Interim Results
31 March 2007 - 3:36AM
UK Regulatory
RNS Number:1639U
OEM PLC
30 March 2007
OEM plc FINAL INTERIM RESULTS
For the six months ended 31st December 2006
The profit after taxation for the six months to 31 December 2006 was #86,000
(2005 #1,000). The interim financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS).
During the period the company has incurred reasonable operating overheads partly
offset by interest income, and we are continuing to look for further development
opportunities on behalf of both the company and our clients.
With regard to the legal action against the estate of the late Brian Schneider,
our previous chief executive, and other parties, I am pleased to report that we
have received a further sum of #214,000 in settlement of our claim.
The company is continuing to pursue redress through the courts but any further
success cannot, of course, be guaranteed and please be aware that the company
may not fully recover its losses.
We do not recommend the payment of any dividend.
I believe that there are some exciting projects awaiting the company and I have
every confidence in the future.
Robert P B Noonan 30 March 2007
OEM PLC INTERIM RESULT FOR THE SIX MONTHS ENDING 31 DECEMBER 2006
Summary Consolidated Income Statememt
Audited Unaudited Unaudited
year to 6 months to 6 months to
30 June 31 December 31 December
2006 2006 2005
#000 #000 #000
Continuing Operations
57 Revenue 15 20
(28) Cost of sales (10) (9)
29 Gross Profit 5 11
(567) Administrative expenses (248) (294)
Other operating expenses
1,225 Exceptional item 214 200
687 Profit (Loss) from operations (29) (83)
273 Investment income 147 136
(100) Finance Costs (32) (52)
860 Profit (Loss) before tax 86 1
Tax
860 Profit (Loss) for 86 1
period
10.77 p Earnings (Loss) per share 1.08 p 0.01
(4.57) p Earnings (Loss) per share (1.60) p (2.50)
(before exceptional costs)
Summary Consolidated Cash Flow Statement
Audited Unaudited Unaudited
year to 6 months to 6 months to
30 June 31 December 31 December
2006 2006 2005
687 Operating profit (loss) (29) (83)
1 Depreciation
(14) Movement in provisions (6) (6)
(1,035) Decrease (increase) in debtors 571 (182)
454 Increase in creditors 174 213
93 Net cash from operating 710 (58)
activities
Investing activities
(100) Interest paid (32) (52)
273 Interest received 147 136
Purchases of equipment (3) 0
(40) Purchase of unlisted
investments
133 Net cash from investing 112 84
activities
Financing activities
600 New bank loan raised
(719) (Decrease) in bank (760) (76)
overdrafts
(119) Net cash (used) in (760) (76)
financing activities
107 Net increase (decrease) in cash 62 (50)
75 Cash at beginning of period 182 75
182 Cash at end of period 244 25
Summary Consolidated Balance sheet
Audited Unaudited Unaudited
30 June 31 December 31 December
2006 2006 2005
#000 #000 #000
Assets
Non current assets
1 Property, plant & equip 4 2
40 Unlisted investments 40 0
3,673 Long term debts 3,820 3,537
3,714 3,864 3,539
Current assets
800 Inventories 800 800
1,944 Trade and other receivables 1,226 1,227
182 Cash 244 25
2,926 2,270 2,052
6,640 Total Assets 6,134 5,591
Equity & liabilities
Capital & reserves
(1,996) Share Capital (1,996) (1,996)
(11) Capital Redemption Reserve (11) (11)
(169) Merger reserve (169) (169)
1,296 Profit & Loss Account 1,211 2,154
(880) Total Equity (966) (22)
Non current liabilities
(2,334) Creditors (2,353) (2,343)
(13) Provision for liabs & charges (7) (20)
(2,347) (2,360) (2,363)
Current
liabilities
(2,058) Creditors (2,213) (1,808)
(1,355) Overdraft (595) (1,398)
(3,413) (2,808) (3,206)
(5,760) Total liabilities (5,168) (5,569)
(6,640) Total Equity & liabilities (6,134) (5,591)
Notes
1 The interim financial statements have been prepared on the
basis of the accounting policies set out in the Group's 2006
statutory accounts.
2 Basic earnings (loss) per share are calculated by dividing the
profit (loss) on ordinary activities after taxation by 7,985,793
being the number of ordinary shares in issue throughout this
half year, the prior year and half year.
3 The results for the year ended 30 June 2006 are an abridged
version of the Group's statutory accounts for that period which
received an unqualified auditors report and have been filed with
the Registrar of Companies.
4 Within the current year's figure is an amount of #214,000
received from one of the parties against whom OEM plc has taken
legal action to recover unauthorised amounts paid by
Mr Schneider. Previous Chaiman's statements have outlined the
Company's position concerning Mr Schneider.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKKKBOBKD
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