TIDMCPL
RNS Number : 3639N
Chapelthorpe PLC
10 June 2010
CHAPELTHORPE PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2010
Chapelthorpe plc, a leading manufacturer of polypropylene fibre supplied to
markets worldwide, today announces its preliminary results.
Highlights
+--------------------------------------------------------------+--------------------------------------------------------------+
| - | Major improvement in profitability achieved with EBITDA* |
| | before exceptionals up GBP2.6m to GBP5.4m from |
+ +--------------------------------------------------------------+
| | GBP2.8m. |
+--------------------------------------------------------------+--------------------------------------------------------------+
+--+--------------------------------------------------------------+
| -| Operating profit before exceptionals of GBP2.2m compared to |
| | a loss of GBP0.1m in 2009. |
+--+--------------------------------------------------------------+
+--+--------------------------------------------------------------+
| -| Strong margin improvement due to improved mix in Europe and |
| | strong market share gains in filament yarns in the US, |
| | despite continued weak demand in key US staple fibre sector. |
+--+--------------------------------------------------------------+
+--+--------------------------------------------------------------+
| -| Net debt down to GBP3.4m from GBP6.7m. |
+--+--------------------------------------------------------------+
+--+--------------------------------------------------------------+
| -| UK pension deficit of GBP6.9m (2009: GBP2.2m) increased |
| | mainly due to falling corporate bond yields. |
+--+--------------------------------------------------------------+
+--+--------------------------------------------------------------+
| -| Intention to re-commence dividend payments in February 2011. |
| | |
+--+--------------------------------------------------------------+
* Earnings before interest, tax, depreciation and amortisation.
Chairman, Leslie Goodman, commented:
"In a difficult economic climate we have delivered a significantly improved
financial performance with all of our businesses continuing to be profitable and
cash generative."
For further information, please contact:
Leslie Goodman
Chapelthorpe plc
0113 285 9020
Ian Powell
Chapelthorpe plc
0113 285 9020
Andrew Emmott
Brewin Dolphin Limited
0845 213 4730
Simon Hudson
Tavistock Communications
020 7920 3195
Nick Peters
Tavistock Communications
020 7920 3159
Chairman's statement
Introduction
In the year ended 31 March 2010, Chapelthorpe plc has achieved major
improvements in EBITDA, operating efficiency and cash generation. All of our
businesses produced improved results and strengthened their market positions.
For the first time for six years we are showing a significant pre-tax profit and
this has allowed us to state our intention to recommence payment of a dividend
in respect of the current financial year.
Strategy
Our strategy is to maintain and develop the leading market positions of our
fibres businesses. The focus is to expand our portfolio of niche high value
added technical products and to increase our products coverage into emerging
markets.
In the current economic climate we anticipate that the capital investment
requirements of the existing businesses will be modest and that we should be
able to yield good cash returns into the medium term, enabling us to reduce
borrowings even further.
Results in brief
On sales of GBP87.9m (2009: GBP86.2m), EBITDA improved to GBP5.4m (2009:
GBP2.8m). Pre-exceptional operating profits were GBP2.2m (2009: GBP0.1m loss).
After exceptional items, an operating profit of GBP2.5m (2009: GBP1.7m loss) was
generated. Profit before tax was GBP0.7m (2009: GBP3.3m loss).
The underlying earnings (before exceptional items) per share on continuing
operations were 3.77p (2009: 5.80p loss). After exceptional items the basic
earnings per share were 5.28p (2009: 13.61p loss).
As I reported in the interim statement, the US fibres business experienced
sluggish demand from two of its primary market sectors - automotive and
needlepunch - in the first half. Activity improved a little in the second half
but overall staple fibre volumes were down by 5% year on year. This was more
than compensated for by new business in the filament yarn sector with volumes up
by 35% year on year. We have invested in new machinery which will become
operational in 2010 to meet the growing demand in this sector.
In Europe the pattern of trading in the second half was similar to that
experienced in the first half with improved mix contributing to better margins
overall, notwithstanding the continued rise in polymer prices. The weakness of
Sterling also helped improve demand and profits in our UK business.
Polymer prices have risen by nearly 50% during the year and are currently
approaching the record highs of 2008. We have managed to recover much of this
increase but with the price still rising, our ability to pass on all of these
rises becomes increasingly constrained.
Joint venture - Specialist Coatings
Specialist Coatings, of which we own 40%, has performed satisfactorily during
the year although results were adversely impacted by rises in raw material
prices. Specialist Coatings contributed GBP0.1m (2009: GBP0.1m loss) to profits
for the year.
Much focus has been devoted to establishing an operation in Kaliningrad, Russia,
to serve Eastern European markets. A plastisol plant is now operational and the
larger vinyl base coating facility is under construction. Following the
financial crisis in 2008 the financing available for this project has been
severely restricted. As a consequence, Specialist Coatings is seeking new
sources of finance to continue the construction project through to completion.
We are in discussions with our joint venture partner on how best this can be
achieved.
Cash flow and borrowings
Net borrowings fell to GBP3.4m (2009: GBP6.7m) reflecting improved trading
performance.
Debt now represents 0.6 times pre-exceptional EBITDA (2009: 2.4 times).
Capital expenditure of GBP2.3m was spent principally to support additional
capacity in the filament yarn sector in both the US and the UK. A further
GBP0.3m is expected to be spent in 2010 to complete the installation of these
new machines.
Group pension scheme
The IAS 19 valuation of our UK defined benefit scheme has resulted in a deficit
of GBP6.9m at 31 March 2010 (2009: GBP2.2m), principally reflecting the
reduction in the discount rate used to determine the scheme's liabilities. The
discount rate is derived from "AAA" corporate bond yields which have fallen
reflecting the recovery in bond prices since the financial turmoil of 2008. We
continue to work closely with the Trustees of the scheme to identify ways to
mitigate the liability.
Dividends
Although the Directors are not recommending the payment of a final dividend for
the year ended 31 March 2010, we intend to re-commence payment of dividends in
respect of the current financial year. The first payment is likely to be an
interim dividend payable in February 2011.
