Interim Results
12 Dezember 2003 - 1:15PM
UK Regulatory
RNS Number:2036T
Southern Vectis PLC
12 December 2003
SOUTHERN VECTIS PLC ("Southern Vectis" or "the Company")
Results for the half-year to 31 October 2003
Chairman's Statement
Trading results
Profit before tax for the period was up 5% at #758,000 (2002: #719,000) on
turnover 1.5% higher at #8.53 million (2002: #8.40 million). Earnings per share
increased to 2.7p (2002: 2.5p).
Operating profits were comparable to those of the equivalent period last year,
the improvement in profit being attributable primarily to a slightly lower
interest charge. Our Isle of Wight bus operations benefited from fine weather
and higher visitor numbers during the summer season. On the mainland traffic
congestion continues to be a major problem. The Quality Network introduced in
May 2003 in the Eastleigh area is performing well.
Finance
In the spring we purchased 12 new Dennis Dart single deck vehicles for Solent
Blue Line. Our operating cash flow in the period was very satisfactory; thus,
even after funding this purchase, net debt fell to #5.12 million (gearing 167%)
at 31 October 2003 (30 April 2003: #5.33 million, gearing 210%).
As usual, the dividend for the year will be considered in July 2004 in the light
of the full year's performance and the outlook at that time.
Newport Bus Station
In March this year we granted an option to Halladale Group plc to purchase
Newport Bus Station. In September they submitted their application for planning
permission for a retail development and a new bus interchange. Our best
expectation is still that, if suitable planning permission is obtained, and the
option exercised, the proceeds of sale will be received in our accounting period
ending on 30 April 2005.
Staff
On behalf of the board and shareholders, I thank all our staff for the loyalty
and hard work which they have continued to show throughout the period.
Outlook
The directors remain cautiously optimistic that profits for the full year will
be in line with market expectations, and will show a modest improvement on last
year.
Mike Killingley
12 December 2003
Unaudited consolidated profit and loss account
for the half year ended 31 October 2003
Unaudited half Unaudited half Audited
year ended year ended Year Ended
Note 31 October 2003 31 October 2002 30 April 2003
#000 #000 #000
Turnover 8,532 8,398 16,020
Other 97 117 158
operating
income
---------------- ---------------- ----------------
8,629 8,515 16,178
Operating (7,702) (7,573) (15,155)
costs
---------------- ---------------- ----------------
Operating 927 942 1,023
profit
Share of - (14) (25)
operating loss
in associates
Interest - - 22
receivable
Interest (169) (209) (343)
payable and
similar
charges
---------------- ---------------- ----------------
Profit on 758 719 677
ordinary
activities
before
taxation
Tax on profit (227) (216) (193)
on ordinary
activities
---------------- ---------------- ----------------
Profit on 531 503 484
ordinary
activities
after
taxation
Dividends - - (306)
---------------- ---------------- ----------------
Retained 531 503 178
profit for the
period
================ ================ ================
Basic and 1 2.7p 2.5p 2.5p
diluted
earnings per
share
There is no material difference between the results as disclosed in the profit
and loss account and the results on an unmodified historical cost basis.
There are no recognised gains and losses other than those passing through the
profit and loss account shown above.
