RNS Number:8405Q
Matthews(Bernard) PLC
13 September 2000
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BERNARD MATTHEWS P.L.C.
ANNOUNCEMENT OF THE INTERIM RESULTS FOR
THE 28 WEEKS ENDED 16TH JULY, 2000
---------------------------------------
STATEMENT BY THE CHAIRMAN
-------------------------
I am pleased to report a profit before tax for the 28 weeks ended 16th July,
2000 of #15.9 million (1999: #11.1 million) on a turnover of #179 million
(1999: #175 million).
The Directors have declared an interim dividend of 2.42p net (1999: 2.2p net)
per share, an increase of 10%. This dividend is payable on 27th October, 2000
to all shareholders on the register on 29th September, 2000. The shares will
be quoted ex dividend on 25th September, 2000.
The main improvement in the first half performance compared to the first half
of last year has arisen from the elimination of the majority of loss-making
export commodity sales which were still with us in the first half of last
year. In addition, interest costs were significantly lower due to the
reduction in working capital associated with the commodity business. These
improvements are one-off in nature.
Value added sales in the UK increased by over 7% in the first half. However
the Group turnover, relative to last year, was adversely affected by the
withdrawal from the export commodity business.
In Germany, our value added sales improved considerably, but our losses
continue as we attempt to develop this market. Our French sales office has
now been closed.
In Central Europe, our value added turnover increased significantly. However
with the cost of investment in market-building television campaigns, our
profit improvement was restricted. In addition our commodity chicken business
in Hungary generated losses and we have decided to withdraw from this business
by the end of this year. The closure of this operation will have no material
effect on the profits of the Group.
Our New Zealand lamb business continues to make progress in establishing its
position within the UK market and profits have increased.
Whilst the first half benefited from a number of one-off factors, in spite of
difficult trading conditions we have confidence in the Group's prospects for
the year as a whole.
The Matthews family continues to consider its position regarding a possible
offer for those shares in the Company that it does not already own. These
discussions continue and no firm decision by the family has yet been made. A
further announcement will be made when appropriate.
Great Witchingham, B.T. MATTHEWS
Norwich. Chairman
13th September, 2000
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UNAUDITED GROUP PROFIT AND LOSS ACCOUNT
FOR THE 28 WEEKS ENDED 16TH JULY, 2000
---------------------------------------
2000 1999 1999
(28 weeks) (28 weeks) (52 weeks)
#000's #000's #000's
--------- --------- ---------
Turnover 179,367 175,287 344,254
========= ========= =========
Group operating profit 16,729 12,907 28,181
Share of operating profit of associates 245 86 77
--------- --------- ---------
Operating profit including associates 16,974 12,993 28,258
Interest (1,046) (1,921) (3,215)
--------- --------- ---------
Profit on ordinary activities
before taxation 15,928 11,072 25,043
Taxation (4,677) (3,502) (7,881)
--------- --------- ---------
Profit on ordinary
activities after taxation 11,251 7,570 17,162
Minority interests (6) (5) (12)
--------- --------- ---------
Profit for the period 11,245 7,565 17,150
Dividends (3,070) (2,738) (6,597)
--------- --------- ---------
Retained profit 8,175 4,827 10,553
========= ========= =========
Earnings per share
------------------
Basic 9.00p 6.08p 13.78p
========= ========= =========
Diluted 8.96p 6.04p 13.71p
========= ========= =========
Dividends per share 2.42p 2.20p 5.30p
========= ========= =========
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UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE 28 WEEKS ENDED 16TH JULY, 2000
--------------------------------------------------------
2000 1999 1999
(28 weeks) (28 weeks) (52 weeks)
#000's #000's #000's
--------- --------- ---------
Profit for the period 11,245 7,565 17,150
Currency translation differences on foreign
currency net investments (628) (975) (2,254)
--------- --------- ---------
Total recognised gains relating to the period 10,617 6,590 14,896
========= ========= =========
-----------------------------
UNAUDITED GROUP BALANCE SHEET
AT 16TH JULY, 2000
-----------------------------
Restated 1999
2000 1999 (2nd Jan.,
(16th July) (18th July) 2000)
#000's #000's #000's
---------- ---------- ----------
Fixed assets
------------
Tangible assets 105,828 106,822 106,964
Investments 1,799 1,781 1,697
---------- ---------- ----------
107,627 108,603 108,661
---------- ---------- ----------
Current assets
--------------
Stocks 59,136 60,283 48,012
Debtors 35,225 35,164 34,672
Cash at bank and in hand 3,058 2,326 2,612
---------- ---------- ----------
97,419 97,773 85,296
Creditors due within one year
-----------------------------
Borrowings 16,109 25,454 17,875
Other creditors 47,351 40,879 42,369
---------- ---------- ----------
Net current assets 33,959 31,440 25,052
------------------ ---------- ---------- ----------
Total assets less current liabilities 141,586 140,043 133,713
-------------------------------------
Creditors due after more than one year
--------------------------------------
Borrowings 14,269 25,812 14,918
Provisions for liabilities and charges 2,980 2,611 2,736
---------- ---------- ----------
Net assets 124,337 111,620 116,059
---------- ========== ========== ==========
Capital and reserves
--------------------
Called up share capital 31,382 31,118 31,118
Reserves 92,797 80,330 84,777
---------- ---------- ----------
Shareholders' funds 124,179 111,448 115,895
-------------------
Minority interests 158 172 164
---------- ---------- ----------
124,337 111,620 116,059
========== ========== ==========
--------------------------------------