The Board
During the year ended 31 March 2010 the Board remained unchanged. However, I am
pleased to announce that on 26 May 2010 Jan G Holmstrom and Tom Russell were
appointed Non-executive Directors. In addition, Brian Leckie retired as a
Non-executive Director and I, on behalf of the Board, would like to thank him
for his contribution over the past 14 years as a member of the Chapelthorpe plc
Board.
Outlook
I believe our investors can draw confidence from the performance during the last
year when, notwithstanding a difficult economic climate, we delivered a
significantly improved financial performance. All of our businesses continue to
be profitable and cash generative.
Polymer prices have continued to rise into the early part of the current
financial year. The outlook for polymer prices remains unclear and the economic
recovery in the markets we serve is still at an early stage.
However, whilst our traditional markets will continue to be challenging, we are
encouraged by growth in higher added value areas which we believe offer further
growth opportunities.
Overall, we are cautiously optimistic for our trading performance for the
current financial year.
Finally, on behalf of shareholders I would like to thank our entire team, both
management and employees, for their hard and effective work during last year and
for their enormous contribution in challenging market conditions.
Leslie Goodman
Chairman
10 June 2010
Business review
The Group's core business is the production and worldwide distribution of
fibres, operating from sites in the UK, Austria and the US. The Group is one of
the largest independent suppliers of coloured and technical polypropylene fibres
to the floorcoverings, automotive, geotextiles, technical and home furnishings
markets.
The Specialist Coatings joint venture supplies liquid plastisols and vinyl
coated paper to the wallcoverings industry worldwide.
Overview
The Group's strategy in recent years has been to reduce costs. In the current
year the focus has been on improving the product mix and generating increased
value added. This has enabled the Group's businesses to exhibit a strong degree
of resilience and deliver an improved operating performance with profitability
significantly ahead of expectations. EBITDA rebounded to GBP5.4m from GBP2.8m on
sales up by 2% to GBP87.9m representing a 3% increase in volumes sold.
Underlying operating profit for the year was GBP2.2m (2009: GBP0.1m loss) after
a depreciation charge of GBP3.2m (2009: GBP3.0m). Much of the depreciation
charge relates to the US fibres business and, in the absence of significant new
investment, the depreciation charge should begin to fall from 2012 onwards.
A net exceptional credit of GBP0.3m (2009: GBP1.6m charge) arose in the year
following the successful re-negotiation of the outstanding rental obligations on
a vacant leasehold. This gave rise to a cash cost of GBP0.6m and a release of a
prior provision of GBP0.55m. This was partly offset by an increase in
provisions of GBP0.25m for other costs and dilapidations in respect of the
Group's one other vacant leasehold property which has a break clause in December
2011.
US fibres
Sales for the period were GBP34.1m (2009: GBP32.5m) generating an EBITDA of
GBP3.0m (2009: GBP1.4m) and operating profit of GBP0.7m (2009: GBP0.7m loss).
The general weakness in the US economy led to reduced demand for staple fibre
from the key market sectors of automotive and needlepunch with volumes falling
by 5% year on year. The US fibres operation benefited from some resurgence in
demand from the automotive sector as a result of the US Government's car
scrappage scheme. Demand appears to have stabilised in recent months but there
is little evidence to suggest that there will be any significant improvement in
the short term.
The US fibres business continues with its long-term development programme to
increase the polypropylene fibres content of cars, in particular flooring.
Filament yarn volumes increased by 35% year on year following gains in market
share, predominantly in the bedding sector. In addition, working closely with
customers, product ranges have been extended leading to further demand
increases. Demand continues to grow and the existing capacity is fully sold. We
have committed to increase capacity, which should be fully on line by September
2010, to support the continued opportunities in this area.
European fibres
Sales for the year were GBP53.8m (2009: GBP53.7m) generating a pre-exceptional
EBITDA of GBP3.3m (2009: GBP2.1m). Pre-exceptional operating profit was GBP2.4m
(2009: GBP1.2m).
Volumes in both our UK and Austrian operations were up year on year by 5% and 2%
respectively. Demand across most product sectors was relatively stable. Both the
UK and Austrian businesses focussed heavily on sales price/mix in what remains a
very competitive marketplace. The UK business benefited from stronger demand
from the UK flooring sector due to the weakness of Sterling making imports from
Europe less attractive.
Also, the UK business has a strong customer base in Australasia and this
business has generated improved returns as a result of the weakness of Sterling.
Raw materials
Polymer prices rose by nearly 50% year on year and are currently approaching the
record highs of mid 2008. Whilst every effort is being made to pass on these
increases to our customers, it has become increasingly difficult to fully
recover rises at the current prices of polymer.
The outlook for polymer prices is difficult to predict but it would seem, based
upon industry reports, that the current price levels are a result of a tight
supply situation rather than a demand led rise. This would suggest that prices
should adjust accordingly once supply improves.
Specialist coatings
Sales were strong with increased demand from its main UK customers. However,
margins were under pressure from rises in raw materials.
The development of the manufacturing operation in Kaliningrad, Russia is the
main growth opportunity for the business which would allow it to better exploit
the largest market for wallcoverings in the world. The first phase of plastisol
mixing is complete and now operational with volumes beginning to grow. The
second, larger phase of the coating line facility, which to date has been
largely funded by the majority partner of Specialist Coatings, is still under
construction.
The guarantee given by the Group in respect of Specialist Coatings' borrowings
to assist in the sale of a majority stake has now expired in accordance with the
terms of the funding agreement.
The share of profits for the year amounted to GBP0.1m (2009: GBP0.1m loss).
Cash flow and borrowings
Cash generated from continuing operations improved strongly to GBP5.7m from
GBP3.2m reflecting the improvement in trading performance and a GBP1.9m
reduction in working capital levels.
Capital expenditure increased to GBP2.3m from GBP0.2m in the previous year
reflecting the investment to support the growth in demand in the filament yarn
sector.
Exceptional cash costs of GBP1.3m primarily relate to vacant leasehold
properties and include GBP0.6m relating to the full and final payment for rent
due in respect of a specific lease.
Overall, year end net debt fell to GBP3.4m from GBP6.7m and included an exchange
gain of GBP0.8m (2009: GBP3.5m loss) on the translation of overseas borrowings.
Net finance costs for the year were GBP1.9m compared to GBP1.5m in the previous
year, of which GBP1.1m (2009: GBP0.6m) related to a non-cash interest on pension
scheme liabilities charge, recognised under IAS 19.
