Interim Results

RNS Number:4620R
Donatantonio PLC
30 October 2003

Chairman's Statement



Following the statement made on 4th August 2003 at the Company's Annual General
Meeting, I am pleased to announce that whilst turnover is marginally down,
profits continue to be ahead.  This continues a trend of improving margins that
contrasts with the pressure witnessed last year.



The Company remains confident of its prospects for the full year in the light of
modest domestic and global growth.



As announced on 10th October 2003 the Directors of the Company have received a
conditional indicative offer from certain members of the Company's management
team.



The Directors have appointed the sole Independent Non Executive Director, Dennis
Holmes, to consider the current proposal.  He is being advised by Fiske plc.



On account of the conditional indicative offer and the terms set out therein the
Directors are not proposing the payment of an interim dividend.



Further announcements will be made when appropriate.



Vincent F Donatantonio
Chairman

29th October 2003




Profit & Loss Account
for the six months ended 31t July 2003

                                                     6 months to      6 months to      Year to 31/
                                                        31/07/03         31/07/02           01/03
                                                           #'000            #'000           #'000

Turnover                                                   7,077            7,139          13,937

Cost of Sales                                             (5,039)          (5,207)        (10,262)

Gross profit                                               2,038            1,932           3,675

Distribution Costs                                          (283)            (387)           (646)

Administration Costs                                      (1,210)          (1,030)         (2,160)

Amortisation of goodwill                                     (13)             (13)            (26)

Profit on ordinary activities before interest                532              502             843

Interest receivable                                           30               30              59

Profit on ordinary activities before taxation                562              532             902

Taxation on profit on ordinary activities                   (163)            (149)           (261)

Profit on ordinary activities after taxation                 399              383             641

Dividends                                                      -             (152)           (455)
                                                            
Retained profit for period                                   399              231             186

Earnings per share                                           2.6p             2.5p            4.2p

Headline Earnings per share                                  2.7p             2.6p            4.4p







Balance Sheet
as at 31t July 2003

                                                   As at 31/      As at 31/      As at 31/
                                                      07/03          07/02          01/03
                                                      #'000          #'000          #'000
Fixed Assets
Intangible assets                                       213            239            226
Tangible assets                                       3,884          4,014          3,955
Investments                                               3              3              3
                                                      4,100          4,256          4,184

Current Assets
Stock                                                 2,631          2,465          2,290
Debtors                                               2,256          2,332          1,794
Cash at bank in hand                                  2,745          2,140          2,169
                                                      7,632          6,937          6,253

Creditors: amounts falling due within one year       (2,633)        (2,451)        (1,736)

Net current assets                                    4,999          4,486          4,517

Total assets less current liabilities                 9,099          8,742          8,701

Provisions for liabilities and charges                 (144)          (140)          (144)

Net Assets                                            8,955          8,602          8,557


Capital and Reserves
Called up share capital                               1,515          1,515          1,515
Share premium                                         2,572          2,572          2,572
Profit and loss account                               4,868          4,515          4,470

Equity shareholders' funds                            8,955          8,602          8,557









Cash Flow Statement
for the six months ended 31t July 2003
                                                     6 months to     6 months to
                                                        31/07/03        31/07/02
                                                           #'000           #'000
Reconciliation of Operating Profit
to net cash inflow from operating activities

Operating profit                                             532             502
Depreciation charges                                          91             104
Amortisation of goodwill                                      13              13
(Increase) in stocks                                        (341)           (385)
(Increase) in debtors                                       (462)           (321)
Increase in creditors                                        733             165

Net cash inflow from operating activities                    566              78

Cash flow statement 
Net cash inflow from operating activities                    566              78

Returns on investments and servicing of finance               30              30

Taxation                                                       -               -

Capital expenditure                                          (20)            (33)
                                                              576             75

Dividends paid                                                              (302)

(Decrease)/Increase in cash                                   576           (227)



Reconciliation of net cash flow to movement in net cash


                                             6 months to       6 months to
                                                31/07/03          31/07/02
                                                   #'000             #'000

Change in net funds                                  576              (227)

Net funds as at 31/01/03                           2,169             2,367

Net funds as at 31/07/03                           2,745             2,140



 1. The financial information relating to the year ended 31st January 2003 has
    been abridged from the full Company accounts for that period which received
    an unqualified report from the auditors and which have been delivered to the
    Registrar of Companies.



These interim financial statements have been prepared on the basis of the
accounting policies set out in the Company accounts for the year ended 31st
January 2003. These statements, which were approved by a duly appointed and
authorized committee of the Board of Directors on 29th October 2003, are
unaudited and have not been reviewed by the auditors.



 2. Earnings per share for the six months ended 31st July 2003 are based on
    earnings of #399,000 and 15,150,000 shares in issue. For the six months
    ended 31st July 2002, earnings per share are based on earnings of #383,000
    and 15,150,000 shares in issue.



 3. Headline earnings per share, is based on profits attributable to
    shareholders, adjusted for Exceptional items and the amortisiation of
    goodwill.



 4. As noted in the Chairman's Statement, the Directors do not intend to pay an
    interim ordinary dividend.



 5. The liability for taxation has been provided for at the estimated rate for
    the full year.








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