Interim Results
11 February 2005 - 4:21AM
UK Regulatory
RNS Number:4862I
Poole Investments PLC
10 February 2005
POOLE INVESTMENTS PLC (formerly Pilkington's Tiles Group plc)
INTERIM REPORT 2004
Financial highlights
6 months to 6 months to 14 months to
30 November 30 September 2003 31 May
2004 (Unaudited) 2004
(Unaudited) (Audited)
Sales (#'000) - 15,353 35,120
Gross property income (#'000) 169 - -
Operating profit/(loss) after
exceptional items (#'000) 133 (391) (1,089)
Profit/(loss) before tax (#'000) 10 (599) (38,886)
Earnings/(loss) per share (p.) 0.00 (0.23) (20.76)
Operational results
Since the disposal of the former operating businesses of the Company, the Board
have focused efforts on achieving the strategy as set out in the Report and
Accounts for the year ended 31 May 2004 which is to maximise the potential of
our assets and their impact on realisable shareholder value. Attention has been
given to minimizing day to day costs in order that the Company's rental income
cover these and finance costs. The results for the six months to 30 November
2004 reflect these endeavours.
In preparing the accounts for the year to 31 May 2004 provision was made for
various outstanding costs arising from the disposal of the former operating
businesses. Most of these costs have now been paid. In addition the Board
decided to take out warranty insurance and this has been done again within the
provision made in the accounts.
Name change
Following the passing of all resolutions proposed at the AGM the Company's name
has been changed from Pilkington's Tiles Group plc to Poole Investments plc.
Disposal Process
On 15 July 2004 an announcement was made that the Board would seek an offer for
the Company. This followed the expression of interest made by a number of
parties to purchase the Company's freehold land. It was decided that the land
should not be sold at that time but instead that offers for the Company would be
invited. This was thought to be a better option for shareholders as well as
prospective purchasers. A number of parties pursued an interest and some
considerable time was spent following these up. In the absence of a proposal
that they think they could recommend to shareholders the Board has now put an
end to that process.
Land in Hamworthy
The Company's only significant asset is a 9.5 acre plot of land in Hamworthy
which currently provides rental income. This land forms part of the area within
the Poole "Full Sail Ahead" regeneration scheme. Poole Council has submitted a
Transport and Works Act Order seeking permission to build the "Twin Sails Bridge
". The Company and its advisers have continued to consult with the local
authority and, as appropriate, other interested parties and intend to progress
the preparation of a planning application.
H A (Tony) Palmer
Chairman
10 February 2005
Interim results
Unaudited Group Profit & Loss Account for the six months ended 30 November 2004
Note 6 months to 6 months to 14 months to
30 November 2004 30 September 31 May
2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Gross income
-property income 169 - -
-sales discontinued operations - 15,353 35,120
2 169 15,353 35,120
Operating Profit/(loss) before exceptional costs
-ongoing operations 133 - -
-discontinued operations - (391) (1,089)
Exceptional costs
-loss on sale or closure of discontinued - - (37,331)
operations
Operating profit/(loss) for the period
-ongoing operations 133 - -
-discontinued operations - (391) (38,420)
133 (391) (38,420)
Interest (123) (208) (466)
Profit/(loss) on ordinary activities before taxation 10 (599) (38,886)
Taxation 3 - 180 484
Profit/(loss) after tax 10 (419) (38,402)
Dividends on ordinary shares
-interim 4 - - -
-final - -
-
Profit/(loss) transferred to reserves 10 (419) (38,402)
Earnings/(loss) per ordinary share
-basic 5 0.00p (0.23)p (20.76p)
-diluted 5 0.00p (0.23)p (20.76p)
Group Statement of Total Recognised Gains and Losses for the six months ended 30 November 2004
6 months to 6 months to 14 months to
30 November 30 September 31 May
2004 2003 2004
Unaudited Unaudited Audited
#'000 #'000 #'000
Profit/(loss) for the period 10 (419) (38,402)
Revaluation of land & buildings - 1,140 2,640
Total recognised gains and losses relating to the 10 721 (35,762)
period
Reconciliation of shareholders' funds
Total recognised gains and losses 10 721 (35,762)
Goodwill reinstated on disposal of subsidiaries - - 25,227
Shareholders' funds at 1 June/1 April 1,703 12,238 12,238
Shareholders' funds at 30 November/30 September/31 May 1,713 12,959 1,703
Summarised Group Statement of Cash Flows for the six months ended 30 November 2004
6 months to 6 months to 14 months to
30 November 30 September 31 May
2004 2003 2004
(Unaudited) Unaudited) (Audited)
#'000 #'000 #'000
Cash inflow/(outflow) from operating activities 1 801 (348)
Returns on investments and servicing of finance (111) (239) (466)
Tax paid - (4) (12)
Capital expenditure:
payments to acquire tangible fixed assets - (116) (236)
receipts from sales of tangible fixed assets - 38 31
Net overdraft transferred with subsidiaries sold - - 2,180
Financing:
repayment of capital elements of finance lease - (150) (202)
rentals
new bank loans - - 4,290
repayment of bank loans - (500) (3,313)
(Decrease)/increase in cash (110) (170) 1,924
