Peterhead Grp PLC - Final Results
July 31 1997 - 12:43PM
UK Regulatory
RNS No 1694t
PETERHEAD GROUP PLC
31st July 1997
Contacts: David Symon, Group Chief Executive
Peterhead Group PLC
Tel: 0113 243 3065
Alistair Mackinnon-Musson
Ian Bailey
Square Mile Communications
Tel: 0171 583 4567
Peterhead Group PLC ("Peterhead")
Preliminary Results
Peterhead, the specialist mechanical asset rental Group,
announces today preliminary results for the year ended 31
January 1997.
These results relate to the company's last full year of
trading as World Fluids (Holdings) plc, prior to the
acquisition of a number of businesses, which now form the new
Group's core trading activities.
Consequently these figures bear little relevance to the
ongoing nature or performance of the Peterhead Group. The
Group's first meaningful set of results, representative of
its new shape and operational activities will be the interim
results for the six month period to 31 July 1997. It is
expected that these will be announced on 10 September 1997.
CHAIRMAN'S STATEMENT
In my letter accompanying the Supplementary Listing
Particulars sent to shareholders on 5 March 1997, I set out
details of the Company's proposed acquisitions of Peterhead
Crane Company Limited, Birchwood Mechanical Services Limited
and Birchwood Mechanical Sales Limited, a proposed placing
and open offer and related matters.
I am pleased to confirm that all these transactions were
completed on 1 April 1997, that the Company's Ordinary Shares
have now been admitted to the Official Lists in Dublin and
London, and that the Company's name has been changed from
World Fluids (Holdings) plc to Peterhead Group PLC. An
application is being made to the High Court in Dublin to
confirm the elimination of the revenue deficit so as to
enable any future profits of the Company to be available for
distribution.
The Accounts to 31 January 1997 which accompany this
statement, are therefore, those relating to the last full
year prior to the above changes, and as a result bear little
relevance to the ongoing nature or performance of the
Peterhead Group. The attached results reflect a large part
of the very substantial professional advisory and other costs
involved in making these changes.
The Accounts also reflect approximately 3 months trading from
the acquisition of the equipment broking business,
International Cranes & Equipment Limited ("IC&E"), which was
completed on 18 September 1996. In addition to the initial
consideration paid on completion, a deferred consideration of
Stg#300,000 will become payable provided the pre-tax profit
of IC&E for the year ending 31 December 1997 is not less than
Stg#500,000.
The only other trading activity of the Company during the
year to 31 January 1997 was the sand and gravel quarry in
County Wicklow, Ireland, the carrying value of which has been
written down by IR#150,000, to reflect estimated reserves. I
am pleased to report that a short-term letting has been
secured for the freehold property in Suffolk where the former
World Fluids drilling fluids business had been located.
The trading of the new Group has already proved to be very
encouraging. The Board expects to announce Interim Results
for the six month period to 31 July 1997 on 10 September
1997. These will be the Group's first meaningful set of
results, representative of its new shape and operational
activities.
Against this background, I believe that the original World
Fluids shareholders can look forward to a restoration of
value given the Group's new activities and management team,
and that all shareholders can be confident that the Board is
committed to delivering growth.
I look forward to meeting as many shareholders as possible at
the forthcoming Annual General Meeting in Dublin on 29 August
1997.
W Campbell Allan
Chairman
31 July 1997
World Fluids (Holdings) plc
Consolidated Profit & Loss Account
for year ended 31 January 1997
1997 1996
IR# IR#
Turnover
Continuing operations 250,573 306,017
Acquisitions 1,734,118 -
1,984,691 306,017
Discontinued operations - -
1,984,091 306,017
Cost of Sales 2,135,529 170,448
Group Profit/(Loss) (150,838) 135,569
Staff Costs (91,970) (27,673)
Depreciation and amortisation (171,328) (126,693)
Operating costs (913,677) (104,611)
Currency translations (49,737)
Other Income 14,588 -
(1,362,962) (123,408)
Interest receivable 2,423 -
Interest payable and
similar charges (42,933) (22,680)
Profit/(Loss) on ordinary activities
before exceptional items (1,403,472) (146,088)
Exceptional items (7,610,221)
Profit/(Loss) on ordinary activities
before taxation (1,403,472) (7,756,309)
Tax on ordinary activities (2,617)
Profit/(Loss) on ordinary activities
after taxation (1,403,472) (7,758,926)
Loss per share (1.43p) (8.65p)
World Fluids (Holdings) plc
Consolidated Balance Sheet
for year ended 31 January 1997
1997 1996
IR# IR#
Fixed assets
Tangible assets 625,050 737,368
Intangible Assets - -
625,050 737,368
Current assets
Stock 946,991 67,406
Debtors 137,457 47,280
Cash at bank and in hand 174,534 11,306
1,258,982 125,992
Creditors: amounts falling due
within one year (2,685,440) (264,266)
Net current assets/(liabilities) (1,426,458) (138,274)
Total assets less current
liabilities (801,408) 599,094
Creditors: amount falling due
after more than one year 374,696 81,172
Capital and reserves
Called up share capital 4,556,168 4,556,168
Loan stock 416,021 62,094
Share premium account 5,617,711 5,617,711
Revenue reserves (11,766,206) (9,718,051)
Shareholders' funds (1,176,308) 517,922
(801,408) 599,094
Notes
The calculation of the loss per share is based on the loss
attributable to the ordinary shareholders after taxation of
IR#1,403,471 (1996: IR#7,758,926; 1995: IR#2,351,490) and the
weighted average number of shares in issue during the period
of 91,123,360 (1996: 89,689,492; 1995: 71,998,537).
The financial information set out on the previous pages does
not constitute the Company's Statutory Accounts for the years
ended 31 January 1997 or 1996. The financial information for
1996 is derived from the Statutory Accounts for 1996 which
have been delivered to the Registrar of Companies. The
auditors have reported on the 1996 Accounts; their report was
unqualified and did not contain a statement under Section
237(2) or (3) of the Companies Act 1985. The Statutory
Accounts for 1997 will be finalised on the basis of the
financial information presented by the directors in this
preliminary announcement and will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting.
The directors do not recommend the payment of a dividend.
The Annual Report and Accounts will be posted to shareholders
on 4 August 1997. Extra copies will be available from the
Company Secretary, Peterhead Group PLC, 4 The Embankment,
Sovereign Street, Leeds, LS1 4BP. The results will not be
published in any newspaper.
END
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