Interim Results

RNS Number:6828A
OEM PLC
30 March 2006



OEM plc



INTERIM RESULTS



For the six months ended 31st December 2005



As I stated at the Annual General Meeting in December, the board has actively
been looking at proposals for restructuring the company with a view to
increasing shareholder value. We hope to be able to make a further announcement
about this in the near future.



Further time has regrettably been required to pursue the legal action against
the estate of the late Brian Schneider, our previous chief executive, and other
parties. However I am pleased to report that one of the parties has repaid an
amount representing a net income of #150,000, after OEMOs legal expenses, and we
are in advance negotiations with the other parties to make an acceptable
settlement. Please be aware, however, that the company may not fully recover its
losses.



During the period the company has incurred reasonable operating overheads partly
offset by interest income, 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.



I believe that there are some exciting projects awaiting the company and I have
every confidence in the future.



Robert PB Noonan                         30 March 2006




OEM PLC INTERIM RESULTS FOR THE SIX MONTHS ENDING 31 DECEMBER 2005
Summary group profit and loss account

       Audited                                    Unaudited       Unaudited         Audited
       year to                                  6 months to     6 months to         30 June
       30 June                                  31 December     31 December            2005
          2005                                         2005            2004
                                                                                       
     #000                                              #000            #000            #000   
            91   Turnover                                20              11               2

         (316)   Operating Profit/(Loss) Note          (83)           (185)             800
                                         5
                                                                                      1,181
                                                                                      3,401
           189   Interest net                            84              98              75

         (127)   Profit/(Loss) on                         1            (87)           5,457
                 ordinary activities
                 before taxation
                 Taxation                                                           (3,051)

         (127)   Profit/(Loss) on                         1            (87)           2,406
                 ordinary activities
                 after taxation
                 Dividends                                                          (2,361)
                                                                                       (27)
         (127)   Retained Profit/                         1            (87)             20
                 (Loss)
                                                                                        
       (1.59)p   Earnings (Loss) per 25p ord          0.01p         (1.09)p
                 share
       (1.59)p   Earnings (Loss) per 25p ord        (1.87)p         (1.09)p           1,996
                 share
                 (before exceptional                                                    180
                 costs)
                                                                                    (2,156)
                                                                                         20


                          Summary group cash flow statement
  Audited                                         Unaudited         Unaudited
  year to                                       6 months to       6 months to
  30 June                                       31 December       31 December
     2005                                              2005              2004

  #000                                                 #000              #000
    (316)     Operating (loss)                         (83)             (185)
        7     Depreciation                                                  4
              Decrease in
              stocks
    (118)     (Increase)/Decrease in                  (184)               508
              debtors
    (482)     Increase (decrease) in                    140             (481)
              creditors
     (16)     Movement in provision for                 (7)               (7)
              liabilities/charges
    (925)     Operating cash (outflow)                (134)             (161)
              inflow
              Taxation
      187     Returns on investments                     84                98
      750     Financing                                                    40
              activities

       12     (Decrease) Increase in                   (50)              (23)
              cash



                            Summary group balance sheet

                                              Unaudited      Unaudited
                                            31 December    31 December
                                                   2005           2004

                                                   #000           #000
Fixed Assets                                          2              3

Current Assets
Stocks                                              800            800
Debtors                                           1,229            681
Long Term                                         3,537          3,275
Debtors
Cash at bank                                         25             12

                                                  5,591          4,768

Creditors - due within one                      (3,210)        (2,268)
year

Net current                                       2,381          2,500
assets

Creditors - due after one                       (2,342)        (2,407)
year
Provisions for liabilities                         (20)           (36)
and charges

Net Assets                                           21             60

Share capital                                     1,996          1,996
Share premium and other                             180            180
reserves
Profit and loss account                         (2,155)        (2,116)
Shareholders                                         21             60
Funds



Notes

1          The interim financial statements have been prepared on the basis of
           the accounting policies set out in the Group's 2005 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 2005 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 the current year's figure is an exceptional income of #150,000
           representing the amount received, less OEM's legal expenses, from one of the
           parties against whom OEM plc had taken legal action to recover unauthorised amounts
           paid by Mr Schneider. Previous Chairman's statements have outlined the
           Company's position concerning Mr Schneider.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

IR AKKKKNBKDONN