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Share Name | Share Symbol | Market | Type |
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Lode Gold Resources Inc | TSXV:LOD | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.03 | 0.03 | 0.035 | 0 | 01:00:00 |
RNS Number:3559J Loades PLC 28 March 2003 LOADES PLC 28 MARCH 2003 Loades plc - Results At a meeting of the Directors on 26 March 2003 the following preliminary announcement of the results for the year to 30 September 2002 was approved. Chairman's Statement Review As you will have seen in my previous announcements, since my last report, Loades plc has experienced an extremely turbulent and traumatic year. The Company saw its short and medium term order book collapsing before its eyes, with no indication of a foreseeable upturn. This, together with the adverse national manufacturing conditions, and the uncertainty arising in international markets globally, forced your Directors to a complete re-think of our total future strategy that would replace ' helter-skelter' short-termism with a stable long-term future. Following the closure of Loades Design Limited in June 2002, and Loades Albany Limited, commencing in August 2002, it was decided, with much regret, to embark on a phased closure of Abbey Panels Limited as a production unit in September 2002, with all interested parties being advised. The major redundancy programme which was initiated as a result is now all but complete. The Group held an auction of its surplus plant and equipment on 27 February 2003, the proceeds of which have been reflected in the attached results. The leaves the Group with a small cash balance at the present. In addition a review has been taken of the remaining plant and equipment in the Group and an impairment adjustment has been made. Following the closure appropriate provisions have been made in respect of associated costs, all of which have been settled subsequent to the year end. These provisions have resulted in an exceptional charge in the accounts amounting to #2.373m. The aerospace and automotive precision machining division, Loades Dynamics Limited, has been retained and indeed some plant and equipment has been relocated to its site in Walsgrave, Coventry. Outlook All Group Properties are freehold, and the Board is actively pursuing, with a degree of success, commercial property leasing and development opportunities. Only time will tell, but your Board feels that its efforts will be much better rewarded in the Commercial Property market combined with our much more compact engineering services. A E Loades Chairman 28 March 2003 As Restated 2002 2001 #'000 #'000 Turnover 9,804 10,710 Group operating loss before exceptional items (2,964) (3,426) Exceptional items (2,373) - Group operating loss after exceptional items (5,337) (3,426) Investment income 7 87 Interest payable (70) (10) Group loss on ordinary activities before taxation (5,400) (3,369) Taxation 10 186 Group loss on ordinary activities after taxation (5,390) (3,183) Dividends - - ________ _______ Retained loss for the year (5,389) (3,183) Loss per share (269.48p) (159.14p) The previous year's tax charge has been adjusted by #458,000 to reflect the full provision of deferred tax following the implementation of Financial Reporting Standard 19. The Directors do not recommend the payment of a dividend (2001 : Nil) The calculation of earnings per share was based on the loss for the year attributable to ordinary shareholders of #5,389,576 (2001 : loss as restated #3,182,812) and on 2,000,000 ordinary shares in issue (2000 : 2,000,000 shares) Results for the year ended 30 September 2002 are abridged from the 2002 Annual Report & Accounts which received an unqualified auditors' report. AE Loades Chairman This information is provided by RNS The company news service from the London Stock Exchange END FR SEUFLASDSESD
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