RNS Number:0824W
Vista Group PLC
04 May 2007
FOR RELEASE 7.00AM 4 MAY 2007
VISTA GROUP PLC
("Vista" or the "Company")
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
Main Points
Year Year
ended ended
31.12.06 31.12.05
Turnover #7.28m #7.42m
Adjusted turnover* #6.79m #6.36m
Profit before tax #0.52m #0.28m
Earnings per share 2.1p 1.3p
*Reported turnover decreased from #7.42 million to #7.28 million due to Vista
ceasing to supply windows to Connaught PLC, initially set up to service an
ongoing door contract, at cost (Window sales in 2006 were #0.5 million and
#1.06million in 2005. After adjusting for the movement in sales of windows, the
underlying sales of our door products increased by #421,000.
* Strong recovery in sales and profit in the second half
* Research indicates that market growth will continue
* Strong order book
* Excellent start to the new year
* Customer base continues to grow
For further information:
Vista Group plc
Keith Sadler (Chief Executive) 07803 921 526
0151 608 1423
Keith Salisbury (Non Executive Director) 07810 418 669
VISTA GROUP PLC
("Vista" or the "Company")
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
CHAIRMAN'S STATEMENT
Introduction
In my 2005 statement I commented that with the high street, house builders and
shed market being in downturn, the company was preparing for a challenging
twelve months. I am pleased to announce that not only did we deliver a positive
set of half year results we also finished the year with a flourish.
Adjusted turnover* in the year increased 6.7% to #6.79 million with an
accompanying rise in profit before tax of approximately 86% to #0.52 million
(2005:#0.28 million). Earnings per share also rose significantly by 61% from
1.3p to 2.1p.
Operating cash flow was positive and was used mainly to further reduce bank
debt.
Our strategy has remained focussed upon the composite door and in particular the
Social Housing market which has seen volume increase due to the Decent Housing
Initative. Whilst new build and the shed market have dropped our strategy has
enabled the Company to produce a much improved set of results.
Additional contracts have been secured throughout the year for our composite
door product and this continues to provide good visibility of sales. The panel
market continues to remain extremely price competitive and sales of this product
have been hard to find but with new products and literature the directors
believe that sales should increase on 2006.
We have continued to focus on all cost areas and overheads, which has helped to
maintain margins and have successfully applied for a grant with John Moores
University to introduce lean manufacturing and constant improvement techniques
to the company.
We have continued to invest in the business with capital expenditure of #177k on
new vehicles and a further #150k is budgeted for the current financial year
Dividend
At this stage in the development of Vista, we are continuing to focus our
resources on developing the business and the directors will not therefore be
recommending a dividend.
Staff
In what has been another challenging year I am particularly grateful to everyone
at Vista for their loyalty and hard work which is appreciated.
Update on Offer Talks
On 2 March 2007 we announced that the Company had received an approach that may
or may not lead to an offer for the Company. Whilst talks are continuing they
are likely to be protracted and we will provide further updates as and when
appropriate.
Current Trading and Outlook
We have had an excellent start to the year with the first quarter well ahead of
budget. We have a strong order book for both GRP Composite doors and UPVc door
panels and we believe the outlook is very healthy despite market conditions
remaining tough.
We have built our reputation on the quality of our products, speed of delivery
and excellent customer service. Our customer base continues to grow and a good
flow of orders is anticipated in the coming months. Current indications lead the
board to anticipate good progress for the year as a whole.
Gavin Johnson
Chairman
4 May 2007
VISTA GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 DECEMBER 2006
Note 2006 2005
# #
Turnover 7,280,309 7,423,319
Cost of sales (4,797,827) (5,132,181)
________ ________
Gross Profit 2,482,482 2,291,138
Distribution costs (300,566) (315,974)
Administrative expenses (1,535,330) (1,556,653)
________ ________
Operating Profit 646,586 418,511
Interest receivable and similar income 3,495 2,649
Interest payable and similar charges (126,295) (140,863)
________ ________
Profit on ordinary activities before 523,786 280,297
taxation
Taxation on profit on ordinary activities (200,994) (83,340)
________ ________
Profit retained for the financial year 322,792 196,957
________ ________
Earnings per share 2.1p 1.3p
________ ________
The Group has no recognised gains or losses other than the profit for the
current financial period. Accordingly a separate Statement of Total Recognised
Gains and Losses has not been prepared.
