ABM.L Regulatory News (ABM)

12 Feb 2007 07:00

Albemarle & Bond Holdings PLC12 February 2007 ALBEMARLE & BOND HOLDINGS plc ANNOUNCES INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2006 Enquiries: Charles Nicolson Chairman Albemarle & Bond Holdings PLC 0207 131 8112 Greville Nicholls Chief Executive Albemarle & Bond Holdings PLC 0118 955 8100 David Pattinson Finance Director Albemarle & Bond Holdings PLC 0118 955 8100 Susan Wallace Company Secretary David Venus & Company LLP 01372 465 330 Josceline Grove Public Relations Consultant 07896 495839 or 0207 131 8112 Nick Reeve Solomon Hare LLP 0207 131 8112 Date of issue: Monday 12 February 2007 PAGE 1 12 February 2007 Dear Shareholder INTERIM REPORT 31 DECEMBER 2006 I am delighted to report that profit before tax for the period increased by 16%over the same period last year to £3.88m from £3.34m. Earnings per share haveincreased by 15%. Income from pawnbroking grew by 28%, income from cheque cashing by 4% and income from pay day advances by 11%. Retail sales increased by 18% with an improved gross margin and Speedloan income by 15%. Overall, gross profit increased by 21% and operating profit by 17%. During the period we acquired one shop and opened two new greenfield sites.Since December we have acquired one shop, opened two new greenfield sites andplan to open three more before the year end. In addition we will relocate onebranch to a bigger and better site and complete a substantial refurbishment atone other branch. In recognition of the continuing strong performance your board believes it isappropriate to increase the interim dividend by 17% to 1.75p per share (2005:1.5p). This will be paid on 29 May 2007 to shareholders on the register at 27April 2007. Unaudited results of your company for the half year ended 31 December 2006 areset out overleaf together with 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 31.12.06 ended 31.12.05 30.06.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000TURNOVER 17,334 14,930 29,496COST OF SALES (4,866) (4,630) (7,808) --------- --------- -------GROSS PROFIT 12,468 10,300 21,688OPERATING COSTS (8,052) (6,536) (14,089) --------- --------- -------OPERATINGPROFIT 4,416 3,764 7,599INTEREST (536) (423) (933) --------- --------- -------PROFIT BEFORETAX 3,880 3,341 6,666TAXATION (1,164) (1,002) (1,896) --------- --------- -------PROFIT FOR THEFINANCIALPERIOD 2,716 2,339 4,770 ========= ========= ======= EARNINGS PERSHARE - BASIC 5.87p 5.10p 10.42p - DILUTED 5.72p 4.96p 10.17p PAGE 3 NOTES: 1. The figures for the six months ended 31 December 2006 and 31 December 2005 are unaudited and do not constitute statutory accounts. 2. The figures for the year ended 30 June 2006 are abridged from audited accounts approved by shareholders on 3 November 2006 and lodged at Companies House and on which the company's auditors Solomon Hare Audit 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 2006 of 46,263,639 (31 December 2005 -45,893,098; 30 June 2006 - 45,791,306). The diluted earnings per share also include weighted average unexercised share options at 31 December 2006 of 1,178,262 (31 December 2005 - 1,240,421; 30 June 2006 - 1,094,160). 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 approved on 3 November 2006 were paid on 29 January 2007. Interim dividends of 1.75p per share (2005: 1.5p per share) will be paid on 29 May 2007 to members on the register at 27 April 2007. This dividend has not been included within the results for the six months to 31 December 2006. PAGE 4 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED BALANCE SHEET 31.12.06 31.12.05 30.06.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000FIXED ASSETS 7,932 7,425 7,740 -------- -------- --------CURRENT ASSETS Stock 9,144 8,751 7,479 Debtors 26,863 22,633 25,304 Cash at bank and in hand 2,192 2,286 1,663 -------- -------- -------- 38,199 33,670 34,446 -------- -------- --------CURRENT LIABILITIES Bank overdraft and other loans (250) (300) (520) Trade creditors (290) (569) (772) Corporation tax (1,192) (1,141) (909) Dividend payable (1,495) (1,225) - Other creditors including tax (358) (167) (221) and social security Finance leases and hire purchase (85) (56) (105) Accruals (330) (375) (278) -------- --------- -------- (4,000) (3,833) (2,805) -------- --------- --------NET CURRENTASSETS 34,199 29,837 31,641 CREDITORS DUE AFTER MORE THAN ONE YEAR Finance leases and hire purchase (91) (65) (123) Bank loan (17,042) (15,433) (15,531) Provision for liabilities and (174) (230) (226) charges -------- -------- --------NET ASSETS 24,824 21,534 23,501 ======== ======== ========CAPITAL AND RESERVES Share capital 1,870 1,853 1,861 Share premium account 3,939 3,801 3,847 Capital redemption reserve 1,018 1,018 1,018 Other reserve (116) (121) (116) Profit and loss account 18,113 14,983 16,891 -------- -------- -------- 24,824 21,534 23,501 ======== ======== ======== PAGE 5 ALBEMARLE & BOND HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT Six months Six months Year ended ended 31.12.06 ended 31.12.05 30.06.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000NET CASHINFLOW FROMOPERATINGACTIVITIES 1,781 2,512 5,770RETURNS ON INVESTMENTS &SERVICING OF FINANCE Interest paid (459) (360) (904) Hire purchase interest (20) (6) (15) -------- -------- --------NET CASH OUTFLOW FROMRETURNS ON INVESTMENTSAND SERVICING ON FINANCETAXATION (479) (366) (919) Taxation paid (933) (702) (1,855)CAPITAL EXPENDITURE ANDFINANCIAL INVESTMENT Payments to acquire (767) (778) (1,542) tangible fixed assets Receipts from sale of - 16 220 tangible fixed assets -------- -------- -------- -------- -------- --------NET CASH OUTFLOW FROM INVESTINGACTIVITIES ACQUISITIONS (767) (762) (1,322) Payments to acquirebusinesses (368) (4,851) (4,837) Cash acquired withacquisitions 5 136 136 -------- -------- --------Net cash outflow fromacquisitions (363) (4,715) (4,701) EQUITY DIVIDEND PAID - - (1,928) -------- -------- --------NET CASH OUTFLOW BEFOREFINANCING (761) (4,033) (4,955) -------- -------- -------- FINANCING Decrease in hire purchase loan (52) (28) (107) Exercise of share options 101 100 159 Net increase in secured loans 1,241 4,538 5,381 -------- -------- --------NET CASH INFLOW FROMFINANCING 1,290 4,610 5,433 -------- -------- --------INCREASE IN CASH 529 577 478 ======== ======== ======== PAGE 6 END This information is provided by RNS The company news service from the London Stock Exchange