and charges
Deferred taxation (101,587) (88,006)
3,209,120 3,250,539
Capital and reserves
Called up share capital 124,284 124,284
Share premium account 2,290,497 2,290,497
Profit and loss account 794,339 835,758
Shareholders' funds 3,209,120 3,250,539
SPRING GROVE PROPERTY MAINTENANCE PLC
Group CASH FLOW STATEMENT
For the year ended 31 January 2004
Note 2004 20042003 2003
# # # #
Net cash inflow from operating activities 4 350,127 932,701
Returns on investments and servicing of
finance
Interest received - 2,326
Interest paid (135,356) (38,685)
Interest element of finance lease (41,211)(29,074)
Net cash outflow from returns on (176,567) (65,433)
investments and servicing of finance
Taxation (101,756) (94,810)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (308,568) (277,169)
Sale of tangible fixed assets 8,652 19,405
Net cash outflow from capital expenditure (299,916) (257,764)
and financial investment
Acquisitions and disposals
Professional fees capitalised in - (116,605)
investment
Purchase of subsidiary undertaking - (705,558)
Net cash acquired with subsidiary - 89,608
Net cash outflow from acquisitions and - (732,555)
disposals
Cash outflow before financing (228,112) (217,861)
Financing
Share premium on issue of equity share - (11,275)
capital net of share issue costs
Increase in bank loans - 12,177
Capital element of finance leases (247,580) (117,996)
Net cash outflow from financing (247,580) (117,094)
Decrease in cash 5,6 (475,692) (334,955)
SPRING GROVE PROPERTY MAINTENANCE PLC
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 January 2004
1. BASIS OF PREPARATION
The financial information set out in the announcement does not constitute the
statutory accounts for the years ended 31 January 2004 and 2003. The financial
information for the year ended 31 January 2003 is derived from the statutory
accounts for that year, which have been delivered to the Registrar of Companies.
The auditors reported on those accounts; their report was unqualified and did
not contain a statement under section 237(2) or (3) Companies Act 1985. The
statutory accounts for the year ended 31 January 2004 will be finalised on the
basis of the information presented by the directors in this preliminary
announcement and will be delivered to the Registrar of Companies following the
Company's annual general meeting.
2. Tax on (LOSS)/profit on ordinary activities
Analysis of charge in the year
2004 2003
# #
Current tax:
UK corporation tax based on results for the period 4,160 113,889
Adjustments in respect of previous periods (272) -
Total current tax 3,888 113,889
Deferred tax:
Increase in deferred tax provision 13,581 23,583
Tax on (loss)/profit on ordinary activities 17,469 137,472
Factors affecting current tax charge
The tax assessed for the period is higher/lower than the standard rate of
corporation tax in the UK (30%). The differences are explained below:
2004 2003
# #
(Loss)/profit on ordinary activities before taxation (23,950) 394,549
(Loss)/profit on ordinary activities multiplied by the standard rate of (7,185) 118,365
corporation tax in the UK (30% 2004 and 2003)
Effect of:
Expenses not deductible for tax 43,993 1,252
Capital allowances for the period in excess of depreciation (14,808) (617)
Reduction re tax losses carried back (2,808) -
Reversal of corporation tax interest accrual (6,149) -
Effect of small companies rate/marginal relief (8,883) (5,111)
Adjustments to tax in respect of prior periods (272) -
Total current tax 3,888 113,889
SPRING GROVE PROPERTY MAINTENANCE PLC
NOTESTO THE FINANCIAL STATEMENTS cONTINUED
For the year ended 31 January 2004
3. EARNINGS PER SHARE
2004 2003
# #
(Loss)/earnings per ordinary share (pence) - basis (0.33p) 2.12p
(Loss)/earnings per ordinary share (pence) - diluted (0.33p) 2.04p
Basic earnings per share has been calculated based on the loss attributable to
the ordinary shareholders of #41,419 (2003: profit #257,077) divided by the
weighted average number of ordinary shares of 12,428,430 (2003: 12,113,965).
In 2003 the calculation of diluted earnings per share uses the weighted average
number of ordinary shares in issue adjusted by the effects of all dilutive
potential ordinary shares. The weighted average number of shares in 2003 was
12,585,497. In the current year the shares are anti-dilutive.
4. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES
2004 2003
# #
Operating profit 152,617 459,982
Depreciation 393,207 255,920
Amortisation 30,830 5,138
Loss on disposal of fixed assets 579 3,340
Increase in stocks (783,416) (100,959)
Increase in debtors (681,627) (710,239)
Increase in creditors 1,237,937 1,019,519
Net cash inflow from operating activities 350,127 932,701
5. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2004 2004 2003 2003
# # # #
Decrease in cash in the period (475,692) (334,955)
Net cash inflow from bank - (12,177)
Cash outflow in respect of finance leases 247,580 117,996
247,580 105,819
Change in net debt resulting from cash (228,112) (229,136)
flow
New finance leases (420,959) (244,512)
Change in net debt (649,071) (473,648)
Net debt at 1 February 2003 (568,612) (94,964)
Net debt at 31 January 2004 (1,217,683) (568,612)
SPRING GROVE PROPERTY MAINTENANCE PLC
NOTES TO THE FINANCIAL STATEMENTS cONTINUED
For the year ended 31 January 2004
6. ANALYSIS OF CHANGES IN NET DEBT
At 1 Feb 2003 Cash flows Other changes At 31 Jan 2004
# # # #
Cash at bank and in hand 74,623 (62,481) - 12,142
Overdrafts (200,248) (413,211) - (613,459)
Net cash (125,625) (475,692) - (601,317)
Finance leases (442,987) 247,580 (420,959) (616,366)
Net debt (568,612) (228,112) (420,959) (1,217,683)
7. CALENDAR
The annual report and accounts will be mailed to the registered shareholders at
their registered addresses in April 2004 and, from the date of release, copies
will be made available at the Company's Registered Office, The Gate House, 2
Richmond Road, Old Isleworth, Middlesex TW7 7BL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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