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RNS Number:5820P
Fortress Holdings PLC
10 September 2003
FORTRESS HOLDINGS plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2003
CHAIRMAN'S STATEMENT
Slightly higher profits at Columbia-Staver have been offset by lower interest on
deposits and, a smaller adjustment to the market value of investments when
compared to the same period last year.
Between 1st January and 30th June this year a total of 15,492,500 shares were
bought in for cancellation. This leaves 48,611,444 shares in issue at the time
of writing.
As far as our pursuit of suitable investment opportunities for your Company's
cash, this continues. For further comment I cannot do better than repeat what I
said in my last Chairman's statement that your Directors' priority is the
enhancement of shareholder value. Until an acquisition capable of providing
substantial uplift in shareholder value can be found your Company is better to
retain its cash.
Your Directors are not proposing to pay an interim dividend but hope to
recommend to shareholders the payment of a modest final dividend.
GREVILLE HOWARD
Chairman
10th September 2003
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30th June 2003
Six months Six months Twelve months
ended ended ended
30th June 30th June 31st December
2003 2002 2002
Notes #000 #000 #000
Turnover 1,582 1,398 3,061
----- ----- -----
Operating loss (243) (335) (202)
Net interest receivable 289 358 711
Amounts written back to/(off) investments 91 166 (1)
----- ----- -----
Profit before taxation 137 189 508
Taxation 2 (10) (10) (109)
----- ----- -----
Profit after taxation 127 179 399
Dividends - - (270)
----- ----- -----
Retained profit for the period 127 179 129
----- ----- -----
Dividends per share - - 0.5p
Earnings per share - basic 3 0.2p 0.3p 0.6p
- diluted 0.2p 0.3p 0.6p
NOTES:
1. All profits shown above are derived from continuing operations.
2. The taxation charge has been based on the expected tax rate for the year.
3. The earnings per share for the six months ended 30th June 2003 are
calculated on the post tax profit for the period of #127,000 (2002: #179,000)
and on the average number of shares in issue during the period of 54,168,613
(2002:64,353,944).
4. The financial information contained in this interim report does not
constitute statutory accounts. It is unaudited and has been prepared using
accounting policies consistent with the statutory financial statements for the
year ended 31st December 2002. The comparative figures for the twelve months
ended 31st December 2002 are taken from the company's statutory accounts for the
financial period. Statutory accounts for that period have been reported on by
the company's auditors and delivered to the Registrar of Companies. The report
of the auditors was unqualified and did not contain a statement under Section
237(2) or (3) of the Companies Act 1985.
5. A copy of the interim report will be sent to all shareholders and will be
made available to the public from the Company Secretary, c/o Baker Dorking,
Curtis Road, Dorking, Surrey RH4 1SQ.
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 30th June 2003
30th June 30th June 31st December
2003 2002 2002
#000 #000 #000
FIXED ASSETS
Tangible fixed assets 385 392 326
----- ----- -----
385 392 326
----- ----- -----
CURRENT ASSETS
Stocks 559 458 485
Debtors 815 744 820
Investments 335 411 244
Cash at bank and in hand 14,423 18,778 18,755
------ ------ ------
16,132 20,391 20,304
CREDITORS - amounts falling due
within one year
Loan notes (131) (205) (151)
Hire purchase and finance lease
obligations (21) (21) (21)
Taxation (161) (102) (151)
Dividends payable - - (270)
Other creditors and accruals (746) (771) (504)
------ ------ ------
NET CURRENT ASSETS 15,073 19,292 19,207
------ ------ ------
TOTAL ASSETS LESS CURRENT LIABILITIES 15,458 19,684 19,533
CREDITORS - amounts falling due after more than one year
Hire purchase and finance lease
obligations - (21) (10)
PROVISIONS FOR LIABILITIES AND CHARGES
Other provisions (73) (100) (72)
------ ------ ------
NET ASSETS 15,385 19,563 19,451
------ ------ ------
CAPITAL AND RESERVES
Called up share capital 9,722 12,871 12,821
Capital redemption reserve 4,630 1,481 1,531
Profit and loss account 1,033 5,211 5,099
------ ------ ------
EQUITY SHAREHOLDERS' FUNDS 15,385 19,563 19,451
------ ------ ------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30th June 2003
Six months Six months Twelve months
ended ended ended
30th June 30th June 31st December
2003 2002 2002
#000 #000 #000
Operating loss (243) (335) (202)
Depreciation charge 70 94 184
Gain on disposal of fixed assets - (1) (8)
Gain on disposal of investments - (13) (13)
Increase in stocks (74) (10) (37)
Decrease/(increase) in debtors 5 (127) (168)
Increase in creditors 242 339 72
Decrease in provisions - (33) (65)
------ ------ ------
Net cash outflow from operating
activities - (86) (237)
Returns on investments and servicing
of finance 290 358 715
Corporation tax paid - - (85)
Capital expenditure and financial
investment (129) (28) (45)
Equity dividends paid (270) (322) (322)
------ ------ ------
Cash (outflow)/inflow before management
of liquid resources and financing (109) (78) 26
Management of liquid resources 7,320 48 402
Financing
Ordinary shares repurchased (4,193) - (62)
Decrease in debt (30) (58) (123)
------ ------ ------
Increase/(decrease) in cash in the period 2,988 (88) 243
------ ------ ------
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET FUNDS
Increase/(decrease) in cash in the period 2,988 (88) 243
Cash flow from movement in debt and
financing 30 58 123
Cash flow from movement in liquid
resources (7,320) (48) (402)
------ ------ ------
Decrease in net funds in the period (4,302) (78) (36)
Net funds at the start of the period 18,573 18,609 18,609
------ ------ ------
Net funds at the end of the period 14,271 18,531 18,573
------ ------ ------
For further information please contact:
Greville Howard, Fortress Holdings plc Tel: 07850 631 556
This information is provided by RNS
The company news service from the London Stock Exchange
END
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