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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aura Renewable Acquisitions Plc | LSE:ARA | London | Ordinary Share | GB00BKPH9N11 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 5.00 | 6.00 | 5.50 | 5.20 | 5.50 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 0 | -153k | -0.0146 | -3.77 | 577.5k |
RNS No 6369q ARAM RESOURCES PLC 30 June 1999 CHAIRMAN'S STATEMENT I am pleased to report on the positive progress we achieved in 1998, our first full year since flotation in September 1997. Operating profits for the period were #667,000 on sales of #3,226,000, with profit before taxation of #363,000 giving earnings per share of 6.01p. The Board is recommending a final dividend of 1p per share which, if approved, will be paid on 29 July 1999 to those shareholders registered at the close of business on 16 July 1999. This proposed dividend, together with the interim dividend of 1p brings the total dividend in respect of the year to 2p per share. Review Considerable progress was made in 1998 in translating the strategy set out at the time of our flotation into reality. As of today's date we have secured a total of 6 wharf locations for the introduction of satellite coating plants to be supplied by sea from the West of England Quarry and from third party sources. At the time of flotation it was envisaged that 2 such sites would be secured. Our detailed surveys proved that suitable wharves were even more limited in availability than we had previously considered so we moved quickly to secure these important resources. Having now secured a good strategic base we will spend the next twelve months in developing and generating profits from it. To facilitate the development of our satellite coating plants on our wharves, we have been successful in securing long term contracts to supply the necessary raw materials to complement those from our own West of England quarry. The materials concerned are secondary aggregates, a further example of our commitment to basing strategy on environmental sustainability. Offer letters were accepted for two government grants totalling some #1.3 million during 1998 to assist in our capital expenditure programme. This fully justified our decision to delay development of the West of England quarry pending the outcome of the grant applications. We were pleased to be the first British company to be awarded a water freight facilities grant in excess of #1 million. Grant assistance is available in the form of freight facilities grants from the Department of Environment, Transport and the Regions (DETR) to encourage companies to utilise water borne Transportation to ease congestion on the already crowded road network. The environmental objectives of the freight facilities grants are complementary to our strategy of utilising sea transport to carry bulk commodities and as a result we believe that further grant aid will be forthcoming for our wharf sites as they are developed. Moreover, increasing taxes on road diesel will further enhance our competitiveness. The possibility of an aggregates tax and the integrated transport policy being followed by the government are both areas which also offer us many advantages with our strategy of environmental sustainability, our resource base and the locations of our sites. Turnover at the long established Carnsew Quarry saw a growth of some 28% over the previous year, aided by the introduction mid-year of a concrete plant. In addition in the second half we also benefited from a contract to supply the materials for the St Austell North East Distributor Road, the major new road project in Cornwall last year. At the same time, stocks of raw materials were built up to support the planned continued growth of the operation. Trading in the second half of the year was in line with expectations. The operating quarries were revalued to #15.6 million. The surplus arising from the revaluation of #14.7 million has been transferred to reserves. Other non-operational quarries have been retained at cost. These accounts do not include any material value relating to our wharves. Formal valuations have been conducted since the year end which indicate the open market value of these wharves in their current stage of development is in excess of #7 million. In March 1999 we acquired the issued share capital of Tregunnon Quarry Limited. Tregunnon Quarry, based near Launceston, Cornwall, provides us with an in-house strategic source of high PSV aggregate. It will also allow us to increase our geographical spread in the South West and reduce our purchases of imported materials. In December 1998 we submitted a planning application to utilise the void space created by our operations in the first part of Carnsew Quarry as a landfill site suitable for domestic and commercial refuse. The planning process is expected to take up to twelve months. The existing landfill sites in Cornwall have limited remaining useful lives. We are currently in discussion with a specialist landfill operator to exploit the potential of