Net interest payable on borrowings amounted to GBP0.8m (2009: GBP0.9m)
reflecting the fall in borrowings, although it remained comparatively high due
to an expensive interest rate swap which has now been terminated and a high
level of cash deposits in the UK which attracted only small levels of interest.
The Group successfully renewed its US facilities post year end and is currently
finalising new UK facilities and although not essential should be in place by
the end of June. At 31 March 2010 the Group had committed facilities of GBP22.2m
(2009: GBP21.2m) with overdraft facilities of GBP1.4m (2009: GBP1.8m) giving a
total of GBP23.6m (2009: GBP23.0m) of which GBP15.3m was utilised (2009:
GBP17.3m).
Pension fund and other employee obligations
Chapelthorpe's principal UK defined pension scheme is closed to future accrual.
The valuation of this scheme in accordance with IAS 19 resulted in a deficit of
GBP6.9m (2009: GBP2.2m) net of a discounted net present value of expected
contributions from Specialist Coatings of GBP1.2m. The increase has arisen
principally due to the reduction in the "AAA" rated bond yields which are used
as a basis of the discount rate to be applied to the scheme's liabilities.
In addition, the Group has GBP1.9m (2009: GBP1.8m) of employee leaving
indemnities in its Austrian business.
Management and financial risk
Group policy on treasury and financial risk is set by the Board. Treasury policy
is set to ensure that funding requirements minimise commercial risk and are
adequate to support the ongoing requirements of the operations.
No transactions of a speculative nature are permitted. The day to day treasury
management is controlled centrally with the main risks arising from operations
being liquidity risk, interest rate risk and credit risk.
Key performance indicators
The key performance indicators ("KPIs") for the Group are those that communicate
the financial performance and strength of the Group, as a whole, to
shareholders. In addition, other key non-financial performance indicators are
also used by management in running and assessing the performance of the
individual businesses within the Group.
A summary of the KPIs is as follows:
+--------------------------------------------------+---------+-----------+
| 2009/10 | 2008/9 |
+------------------------------------------------------------+-----------+
| Financial |
+------------------------------------------------------------------------+
| Free cash flow* | GBP2.6m | GBP(0.1)m |
+--------------------------------------------------+---------+-----------+
| Pre-exceptional EBITDA | GBP5.4m | GBP2.8m |
+--------------------------------------------------+---------+-----------+
| Net bank borrowings | GBP3.4m | GBP6.7m |
+--------------------------------------------------+---------+-----------+
| Non-financial |
+------------------------------------------------------------------------+
| Health and safety - major accidents reportable | - | - |
| to the main Board in the year | | |
+--------------------------------------------------+---------+-----------+
| Production efficiency levels (waste as a % of | 5.7% | 5.5% |
| total production) | | |
+--------------------------------------------------+---------+-----------+
* 2008/9 - excluding GBP5.2m proceeds from part disposal of Specialist Coatings
business.
Summary
The fibres businesses have delivered a much improved performance in a
competitive marketplace against a background of rising raw material prices.
Improved mix, new business coming on stream and close management of value added,
should allow us to maintain our recent financial performance.
+--------------------------------+--------------------------------+
| Ian Powell | Andrew Weatherstone |
+--------------------------------+--------------------------------+
| Chief Executive | Finance Director |
+--------------------------------+--------------------------------+
| 10 June 2010 |
+--------------------------------+--------------------------------+
Consolidated income statement
year ended 31 March 2010
+--------------------------------------------------+----------+----------+
| 2010 | 2009 |
+-------------------------------------------------------------+----------+
| GBP000 | GBP000 |
+-------------------------------------------------------------+----------+
| Continuing operations |
+------------------------------------------------------------------------+
| Revenue | 87,853 | 86,214 |
+--------------------------------------------------+----------+----------+
| Cost of sales | (75,833) | (77,464) |
+--------------------------------------------------+----------+----------+
| Gross profit | 12,020 | 8,750 |
+--------------------------------------------------+----------+----------+
| Operating expenses | (9,501) | (10,477) |
+--------------------------------------------------+----------+----------+
| Operating profit (loss) |
+------------------------------------------------------------------------+
| Operating profit (loss) before exceptional items | 2,221 | (124) |
+--------------------------------------------------+----------+----------+
| Exceptional items | 298 | (1,603) |
+--------------------------------------------------+----------+----------+
| Operating profit (loss) | 2,519 | (1,727) |
+--------------------------------------------------+----------+----------+
| Financial expense | (2,007) | (1,772) |
+--------------------------------------------------+----------+----------+
| Financial income | 72 | 241 |
+--------------------------------------------------+----------+----------+
| Net financing costs | (1,935) | (1,531) |
+--------------------------------------------------+----------+----------+
| Share of profit (loss) of joint venture | 125 | (70) |
+--------------------------------------------------+----------+----------+
| Profit (loss) before taxation | 709 | (3,328) |
+--------------------------------------------------+----------+----------+
| Taxation | 334 | 582 |
+--------------------------------------------------+----------+----------+
| Profit (loss) for the year from continuing | 1,043 | (2,746) |
| operations | | |
+--------------------------------------------------+----------+----------+
| Profit from discontinued operations | - | 731 |
+--------------------------------------------------+----------+----------+
| Profit (loss) for the year attributable to | 1,043 | (2,015) |
| equity shareholders | | |
+--------------------------------------------------+----------+----------+
| Earnings (loss) per share |
+------------------------------------------------------------------------+
| Basic and diluted | 5.28p | (9.99)p |
+--------------------------------------------------+----------+----------+
| Basic and diluted (continuing operations) | 5.28p | (13.61)p |
+--------------------------------------------------+----------+----------+
Consolidated statement of comprehensive income
year ended 31 March 2010
+--------------------------------------------------+---------+---------+
| 2010 | 2009 |
+------------------------------------------------------------+---------+
| GBP000 | GBP000 |
+------------------------------------------------------------+---------+
| Actuarial losses on defined benefit schemes | (3,879) | (1,819) |
+--------------------------------------------------+---------+---------+
| Movement of joint venture's share of Group | (489) | - |
| defined benefit pension deficit | | |
+--------------------------------------------------+---------+---------+
| Exchange differences on translation of foreign | (601) | 2,842 |
| operations | | |
+--------------------------------------------------+---------+---------+
| Profit (loss) in fair value of hedging | 220 | (78) |
| derivatives | | |
+--------------------------------------------------+---------+---------+
| Total other comprehensive (expense) income | (4,749) | 945 |
+--------------------------------------------------+---------+---------+
| Profit (loss) for the year | 1,043 | (2,015) |
+--------------------------------------------------+---------+---------+
| Total comprehensive expense for the year | (3,706) | (1,070) |
| attributable to equity | | |
+--------------------------------------------------+---------+---------+
| shareholders |
+--------------------------------------------------+---------+---------+
Consolidated statement of financial position
31 March 2010
+--------------------------------------------------+----------+----------+
| 2010 | 2009 |
+-------------------------------------------------------------+----------+
| GBP000 | GBP000 |
+-------------------------------------------------------------+----------+
| Non-current assets |
+------------------------------------------------------------------------+
| Property, plant and equipment | 22,133 | 24,358 |
+--------------------------------------------------+----------+----------+
| Investments - joint ventures | 292 | 656 |
+--------------------------------------------------+----------+----------+
| Other non-current assets | 644 | 668 |
+--------------------------------------------------+----------+----------+
| 23,069 | 25,682 |
+-------------------------------------------------------------+----------+
| Current assets |
+------------------------------------------------------------------------+
