Interim Results

RNS Number:3484Q
Dimension Resources Ld
30 September 2003

                                                               30 September 2003

 
                           DIMENSION RESOURCES LIMITED

                          ("Dimension" or "the Group")

              Interim Results for the 6 months ended 30 June 2003



Chairman's Statement



The Board of Dimension announces interim results for the six months ended 30
June 2003, figures of which do not fully reflect the hard work and dedication of
the Management Team under especially difficult economic conditions.



The Board would like to highlight that the devaluation of the US Dollar against
the South African Rand has had a direct impact on the Group and is the key
reason behind why Dimension has failed to reach profitability. Selling prices
are stated in Dollars, while costs of production, and most overheads, in Rand.
The exchange rate has declined by almost half over the last 18 months, from more
than 11 Rand to the Dollar to little more than 7 Rand.



Financial Results



During the period under review, like for like turnover increased substantially
notwithstanding the result of exchange movements on the value of sales - in
volume terms this increase is even more marked. Coupled with breakdowns to key
plants, the Group's advance to profitability has been delayed.



Fund Raising



Since 30 June, the Group has raised #300,000 by a placing of new ordinary
shares. This has improved the working capital position, and the Board is
actively considering which of its other stone deposits can be brought into
production at the lowest possible risk. The Board is also hopeful that the
proposal to acquire and bring into production a Rustenburg black granite quarry
can now be implemented, as previous permitting problems have now been overcome.
This proposal now includes a 25% investment by a black economic empowerment
grouping.



Directorate Change



I am pleased to welcome to the Board Mr Geoffrey Hoodless as a Director of
Dimension. He has been a close supporter of the Group for some years through
Hoodless Brennan, the Group's brokers, and his skills should enable the Group to
finance its expansion plans.



Outlook



The exchange fluctuations have resulted in a testing time for Dimension in the
last six months. However with the strengthening of the Board, coupled with
encouraging demand for the Group's products, the Directors remain confident that
profitability will be achieved. I look forward to updating shareholders in due
course.







Brian Moritz

Chairman





DIMENSION RESOURCES LIMITED

AND ITS SUBSIDIARIES

Summarised Income Statement

30 June 2003

                                                30 June 2003        30 June 2002        30 December 2002
                                                (Unaudited)         (Unaudited)         (Audited)
                                                GBP                 GBP                 GBP

Turnover                                         143,063             102,146             234,259

Cost of sales                                    82,590              59,756              120,790


Gross (loss) / Profit                            60,473              42,390              113,469

Administrative expenses                          (126,121)           (154,758)           (401,192)


Operating Loss                                   (65,649)            (112,368)           (287,723)

Interest received                                412                 907                 2,407
Interest payable                                 (1,139)             (1,013)             (8,367)


Net loss for the period                          (66,376)            (112,474)           (293,683)


Loss per share (pence per share)                -0.06               -0.11               -0.28

Total number of shares in issue                  104,042,498         104,042,498         104,042,498





Summarised Balance Sheet
30 June 2003
                                                30 June 2003        30 June 2002        30 December 2002
                                                (Unaudited)         (Unaudited)         (Audited)
                                                GBP                 GBP                 GBP

Non-current assets                               15,676,400          15,590,369          15,696,061


Tangible assets                                  1,338,879           1,246,468           1,360,850
Stone deposits                                   14,306,101          14,306,101          14,306,101
Pre-production costs                             31,420              37,800              29,110


Current assets                                   276,791             245,118             311,424



Stocks                                           237,341             181,373             243,053
Debtors                                          58,104              15,140              53,831
Cash at bank and on hand                         (18,654)            48,605              14,540

Current Liabilities


Creditors and Accruals                           (79,663)            (60,259)            (147,473)


Net current assets                               197,128             184,859             163,951


                                                 15,873,528          15,775,228          15,860,012

Capital and reserves


Called up shares capital                         6,706,000           6,706,000           6,706,000
Share premium                                    11,577,857          11,577,857          11,577,856
Profit and loss                                  (2,580,415)         (3,002,936)         (2,514,039)
Shareholders' funds                              15,703,442          15,280,921          15,769,817



Foreign currency translation reserve             9,863               450,639             41,597

Creditors - amount falling due after
more than 1 year                                 160,223             43,668              48,598

                                                 15,873,528          15,775,228          15,860,012

NOTES TO THE FINANCIAL INFORMATION


1.         The interim results are unaudited and do not comprise full accounts within the
           meaning of Section 240 of the Companies Act 1985.
2.         No interim dividend is being proposed or paid.
3.         Earnings per share have been  calculated on 104 042 498 ordinary shares in issue.





Enquiries:


Dimension Resources Ltd                       0870 991 2367
Brian Moritz
Chairman,

Barnes and Walters Ltd                        020 7430 1600
Maxine Barnes
Dominic Barretto

Grant Thornton                                020 7728 2589
Gerry Beaney
Nominated Adviser




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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