RNS Number:3484Q
Dimension Resources Ld
30 September 2003
30 September 2003
DIMENSION RESOURCES LIMITED
("Dimension" or "the Group")
Interim Results for the 6 months ended 30 June 2003
Chairman's Statement
The Board of Dimension announces interim results for the six months ended 30
June 2003, figures of which do not fully reflect the hard work and dedication of
the Management Team under especially difficult economic conditions.
The Board would like to highlight that the devaluation of the US Dollar against
the South African Rand has had a direct impact on the Group and is the key
reason behind why Dimension has failed to reach profitability. Selling prices
are stated in Dollars, while costs of production, and most overheads, in Rand.
The exchange rate has declined by almost half over the last 18 months, from more
than 11 Rand to the Dollar to little more than 7 Rand.
Financial Results
During the period under review, like for like turnover increased substantially
notwithstanding the result of exchange movements on the value of sales - in
volume terms this increase is even more marked. Coupled with breakdowns to key
plants, the Group's advance to profitability has been delayed.
Fund Raising
Since 30 June, the Group has raised #300,000 by a placing of new ordinary
shares. This has improved the working capital position, and the Board is
actively considering which of its other stone deposits can be brought into
production at the lowest possible risk. The Board is also hopeful that the
proposal to acquire and bring into production a Rustenburg black granite quarry
can now be implemented, as previous permitting problems have now been overcome.
This proposal now includes a 25% investment by a black economic empowerment
grouping.
Directorate Change
I am pleased to welcome to the Board Mr Geoffrey Hoodless as a Director of
Dimension. He has been a close supporter of the Group for some years through
Hoodless Brennan, the Group's brokers, and his skills should enable the Group to
finance its expansion plans.
Outlook
The exchange fluctuations have resulted in a testing time for Dimension in the
last six months. However with the strengthening of the Board, coupled with
encouraging demand for the Group's products, the Directors remain confident that
profitability will be achieved. I look forward to updating shareholders in due
course.
Brian Moritz
Chairman
DIMENSION RESOURCES LIMITED
AND ITS SUBSIDIARIES
Summarised Income Statement
30 June 2003
30 June 2003 30 June 2002 30 December 2002
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Turnover 143,063 102,146 234,259
Cost of sales 82,590 59,756 120,790
Gross (loss) / Profit 60,473 42,390 113,469
Administrative expenses (126,121) (154,758) (401,192)
Operating Loss (65,649) (112,368) (287,723)
Interest received 412 907 2,407
Interest payable (1,139) (1,013) (8,367)
Net loss for the period (66,376) (112,474) (293,683)
Loss per share (pence per share) -0.06 -0.11 -0.28
Total number of shares in issue 104,042,498 104,042,498 104,042,498
Summarised Balance Sheet
30 June 2003
30 June 2003 30 June 2002 30 December 2002
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Non-current assets 15,676,400 15,590,369 15,696,061
Tangible assets 1,338,879 1,246,468 1,360,850
Stone deposits 14,306,101 14,306,101 14,306,101
Pre-production costs 31,420 37,800 29,110
Current assets 276,791 245,118 311,424
Stocks 237,341 181,373 243,053
Debtors 58,104 15,140 53,831
Cash at bank and on hand (18,654) 48,605 14,540
Current Liabilities
Creditors and Accruals (79,663) (60,259) (147,473)
Net current assets 197,128 184,859 163,951
15,873,528 15,775,228 15,860,012
Capital and reserves
Called up shares capital 6,706,000 6,706,000 6,706,000
Share premium 11,577,857 11,577,857 11,577,856
Profit and loss (2,580,415) (3,002,936) (2,514,039)
Shareholders' funds 15,703,442 15,280,921 15,769,817
Foreign currency translation reserve 9,863 450,639 41,597
Creditors - amount falling due after
more than 1 year 160,223 43,668 48,598
15,873,528 15,775,228 15,860,012
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 104 042 498 ordinary shares in issue.
Enquiries:
Dimension Resources Ltd 0870 991 2367
Brian Moritz
Chairman,
Barnes and Walters Ltd 020 7430 1600
Maxine Barnes
Dominic Barretto
Grant Thornton 020 7728 2589
Gerry Beaney
Nominated Adviser
This information is provided by RNS
The company news service from the London Stock Exchange
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