Interim Results
August 31 2000 - 3:00AM
UK Regulatory
RNS Number:1604Q
Mallett PLC
31 August 2000
MALLETT PLC
CHAIRMAN'S STATEMENT
Dear Shareholder
This is my first opportunity to communicate with you since my
appointment as a non-executive director and Chairman on 1 July
2000. I would like to thank Rex Cooper, my predecessor as
Chairman, for his valuable contribution to the company over the
last eleven years and I am pleased to say that he is staying on
as a non-executive director. I would also like to welcome Simon
de Zoete, who was elected as a non-executive director on 1 July
2000.
This statement relates to the interim figures for the six months
ended 30 June 2000. In the Chairman's statement accompanying the
1999 Annual Report, Rex Cooper stated that the year 2000 had
started encouragingly. The results for the six months show
turnover of #10,427,000 which is a 5.9 per cent. increase from
#9,844,000 for the equivalent period in 1999. Profit before tax
has risen 7.0 per cent. to #2,868,000 compared to #2,680,000 for
1999. Earnings per share for the period were 14.50p compared to
13.49p for 1999.
With regard to the dividend, the company paid a total dividend of
7.0p for 1999, including an interim dividend of 2.0p. Your board
has decided to pay an interim dividend this year of 2.2p. This
dividend will be paid on 16 October 2000 to shareholders on the
register on 15 September 2000.
All areas of the group performed well during the period and our
first showing at The Winter Antiques Fair in New York in January
produced an excellent result both in actual sales and new
contacts made. As reported in the 1999 Annual Report the company
held a major exhibition in June and July this year of an
important private collection of English neo-classical furniture
and objects by Matthew Boulton. This has been a great success and
the main financial benefits will be seen in the second half of
the year. You will see from the Cash Flow Summary in this report
that there has been a decrease in cash balances since 31st
December 1999 of #1,161,000. We have managed to secure further
important pieces of antique furniture but the main reason for the
increase in our stock from #17,448,000 to #20,135,000 over this
period is a result of the policy of the board to improve the
quality of our stock of paintings. We do not expect the stock
level at the end of the current year to be significantly higher
than current levels.
Thanks to the success of the Matthew Boulton exhibition the
second half has started strongly and I believe we can look
forward to a successful outcome for the year.
GEORGE MAGAN
CHAIRMAN
31 August 2000
ENQUIRIES
Lanto Synge 020 7499 7411
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the half year ended 30th June 2000
Notes 2000 1999 1999
first first full
half half year
#,000 #,000 #,000
TURNOVER 10,427 9,844 16,574
OPERATING PROFIT 2,814 2,654 4,211
Interest (net) 54 26 76
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 2,868 2,680 4,287
Taxation 1 (867) (818) (1,342)
PROFIT ATTRIBUTABLE TO
SHAREHOLDERS 2,001 1,862 2,945
DIVIDENDS 3 (303) (276) (966)
Retained profit for the 1,698 1,586 1,979
period
Earnings per share 2 14.50p 13.49p 21.34p
Dividends per share 3 2.2p 2.0p 7.0p
There were no recognised gains or losses other than the result
for the period.
In the opinion of the Directors there is no material difference
between the above profits for the half year to 30th June 2000 and
the historical cost profits for that period.
CONSOLIDATED BALANCE SHEET
at 30th June 2000
2000 1999 1999
first first full
half half year
#,000 #,000 #,000
FIXED ASSETS
Tangible assets
4,028 4,152 4,107
CURRENT ASSETS
Stocks 20,135 17,211 17,448
Debtors 2,113 1,666 1,136
Bank balances and cash
598 2,233 1,892
22,846 21,110 20,476
CREDITORS - amounts falling
due within one year
3,446 3,926 2,853
NET CURRENT ASSETS
19,400 17,184 17,623
TOTAL ASSETS less current 23,428 21,336 21,730
liabilities
CREDITORS - amounts falling
due after more than one
year 47 46 47
TOTAL NET ASSETS 23,381 21,290 21,683
CAPITAL AND RESERVES
Called up share capital 690 690 690
Share premium account 5,168 5,168 5,168
Revaluation reserve 1,839 1,893 1,857
Profit and loss account 15,684 13,539 13,968
23,381 21,290 21,683
Net assets per share #1.69 #1.54 #1.57
CONSOLIDATED CASH FLOW SUMMARY
for the half year ended 30th June 2000
2000 1999 1999
first first full
half half year
#,000 #,000 #,000
Net cash (outflow)/inflow
from operating activities (106) 2,958 4,678
Returns on investment and
servicing of finance 54 26 76
Taxation paid (399) (52) (1,961)
Capital expenditure and
financial investment - (13) (52)
Equity dividends paid
(690) (593) (869)
Net (outflow)/inflow before
use of liquid resources and (1,141) 2,326 1,872
financing
Financing - bank and other
loans repaid (20) (20) (40)
(Decrease)/increase in cash
for the period (1,161) 2,306 1,832
RECONCILIATION OF MOVEMENTS IN
SHAREHOLDERS' FUNDS
Profit for the period 2,001 1,862 2,945
Dividends payable
(303) (276) (966)
Net addition to 1,698 1,586 1,979
shareholders' funds
Shareholders' funds at the
beginning of the period
21,683 19,704 19,704
Shareholders' funds at the
end of the period.
23,381 21,290 21,683
NOTES TO THE INTERIM REPORT
1. TAXATION
Taxation has been provided at an estimated effective rate of
30 % (1999 - 30.5%)
2. EARNINGS PER SHARE
Earnings per share have been calculated on the profit on
ordinary activities after taxation and 13,800,060 shares
in issue.
3. DIVIDENDS (NET)
The directors have declared an interim dividend of 2.2p
(net) (1999 - 2.0p) per ordinary share payable on 16 October
2000 to shareholders on the register on 15 September 2000.
The dividend will absorb #303,000, leaving #1,698,000 to be
carried forward.
4. BASIS OF PREPARATION
The accounts for the six months ended 30 June 2000 have not
been audited, nor have the accounts for the equivalent
period in 1999. They comply with relevant accounting
standards and have been prepared on a consistent basis using
accounting policies set out in the 1999 Annual Report. The
figures for the twelve months ended 31 December 1999 do not
constitute the company's statutory accounts for that period
but have been extracted from the statutory accounts which
have been filed with the Registrar of Companies. The
auditors have reported on those accounts and that report was
not qualified and did not contain a statement under Section
237(2) of the Companies Act 1985. This report is being sent
to shareholders and will be made available to members of the
public at the Company's Registered Office.
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