Fieldens PLC - Interim Results
21 April 1999 - 11:03PM
UK Regulatory
RNS No 10e
FIELDENS PLC
21 April 1999
Interim results for the six months ended 31 December 1998
In the six months ended 31 December 1998 the Company made an unaudited profit
after taxation of #8,463 on turnover of #1,646,359 (six months ended 31
December 1997: unaudited loss after taxation of #30,909 on turnover of
#1,862,305). This is the first time since flotation that the Company has
reported a profit at the half way stage.
The Company's agricultural customer base continued to be cautious about
spending and this constrained demand for the main tyre and wheel products.
Turnover was 12 per cent. lower than the same period last year, but gross
margins improved further and indirect costs were reduced. The resulting
operating profit was enhanced by net interest receivable as the result of the
Company's improved cash position. The turnaround in the half year pre-tax
performance (from a loss of #38,758 to a profit of #17,907) represents an
improvement over last year of #56,665.
Stocks were again reduced as new tyre supplies became more freely available.
The exceptional debtor and creditor positions noted at the year end have
resolved into a more typical pattern and the net cash balances have been
maintained.
The second half of the year is normally busier than the first half and that
pattern looks set to repeat this year. With a good start in the first half,
the prospects for an improvement in operating profits over the whole year are
encouraging.
We have been actively engaged in seeking out and evaluating acquisition
opportunities in the last few months. While a number of possible businesses
have been studied, we have yet to find the right combination of strategic
business potential, availability and value. The search continues unabated.
D C Bonham
Enquiries:
Andrew Arends Fieldens 0171 581 5528
Graham Shore Shore Capital 0171 734 7293
FIELDENS PLC
PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTH ENDED ENDED 31 DECEMBER 1998
Six months ended Six months ended Year ended
31 December 1998 31 December 1997 30 June 1998
(Unaudited) (Unaudited) (Audited)
# # #
Sales 1,646,359 1,862,305 3,928,217
Cost of sales 1,329,059 1,567,983 3,254,020
Gross profit 317,300 294,322 674,197
Distribution costs 141,366 169,193 334,360
Administrative expenses 165,982 155,558 296,921
Operating profit/(loss) 9,952 (30,429) 42,916
Other interest receivable
and similar income 10,687 310 4,332
Interest payable
and similar charges (2,732) (8,639) (10,569)
Profit/(loss on ordinary
activities before taxation 17,907 (38,758) 36,679
Taxation (9,444) 7,849 (8,925)
Profit/(loss) on ordinary
activities after taxation 8,463 (30,909) 27,754
Dividends 0 0 (500)
Retained profit/(loss)
for the period 8,463 (30,909) 27,254
Earnings/(loss) per share 0.17p (0.62)p 0.55p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than the (loss)/profit for the
period.
BALANCE SHEET AS AT
31 DECEMBER 1998
31 December 1998 31 December 1997 30 June 1998
(Unaudited) (Unaudited) (Audited)
# # # # # #
Fixed assets 571,203 594,633 586,671
Current assets
Stock 681,262 859,454 850,099
Debtors 296,147 396,025 584,890
Cash at bank 367,789 1,250 341,702
and in hand
1,345,198 1,256,729 1,776,691
Creditors:
amounts falling due
within one year (465,240) (461,525) (919,720)
Net current assets 879,958 795,204 856,971
Total assets
less current liabilities 1,451,161 1,389,837 1,443,642
Creditors: amounts falling
due after more than one year 0 (4,420) (288)
Provision for liabilities
and charges (1,148) (2,030) (1,804)
Net assets 1,450,013 1,383,387 1,441,550
Capital and reserves
Called up share capital 252,500 300,000 300,000
Capital redemption reserve 47,500 0 0
Share premium account 799,195 799,195 799,195
Profit and loss account 350,818 284,192 342,355
Shareholders' funds
including non-equity
interests) 1,450,013 1,383,387 1,441,550
NOTES:
The interim results to 31 December 1998, which are unaudited, have been
prepared in accordance with the accounting policies adopted in the accounts
for the year ended 30 June 1998.
The information set out in the interim report does not constitute annual
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year to 30 June 1998 are extracts from the published accounts
for that period which were audited and reported on without qualification and
have been delivered to the Registrar of Companies.
Earnings/(loss) per share is calculated by dividing the profit/(loss) for the
period by the 5,000,000 ordinary shares in issue at each period end.
Copies of this announcement (which will be posted to shareholders shortly) are
available from the Company at Starhouse, Onehouse, Stowmarket, Suffolk IP14
3EL.
END
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