| Inventories | 7,139 | 6,949 |
+--------------------------------------------------+----------+----------+
| Trade and other receivables | 14,607 | 11,975 |
+--------------------------------------------------+----------+----------+
| Current tax assets | 14 | 357 |
+--------------------------------------------------+----------+----------+
| Other financial assets | 6 | 1 |
+--------------------------------------------------+----------+----------+
| Cash and cash equivalents | 11,969 | 10,611 |
+--------------------------------------------------+----------+----------+
| 33,735 | 29,893 |
+-------------------------------------------------------------+----------+
| Current liabilities |
+------------------------------------------------------------------------+
| Trade and other payables | (14,244) | (9,674) |
+--------------------------------------------------+----------+----------+
| Current tax liabilities | (547) | (294) |
+--------------------------------------------------+----------+----------+
| Other financial liabilities | (194) | (295) |
+--------------------------------------------------+----------+----------+
| Borrowings and bank overdrafts | (7,609) | (7,056) |
+--------------------------------------------------+----------+----------+
| (22,594) | (17,319) |
+-------------------------------------------------------------+----------+
| Net current assets | 11,141 | 12,574 |
+--------------------------------------------------+----------+----------+
| Non-current liabilities |
+------------------------------------------------------------------------+
| Retirement benefit obligations | (8,824) | (4,045) |
+--------------------------------------------------+----------+----------+
| Other financial liabilities | (800) | (859) |
+--------------------------------------------------+----------+----------+
| Borrowings | (7,723) | (10,249) |
+--------------------------------------------------+----------+----------+
| Provisions and other liabilities | (1,216) | (2,254) |
+--------------------------------------------------+----------+----------+
| Deferred tax liabilities | (3,597) | (5,024) |
+--------------------------------------------------+----------+----------+
| (22,160) | (22,431) |
+-------------------------------------------------------------+----------+
| Net assets | 12,050 | 15,825 |
+--------------------------------------------------+----------+----------+
| Shareholders' equity |
+------------------------------------------------------------------------+
| Called up share capital | 10,202 | 10,202 |
+--------------------------------------------------+----------+----------+
| Share premium reserve | 1,251 | 1,251 |
+--------------------------------------------------+----------+----------+
| Other reserves | 1,493 | 1,874 |
+--------------------------------------------------+----------+----------+
| Retained earnings | (896) | 2,498 |
+--------------------------------------------------+----------+----------+
| Total shareholders' funds | 12,050 | 15,825 |
+--------------------------------------------------+----------+----------+
Consolidated statement of changes in shareholders' equity
year ended 31 March 2010
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| Foreign | |
+----------------------------------------------------------+---------------------------------+
| Share | Cash | currency | Capital | |
| | flow | | | |
+----------------------------------+---------+-------------+------------+--------------------+
| Share | premium | hedging | translation | redemption | Retained | |
+------------------------+---------+---------+-------------+------------+----------+---------+
| capital | reserve | reserve | reserve | reserve | earnings | Total |
+------------------------+---------+---------+-------------+------------+----------+---------+
| GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------+---------+---------+-------------+------------+----------+---------+
| Balance at 1 | 10,202 | 1,251 | (240) | (1,137) | 487 | 6,322 | 16,885 |
| April 2008 | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| Loss for the | - | - | - | - | - | (2,015) | (2,015) |
| year | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| Other comprehensive |
+--------------------------------------------------------------------------------------------+
| income: |
+--------------------------------------------------------------------------------------------+
| Currency | - | - | - | 2,842 | - | - | 2,842 |
| translation | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| adjustments |
+--------------------------------------------------------------------------------------------+
| Actuarial | - | - | - | - | - | (1,819) | (1,819) |
| losses on | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| pension scheme |
+--------------------------------------------------------------------------------------------+
| Decrease in | - | - | (78) | - | - | - | (78) |
| fair value | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| of hedging derivatives |
+--------------------------------------------------------------------------------------------+
| Total | - | - | (78) | 2,842 | - | (3,834) | (1,070) |
| comprehensive | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| income for the year |
+--------------------------------------------------------------------------------------------+
| ended 31 March 2009 |
+--------------------------------------------------------------------------------------------+
| Transactions with |
+--------------------------------------------------------------------------------------------+
| owners: |
+--------------------------------------------------------------------------------------------+
| Share | - | - | - | - | - | 10 | 10 |
| options - | | | | | | | |
| value | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| of employee services |
+--------------------------------------------------------------------------------------------+
| Balance at | 10,202 | 1,251 | (318) | 1,705 | 487 | 2,498 | 15,825 |
| 31 March | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| 2009 |
+--------------------------------------------------------------------------------------------+
| Balance at 1 | 10,202 | 1,251 | (318) | 1,705 | 487 | 2,498 | 15,825 |
| April 2009 | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| Profit for | - | - | - | - | - | 1,043 | 1,043 |
| the year | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| Other comprehensive |
+--------------------------------------------------------------------------------------------+
| income: |
+--------------------------------------------------------------------------------------------+
| Currency | - | - | - | (576) | - | - | (576) |
| translation | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| adjustments |
+--------------------------------------------------------------------------------------------+
| Actuarial | - | - | - | - | - | (3,879) | (3,879) |
| losses on | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| pension scheme |
+--------------------------------------------------------------------------------------------+
| Movement in | - | - | - | - | - | (489) | (489) |
| share of | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| joint venture defined |
+--------------------------------------------------------------------------------------------+
| benefit pension deficit |
+--------------------------------------------------------------------------------------------+
| Increase in | - | - | 220 | (25) | - | - | 195 |
| fair value | | | | | | | |
| of | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| hedging derivatives |
+--------------------------------------------------------------------------------------------+
| Total | - | - | 220 | (601) | - | (3,325) | (3,706) |
| comprehensive | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| income for the year |
+--------------------------------------------------------------------------------------------+
| ended 31 March 2010 |
+--------------------------------------------------------------------------------------------+
| Transactions with |
+--------------------------------------------------------------------------------------------+
| owners: |
+--------------------------------------------------------------------------------------------+
| Share options |
+--------------------------------------------------------------------------------------------+
| - value of | - | - | - | - | - | 9 | 9 |
| employee | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| services |
+--------------------------------------------------------------------------------------------+
| - purchase | - | - | - | - | - | (78) | (78) |
| of | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| shares |
+--------------------------------------------------------------------------------------------+
| Balance at | 10,202 | 1,251 | (98) | 1,104 | 487 | (896) | 12,050 |
| 31 March | | | | | | | |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
| 2010 |
+---------------+--------+---------+---------+-------------+------------+----------+---------+
Goodwill arising prior to 1998/9 of GBP36,887,000 in aggregate has been charged
against Group reserves.