this considerable opportunity. These proposed operations do not affect the continuing operation of the quarry and its associated activities. People At the end of April we had to accept the resignation of one of our non- executive directors, Darryl Whitehead. Darryl has accepted a senior position with Grant Thornton, our company auditors, and as such was obliged to resign by the rules of the Institute of Chartered Accountants in England and Wales. He made a significant contribution to the group, both during the flotation and thereafter, and on behalf of the Board I both thank him for this and wish him every success in his new appointment. In April 1999 Edward Dilley was appointed as non executive director. Edward spent 40 years with Barclays Bank where in his final appointment he was the Business centre Director of their Strand Branch. Since 1996 he has been employed by Cable & Wireless plc in the role of Director Corporate Financial Services. We are pleased to announce today the appointment of Tom Baty as business development director and Clive Scott as finance director. Tom joins us from the Manchester Ship Canal Company Limited. He has a wealth of experience in business development and wharfing operations. Clive, a Chartered Management Accountant, joined us in January 1998 as financial controller following five years with the TI Group plc. The period of growth we are nurturing provides a demanding and stimulating environment in which to work. I would like to take this opportunity of thanking our loyal work force for the contribution they have made to this growth. Outlook Trading in 1999 to date has been broadly in line with expectations. Quarried material sales in the first quarter have been ahead of the same period last year by some 23%. Trading conditions in the South West are currently favourable and with the satellite plants planned to contribute to profits in the second half, we look forward with confidence to the remainder of 1999. GILES NIXON Chairman 30 June 1999 ARAM RESOURCES PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December 1998 Year to Nine months to 31 December 1998 31 December 1997 # # Turnover 3,225,607 1,759,259 Cost of sales (2,038,253) (1,317,487) ___________ ___________ Gross profit 1,187,354 441,772 Administrative expenses (520,588) (246,928) ___________ ___________ Operating profit 666,766 194,844 Net interest (303,342) (169,359) ___________ ___________ Profit on ordinary activities before taxation 363,424 25,485 Tax on profit on ordinary activities - (22,000) ___________ ____________ Profit for the financial period 363,424 3,485 Dividends (157,000) (14,647) ___________ ____________ Profit/(loss) transferred to/(from) reserves 206,424 (11,162) ___________ ____________ Basic earnings per share 6.01p (0.23)p ___________ ____________ ARAM RESOURCES PLC CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 1998 1998 1997 # # Fixed assets Tangible assets 19,591,491 2,924,435 Current assets Stocks 1,732,466 526,079 Debtors 463,227 225,721 Cash at bank and in hand 408,598 720,368 __________ __________ 2,604,291 1,472,168 Creditors: amounts falling due within one year (2,537,141) (1,492,808) __________ __________ Net current assets/(liabilities) 67,150 (20,640) __________ __________ Total assets less current liabilities 19,658,641 2,903,795 Creditors: amounts falling due after more than one year (3,519,142) (1,623,943) __________ __________ 16,139,499 1,279,852 ___________ __________ Capital and reserves Called up share capital 963,500 963,500 Share premium account 31,212 44,337 Revaluation reserve 14,666,348 - Profit and loss account 478,439 272,015 ___________ __________ Shareholders' funds 16,139,499 1,279,852 ___________ __________ Equity shareholders funds 15,227,499 367,852 Non-equity shareholders funds: Convertible preference shares 900,000 900,000 Deferred shares 12,000 12,000 ___________ __________ 16,139,499 1,279,852 ___________ __________ The financial statements were approved by the Board of directors on 30 June 1999. R DAVID BINNS E C DILLEY Director Director NOTES: 1.Earnings per share The figures for earnings per share are calculated on earnings attributable to ordinary shareholders of #309,424 (1997: loss #11,162). The basic earnings per share calculation is based on a weighted average number of ordinary shares of 1p each in issue during the year of 5,150,000 (1997: 4,917,000). 2. The results contained in this preliminary statement do not constitute statutory accounts as defined in section 240 of the Companies Act 1985, but have been extracted from the statutory accounts for the financial year ended 31 December 1998. Comparative information is extracted from the statutory accounts for the financial year ended 31 December 1997, which have been delivered to the Registrar of Companies with an unqualified audit report thereon. 3. The financial statements for the year ended 31 December 1998 will be posted to shareholders today and filed with the Registrar of Companies in due course. END FR ARORKKRKNOAR
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