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Share Name | Share Symbol | Market | Type |
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Whiting Petroleum Corp | NYSE:WLL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 68.03 | 0 | 01:00:00 |
RNS Number:0400Q Willington PLC 23 September 2003 Willington plc Interim Report 2003 Consolidated Profit & Loss Account for the six months ended 30 June unaudited Notes 2003 2002 2002 #'000 (a) Half Half Full year year year Group turnover 15,308 16,263 32,768 EBITDA (b) 345 667 969 Depreciation (349) (282) (652) Goodwill amortisation (2002 full year includes #430,000 (94) (111) (640) for impairment of goodwill) Operating (loss)/profit (98) 274 (323) Interest payable (174) (200) (252) (Loss)/profit before taxation (272) 74 (575) Taxation - (28) (104) (Loss)/profit on ordinary activities after taxation (272) 46 (679) Minority interests - (20) (19) (Loss)/profit after taxation attributable to Willington (272) 26 (698) plc (Loss)/profit before taxation by business class Storage (156) 95 139 Distribution (116) (21) (714) (272) 74 (575) Headline (loss)/earnings per share (basic) (c) (2.10)p 1.61p (0.68)p (Loss)/earnings per share (basic) (c) (3.20)p 0.31p (8.21)p Consolidated Balance Sheet unaudited 2003 2002 2002 #'000 Half Half Full year year year Fixed assets 7,070 8,771 7,312 Net current assets 682 1,214 583 Total assets less current liabilities 7,752 9,985 7,895 Creditors due in more than one year (986) (785) (862) 6,766 9,200 7,033 Provisions for liabilities and charges (91) (88) (86) Net assets 6,675 9,112 6,947 Shareholders' funds 6,675 7,666 6,947 Minority interests - 1,446 - Total capital employed 6,675 9,112 6,947 Notes: a) The unaudited interim results for the 26 week period ended 30 June 2003 do not constitute statutory accounts for the purposes of Section 240 of the Companies Act 1985 and have been prepared adopting a basis and policies consistent with those contained in the 2002 Annual Report and Accounts. The columns headed "2002 Full year" consists of figures extracted from the audited accounts for the financial year ended 31 December 2002, but do not themselves constitute audited accounts. b) EBITDA means earnings before interest, taxation, depreciation and amortisation (including impairment). c) Earnings per ordinary share are calculated on the basis of 8,504,171 ordinary shares in issue and earnings attributable to ordinary shareholders. There is no difference in earnings for the calculation of diluted earnings per share. Headline earnings per ordinary share represent earnings before deduction of amortised goodwill. d) Copies of this interim report are being sent to all shareholders and are available from the company's registered office at Third Floor, 40/42 Osnaburgh Street, London NW1 3ND. Results The group recorded a profit before interest, tax, depreciation and goodwill (EBITDA) for the period of #345,000 (2002 #667,000) and a loss on ordinary activities before tax of #272,000 (2002 profit #74,000). The results of both divisions were affected by adverse market conditions and the lower turnover, as compared with the first six months of last year, reflected this general trend. In the storage division, our bulk liquids operations remained profitable and cold storage achieved a similar result to the corresponding period last year despite a further significant increase in insurance costs. During the early months of 2003 our container business suffered from the major industry-wide decline in storage volumes which, combined with exceptional costs incurred to reduce operating overheads, resulted in a substantial loss for the period and adversely affected the overall results of the division. In the distribution division, our German chemicals business remained profitable, albeit at a much reduced level reflecting weak market conditions. In the UK, revenues from our chemicals business in the period were higher than in the second half of 2002 but margins remained under pressure. The more stable market conditions in our rubber distribution business during the period meant that a better performance was achieved as compared with the second half of 2002. In overall terms the results for the division represented an improvement over the second half of 2002. Current Trading Better results from our bulk liquids and cold storage operations are expected for the remainder of the year providing current trends are maintained and reasonable volumes of seasonal cold storage business are forthcoming. We hope to obtain some additional sources of revenue to offset overheads in our container operations but until we are successful in this area the performance of this business remains a concern. The chemical industry in the UK and Europe continues to experience weak demand. As a consequence we expect the results from our UK and German operations for the remainder of the year to be broadly in line with first half performance although we may derive some benefit from the recently acquired distribution of certain new products in the UK. Our previously announced withdrawal from rubber trading is progressing satisfactorily and is expected to be largely complete by the end of year. The cash released will be utilised to reduce group borrowings. Dividend Since trading conditions continue to be difficult, the directors do not propose an interim dividend payment. R M Robinow Chairman 23 September 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR EAXNAALLDEFE
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