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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 10e FIELDENS PLC 21 April 1999 Interim results for the six months ended 31 December 1998 In the six months ended 31 December 1998 the Company made an unaudited profit after taxation of #8,463 on turnover of #1,646,359 (six months ended 31 December 1997: unaudited loss after taxation of #30,909 on turnover of #1,862,305). This is the first time since flotation that the Company has reported a profit at the half way stage. The Company's agricultural customer base continued to be cautious about spending and this constrained demand for the main tyre and wheel products. Turnover was 12 per cent. lower than the same period last year, but gross margins improved further and indirect costs were reduced. The resulting operating profit was enhanced by net interest receivable as the result of the Company's improved cash position. The turnaround in the half year pre-tax performance (from a loss of #38,758 to a profit of #17,907) represents an improvement over last year of #56,665. Stocks were again reduced as new tyre supplies became more freely available. The exceptional debtor and creditor positions noted at the year end have resolved into a more typical pattern and the net cash balances have been maintained. The second half of the year is normally busier than the first half and that pattern looks set to repeat this year. With a good start in the first half, the prospects for an improvement in operating profits over the whole year are encouraging. We have been actively engaged in seeking out and evaluating acquisition opportunities in the last few months. While a number of possible businesses have been studied, we have yet to find the right combination of strategic business potential, availability and value. The search continues unabated. D C Bonham Enquiries: Andrew Arends Fieldens 0171 581 5528 Graham Shore Shore Capital 0171 734 7293 FIELDENS PLC PROFIT AND LOSS ACCOUNT FOR THE SIX MONTH ENDED ENDED 31 DECEMBER 1998 Six months ended Six months ended Year ended 31 December 1998 31 December 1997 30 June 1998 (Unaudited) (Unaudited) (Audited) # # # Sales 1,646,359 1,862,305 3,928,217 Cost of sales 1,329,059 1,567,983 3,254,020 Gross profit 317,300 294,322 674,197 Distribution costs 141,366 169,193 334,360 Administrative expenses 165,982 155,558 296,921 Operating profit/(loss) 9,952 (30,429) 42,916 Other interest receivable and similar income 10,687 310 4,332 Interest payable and similar charges (2,732) (8,639) (10,569) Profit/(loss on ordinary activities before taxation 17,907 (38,758) 36,679 Taxation (9,444) 7,849 (8,925) Profit/(loss) on ordinary activities after taxation 8,463 (30,909) 27,754 Dividends 0 0 (500) Retained profit/(loss) for the period 8,463 (30,909) 27,254 Earnings/(loss) per share 0.17p (0.62)p 0.55p The profit and loss account has been prepared on the basis that all operations are continuing operations. There are no recognised gains and losses other than the (loss)/profit for the period. BALANCE SHEET AS AT 31 DECEMBER 1998 31 December 1998 31 December 1997 30 June 1998 (Unaudited) (Unaudited) (Audited) # # # # # # Fixed assets 571,203 594,633 586,671 Current assets Stock 681,262 859,454 850,099 Debtors 296,147 396,025 584,890 Cash at bank 367,789 1,250 341,702 and in hand 1,345,198 1,256,729 1,776,691 Creditors: amounts falling due within one year (465,240) (461,525) (919,720) Net current assets 879,958 795,204 856,971 Total assets less current liabilities 1,451,161 1,389,837 1,443,642 Creditors: amounts falling due after more than one year 0 (4,420) (288) Provision for liabilities and charges (1,148) (2,030) (1,804) Net assets 1,450,013 1,383,387 1,441,550 Capital and reserves Called up share capital 252,500 300,000 300,000 Capital redemption reserve 47,500 0 0 Share premium account 799,195 799,195 799,195 Profit and loss account 350,818 284,192 342,355 Shareholders' funds including non-equity interests) 1,450,013 1,383,387 1,441,550 NOTES: The interim results to 31 December 1998, which are unaudited, have been prepared in accordance with the accounting policies adopted in the accounts for the year ended 30 June 1998. The information set out in the interim report does not constitute annual accounts within the meaning of Section 240 of the Companies Act 1985. The results for the year to 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. Earnings/(loss) per share is calculated by dividing the profit/(loss) for the period by the 5,000,000 ordinary shares in issue at each period end. Copies of this announcement (which will be posted to shareholders shortly) are available from the Company at Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL. END IR KLGZDZMVLLMM
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