Final Results
17 October 2002 - 10:20PM
UK Regulatory
RNS Number:6217C
OEM PLC
17 October 2002
OEM plc
17 October 2002
Preliminary Statement of Unaudited 2002 Results
STATEMENT BY THE CHAIRMAN
2002 Results
Looking back over the reports I have written as Chairman of OEM, I see I have
continually stressed the difficulty, inherent in property trading, of predicting
when transactions will complete. This point should always be borne in mind when
considering our results.
The results for the year to 30 June 2002 are broadly satisfactory. The profit
after taxation for the year was #419,000 (2001: #247,000). Earnings per share
for the year to 30 June 2002 was 5.25p (2001: 3.08p). Net assets at 30 June
2002 amounted to #4,521,000 (2001: #4,102,000) equivalent to 56.6p per share
(2001: 51.4p). As I have explained before, the directors do not recommend the
payment of a dividend (2001: #nil).
Business Review
I wrote to you in March about the sale of our Horsham property. It is this sale
that provides the bulk of turnover and profit in these accounts. I also told
you of our tribulations over the property at Stafford. Last month, our clients
exchanged contracts for the sale of the property. Our profit share will make a
useful contribution to the current year's outcome. Much of our work so far this
year has been connected with the mixed residential (including affordable
housing) /retail / office development scheme in Soho, which I told you about in
March. This will undoubtedly occupy us for some time to come. We have also
been busy for clients on a wide range of other assignments. As I told you last
year, the Northwich property is valued considerably in excess of cost. Indeed
the financing we have secured on it, is for more than its cost.
There has been much talk in the Press about the overheated state of the property
market. Certainly, we find it difficult to find projects that we feel will give
us the returns we need. We hope to be able to acquire properties at more
attractive prices over the next year or so.
Shareholder relations
As you will know we have not repeated the share buy-back exercise. I explained
at the interim stage why this was so and invited shareholders to let us have
their views on this subject (and, indeed, any other). I regret that not a
single shareholder, apart from the principal shareholders with whom we
inevitably have a closer dialogue, has been in touch.
Future of the Company
Looking to the future, we continue actively to seek property or corporate
situations, (whether for our own account, as joint ventures or managed for third
parties) where our low-risk strategy coupled to our expertise may be deployed.
Our objective remains to continue to invest in property related opportunities as
the way of building up net assets, earnings and consequently shareholder value,
but with minimal financial risk.
Robert P B Noonan
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2002
2002 2001
#000 #000
Turnover 2,412 868
Cost of sales (1,487) (145)
Gross Profit 925 723
Administrative expenses (491) (509)
Other Operating income - 53
Operating Profit 434 267
Net interest 160 5
Profit on Ordinary Activities before 594 272
Taxation
Tax on profit on ordinary activities (175) (25)
Profit on Ordinary 419 247
Activities after Taxation
Dividends - -
Retained Profit 419 247
for the Year
Basic Diluted Earnings per 5.25 p 3.08 p
Ordinary Share
No separate Statement of Total Recognised Gains and Losses has been presented.
All such gains and losses have been dealt with in the Group Profit and Loss
Account.
Turnover and operating profit all derive from continuing operations.
BALANCE SHEETS
as at 30 June 2002
Group Company
2002 2001 2002 2001
#000 #000 #000 #000
Fixed Assets
Tangible assets 22 29 22 29
Investments - - 743 743
22 29 765 772
Current Assets
Stocks 842 2,320 - -
Debtors 5,678 3,240 6,835 5,800
Cash at bank and in hand 9 553 8 552
6,529 6,113 6,843 6,352
Creditors (amounts falling
due within one year) (1,160) (1,000) (2,231) (1,982)
Net Current Assets 5,369 5,113 4,612 4,370
Total Assets less Current 5,391 5,142 5,377 5,142
Liabilities
Creditors (amounts falling (810) (1,040) (810) (1,040)
due after one year)
Provisions for Liabilities (60) - (60) -
and Charges
Net Assets 4,521 4,102 4,507 4,102
Capital and Reserves
Called up share capital 1,996 1,996 1,996 1,996
Capital Redemption Reseve 11 11 11 11
Merger Reserve 169 169 169 169
Revaluation reserve - - 262 262
Profit and loss account 2,345 1,926 2,069 1,664
Equity Shareholders' Funds 4,521 4,102 4,507 4,102
GROUP Cash Flow Statement
for the year ended 30 June 2002
2002 2001
#000 #000 #000 #000
Net Cash (Outflow) Inflow from Operating (606) 201
Activities
Returns on Investments
and Servicing of Finance
Interest paid (50) (97)
Interest received 210 160 102 5
(446) 206
Taxation (13) -
Capital Expenditure and Financial (2) (11)
Investment
Financing - (13)
(Decrease) Increase in Cash in year (461) 182
Reconciliation of net cash flow to movement
in net debt
(Decrease) Increase in cash in year (461) 182
Net (debt) at beginning of year (567) (749)
Net (debt) at end of year (1,028) (567)
NOTES:
1. The annual general meeting of the Company will be held at 10.30am
on 29 November 2002 at 14 - 18 Ham Yard, London, W1D 7DT.
2. The financial information set out above does not constitute the
Group's statutory accounts for the years ended 30 June 2002 or 30 June 2001, but
is derived from those accounts. Statutory accounts for 2001 have been delivered
to the Registrar of Companies in England and Wales, and those for 2002 will be
delivered following the Company's annual general meeting. The auditors have
reported on the 2001 accounts: their report was unqualified and did not contain
statements under section 237(2) or (3) of the Companies Act 1985.
3 The figures included in this preliminary announcement have been
prepared on the basis of the accounting policies set out in the 30 June 2001
financial statements.
ENQUIRIES:
Brian Schneider
OEM plc Tel: 020 7292 5940
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR MRBTTMMBBBFT
OEM Plc (LSE:OEM)
Historical Stock Chart
From Jun 2024 to Jul 2024
OEM Plc (LSE:OEM)
Historical Stock Chart
From Jul 2023 to Jul 2024
