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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 Number:9396S Fieldens PLC 24 October 2000 Final Results for the year ended 30th June 2000 Chairman's Statement The year to 30 June 2000 started well, but early success in our operating business was not sustained. Profit after tax for the year was #52,723 (1999: # 84,482) on sales of #3.53m (1999:#3.84m). The improved performance of our agricultural wheel and tyre business in the first half of the year did not continue into the second half. Over the year sales were 8% lower and, despite reduced operating costs, operating profit for the year was halved to #52,387 (1999:#107,363) On the balance sheet, net cash has again improved. With acquisitions still planned, the directors do not recommend an ordinary dividend for the year. The swings in demand experienced during the year have called for imaginative and sustained efforts by the operating management and staff of the company and I thank them on your behalf. We are continuing to review strategic options and have identified a new direction for the company which we are actively exploring. We expect to make an announcement before the end of the calendar year. D C Bonham Enquiries: Andrew Arends Fieldens plc 020 7581 5528 Graham Shore Shore Capital 020 7408 4090 Review of Operations With sales in the first half of the year up by 5.7% and profits ahead as well, it was particularly disappointing to see this improvement melt away in the second half as sales and profit fell below last year. Export sales of tyres were substantially lower than last year. Success in selling wheels and tyres on the home market in the first half of the year did not carry into the second half as a contract to supply a significant importer of tractors to the UK failed to realise the potential suggested by early purchases. The demand for Spring season wheels and tyres was somewhat lower than last year but also skewed towards a production mix that left us short of effective capacity. Equipment that will improve the handling of such heavier wheels has now been installed. Lower sales and margins in this division were only partly offset by reduced selling, distribution and administrative expenses. The all terrain vehicle (ATV), garden machinery and power equipment division enjoyed another successful sales year. Although there were fewer major product range improvements than last year, the good sales and service groundwork of recent years ensured continuing loyalty from our customer base. Sales moved ahead slightly in a competitive market, but the effect was limited by narrower margins. The Cheetah bead seating tool again made a small but useful contribution. There was some improvement over the reduced margins of the previous year, but sales were 14% lower. The new year has started with depressed crop prices being realised for the arable harvest and sheep, beef and pork farmers each facing their own particular difficulties. To show any improvement in profit, our agricultural wheel and tyre business will need to find added sales. With a competitive and efficient market already operating, and if overall demand does not increase, added throughput may only be achieved by consolidating our operating resources with those of another business in similar sectors to our own. D P Morley Profit and Loss Account for the year ended 30th June 2000 2000 1999 # # Turnover 3,534,864 3,841,158 Cost of Sales (2,905,419) (3,082,308) Gross Profit 629,445 758,850 Selling and distribution costs (263,758) (293,822) Administrative expenses (313,300) (357,665) Operating Profit 52,387 107,363 Interest receivable and similar 14,321 16,428 income Interest payable and similar (59) (3,386) charges Profit on ordinary activities 66,649 120,405 before taxation Tax on profit on ordinary (13,926) (35,923) activities Profit on ordinary activities 52,723 84,482 after taxation Dividends (25) (25) Retained profit transferred to 52,698 84,457 reserves Earnings per ordinary share Undiluted 1.05p 1.69p Diluted 0.80p 1.23p 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. 1) Earnings per ordinary share is calculated by dividing the profit, after charging tax and preference dividends, of #52,698 (1999: 84,457), by the weighted average number of ordinary shares in issue during the period of 5,000,000 (1999: 5,000,000). 1) Fully diluted earnings per share is calculated, on the weighted average number of ordinary shares in issue after allowing for full exercise of conversion rights and options during the period 6,588,583 (1999: 6,857,828). Balance sheet as at 30th June 2000 2000 1999 # # Fixed assets Tangible assets 553,707 577,861 Current assets Stocks 643,459 750,641 Debtors 506,820 633,446 Cash at bank and in hand 407,280 327,130 1,557,559 1,711,217 Creditors Amounts falling due within one year (532,561) (761,854) Net current assets 1,024,998 949,363 Total assets less current liabilities 1,578,705 1,527,224 Creditors Amounts falling due after more than one - - year Provision for liabilities and charges - (1,217) 1,578,705 1,526,007 Capital and reserves Called up share capital 252,500 252,500 Share premium account 799,195 799,195 Profit and loss account 479,510 426,812 Capital redemption reserve 47,500 47,500 Shareholders' funds (including non-equity interests) 1,578,705 1,526,007 Notes: 1) The above figures do not constitute statutory accounts. The figures for both years are extracted from the statutory accounts of the company which carry an unqualified audit report. The report and accounts for the year ended 30th June 2000 will be posted to shareholders in due course. 2) The dividends shown for 2000 and 1999 are preference dividends. No ordinary dividend for 2000 has been recommended. 3) Copies of this announcement are available from the company at Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL.
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