GROUP PROFIT AND LOSS ACCOUNT
Continuing operations
Unaudited 6 months ended Audited Year ended
31/10/2002 31/10/2001 30/04/2002
EUR'000 GBP'000 EUR'000
Turnover, including share of joint venture 88,111 64,554 146,685
Less: share of joint venture (912) - -
Group turnover 87,199 64,554 146,685
Operating costs (67,458) (50,691) (111,478)
Group operating profit 19,741 13,863 35,207
Share of joint ventures operating profit 683 - -
Trading profit, including share of joint venture 20,424 13,863 35,207
Net interest receivable 763 699 1,042
Profit on ordinary activities before taxation 21,187 14,562 36,249
Estimated taxation on profit on ordinary activities (5,737) (3,932) (9,531)
Profit attributable to shareholders 15,450 10,630 26,718
Dividends paid - - (2,215)
Dividends proposed (2,556) (2,215) (4,601)
Retained profit 12,894 8,415 19,902
Earnings per share - basic and diluted 45.34 c 31.19 c 78.40 c
SEGMENTAL ANALYSIS
Turnover, including share of joint venture
Building and property development 77,600 53,877 125,245
Plant hire 10,390 10,529 21,153
Property rental 121 148 287
88,111 64,554 146,685
Less: share of joint venture (912) - -
Group Turnover 87,199 64,554 146,685
Net Assets, including share of joint venture
Building and property development 79,945 70,500 78,759
Plant hire 29,241 27,454 29,230
Property rental 802 637 821
109,988 98,591 108,810
Dividends proposed (2,556) (2,215) (4,601)
Investments 8 8 8
Cash at bank 45,831 32,573 38,656
153,271 128,957 142,873
GROUP BALANCE SHEET
Unaudited Unaudited Audited
31/10/2002 31/10/2001 30/04/2002
EUR'000 EUR'000 EUR'000
Fixed Assets 34,050 30,892 32,763
Investment in joint venture 546 - -
34,596 30,892 32,763
Current Assets
Stocks 123,380 103,955 113,989
Debtors 8,983 7,552 7,808
Other investments 8 8 8
Cash at bank and in hand 45,831 32,573 38,656
178,202 144,088 160,461
Creditors (amounts falling due within one year)
Trade and other creditors (58,779) (44,953) (49,586)
Net current assets 119,423 99,135 110,875
Total assets less current liabilities 154,019 130,027 143,638
Provisions for liabilities and charges
Deferred taxation (748) (1,070) (765)
153,271 128,957 142,873
Shareholders' Funds
Called up share capital 10,905 10,905 10,905
Share premium account 13,321 13,321 13,321
Revaluation reserve 5,167 2,806 5,462
Other reserves
Capital redemption reserve fund 1,478 1,478 1,478
Currency translation 7,588 10,203 9,976
Profit & loss account 114,812 90,244 101,731
153,271 128,957 142,873
Notes
1. The above summarised consolidated balance sheet and consolidated profit and
loss account do not constitute full accounts and except where indicated are
unaudited. Full accounts for the year ended 30 April 2002 which received an
unqualified report, have been filed with the Irish Registrar of Companies.
2. An interim dividend of 7.5 cent per share will be paid on 19th February 2003
to ordinary shareholders on the register at 17th January 2003.
3. A copy of this statement will be circulated to shareholders on Friday the
17th of January 2003. Copies are available to members of the public at the
company's registered office, 25/28 North Wall Quay, Dublin 1.
Unaudited 6 months ended Audited Year ended
31/10/2002 31/10/2001 30/04/2002
EUR'000 EUR'000 EUR'000
GROUP CASH FLOW STATEMENT
Net cash inflow from operating activities 20,860 8,824 25,698
Returns on Investment and Servicing of Finance 763 699 1,042
Corporation Tax Paid (4,482) (4,313) (10,745)
Capital Expenditure and Financial Investments
Purchase of tangible fixed assets (6,567) (6,276) (10,419)
Sale of tangible fixed assets 1,761 1,548 3,183
(4,806) (4,728) (7,236)
Equity Dividends Paid (4,601) (3,462) (5,677)
Net cash inflow (outflow) before use of liquid
resources 7,734 (2,980) 3,082
Management of liquid resources (10,093) 4,057 (504)
(Decrease) increase in cash (2,359) 1,077 2,578
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET FUNDS
(Decrease) increase in cash in the period (2,359) 1,077 2,578
Cash flow from increase (decrease) in liquid resources
10,093 (4,057) 504
Translation difference (559) 44 65
Movement in net funds in the period 7,175 (2,936) 3,147
Opening net funds 38,656 35,509 35,509
Closing net funds 45,831 32,573 38,656
RECONCILIATION OF OPERATING PROFIT TO
NET CASH INFLOW FROM OPERATING ACTIVITIES
Operating profit 19,741 13,863 35,207
Depreciation 2,894 3,638 7,294
Profit on disposal of tangible fixed assets (530) (537) (1,165)
Translation adjustment (902) (99) (88)
Increase in stocks (9,391) (10,081) (20,115)
Increase in debtors (1,172) (71) (328)
Increase in creditors 10,220 2,111 4,893
Net cash inflow from operating activities 20,860 8,824 25,698
Unaudited 6 months ended Audited Year ended
31/10/2002 31/10/2001 30/04/2002
EUR'000 EUR'000 EUR'000
STATEMENT OF TOTAL RECOGNISED
GAINS AND LOSSES
Group
Profit for the financial period 15,450 10,630 26,718
Unrealised revaluation surplus arising in period
- - 2,296
Exchange translation adjustment (2,496) (100) 33
Total recognised gains and losses
related to the period 12,954 10,530 29,047
RECONCILIATION OF MOVEMENTS IN
SHAREHOLDERS' FUNDS
Group
Profit for the financial period 15,450 10,630 26,718
Dividends (2,556) (2,215) (6,816)
Profit retained for the financial 12,894 8,415 19,902
period
Unrealised revaluation surplus arising in period
- - 2,296
Exchange translation adjustment (2,496) (100) 33
Net addition to shareholders' funds 10,398 8,315 22,231
Opening shareholders' funds 142,873 120,642 120,642
Closing shareholders' funds 153,271 128,957 142,873
- BOARD OF DIRECTORS -
Charles H. Gallagher M.A., MSc.
Brian R. Hawkins BSc (Eng)
Robert N. Kennedy BSc (Econ)
David A. Gallagher B.A., MSc.
Dennis A. Jackson
J. Roger Humber BSc (Econ), Hon D.Tech
John F. Hogan B.Comm, F.C.A.
Richard J. Shortt
- SECRETARY AND REGISTERED OFFICE -
David J. Dawson CA
25/28 North Wall Quay
Dublin 1
- FINANCIAL DIARY -
Interim Statement
9th January 2003
Interim Dividend Payment
19th February 2003
Preliminary Statement
July 2003
Annual Report
September 2003
Annual General Meeting
October 2003