ABM.L Regulatory News (ABM)

18 Sep 2006 07:00

Albemarle & Bond Holdings PLC18 September 2006 ALBEMARLE & BOND HOLDINGS PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR YEAR ENDED 30 JUNE 2006 Albemarle & Bond Holdings PLC announces preliminary results for year ended 30June 2006. Key Highlights • Pre tax profit up 18% to £6.67m from £5.66m • EPS up 17% to 10.42p from 8.88p • Proposed final dividend of 3.2p up from 2.65p bringing the total to 4.7p compared with 4p last year - up 18% Commenting on these results, the Chairman, Mr Charles Nicolson, said: "2006 has been another very successful year". 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 Susan Wallace David Venus & Company LLP 01372 465 330 Josceline Grove Public Relations Consultant 07896 495 839 or 01798 344 500 Nick Reeve Solomon Hare LLP 0117 933 3344 Date of issue: Monday 18 September 2006 PAGE 1 CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2006 2006 has been another very successful year for the company. Profit before taxhas increased by 18% to £6.67m (2005 £5.65m). Earnings per share increased by17.3% to 10.42p (2005 8.88p). The directors recommend a final dividend of 3.20p(2005 2.65p) bringing the total for the year to 4.70p (2005 4.00p) an increaseof 17.5%. Our acquisition programme accelerated in 2006 with three transactions totallingeleven shops. This programme is planned to continue in 2007 and already a numberof small acquisitions are at an advanced stage. In addition three Greenfieldsites were opened raising our total number of branches from 61 to 75, a 23%increase. Pawnbroking income aided by the additional shops and a rise in the gold pricegrew by 29% and accounted for 52% of net income. Adjusting for acquisitions andnew openings the growth was 20%. Pawn loans grew by £2m, or 18% and ended the year at £12.9m compared with £10.9m last year. Approximately half of this growth was organic with the other half coming from acquisitions. Total retail sales of jewellery are up 26% on last year but on a same storebasis was 1% up in what was another difficult trading year. Sales of second hand jewellery were 69% of total jewellery sales (2005 67%). Income from third party cheque cashing was up 18% and on a same store basis thegrowth was 4% which is reflective of the mature state of this industry. Net income for payday advances grew by 12% and on a same store basis the growthwas 4% which contrasts favourably with a small reduction last year. Speedloan has experienced continued steady growth, aided by the gradualintroduction of agents. Well over a million pounds was invested in improvements to our existing branchnetwork. Three branches were relocated to better sites and one other branch hada major refit. In addition, considerable sums were spent upgrading ouracquisitions. 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 2006 2006 2005 £'000 £'000 £'000TurnoverContinuing operations 26,707 24,006Acquisitions 2,789 - -------- -------- 29,496 24,006Cost of sales (7,808) (6,491) -------- --------Gross profit 21,688 17,515Administrative expenses (14,089) (11,174) -------- -------- Continuing operations 7,107 6,341Acquisitions 492 - -------- --------Operating profit 7,599 6,341Interest payable and similar charges (933) (686) -------- --------Profit on ordinary activities before taxation 6,666 5,655Tax on profit on ordinary activities (1,896) (1,599) -------- --------Retained profit for the year 4,770 4,056 ======== ========Earnings per share Basic 10.42p 8.88pDiluted 10.17p 8.67p ======== ======== PAGE 3 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2006 2006 2005 restated £'000 £'000 £'000 £'000Fixed assetsIntangible assets 2,473 773Tangible assets 5,267 4,477 ------- ------- 7,740 5,250Current assetsStocks 7,479 5,787Debtors 25,304 21,012Cash at bank and in hand 1,663 1,709 ------- ------- 34,446 28,508Creditors: amountsfalling due within one year (2,805) (3,001) ------- -------Net current assets 31,641 25,507 ------- -------Total assets lesscurrent liabilities 39,381 30,757Creditors: amountsfalling due after more than one year (15,654) (10,207)Provisions for liabilitiesand charges (226) (230) ------- -------Net assets 23,501 20,320 ======= =======Capital and reservesCalled up share capital 1,861 1,849Share premium account 3,847 3,733Capital redemption reserve 1,018 1,018Other reserve (116) (149)Profit and loss account 16,891 13,869 ------- -------Equity shareholders' funds 23,501 20,320funds ======= ======= PAGE 4 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2006 2006 2005 £'000 £'000 £'000 £'000 Net cash inflow from operatingactivities 5,770 4,451Returns on investments and servicing of financeInterest paid (904) (670)Interest element of hirepurchase payments (15) (20) ------- -------Net cash outflow fromreturns on investments and servicing of finance (919) (690) TaxationTax paid (1,855) (1,568)Capital expenditurePayments to acquire tangiblefixed assets (1,542) (1,122)Receipts from sale oftangible fixed assets 220 300 ------- -------Net cash outflow from capitalexpenditure (1,322) (822)AcquisitionsPayment to acquire businesses (4,837) (593)Cash acquired with acquisitions 136 66 ------- -------Net cash outflow fromacquisitions (4,701) (527)Equity dividend paid (1,928) (1,661) ------- -------Net cash outflow beforefinancing (4,955) (817)FinancingCapital element of hirepurchase payments (107) (75)Exercise of share options 159 204Increase in secured loans 5,381 1,650 ------- -------Net cash inflow from financing 5,433 1,779 ------- -------Increase in cash 478 962 ======= ======= PAGE 5 ALBEMARLE & BOND HOLDINGS PLC NOTES TO THE PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2006 1 EARNINGS PER SHARE Basic The calculation of earnings per share is based on earnings of £4,770,000 2005:£4,056,000) and 45,791,306 ordinary shares (2005: 45,650,223). 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 1,094,160 shares (2005:1,104,682). 2 RESTATED BALANCE SHEET In accordance with FRS 21, the balance sheet at 30 June 2005 has been restated to remove dividends payable, but not paid, at this date. This has had the result of increasing net assets by £1,225,000. 3 DIVIDEND If approved the dividend of 3.2p per share will be paid not later than 30 January 2007 to shareholders on the register on 30 December 2006. 4 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 2005 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. 5 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 END This information is provided by RNS The company news service from the London Stock Exchange