Final Results
December 11 2003 - 11:13AM
UK Regulatory
RNS Number:1699T
Loades PLC
11 December 2003
LOADES PLC ("the Company")
11 December 2003
PRELIMINARY ANNOUNCEMENT OF RESULTS
At a meeting of the Directors on 10 December 2003 the following preliminary
announcement of the results for the year to 30 September 2003 was approved.
Chairman's Statement
Review
The twelve months ending 30 September 2003 began almost exactly as moves were
instigated to begin the timed closure of most of our manufacturing, and
withdrawal from that sector, and a move to commercial property development and
leasing, making best use of the freehold properties owned by the Group.
Following these first trying months of phased closure, and the subsequent
auction, your Directors have taken all opportunities to rebuild towards a solid
and secure future. It has been an exceptionally challenging and exciting
experience with new horizons being revealed constantly. The expansion of
operations towards, and within, the property markets, now forms our principal
activity for the future.
Following this change we are required to reclassify the majority of our property
as Freehold Investments, which are to be valued on an existing use open market
value basis. These figures therefore reflect such a valuation.
Whilst some property is now let there is still a significant amount available,
and the opportunity is being taken to refurbish accordingly. Encouraging
interest is being shown, but the national downturn in industrial and warehousing
requirements has meant a slow take up. We believe that the New Year, and
expected upturn, will bring more positive results.
Our results for continuing activities have included considerable refurbishment
costs, and associated professional fees, prior to letting. These are seen as
essential costs in continuing to bring our property portfolio more up to date
and thereby adding value in this area.
Trading conditions have remained difficult for our aerospace and automotive
precision machining division, Loades Dynamics Limited. Your Board continue to
pursue new opportunities, for which we are well placed to meet, whilst
continuing to enhance existing business opportunities, from its compact base in
Coventry.
Outlook
The location of the Group's properties, being close to the Midlands' motorway
network, including the recently opened M6 toll road, and the wide variety of
letting options we could provide, puts us in a favourable marketable position.
Your Board will continue to pursue the goal of actively capitalising on these
opportunities
A E Loades
Chairman
Group Profit and Loss Account
for the year ended 30 September 2003
2003 2002
#000 #000
Turnover 4,214 9,916
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Group operating loss (916) (2,964)
Exceptional items 0 (2,373)
Investment Income 8 7
Interest Payable (27) (70)
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Group loss on ordinary activities before taxation (935) (5,400)
Taxation 213 10
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Group loss on ordinary activities after taxation (722) (5,390)
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Retained loss for the year (722) (5,390)
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Loss per share (37.36p) (269.48p)
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Loss per share (before exceptional items) (37.36p) (150.84p)
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The Directors do not recommend the payment of a dividend (2002 #Nil)
The calculation of earnings per share is based on loss after tax of #722,084
(2002 loss #5,389,576) and on 1,932,904, (2002 : 2,000,000) Ordinary shares
being the weighted average number of shares in issue during the year.
Group Balance Sheet
as at 30 September 2003
2003 2002
#000 #000
Fixed Assets
Tangible assets 13,672 5,359
Investments 19 17
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13,691 5,376
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Current Assets
Tangible assets 0 1,554
Stocks 353 1,181
Debtors - due within one year 484 1,915
Cash in bank and in hand 322 16
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1,159 4,666
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Creditors
Amounts falling due within than one year (544) (3,300)
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Net current assets 615 1,366
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Total assets less current liabilities 14,306 6,742
Creditors
Amounts falling due after more than one year (169) 0
Provisions for liabilities and charges (460) (535)
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13,677 6,207
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Capital and reserves (equity)
Called up share capital 460 500
Revaluation reserve 8,275 0
Capital redemption reserve 40 0
Profit and loss account 4,902 5,707
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Total shareholders' funds 13,677 6,207
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Results for the year ended 30 September 2003 are abridged from the 2003 Annual
Report & Accounts, which received an unqualified auditors' report.
END
S P Weavers FCA
Company Secretary
10 December 2003
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END
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