Birkby PLC - Final Results - Summary
01 Luglio 1997 - 9:40AM
UK Regulatory
RNS No 7375t
BIRKBY PLC
1st July 1997
SUMMARY
Preliminary results for the year to 31 March 1997
Proforma results include a full year's contribution from
British Coal Enterprise
KEY POINTS
* Proforma profit before tax up 20% to # 10.1m (1996: #8.4m)
including exceptional net profit of # 0.7m on sale of Hill Hire
plc stake & Milbank Foods (Statutory profit before tax: # 9.1m)
* Proforma earnings per share of 15.4p (1996: 13.8p) (Statutory
earnings per share: 14.0p)
* Proposed net final dividend of 6.2p, making a total for the year of
8.5p
* Successful acquisition of British Coal Enterprise ("BCE") in
January 1997, almost doubling the number of sites in the workspace
portfolio
* Significant growth of managed workspace division - IMEX:
- BCE swiftly integrated, adding 1.5m sq ft of lettable space
- 6 further sites acquired in Yorkshire
- 102 workspace centres with annual licence income of #13.4m
(1996: # 8.8m)
- IMEX Enterprise (BCE) current cash equivalent occupancy
rate of 76.4%
- cash equivalent occupancy rate of established IMEX
centres increased to 83.4%
- proforma pre-tax profit # 5.5m, representing 59% of Group
proforma profit (1996: 38%)
* Improvements in quality of managed retailspace portfolio, In Shops:
- new centres opened in Cannock and Blackpool
- refurbishment programme to enhance occupancy and licence
income
- disposal of four unprofitable centres
- tough trading conditions prevail but signs of improvement
now showing
- physical occupancy rate up 2%, achieved through increased
marketing efforts
- two indoor markets in Glasgow acquired after the year end
- pre-tax profit of # 2.9m (1996: # 3.1m)
* Disposal of loss-making discount food retailer, Milbank Foods,
completed in June 1997
- long-term licence arrangement agreed in 15 In Shops
centres
- repayment to Birkby of # 3.2m inter-company loan
* Increased activity across all divisions in new financial year.
Confident of further steady progress
Press enquiries:
Birkby plc:
Bill Cran, chief executive
Kim Taylor Smith, deputy chief executive
0171 377 6677
Biddick Associates:
Emma Cameron
0171 377 6677
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