Final Results
01 July 2003 - 2:39AM
UK Regulatory
RNS Number:9686M
Techmarine International PLC
30 June 2003
Managing Director's statement
During the year ended 31 December 2002 we generated a profit before tax of
#67,000 (2001: #86,000 ) on turnover of #3,39,000 (2001: #4,705,000). The
company operated as a private company until 8th August 2002, when it was
admitted to the Alternative Investment Market of the London Stock Exchange
("AIM").
The costs associated with the AIM listing have been expensed in full, and have
amounted to #161,000 in the year. Having reviewed the situation in April 2003,
the Directors formed the view that the ongoing costs of the AIM listing could
not be justified given the difficult market conditions, and an announcement was
made on 20th June 2003 that the company was delisting from the market. This will
take effect on 15th July 2003. Similarly the company has terminated its Level-1
ADR programme, to be effective 18th August 2003.
George Purdie
Managing Director
Profit and loss account
for the year ended 31 December 2002
2002 2001
#'000 #'000
Turnover 3,847 4,449
Cost of sales (2,035) (2,415)
Gross profit 1,812 2,034
Administrative expenses (1,771) (1,978)
Operating profit 41 56
Interest receivable 26 30
Profit on ordinary activities before taxation 67 86
Tax on profit on ordinary activities (55) (26)
Retained profit for the financial year 12 60
Earnings per ordinary share
Basic 0.04p 68.89p
Fully diluted 0.03p 68.89p
There were no recognised gains or losses other than those detailed in the profit
and loss account above.
Balance sheet
at 31 December 2002
2002 2001
#'000 #'000 #'000 #'000
Fixed assets
Tangible assets 42 39
Current assets
Debtors 923 1,573
Cash at bank and in hand 956 1,408
1,879 2,981
Creditors:
Amounts falling due within one year (1,437) (2,791)
Net current assets 442 190
Total assets less current liabilities 484 229
Creditors:
Amounts falling due after more than one
year: accruals and deferred income (140) -
Provisions for liabilities and charges
Deferred taxation (4) -
_______ _______
340 229
Capital and reserves
Called up share capital 50 1
Share premium 50 -
Profit and loss account 240 228
Equity shareholders' funds 340 229
Cash flow statement
for the year ended 31 December 2002
2002 2001
#'000 #'000
Net cash (outflow) / inflow from operating (457) 709
activities
Return on investments and servicing of finance:
Interest received 26 30
Taxation:
Corporation tax paid (43) (28)
Capital expenditure and financial investment:
Payments to acquire tangible fixed assets (27) (6)
Financing
Receipts from issue of shares 49 -
_____ _____
(Decrease) / increase in cash in the year (452) 705
_____ _____
Reconciliation of net cash flow to movement in net funds.
2002 2001
#'000 #'000
(Decrease)/increase in cash (452) 705
_____ _____
Movement in net funds in the year (452) 705
Net funds at beginning of year 1,408 703
_____ _____
Net funds at end of year 956 1,408
_____ _____
This information is provided by RNS
The company news service from the London Stock Exchange
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