Investor Information
Annual/Interim Reports
Annual Report 2011
Annual Report 2010
- Major improvement in profitability achieved with EBITDA before exceptionals up £2.6m to £5.4m from £2.8m.
- Operating profit before exceptionals of £2.2m compared to a loss of £0.1m in 2009.
- Strong margin improvement due to improved mix in Europe and strong market share gains in filament yarns in the US, despite continued weak demand in key US staple fibre sector.
- New debt down to £3.4m from £6.7m.
- UK pension deficit of £6.9m (2009: £2.2m) increased mainly due to falling corporate bond yields.
- Intention to recommence dividend payments in February 2011.
Interim Report 2009
- Pre-exceptional operating profits increased to £0.4m (2008: £0.1m).
- 12% volume decline mainly in automotive and needlepunch staple fibre.
- Sound performances in technical fibre and filament yarn.
- Revenues fell by 18% to £39.9m (2008: £48.8m) reflecting lower volumes and lower raw material costs.
- Net debt reduced to £3.2m (31 March 2009: £6.7m) assisted by working capital reductions and translation gains.
- IAS 19 UK pension deficit increased to £8.8m from £2.2m with a commensurate reduction in Group net assets. This is mainly as a result of falling corporate bond rates.
Annual Report 2009
- Businesses have shown considerable resilience in difficult trading conditions.
- Adverse market demand in the US, particularly in the Automotive Sector, with staple fibre volumes down 33%, offset in part by cost reductions and new business in filament yarn sector.
- European Fibre margin initiatives and cost reductions offset an 8% volume reduction.
- Fall in raw material costs in latter part of year provides some relief on margins and working capital levels.
- Sale of 60% stake in Specialist Coatings for £5.6m (£5.3m net).
- Year end debt reduced to £6.7m from £8.4m.
Annual Report 2008
- Cost reductions have led to a significant improvement in profitability
– £2.2m pre-exceptional operating profit on continuing operations compared to a loss of £1.0m in 2007. - Year end net debt reduced to £8.4m from £12.7m.
- Disposal of Umbrella Frames business.
- Move from Official List to AIM.
Interim Report 2008
- Disposal of a 60% shareholding in our Specialist Coatings business for total proceeds of £5.6m on 30 October 2008.
- Pre-exceptional operating profit of £0.1m (2007: £Nil).
- Operating result £Nil (2007: loss £0.6m).
- US Fibres volumes and profitability impacted by slowdown in US economy.
- European Fibres volumes up 4%, assisted by the weaker Sterling exchange rate against the Euro.
Annual Report 2007
- Umbrella Frames property sold in February 2007 and business sold in June 2007 for a combined consideration of £10.4m gross proceeds (£8.5m net).
- Net debt reduced by £2.5m to £12.7m.
- Banking facilities restructured across the Group.
- Businesses being restructured and Group better placed to generate satisfactory returns.
- Move to Alternative Investment Market ("AIM") being considered.
Interim Report 2007
- Significant improvement in profitability – £0.1m profit on continuing operations compared to a loss of £5.6m in 2006.
- Underlying* operating profit on continuing operations £0.7m (2006: £nil).
- Umbrella Frames operation sold for £1.05m cash plus £0.35m deferred.
- New increased bank facilities put in place in UK and US.
- Net debt reduced by £1.6m to £11.1m.
- Transfer to AIM completed.
* Before exceptional items
Annual Report 2006
- Group borrowings reduced by £4.5m to £15.2m; fifth consecutive year of reduction.
- Dividend maintained with a proposed final dividend of 0.77 pence (2005: 0.77 pence), making 1.1 pence (2005: 1.1 pence) in total, supported by free cash flow of £6.6m (2005: £5.6m).
- Operating profit pre exceptionals £3.2m (2005: £5.3m) reflecting challenging trading conditions. Post exceptional operating loss £1.1m (2005: £2.4m).
- Asset sales for the period realised £6.2m.
- Planning permission obtained for Penistone site generating maximum proceeds of £9.0m to be received on relocation of the Umbrella Frames business.
Interim Report 2006
- Exceptionally difficult trading conditions resulting in an underlying* operating loss of £445,000 (2005: profit £1,232,000). Post exceptional loss of £6,976,000 (2005: £244,000).
- No interim dividend proposed; full year dividend unlikely given trading conditions.
- Relocation of Umbrella Frames operation proceeding satisfactorily; gross proceeds of £9.0m (£7.3m net of relocation costs) from Penistone site targeted for final quarter of year ending 31 March 2007.
- Committed to achieving a more financially robust Group with a clear focus on the global Fibres businesses.
* Before exceptional items
Annual Report 2005
- Borrowings reduced by £3m in year – target reached of borrowings below £20m.
- Progressive dividend policy maintained with a 10% increase in final proposed dividend to 0.77p (2004: 0.70p), making 1.1p (2004: 1.0p) in total.
- Operating profits of £2.4m (2004: £7.1m) reflect difficult market conditions, significant raw material price rises and exceptional charges of £2.1m for bad debts and EGM costs.
- Reshaping of the Group is progressing; Canadian operation closed and Umbrella Frames site being sold.
Interim Report 2005
- Adverse factors including volatile polymer price, reduced US automotive volumes, weak umbrella frame market and dramatic rise in energy costs are having a significant impact.
- Underlying* operating profits down £1.1m to £1.2m (2004: £2.3m) reflecting harsh trading environment.
- Overall loss before tax £1.2m (2004: loss of £5.5m).
- Interim dividend maintained at 0.33p per share.
- Net bank borrowings up by £1.4m to £21.1m. Reduction targeted to below £18m by March 2006.
