Reece PLC - Interim Results
25 Oktober 1999 - 7:11PM
UK Regulatory
RNS No 5816k
REECE PLC
25 October 1999
INTERIM STATEMENT OF THE UNAUDITED CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 1999
CHAIRMAN'S STATEMENT
The tough trading conditions experienced in the second half of
1998 have continued into 1999. Sales volumes have declined so
that for the six months ended 30 June 1999 Reece PLC made a loss
of #474,000 compared with a loss of #224,000 in the first half of
last year.
APP
#'000 6 months ended 6 months ended
30/6/99 30/6/98
Sales 1,504 1,677
Operating 59 132
profit
The continuing strength of sterling compared to the Euro has
adversely affected the margins generated in export markets. At
the same time UK trading conditions continue to be extremely
competitive.
CYCLES
#'000 6 months ended 6 months ended
30/6/99 30/6/98
Sales 2,354 2,865
Operating (72) 58
profit
Sales of the upmarket, higher margin Univega mountain bikes fell
during the first half. Probike cycle and accessory sales were at a
similar level to last year and as such unable to offset the lower
contribution from Univega.
SERVICE ENGINEERS
#'000 6 months ended 6 months ended
30/6/99 30/6/98
Sales 859 1,657
Operating (275) 55
profit
The trends experienced in the second half of last year are
continuing. UK and export sales of manufacturing and decorating
equipment for the ceramic and glass industry are very depressed.
The property remains unsold.
DIVIDEND
The Directors are not in a position to recommend the payment of a
dividend.
OUTLOOK
Trading conditions show little sign of improvement. At present,
the returns from our activities do not provide the necessary base
from which to successfully develop Reece. We are seeking an
alternative course in order to create more opportunities for
shareholders.
Contact: Mike Norris on 01634 373551
INTERIM STATEMENT OF THE UNAUDITED CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 1999
UNAUDITED Unaudited Audited
6 MONTHS 6 months Year ended
ENDED ended
30.6.99 30.6.98 31.12.98
#'000 #'000 #'000
TURNOVER
- continuing 4,717 6,199 11,753
operations
- discontinued - 1,758 2,565
operations
------- ------- ---------
4,717 7,957 14,318
Cost of sales (3,373) (5,552) (10,579)
------- ------- ---------
GROSS PROFIT 1,344 2,405 3,739
Overheads (1,795) (2,388) (4,453)
Exceptional costs - (194) (232)
------- ------- ---------
OPERATING PROFIT
(LOSS)
- continuing (451) 39 (411)
operations
- discontinued - (216) (535)
operations
------ ------ ---------
(451) (177) (946)
Loss on sale of
discontinued - - (600)
operations
------- ------- ---------
(451) (177) (1,546)
Interest (23) (47) (94)
------- ------- ---------
LOSS ON ORDINARY (474) (224) (1,640)
ACTIVITIES BEFORE
TAXATION
Taxation - - -
------- ------- ---------
LOSS ON ORDINARY (474) (224) (1,640)
ACTIVITIES AFTER
TAXATION
Dividend - - -
------- ------- ---------
RETAINED LOSS FOR THE (474) (224) (1,640)
PERIOD
------- ------- ---------
BASIC LOSS PER (0.27p) (0.13p) (0.93p)
ORDINARY 1P SHARE
DILUTED LOSS PER (0.27p) (0.13p) (0.93p)
ORDINARY 1P SHARE
ADJUSTED (LOSS) (0.27p) 0.11p (0.15p)
EARNINGS PER ORDINARY
1P SHARE
------- ------- ---------
Notes :
(i) The calculation of the basic earnings per ordinary share is
based on the loss on ordinary activities after taxation of
#474,000 (1998: #224,000) and on 177,054,416 ordinary shares
(1998: 177,054,416), being the weighted average number of ordinary
shares in issue during the period and during the year ended 31
December 1998.
The diluted loss per share is the same as the basic loss per
share for all periods as the share options outstanding at the
end of the periods are not dilutive.
The adjusted (loss) earnings per Ordinary 1p share figure has
been presented to eliminate the effects of discontinued
operations and exceptional items. This presentation,
calculated on the basis of the weighted average number of
Ordinary 1p shares in issue, shows the (loss) earnings per
Ordinary 1p share that is attributable to the normal trading
activities of the Group. The reconciliation between the two
figures is as follows:
6 months 6 Year
ended months ended
30.6.99 ended 31.12.98
30.6.98
#'000 #'000 #'000
Deficit for the basic loss per (474) (1,640)
Ordinary 1p share calculation (224)
Operating loss from discontinued - 535
operations 216
Loss on sale of discontinued - 600
operations -
Exceptional costs - 232
194
---------- ----- -------
-- - -
(474) (273)
186
---------- ----- -------
-- - -
(ii)The above financial information does not amount to full
accounts within the meaning of section 240 of the Companies
Act 1985 ("the Act"). Full accounts for the year ended 31
December 1998, which include an unqualified audit report and
which contained no statement under section 237(2) or (3) of
the Act, have been delivered to the Registrar of Companies.
END
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