Cash flow hedging reserve
The cash flow hedging reserve is used to record the portion of the gains or
losses on hedging instruments used as cash flow hedges that are determined to be
effective.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences
arising from the translation of the financial statements of foreign operations.
Capital redemption reserve
The capital redemption reserve was created in the year ended 31 March 2001 in
connection with a purchase of own shares by the Company.
Consolidated statement of cash flows
year ended 31 March 2010
+--------------------------------------------------+---------+---------+
| 2010 | 2009 |
+------------------------------------------------------------+---------+
| GBP000 | GBP000 |
+------------------------------------------------------------+---------+
| Cash flows from operating activities |
+----------------------------------------------------------------------+
| Cash generated from operations | 5,746 | 1,313 |
+--------------------------------------------------+---------+---------+
| Tax paid | (217) | (205) |
+--------------------------------------------------+---------+---------+
| Interest received | 72 | 91 |
+--------------------------------------------------+---------+---------+
| Interest paid | (677) | (1,037) |
+--------------------------------------------------+---------+---------+
| Net cash generated from operating activities | 4,924 | 162 |
+--------------------------------------------------+---------+---------+
| Cash flows from investing activities |
+----------------------------------------------------------------------+
| Purchases of property, plant and equipment | (2,299) | (241) |
+--------------------------------------------------+---------+---------+
| Proceeds from sale of property, plant and | 22 | 5 |
| equipment | | |
+--------------------------------------------------+---------+---------+
| Proceeds from sale of business | - | 5,199 |
+--------------------------------------------------+---------+---------+
| Net cash (used in) generated from investing | (2,277) | 4,963 |
| activities | | |
+--------------------------------------------------+---------+---------+
| Cash flows from financing activities |
+----------------------------------------------------------------------+
| Net proceeds from new bank loans | 261 | 439 |
+--------------------------------------------------+---------+---------+
| Repayment of borrowings | (1,409) | (1,422) |
+--------------------------------------------------+---------+---------+
| Purchase of own shares | (78) | - |
+--------------------------------------------------+---------+---------+
| Net cash used in financing activities | (1,226) | (983) |
+--------------------------------------------------+---------+---------+
| Increase in cash and cash equivalents | 1,421 | 4,142 |
+--------------------------------------------------+---------+---------+
| Cash and cash equivalents at beginning of the | 4,957 | 1,657 |
| year | | |
+--------------------------------------------------+---------+---------+
| Exchange gains (losses) on cash and cash | 141 | (842) |
| equivalents | | |
+--------------------------------------------------+---------+---------+
| Cash and cash equivalents at end of the year | 6,519 | 4,957 |
+--------------------------------------------------+---------+---------+
Segmental reporting
Management has determined the operating segments based on the reports reviewed
by the Group Board (CODM) that are used to make strategic decisions. The Group
considers European Fibres and US Fibres as its two primary business segments.
Specialist Coatings is treated as a discontinued operation in the year ended 31
March 2009.
+--------------+----------+----------+----------+-------------+----------+--------------+
| Continuing operations |Discontinued |
| | operations |
+------------------------------------------------------------------------+--------------+
| European | US | Total | Specialist |
+-------------------------+----------+----------+---------------------------------------+
| Fibres | Fibres | Fibres | Unallocated | Total | Coatings |
+-------------------------+----------+----------+-------------+----------+--------------+
| Year ended | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
| 31 March | | | | | | |
| 2010 | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Revenue | 53,795 | 34,058 | 87,853 | - | 87,853 | - |
+--------------+----------+----------+----------+-------------+----------+--------------+
| EBITDA* | 3,308 | 2,959 | 6,267 | (878) | 5,389 | - |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Depreciation | (878) | (2,290) | (3,168) | - | (3,168) | - |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Operating | 2,430 | 669 | 3,099 | (878) | 2,221 | - |
| profit | | | | | | |
| (loss) | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| before exceptional |
+---------------------------------------------------------------------------------------+
| Items |
+---------------------------------------------------------------------------------------+
| Exceptional | - | - | - | 298 | 298 | - |
| items | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Operating | 2,430 | 669 | 3,099 | (580) | 2,519 | - |
| profit | | | | | | |
| (loss) | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Net | 79 | (489) | (410) | (1,525) | (1,935) | - |
| financing | | | | | | |
| costs | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Share of | - | - | - | 125 | 125 | - |
| joint | | | | | | |
| venture | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| profit | |
+------------------------------------------------------------------------+--------------+
| Profit | 2,509 | 180 | 2,689 | (1,980) | 709 | - |
| (loss) | | | | | | |
| before | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| taxation | |
+-------------------------------------------------------------+-------------------------+
| Taxation | 334 | |
+-------------------------------------------------------------+----------+--------------+
| Profit for the year | 1,043 | |
+-------------------------------------------------------------+----------+--------------+
| Segment | 30,299 | 22,532 | 52,831 | 3,973 | 56,804 | - |
| assets | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Segment | (19,692) | (11,598) | (31,290) | (13,464) | (44,754) | - |
| liabilities | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
| Other segment items: |
+---------------------------------------------------------------------------------------+
| Capital | 806 | 1,480 | 2,286 | - | 2,286 | - |
| expenditure | | | | | | |
+--------------+----------+----------+----------+-------------+----------+--------------+
There are no significant inter segment sales.
