Fieldens PLC - Final Results
October 08 1998 - 9:11AM
UK Regulatory
RNS No 1012k
FIELDENS PLC
8th October 1998
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 30 JUNE 1998
CHAIRMAN'S STATEMENT
I am pleased to be making my first report to shareholders since joining the
Board of Fieldens plc as chairman on 29 July 1998.
In the year ended 30 June 1998 profit after tax was #28,000 (1997: #15,000) on
sales of #3.93m (1997: #4.88m). The same factors as were reported last year
continued to depress demand for agricultural machinery in the UK. The new
year has started satisfactorily for the core business. Nevertheless, the
directors believe it only prudent to conserve resources and do not recommend
an ordinary dividend for the year.
The management and staff of the company have done well to control working
capital and preserve the trading viability of the company in difficult market
circumstances. Their efforts have provided a sound platform from which the
company can grow and diversify in future and I thank them on your behalf.
During the year the directors considered the strategic alternatives facing the
company. Whilst one or two attractive niches remain in the agricultural
sector, the directors were not able to secure a suitable entry route. As a
small team, the directors also thought they had insufficient depth of
management to sustain a strategy of development outside the agricultural
sector.
John Seymour resigned as a non-executive director on 29 July having provided
indispensable support to the directors throughout the period since flotation.
David Williams also resigned as a director, but continues to play an important
role leading the all terrain vehicle, garden machinery and power equipment
division.
Andrew Arends joined me as a director on 29 July 1998 and has been appointed
chief executive. With the experience of the new directors now available to
the company a wider range of possible acquisitions are being actively
reviewed. This is an urgent priority and the unsettled financial markets
provide an excellent opportunity for us.
I believe that there is significant potential to create value for our
shareholders.
D C Bonham
8 October 1998
Enquiries:
Derek Bonham Fieldens 0171 647 3200
Graham Shore Shore Capital 0171 734 7293
Profit and Loss Account for the Year ended 30 June 1998
1998 1997
# #
Turnover 3,928,217 4,884,623
Cost of sales (3,254,020) (4,154,863)
Gross profit 674,197 729,760
Selling and distribution costs (334,360) (417,520)
Administrative expenses (296,921) (279,781)
Operating profit 42,916 32,459
Interest receivable and similar income 4,332 1,453
Interest payable and similar charges (10,569) (11,086)
Profit on ordinary activities 36,679 22,826
before taxation
Tax on profit on ordinary activities (8,925) (7,364)
Profit on ordinary activities 27,754 15,462
after taxation
Dividends (500) (500)
Retained profit transferred to reserves 27,254 14,962
Earnings per ordinary share:
Undiluted 0.55p 0.30p
Diluted 0.41p 0.23p
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.
Balance Sheet as at 30 June
1998 1997
# # # #
FIXED ASSETS
Tangible assets 586,671 616,967
CURRENT ASSETS
Stocks 850,099 1,098,546
Debtors 584,890 429,029
Cash at bank and in hand 341,702 9,772
1,776,691 1,537,347
CREDITORS
Amounts falling due
within one year (919,720) (728,179)
NET CURRENT ASSETS 856,971 809,168
TOTAL ASSETS LESS
CURRENT LIABILITIES 1,443,642 1,426,135
CREDITORS
Amounts falling due
after more than one year (288) (6,960)
PROVISION FOR LIABILITIES
AND CHARGES (1,804) (4,879)
1,441,550 1,414,296
CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Share premium account 799,195 799,195
Profit and loss account 342,355 315,101
Shareholders' funds (including 1,441,550 1,414,296
non-equity interests)
Cash Flow Statement for the Year ended 30 June 1998
1998 1997
# # # #
Net cash inflow/(outflow) 572,389 32,104
from operating activities
Returns on investments and
servicing of finance
Interest received 4,332 1,667
Interest paid (10,569) (10,936)
Net cash outflow from
returns on investments and (6,237) (9,269)
servicing of finance
Taxation
Corporation tax paid (1,139) (103,269)
Corporation tax received 11,747 -
Capital expenditure and
financial investment
Payments to acquire (37,451) (84,308)
tangible fixed assets
Receipts from sales 13,720 13,481
of tangible assets
Net cash outflow from (23,731) (70,827)
capital expenditure and
financial investment
Equity dividend paid - (75,000)
Net cash inflow/(outflow) 553,029 (226,261)
before financing
Financing
Capital element of (36,965) (27,947)
hire purchase repaid
Net cash outflow from financing (36,965) (27,947)
Increase/(Decrease) in cash 516,064 (254,208)
Reconciliation of net cash flow to
movement in net debt
Increase/(Decrease) in cash 516,064 (254,208)
Cash outflow/(inflow) from 36,965 27,947
decrease in lease financing
Change in net debt resulting 553,029 (226,261)
from cash flows
New finance leases (13,850) (36,000)
539,179 (262,261)
Notes:
1. The information set out in this announcement does not constitute annual
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 30 June 1997 are extracts from the published
accounts for that period which were audited and reported on without
qualification and have been delivered to the Registrar of Companies. The
report and accounts for the year ended 30 June 1998 will be posted to
shareholders in due course.
2. The dividend shown is a preference dividend. No ordinary dividend for 1998
has been recommended.
3. Basic earnings per share has been calculated by dividing the profit for the
period by the 5,000,000 shares in issue at each period end. Diluted earnings
per share has been calculated by dividing the profit for the period by
6,600,000 shares (being the 5,000,000 shares in issue at each period end plus
the 1,000,000 shares that would be issued on conversion of the convertible
preferred shares then outstanding and the 600,000 shares that would be issued
on the exercise of options then outstanding). No account has been taken of
the grant of new options or the cancellation of convertible preferred shares
after the year end, nor of any interest that would be earned on monies payable
to the company upon the exercise of options.
4. Copies of this announcement are available from the company at Starhouse,
Onehouse, Stowmarket, Suffolk IP14 3EL.
END
FR XVFFBVBKBFKL
Ft Fdn (LSE:FDN)
Historical Stock Chart
From Oct 2024 to Nov 2024
Ft Fdn (LSE:FDN)
Historical Stock Chart
From Nov 2023 to Nov 2024
