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Name | Symbol | Market | Type |
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Ft Fdn | LSE:FDN | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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8.00 | 0.36% | 2,248.50 | 2,239.50 | 2,257.50 | 2,257.25 | 2,234.00 | 2,241.00 | 492 | 16:24:59 |
RNS No 7641d FIELDENS PLC 8 October 1999 CHAIRMAN'S STATEMENT It is a year since I joined the Board of Fieldens as Chairman and I am pleased to be able to report an improvement in profits for the year to 30 June 1999. Profit after tax for the year was #84,482 (1998: #27,754) on sales of #3.84m (1998: #3.93m). Our core agricultural tyre and wheel business recovered in the second half after a difficult start to the year. Improved gross margins and the containment of indirect costs over the year served to move the operating profit forward to #107,363 (1998: #42,916) despite static overall sales. Further details are included in David Morley's review of operations below. The improved cash balance reported at the end of last year has been maintained, but in view of the seasonality of operating cash flows and our plans for acquisitions, the directors do not recommend an ordinary dividend for the year. The operational management and staff have responded promptly and determinedly during the year to seasonal and market changes. On behalf of the shareholders I thank them for their continuing contribution to our business which depends on personal responsiveness to customers' service needs. Our priority for the growth of the company continues to be development by acquisition. Although we have not yet been able to report the completion of a suitable transaction, considerable activity continues in this area. We have investigated a large number of opportunities, but none has yet afforded us that mix of price and potential that would add significant value for Fieldens' shareholders. The financial resources, management skills and professional support available to us are substantial and a successful first step in this new direction will not, I am sure, elude us indefinitely. While the existing trading operations have started the new year on a satisfactory basis, I look forward to the day when we can take a significant new step in the development of our company. D C Bonham REVIEW OF OPERATIONS Debate on revisions to the Common Agricultural Policy of the European Union moved forward in early 1999 and the uncertainty over medium term farming subsidies has been reduced. However, farming incomes have not improved and new tractor registrations remain low against historical levels. We experienced a 17% reduction in agricultural wheel and tyre sales in the first half of the year. However, international tyre prices bottomed out and trading margins have improved despite continuing low sales volumes to farmers and farm machinery dealers. We identified structural changes in the supply and use of agricultural machinery and accordingly refocussed our sales effort; we also took a number of measures to reduce indirect costs. Although these measures created some temporary shortages in capacity in the second half, we managed to reverse and partly offset the sales shortfall of the first half. Export sales of tyres and wheels featured less strongly this year than last and reflect our success in the closing months of last year in meeting what we expected would be a transient overseas requirement. We have made up more wheels than in past years, and the strategy of seeking opportunities for the sale of tyres pre-fitted to wheels is in line with objectives mentioned last year. For the future, we have set up overseas sources for certain specialised tyres which we can supply to UK customers already fitted to wheels produced in our own workshops. The all terrain vehicle (ATV), garden machinery and power equipment division had a good year with sales increased by the launch of the new Honda 450 - the largest machine in Honda's market-leading ATV range and offering an electric gear change. The servicing section again increased its throughput and continues to provide an important support for our growing customer base. A lightweight aluminium version of the Cheetah bead seating tool was successfully introduced during the year and boosted sales. Margins were temporarily eroded by the costs associated with this new product's development. The new year is not expected to benefit from the launch of a major new ATV product. However, the customer and product mix that we had at the end of the year seems more likely to generate sustained demand than has been the case at the end