+--------------+----------+----------+----------+----------+----------+--------------+
| Year ended 31 March 2009 |
+------------------------------------------------------------------------------------+
| Revenue | 53,720 | 32,494 | 86,214 | - | 86,214 | 13,919 |
+--------------+----------+----------+----------+----------+----------+--------------+
| EBITDA* | 2,061 | 1,412 | 3,473 | (632) | 2,841 | 1,069 |
+--------------+----------+----------+----------+----------+----------+--------------+
| Depreciation | (901) | (2,064) | (2,965) | - | (2,965) | (232) |
+--------------+----------+----------+----------+----------+----------+--------------+
| Operating | 1,160 | (652) | 508 | (632) | (124) | 837 |
| profit | | | | | | |
| (loss) | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| before exceptional |
+------------------------------------------------------------------------------------+
| Items |
+------------------------------------------------------------------------------------+
| Exceptional | (217) | - | (217) | (1,386) | (1,603) | - |
| items | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| Operating | 943 | (652) | 291 | (2,018) | (1,727) | 837 |
| profit | | | | | | |
| (loss) | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| Net | (310) | (490) | (800) | (731) | (1,531) | (160) |
| financing | | | | | | |
| costs | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| Share of | - | - | - | (70) | (70) | - |
| joint | | | | | | |
| venture | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| losses | |
+---------------------------------------------------------------------+--------------+
| Profit | 633 | (1,142) | (509) | (2,819) | (3,328) | 677 |
| (loss) | | | | | | |
| before | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| taxation | |
+----------------------------------------------------------+-------------------------+
| Taxation | 582 | (160) |
+--------------+------------------------------------------------------+--------------+
| Group profit | - | 214 |
| on sale of | | |
+--------------+------------------------------------------------------+--------------+
| discontinued operations | |
+----------------------------------------------------------+-------------------------+
| (Loss) | (2,746) | 731 |
| profit for | | |
| the year | | |
+--------------+------------------------------------------------------+--------------+
| Segment | 25,525 | 22,523 | 48,048 | 7,527 | 55,575 | - |
| assets | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| Segment | (17,189) | (10,491) | (27,680) | (12,070) | (39,750) | - |
| liabilities | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
| Other segment items: |
+------------------------------------------------------------------------------------+
| Capital | 179 | 35 | 214 | - | 214 | 27 |
| expenditure | | | | | | |
+--------------+----------+----------+----------+----------+----------+--------------+
* EBITDA is pre-exceptional earnings before interest, tax, depreciation and
amortisation.
There are no significant inter segment sales.
Unallocated assets include GBP292,000 (2009: GBP656,000) investment in joint
ventures.
Other unallocated assets primarily comprise cash held by the parent company as
well as those assets which relate to general head office activities.
Unallocated liabilities primarily comprise income tax payable, UK retirement
benefit obligations and preference shares as well as liabilities relating to
general head office activities.
The entity is domiciled in the UK. Revenue from customers in the UK and other
countries is shown below:
+--------------------------------------------------+--------+--------+
| Revenue |
+--------------------------------------------------------------------+
| 2010 | 2009 |
+-----------------------------------------------------------+--------+
| GBP000 | GBP000 |
+-----------------------------------------------------------+--------+
| North America | 34,627 | 33,189 |
+--------------------------------------------------+--------+--------+
| UK | 16,806 | 15,816 |
+--------------------------------------------------+--------+--------+
| Germany | 6,874 | 7,036 |
+--------------------------------------------------+--------+--------+
| Czech Republic | 6,704 | 3,958 |
+--------------------------------------------------+--------+--------+
| Netherlands | 4,398 | 4,481 |
+--------------------------------------------------+--------+--------+
| France | 3,082 | 2,933 |
+--------------------------------------------------+--------+--------+
| Switzerland | 2,276 | 2,515 |
+--------------------------------------------------+--------+--------+
| Spain | 2,070 | 1,986 |
+--------------------------------------------------+--------+--------+
| Other Europe | 6,914 | 8,547 |
+--------------------------------------------------+--------+--------+
| Australasia and Far East | 3,435 | 4,769 |
+--------------------------------------------------+--------+--------+
| Rest of World | 667 | 984 |
+--------------------------------------------------+--------+--------+
| 87,853 | 86,214 |
+--------------------------------------------------+--------+--------+
The location of non-current assets excluding financial instruments is shown
below:
+--------------------------------------------------+--------+--------+
| 2010 | 2009 |
+-----------------------------------------------------------+--------+
| GBP000 | GBP000 |
+-----------------------------------------------------------+--------+
| USA | 15,130 | 17,077 |
+--------------------------------------------------+--------+--------+
| UK | 2,115 | 1,992 |
+--------------------------------------------------+--------+--------+
| Austria | 4,888 | 5,289 |
+--------------------------------------------------+--------+--------+
| 22,133 | 24,358 |
+--------------------------------------------------+--------+--------+
Exceptional items
+--------------------------------------------------+--------+--------+
| 2010 | 2009 |
+-----------------------------------------------------------+--------+
| Continuing operations | GBP000 | GBP000 |
+--------------------------------------------------+--------+--------+
| Fibres restructuring | - | 217 |
+--------------------------------------------------+--------+--------+
| Strategic advice | - | 112 |
+--------------------------------------------------+--------+--------+
| Provision for onerous leases | (298) | 1,150 |
+--------------------------------------------------+--------+--------+
| Head office restructuring | - | 124 |
+--------------------------------------------------+--------+--------+
| (298) | 1,603 |
+--------------------------------------------------+--------+--------+
The exceptional credit of GBP298,000 in 2010 arises from a release of excess
onerous lease liabilities of GBP553,000 less a GBP255,000 charge for other costs
and dilapidations in respect of another vacant leasehold property.
