We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bolton Grp(Int) | LSE:BOL | London | Ordinary Share | BMG1218K1045 | COM SHS 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:3114A
Bolton Group (International) Ld
23 August 2002
PRELIMINARY RESULTS
Bolton Group (International) Limited ("Bolton Group" or "the Group"), the real
estate holding and development group, is pleased to announce its preliminary
results for the year ended 30 April 2002.
Highlights
* Pre-tax profit at #357,000 (2001: #75,000)
* Turnover at #599,000 (2001: #452,000)
* Operating profit at #416,000 (2001: #232,000)
* Earnings per share at 0.59p (2001: 0.12p)
Peter Derby, Chairman of Bolton Group, said: "The Group has achieved a full
year profit before tax of #357,000 (2001: #75,000), consolidating the
improvements reported in my interim statement."
For further information, please contact:
Bolton Group (International) Limited Tel: 020 7499 7922
Peter Derby, Chairman
CHAIRMAN'S STATEMENT
I am pleased to announce the preliminary results of Bolton Group (International)
Ltd for the year ended 30 April 2002. The Group has achieved a full year profit
before tax of #357,000 (2001: #75,000), consolidating the improvements reported
in my interim statement. The Board, however, does not recommend the payment of
a final dividend at this time.
REVIEW OF OPERATIONS
During the year, notice was received from the tenant of two of the six floors of
Angel House that it would exercise its option to determine the lease with effect
from 25 March 2002. An early surrender, in respect of a further two floors, was
accepted with effect from the same date on commercial terms. The vacated
accommodation has since been refurbished and the property, as a whole, is being
prepared to a good standard to maximise its potential to attract new tenants in
the shortest possible time. In view of the recent fall in demand for office
space in central London and current market uncertainty, Angel House has been
independently valued at #4.5 million by King Sturge. The Board considers this
to be a fair carrying value as at 30 April 2002.
The Directors are currently seeking to extend the principal loan facility with
the Group's bankers, which falls due for repayment on 31 October 2002.
Negotiations are not as yet concluded and the Board is seeking further offers of
funding to ensure the continued availability of adequate cash resources to
underpin activities, during the forthcoming period and until new tenants are
found.
Whilst we continue to seek improvement in shareholder value, our efforts during
the current period are focused upon securing the necessary short term funding
and attracting tenants to Angel House.
Peter Derby
Chairman
23 August 2002
BOLTON GROUP (INTERNATIONAL) LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30 April 2002
Note Audited Audited
2002 2001
#000 #000
Turnover 599 452
Administrative expenses (190) (220)
Other operating income 7 -
------ ------
Operating profit 416 232
Proceeds from disposal of shares 62 -
------ ------
Profit on ordinary activities
before interest and taxation 478 232
Interest receivable 20 2
Interest payable (141) (159)
------ ------
Profit on ordinary activities
before taxation 357 75
Tax on profit on ordinary
activities - -
------ ------
Retained profit on ordinary
activities after taxation 357 75
====== ======
Earnings per share 2 0.59p 0.12p
====== ======
Diluted earnings per share 0.59p 0.12p
====== ======
All transactions arose from continuing operations during the current and
previous year.
BOLTON GROUP (INTERNATIONAL) LIMITED
CONSOLIDATED BALANCE SHEET
As at 30 April 2002
Audited Audited
2002 2002 2001 2001
#000 #000 #000 #000
Fixed assets
Tangible assets 4,595 6,039
Current assets
Debtors 13 15
Cash at bank and in hand 630 86
------ ------
643 101
Creditors: amounts falling due
Within one year (2,865) (289)
------ ------
Net current liabilities (2,222) (188)
------ ------
Total assets less current
Liabilities 2,373 5,851
Creditors: amounts falling due
after more than one year - (2,360)
------ ------
Net assets 2,373 3,491
====== ======
Capital and reserves
Called up share capital 606 606
Share premium account 1,534 1,534
Revaluation reserve 562 2,037
Other reserves 5,724 5,724
Profit and loss account (6,053) (6,410)
------ ------
Shareholders' funds - equity 2,373 3,491
====== ======
BOLTON GROUP (INTERNATIONAL) LIMITED
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 April 2002
Audited Audited
2002 2001
#000 #000
Cash flow statement
Net cash inflow from operating
activities 787 171
Returns on investments and
servicing of finance
Interest received 20 2
Interest paid (143) (153)
------ ------
Net cash outflow from returns on
investments and servicing
of finance (123) (151)
Capital expenditure and financial
investments
Purchase of tangible fixed assets (42) -
Recovered proceeds from the sale
of shares 62 -
------ ------
Net cash inflow from capital
expenditure and financial
investments 20 -
====== ======
Net cash inflow before financing 684 20
------ ------
Financing
Repayment of borrowings (120) (90)
------ ------
Net cash outflow from financing (120) (90)
------ ------
Increase/(decrease) in cash
in the year 564 (70)
====== ======
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1) Basis of preparation
The financial statements are prepared on a going concern basis, which the
directors believe to be appropriate for the following reasons. The Group meets
its day to day working capital requirements from its external resources. The
directors are currently negotiating with the Group's bankers to extend the
current loan facilities beyond 31 October 2002. Extension of the loan facility
is dependent upon the group obtaining new tenants for unoccupied floors of Angel
House. The directors have prepared projected cash flow information for the
period ended 11 months from the date of approval of these financial statements.
In preparing these projections, the directors have assumed that the bank loan
facility is renegotiated on existing terms. The Group's cash flow projections
indicate that it has sufficient resources to meet its loan repayments on these
terms, without securing new tenants, until July 2003. On the basis of this cash
flow information and discussions with the Group's bankers, the directors
consider that the Group will continue to operate. However, the renewal of the
loan facility is dependent upon the Group's ability to secure new tenants and,
inherently, there can be no certainty in relation to this matter. The financial
statements do not include any adjustments that would result from a withdrawal of
loan facilities by the Group's bankers.
The financial statements have been drawn up using accounting policies and
presentation consistent with those set out in the group's 2001 annual report
except as noted below. The company has adopted FRS 18 'Accounting policies' and
FRS 19 'Deferred tax' in these financial statements. The comparative figures
have not been restated as there was no material prior year adjustment as a
result of FRS 19.
2) Earnings per share
The calculation of earnings per share as disclosed in the profit and loss
account is based on a profit of #357,000 (2001: profit #75,000) being the profit
for the year divided by the weighted average number of shares 60,580,355 (2001:
60,580,355), in issue during the year.
The diluted earnings per share is based on the profit after taxation of #357,000
(2001: profit #75,000). 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 (2001: 60,580,355).
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEMFWESESESA
1 Year Bolton Group Chart |
1 Month Bolton Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
