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RNS Number:1643I Magnum Power PLC 28 February 2003 MAGNUM POWER PLC Preliminary Statement of Results for the year ended 31 May 2002 Chairman's Statement The Directors report revenues of #1.61m (2001: #1.55m) and a loss of #0.7m (2001:#1.2m) for the year ended 31 May 2002. 2002 was a turbulent year for Magnum Power PLC culminating in the suspension of trading in the Company's shares in August 2002 and the sale of its operating activities and premises in January 2003. That outcome was not anticipated in reporting on the half year results to 30 November 2001. At that stage the Board could see steadily increasing activity, based on key customer forecasts, and with sustained margins and a tightly controlled cost base, projections showed the Group being able to trade through to cash generation and profitability despite the very constrained working capital facility available. The results to 31 May 2002 evidenced progress in the second half of the year and that progress continued into the current financial year. However, in August 2002 the Group received notification from two major customers of significant rescheduling of their requirements. This had a major impact on the business plan projections indicating that the Group would move into breach of its banking facilities for a considerable period. Following discussions with our bankers, the Board requested suspension of trading in the shares. Following the suspension, the Board reviewed the limited options available to the Group, and entered into a number of discussions with potentially interested parties. That culminated in the proposed transaction with the Pentranic Group which was notified to the market on 29 November 2002. As noted earlier, the transaction was completed in late January 2003 with the operating subsidiaries, business and employees, and premises transferring to the Pentranic Group and settlement of all liabilities to our bankers. Unfortunately this has not given rise to any capacity to make a cash distribution to shareholders. The last year has been a very demanding period for the shareholders, the employees and the Board. Some satisfaction derives from the continuation of the business, the technology, and the remaining employees who showed a great deal of commitment throughout a period of major uncertainty, and on behalf of the Board I would like to acknowledge that commitment. Bill Miller, the senior independent non executive director, having reached the age of 70, retires in line with the Company's Articles of Association. Bill has been committed and industrious in his support of the Company for a number of years, and I would like to record my appreciation of his input. Magnum Power PLC is now a stand alone company, with minimal net assets, and the Board is reviewing opportunities for the Company. I hope that we will be able to revert to shareholders with an appropriate proposal. Brian McGhee Chairman 28 February 2003 Consolidated Profit and Loss Account For the year ended 31 May 2002 2002 2001 Restated # # Turnover 1,609,398 1,548,772 Cost of sales (1,102,419) (1,082,926) Gross profit 506,979 465,846 Other operating expenses (net) (1,359,428) (1,674,272) Operating loss (852,449) (1,208,426) Interest received 3,988 57,802 Interest payable (40,313) (53,775) Loss on ordinary activities before taxation (888,774) (1,204,399) Tax on loss on ordinary activities 187,312 - Loss for the financial year (701,462) (1,204,399) Loss per ordinary share Basic and diluted loss per share (0.70p) (1.21p) Statement of group total recognised gains and losses For the year ended 31 May 2002 2002 2001 Restated # # Loss for the financial year (701,462) (1,204,399) Unrealised deficit on revaluation of property (231,410) - Total recognised losses for the related year (932,872) (1,204,399) Prior year adjustment (241,523) Total losses recognised since last annual report (1,174,395) Balance Sheet At 31 May 2002 Group 2002 2001 Restated # # Fixed assets Intangible assets - 15,100 Tangible assets 976,087 1,281,080 Investments - - 976,087 1,296,180 Current assets Stocks 236,065 495,180 Debtors 588,924 329,713 Cash at bank and in hand - 372,981 824,989 1,197,874 Creditors: Amounts falling due within one year (703,325) (416,980) Net current (liabilities)/assets 121,664 780,894 Total assets less current liabilities 1,097,751 2,077,074 Creditors: Amounts falling due after more than one year (395,505) (441,956) Net assets 702,246 1,635,118 Capital and reserves Ordinary share capital 9,993,440 9,993,440 Share premium account 10,793,236 10,793,236 Revaluation reserve 213,529 444,939 Merger reserve (1,702,470) (1,702,470) Profit and loss account (18,595,489) (17,894,027) Equity shareholders' funds 702,246 1,635,118 Consolidated Cash Flow Statement For the year ended 31 May 2002 2002 2001 Restated # # Net cash outflow from operating activities (540,989) (1,422,211) Returns on investments and servicing of finance Interest received 3,988 57,802 Interest paid (40,313) (53,775) Net cash (outflow)/inflow from returns on (36,325) 4,027 investments and servicing of finance Capital expenditure and financial investment Purchase of tangible fixed assets (1,166) (7,798) Net cash outflow from capital expenditure and (1,166) (7,798) financial investment Cash outflow before financing (578,480) (1,425,982) Financing Issue of ordinary share capital - 1,189,244 Repayment of loans (43,164) (33,682) Capital element of finance lease rental payments (2,954) (5,084) Net cash (outflow)/inflow from financing (46,118) 1,150,478 Decrease in cash in the year (624,598) (275,504) Notes to financial statements for the year ended 31 May 2002 1. Turnover and Segment Information Turnover and loss on ordinary activities before taxation were derived from the Group's principal activity of designing, developing and selling Built-In Uninterruptible Power Supplies (BI-UPS(R)) and other power supply equipment. The Group's activities all originate in the UK. Turnover was achieved in the following geographical areas: 2002 2001 # # United Kingdom 666,602 494,021 Rest of Europe 231,727 249,271 Rest of World 711,069 805,480 1,609,398 1,548,772 2. Loss On Ordinary Activities Before Taxation 2002 2001 Restated # # Loss on ordinary activities before taxation is stated after (crediting)/charging: Depreciation of tangible fixed assets - owned 51,185 50,594 - held under finance leases 23,564 24,651 Amortisation of intangible assets - patent 15,100 15,100 Operating lease rentals 10,731 26,881 Auditors' remuneration - audit fees 18,500 18,500 - other services 12,500 5,352 Research and development costs - current year expenditure 502,768 439,693 3. Loss Per Ordinary Share Loss per Ordinary Share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of Ordinary Shares in issue. 2002 2001 Restated # # Loss attributable to members of Magnum Power PLC 701,462 1,204,399 Weighted average number of Ordinary shares in issue 99,934,398 99,700,018 Loss per Ordinary Share - basic and diluted (0.70p) (1.21p) As a loss has been incurred in the year ended 31 May 2002, the exercise of share options would not have been dilutive. Accordingly, the basic and diluted loss per share are the same. The full financial statements will be posted to shareholders today. Further copies will be available from the company's registered office at 4 Michaelson Square, Kirkton Campus, Livingston EH54 7DP from today. Independent auditors' report to the members of Magnum Power PLC Basis of audit opinion We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Adverse opinion The Company disposed of its subsidiary companies and premises in January 2003. The terms of the disposal were such that the Company made no recovery in respect of its investments in, and amounts due from subsidiaries. The value at which these amounts are included in the Company balance sheet is consequentially overstated by #19,959,721. The directors are currently reviewing opportunities for the Company to continue as a going concern. At the date of signing our report the company has been unable to provide to us with satisfactory evidence sufficient to confirm that it has the ability to meet the short term working capital needs of the group and that it can continue as a going concern. This information is provided by RNS The company news service from the London Stock Exchange END FR EAXAPAESDEFE
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