2009 restructuring costs were primarily employee related costs.
Basic and diluted earnings (loss) per ordinary share
Basic earnings (loss) per share is calculated by dividing the earnings or loss
attributable to shareholders by the weighted average number of ordinary shares
in issue during the period, excluding those held in the Employee Benefit Trust.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all potential dilutive ordinary
shares. The potential dilutive ordinary shares relate to those options granted
to employees where the exercise price is less than the average market price of
the Company's ordinary shares at the balance sheet date. At 31 March 2010 the
potential dilutive ordinary shares amounted to nil (2009: nil).
+------------------------------------+--------+---------+--------+---------+
| Basic and diluted |
+--------------------------------------------------------------------------+
| Basic and diluted | earnings |
| | (loss) before |
+-------------------------------------------------------+------------------+
| earnings (loss) per share | exceptionals |
| | per share |
+-------------------------------------------------------+------------------+
| 2010 | 2009 | 2010 | 2009 |
+---------------------------------------------+---------+--------+---------+
| Continuing and discontinued | GBP000 | GBP000 | GBP000 | GBP000 |
| operations | | | | |
+------------------------------------+--------+---------+--------+---------+
| Profit (loss) for the financial | 1,043 | (2,015) | 1,043 | (2,015) |
| year | | | | |
+------------------------------------+--------+---------+--------+---------+
| Exceptional items | - | - | (298) | 1,389 |
+------------------------------------+--------+---------+--------+---------+
| Tax effect of exceptional items | - | - | - | (27) |
+------------------------------------+--------+---------+--------+---------+
| Earnings (loss) attributable to | 1,043 | (2,015) | 745 | (653) |
| ordinary shareholders | | | | |
+------------------------------------+--------+---------+--------+---------+
| Weighted average number of | 19,745 | 20,172 | 19,745 | 20,172 |
| ordinary shares in issue | | | | |
+------------------------------------+--------+---------+--------+---------+
| during the year (000s) |
+--------------------------------------------------------------------------+
| Basic and diluted earnings (loss) | 5.28 | (9.99) | 3.77 | (3.24) |
| per ordinary share (pence) | | | | |
+------------------------------------+--------+---------+--------+---------+
The effect of the exceptional items on the earnings per share in 2010 was a
profit of 1.51p (2009: 6.75p loss).
+------------------------------------+--------+---------+--------+---------+
| Basic and diluted |
+--------------------------------------------------------------------------+
| Basic and diluted | earnings |
| | (loss) before |
+-------------------------------------------------------+------------------+
| earnings (loss) per share | exceptionals |
| | per share |
+-------------------------------------------------------+------------------+
| 2010 | 2009 | 2010 | 2009 |
+---------------------------------------------+---------+--------+---------+
| Continuing operations | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------------+--------+---------+--------+---------+
| Profit (loss) for the financial | 1,043 | (2,746) | 1,043 | (2,746) |
| year | | | | |
+------------------------------------+--------+---------+--------+---------+
| Exceptional items | - | - | (298) | 1,603 |
+------------------------------------+--------+---------+--------+---------+
| Tax effect of exceptional items | - | - | - | (27) |
+------------------------------------+--------+---------+--------+---------+
| Profit (loss) attributable to | 1,043 | (2,746) | 745 | (1,170) |
| ordinary shareholders | | | | |
+------------------------------------+--------+---------+--------+---------+
| Weighted average number of | 19,745 | 20,172 | 19,745 | 20,172 |
| ordinary shares in issue | | | | |
+------------------------------------+--------+---------+--------+---------+
| during the year (000s) |
+--------------------------------------------------------------------------+
| Basic and diluted earnings (loss) | 5.28 | (13.61) | 3.77 | (5.80) |
| per ordinary share (pence) | | | | |
+------------------------------------+--------+---------+--------+---------+
The effect of exceptional items on the earnings per share of continuing
operations was a profit of 1.51p (2009: 7.81p loss).
+------------------------------------+--------+--------+--------+--------+
| Basic and diluted |
+------------------------------------------------------------------------+
| Basic and diluted | earnings |
| | before |
+------------------------------------------------------+-----------------+
| earnings per share | exceptionals |
| | per share |
+------------------------------------------------------+-----------------+
| 2010 | 2009 | 2010 | 2009 |
+---------------------------------------------+--------+--------+--------+
| Discontinued operations | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------------+--------+--------+--------+--------+
| Profit for the financial year | - | 731 | - | 731 |
+------------------------------------+--------+--------+--------+--------+
| Exceptional items | - | - | - | (214) |
+------------------------------------+--------+--------+--------+--------+
| Tax effect of exceptional items | - | - | - | - |
+------------------------------------+--------+--------+--------+--------+
| Earnings attributable to ordinary | - | 731 | - | 517 |
| shareholders | | | | |
+------------------------------------+--------+--------+--------+--------+
| Weighted average number of | 19,745 | 20,172 | 19,745 | 20,172 |
| ordinary shares in issue | | | | |
+------------------------------------+--------+--------+--------+--------+
| during the year (000s) |
+------------------------------------------------------------------------+
| Basic and diluted earnings per | - | 3.62 | - | 2.56 |
| ordinary share (pence) | | | | |
+------------------------------------+--------+--------+--------+--------+
The effect of the exceptional items on the earnings per share was a profit of
nil (2009: 1.06p profit).
