Interim Results
January 25 2002 - 2:00AM
UK Regulatory
RNS Number:4924Q
Bolton Group (International) Ld
25 January 2002
BOLTON GROUP (INTERNATIONAL) LIMITED
INTERIM RESULTS
CONTINUING IMPROVEMENT
Bolton Group (International) Limited ("Bolton Group" or the "Group"), the real
estate holding and development group, is pleased to announce its interim results
for the six months ended 31 October 2001.
Highlights
* Turnover at £216,000 (2001: £225,000)
* Operating profit at £159,000 (2001: £86,000)
* Pre-tax profit at £162,000 (2001: pre-tax loss of £13,000)
* Earnings per share of 0.27p (2001: loss per share of 0.02p)
* Profits include debt recovery of £114,324 - further payment anticipated
* Investment programme planned to enable achievement of highest attainable
rents
Peter Derby, Chairman of Bolton Group, said: "Our existing business of property
rental has continued at previous levels.
"For the six months ended 31 October 2001, the consolidated profit for the Group
amounted to £162,000 (six months to 2000: loss of £13,000), which reflects a
continuing improvement."
For further information, please contact:
Bolton Group (International) Limited Tel: 020 7499 7922
Peter Derby, Chairman
Rawlings Financial PR Limited Tel: 01756 770 376
Catriona Valentine
CHAIRMAN'S STATEMENT
The Board of Bolton Group (International) Ltd is pleased to announce the
unaudited, consolidated results for the six month period ended 31 October 2001.
Our existing business of property rental has continued at previous levels.
For the six months ended 31 October 2001 the consolidated profit for the Group
amounted to £162,000 (six months to 31 October 2000: loss of £13,000), which
reflects a continuing improvement. The Board does not recommend the payment of
a dividend.
As previously reported, the claim against Mark Keegan, a former director, was
successfully concluded with a High Court judgement of £76,000 plus interest and
costs being awarded in favour of the Group. The Group has received a payment of
£114,324 in respect of the judgement debt, interest and part of the costs
payable. A further sum is anticipated to be received and will be accounted for
on a cash received basis.
The Group subsidiary, Urania Securities Limited, which holds the leasehold
interest in the Group's investment property, Angel House, has received notice
from a tenant of its intention to exercise its option to break the lease on 31
March 2002. This tenant remains on two further floors of Angel House, having an
option to break the lease on these two floors in December 2002. No clear
indication has been given as to whether this option will be exercised. The
tenant on the ground floor has expressed a desire to vary its lease, moving the
existing option to break from October 2002 to October 2003 whereupon the tenant
will agree to a higher rental figure for the further 12 month period. This
agreement has not yet been concluded.
Urania Securities is taking this opportunity to refurbish, to the original high
standard, any floors which become available to re-let and will be investing
further in improvements to the building's high speed lift installation to bring
it up to the latest specification. This programme is aimed at achieving the
highest attainable rental levels for the area and the earliest possible
re-letting.
Peter Derby
Chairman
25 January 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 October 2001
Note Six months to Six months to Year ended
31 October 31 October 30 April
2001 2000 2001
Unaudited (Unaudited) (Audited)
£000 £000 £000
Turnover 216 225 452
Administrative expenses (57) (139) (220)
------ ------ ------
Operating profit 159 86 232
Proceeds from disposal of
shares 56 - -
Interest receivable 25 1 2
Interest payable (78) (100) (159)
------ ------ ------
Profit/(loss) on ordinary
activities before taxation 162 (13) 75
Taxation - - -
------ ------ ------
Retained profit/(loss) on
ordinary activities after
taxation 162 (13) 75
====== ====== ======
Earnings/(loss) per share 2 0.27p (0.02p) 0.12p
====== ====== ======
Diluted earnings/(loss)
per share 0.27p (0.02p) 0.12p
====== ====== ======
CONSOLIDATED BALANCE SHEET
As at 31 October 2001
As at As at As at
31 October 31 October 30 April
2001 2000 2001
Unaudited (Unaudited) (Audited)
£000 £000 £000
Fixed assets
Tangible assets 6,034 4,052 6,039
------ ------ ------
Current assets
Debtors 132 46 15
Cash at bank and in hand 33 90 86
------ ------ ------
165 136 101
Creditors: amounts falling
due within one year (246) (432) (289)
------ ------ ------
Net current liabilities (81) (296) (188)
------ ------ ------
Total assets less current
liabilities 5,953 3,756 5,851
Creditors: amounts falling due
after more than one year (2,300) (2,390) (2,360)
------ ------ ------
Net assets 3,653 1,366 3,491
====== ====== ======
Capital and reserves
Called up share capital 606 606 606
Share premium account 1,534 1,534 1,534
Revaluation reserve 2,037 - 2,037
Other reserves 5,724 5,724 5,724
Profit and loss account (6,248) (6,498) (6,410)
------ ------ ------
Equity shareholders' funds 3,653 1,366 3,491
====== ====== ======
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 October 2001
Six months to Six months to Year ended
31 October 31 October 30 April
2001 2000 2001
Unaudited (Unaudited) (Audited)
£000 £000 £000
Net cash inflow from operating
activities 24 53 171
------ ------ ------
Returns on investments and
servicing of finance
Interest received 25 1 2
Interest paid (78) (100) (153)
------ ------ ------
Net cash outflow from returns on
investments and servicing
of finance (53) (99) (151)
------ ------ ------
Taxation - - -
Capital expenditure and financial
investments
Purchase of tangible fixed assets - - -
Sale of tangible fixed assets - - -
Recovered proceeds from the sale
of shares 56 - -
------ ------ ------
Net cash outflow from capital
expenditure and financial
investments 56 - -
------ ------ ------
Management of liquid resources
Deposits - - -
------ ------ ------
Net cash inflow from management of
liquid resources - - -
------ ------ ------
Financing
Repayment of borrowings (60) - (90)
Receipt from borrowings - - -
------ ------ ------
Net cash outflow from financing (60) - (90)
------ ------ ------
Decrease in cash (33) (46) (70)
====== ====== ======
NOTES TO THE INTERIM REPORT
1. The interim report has been prepared using accounting policies consistent
with those set out in the statutory accounts of the group for the year ended 30
April 2001.
2. The financial information for the two half year periods is unaudited and
does not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. The figures relating to the year ended 30 April 2001 are an
extract from statutory accounts within the meaning of Section 240 of the
Companies Act 1985 which have been delivered to the Registrar of Companies and
on which the auditors gave an unqualified audit report.
3. The calculation of the earnings/(loss) per share and diluted earnings/
(loss) per share are based on the following profits/(losses) after taxation and
weighted average numbers of shares:
As at As at As at
31 October 31 October 30 April
2001 2000 2001
Unaudited (Unaudited) (Audited)
Earnings/(loss) per share
Profit/(loss) after tax (£000) 162 (13) 75
Number of shares 60,580,355 60,580,355 60,580,355
Diluted earnings/(loss) per share
Profit/(loss) after tax (£000) 162 (13) 75
Number of shares 60,580,355 62,393,518 60,580,355
4. Copies of this interim report are being sent to all shareholders and will
be available to the public from the Group's registered office.
This information is provided by RNS
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