RNS Number:1784P
Walker (Thomas) PLC
29 August 2003
Thomas Walker PLC
Preliminary statement of results for the year ended 30 June 2003
Chairman's Review
The Board of Thomas Walker PLC is pleased to report a 16.4% increase in pre tax
profits to #197,666 (2002 : #169,858) for the year ended 30 June 2003. There
were no exceptional items during the year (2002: #13,731).
Improved profitability is to be seen against a net reduction of 3.3% in Group
Turnover to #3,749,017 (2002: #3,877,996). In spite of lower sales, gross
margins were maintained or improved.
The tax charge for 2003 is #68,683 (2002: #59,696) resulting in a Profit after
Taxation of #128,983 (2002: #110,162).
The enhanced profit stems from continuing development of the Company's two main
areas of activity namely "Non-Crush" clothing fasteners and identity products.
During the year the final phase of the transfer of labour intensive production
to South East Asia was completed. The progress achieved in volume and quality
has been satisfactory.
New premises for factory and offices were acquired at King's Norton in
south-west Birmingham. All production and administration is scheduled to be
operational in the new location during the early part of the fourth quarter of
2003. The completion of the sale of the St Paul's Square site is scheduled for
December 2003.
The income and expenditure arising from the re-location is accumulated in a
separate project account and details will be published in the audited accounts
for the year ending June 2004.
The Board is pleased to recommend a final dividend of 0.58p/share (2002: 0.51p)
making a total dividend for the year of 0.73p/share (2002: 0.66p).
Bryan C Knight
Chairman
29 August 2003
Group Profit and Loss Account
For the year ended 30 June 2003
2003 2002
# #
Turnover 3,749,017 3,877,996
Net operating expenses (3,558,766) (3,713,328)
Operating profit 190,251 164,668
Bank interest receivable 12,873 6,528
Interest payable and similar charges (5,457) (1,338)
Profit on ordinary activities before taxation 197,666 169,858
Taxation (68,683) (59,696)
Profit on ordinary activities after taxation 128,983 110,162
Dividends (44,968) (40,656)
Retained profit for the year 84,015 69,506
Earnings per share - basic and diluted 2.09p 1.79p
Dividends per share: - interim paid 0.15p 0.15p
- final proposed 0.58p 0.51p
All results in the year were from continuing operations.
Group Statement of Total Recognised Gains and Losses
For the year ended 30 June 2003
2003 2002
# #
Profit for the financial year attributable to members of the
parent company 128,983 110,162
Exchange difference on retranslation of net assets of
subsidiary undertakings 3,030 1,521
Total recognised gains and losses relating to the year 132,013 111,683
Prior year adjustment - 16,000
Total gains and losses recognised since last annual report 132,013 127,683
Group Balance Sheet
At 30 June 2003
2003 2002
# #
Fixed assets
Intangible Assets 81,659 77,805
Tangible Assets 2,299,909 812,834
Investments 104 104
2,381,672 890,743
Current assets
Stocks 860,485 918,062
Debtors 1,381,608 1,266,012
Short-term deposits - 460,000
Cash in bank and in hand 308,860 197,429
2,550,953 2,841,503
Current liabilities
Creditors: amounts falling due within one year (2,203,651) (1,093,285)
Net current assets 347,302 1,748,218
Total assets less current liabilities 2,728,974 2,638,961
Provisions for liabilities and charges (3,582) (614)
2,725,392 2,638,347
Capital and reserves
Called up share capital 308,000 308,000
Share premium account 15,200 15,200
Revaluation reserve 489,770 497,016
Profit and loss account 1,912,422 1,818,131
Equity shareholders' funds 2,725,392 2,638,347
Group Statement of Cash Flows
For the year ended 30 June 2003
2003 2002
# # # #
Net cash inflow from operating activities 72,757 576,074
Returns on investments and servicing of finance
Interest received 12,873 6,528
Interest element of finance lease payments (5,457) (1,338)
Net cash inflow from returns on investments
and servicing of finance 7,416 5,190
Taxation
Corporation tax paid (61,233) -
Repayment of prior year corporation tax - 1,653
Net cash inflow from taxation (61,233) 1,653
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (1,616,216) (150,089)
Payments to acquire intangible fixed assets (12,887) (27,555)
Receipts from sales of tangible fixed assets 2,250 10,050
Net cash outflow from capital expenditure and financial
investment (1,626,853) (167,594)
Equity dividends paid (40,656) (33,880)
Net cash (outflow)/inflow before management of liquid
resources
and financing (1,648,469) 381,433
Management of liquid resources
Decrease/(increase) in short term deposits 460,000 (360,000)
Financing
Capital element of finance lease rental payments - (13,734)
Proceeds from new bank loan 1,300,000 -
Net cash inflow/(outflow) from financing 1,300,000 (13,734)
Increase/(decrease) in cash in the year 111,431 7,699
Dividends will be paid on 10 November 2003 to those shareholders on the Register
at the close of business on 17 October 2003.
The abridged financial information set out above does not constitute the group's
statutory accounts as defined under Section 240 of the Companies Act 1985. The
Auditors have not yet made a report under Section 235 of the Companies Act 1985
on the financial statements for the year ended 30 June 2003 from which the
financial information is extracted, and consequently full accounts for that
period have not been filed at Companies House.
The report of the auditors on the accounts for the year ended 30 June 2002 was
unqualified and there was no statement under either Section 237 (2) or Section
237 (3). Full accounts for the year ended 30 June 2002 have been filed at
Companies House.
This announcement was approved by the Board of Directors on 29 August 2003.
The Annual General Meeting will be held on Friday 7 November 2003 at 12 noon at
The Birmingham Hippodrome Theatre, Hurst Street, Birmingham.
Further information:
Edward Cook, chief executive
Tel: 0121 236 5565
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR NKCKDNBKDAFB