RNS Number:2478E
Range Cooker Company PLC
24 January 2000
THE RANGE COOKER COMPANY PLC
("Range Cooker")
One of the largest suppliers of quality domestic cookers in
the UK
Interim results for the six months ended 31 October 1999
HIGHLIGHTS
1999 1998 Change
Turnover #5.80m #4.69m 24%
Profit before tax #1.38m #1.13m 22%
Earnings per share (fully diluted) 0.59p 0.49p 20%
Interim dividend 0.25p 0.05p 400%
* New 10 year supply agreement signed with major supply
partners
* Two new ranges launched for year 2000, Morice and
Majestic
* Britannia range now has over 150 models
* The Company can now supply over 1000 different models
* Second half starts strongly
* Order book at record levels
* Looking forward to another highly successful year
For further information contact:
John Armstrong (Chairman) 020 7786 9600 (Monday only)
01253 471111 (thereafter)
Brian Coleman-Smith / 020 7786 9600
Bruce Croxford
Binns & Co Public Relations
The Range Cooker Company plc
Background note
1. Range Cooker's shares are traded on AIM having gained
admission in November 1997 by way of a placing at 5p a share.
2. The Britannia product range offers a number of different
sizes from 60cm single oven models to the larger 90cm (single
and twin ovens), 100cm, 120cm and 150cm twin oven widths.
Sales are predominantly in the larger models, price range from
#1,200 to over #5,000. These models are sold through over 450
retail outlets in the UK and Ireland. Sales are balanced
through retailers such as John Lewis Partnership, Harrods,
specialist appliance retailers and kitchen specialists.
3. The Majestic range offers over 130 models ranging in size
from 700cm to 1511cm. Price range on Majestic is between
#1,800 and #7,500. This range will be available through a
smaller number of dedicated retailers.
4. The Morice range offers over 800 models, mostly to the
consumers' personal requirements and price range is from
#5,500 and will be available only through outlets that can
offer an extremely high level of service and installation.
5. The Sheffield will be re-launched late year 2000, early
2001.
THE RANGE COOKER COMPANY PLC
Interim results for the six months ended 31 October 1999
CHAIRMAN'S STATEMENT
I am pleased to report that profits before tax for the six
months to 31 October 1999 rose to #1,377,343, an increase of
22% on the comparable period last year (1998 - #1,128,642).
Turnover rose by 24% to #5,802,162 (1998 - #4,688,557).
Earnings per share on a fully diluted basis rose by 20% to
0.59p (1998 - 0.49p).
Dividend
It is our intention to continue our progressive dividend
policy subject to the need to retain earnings for future
growth. Therefore your board has proposed the payment of an
interim dividend of 0.25p per share (#397,500) in total to the
holders of ordinary shares on the register on 17 March 2000,
payable on 6 April 2000.
Review of Activities
The last six months has been a very busy and exciting period,
closing with our largest order book total to date. Underlying
the excellent results has been the signing of a new ten year
agreement with our main suppliers, ILVE, together with the
signing of a ten year development and marketing agreement with
Morice, a leading French manufacturer of quality professional
cookers. The Morice cookers range in price from #5,500 to over
#35,000 and upwards.
We introduced the Morice range together with a new style
cooker range, the Majestic, from our main suppliers ILVE, at
the BBC Good Food Show in November. Both brands were well
received and will go on sale to the general public early this
year.
Our existing Britannia range, from which our growth to date
has evolved, has continued to be enhanced with the
introduction of new sizes and styles. Our total range now
embraces over 1,000 models covering different styles,
performance and colour.
Internet interest has grown enormously this year. The launch
of our web site, which illustrates the entire Britannia
portfolio, has been very well received. From this site
customers can browse the whole product range, find the nearest
dealer or request more information directly from us.
Our aim is to keep abreast of internet technology, as we are
very aware of the impact that the internet will have on the
retail marketplace.
Board Changes
I am pleased to announce the appointment of Richard Buckley to
the Board of Directors. Richard joined the Company in 1991 and
has been a loyal and devoted member of staff through the
years. Richard's prime function is the co-ordination of
internal sales, service and despatch. I wish Richard well in
his new position.
Future Prospects
The professionalism and confidence of our employees, together
with the strength of our product range and order book, stand
us in good stead for the second half of the year.
