Interim Results
January 30 2003 - 2:00AM
UK Regulatory
RNS Number:7678G
Bolton Group (International) Ld
30 January 2003
BOLTON GROUP (INTERNATIONAL) LIMITED
INTERIM RESULTS
CHAIRMAN'S STATEMENT
The Board of Bolton Group (International) Ltd announces the unaudited,
consolidated results for the six month period ended 31 October 2002.
Results
The Group has made a loss before tax of #121,000 (2001: profit before tax
#347,000). The directors do not recommend the payment of a dividend.
Review of operations
Since I last reported to shareholders, trading conditions in the commercial
office letting market have declined dramatically and no new lettings have, as
yet, been achieved for the vacant floors of the Company's investment property.
The accommodation has been refurbished to a good standard and it now competes
well with similar, available office space in the area.
Asking rents have been reduced to take account of the very competitive market
conditions and, we anticipate lettings will be achieved on reasonable terms
during 2003.
The Company's bankers have remained supportive and have extended the principal
loan facility, due for repayment on 31 October 2002, until 31 January 2003. The
Group has received an offer to re-finance this loan facility, the terms of which
are currently being negotiated.
Peter Derby
Chairman
30 January 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 October 2002
6 months to 6 months to Year ended
31 October 31 October 30 April
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
Note #000 #000 #000
Turnover 113 216 599
Administrative expenses (180) (57) (190)
Other operating income 7 - 7
------ ------ ------
Operating (loss)/profit (60) 159 416
Proceeds from disposal of shares - 56 62
Interest receivable - 25 20
Interest payable (61) (78) (141)
------ ------ ------
(Loss)/profit on ordinary
activities before taxation (121) 162 357
Taxation - - -
------ ------ ------
Retained (loss)/profit on ordinary
activities after taxation (121) 162 357
====== ====== ======
(Loss)/earnings per share 3 (0.20)p 0.27p 0.59p
====== ====== ======
Diluted (loss)/earnings per share 3 (0.20)p 0.27p 0.59p
====== ====== ======
CONSOLIDATED BALANCE SHEET
At 31 October 2002
As at As at As at
31 October 31 October 30 April
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Fixed assets
Tangible assets 4,593 6,034 4,595
------ ------ ------
Current assets
Debtors 50 132 13
Cash at bank and in hand 61 33 630
------ ------ ------
111 165 643
Creditors: amounts falling due
within one year (2,452) (246) (2,865)
------ ------ ------
Net current liabilities (2,341) (81) (2,222)
------ ------ ------
Total assets less current
liabilities 2,252 5,953 2,373
Creditors: amounts falling due after
more than one year - (2,300) -
------ ------ ------
Net assets 2,252 3,653 2,373
====== ====== ======
Capital and reserves
Called up share capital 606 606 606
Share premium account 1,534 1,534 1,534
Revaluation reserve 562 2,037 562
Other reserves 5,724 5,724 5,724
Profit and loss account (6,174) (6,248) (6,053)
------ ------ ------
Shareholders' funds - equity 2,252 3,653 2,373
====== ====== ======
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 October 2002
6 months to 6 months to Year ended
31 October 31 October 30 April
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#000 #000 #000
Net cash (outflow)/inflow from operating
activities (443) 24 787
====== ====== ======
Returns on investments and
servicing of finance
Interest received - 25 20
Interest paid (61) (78) (143)
------ ------ ------
Net cash outflow from returns on
investments and servicing of
finance (61) (53) (123)
Capital expenditure and financial
investments
Purchase of tangible fixed assets (5) - (42)
Recovered proceeds from the sale
of shares - 56 62
------ ------ ------
Net cash (outflow)/inflow
from capital expenditure and
financial investments (5) 56 20
====== ====== ======
Net cash (outflow)/inflow
before financing (509) 27 684
====== ====== ======
Financing
Repayment of borrowings (60) (60) (120)
Receipt from borrowings - - -
------ ------ ------
Net cash outflow from financing (60) (60) (120)
====== ====== ======
(Decrease)/increase in cash (569) (33) 564
====== ====== ======
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 2002.
2. The financial information for the six month periods to 31 October 2001 and
31 October 2002 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 2002 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 including the following paragraph on going concern:
Going concern
In forming our opinion we have considered the adequacy of the disclosures made
in note 1 to the financial statements concerning the uncertainty as to the
continued availability of the Group's loan facility. In view of the
significance of this uncertainty we consider that it should be drawn to your
attention but our opinion is not qualified in this respect.
3. The calculation of the (loss)/earnings per share and diluted (loss)/earnings
per share are based on the following (losses)/profits after taxation and
weighted average numbers of shares:
6 months to 6 months to Year ended
31 October 31 October 30 April
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
(Loss)/earnings per share
(Loss)/profit after tax (#000) (121) 162 357
Number of shares 60,580,355 60,580,355 60,580,355
Diluted (loss)/earnings per share
(Loss)/profit after tax (#000) (121) 162 357
Number of shares 60,580,355 60,580,355 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
The company news service from the London Stock Exchange
END
IR FKLFLXFBEBBV
Bolton Group (LSE:BOL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bolton Group (LSE:BOL)
Historical Stock Chart
From Jul 2023 to Jul 2024