Final Results
14 October 2003 - 5:00PM
UK Regulatory
RNS Number:8460Q
OEM PLC
14 October 2003
OEM plc
PRELIMINARY STATEMENT OF UNAUDITED 2003 RESULTS
STATEMENT BY THE CHAIRMAN
2003 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 2003 are pleasing. The profit after
taxation for the year was #523,000 (2002: #419,000). Earnings per share for the
year to 30 June 2003 was 6.55p (2002: 5.25p). Net assets at 30 June 2003
amounted to #5,044,000 (2002: #4,521,000) equivalent to 63.2p per share (2002:
56.6p). As I have explained before, the directors do not recommend the payment
of a dividend (2002: #nil).
Business Review
As I told you last year, the Northwich property is valued considerably in excess
of 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. During the year we did
acquire one property, being the building adjacent to our client's development in
Soho and around the corner from our office. Subsequent to the year-end we
acquired a building in Bloomsbury.
CI Registrars
Shareholders may have noticed that our registrars are now Northern Registrars,
who purchased CI Registrars during the year. John Wilkins at CI Registrars
looked after us for many years and has, consequent upon the sale, retired. It
is appropriate to thank him for all his efforts over the years and to wish him a
healthy and prosperous retirement.
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
Chairman
14 October 2003
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2003
2003 2002
#000 #000
Turnover 1,008 2,412
Cost of sales (3) (1,487)
Gross Profit 1,005 925
Administrative expenses (442) (491)
Other Operating income - -
Operating Profit 563 434
Net interest 184 160
Profit on Ordinary Activities before 747 594
Taxation
Tax on profit on ordinary activities (224) (175)
Profit on Ordinary 523 419
Activities after Taxation
Dividends - -
Retained Profit for the Year 523 419
Basic and Diluted Earnings per Ordinary
Share 6.55 p 5.25 p
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 2003
GROUP COMPANY
2003 2002 2003 2002
#000 #000 #000 #000
Fixed Assets
Tangible assets 13 22 13 22
Investments - - 305 743
13 22 318 765
Current Assets
Stocks 1,642 842 - -
Debtors 4,973 5,678 6,962 6,835
Cash at bank and in hand 129 9 129 8
6,744 6,529 7,091 6,843
Creditors (amounts falling
due within one year) (913) (1,160) (1,579) (2,231)
Net Current Assets 5,831 5,369 5,512 4,612
Total Assets less Current 5,844 5,391 5,830 5,377
Liabilities
Creditors (amounts falling (750) (810) (750) (810)
due after one year)
Provision for Liabilities (50) (60) (50) (60)
and Charges
Net Assets 5,044 4,521 5,030 4,507
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 - - 34 262
Profit and loss account 2,868 2,345 2,820 2,069
Equity Shareholders' Funds 5,044 4,521 5,030 4,507
GROUP CASH FLOW STATEMENT
for the year ended 30 June 2003
2003 2002
#000 #000 #000 #000
Net Cash Inflow (Outflow) from Operating 163 (606)
Activities
Returns on Investments
and Servicing of Finance
Interest paid (43) (50)
Interest received 227 184 210 160
347 (446)
Taxation - (13)
Capital Expenditure and Financial - (2)
Investment
Net Cash Inflow (Outflow) before 347 (461)
Financing
Financing
Repayment of bank loan (60) (250)
Increase (Decrease) in Cash in year 287 (711)
Reconciliation of net cash flow to movement
in net debt
Increase (Decrease) in cash in year 287 (711)
Cash outflow from decrease in debt 60 250
Reduction in net debt 347 461
Net (debt) at beginning of year (1,028) (567)
Net (debt) at end of year (681) (1,028)
NOTES:
1. The annual general meeting of the Company will be held at
10.30am on 12 December 2003 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 2003 or 30 June 2002, but
is derived from those accounts. Statutory accounts for 2002 have been delivered
to the Registrar of Companies in England and Wales, and those for 2003 will be
delivered following the Company's annual general meeting. The auditors have
reported on the 2002 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 2002
financial statements.
ENQUIRIES:
Brian Schneider OEM plc Tel: 020 7292 5940
This information is provided by RNS
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