Dimension Resources - Interim Results
October 26 1999 - 3:30AM
UK Regulatory
RNS No 5682v
DIMENSION RESOURCES LIMITED
25 October 1999
DIMENSION RESOURCES LIMITED
INTERIM REPORT FOR THE 6 MONTHS ENDED 30 JUNE 1999
CHAIRMAN'S STATEMENT
I have the pleasure in presenting the interim accounts for the Company for
the 6 months ended 30 June, 1999. The period covered has been one of continuing
the difficult task of refocusing the Company's efforts away from the granite
market (which has had disappointing market prices) to products based upon
marble and other materials. During this period of retrenchment, the Group has
maintained its financially stringent approach to cost control. As the market
for granite regains momentum the Company will be positioned to take advantage
of any positive movement: and in fact, is continuing to explore both local
and international prospects for its variety of granite colors.
The Group's marble tile plant at Vredendal has been producing tiles under
contract for Africa international since June, with first deliveries and
payments received subsequent to the accounts period of this report. The Group
has been producing for Africa International from its in-house stock of Namaqua
and, more recently, Desert Rose marble blocks; however, given the nature in
particular of the Namaqua blocks, the production build up has been slow, and the
Group intends to produce from marbles and travertines obtained from new
deposits as soon as quarrying can begin at these sites. Governmental
formalities regarding licenses are in process and pose the only delaying
factor in starting the new marble sites into production. Tile production has
been experiencing increasing yields based upon improved raw block quality of
Desert Rose marble as well as a higher base price to Africa International,
yielding positive revenue to cost ratios. This trend should continue as long
as Africa International accepts the Desert Rose material in lieu of
Namaqua marble. Negotiations in this regard are continuing. The Group still
anticipates that an additional marble tile line will be needed in the future
to meet the demands expected under the Africa International agreement, and
for other new products.
Prototypes of various special products such as tables, lamps, urns, clocks,
etc., have been designed and produced for purposes of market testing to
determine which, if any, of these specific designs will have sales appeal in the
market. Sales agents and sales personnel are actively being sought for all
products. Local South African market testing is being pursued for these
various products and is considered the prudent approach in light of the high
expense of international market testing.
The Directors continue to be optimistic about the long term future,
notwithstanding the revenue performance to date. Samples of the new marble and
travertine materials which are to be quarried by the Group have been presented
to prospective stone buyers during recent dimension stone trade fairs. The
response to these materials has been favorable, and the Directors
anticipate very reasonable sales from these deposits in export blocks,
tiles and special products once the regulatory hurdles have been cleared. The
Directors are most appreciative of shareholder patience and support in
anticipation of some passage of time while a turnaround is in progress.
Paolo Giovannangeli
Dated: 26 October, 1999
Executive Chairman
DIMENSION RESOURCES LIMITED
and its subsidiaries
SUMMARISED BALANCE SHEET
30 June 1999 31 December 1998
(Unaudited) (Audited)
GBP GBP
Non-curret assets 16,252,627 16,314,048
Tangible assets 1,872,941 1,931,692
Stone deposits 14,306,191 14,306,191
Pre-production costs 73,495 76,165
Current assets 408,738 518,528
Stocks 250,018 227,429
Debtors 95,059 127,715
Cash at bank and on hand 63,661 163,384
Current liabilities
Creditors - amounts falling due
within 1 year (168,918) (162,843)
Net current assets 239,820 355,685
16,492,447 16,669,733
Capital and reserves
Called up share capital 6,267,083 6,267,083
Share premium 10,712,531 10,712,531
Profit and loss (580,095) (435,295)
Shareholders' funds 16,399,519 16,544,319
Discount on acquisition of subsidiary 402 402
Foreign currency translation reserve 88,329 125,012
Creditors - amounts failing due
after more than 1 year 4,197 0
16,492,447 16,669,733
DIMENSION RESOURCES LIMITED
and its subsidiaries
PROFIT AND LOSS ACCOUNT
30 June 1999 31 December 1998
(Unaudited) (Audited)
GBP GBP
Turnover 45,324 95,582
Cost of sales 105,474 228,402
Gross loss (60,150) (132,820)
Administrative expenses (87,455) (323,929)
Operating loss (147,605) (456,749)
Interest received 2,927 28,214
Interest payable (122) (310)
Amortisation of stone deposits 0 (6,450)
Net loss for the period (144,800) (435,295)
Loss per share (0.23p) (0.93p)
Weighted average number of shares
in issue 62,670,830 46,674,325
Total number of shares in issue 62,670,830 62,670,830
NOTES TO THE FINANCIAL INFORMATION
1 The interim results are unaudited and do not comprise full accounts within
the meaning of Section 240 of the Companies Act 1985.
2 No interim dividend is being proposed or paid
3 Earnings per share have been calculated on 62 670 830 ordinary shares in
issue
4 Copies of this report are being posted to shareholders
END
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