Unaudited consolidated balance sheet
at 31 October 2003
Unaudited Unaudited Audited
as at as at as at
31 October 2003 31 October 2002 30 April 2003
#000 #000 #000
Fixed assets
Tangible assets 9,809 9,787 9,226
---------------- --------------- ----------------
9,809 9,787 9,226
---------------- ---------------- ----------------
Current assets
Stocks 343 333 356
Debtors 1,396 1,436 1,576
Cash at bank and in 633 875 312
hand
---------------- ---------------- ----------------
2,372 2,644 2,244
Creditors: amounts (4,740) (4,800) (4,799)
falling due within
one year
---------------- ---------------- ----------------
Net current (2,368) (2,156) (2,555)
liabilities
---------------- ---------------- ----------------
Total assets less 7,441 7,631 6,671
current liabilities
Creditors: amounts (4,131) (4,485) (3,892)
falling due
after more than
one year
Provisions for (245) (287) (245)
liabilities and
charges
---------------- ---------------- ----------------
Net assets 3,065 2,859 2,534
================ ================ ================
Capital and
reserves
Called up share 1,975 1,975 1,975
capital
Revaluation reserve 251 251 251
Capital reserve 321 321 321
Profit and loss 518 312 (13)
account
---------------- ---------------- ----------------
Equity shareholders' 3,065 2,859 2,534
funds
================ ================ ================
Unaudited cash flow statement
for the half year ended 31 October 2003
Unaudited Unaudited Audited
half year ended half year ended year ended
31 October 2003 31 October 2002 30 April 2003
#000 #000 #000
Net cash inflow from 1,914 1,439 1,653
operating
activities
Returns on (169) (209) (321)
investments and
servicing of
finance
Taxation (77) (142) (339)
Capital expenditure (137) (48) 35
and financial
investment
Acquisitions and - (14) (25)
disposals
Equity dividends (306) (306) (306)
paid
---------------- ---------------- ----------------
Cash inflow before 1,225 720 697
financing
Financing (653) (607) (1,220)
---------------- ---------------- ----------------
Increase/(decrease) 572 113 (523)
in cash in the
period
================ ================ ================
Reconciliation of operating profit to operating cash flows
Unaudited Unaudited Audited
half year ended half year ended year ended
31 October 2003 31 October 2002 30 April 2003
#000 #000 #000
Operating profit 927 942 1,023
Depreciation and 566 507 1,060
amortisation
Profit / (loss) on 10 (23) (101)
disposal of fixed
assets
Movement in stocks 13 32 9
Movement in 218 (95) (64)
creditors
Movement in debtors 180 76 (274)
---------------- ---------------- ----------------
Net cash inflow from 1,914 1,439 1,653
operating
activities
================ ================ ================
Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Audited
half year ended half year ended year ended
31 October 2003 31 October 2002 30 April 2003
#000 #000 #000
Increase/(decrease) 572 113 (523)
in cash in the
period
Cash outflow from 653 607 1,220
movement in debt and
lease financing
---------------- ---------------- ----------------
Change in net debt 1,225 720 697
resulting from cash
flows
New finance leases (1,022) (1,082) (1,083)
---------------- ---------------- ----------------
Movement in net debt 203 (362) (386)
in the period
Net debt at beginning (5,327) (4,941) (4,941)
of period
---------------- ---------------- ----------------
Net debt at end of (5,124) (5,303) (5,327)
period
================ ================ ================
Analysis of net debt
Audited as at Unaudited Other Unaudited as at
30 April 2003 cash flows changes 31 October 2003
#000 #000 #000 #000
Cash at bank 312 321 - 633
and in
hand
Bank (569) 251 - (318)
overdrafts
---------------- ---------------- ---------------- ----------------
(257) 572 - 315
Bank loans (500) 250 (250) (500)
due within
one year
Bank loans (1,750) - 250 (1,500)
due after
one year
Finance (2,820) 403 (1,022) (3,439)
leases
---------------- ---------------- ---------------- ----------------
Total (5,327) 1,225 (1,022) (5,124)
================ ================ ================ ================
Notes
for the half year ended 31 October 2003
1 Earnings per share
Basic earnings per share is calculated by reference to the weighted average
number of ordinary shares in issue during the period of 19,754,309 (31 October
2002: 19,754,309, 30 April 2003: 19,754,309) and the profit after taxation.
There is no difference between basic earnings per share and diluted earnings per
share.
2 Preparation of unaudited interim report
The unaudited interim report has been prepared on the basis of the accounting
policies set out in the group's 30 April 2003 statutory financial statements.
The interim report was approved by the board of directors on 12 December 2003.
The figures for the year ended 30 April 2003 have been extracted from the
financial statements for that year which have been filed with the Registrar of
Companies. The auditors' report on those financial statements was unqualified
and did not contain any statement under Section 237 (2) or (3) of the Companies
Act 1985.
3 Copies of the interim accounts
Copies of the interim accounts will be posted to shareholders in due course and
are available for the next 14 days at the Company's Head Office at Nelson Road,
Newport, Isle of Wight, PO30 1RD. Telephone: 01983 522456.
12 December 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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