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Moneyback on Petrol:
Market Cap
£5.53m
Change Today
Share Price
67.50p
Update - Preliminary Statement 2007
Bailey(C.H.) PLC
27 September 2007
CHAIRMAN'S STATEMENT AND FINANCIAL RESULTS
YEAR ENDED 31ST MARCH 2007
2006/7 2005/6 2004/5 2003/4
£ £ £ £
Turnover - continuing operations 11,021,082 9,821,783 6,614,785 4,633,070
Increase in turnover % 12.21% 48.48% 42.77% 37.23%
Gross profit - continuing operations 2,839,115 2,425,675 764,697 342,853
Gross profit as % of turnover 25.76% 24.70% 11.56% 7.40%
Trading (loss) - continuing operations (538,727) (908,089) (1,394,797) (1,732,055)
Trading (loss) as % of turnover (4.89%) (9.25%) (21.09%) (37.39%)
Operating (loss) - continuing operations (69,932) (876,949) (941,088) (977,925)
Operating (loss) as % of turnover (0.63%) (8.93%) (14.23%) (21.11%)
Loss per share (7.57p) (15.24p) (9.87p) (19.44p)
Financial Highlights
• Turnover and gross profit margin increased
• Trading loss decreased
• Improved sales and order intake by all continuing operating divisions
Restructuring Highlights
• Disposal of P&D Electrical Services Limited
UK Operations
I reported in my interim statement to 30 September 2006 that the turnover of our
engineering division had increased. This trend has continued and I can report
that the turnover of this division has increased by 13.9% on the previous year
to £8,614,869, with significantly improved margins. The division has had a slow
first quarter in 2007/8 but has subsequently seen increased orders and turnover.
We are therefore confident that the improvement achieved in 2006/7 will be
sustained in the current year.
During the year, following a detailed review, the board took the decision to
dispose of the subsidiary, P&D Electrical Services Limited and to concentrate in
the UK on the core activity of engineering. As announced in April 2007, this
subsidiary was sold to PDACA Limited with the group taking a 25% shareholding in
this company.
Malta
Our hotel in Malta continues to operate profitably and talks are continuing with
the relevant authorities with regard to the further development of the hotel. We
hope that with the peak tourist season coming to an end, there will be
significant progress and we will continue to keep shareholders updated.
Tanzania
Beho Beho and Mikumi Wildlife Camp continue to consolidate their position and
reputation in the international tourist market. Occupancy, turnover and
contributions to group are improving and we are considering rebuilding Mikumi
and the refurbishment of Beho Beho in order to maintain their market share.
Final building permits came through in December 2006 for the development at the
Oyster Bay Hotel complex. Contractors were appointed in early 2007 and it is
anticipated that the hotel will reopen its doors in November 2007 with the
remainder of the development completed by May 2008.
Demand for the hotel, with the proposed new service it will offer is very
encouraging and the number of tourist arrivals continues to grow in Tanzania. We
are confident that on completion, the development will achieve high occupancy.
Investments
Our fund managers have continued to increase the value of the investment
portfolio. However, the results for the year have been affected by currency
fluctuations especially the US$. We believe that, following the recent market
adjustment, there will be a more stable period, which will allow further growth.
Adoption of International Financial Reporting Standards ("IRFS")
The Group will adopt IFRS for the first time in its interim report for the six
months to 30th September 2007. Preparations for this change are currently in
hand.
Mr Tom C Bishop
I am very sad to report that Mr Tom Bishop who, for very many years, was a
Director of the Group died on the 29th August following a short illness. Tom had
resigned as a Board member earlier this year and had for many years offered the
Group, his wisdom and advice and had always made a valuable contribution. He
will be sadly missed by his son Brian and family and those of us, who had the
privilege of knowing him and valued his support, encouragement and wonderful
sense of humour.
New Board appointment
We recently announced the appointment of David Orchard to the board as an
executive director. David is a certified accountant with the group's Modular
Automation subsidiary. I am confident that he will make a significant
contribution to the further development of our business.
Current trading and outlook
Despite the loss for the year, the underlying trends are good, with increased
turnover and margins. We remain positive and believe the group is moving in the
right direction. But for the loss on the discontinued operation and adverse
exchange fluctuations the group would be reporting that it is profitable.
The trading performance of all our businesses continues to improve and the group
will endeavour to achieve further growth and increased efficiencies, to better
the overall results. With the disposal of P&D Electrical Services we are now
able to concentrate on our core businesses and every indication is that both our
engineering and leisure divisions are competitive in stable and growing markets.
As always I must thank the management, staff and our advisers for their
continued support and contributions to our group.