Cash generated from (used in) operations
+----------------------------+----------------------------+---------------------+---------+
| 2010 | 2009 |
+-------------------------------------------------------------------------------+---------+
| GBP000 | GBP000 |
+-------------------------------------------------------------------------------+---------+
| Continuing operations: |
+-----------------------------------------------------------------------------------------+
| - operating profit (loss) | 2,519 | (1,727) |
+---------------------------------------------------------+---------------------+---------+
| - depreciation | 3,168 | 2,965 |
+---------------------------------------------------------+---------------------+---------+
| - charge in respect of employee share scheme | 9 | 10 |
+---------------------------------------------------------+---------------------+---------+
| - profit on disposal of fixed asset | (8) | (5) |
+---------------------------------------------------------+---------------------+---------+
| Working capital: |
+-----------------------------------------------------------------------------------------+
| - (increase) decrease in inventories | (421) | 1,582 |
+---------------------------------------------------------+---------------------+---------+
| - (increase) decrease in debtors | (3,339) | 4,820 |
+---------------------------------------------------------+---------------------+---------+
| - increase (decrease) in creditors | 5,672 | (5,270) |
+---------------------------------------------------------+---------------------+---------+
| - decrease in retirement benefit obligations | (210) | (368) |
+---------------------------------------------------------+---------------------+---------+
| 7,390 | 2,007 |
+-------------------------------------------------------------------------------+---------+
| Exceptional items: |
+-----------------------------------------------------------------------------------------+
| - Fibres restructuring: | Amount recognised | - | 217 |
| | in period | | |
+ +----------------------------+---------------------+---------+
| | Amount paid in period | (127) | (132) |
+----------------------------+----------------------------+---------------------+---------+
| - strategic advice: | Amount recognised | - | 112 |
| | in period | | |
+ +----------------------------+---------------------+---------+
| | Amount paid in period | (34) | (112) |
+----------------------------+----------------------------+---------------------+---------+
| - head office | Amount recognised | - | 124 |
| restructuring: | in period | | |
+ +----------------------------+---------------------+---------+
| | Amount paid in period | (128) | - |
+----------------------------+----------------------------+---------------------+---------+
| - provision for onerous | Amount recognised | (298) | 1,150 |
| lease costs: | in period | | |
+ +----------------------------+---------------------+---------+
| | Amount paid in period | (1,057) | (210) |
+----------------------------+----------------------------+---------------------+---------+
| Net cash generated from continuing operations | 5,746 | 3,156 |
+---------------------------------------------------------+---------------------+---------+
| Discontinued operations: |
+-----------------------------------------------------------------------------------------+
| - operating profit | - | 837 |
+---------------------------------------------------------+---------------------+---------+
| - depreciation | - | 232 |
+---------------------------------------------------------+---------------------+---------+
| Working capital: |
+-----------------------------------------------------------------------------------------+
| - decrease in inventories | - | 413 |
+---------------------------------------------------------+---------------------+---------+
| - increase in debtors | - | (1,546) |
+---------------------------------------------------------+---------------------+---------+
| - decrease in creditors | - | (1,779) |
+---------------------------------------------------------+---------------------+---------+
| Net cash used in discontinued operations | - | (1,843) |
+---------------------------------------------------------+---------------------+---------+
| Cash generated from operations | 5,746 | 1,313 |
+----------------------------+----------------------------+---------------------+---------+
Reconciliation to net debt
+--------------------------------------------------+---------+---------+
| 2010 | 2009 |
+------------------------------------------------------------+---------+
| GBP000 | GBP000 |
+------------------------------------------------------------+---------+
| Increase in cash in the year | 1,421 | 4,142 |
+--------------------------------------------------+---------+---------+
| Decrease in debt and finance leasing | 1,149 | 1,111 |
+--------------------------------------------------+---------+---------+
| Change in net debt from cash flows | 2,570 | 5,253 |
+--------------------------------------------------+---------+---------+
| Exchange adjustments | 761 | (3,527) |
+--------------------------------------------------+---------+---------+
| Movement in net debt in the year | 3,331 | 1,726 |
+--------------------------------------------------+---------+---------+
| Net debt at 1 April | (6,694) | (8,420) |
+--------------------------------------------------+---------+---------+
| Net debt at 31 March | (3,363) | (6,694) |
+--------------------------------------------------+---------+---------+
Analysis of net debt
+------------------------------------+----------+--------+----------+---------+
| Net | |
+--------------------------------------------------------+--------------------+
| 1 April | cash | Exchange | 31 |
| | | | March |
+-----------------------------------------------+--------+----------+---------+
| 2009 | flow | movement | 2010 |
+-----------------------------------------------+--------+----------+---------+
| GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------------------------------+--------+----------+---------+
| Cash at bank and in hand | 10,611 | 1,419 | (61) | 11,969 |
+------------------------------------+----------+--------+----------+---------+
| Overdrafts and short-term | (5,654) | 2 | 202 | (5,450) |
| facilities | | | | |
+------------------------------------+----------+--------+----------+---------+
| 4,957 | 1,421 | 141 | 6,519 |
+-----------------------------------------------+--------+----------+---------+
| Debt due after one year | (10,249) | 1,962 | 564 | (7,723) |
+------------------------------------+----------+--------+----------+---------+
| Debt due within one year | (1,402) | (813) | 56 | (2,159) |
+------------------------------------+----------+--------+----------+---------+
| (11,651) | 1,149 | 620 | (9,882) |
+-----------------------------------------------+--------+----------+---------+
| Total | (6,694) | 2,570 | 761 | (3,363) |
+------------------------------------+----------+--------+----------+---------+
Notes:
This preliminary announcement does not form the Group's statutory financial
statements but is prepared on the same basis as set out in the previous year's
annual financial statements. The figures shown in this release have been
extracted from the Group's full financial statements which have been prepared
under International Financial Reporting Standards adopted by the European Union.
The financial statements for the year ended 31 March 2009 have been delivered to
the Registrar of Companies. The 2009 and 2010 financial statements both carry an
unqualified audit report which does not contain an emphasis of matter reference
and does not contain a statement under S237(2) or (3) of the Companies Act 1985
in respect of the accounts for 2009, nor a statement under Section 498(2) or (3)
of the Companies Act 2006 in respect of the accounts for 2010.
The statutory accounts will be posted to shareholders in due course. Copies
will be available to the public, free of charge, at the Company's registered
office, Old Mills, Drighlington, Bradford, England, BD11 1BY and from the
Company's website www.chapelthorpe.com .
The Annual General Meeting will be held at PricewaterhouseCoopers LLP, 101
Barbirolli Square, Lower Mosley Street, Manchester, M2 3PW on Wednesday, 11
August 2010 at 12 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXKNEESEEFF
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