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AIM AIM ImmunoTech Inc

0.20
0.01 (5.26%)
Last Updated: 16:25:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
AIM ImmunoTech Inc AMEX:AIM AMEX Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 5.26% 0.20 0.21 0.1834 0.19 308,219 16:25:00

Interim Results

07/01/2004 7:00am

UK Regulatory


RNS Number:9285T
AIM Group PLC
07 January 2004

                                  AIM Group PLC
                                Interim Results

                                                                7th January 2004

AIM Group PLC, the aircraft interiors manufacturer, announces interim results
for the six months ended 31st October 2003.

                              Chairman's Statement

Results    In the six months to 31st October 2003 the Group incurred an
and        operating loss of #169,000 (2002 #237,000 profit) on sales of #25.4m
dividend   (2002 #21.9m). After exceptional items of #145,000 (2002 nil) and
           interest charges of #134,000 (2002 #22,000) the loss before tax for
           the period amounted to #448,000 (2002 #215,000 profit). As already
           announced at the time of the preliminary results last year, there
           will not be any interim dividend.

Review     The operating loss arose as a result of unexpected losses on certain
           aircraft galley contracts and an erosion of margin in a declining
           market, compounded by the weakness of the US dollar on which much of
           our revenue is based. The exceptional loss related to redundancy
           costs as the Group continued to reduce production capacity to match
           demand.

           Whilst the Group has had some success at diversification away from
           civil aircraft, particularly within the railway industry, our core
           business is suffering from the massive decline in capital expenditure
           by the airlines. Recent announcements of further airline losses, the
           deferral of orders for new aircraft and the discontinuance of
           production of the Boeing 757 aircraft are all indicative of current
           market conditions.

Outlook    Deliveries are scheduled to be lower in the second half of the
           financial year and although capacity has been reduced, further
           redundancies are possible. The continued weakness of the US dollar
           has adversely impacted our competitiveness in a market which has
           deteriorated further since my last report. Against this background
           it is difficult to see any immediate improvement in the Group's
           financial performance.

                                                                      J.C. Smith
                                                                        Chairman
                                                                7th January 2004
16 Carlton Crescent
Southampton
S015 2ES


                          Group Profit and Loss Account

                      6 months ended       6 months ended           Year ended
                        31st October         31st October           30th April
                                2003                 2002                 2003
                          (Unaudited)          (Unaudited)            (Audited)
                               #'000                #'000                #'000

Turnover                      25,364               21,905               56,221
                           =====================================================
Operating
(loss)/profit                   (169)                 237                1,054

Exceptional items
(note2)                         (145)                   -                 (344)
                          ------------------------------------------------------
(Loss)/profit on
ordinary activities
before interest                 (314)                 237                  710

Net interest payable            (134)                 (22)                (113)
                          ------------------------------------------------------
(Loss)/profit on
ordinary activities
before taxation                 (448)                 215                  597

Tax on (loss)/profit
on ordinary
activities                       127                  (73)                (289)
                          ------------------------------------------------------
(Loss)/profit for
the period                      (321)                 142                  308

Dividend                           -                 (246)                (224)
                          ------------------------------------------------------
Retained
(loss)/profit for
the period                      (321)                (104)                  84
                          ------------------------------------------------------

Dividend per share                 -                  1.8p                 1.8p
                          ------------------------------------------------------
Basic
(loss)/earnings per
share (Note 3)                  (2.6)p                1.0p                 2.2p
                          ------------------------------------------------------
Diluted
(loss)/earnings per
share (Note 3)                  (2.6)p                1.0p                 2.2p
                          ------------------------------------------------------


                               Group Balance Sheet

                                    31st October  31st October      30th April
                                            2003          2002            2003
                                      (Unaudited)   (Unaudited)       (Audited)
                                           #'000         #'000           #'000
Fixed assets
Intangible assets                            539           975             599
Tangible assets                            6,648         6,628           6,949
                                        ----------------------------------------
                                           7,187         7,603           7,548
Current assets
Stocks and work in
progress                                  10,906        16,152          11,714
Debtors
- due within one year                      9,493        10,536          11,180
- due after more than one year               604             -             604
Cash at bank and in hand                   2,071         1,549           1,642
                                        ----------------------------------------
                                          23,074        28,237          25,140
                                        ----------------------------------------
Creditors
Amounts falling due within one year:
Bank overdrafts                           (2,290)            -          (1,242)
Other creditors                           (7,573)      (12,747)        (10,080)
                                        ----------------------------------------
                                          (9,863)      (12,747)        (11,322)
                                        ----------------------------------------
Net current assets                        13,211        15,490          13,818
                                        ----------------------------------------
Total assets less
current liabilities                       20,398        23,093          21,366

Creditors
Amounts falling due after
more than one year                             -           (16)              -
                                        ----------------------------------------
Net assets                                20,398        23,077          21,366
                                        ========================================
Capital and reserves
Called up share capital                    1,206         1,478           1,225
Reserves                                  19,192        21,599          20,141
                                        ----------------------------------------
Equity shareholders' funds                20,398        23,077          21,366
                                        ========================================