I believe the future is very exciting, offering the Company
tremendous scope for organic growth for the foreseeable
future. The second half of the year has started well, with
turnover in November being the highest on record. December
was another excellent month with turnover 40% ahead of the
similar period last year.
With all the new ranges yet to make an impact, we look forward
to another very successful year.
J D O Armstrong
Chairman
24 January 2000
INTERIM RESULTS 1999
PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 OCTOBER 1999
Unaudited Unaudited Audited
6 months 6 months Year
ended ended Ended
31 October 31 October 30 April
1999 1998 1999
Notes # # #
Turnover 5,802,162 4,688,557 9,733,170
Net operating costs (4,481,341) (3,622,252) (7,658,905)
--------- --------- ---------
Operating profit 1,320,821 1,066,305 2,074,265
Net interest
receivable 56,522 62,337 120,958
--------- --------- ---------
Profit on ordinary
activities before
tax 1,377,343 1,128,642 2,195,223
Tax on profit on 2
ordinary activities (432,000) (347,412) (664,520)
--------- --------- ---------
Profit on ordinary
activities after
tax 945,343 781,230 1,530,703
Dividends -
ordinary shares (397,500) (79,500) (675,750)
--------- --------- ---------
Retained profit for
the period 547,843 701,730 854,953
--------- --------- ---------
Basic earnings per 4
share 0.59p 0.53p 1.00p
--------- --------- ---------
Fully diluted
earnings per share 0.59p 0.49p 0.96p
--------- --------- ---------
INTERIM RESULTS 1999
BALANCE SHEET
AT 31 OCTOBER 1999
Unaudited Unaudited Audited
31 October 31 October 30 April
1999 1998 1999
# # #
Fixed assets
Tangible assets 1,142,057 1,069,552 1,175,750
--------- --------- ---------
Current assets
Stocks 1,084,453 1,157,150 1,162,027
Debtors 1,030,588 1,053,725 959,651
Cash at bank and in hand 3,316,455 1,685,632 2,420,939
--------- --------- ---------
5,431,496 3,896,507 4,542,617
--------- --------- ---------
Creditors - amounts falling
due within one year (2,702,459) (1,796,031) (2,395,116)
--------- --------- ---------
Net current assets 2,729,037 2,100,476 2,147,501
--------- --------- ---------
Total assets less current
liabilities 3,871,094 3,170,028 3,323,251
--------- --------- ---------
Creditors - amounts falling
due after more than one
year - - -
--------- --------- ---------
Net assets 3,871,094 3,170,028 3,323,251
========= ========= =========
Capital and reserves
Called up equity share 795,000 795,000 795,000
capital
Share premium account 578,831 578,831 578,831
Profit and loss account 2,497,263 1,796,197 1,949,420
--------- --------- ---------
Shareholders' funds 3,871,094 3,170,028 3,323,251
========= ========= =========
INTERIM RESULTS 1999
NOTES TO THE INTERIM REPORT
1. Basis of preparation
The unaudited results have been prepared in accordance with
the accounting policies set out in the Annual Report for the
year ended 30 April 1999.
The financial information in this interim report does not
constitute statutory accounts within the meaning of section
240 of the Companies Act 1985. Statutory accounts for the
year ended 30 April 1999, upon which the auditors gave an
unqualified opinion, have been delivered to the Registrar of
Companies.
2. Taxation
The tax charge for the six months has been based on an
estimated effective tax rate for the full year.
3. Earnings per share
Earnings per ordinary share is based on the profit on ordinary
activities after taxation divided by the weighted average
number of ordinary shares in issue during the year as adjusted
for the full conversion of the convertible shares, which were
issued on 14 November 1997, and converted to ordinary shares
on 29 June 1998. The earnings and the number of shares used
in the calculations are as follows:
31/10/99 31/10/98 30/4/99
Attributable 945,343 781,230 1,530,703
profit
Weighted average
number of ordinary
shares in issue: 159,000,000 148,097,825 153,504,109
Normal basis
Effect of 0 10,902,175 5,495,891
convertible shares
Diluted basis 159,000,000 159,000,000 159,000,000
Earnings per share 0.59p 0.53p 1.00p
- basic
Earnings per share 0.59p 0.49p 0.96p
- diluted
4. Interim Report
The statement is being sent to shareholders of the Company and
further copies of the interim report are available from the
Range Cooker Company Plc, Range House, 281 Bristol Avenue,
Blackpool, FY2 0JF.
Telephone number 01253 471111
END
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