of some recent years. We continue to seek new customers who will find value in the differentiated service that we provide. D P Morley 8 October 1999 Enquiries: Andrew Arends Fieldens 0171 581 5528 Graham Shore Shore Capital 0171 734 7293 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 1999 1999 1998 # # Turnover 3,841,158 3,928,217 Cost of sales (3,082,308) (3,254,020) _________ _________ Gross profit 758,850 674,197 Selling and distribution costs (293,822) (334,360) Administrative expenses (357,665) (296,921) _________ _________ Operating profit 107,363 42,916 Interest receivable and similar income 16,428 4,332 Interest payable and similar charges (3,386) (10,569) _________ _________ Profit on ordinary activities before taxation 120,405 36,679 Tax on profit on ordinary activities (35,923) (8,925) _________ _________ Profit on ordinary activities after taxation 84,482 27,754 Dividends (25) (500) _________ _________ Retained profit transferred to reserves 84,457 27,254 _________ _________ Earnings per ordinary share Undiluted 1.69p 0.55p Diluted 1.23p 0.53p* *Restated to comply with FRS14. The company has no recognised gains or losses other than the profit for the year. All amounts relate to continuing operations. The retained profit for the year is equivalent to the historical cost profit. BALANCE SHEET AS AT 30 JUNE 1999 1999 1998 # # # # FIXED ASSETS Tangible assets 577,861 586,671 CURRENT ASSETS Stocks 750,641 850,099 Debtors 633,446 584,890 Cash at bank and in hand 327,130 341,702 _______ _______ 1,711,217 1,776,691 CREDITORS Amounts falling due within one year (761,854) (919,720) _______ _______ NET CURRENT ASSETS 949,363 856,971 _______ _______ TOTAL ASSETS LESS CURRENT LIABILITIES 1,527,224 1,443,642 CREDITORS Amounts falling due after more than one year - (288) PROVISION FOR LIABILITIES AND CHARGES (1,217) (1,804) ________ _______ 1,526,007 1,441,550 ________ _______ CAPITAL AND RESERVES Called up share capital 252,500 300,000 Share premium account 799,195 799,195 Profit and loss account 426,812 342,355 Capital redemption reserve 47,500 - _______ _______ Shareholders' Funds (including 1,526,007 1,441,550 non-equity interests) _______ _______ CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 1999 1999 1998 # # # # Net cash inflow from operating activities 59,973 572,389 Returns on investments and servicing of finance Interest received 16,428 4,332 Interest paid (3,386) (10,569) _______ ______ Net cash inflow/(outflow) from returns on investments and servicing of finance 13,042 (6,237) Taxation Corporation tax paid (11,885) (1,139) Corporation tax received - 11,747 Capital expenditure and financial investment Payments to acquire tangible fixed assets (79,426) (37,451) Receipts from sales of tangible assets 15,214 13,720 _______ _______ Net cash outflow from capital expenditure and financial investment (64,212) (23,731) Non equity dividend paid (1,475) - _______ _______ Net cash (outflow)/inflow before financing (4,557) 553,029 Financing Capital element of hire purchase repaid (10,015) (36,965) _______ _______ Net cash outflow from financing (10,015) (36,965) _______ _______ (Decrease)/Increase in cash (14,572) 516,064 _______ _______ Reconciliation of net cash flow to movement in net debt (Decrease)/Increase in cash (14,572) 516,064 Cash outflow from decrease in lease financing 10,015 36,965 _______ _______ Change in net debt resulting from cash flows (4,557) 553,029 New finance leases - (13,850) _______ _______ (4,557) 539,179 _______ _______ Notes: 1. The information set out in this announcement does not constitute annual accounts within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 30 June 1998 are extracts from the published accounts for that period which were audited and reported on without qualification and have been delivered to the Registrar of Companies. The report and accounts for the year ended 30 June 1999 will be posted to shareholders in due course. 2. The dividend shown is a preference dividend. No ordinary dividend for 1999 has been recommended. 3. Basic earnings per share has been calculated by dividing the profit for the period by the 5,000,000 shares in issue at each period end. Diluted earnings per share has been calculated by dividing the profit for the period by 6,857,828 shares (being the weighted average number of ordinary shares in issue after allowing for full exercise of conversion rights and options outstanding during the period). 4. Copies of this announcement are available from the company at Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL. END FR KVFBBKBKXFKZ
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