- Strategy delivering:
- Conditional sale of Penistone site for up to £10.3m dependent on planning.
- Fundamental reorganisation underway at Umbrella Frames with all manual assembly work transferred to Romania.
- Exchange of contracts for the sale and leaseback of UK Specialist Coatings site in Darwen, Lancashire for £2.3m.
- Negotiation for sale of surplus land at UK Fibres site in Drighlington, West Yorkshire created by consolidation of operations within approximately half the site and sale and leaseback of the remainder of the site. Targeted for completion by end of financial year.
* Before exceptional items of £1.5m (2004: £7.1m)
Annual Report 2004
- Operating profits up 23% from £5.9m to £7.2m; underlying* operating profits £8.0m (2003: £8.2m).
- Pre-tax profits significantly improved to £5.5m (2003: £2.3m).
- Underlying* EPS up 31% at 2.21p per share.
- 40% increase in final proposed dividend to 0.7p (2003: 0.5p), making 1.0p in total (2003: 0.75p).
- Borrowings continue to fall; debt reduced by £5.5m to £22.7m with gearing now at 50%.
* Before exceptional items and goodwill
Interim Report 2004
- Turnover up 4% to £60.9m (2003: £58.7m).
- Underlying* operating profit of £2.3m (2003: £3.1m).
- Net borrowings reduced from £22.7m to £21.2m; on track for borrowings below £20m by March 2005.
- Weak North American wallcoverings market: £1.8m of bad debts incurred; Canada being closed with write-down of £5.4m.
- Post exceptional loss before tax £9.5m (2003: profit of £1.8m).
- Interim dividend of 0.33p, up 10%, covered 1.6 times by underlying* earnings.
- Underlying* EPS 0.53p (2003: 0.71p restated).
- Reshaping of the Group underway.
* Before exceptional items
Annual Report 2003
- Underlying operating profits improved by 36% despite difficult trading conditions.
- Increase of 52% from 1.11p to 1.69p in underlying EPS.
- Final dividend proposed of 0.5p, double 2002 level, making 0.75p in total (2002: 0.5p).
- Debt reduced by £10.4m to £28.2m.
- All businesses profitable and cash generative in the year.
Interim Report 2003
- Underlying* operating profit of £3.1m (2002: £4.1m).
- All divisions remain profitable and cash generative.
- Net borrowings reduced from £28.2m to £25.5m.
- Interim dividend of 0.3p, up 20%, covered 1.6 times.
- Underlying* EPS 0.67p (2002: 0.91p).
- Conditions in our main markets remain difficult.
* Before exceptional items
Annual Report 2002
- Difficult trading conditions across all our markets.
- Final dividend proposed of 0.25p.
- New operational management team in place in US.
- Cash generative in the year.
Interim Report 2002
- Operating profit of £4.1m, excluding goodwill and exceptional items, an increase of 37% on prior year, despite 9% fall in turnover.
- Borrowings down from £38.6m to £32.1m and gearing reduced to 65% (31 March 2002: 75%, 30 September 2001: 85%).
- Interim dividend of 0.25p, covered 2.9 times by pre-exceptional, post-tax earnings.
- North American fibres' dominant supply position in US automotive sector maintained, where sales remain well above expectations.
- New management team in North American fibres has achieved considerable progress in all the key aspects of the business, improving profitability and cash management.
- European fibres' turnover and profits relatively stable despite significant increase in raw material prices.
- European wallcoverings market declined for the fourth consecutive year but profit reduction somewhat mitigated by initial contributions from Russian project.
- North American wallcoverings reduction in turnover but profits significantly improved due to consolidation onto one site and reduction of cost base.
- Umbrella Frames turnover and profits increased.
Annual Report 2001
- Turnover from continuing operations increased by 11.1% to £139.4m (2000: £125.5m).
- 70% of the Group's net operating assets employed outside the UK and 72% of turnover achieved in non UK markets.
- Major capital expenditure programme largely completed.
- Strategic acquisition of American Fibers and Yarns positions Chapelthorpe as the leading supplier of coloured polypropylene fibre, used by every US automotive manufacturer.
Interim Report 2001
- Operating profit, before exceptional items and goodwill amortisation, of £3.0m (2000: £4.0m) reflects difficult trading conditions.
- Pre-exceptional operating cash flow, after interest, increased by £0.6m over same period last year, despite fall in operating profit, through tighter working capital management.
- Interim dividend of 0.25 pence per share covered by pre-exceptional earnings.
- Cost reduction programme continued but available capacity maintained for future flexibility.
- Integration of American Fibers & Yarns, acquired last year, fully completed.
- Single largest contract for supply of coloured polypropylene to US automotive industry won.
- Russian coatings venture progressing in line with expectations and on course for production to commence early part of next year.
Annual Report 2000
- Turnover from continuing operations, inclusive of £10.6m arising from our acquisition of Asota GmbH, was £125.5m (1999: £111.3m).
- Pre-tax profits, before exceptional items, increased by 3% to £10.1m (1999: £9.8m).
Interim Report 2000
- Turnover increased by 21% to £70m (1999: £58m).
- Increased sales from North America.
- Acquisition of American Fibers and Yarns in July, allows accelerated penetration of strategically important US automotive market.
- New umbrella frame production capacity to allow for increased penetration of US and European markets and provides considerable organic growth potential.
- Reorganisation of Specialist Coatings operations in the UK provides base for improved future operational performance.
- Performance of Asota in line with expectations.
- Interim dividend maintained at 0.63p per share.
- Purchase and cancellation of 9.7 million ordinary shares which enhanced earnings for the remaining shareholders.
- No firm proposals yet received regarding possible offer for the Company, shareholders will be kept informed of developments.