Charles H.Bailey
Chairman
27th September 2007
www.CHBaileyplc.co.uk
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31ST MARCH 2007
2007 2006
Continuing Discountinued Continuing Discontinued
operations operations Total operations operations Total
£ £ £ £ £ £
Turnover 11,021,082 1,715,507 12,736,589 9,821,783 1,512,602 11,334,385
Cost of Sales (8,181,967) (1,889,176) (10,071,143) (7,396,108) (1,566,335) (8,962,443)
----------------------------------------------------------------------------------
Gross profit (loss) 2,839,115 (173,669) 2,665,446 2,425,675 (53,733) 2,371,942
Administrative expenses (3,377,842) (308,616) (3,686,458) (3,333,764) (185,100) (3,518,864)
----------------------------------------------------------------------------------
Trading (loss) (538,727) (482,285) (1,021,012) (908,089) (238,833) (1,146,922)
Investment activities and other
income 468,795 - 468,795 31,140 - 31,140
----------------------------------------------------------------------------------
Operating (loss) (69,932) (482,285) (552,217) (876,949) (238,833) (1,115,782)
---------------------------- -------------------------
Exceptional items
Restructuring costs - (144,340)
----------- -----------
(Loss) on ordinary activities
before interest (552,217) (1,260,122)
Interest receivable 15,767 21,184
Interest payable (120,395) (127,743)
----------- -----------
(Loss) on ordinary activities
before taxation (656,845) (1,366,681)
Taxation 55,456 188,302
----------- -----------
(Loss) on ordinary activities
after taxation (601,389) (1,178,379)
Minority interest (18,545) (50,327)
----------- -----------
(Loss) for the financial year (619,934) (1,228,706)
=========== ===========
Earnings per share from total
operating results (7.57p) (15.24)p
Earnings per share from
continuing operations (1.68p) (12.28p)
BALANCE SHEETS
AS AT 31ST MARCH 2007
Group Company
2007 2006 2007 2006
£ £ £ £
Fixed Assets
Intangible assets 672,781 761,319 - -
Tangible assets 7,789,287 7,512,405 5,313 5,698
Investments - - 7,702,342 8,201,632
----------------------------------------------------
8,462,068 8,273,724 7,707,655 8,207,330
----------------------------------------------------
Current assets
Stock and work in progress 180,584 402,154 - -
Debtors 5,115,348 4,552,212 2,870,057 3,047,072
Investments 1,865,615 2,402,750 980,930 931,925
Cash at bank and in hand 244,047 279,552 52,742 585,958
----------------------------------------------------
7,405,594 7,636,668 3,903,729 4,564,955
Creditors: amounts falling due within one year (6,157,160) (6,064,838) (5,097,361) (5,205,563)
----------------------------------------------------
Net current assets (liabilities) 1,248,434 1,571,830 (1,193,632) (640,608)
----------------------------------------------------
Total assets less current liabilities 9,710,502 9,845,554 6,514,023 7,566,722
Creditors: amount falling due after more than one year (1,337,592) (893,444) - -
Provision for liabilities and charges (135,505) (245,608) (119,500) (210,488)
----------------------------------------------------
Net assets 11,183,599 10,984,606 6,633,523 7,777,210
====================================================
Financed by:
Capital and reserves
Called up share capital 833,541 833,541 833,541 833,541
Share premium account 609,690 609,690 609,690 609,690
Capital redemption reserve 5,163,332 5,163,332 5,163,332 5,163,332
Investment in own shares (187,528) (187,528) (187,528) (187,528)
Revaluation reserve 1,668,527 1,717,035 - -
Other reserves 716,663 743,143 - -
Investment revaluation reserve 636,352 707,854 375,420 309,495
Profit and loss account (1,112,051) (771,780) (399,932) 627,704
----------------------------------------------------
Equity shareholders' funds 8,328,526 8,815,287 6,394,523 7,356,234
Minority interest (91,121) (108,785) - -
----------------------------------------------------
8,237,405 8,706,502 6,394,523 7,356,234
====================================================
Net assets per share £1.01 £1.06
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 31ST MARCH 2007
2007 2006
£ £ £ £
Net cash (outflow) from operating activities (728,876) (315,452)
Return on investments and servicing of finance
Interest received 15,767 21,184
Interest paid (120,395) (127,743)
----------- ----------
(104,628) (106,559)
Taxation (5,542) (6,821)
Captial expenditure and financial investment
Purchase of tangible fixed assets (724,843) (358,371)
Sale of tangible fixed assets 600 15,257
Sale of intangible fixed assets - 7,500
----------- ----------
(724,243) (335,614)
Acquisitions and disposals
Investment in associated undertaking (100,000) -
----------- ----------
Cash (outflow) before use of liquid resources and financing (1,663,289) (764,446)
Equity dividends paid - -
Management of liquid resources
Purchase of investments (600,430) (318,083)
Sale of investments 1,803,375 1,048,299
Movement in short term deposits 452,560 387,822
----------- ----------
1,655,505 1,118,038
Financing
Sale of investment in own shares - 696,246
Directors' loans (201,571) (711,991)
Movement in other loans due within one year (82,319) (78,732)
Movement in bank loans due after more than one year 420,961 (25,536)
Capital element of finance leases 47,420 (20,020)
----------- ----------
184,491 140,033
---------- ----------
Increase in cash in the year 176,707 213,559
========== ==========
This information is provided by RNS
The company news service from the London Stock Exchange