Interim Results

RNS Number:0961K
OEM PLC
23 March 2005


OEM plc

INTERIM RESULTS


For the six months ended 31st December 2004

This six month period has been one of consolidation and planning for the future.
At the Annual General Meeting in December, I indicated that the Directors were
actively looking at proposals for restructuring the company and increasing
shareholder value. The Board are currently assessing the appropriate actions to
be undertaken to achieve this objective.

The Directors have unfortunately had to spend a considerable amount of time
pursuing the legal action against the estate of the late Brian Schneider, our
previous chief executive, and other parties. However, whilst the period has not
seen any major sales, the company has sought to minimise its loss with low
overheads offset by interest income.

We have received expressions of interest in current properties which we are
managing and we are continuing to look for further development opportunities on
behalf of both the company and our clients.

We do not recommend the payment of any dividend.

As I have said on previous occasions, the timing of property deals is
unpredictable, however there are some exciting projects in the pipeline and I
have every confidence in the future.


Robert PB Noonan
23 March 2005





Summary group profit and loss account


   Audited                                                    Unaudited            Unaudited
   year to                                                  6 months to          6 months to
   30 June                                                  31 December          31 December
      2004                                                         2004                 2003

      #000                                                         #000                 #000
     2,107      Turnover                                             11                1,910

   (5,072)      Operating (Loss)                  Note 5          (185)              (4,136)


       195      Interest net                                         98                   88

   (4,877)      (Loss) on ordinary activities                      (87)              (4,048)
                before taxation
      (20)      Taxation                                                               (285)

   (4,897)      (Loss) on ordinary activities                      (87)              (4,333)
                after taxation
                Dividends

   (4,897)      Retained (Loss)                                    (87)              (4,333)

  (61.32)p      Earnings (Loss) per 25p ord share               (1.09)p             (54.26)p
     7.01p      Earnings (Loss) per 25p ord share               (1.09)p                8.35p
                (before exceptional costs)





Summary group balance sheet


 Audited                                                Unaudited                Unaudited
 30 June                                              31 December              31 December
    2004                                                     2004                     2003

    #000                                                     #000                     #000
       7       Fixed Assets                                     3                        9

               Current Assets
     800       Stocks                                         800                      954
   1,315       Debtors                                        681                      153
   3,149       Long Term Debtors                            3,275                    3,033
      35       Cash at bank                                    12                      382

   5,299                                                    4,768                    4,522

 (2,637)       Creditors - due within one year            (2,268)                  (1,217)

   2,662       Net current assets                           2,500                    3,305

 (2,479)       Creditors - due after one year             (2,407)                  (2,553)
    (43)       Provisions for liabilities and charges        (36)                     (50)

     147       Net Assets                                      60                      711

   1,996       Share capital                                1,996                    1,996
     180       Share premium and other reserves               180                      180
 (2,029)       Profit and loss account                    (2,116)                  (1,465)
     147       Shareholders Funds                              60                      711





Summary group cash flow statement


   Audited                                                     Unaudited           Unaudited
   year to                                                      6 months            6 months
                                                                      to                  to
   30 June                                                            31                  31
                                                                December            December
      2004                                                          2004                2003

      #000                                                          #000                #000
   (5,072)      Operating (loss)                                   (185)             (4,136)
         7      Depreciation                                           4                   9
       842      Decrease in stocks                                                       688
       403      Decrease in debtors                                  508               1,787
     3,833      Increase (decrease) in creditors                   (481)               2,911
       (7)      Movement in provision for liabilities/charges        (7)
         6      Operating cash (outflow) inflow                    (161)               1,259
     (181)      Taxation                                                               (285)
       195      Returns on investments                                98                  88
     (810)      Financing activities                                  40               (810)

     (790)      (Decrease) Increase in cash                         (23)                 252




Notes

1     The interim financial statements have been prepared on the basis of the
      accounting policies set out in the Group's 2003 statutory accounts.
2     Taxation has been provided for at the effective rate estimated to be
      charged for the full year.
3     Basic earnings (loss) per share are calculated by dividing the profit
      (loss) on ordinary activities after taxation by 7,985,793
      being the number of ordinary shares in issue throughout this half
      year, the prior year and half year.
4     The results for the year ended 30 June 2004 are an abridged version of
      the Group's statutory accounts for that period which received an
      unqualified auditors report and have been filed with the Registrar
      of Companies.
5     Within last year's figure is an exceptional loss estimate of circa #5.0m,
      which was the estimate of the potential loss arising from the activities
      of Mr Schneider as outlined in the Chairman's statement at that time.




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