Interim Results
28 March 2002 - 11:57PM
UK Regulatory
RNS Number:7816T
OEM PLC
28 March 2002
OEM plc
Interim Accounts
This time last year we arranged a share buy back such that any shareholder could
sell up to 1,000 shares to the Company free of dealing cost. We have considered
repeating the exercise, but given the costs of the exercise and the absence of
any groundswell of demand from principally our smaller shareholders, we have
decided not to repeat it at this juncture. However, it is something we shall
keep under constant review. We would welcome the views of shareholders on this
and any other matters of interest.
As I wrote to you in November, during the six months under review we disposed of
our property at Horsham and the bulk of turnover and profit reflects that sale.
It will be recalled that we participate in any profit arising on the sale of our
former property in Stafford and that we continue to advise on this property.
Last year, a conditional sale subject to planning and a letting was arranged.
This would have yielded a useful profit. The planning consent was achieved but,
unfortunately, the letting fell through. Such is the property business! Our
clients are actively seeking fresh tenants for this property.
This month, we achieved for clients a planning consent for a mixed residential
(including affordable housing) / retail /office development in Central London.
This will be a major new scheme, assisting in the revitalising of Soho, in which
we have a continuing interest. However, given the location of the development
the downside is that, before too long, we shall probably have to move offices
again.
As usual we do not recommend the payment of any dividend. As ever, the outcome
for the full year is driven by the timing of the various transactions we
undertake.
Robert P.B. Noonan
28 March 2002
OEM plc
INTERIM RESULTS
Group profit and loss account
Audited Unaudited Unaudited
year to 6 months to 6 months to
30 June 31 December 31 December
2001 2001 2000
£000 £000 £000
868 Turnover 2,345 557
_______ _______ _______
267 Operating Profit 592 338
5 Interest net (40) (5)
_______ _______ _______
272 Profit on ordinary 552 333
activities
before taxation
(25) Taxation (165) (40)
_______ _______ _______
247 Profit on ordinary 387 293
activities
after taxation
- Dividends - -
_______ _______ _______
Retained Profit
247 387 293
_______ _______ _______
3.08p Earnings per 25p ordinary share 4.85p 3.65p
Notes
1. The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group's 2001 statutory accounts.
2. Taxation has been provided for at the effective rate estimated to be charged
for the full year.
3. Basic earnings per share are calculated by dividing the profit on ordinary
activities after taxation by 7,985,793, being the number of ordinary shares in
issue throughout this half year and by 8,020,316 and 8,027,220 being the weighted
average number of shares in issue in the prior year and half year respectively
4. The results for the year ended 30 June 2001 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
Summary group balance sheet
Audited Unaudited Unaudited
30 June 31 December 31 December
2001 2001 2000
£000 £000 £000
29 Fixed assets 25 4
Current assets
2,320 Stocks 843 2,422
3,240 Debtors 5,466 3,405
553 Cash at bank 2 21
_______ _______ _______
6,113 6,311 5,848
(1,000) Creditors - due (1,027) (591)
within one year
_______ _______ _______
5,113 Net current assets 5,284 5,257
(1,040) Creditors - due after (820) (1,100)
one year
_______ _______ _______
Net assets
4,102 4,489 4,161
_______ _______ _______
1,996 Share capital 1,996 2,007
180 Share premium & other 180 169
reserves
1,926 Profit and loss 2,313 1,985
account
_______ _______ _______
4,102 4,489 4,161
_______ _______ _______
Summary group cash flow
statement
Audited Unaudited Unaudited
year to six months to six months to
30 June 31 December 31 December
2001 2001 2000
£000 £000 £000
201 Operating cash inflow/ (309) (435)
(outflow)
5 Returns on investments (40) (5)
(11) Investing activities 0 26
(13) Financing activities (220) (20)
_______ _______ _______
182 Increase / (decrease) in (569) (434)
cash
_______ _______ _______
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