ABM.L Regulatory News (ABM)

19 Sep 2005 07:30

Albemarle & Bond Holdings PLC19 September 2005 ALBEMARLE & BOND HOLDINGS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR YEAR ENDED 30 JUNE 2005 Albemarle & Bond Holdings PLC announces preliminary results for year ended 30 June 2005. Key Highlights • Pre Tax Profit up 13% to £5.66m from £5.02m • EPS up 16% to 8.88p from 7.65p • Proposed final dividend of 2.65p up from 2.25p bringing the total to 4p compared with 3.4p last year - up 18%. Commenting, the Chairman, Mr Charles Nicolson, said: "2005 has been anotherexcellent year for your company." Enquiries: Charles Nicolson Albemarle & Bond Holdings Plc 0117 933 3213Chairman Greville Nicholls Albemarle & Bond Holdings Plc 0118 955 8100Chief Executive David Pattinson Albemarle & Bond Holdings Plc 0118 955 8100Finance Director Tony Flanagan Wilton Group Limited 020 7355 3525Secretary Josceline Grove Public Relations Consultant 01798 344500 Nick Reeve Solomon Hare LLP 0117 933 3344 Date of issue: Monday 19 September 2005 PAGE 1 CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2005 2005 HAS BEEN A RECORD YEAR FOR THE COMPANY. PROFIT BEFORE TAX INCREASED BY 13%TO £5.66 MILLION (2004 £5.02 MILLION). EARNINGS PER SHARE INCREASED BY 16% TO8.88P (2004 7.65P). The directors recommend a final dividend of 2.65p (2004 2.25p) bringing thetotal for the year to 4.0p (2004 3.4p) an increase of 18%. All areas of the company's business have continued to perform well. Pawnbrokingaccounts for 50% of our net income and Pawn loans have grown by 11% with theloan book at the year end at £10.9m. Combined retail sales of second hand and new jewellery have matched last year'swhich has been a good performance given the increasingly difficult tradingconditions experienced by other jewellery retailers. The company's cheque cashing activities remain an important contributor toprofits. Third party cheque cashing grew by 9% and payday advances declinedslightly. The Speedloan book grew by about 15% and contributed a significant increase inprofitability. More than £1m has been invested in improving our existing branch network. Amajor expansion and refit of one of our branches was made and two furtherbranches were relocated and expanded. Cheque cashing branches were acquired in Mitcham, Huddersfield, Wakefield,Doncaster & Sutton in Ashby and these branches are in the process of beingdeveloped to offer our entire product range. In addition a new outlet in Chatham was opened and since the year end a well established shop in Croydon has been acquired. This brings the branch network to a total of 62 outlets. Leases have been agreed for three additional sites and negotiations to acquire a significant number of other branches are in progress. These opportunities are an important part of our strategy of continuing growth. I would like to thank all our employees for the hard work and contribution theyhave made to make these excellent results possible. Yours faithfully CHARLES NICOLSONCHAIRMAN Our website can be found at www.albemarlebond.com PAGE 2 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2005 2005 2004 £'000 £'000Turnover 24,006 22,345Cost of sales (6,491) (6,480) -------- --------Gross profit 17,715 15,865Administrative expenses (11,174) (10,297) -------- --------Operating profit 6,341 5,568Interest payable and similar charges (686) (550) -------- --------Profit on ordinary activities before taxation 5,655 5,018Tax on profit on ordinary activities (1,599) (1,557) -------- --------Profit on ordinary activities after taxation 4,056 3,461Dividends (1,848) (1,563) -------- --------Retained profit for the year 2,208 1,898 ======== ========Earnings per shareBasic 8.88p 7.65pDiluted 8.67p 7.46p ======== ======== PAGE 3 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2005 2005 2004 £'000 £'000 £'000 £'000Fixed assets Intangible assets 773 349 Tangible assets 4,477 4,436 ------- ------- 5,250 4,785Current assets Stocks 5,787 4,918 Debtors 21,012 18,886 Cash at bank and in hand 1,709 976 ------- ------- 28,508 24,780Creditors: amounts falling due within one year (4,226) (4,070) ------- -------Net current assets 24,282 20,710 ------- -------Total assets less current liabilities 29,532 25,495Creditors: amounts falling due after more than one year (10,207) (8,535) Provisions for liabilities and charges (230) (277) ------- -------Net assets 19,095 16,683 ======= =======Capital and reserves Called up share capital 1,849 1,840 Share premium account 3,733 3,652 Capital redemption reserve 1,018 1,018 Other reserve (149) (263) Profit and loss account 12,644 10,436 ------- -------Equity shareholders' funds 19,095 16,683 ======= ======= PAGE 4 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2005 2005 2004 £'000 £'000 £'000 £'000 Net cash inflow from operatingactivities 4,451 3,459Returns on investments andservicing of financeInterest paid (670) (531)Interest element of hire purchase payments (20) (19) ------- -------Net cash outflow from returns on investments and servicing of finance (690) (550)TaxationTax paid (1,568) (1,441) Capital expenditure and financial investmentPayments to acquire tangible fixed assets (1,122) (1,169)Receipts from sale of tangible fixed assets 300 622 ------- -------Net cash outflow from investing activities (822) (547) AcquisitionsPayment to acquire businesses (593) -Cash acquired with acquisitions 66 - ------- -------Net cash outflow from acquisitions (527) -Equity dividend paid (1,661) (1,333) ------- -------Net cash outflow before financing (817) (412)FinancingCapital element of hire purchase payments (75) (91)Exercise of share options 204 60Increase/(decrease) in secured loans 1,650 (938) ------- -------Net cash inflow from financing 1,779 (969) ------- -------Increase/(decrease) in cash 962 (1,381) ======= ======= PAGE 5 ALBEMARLE & BOND HOLDINGS PLC NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2005 1 EARNINGS PER SHARE Basic The calculation of earnings per share is based on earnings of £4,056,000 (2004:£3,461,000) and 45,650,223 ordinary shares (2004: 45,243,056). Both year's figures have been calculated using a weighted average figure following the exercise of share options. The figures are after taking account of the purchase of ordinary shares by the Employee Benefit Trust. Diluted The diluted figure is based on the same figures as above but takes into account the weighted average unexercised share options in existence during the year. The dilutive effect of these share options amounted to 1,104,682 shares (2004:1,157,577). 2 DIVIDEND If approved the dividend of 2.65p per share will be paid not later than 30 January 2006 to shareholders on the register on 30 December 2005. 3 ACCOUNTS The results set out above are not full accounts within the meaning of s.240 of the Companies Act 1985 and have not been reported on but have been agreed with the Company's auditors. The auditors have made an unqualified report on the accounts for the year ended 30 June 2004 under s.236 of the Companies Act 1985 which have been filed with the Registrar of Companies. The Annual Report and Accounts for the year ended 30 June 2005 will be filed at the Registrar of Companies following the annual general meeting and will be posted to shareholders shortly. 4 ANNOUNCEMENT A copy of this announcement will be available at the offices of the Company for 14 days from the date of this announcement. This preliminary announcement is not being posted to shareholders. PAGE 6 This information is provided by RNS The company news service from the London Stock Exchange