Interim Results
29 September 2006 - 10:36AM
UK Regulatory
RNS Number:6872J
Vista Group PLC
29 September 2006
VISTA GROUP PLC
("Vista Group")
(Manufacturer of PVC door panels and composite doors)
UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2006
6 months ended 6 months ended
30/06/06 30/06/05
#'000 #'000
Turnover 3,649 3,397
Profit before tax and amortisation of goodwill 263 111
Profit before tax 208 56
Basic earnings per share (pence) 0.8 0.2
For further information:
Vista Group plc
Keith Sadler (Chief Executive) 0151 608 1423
Keith Salisbury (Non Executive Director) 07810 418669
VISTA GROUP PLC
(Leading manufacturer of PVC door panels and composite doors)
UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2006
Chairman's Statement
Results
I am pleased to report an encouraging set of half year results in what remains a
tough market.
Turnover in the period under review was increased by 7.4% to #3.6 million (2005:
#3.4 million) with profit before tax increasing to #208,000 (2005: #56,000).
Basic earnings per share rose to 0.8p (2005: 0.2p)
Operating cashflow was solid and was mainly utilised to further reduce bank
debt.
Additional contracts have been secured throughout the year for our composite
door product and this provides continued visibility of sales. The panel market
continues to remain extremely price competitive and sales of this product have
remained flat. We have continued to focus on all cost areas and overheads, which
has helped to maintain margins.
Outlook
The second half of the year is likely to be challenging as the market continues
to be tough with competition for sales being fierce, as such the results for the
full year are likely to be slightly below market expectations.
Gavin Johnson
Chairman
29 September 2006
Vista Group Plc
Group Profit and Loss Account
For the Six Months Ended 30 June 2006
Unaudited Unaudited Audited
6 months 6 months 12 months
30/06/06 30/06/05 31/12/05
#'000 #'000 #'000
Turnover 3,649 3,397 7,723
EBITDA 429 282 722
Depreciation (101) (103) (193)
Amortisation of Goodwill (55) (55) (110)
Operating profit 273 124 419
Net Interest (65) (68) (139)
Profit on ordinary activities before taxation 208 56 280
Taxation (88) (22) (83)
Profit on ordinary activities after taxation 120 34 197
Basic earnings per share 0.8p 0.2p 1.3p
Vista Group Plc
Group Balance Sheet
At 30 June 2006
Unaudited Unaudited Audited
30/06/06 30/06/05 31/12/05
#'000 #'000 #'000
Fixed assets
Intangible assets 1,919 2,029 1,974
Tangible assets 561 429 525
2,480 2,458 2,499
Current assets
Stock 551 431 448
Debtors 1,612 1,520 1,594
Cash at Bank and in hand 45 102 37
2,208 2,053 2,079
Creditors amounts
falling due within one year (2,953) (2,028) (3,018)
Net current (liabilities)/assets (745) 25 (939)
Total assets less current liabilities 1,735 2,483 1,560
Creditors falling due after
more than one year (101) (1,131) (46)
Net assets 1,634 1,352 1,514
Capital and reserves
Called up share capital 77 77 77
Share premium account 896 896 896
Profit and loss account 661 379 541
Equity Shareholders' Funds 1,634 1,352 1,514
Vista Group Plc
Group Cash Flow Statement
For the Six Months Ended 30 June 2006
Unaudited Unaudited (Audited)
6 months 6 months 12 months
30/06/06 30/06/05 31/12/05
#'000 #'000 #'000
Net cash inflow from operating 363 377 1,000
activities
Returns on investments and servicing finance (65) (68) (138)
Taxation - (8) (271)
Capital expenditure and financial investment (24) (21) (120)
Cash Inflow before use of liquid resources 274 280 471
Financing (266) (232) (490)
Increase / (decrease) in cash in the period 8 48 (19)
Vista Group Plc
For the Six Months Ended 30 June 2006
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
6months 6months Period
ended Ended ended
30 June 30 June 31 December
2006 2005 2005
unaudited Unaudited audited
#'000 #'000 #'000
Operating profit 273 124 419
Depreciation 101 103 193
Amortisation of goodwill 55 55 110
Profit on sale of fixed assets - - (10)
(Increase) / decrease in stocks (103) 67 49
Increase debtors (18) (253) (301)
Increase in creditors 55 281 540
Net cash inflow from operating activities 363 377 1,000
Vista Group Plc
Notes to the Interim Accounts
For the 6 months ended 30 June 2006
1. The unaudited results for the six months have been prepared on a basis
consistent with the accounting policies disclosed in the Group's 2005
accounts and do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
2. The figures for the year ended 31 December 2005 have been extracted from
statutory accounts which have been delivered to the Registrar of Companies
and received and an unqualified audit report.
3. The tax charge is based on the estimated tax rate for the year to 31 December
2006.
4. The calculation of earnings per share for the period is based upon the profit
after taxation divided by the weighted average number of shares in issue
being 15,382,116 (6 months to 30 June 2005 and year ended 31 December 2005
15,382,116).
5. Copies of the interim statement will be sent to shareholders shortly and will
be available to the public at the registered office of the Company at Vista
Group plc, Unit H1, Prenton Way, North Cheshire Trading Estate, Wirral,
Merseyside CH43 3DU.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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