UK-based Jarvis Porter Group PLC returned to profit in the year to 28 February 2004 with a pretax figure of GBP 1.2 million compared with the year-earlier loss of GBP 1.6 million.
The board said 2003…
UK-based Jarvis Porter Group PLC returned to profit in the year to 28 February 2004 with a pretax figure of GBP 1.2 million compared with the year-earlier loss of GBP 1.6 million. The board said 2003 was a landmark year for the group, as it entered the building products sector through the acquisition of Darby Group PLC, a specialist processor of glass for the construction industry and related markets, which the board says has good prospects for future growth. Non-executive chairman Christopher Mills said the acquisition of Darby Group during the year had proven to be extremely positive and the board was confident in the medium and long term prospects of the business as it continued to seek further opportunities to increase shareholder value. Turnover for the year was GBP 18.7 million, up from zero, on which an operating profit of GBP 0.9 million, compared with a restated loss of GBP 0.6 million, was generated, as a result of a ten month contribution of GBP 1.1 million from Darby Group. Darby Group“s turnover increased 5.7% for the twelve months to February 2004, largely due to the performance of its Glazing Products operations. Jarvis Porter Group said it had no net borrowings, with total net funds at the year end of GBP 5.3 million available for further investment opportunities. Net asset value per share was GBP 0.108, up from a restated GBP 0.043 in 2003, although when excluding the pension liability this was GBP 0.213, up from a restated GBP 0.196. The board were unable to recommend a final dividend and said they would not be able to do so until sufficient distributable reserves are in place. Regarding outlook, Mills said market conditions at the beginning of the new year remained challenging. The marketplace for Darby Group“s Glazing Products operation is “extremely competitive“, with some pressure on margins as competitors strive to retain market share. Darby Group“s Pro-Glass Division, serving the street furniture, architectural and industrial sectors with bent, tempered, laminated, coated, and decorated glass, is not expected to show any growth in the current year. Nevertheless, the board said it believed that the acquisition of Darby Group had proven to be extremely positive.