Partridge Fine Art - Final Results
February 04 2000 - 2:02AM
UK Regulatory
RNS Number:9830E
Partridge Fine Arts PLC
4 February 2000
PARTRIDGE FINE ARTS PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 1999
CHAIRMAN'S STATEMENT
Turnover for the year ended 31 October 1999 fell by 5.76 per cent to #18.355
million. The profit on ordinary activities before tax was #1.821 million,
down from #2.264 million in 1998. The operating margin, excluding net
interest payable was 1.6 per cent lower than last year. Earnings per share
were 5.77p, down from 7.33p in 1998.
After the disappointing results that I reported after the first six months
trading, business improved but not sufficiently to make up for the shortfall
in profit experienced at the beginning of the year. This improvement in
trading has continued.
In November and December we held an exhibition in the gallery entitled 'Vision
of the East' to coincide with 'Asia Week' in London. A catalogue was produced
and we had over two thousand visitors to the gallery during the exhibition.
It was a very successful venture, which resulted in a great deal of good
publicity and editorial comment for the company. I am grateful to our
Managing Director, Michael Tollemache, for leading this profitable venture.
I am sorry to report that Mr Tollemache is today leaving the Company to
refocus on his previous activities in the art trade. I am grateful to him for
the assistance which he has given to me and to the Company, and to thank him
for the many improvements he has made. We hope to work with him on the
purchase and sale of pictures in the future. I am taking over Mr Tollemache's
responsibilities and will, for the time being, act as both Managing Director
and Chairman.
Your Board is recommending, subject to approval by shareholders at the
forthcoming annual general meeting, a final dividend of 1.40p per ordinary
share to be paid on 20 April 2000 to shareholders on the register on 24 March
2000. This, together with the interim dividend of 1.45p, will make a total
for the year of 2.85p per ordinary share compared with 3.25p last year, in
line with the Board's policy that dividends be at least twice covered by
after-tax profits.
Trading for the current financial year has started well and I look forward to
the year ahead with confidence.
Enquiries: John Partridge
Partridge Fine Arts PLC
020 7629 0834
The annual report will be sent to shareholders in March. Copies will be
available on request from the Company's head office Partridge Fine Arts PLC,
144-146 New Bond Street, London W1Y OLY.
GROUP BALANCE SHEET
AT 31 OCTOBER 1999
1999 1998
#'000 #'000
FIXED ASSETS
Tangible 641 686
Investments 100 93
-------- --------
741 779
-------- --------
CURRENT ASSETS
Stock 28,505 29,535
Debtors 3,305 2,978
Cash 585 715
-------- --------
32,395 33,228
CREDITORS
Amounts falling due within
one year (3,317) (4,833)
-------- --------
NET CURRENT ASSETS 29,078 28,395
-------- --------
TOTAL ASSETS
LESS CURRENT LIABILITIES 29,819 29,174
CREDITORS
Amounts falling due after more
than one year (3,500) (3,500)
-------- --------
26,319 25,674
======= =======
CAPITAL AND RESERVES
Called up Share Capital 2,214 2,214
Reserves and Retained profits 24,105 23,460
-------- --------
26,319 25,674
======= =======
GROUP PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 1999
1999 1998
#'000 #'000
TURNOVER 18,355 19,478
COST OF SALES 13,337 13,961
-------- --------
5,018 5,517
OPERATING EXPENSES, ETC 2,953 3,010
-------- --------
OPERATING PROFIT 2,065 2,507
INTEREST RECEIVED 106 22
-------- --------
2,171 2,529
INTEREST PAID 350 265
-------- --------
PROFIT BEFORE TAX 1,821 2,264
TAXATION 544 642
-------- --------
PROFIT AFTER TAX 1,277 1,622
DIVIDENDS 631 720
-------- --------
646 902
===== =====
EARNINGS PER ORDINARY SHARE 5.77p 7.33p
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 1999
1999 1998
#'000 #'000
Net cash inflow/(outflow)
from operating activities 3,129 (338)
Net cash outflow from returns on
investments and servicing of
finance (229) (252)
Tax paid (489) (1,109)
Net cash outflow from Capital
Expenditure and Financial
Investment (33) (170)
Equity Dividends paid (653) (1,152)
-------- --------
Cash inflow/(outflow) before
Financing 1,725 (3,021)
(Decrease)/increase in Loans (500) 2,500
-------- --------
Increase/(decrease) in cash in
the year 1,225 (521)
===== =====
END
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