Final Results
October 27 2006 - 2:11PM
UK Regulatory
RNS Number:1717L
OEM PLC
27 October 2006
OEM plc
PRELIMINARY STATEMENT OF UNAUDITED 2006 RESULTS
STATEMENT BY THE CHAIRMAN
2006 Results
The profit after taxation for the year was #110,000 (2005: loss #127,000).
Profit per share for the year to 30 June 2006 was 1.38p (2005: loss 1.59p).
Equity at 30 June 2006 amounted to #130,000 (2005: #20,000) equivalent to
1.63p per share (2005: 0.25p). As in previous years, the directors do not
recommend the payment of a dividend (2005: #nil).
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) for the first time.
Business Review
The year has not seen any major sales, however the company has received a
partial settlement in relation to the legal action undertaken against the estate
of the late Brian Schneider and other parties. This is shown as an exceptional
item in the consolidated income statement.
The company is continuing to pursue redress through the courts, but any further
success cannot, of course, be guaranteed.
Properties under our management are generating interest and we are seeking
further development opportunities on behalf of both the company and clients.
As mentioned in previous communications, the directors are also continuing to
look at proposals for restructuring the company and are assessing the
appropriate actions to be undertaken to achieve an increase in shareholder
value.
We do not recommend the payment of any dividend.
As I have said on previous occasions, although the timing of property deals is
unpredictable, I have every confidence in the future.
Future of the Company
We will continue to seek property or corporate situations, where our low risk
strategy coupled to our expertise may be deployed, and I look forward to
bringing you some exciting proposals in due course.
Robert P B Noonan
Chairman
27 October 2006
OEM PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2006
2006 2005
#000 #000
Continuing Operations
Revenue 57 91
Cost of sales (28) (19)
Gross profit 29 72
Other operating income
Administrative expenses (567) (388)
Other operating expenses - -
Exceptional item 475 -
(Loss) from operations (63) (316)
Investment income 273 253
Finance costs (100) (64)
Profit (Loss) before tax 110 (127)
Tax - -
Profit (Loss) for the period from continuing operations 110 (127)
Profit (loss) for the period 110 (127)
2006 2005
Pence pence
Earnings (Loss) per share 1.38 (1.59)
From continuing operations 1.38 (1.59)
Basic 1.38 (1.59)
Diluted 1.38 (1.59)
No separate Statement of Total Recognised Gains and Losses has been presented.
All such gains and losses have been dealt with in the Group Income Statement.
Turnover and operating profit all derive from continuing operations.
OEM PLC
CONSOLIDATED BALANCE SHEET AT 30 JUNE 2006
As at As at
30 June 2006 30 June 2005
Assets #'000s #'000s
Non-current assets
Property, plant and equipment 1 2
Investments
Long term debts 3,673 3,401
Total non-current assets 3,674 3,403
Current assets
Inventories 800 800
Trade and other receivables 1,234 1,181
Cash and cash equivalents 182 75
Total current assets 2,216 2,056
Total assets 5,890 5,459
Equity and liabilities
Capital and reserves
Share capital 1,996 1,996
Capital Redemption Reserve 11 11
Merger Reserve 169 169
Profit and Loss account (2,046) (2,156)
Total equity 130 20
Non current liabilities
Creditors (long term) 2,334 2,361
Provision for liabilities & charges 13 27
Total non current liabilities 2,347 2,388
Current liabilities
Creditors 3,413 3,051
Total liabilities 5,760 5,439
Total equity and liabilities 5,890 5,459
OEM PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2006
2006 2005
#'000 #'000
Net cash from operating activities 53 (925)
Investing activities
Interest paid (100) (64)
Interest received 273 253
Purchases of property, plant and equipment - (2)
Net cash generated from investing activities 173 187
Financing activities
New bank loan raised 600 750
(Decrease)/increase in bank overdrafts (719) 28
Net cash (used) generated in financing activities (119) 778
Net increase in cash and cash equivalents 107 40
Cash and cash equivalents at beginning of year 75 35
Cash and cash equivalents at end of year 182 75
NOTES
1. The net cash from operating activities:
2006 2005
#'000 #'000
Operating (loss) (63) (316)
Depreciation 1 7
Movement in provisions and charges (14) (16)
Increase in debtors (325) (118)
Increase/(decrease) in creditors 454 (482)
Net cash generated from investing activities 53 (925)
2. The number of ordinary shares in issue throughout the year is 7,985,793.
3. The annual general meeting of the Company will be held at 10.30am on 15th
December 2006 at 14 - 18 Ham Yard, London, W1D 7DT.
4. The financial information set out above does not constitute the Group's
statutory accounts for he years ended 30 June 2006 or 30 June 2005, but is
derived from those accounts. Statutory accounts for 2005 have been delivered
to the Registrar of Companies in England and Wales, and those for 2006 will be
delivered following the Company's annual general meeting. The auditors
have reported on the 2005 accounts: their report was unqualified and did not
contain statements under section 237(2) or (3) of the Companies Act 1985.
5. The figures included in this preliminary announcement have been prepared on
the basis of the accounting policies set out in the 30 June 2005 financial
statements.
ENQUIRIES:
Secretary OEM plc Tel: 020 7292 5940
This information is provided by RNS
The company news service from the London Stock Exchange
END
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