Autologic Holdings plc: prelims 2003
RNS Number:8658W
Autologic Holdings PLC
24 March 2004
AutoLogic Holdings plc
(“AutoLogic” or the “Group”)
Preliminary Results for the Year Ended 31 December 2003
Highlights
2003 2002 Change
Turnover #701.7m #669.5m 4.8%
Business Performance*
Operating profit #30.7m #42.2m (27.3)%
Profit before tax #19.9m #30.8m (35.4)%
Earnings per share 32.25p 50.99p (36.8)%
Statutory Basis
Operating profit #19.7m #29.4m (33.0)%
Profit before tax #4.4m #18.0m (75.6)%
Basic earnings per share (14.53)p 24.46p (159.4)%
Total dividend per share 11.1p 11.1p –
*Before goodwill amortisation, exceptional items, discontinued and discontinuing
operations
– Turnover increased by 4.8% to #701.7m (2002: #669.5m). Adjusting
for the effect of foreign exchange movements, turnover for continuing
operations fell by 1.3%
– Profit for continuing operations before tax, goodwill amortisation
and exceptional items decreased by 35.4% to #19.9m (2002: #30.8m)
– Group net debt reduced by 21.4% to #50.7m
– Restructuring largely completed and showing results
– Major property sale and leaseback programme successfully completed
– Dividend maintained
John Merry, Chairman, commented: “As anticipated, 2003 proved to be a difficult
year with Group volumes declining, compared with 2002. This was compounded by
significant volume volatility which adversely affected resource optimisation.
The Group has focused throughout the year on reducing its fixed costs, improving
operational flexibility and increasing productivity. Major restructuring of the
businesses in France and Benelux has been largely completed and has placed these
businesses in a good position to benefit from any improvement in market
conditions. In addition, a major sale and leaseback programme for the Group’s
principal sites in France has been completed. The aggregate net cash realised by
the French property refinancing was #25.6 million, which was partially used to
reduce net debt.
The Group has had significant contract successes during the year and has further
expanded the Group’s Technical Services.
In addition, the Group has progressed a number of innovativevalue added
services such as Risk Management Services and Financial Services as well as
continuing to pursue its strategy of developing its core services into new
markets such as the Czech Republic.
With long-term customer relationships, strong management and an increasingly
flexible cost base, the Group can face the undoubted challenges of the coming
year from a position of strength.”
For further information, please contact:
AutoLogic Holdings plc
John Merry
Chairman 020 7420 0555
Philip Nuttall
Group Finance Director 020 7420 0555
Bell Pottinger Corporate and Financial:
Press/Analysts:John Coles / Robin Tozer 020 7861 3232
Investors:Neville Harris 020 7861 3894
Chairman’s Statement
As anticipated, 2003 proved to be a difficult year for the European new car
sector. A reduction in new car registrations in the major markets in which the
Group operated and among some of the Group’s largest customers was accompanied
by significant volume volatility.
Some of the largest markets for the Group experienced very weak volumes, in
particular, France and Benelux, where new car registrations for the full year
were down 6.3% and 3.1% respectively compared with last year. The situation in
France was compounded by a series of national strikes. Furthermore, in contrast
with previous years, some of the Group’s major customers suffered larger fal
