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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bollore SE | EU:BOL | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.33 | -5.55% | 5.62 | 5.525 | 5.70 | 5.84 | 5.335 | 5.84 | 2,036,687 | 16:40:00 |
RNS Number:1382P Bolton Group (International) Ld 28 August 2003 PRELIMINARY RESULTS Bolton Group (International) Limited ("Bolton Group" or "the Group") the real estate holding and development group, announces its preliminary unaudited results for the year ended 30 April 2003. For further information, please contact: Bolton Group (International) Limited Tel: 020 7499 7922 Peter Derby, Chairman CHAIRMAN'S STATEMENT Results Group turnover for the year ended 30 April 2003 was #219,000 (2002: #599,000), resulting in an operating loss of #218,000 (2002: operating profit #416,000). The loss before and after tax was #338,000 (2002: profit before and after tax #357,000). Accordingly, the Board does not recommend the payment of a dividend at this time. Review of operations In my last annual report, I said that one of our subsidiaries, Urania Securities Ltd ("Urania"), had lost a significant proportion of its income following the loss, in March 2002, of its major tenant at Angel House in London. Whilst every effort was made to attract new tenants, it was not possible to secure any offers for the available space and, in April 2003, notice was received in that one of the remaining two tenants would be exercising its option to vacate in October this year. Since March 2002, Urania has been exposed to substantial liabilities in respect of business rates together with significant service charge expenses in respect of the vacant space. The office rental market has continued to experience a material decline, offering no immediate or early prospect of achieving any profit from this investment. In view of the increasing liabilities in Urania, the directors took the decision to dispose of the company. Urania and Bolton Group Plc, which has made no contribution to the Group for many years, have been sold for #160,000 - the consideration equalling the sum of their net asset values. Future The directors have for some time been of the opinion that the Group would be unable to generate increased shareholder value through its core business of property investment in the commercial sector in the UK. The Group will continue to invest in property which offers attractive yields for the foreseeable future and a number of investment opportunities have been identified in Mainland China. Since the year end, the Group has purchased three properties and a further four purchases are due for completion by November 2003. As part of it ongoing strategy to diversify the Group, the Board acquired an 8.3% interest in Megacom Holdings Limited ("MHL") in July 2003. MHL is an investment holding company with business interests in China, specialising in full services advertising, sales of print media (with a particular focus on travel-related periodicals like in-flight magazines and hotel magazines) and in the marketing and sales of innovative media vehicles, including an On-Premises Advertising System (OPAS), a closed circuit audio-video advertising system, pioneered by MHL in key retail channels in China. The Board will continue to pursue its strategy of seeking investment opportunities in areas offering a greater potential for growth. Peter Derby Chairman 28 August 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 30 April 2003 Note Unaudited Audited 2003 2002 #000 #000 Turnover 219 599 Administrative expenses (437) (190) Other operating income - 7 ------- ------- Operating (loss)/profit (218) 416 Proceeds from disposal of shares - 62 ------- ------- (Loss)/profit on ordinary activities before interest and taxation (218) 478 Interest receivable - 20 Interest payable (120) (141) ------- ------- (Loss)/profit on ordinary activities before taxation (338) 357 Tax on (loss)/profit on ordinary activities - - ------- ------- Retained (loss)/profit on ordinary activities after taxation (338) 357 ------- ------- (Loss)/earnings per share 3 (0.56)p 0.59p ------- ------- Diluted(loss)/earnings per share 3 (0.56)p 0.59p ------- ------- All transactions arose from continuing operations during the current and previous year. CONSOLIDATED BALANCE SHEET As at 30 April 2003 Note Unaudited Audited 2003 2003 2002 2002 #000 #000 #000 #000 Fixed assets Tangible assets 2,660 4,595 Current assets Debtors 139 13 Cash at bank and in hand 24 630 ------- ------- 163 643 Creditors: amounts falling due within one year (2,713) (2,865) ------- ------- Net current liabilities (2,550) (2,222) ------- ------- Net assets 110 2,373 ------- ------- Capital and reserves Called up share capital 606 606 Share premium account 1,534 1,534 Revaluation reserve (1,363) 562 Other reserves 5,724 5,724 Profit and loss account (6,391) (6,053) ------- ------- Shareholders' funds - equity 4 110 2,373 ------- ------- CONSOLIDATED CASH FLOW STATEMENT For the year ended 30 April 2003 Unaudited Audited 2003 2002 #000 #000 Cash flow statement Net cash (outflow)/inflow from operating activities (361) 787 ------- ------- Returns on investments and servicing of finance Interest received - 20 Interest paid (120) (143) ------- ------- Net cash outflow from returns on investments and servicing of finance (120) (123) ------- ------- Capital expenditure and financial investments Purchase of tangible fixed assets (5) (42) Recovered proceeds from the sale of shares - 62 ------- ------- Net cash (outflow)/inflow from capital expenditure and financial investments (5) 20 ------- ------- Net cash (outflow)/inflow before financing (486) 684 ------- ------- Financing Repayment of borrowings (120) (120) ------- ------- Net cash outflow from financing (120) (120) ------- ------- (Decrease)/increase in cash in the year (606) 564 ------- ------- NOTES TO THE PRELIMINARY ANNOUNCEMENT 1. The financial information set out in the announcement does not constitute the company's accounts for the years ended 30 April 2003 or 2002. The financial information for the year ended 30 April 2002 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their audit opinion was unqualified and did not contain a statement under section 237(2) or (3) Companies Act 1985. The statutory accounts for the year ended 30 April 2003 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. 2. The company has prepared these preliminary results on the basis of accounting policies consistent with those in the full financial statements, which have yet to be published. 3. The calculation of (loss)/earnings per share as disclosed in the profit and loss account is based on a loss of #338,000 (2002: profit #357,000) being the loss for the year divided by the weighted average number of shares 60,580,355 (2002: 60,580,355), in issue during the year. The diluted (loss)/earnings per share is based on the loss after taxation of #338,000 (2002: profit #357,000). As the share options in existence during the year were exercisable at above the average share price they are not dilutive. The adjusted weighted average number of shares was 60,580,355 (2002: 60,580,355). 4. Reconciliation in equity shareholders' funds 2003 2002 #000 #000 Opening shareholders' funds 2,373 3491 (Loss)/profit on ordinary activities after taxation (338) 357 Impairment of investment property (1,925) (1,475) ------ ------ Closing equity shareholders' funds 110 2,373 ------ ------ This information is provided by RNS The company news service from the London Stock Exchange END FR SEEFIASDSEEA
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