ABM.L Regulatory News (ABM)

7 Feb 2005 07:30

Albemarle & Bond Holdings PLC07 February 2005 ALBEMARLE & BOND HOLDINGS PLC ANNOUNCES INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2004 Enquiries: Charles NicolsonChairman Albemarle & Bond Holdings PLC 020 7248 0801 Greville NichollsChief Executive Albemarle & Bond Holdings PLC 0118 955 8100 David PattinsonFinance Director Albemarle & Bond Holdings PLC 0118 955 8100 Tony FlanaganSecretary Wilton Group 020 7355 3525 Josceline Grove Public Relations Consultant 020 7243 8858 Nick Reeve Solomon Hare LLP 0117 933 3344 Date of issue: 7 February 2005 PAGE 1 7 February 2005 Dear Shareholder, INTERIM REPORT 31 DECEMBER 2004 I am delighted to report that profit before tax for the period increased by 15%over the same period last year to £2.99m from £2.6m. Earnings per share haveincreased by a similar percentage. Income from pawnbroking grew by 11%, income from cheque cashing by 7% and income from pay day advances by 5%. Retail sales were down by 1% but this slight decline was more than compensated for by better margins. Speedloan made good progress. Overall, gross profit increased by 10% and operating profit by 16%. During the period we have acquired one shop and the acquisition of a furtherfour shops should be completed shortly. Leases for three new greenfield siteshave been agreed and they will open in the second half. As part of our ongoingrefurbishment and relocation programme we doubled in size and refurbished oneshop with two others underway. Also during the period we successfully completedthe substantial upgrade of our computer systems. In recognition of the continuing strong performance your board believes it isappropriate to increase the interim dividend by 17% to 1.35p per share (1.15p).This will be paid on 23 May 2005 to shareholders on the register at 22 April2005. Unaudited results of your company for the half year ended 31 December 2004 areset out overleaf together with the corresponding figures for the previous year. Yours faithfully, CHARLES NICOLSONCHAIRMAN Our website can be found at www.albemarlebond.com PAGE 2 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Six months Six months Year ended ended 31.12.04 ended 31.12.03 30.06.04 (unaudited) (unaudited) (audited) £'000 £'000 £'000TURNOVER 12,696 11,887 22,345COST OF SALES (3,883) (3,954) (6,480) --------- --------- -------GROSS PROFIT 8,813 7,933 15,865OPERATING COSTS (5,499) (5,081) (10,297) --------- --------- -------OPERATING PROFIT 3,314 2,852 5,568INTEREST (328) (252) (550) --------- --------- -------PROFIT BEFORETAX 2,986 2,600 5,018TAXATION (925) (806) (1,557) --------- --------- -------PROFIT AFTER TAX 2,061 1,794 3,461DIVIDENDS (623) (528) (1,563) --------- --------- -------RETAINED PROFIT 1,438 1,266 1,898 ========= ========= ======= EARNINGS PERSHARE - BASIC 4.53p 3.97p 7.65p - DILUTED 4.41p 3.90p 7.46p NOTES: 1. The figures for the six months ended 31 December 2004 and 31 December 2003 are unaudited and do not constitute statutory accounts.2. The figures for the year ended 30 June 2004 are abridged from audited accounts approved by shareholders on 22 October 2004 and lodged at Companies House and on which the company's auditors Solomon Hare LLP gave an unqualified opinion.3. A copy of this announcement is being sent to shareholders and is available at the company's registered office.4. Earnings per share have been calculated based on the profit after tax and the weighted average number of shares in issue during the half year ended 31 December 2004 of 45,473,973 (31 December 2003 - 45,157,473; 30 June 2004 - 45,243,056). The diluted earnings per share also include weighted average unexercised share options at 31 December 2004 of 1,216,036 (31 December 2003 - 850,508; 30 June 2004 - 1,157,577).5. Taxation is based on the unaudited