Interim Results
February 28 2003 - 8:36AM
UK Regulatory
RNS Number:1365I
Paramount PLC
28 February 2003
For Immediate Release
28 February 2003
PARAMOUNT PLC
Interim Report and Financial Statement
For the six months ended 30th November 2002
CHAIRMAN'S STATEMENT
I am pleased to be able to report that in the six month period to 30 November
2002 there was a profit on ordinary activities before taxation of #13,000.
Taking account of a recovery of taxation of #3,000, the profit on ordinary
activities after taxation was #16,000. This compares with a profit on ordinary
activities before taxation of #20,000 and a recovery of #20,000 taxation in the
comparable six month period ended November 2001.
During the six months to 30 November 2002 the Board of Paramount continued to
explore acquisition opportunities. One of these has led to the announcement on
25 September 2002 that Paramount had approached Groupe Chez Gerard plc to
initiate a period of due diligence with a view to making an offer with a cash
alternative. The Company will make a further announcement once the due
diligence process is completed.
During the period under review, the Company's income comprised interest on its
cash balances and its expenditure related to overhead expenses and the cost of
exploring potential acquisitions.
In line with previous statements your Board does not feel it appropriate to pay
an interim dividend.
In December 2002, after the end of the period under review and following an
Extraordinary General Meeting at which the independent shareholders approved the
waiver of certain potential obligations under the Takeover Code, the Company
purchased and cancelled 2,975,000 of its own shares at an average price of
15.29p, a substantial discount to the net asset value per Paramount share.
Paramount continues to retain its listing on the Official List of The London
Stock Exchange. The Company is trading profitability, has cash resources of over
#4 million and its Board has extensive experience across a number of industries.
Consequently, we are well positioned to seek a major acquisition in line with
our stated strategy.
G A NAGGAR
Chairman
PARAMOUNT PLC
Group Profit and Loss Account for the six months to 30th November 2002
Unaudited 6 Unaudited 6 Audited Year
Months ended Months ended ended 31.05.02
30.11.02 30.11.01
# ' 000 # ' 000 # ' 000
Turnover - - -
Cost of sales - - -
GROSS PROFIT - - -
Administrative expenses (98) (92) (183)
OPERATING LOSS (98) (92) (183)
Cost of disposal of discontinued operations 20 - -
OPERATING LOSS (78) (92) (183)
Interest receivable 91 112 209
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 13 20 26
Taxation 3 20 86
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION AND
RETAINED FOR THE PERIOD 16 40 112
EARNINGS PER SHARE
Basic 0.06p 0.15p 0.42p
Fully diluted 0.06p 0.15p 0.42p
PARAMOUNT PLC
Group Balance Sheet as at 30th November 2002
Unaudited Unaudited Audited
30.11.02 30.11.01 31.05.02
# ' 000 # ' 000 # ' 000
FIXED ASSETS
Investments 1 1 1
CURRENT ASSETS
Debtors 52 47 30
Investments 394 - 372
Cash at bank and in hand 4,817 5,192 4,815
5,263 5,239 5,217
CREDITORS:
Amounts falling due within one year 65 129 35
NET CURRENT ASSETS 5,198 5,110 5,182
TOTAL ASSETS LESS CURRENT LIABILITIES 5,199 5,111 5,183
CAPITAL AND RESERVES
Called up share capital 1,340 1,340 1,340
Capital redemption reserve 3,297 3,297 3,297
Profit and loss account 562 474 546
SHAREHOLDERS' FUNDS 5,199 5,111 5,183
Notes to the Interim Financial Statements
1 The interim financial information for the six months ended 30th
November 2002, was approved by the board of Directors on the 28th February 2003.
This financial information does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985. The comparative figures for
the financial year ended 31st May 2002 are extracted from the Company's
statutory accounts, and were reported on by the Company's auditors. Their report
was unqualified and did not contain a statement under section 237(2) or (3) of
the Companies Act 1985.
2 Basic earnings per ordinary share is based on the relevant profit
for the period and on 26,801,193 ordinary shares of 5p each being the weighted
average number of ordinary shares in issue during the period (2001 - 26,801,193
ordinary shares of 5p each).
This information is provided by RNS
The company news service from the London Stock Exchange
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