RNS Number:4524T
MOS International PLC
19 December 2003
MOS INTERNATIONAL PLC
Interim Results
For the Period ended 30th September 2003
MOS International PLC ("MOS"), the oilfield services company, announces its
Interim Results for the period ended 30th September 2003.
Key highlights:
* Pre-tax loss significantly reduced
loss for the period (#10,793); 2002 H1 loss (#747,195)
* Turnover increased 45% to #1.84m; 2002 H1 #1.26m
* Operating profit #2,368; 2002 H1 loss (#732,198)
Chairman's Statement
Due to the fact that we have only recently issued the Preliminary Results and a
Trading Statement is to be made at today's EGM, both of which outline the
prospects for the business and bring shareholders up-to-date with the progress
made in returning MOS to profitability, in this statement I would just like to
apologise to shareholders for the late filing of the annual accounts, which led
to the recent suspension of the shares, and to assure them that under my
Chairmanship this will not be allowed to happen again.
I accepted the position of Chairman in November and found a management team that
was determined to rebuild the business. Significant progress in turning the
business around had already been made, which the Interim Results confirm, and
this has continued.
I would like to thank the shareholders for their continued support and to assure
them that the Board will do everything within their power to ensure that the
fortunes of MOS are restored.
The EGM statement will be issued to the Stock Exchange later today.
19th December 2003
ENQUIRIES:
MOS International plc Tel: 01274 531862
Philip Wood, Chairman
Bankside Consultants Tel: 020 7444 4140
Michael Padley/Susan Scott
MOS INTERNATIONAL PLC
CONSOLIDATED PROFIT AND LOSS
ACCOUNT
for the six months ended 30th
September 2003
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 Sept 2003 30 Sept 2002 31 March 2003
Turnover 1,840,899 1,262,241 3,331,052
Cost of sales 1,028,636 850,593 2,123,632
----------- --------- -----------
Gross profit 812,263 411,648 1,207,420
Administrative expenses 809,895 1,143,846 2,234,655
--------- ----------- -----------
Operating profit/(loss) 2,368 (732,198) (1,027,235)
Amounts written off investments 0 0 667,833
Interest payable less interest
receivable 13,161 14,997 41,765
-------- -------- --------
Loss on ordinary activities
before taxation (10,793) (747,195) (1,736,833)
Taxation 0 0 19,637
--------- ---------- -----------
Retained loss for the period (10,793) (747,195) (1,756,470)
--------- ---------- -----------
Loss per Ordinary share: Pence Pence Pence
basic (0.003) (0.29) (0.69)
diluted (0.003) (0.29) (0.69)
MOS INTERNATIONAL PLC
CONSOLIDATED BALANCE SHEET
as at 30th September 2003
Unaudited Unaudited Audited
six months six months year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
Fixed assets
Intangible assets 0 63,233 0
Tangible Assets 90,486 110,515 103,010
Investments 0 0 172,500
-------- -------- -------
90,486 173,748 275,510
Current assets
Stocks 210,000 480,000 253,462
Debtors 483,437 473,061 664,298
Cash at bank and in hand 118,813 317,100 370,890
------- --------- ---------
812,250 1,270,161 1,288,650
Creditors: Amounts falling due
within one year (1,802,980) (2,020,885) (2,453,611)
----------- ----------- -----------
Net current assets (990,730) (750,724) (1,164,961)
---------- ---------- -----------
Total assets less current
liabilities (900,244) (576,976) (889,451)
--------- --------- ---------
Creditors: Amounts falling due
after more than one year 0 53,200 0
---------- ---------- ---------
Net assets (900,244) (630,176) (889,451)
---------- ---------- ---------
Capital and reserves
Called up share capital 88,503 63,503 88,503
Share premium account 1,234,821 509,821 1,234,821
Other capital reserve 15,101 15,101 15,101
Profit and loss account (2,238,669) (1,218,601) (2,227,876)
----------- ----------- ----------
Shareholders' funds (900,244) (630,176) (889,451)
----------- ----------- ----------
MOS INTERNATIONAL PLC
CONSOLIDATED CASH FLOW
for the six months ended 30th
September 2003
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 September 30 September 31 March
2003 2002 2003
Cash flow from operating activities (112,204) (29,116) 96,866
Returns on investments and
servicing of finance:
Sale of investment 172,500 0 0
Interest paid (15,810) (19,555) (55,949)
Interest received 2,649 4,558 14,184
Taxation 0 0 (87,200)
Capital expenditure (1,300) 0 (7,832)
Cash inflow/(outflow) before
financing 45,835 (44,113) (39,931)
Financing 0 0 312
-------- -------- --------
Increase/(decrease) in cash in the
period 45,835 (44,113) (39,619)
-------- -------- --------
MOS INTERNATIONAL PLC
NOTES TO THE CONSOLIDATED CASH FLOW
STATEMENT
Unaudited Unaudited
six months six months Audited
ended ended year ended
30 September 30 September 31 March
2003 2002 2003
Reconciliation of operating profit
to net cash flow from operating
activities
Operating profit/(loss) 2,368 (732,198) (1,027,235)
Depreciation and amortisation charges 13,824 45,090 33,427
Profit on sale of fixed assets 0 100 0
Decrease/(increase) in stocks 43,462 (224,675) 1,863
Decrease /(increase) in debtors 175,720 1,271,011 1,060,137
Increase/(decrease) in creditors (347,578) (388,444) 28,674
--------- --------- -------
(112,204) (29,116) 96,866
--------- --------- -------
Reconciliation of net cash flow to
movement in net debt
Increase/(decrease) in cash in the
period 45,835 (44,113) (39,619)
------ ------- ------
Movement in net debt in period 45,835 (44,113) (39,619)
Net debt at beginning of period (326,274) (286,655) (286,655)
-------- ---------- ---------
Net debt at end of period (280,439) (330,768) (326,274)
--------- ---------- ---------
Reconciliation of movements in
shareholders' funds
Loss for the financial period (10,793) (747,195) (1,756,470)
Issue of equity shares 0 312 750,312
Opening shareholders funds (889,451) 116,707 116,707
---------- --------- ---------
Closing shareholders' funds (900,244) (630,176) (889,451)
---------- --------- ---------
NOTES TO THE INTERIM REPORT
For the six months ended 30 September 2003
1) Accounting policies
The interim report has been prepared on a basis consistent with the
policies adopted in the Annual Report and Accounts for the year ended 31
March 2003.
The interim report has been approved by a duly appointed committee of the
Board of Directors and is unaudited. The auditors have not carried out a
review of the interim report.
The interim report does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985. The information for the
year ended 31 March 2003 has been extracted from the statutory accounts to
that date which have been delivered to the Registrar of Companies.
2) Dividend
No dividend is proposed to be paid in respect of the period.
Further copies of this interim announcement are available from the
company's registered office at: Unit E, Shipley Wharf, Wharf Street,
Shipley BD17 7DW
This information is provided by RNS
The company news service from the London Stock Exchange
END
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