Final Results
October 24 2000 - 3:00AM
UK Regulatory
RNS Number:9396S
Fieldens PLC
24 October 2000
Final Results for the year ended 30th June 2000
Chairman's Statement
The year to 30 June 2000 started well, but early success in our operating
business was not sustained. Profit after tax for the year was #52,723 (1999: #
84,482) on sales of #3.53m (1999:#3.84m).
The improved performance of our agricultural wheel and tyre business in the
first half of the year did not continue into the second half. Over the year
sales were 8% lower and, despite reduced operating costs, operating profit for
the year was halved to #52,387 (1999:#107,363)
On the balance sheet, net cash has again improved. With acquisitions still
planned, the directors do not recommend an ordinary dividend for the year.
The swings in demand experienced during the year have called for imaginative
and sustained efforts by the operating management and staff of the company and
I thank them on your behalf.
We are continuing to review strategic options and have identified a new
direction for the company which we are actively exploring. We expect to make
an announcement before the end of the calendar year.
D C Bonham
Enquiries:
Andrew Arends Fieldens plc 020 7581 5528
Graham Shore Shore Capital 020 7408 4090
Review of Operations
With sales in the first half of the year up by 5.7% and profits ahead as well,
it was particularly disappointing to see this improvement melt away in the
second half as sales and profit fell below last year.
Export sales of tyres were substantially lower than last year. Success in
selling wheels and tyres on the home market in the first half of the year did
not carry into the second half as a contract to supply a significant importer
of tractors to the UK failed to realise the potential suggested by early
purchases. The demand for Spring season wheels and tyres was somewhat lower
than last year but also skewed towards a production mix that left us short of
effective capacity. Equipment that will improve the handling of such heavier
wheels has now been installed. Lower sales and margins in this division were
only partly offset by reduced selling, distribution and administrative
expenses.
The all terrain vehicle (ATV), garden machinery and power equipment division
enjoyed another successful sales year. Although there were fewer major
product range improvements than last year, the good sales and service
groundwork of recent years ensured continuing loyalty from our customer base.
Sales moved ahead slightly in a competitive market, but the effect was limited
by narrower margins.
The Cheetah bead seating tool again made a small but useful contribution.
There was some improvement over the reduced margins of the previous year, but
sales were 14% lower.
The new year has started with depressed crop prices being realised for the
arable harvest and sheep, beef and pork farmers each facing their own
particular difficulties. To show any improvement in profit, our agricultural
wheel and tyre business will need to find added sales. With a competitive and
efficient market already operating, and if overall demand does not increase,
added throughput may only be achieved by consolidating our operating resources
with those of another business in similar sectors to our own.
D P Morley
Profit and Loss Account for the year ended 30th June 2000
2000 1999
# #
Turnover 3,534,864 3,841,158
Cost of Sales (2,905,419) (3,082,308)
Gross Profit 629,445 758,850
Selling and distribution costs (263,758) (293,822)
Administrative expenses (313,300) (357,665)
Operating Profit 52,387 107,363
Interest receivable and similar 14,321 16,428
income
Interest payable and similar (59) (3,386)
charges
Profit on ordinary activities 66,649 120,405
before taxation
Tax on profit on ordinary (13,926) (35,923)
activities
Profit on ordinary activities 52,723 84,482
after taxation
Dividends (25) (25)
Retained profit transferred to 52,698 84,457
reserves
Earnings per ordinary share
Undiluted 1.05p 1.69p
Diluted 0.80p 1.23p
The company has no recognised gains or losses other than the profit for the
year.
All amounts relate to continuing operations.
The retained profit for the year is equivalent to the historical cost profit.
1) Earnings per ordinary share is calculated by dividing the profit, after
charging tax and preference dividends, of #52,698 (1999: 84,457), by the
weighted average number of ordinary shares in issue during the period of
5,000,000 (1999: 5,000,000).
1) Fully diluted earnings per share is calculated, on the weighted average
number of ordinary shares in issue after allowing for full exercise of
conversion rights and options during the period 6,588,583 (1999: 6,857,828).
Balance sheet as at 30th June 2000
2000 1999
# #
Fixed assets
Tangible assets 553,707 577,861
Current assets
Stocks 643,459 750,641
Debtors 506,820 633,446
Cash at bank and in hand 407,280 327,130
1,557,559 1,711,217
Creditors
Amounts falling due within one year (532,561) (761,854)
Net current assets 1,024,998 949,363
Total assets less current liabilities 1,578,705 1,527,224
Creditors
Amounts falling due after more than one - -
year
Provision for liabilities and charges - (1,217)
1,578,705 1,526,007
Capital and reserves
Called up share capital 252,500 252,500
Share premium account 799,195 799,195
Profit and loss account 479,510 426,812
Capital redemption reserve 47,500 47,500
Shareholders' funds (including
non-equity interests)
1,578,705 1,526,007
Notes:
1) The above figures do not constitute statutory accounts. The figures for
both years are extracted from the statutory accounts of the company which
carry an unqualified audit report. The report and accounts for the year ended
30th June 2000 will be posted to shareholders in due course.
2) The dividends shown for 2000 and 1999 are preference dividends. No
ordinary dividend for 2000 has been recommended.
3) Copies of this announcement are available from the company at Starhouse,
Onehouse, Stowmarket, Suffolk IP14 3EL.
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