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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 1012k FIELDENS PLC 8th October 1998 PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 30 JUNE 1998 CHAIRMAN'S STATEMENT I am pleased to be making my first report to shareholders since joining the Board of Fieldens plc as chairman on 29 July 1998. In the year ended 30 June 1998 profit after tax was #28,000 (1997: #15,000) on sales of #3.93m (1997: #4.88m). The same factors as were reported last year continued to depress demand for agricultural machinery in the UK. The new year has started satisfactorily for the core business. Nevertheless, the directors believe it only prudent to conserve resources and do not recommend an ordinary dividend for the year. The management and staff of the company have done well to control working capital and preserve the trading viability of the company in difficult market circumstances. Their efforts have provided a sound platform from which the company can grow and diversify in future and I thank them on your behalf. During the year the directors considered the strategic alternatives facing the company. Whilst one or two attractive niches remain in the agricultural sector, the directors were not able to secure a suitable entry route. As a small team, the directors also thought they had insufficient depth of management to sustain a strategy of development outside the agricultural sector. John Seymour resigned as a non-executive director on 29 July having provided indispensable support to the directors throughout the period since flotation. David Williams also resigned as a director, but continues to play an important role leading the all terrain vehicle, garden machinery and power equipment division. Andrew Arends joined me as a director on 29 July 1998 and has been appointed chief executive. With the experience of the new directors now available to the company a wider range of possible acquisitions are being actively reviewed. This is an urgent priority and the unsettled financial markets provide an excellent opportunity for us. I believe that there is significant potential to create value for our shareholders. D C Bonham 8 October 1998 Enquiries: Derek Bonham Fieldens 0171 647 3200 Graham Shore Shore Capital 0171 734 7293 Profit and Loss Account for the Year ended 30 June 1998 1998 1997 # # Turnover 3,928,217 4,884,623 Cost of sales (3,254,020) (4,154,863) Gross profit 674,197 729,760 Selling and distribution costs (334,360) (417,520) Administrative expenses (296,921) (279,781) Operating profit 42,916 32,459 Interest receivable and similar income 4,332 1,453 Interest payable and similar charges (10,569) (11,086) Profit on ordinary activities 36,679 22,826 before taxation Tax on profit on ordinary activities (8,925) (7,364) Profit on ordinary activities 27,754 15,462 after taxation Dividends (500) (500) Retained profit transferred to reserves 27,254 14,962 Earnings per ordinary share: Undiluted 0.55p 0.30p Diluted 0.41p 0.23p 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 1998 1997 # # # # FIXED ASSETS Tangible assets 586,671 616,967 CURRENT ASSETS Stocks 850,099 1,098,546 Debtors 584,890 429,029 Cash at bank and in hand 341,702 9,772 1,776,691 1,537,347 CREDITORS Amounts falling due within one year (919,720) (728,179) NET CURRENT ASSETS 856,971 809,168 TOTAL ASSETS LESS CURRENT LIABILITIES 1,443,642 1,426,135 CREDITORS Amounts falling due after more than one year (288) (6,960) PROVISION FOR LIABILITIES AND CHARGES (1,804) (4,879) 1,441,550 1,414,296 CAPITAL AND RESERVES Called up share capital 300,000 300,000 Share premium account 799,195 799,195 Profit and loss account 342,355 315,101 Shareholders' funds (including 1,441,550 1,414,296 non-equity interests) Cash Flow Statement for the Year ended 30 June 1998 1998 1997 # # # # Net cash inflow/(outflow) 572,389 32,104 from operating activities Returns on investments and servicing of finance Interest received 4,332 1,667 Interest paid (10,569) (10,936) Net cash outflow from returns on investments and (6,237) (9,269) servicing of finance Taxation Corporation tax paid (1,139) (103,269) Corporation tax received 11,747 - Capital expenditure and financial investment Payments to acquire (37,451) (84,308) tangible fixed assets Receipts from sales 13,720 13,481 of tangible assets Net cash outflow from (23,731) (70,827) capital expenditure and financial investment Equity dividend paid - (75,000) Net cash inflow/(outflow) 553,029 (226,261) before financing Financing Capital element of (36,965) (27,947) hire purchase repaid Net cash outflow from financing (36,965) (27,947) Increase/(Decrease) in cash 516,064 (254,208) Reconciliation of net cash flow to movement in net debt Increase/(Decrease) in cash 516,064 (254,208) Cash outflow/(inflow) from 36,965 27,947 decrease in lease financing Change in net debt resulting 553,029 (226,261) from cash flows New finance leases (13,850) (36,000) 539,179 (262,261) 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 1997 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 1998 will be posted to shareholders in due course. 2. The dividend shown is a preference dividend. No ordinary dividend for 1998 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 6,600,000 shares (being the 5,000,000 shares in issue at each period end plus the 1,000,000 shares that would be issued on conversion of the convertible preferred shares then outstanding and the 600,000 shares that would be issued on the exercise of options then outstanding). No account has been taken of the grant of new options or the cancellation of convertible preferred shares after the year end, nor of any interest that would be earned on monies payable to the company upon the exercise of options. 4. Copies of this announcement are available from the company at Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL. END FR XVFFBVBKBFKL
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