ABM.L Regulatory News (ABM)

6 Feb 2006 07:30

Albemarle & Bond Holdings PLC06 February 2006 ALBEMARLE & BOND HOLDINGS PLC ANNOUNCES INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2005 Enquiries: Charles NicolsonChairman Albemarle & Bond Holdings PLC 0117 933 3213 Greville NichollsChief Executive Albemarle & Bond Holdings PLC 0118 955 8100 David PattinsonFinance Director Albemarle & Bond Holdings PLC 0118 955 8100 Susan WallaceCompany Secretary David Venus & Company LLP 01372 465 330 Josceline Grove Public Relations Consultant 07896 495839 Nick Reeve Solomon Hare LLP 0117 933 3100 Date of issue: Monday 6 February 2006 PAGE 1 6 February 2006 Dear Shareholder INTERIM REPORT 31 DECEMBER 2005 I am delighted to report that profit before tax for the period increased by 12%over the same period last year to £3.34m from £2.99m. Earnings per share haveincreased by a similar percentage. Income from pawnbroking grew by 21%, income from cheque cashing by 16% andincome from pay day advances by 7%. Retail sales increased by 13% and Speedloancontinued to make a worthwhile contribution. Overall, gross profit increased by16% and operating profit by 14%. During the period we are pleased to have acquired twelve shops and opened twonew greenfield sites. These acquisitions were funded by increased borrowings. We expect to open one further branch in the second half, relocate four branches to better sites and undertake a substantial refurbishment at one other branch. In recognition of the continuing strong performance your board believes it isappropriate to increase the interim dividend by 11% to 1.5p per share (1.35p).This will be paid on 22 May 2006 to shareholders on the register at 21 April2006. Unaudited results of your company for the half year ended 31 December 2005 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 PLCCONSOLIDATED PROFIT AND LOSS ACCOUNT Six months Six months Year ended ended 31.12.05 ended 31.12.04 30.06.05 (unaudited) (unaudited) (audited) £'000 £'000 £'000TURNOVER 14,930 12,696 24,006COST OF SALES (4,630) (3,883) (6,491) --------- --------- -------GROSS PROFIT 10,300 8,813 17,515OPERATING COSTS (6,536) (5,499) (11,174) --------- --------- -------OPERATING PROFIT 3,764 3,314 6,341INTEREST (423) (328) (686) --------- --------- -------PROFIT BEFORE TAX 3,341 2,986 5,655TAXATION (1,002) (925) (1,599) --------- --------- -------PROFIT FOR THE FINANCIAL PERIOD 2,339 2,061 4,056 ========= ========= ======= EARNINGS PER SHARE - BASIC 5.10p 4.53p 8.88p - DILUTED 4.96p 4.41p 8.67p NOTES: 1. The figures for the six months ended 31 December 2005 and 31 December 2004 are unaudited and do not constitute statutory accounts. 2. The figures for the year ended 30 June 2005 are abridged from audited accounts approved by shareholders on 4 November 2005 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 2005 of 45,893,098 (31 December 2004 -45,473,973; 30 June 2005 - 45,650,223). The diluted earnings per share also include weighted average unexercised share options at 31 December 2005 of 1,240,421 (31 December 2004 - 1,216,036; 30 June 2005 - 1,104,682). 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 2005 were paid on 30 January 2006. Interim dividends of 1.5p per share (2004: 1.35p per share) will be paid on 22 May 2006 to members on the register at 21 April 2006. This dividend has not been included within the results for the six months to 31 December 2005. 7. During the period the company has adopted the provisions of FRS21, Events after the Balance Sheet Date. Under this standard a dividend cannot be recognised as a liability at the balance sheet date unless it has been authorised by the shareholders in the case of a final dividend and the board of directors in the case of an interim dividend. As a result at 31 December 2005 the net assets have increased by £696k (31 December 2004 - £623,000; 30 June 2005 - £1,225,000). This change in accounting policy has no effect on profit after tax in either the current or prior periods. PAGE 3 ALBEMARLE & BOND HOLDINGS PLCCONSOLIDATED BALANCE SHEET 31.12.05 31.12.04 30.06.05 (unaudited) restated restated (unaudited) (audited) £'000 £'000 £'000FIXED ASSETS 7,425 5,089 5,250 -------- -------- --------CURRENT ASSETS Stock 8,751 5,760 5,787 Debtors 22,633 18,517 21,012 Cash at bank and in hand 2,286 1,953 1,709 -------- -------- -------- 33,670 26,230 28,508 -------- -------- --------CURRENT LIABILITIES Bank overdraft and other loans (300) (796) (1,044) Trade creditors (569) (180) (482) Corporation tax (1,141) (1,054) (841) Dividend payable (1,225) (1,033) - Other creditors including tax (167) (166) (255) and social security Finance leases and hire purchase (56) (46) (53) Accruals (375) (266) (326) -------- --------- -------- (3,833) (3,541) (3,001) -------- --------- --------NET CURRENT ASSETS 29,837 22,689 25,507 CREDITORS DUE AFTER MORE THAN ONE YEAR Finance leases and hire purchase (65) (38) (57) Bank loan (15,433) (8,600) (10,150) Provision for liabilities and (230) (277) (230) charges -------- -------- --------NET ASSETS 21,534 18,863 20,320 ======== ======== ======== CAPITAL AND RESERVES Share capital 1,853 1,845 1,849 Share premium account 3,801 3,700 3,733 Capital redemption reserve 1,018 1,018 1,018 Other reserve (121) (197) (149) Profit and loss account 14,983 12,497 13,869 -------- -------- -------- 21,534 18,863 20,320 ======== ======== ======== PAGE 4 ALBEMARLE & BOND HOLDINGS PLCCONSOLIDATED CASH FLOW STATEMENT Six months Six months Year ended ended 31.12.05 ended 31.12.04 30.06.05 (unaudited) (unaudited) (audited) £'000 £'000 £'000NET CASH INFLOW FROM OPERATING ACTIVITIES 2,512 3,263 4,451RETURNS ON INVESTMENTS & SERVICING OF FINANCE Interest paid (360) (317) (670) Hire purchase interest (6) (11) (20) -------- -------- --------NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (366) (328) (690)TAXATION Taxation paid (702) (634) (1,568)CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed assets (778) (736) (1,122) Receipts from sale of tangible fixed assets 16 8 300 -------- -------- --------NET CASH OUTFLOW FROM INVESTING ACTIVITIES (762) (728) (822)ACQUISITIONSPayments to acquire business (4,851) (274) (593)Cash acquired with acquisition 136 23 66 -------- -------- --------Net cash outflow from acquisitions (4,715) (251) (527)EQUITY DIVIDEND PAID - - (1,661) -------- -------- --------NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING (4,033) 1,322 (817) -------- -------- -------- FINANCING Decrease in hire purchase loan (28) (41) (75) Exercise of share options 100 73 204 Net increase in secured loans 4,538 100 1,650 -------- -------- --------NET CASH INFLOW FROM FINANCING 4,610 132 1,779 -------- -------- --------INCREASE IN CASH 577 1,454 962 ======== ======== ======== END This information is provided by RNS The company news service from the London Stock Exchange