All of the group's activities have arisen from continuing operations.
VISTA GROUP PLC
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2006
Note 2006 2005
# #
Fixed Assets
Goodwill 1,863,316 1,973,812
Tangible assets 491,953 525,038
________ ________
2,355,269 2,498,850
Current Assets
Stock 566,120 448,303
Debtors 1,582,736 1,594,185
Cash at bank and in hand 13,445 36,761
________ ________
2,162,301 2,079,249
Creditors: Amounts Falling Due Within One Year
Bank loan subsequently agreed as being more - (994,071)
than one year
Other (2,076,712) (2,023,670)
_________ _________
Net Current assets/(liabilities) 85,589 (938,492)
_________ _________
Total Assets Less Current Liabilities 2,440,858 1,560,358
Creditors: Amounts Falling Due After More than
one year
(603,597) (45,889)
_______ _______
Net Assets 1,837,261 1,514,469
_________ _________
Capital and Reserves
Called up share capital 76,911 76,911
Share premium 895,587 895,587
Profit and loss account 864,763 541,971
_________ _________
Equity Shareholders' Funds 1,837,261 1,514,469
_________ _________
VISTA GROUP PLC
CONSOLIDATED CASHFLOW STATEMENT
YEAR ENDED 31 DECEMBER 2006
Note 2006 2005
# #
Net Cash Flows From Operating Activities 810,890 999,373
Returns on Investments and Servicing of Finance
(122,800) (138,214)
Taxation (117,099) (267,681)
Capital Expenditure and Financial Investment
(59,852) (119,988)
_________ _________
Cash inflow Before Use of Liquid Resources and
Financing
511,139 473,490
Financing (534,455) (490,020)
_________ _________
Decrease in Cash in the Period (23,316) (16,530)
_________ _________
Reconciliation of Net Cash Flow to Movement in Net Debt
2006 2005
# #
Net Debt at 1 January 2005 (1,492,798) (1,889,309)
Decrease in cash in the period (23,316) (16,530)
Cash outflow in respect of hire purchase 70,809 58,265
Repayment of term loans 463,646 431,755
________ ________
(981,659) (1,415,819)
Non cash movements (112,700) (76,979)
_________ _________
Net Debt at 31 December 2005 (1,094,359) (1,492,798)
_________ _________
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006
1. The preliminary results do not constitute full statutory accounts within the
meaning of Section 240 of the Companies Act 1985.
2. The preliminary results have been prepared in accordance with applicable
Accounting Standards. The directors have reviewed the accounting policies
in accordance with FRS 18 "Accounting Policies" and have concluded that no
changes were required from the previous year.
3. The calculation of earning per share is based upon the profit after taxation
of #322,792 divided by the number of ordinary shares in issue during the
period, 15,382,116.
4. RECONCILIATION OF OPERATING PROFIT TO NET CASHFLOW FROM OPERATING ACTIVITIES
2006 2005
# #
Operating profit 646,586 418,511
Depreciation 209,414 192,610
Amortisation of goodwill 110,496 110,496
Profit on sale of fixed assets (3,777) (9,900)
(Increase)/Decrease in stocks (117,817) 49,364
Decrease/(Increase) in debtors 24,449 (301,222)
(Decrease)/Increase in creditors (58,461) 539,514
_______ _______
Net cash inflow from operating activities 810,890 999,373
________ ________
5. A copy of the Annual Report and Accounts for the period ended 31 December
2006 will be sent to shareholders and copies will be available from the
Company's Registered Office at Unit H1, Prenton Way, North Cheshire Trading
Estate, Wirral, Merseyside, CH43 3DU.
6. The Annual General Meeting of the above Company will be held at Vista Group
plc, Unit H1, Prenton Way, North Cheshire Trading Estate, Wirral, Merseyside
CH43 3DU on Monday 18 June 2007 at 9.00am.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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