                  Reconciliation of operating profit to net cash
                    Inflow/(outflow) from operating activities

                      6 months ended       6 months ended           Year ended
                        31st October         31st October           30th April
                                2003                 2002                 2003
                          (Unaudited)          (Unaudited)            (Audited)
                               #'000                #'000                #'000
Operating
(loss)/profit on
continuing
activities                      (314)                 237                  710

Depreciation and
amortisation of
goodwill                         486                  517                1,324

Loss on sale of
tangible fixed
assets                             3                   13                   45

Decrease/(increase)
in stocks                        808               (3,405)               1,033

Decrease/(increase)
in debtors                     1,692                  430               (1,298)

(Decrease)/increase
in creditors                  (2,507)               1,685                 (174)

Exchange rate
movements                        (29)                (401)                (113)
                             ---------------------------------------------------
Net cash
inflow/(outflow)
from operating
activities                       139                 (924)               1,527
                             ===================================================


                            Group Cash Flow Statement

                                  6 months ended   6 months ended   Year ended
                                    31st October     31st October   30th April
                                            2003             2002         2003
                                      (Unaudited)      (Unaudited)    (Audited)
                                           #'000            #'000        #'000

Cash inflow/(outflow) from
operating activities                         139             (924)       1,527
Taxation                                      97              (57)          58
Purchase of tangible fixed assets           (187)            (330)        (576)
Disposal of tangible fixed assets              9               34           78
Equity dividends paid                          -                -         (741)
Capital element of finance lease payments    (23)             (19)         (40)
Purchase of own shares for cancellation     (161)               -       (2,259)
Net interest paid                           (111)             (39)        (113)
                                         ---------------------------------------
Decrease in cash                            (237)          (1,335)      (2,066)
                                         =======================================


             Reconciliation of net cash flow to movement in net debt

                                 6 months ended   6 months ended     Year ended
                                   31st October     31st October     30th April
                                           2003             2002           2003
                                     (Unaudited)      (Unaudited)      (Audited)
                                          #'000            #'000          #'000

Decrease in cash in period                 (237)          (1,335)        (2,066)
Debt repayments                              23               23             40
Exchange rate movements                    (382)              73           (346)
                                       -----------------------------------------
Decrease in net funds in period            (596)          (1,239)        (2,372)
Net cash at beginning of period             377            2,749          2,749
                                       -----------------------------------------
Net (debt)/cash at end of period           (219)           1,510            377
                                       =========================================


                  Statement of total recognised gains and losses

                          6 months ended     6 months ended          Year ended
                            31st October       31st October          30th April
                                    2003               2002                2003
                              (Unaudited)        (Unaudited)          (Audited)
                                   #'000              #'000               #'000
(Loss)/profit for
the period                          (321)               142                308
Revaluation reserve
surplus                                -                  -                604
Net exchange
movements on foreign
currency net investments            (486)              (432)              (676)
                               -------------------------------------------------
Total losses and
gains for the period                (807)              (290)               236
                               =================================================


                Reconciliation of movements in shareholders' funds

                                  6 months ended   6 months ended   Year ended
                                    31st October     31st October   30th April
                                            2003             2002         2003
                                      (Unaudited)      (Unaudited)    (Audited)
                                           #'000            #'000        #'000

(Loss)/profit for the period                (321)             142          308
Dividends                                      -             (246)        (224)
                                        ---------------------------------------
                                            (321)            (104)          84
Other recognised gains and
losses relating to
the period                                  (486)            (432)         (72)
Purchase of shares
for cancellation                            (161)               -       (2,259)
                                        ---------------------------------------
Net reduction in
shareholders' funds                         (968)            (536)      (2,247)
Opening shareholders' funds               21,366           23,613        23,613
                                        ---------------------------------------
Closing shareholders' funds               20,398           23,077        21,366
                                        =======================================

Notes:

(1)  The unaudited results for the six months ended 31st October 2003 have been
     prepared in accordance with UK Generally Accepted Accounting Principles.
     The accounting policies applied are those set out in the Group's 2003
     Annual Report and Accounts.

(2)  Exceptional items in the six months to 31st October 2003 relate to 
     redundancy costs.

     Exceptional items in the year to 30th April 2003 related to an impairment
     charge following a re-assessment of the remaining value of purchased
     goodwill acquired in 1998.

(3)  Earnings per share are calculated under the provisions of FRS14 and are
     based on a weighted average of 12,173,548 (2002 - 14,779,150) shares in
     issue during the period.

     Diluted earnings per share are the same as basic earnings per share in the
     current and the comparative periods because there is no dilution caused by
     share options outstanding at the end of the period. This is due to the
     exercise price of these options exceeding the average share price in the
     period.

(4)  The figures for the year ended 30th April 2003 do not constitute the
     Company's full statutory accounts which received an unqualified auditors' 
     report and which have been filed with the Registrar of Companies.

(5)  Copies of this statement are being sent to shareholders and will be
     available from the Company's registered office at 16 Carlton Crescent,
     Southampton S015 2ES.



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

END
IR UUURPGUPCGRQ

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