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE 28 WEEKS ENDED 16TH JULY, 2000
--------------------------------------
2000 1999 1999
(28 weeks) (28 weeks) (52 weeks)
#000's #000's #000's
--------- --------- ---------
Operating profit 16,729 12,907 28,181
Depreciation and other items 6,140 5,442 10,121
Change in working capital (6,704) (4,845) 7,728
--------- --------- ---------
Net cash inflow from operating activities 16,165 13,504 46,030
----------------------------------------- --------- --------- ---------
Returns on investments and servicing
of finance
------------------------------------
Net interest paid (1,039) (2,007) (3,271)
Net associate/minority dividend flows (7) (5) 7
--------- --------- ---------
(1,046) (2,012) (3,264)
--------- --------- ---------
Taxation
--------
Corporation tax paid (4,015) (1,897) (5,956)
--------- --------- ---------
Capital expenditure and
financial investment
-----------------------
Net purchase of tangible fixed assets (5,560) (4,534) (11,217)
--------- --------- ---------
Equity dividends paid (3,891) (3,482) (6,220)
--------------------- --------- --------- ---------
Net cash inflow before financing 1,653 1,579 19,373
-------------------------------- ========= ========= =========
Financing
---------
Issue of ordinary share capital 737 84 84
Loans repaid (net of new loans) (2,868) (1,708) (17,868)
--------- --------- ---------
(2,131) (1,624) (17,784)
--------- --------- ---------
(Decrease)/increase in cash (478) (45) 1,589
--------------------------- ========= ========= =========
--------------------
ANALYSIS OF NET DEBT
AT 16TH JULY, 2000
--------------------
Balance at Balance at
2nd Jan., Non-cash Exchange 16th July,
2000 Cash flow movements movements 2000
#000's #000's #000's #000's #000's
---------- ---------- ---------- ---------- ----------
Cash at bank and
in hand 2,612 448 - (2) 3,058
Overdrafts (715) (926) - 9 (1,632)
---------- ---------- ---------- ---------- ----------
1,897 (478) - 7 1,426
---------- ---------- ---------- ---------- ----------
Debt:
Debt due after one
year (14,918) - 543 106 (14,269)
Debt due within one
year (17,160) 2,868 (543) 358 (14,477)
---------- ---------- ---------- ---------- ----------
(32,078) 2,868 - 464 (28,746)
---------- ---------- ---------- ---------- ----------
Net debt (30,181) 2,390 - 471 (27,320)
========== ========== ========== ========== ==========
--------------------------------------
EARNINGS PER SHARE
FOR THE 28 WEEKS ENDED 16TH JULY, 2000
--------------------------------------
2000 1999 1999
(28 weeks) (28 weeks) (52 weeks)
#000's #000's #000's
----------- ----------- -----------
Profit attributable to shareholders 11,245 7,565 17,150
----------- ----------- -----------
Dilution effect of exercisable
Share Options 521,427 815,450 667,556
Weighted average of shares in issue 125,012,035 124,391,443 124,429,312
----------- ----------- -----------
Total shares for calculating diluted
earnings per share 125,533,462 125,206,893 125,096,868
=========== =========== ===========
-----------------------------
NOTES TO THE INTERIM ACCOUNTS
-----------------------------
1. The interim accounts have been prepared on the basis of the accounting
policies set out in the Company's statutory accounts for the 52 weeks ended
2nd January, 2000 except as disclosed in note 3.
2. The Group adopted FRS 12 'Provisions, contingent liabilities and
contingent assets' which changed the presentation of the Group's balance sheet
at 2nd January, 2000. The Group's provisions at 18th July, 1999 have been
reclassified in the balance sheet from other creditors to provisions for
liabilities and charges. There has been no effect on the profit and loss
account or total net assets.
3. The Group has implemented FRS 15 'Tangible fixed assets' and has adopted
a policy of not revaluing fixed assets. The carrying amounts of tangible fixed
assets previously revalued have been retained at their book value in
accordance with the transitional provisions of FRS 15. Land and buildings
with a net book value of #14,577,000 are included at their 1986 valuation
within tangible fixed assets.
4. The tax charge for the 28 weeks ended 16th July, 2000 is based on the
estimated tax charge for the year as a whole.
5. The comparative figures for the 52 weeks ended 2nd January, 2000 have
been taken from but do not constitute the Company's statutory accounts for
that financial year. Those accounts have been reported on by the Company's
auditors and delivered to the Registrar of Companies. The report of the
auditors was unqualified and did not contain a statement under S.237,
Companies Act 1985.
----------------------------------------------------
INDEPENDENT REVIEW REPORT TO BERNARD MATTHEWS P.L.C.
----------------------------------------------------
Introduction
------------
We have been instructed by the Company to review the financial information set
out on pages 2 to 6 and we have read the other information contained in the
interim report for any apparent misstatements or material inconsistencies with
the financial information.
Directors' responsibilities
---------------------------
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors. The Listing
Rules of the Financial Services Authority require that the accounting policies
and presentation applied to the interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
---------------------
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board. A review consists principally
of making enquiries of Group management and applying analytical procedures to
the financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed
in accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly we do not express an audit opinion on
the financial information.
Review conclusion
-----------------
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 28 weeks
ended 16th July, 2000.
PricewaterhouseCoopers,
Chartered Accountants,
1, Embankment Place,
London, WC2N 6NN.
13th September, 2000
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