results and provision has been estimated at the rate applicable to the company at the time of this statement.6. Dividends declared on 30 June 2004 were paid on 31 January 2005. Interim dividends of 1.35p per share (2003: 1.15p per share) will be paid on 23 May 2005 to members on the register at 22 April 2005.7. During the year ended 30 June 2004 the Group adopted UITF 38, Accounting for ESOP Trusts. Prior to this the company's own shares held by the Employee Benefit Trust were recognised as assets and held as an investment of the group. The change in accounting policy is to treat the shares held by the Employee Benefit Trust as a deduction in arriving at shareholders' funds. The effect of this change in policy is to reduce shareholders' funds by £303,000 as at 31 December 2003. The change in accounting policy has no effect on the profit attributable to shareholders for this period. PAGE 3 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED BALANCE SHEET Restated 31.12.04 31.12.03 30.06.04 (unaudited) (unaudited) (audited) £'000 £'000 £'000FIXED ASSETS 5,089 4,503 4,785 -------- -------- --------CURRENT ASSETS Stock 5,760 4,829 4,918 Debtors 18,517 17,359 18,886 Cash at bank and in hand 1,953 1,632 976 -------- -------- -------- 26,230 23,820 24,780 -------- -------- --------CURRENT LIABILITIES Bank overdraft and other loans (796) (206) (1,273) Trade creditors (180) (320) (602) Corporation tax (1,054) (893) (763) Proposed dividend (1,656) (1,331) (1,033) Other creditors including tax (166) (182) (145) and social security Finance leases and hire (46) (83) (56) purchase Accruals (266) (110) (198) -------- --------- -------- (4,164) (3,125) (4,070) -------- --------- --------NET CURRENT ASSETS 22,066 20,695 20,710 -------- -------- -------- CREDITORS DUE AFTER MORE THAN ONEYEAR Finance leases and hire (38) (26) (35) purchase Bank loan (8,600) (8,900) (8,500) Provision for liabilities and (277) (278) (277) charges -------- -------- --------NET ASSETS 18,240 15,994 16,683 ======== ======== ========CAPITAL AND RESERVES Share capital 1,845 1,838 1,840 Share premium account 3,700 3,637 3,652 Capital redemption reserve 1,018 1,018 1,018 Other reserve (197) (303) (263) Profit and loss account 11,874 9,804 10,436 -------- -------- -------- 18,240 15,994 16,683 ======== ======== ======== PAGE 4 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT Six months Six months Year ended ended 31.12.04 ended 31.12.03 30.06.04 (unaudited) (unaudited) (audited) £'000 £'000 £'000NET CASH INFLOW FROMOPERATING ACTIVITIES 3,263 1,539 3,459RETURNS ON INVESTMENTS &SERVICING OF FINANCE Interest paid (317) (256) (531) Hire purchase interest (11) (14) (19) -------- -------- --------NET CASH OUTFLOW FROMRETURNS ON INVESTMENTSAND SERVICING OF FINANCE (328) (270) (550) TAXATION Taxation paid (634) (560) (1,441) CAPITAL EXPENDITURE ANDFINANCIAL INVESTMENT Payments to acquire (736) (419) (1,169) tangible fixed assets Receipts from sale of 8 600 622 tangible fixed assets -------- -------- -------- NET CASH OUTFLOW)/INFLOW FROMINVESTING ACTIVITIES (728) 181 (547) ACQUISITIONSPayments to acquire business (274) - - Cash acquired with acquisition 23 - - -------- -------- --------Net cash outflow fromacquisitions (251) - - EQUITY DIVIDEND PAID - - (1,333) -------- -------- --------NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 1,322 890 (412) -------- -------- -------- FINANCING Decrease in hire purchase loan (41) (38) (91) Exercise of share options 73 27 60 Increase/(decrease) in secured loans 100 (538) (938) -------- -------- --------NET CASH INFLOW/(OUTFLOW) FROMFINANCING 132 (549) (969) -------- -------- --------INCREASE/(DECREASE) IN CASH 1,454 341 (1,381) ======== ======== ======== END This information is provided by RNS The company news service from the London Stock Exchange