Unaudited Consolidated Balance Sheet as at 30 November 2004
As at As at As at
30 November 30 September 31 May
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Intangible assets - 764 -
Tangible assets 4,750 15,338 4,750
4,750 16,102 4,750
Current Assets
Stocks - 4,917 -
Debtors 168 4,741 342
Cash at bank and in hand 155 1 265
323 9,659 607
Creditors: amounts falling due (248) (10,642) (660)
within one year
Net current assets/(liabilities) 75 (983) (53)
Total assets less current liabilities 4,825 15,119 4,697
Creditors: amounts falling due after (3,112) (1,840) (2,994)
more than one year
Provisions for liabilities and charges - (320) -
Net Assets 1,713 12,959 1,703
Capital and reserves
Called up share capital 9,247 9,247 9,247
Revaluation reserve 3,790 2,721 3,790
Special reserve 13,130 13,130 13,130
Merger reserve - (1,001) -
Profit and loss account (24,454) (11,138) (24,464)
Equity shareholders' funds 1,713 12,959 1,703
Reconciliation of net cash flow to movement in net debt
for the six months ended 30 November 2004
6 months to 6 months to 14 months to
30 November 30 September 31 May
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
(Decrease)/increase in cash (110) (170) 1,924
Repayment of capital elements of finance lease rentals - 150 202
Cash inflow/(outflow) from new bank loans - - (4,290)
Cash outflow from repayment of bank loans - 500 3,313
Change in net debt resulting from cash flows (110) 480 1,149
Loans and finance leases disposed of with subsidiaries - - 1,229
Other non cash movements (12) (86) -
Movement in net debt (122) 394 2,378
Opening net debt (2,835) (5,213) (5,213)
Closing net debt (2,957) (4,819) (2,835)
Reconciliation of operating profit to net cash inflow from operating activities
for the six months ended 30 November 2004
6 months to 6 months to 14 months to
30 November 30 September 31 May
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Operating profit/(loss) 133 (391) (1,089)
Depreciation charges - 872 2,096
(Profit)/Loss on sale of fixed assets - (2) 4
Amortisation of goodwill - 26 53
(Increase)/decrease in stocks - 166 45
Decrease/(increase) in debtors 174 (373) (173)
(Decrease)/increase in creditors (306) 503 (1,282)
Net cash inflow from operating activities 1 801 (346)
Notes to the interim accounts
1. The Interim Accounts, which are unaudited, have been prepared using accounting policies stated in the
Company's Report and Accounts for the year ended 31 May 2004.
2. Segmental analysis of gross income is as follows
6 months to 6 months to 14 months to
30 November 30 September 31 May
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
United Kingdom and Republic of Ireland 169 15,033 34,406
Other Europe - 235 552
Rest of World - 85 162
Total gross income 169 15,353 35,120
3 The nil taxation charge for the six months ended 30 November 2004 is based on an estimated effective nil
tax rate for the full year ending on 31 May 2005 after consideration of Group tax losses available for
relief.
4. The Directors do not recommend the payment of an interim dividend.
5. The earnings per share figures are based on the result after taxation for the respective periods divided
by the weighted average number of shares in issue as follows:
6 months to 6 months to 14 months to
30 November 30 September 31 May
2004 2003 2004
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Profit/(loss) on ordinary activities after
taxation
before exceptional items and restructuring 10 (419) (1,071)
costs
Exceptional costs - - (37,331)
10 (419) (38,402)
Thousands Thousands Thousands
Basic weighted average number of shares 184,949 184,949 184,949
There are no outstanding share options.
6. Freehold land and buildings were valued by Edward Symmons in October 2003 on an existing use basis value in
accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors.
7. Contingent liabilities were set out in the Report and Accounts for the 14 months to 31 May 2004 and remain
unchanged except as follows: H A Palmer and D E Cicurel have agreed to defer the payment of any directors' fee
until a sale of the Company's land and buildings or an offer for the share capital of the Company being
received and recommended. In that event, the Company would have to pay H A Palmer and D E Cicurel the amount
of the outstanding fees based on the number of their completed months of service. These directors receive no
other payments or benefits for their services. For the period to 30 November 2004 the cost of this would be
#17,500. In addition under the same circumstances all directors would be entitled to one year's notice and D J
Booth to a #15,000 bonus
8. The financial information contained in this interim statement does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. The financial information for the full preceding
year is based on the statutory accounts for the financial year ended 31 May 2004. Those accounts, upon which
the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies.
9. Additional copies of the Interim Report are available from the Registered Office of the Company at 14 New
Burlington Street, London, W1S 3BQ. (Telephone 07973 820492)
Contact details: Kevin Wilson - 0161 831 1512
Zeus Capital
David Booth - 07973 820 492
Poole Investments plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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