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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:2010T OEM PLC 26 October 2005 OEM plc PRELIMINARY STATEMENT OF UNAUDITED 2005 RESULTS STATEMENT BY THE CHAIRMAN 2005 Results The loss after taxation for the year was #127,000 (2004: loss after exceptional expenses of #5,457,000, #4,897,000). Loss per share for the year to 30 June 2005 was 1.59p (2004: loss 61.32p). Net assets at 30 June 2005 amounted to #20,000 (2004: #147,000) equivalent to 0.25p per share (2004: 1.84p). As in previous years, the directors do not recommend the payment of a dividend (2004: #nil). Business Review As I mentioned in my Interim Statement, this year has been one of consolidation and planning for the future. I indicated at the Annual General Meeting in December that the directors were actively looking at proposals for restructuring the company. This work is continuing and the Board are assessing the appropriate actions to be undertaken to achieve an increase in shareholder value. The directors are continuing to pursue the legal action against the estate of the late Brian Schneider, our previous chief executive, and other parties. The year has not seen any major sales, however the company has sought to minimise its loss with low overheads offset by interest income. Expressions of interest in properties which we are managing have been received and we are continuing to look for further development opportunities on behalf of both the company and clients. As I have said on previous occasions, the timing of property deals is unpredictable, however there are some promising projects in the pipeline and 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. The company continues to advise clients in relation to the Soho Court development and other properties from which future income will be derived. I look forward to bringing you some exciting proposals in the near future. Robert P B Noonan Chairman 26 October 2005 GROUP PROFIT AND LOSS ACCOUNT for the year ended 30 June 2005 2005 2004 #000 #000 Turnover 91 2,107 Cost of sales (19) (868) Gross Profit 72 1,239 Administrative expenses (388) (854) Exceptional Item - (5,457) Other Operating income Operating (Loss) (316) (5,072) Net interest 189 195 (Loss) on Ordinary Activities before (127) (4,877) Taxation Tax on profit on ordinary activities - (20) (Loss) on Ordinary (127) (4,897) Activities after Taxation Dividends - - Retained (Loss) for the Year (127) (4,897) Basic and Diluted (Loss) per Ordinary Share (1.59p) (61.32p) Basic and Diluted (Loss) / Earnings per Ordinary Share before exceptional item (1.59p) 7.01p No separate Statement of Total Recognised Gains and Losses has been presented. All such gains and losses have been dealt with in the Group Profit and Loss Account. Turnover and operating profit all derive from continuing operations. BALANCE SHEETS as at 30 June 2005 GROUP COMPANY 2005 2004 2005 2004 #000 #000 #000 #000 Fixed Assets Tangible assets 2 7 2 7 Investments - - 606 606 2 7 608 613 Current Assets Stocks 800 800 - - Debtors 1,181 1,315 1,859 2,304 Long Term Debtors 3,401 3,149 3,401 3,149 Cash at bank and in hand 75 35 75 35 5,457 5,299 5,335 5,488 Creditors (amounts falling due within one year) (3,051) (2,637) (4,316) (3,894) Net Current Assets 2,406 2,662 1,019 1,594 Total Assets less Current 2,408 2,669 1,627 2,207 Liabilities Creditors (amounts falling (2,361) (2,479) (2,361) (2,479) due after one year) Provision for Liabilities (27) (43) (27) (43) and Charges Net Assets 20 147 (761) (315) Capital and Reserves Called up share capital 1,996 1,996 1,996 1,996 Capital Redemption Reseve 11 11 11 11 Merger Reserve 169 169 169 169 Revaluation reserve - - 34 34 Profit and loss account (2,156) (2,029) (2,971) (2,525) Equity Shareholders' Funds 20 147 (761) (315) GROUP CASH FLOW STATEMENT for the year ended 30 June 2005 2005 2004 #000 #000 #000 #000 Net Cash (Outflow)/Inflow from Operating (925) 6 Activities Returns on Investments and Servicing of Finance Interest paid (64) (40) Interest received 253 189 235 195 (736) 201 Taxation - (181) Capital Expenditure and Financial (2) - Investment Net Cash (Outflow)/Inflow before (738) 20 Financing Financing Bank loan received 750 - Repayment of bank loan - (810) Increase (Decrease) in Cash in year 12 (790) Reconciliation of net cash flow to movement in net debt Increase (Decrease) in cash in year 12 (790) Cash (Inflow)/Outflow from increase in debt (750) 810 (Increase)/Reduction in net debt (738) 20 Net (debt) at beginning of year (661) (681) Net (debt) at end of year (1,399) (661) NOTES: 1 The net cash flow from operating activities is made up as follows: 2005 2004 Operating (loss) (316) (5,072) Depreciation 7 7 Movement in provision for liabilities and charges (16) (7) Decrease in stocks - 842 (Increase)/Decrease in debtors (118) 509 (Decrease)/Increase in creditors (482) 3,727 --------- ----------- Net cash inflow (outflow) from operating activities (925) 6 NOTES (continued) 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 09 December 2005 at 14 - 18 Ham Yard, London, W1D 7DT. 4 The financial information set out above does not constitute the Group's statutory accounts for the years ended 30 June 2005 or 30 June 2004, but is derived from those accounts. Statutory accounts for 2004 have been delivered to the Registrar of Companies in England and Wales, and those for 2005 will be delivered following the Company's annual general meeting. The auditors have reported on the 2004 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 2004 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 UNASRVSRRUAA
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