The first results of door manufacturer Vista Group show a strong performance by the new Plc, which has been admitted to the Alternative Investment Market. The Group has chosen not to pay a dividend at this stage, but promises further growth due to new investment and personnel changes effective for only a short time of the period covered by the results.
This leading door panel and composite door manufacturer has published two sets of figures, audited preliminary results for the period 8 July 2003-1 January 2004, and unaudited pro forma figures for the year ended 1 January 2004.

The unaudited figures show that profit before tax rose by 30.2% to £1.068 million (2002: £820,000) on turnover that increased by 16.9% to £7.477m (2002: £6.397m). Earnings per share, based on the total number of shares at the time of flotation, increased by 29.7% to 4.8p (2002: 3.7p). 77,000 doors panels were produced (2002: 71,000).

Vista Group plc was incorporated as Readymatch Limited on 8 July 2003 and reregistered as a public limited company on 21 October 2003. On 13 November 2003 Readymatch plc acquired the entire issued share capital of Vista Panels Limited from Home Doors (GB) Limited, a member of the BHD Group and, on 18 December 2003, the Group then changed its name to Vista Group plc.

Because the Group has only existed since 13 November 2003, both sets of results do not reflect the performance of the Group. A new management team, which includes Operations Director Paul Bird (ex-Sash and Laminate Supplies), had only been on board for the last six weeks of 2003. Machinery ordered since the year end includes two new diamond bead glue presses and six pneumatic presses, which should further improve the gross margin.

Unusually, Vista offers both PVC and GRP composite doors. 'We were always known as a door panel company but the composite door side has opened up new avenues for us', said Chief Executive Keith Sadler about the move to higher margin products. The company has over 400 customers, including a two year agreement with BHD, and is making inroads into the local authority and export markets.

Vista is confident of another excellent year, with sales already up by 17.7% in the first quarter, and recent orders encouraging. Acquisitions in the window industry are also a possibility.

Source

Glass Age