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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
OEM | LSE:OEM | London | Ordinary Share | GB0006572241 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 FR MRBATMMITBPF
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