Interim Results
21 March 2003 - 6:00PM
UK Regulatory
RNS Number:0274J
OEM PLC
21 March 2003
Interim Accounts
The last six months have been relatively quiet. As noted in my last Chairman's
statement our client concluded the sale of its land at Stafford. Our share of
that profit contributes the greater part of our revenues in these six months.
We continue to hold the site in Northwich. Our view has always been that the
time to move it on was once the ground stabilisation works in the town are under
way or, indeed, completed. This draws ever closer. However, at present we have
no competing need for the capital and are happy with the situation.
We consider that the apparent weakening of the commercial property market,
certainly in London, may well afford buying opportunities in the coming months
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 21 March 2003
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
2002 2002 2001
#000 #000 #000
2,412 Turnover 467 2,345
------ ------ -------
434 Operating Profit 236 592
160 Interest net 89 (40)
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594 Profit on ordinary activities 323 552
before taxation
(175) Taxation (97) (165)
------ ------ -------
419 Profit on ordinary activities 226 387
after taxation
- Dividends - -
------ ------ -------
419 Retained Profit 226 387
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5.25p Earnings per 25p ordinary share 2.83p 4.85p
Notes
1 The interim financial statements have been prepared on the basis of
the accounting policies set out in the Group's 2002 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, the prior year
and half year.
4 The results for the year ended 30 June 2002 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
2002 2002 2001
#000 #000 #000
22 Fixed assets 17 25
Current assets
----- ------ -------
842 Stocks 842 843
5,678 Debtors 4,386 5,466
9 Cash at bank 1,358 2
----- ------ -------
6,529 6,586 6,311
(1,160) Creditors - due within one year (1,016) (1,027)
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5,369 Net current assets 5,570 5,284
(810) Creditors - due after one year (780) (820))
(60) Provisions for liabilities and charges (60) -
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4,521 Net assets 4,747 4,489
----- ------ -------
1,996 Share capital 1,996 1,996
180 Share premium & other reserves 180 180
2,345 Profit and loss account 2,571 2,313
----- ------ -------
4,521 4,747 4,489
----- ------ -------
Summary group cash flow statement
Audited Unaudited Unaudited
year to six months to six months to
30 June 31 December 31 December
2002 2002 2001
#000 #000 #000
(606) Operating cash inflow/(outflow) 1,427 (309)
160 Returns on investments 89 (40)
(2) Investing activities - -
- Financing activities - (220)
----- ------ -------
(461) Increase / (decrease) in cash 1,516 (569)
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