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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:2132M Fieldens PLC 26 October 2001 Final Results for the Year Ended 30th June 2001 Chairman's Statement The financial results which accompany this statement show that for the year to 30 June 2001 there was a loss after tax of #48,773 (2000: #52,723 profit) on sales of #3.17m (2000: #3.53m). The overall loss reported by the company arises after charging costs associated with our acquisition search activity, including #26,000 relating to the prolonged exploration of the matter that I reported with the interim accounts but which ultimately did not bear fruit. After excluding such costs and the expenses relating to the maintenance of our AIM quotation, the core operating business returned a profit for the year, albeit at a lower level than last year. The working capital involved in the core business did not change significantly and at the end of the year there was a net cash balance of #0.42m. The past year twice saw interesting situations emerge for the future development of the company. However on both occasions the opportunities faded without a successful outcome - on the second occasion the prospects were seriously affected by the consequences flowing from events in the United States on 11 September. The search continues for a suitable strategic opportunity to enhance shareholder value. Our publicly quoted status and clean balance sheet may attract interesting acquisition opportunities given the difficult stock market conditions for new flotations. The Board is open to opportunities which will benefit from our input and meet the growth criteria to which we aspire. We continue to benefit from the modest profit of our Stowmarket based operation and efforts to improve those returns continue to receive attention. On behalf of the shareholders I would like to thank the workforce for their continued efforts. As it is still our plan to use existing resources to fund significant growth when the climate improves and an appropriate opportunity arises, the directors do not recommend the payment of a dividend on the ordinary shares. D C Bonham Review of Operations While overall demand remained weak, the second half saw a smaller relative reduction in sales than that reported in the first half. For the year as a whole, sales were 10% lower than last year. The market for agricultural wheels and tyres continued to weaken in the first half. Changes to our materials handling facilities improved the efficiency of our manufacturing section. However, the foot-and-mouth outbreak struck just at the start of the seasonally busier Spring period. Low demand led to strong price competition; the consequent impact on margins more than offset the effect of improved manufacturing efficiencies and the wheel and tyre division margins gave up some of the improvements seen in recent years. In contrast, the all terrain vehicle (ATV), garden machinery and power equipment division enjoyed another successful year. With its regional rather than national customer base, the sales of this division were less affected by the outbreak of foot-and-mouth disease in the West and North of the United Kingdom. In view of our expanding customer base in this division we stepped up our capacity in anticipation of more servicing work and this proved a successful move. Record annual sales were achieved while maintaining margins. The market for bead seating tools has matured over the last 5 years. Competing products manufactured overseas have eaten into both the sales and margins of the Cheetah tool that we assemble and sell. The continuing strength of sterling has prompted us to undertake re-pricing and re-sourcing actions with a view to recovering some of the unit sales and margins lost in recent months. These will take effect by the end of calendar 2001. For the future, we are concentrating on selling wheels and tyres where specification requirements and bespoke wheel assembly are important elements of the transaction. We have identified new niches that we can serve well, and these may go some way to offsetting the broader decline in demand for wheels and tyres in the agricultural after-market. Further development of the ATV, garden machinery and power equipment division will also be undertaken wherever possible. We remain alert to the possibility of other tyre fitting bay equipment that would sit well alongside the Cheetah bead seating tool. D P Morley Profit and Loss Account for the year ended 30th June 2001 2001 2000 # # Turnover 3,173,530 3,534,864 Cost of Sales (2,657,662) (2,905,419) Gross Profit 515,868 629,445 Selling and distribution costs (239,148) (263,758) Administrative expenses (350,153) (313,300) Operating (Loss)/Profit (73,433) 52,387 Interest receivable and similar income 18,006 14,321 Interest payable and similar charges - (59) (Loss)/Profit on ordinary activities before (55,427) 66,649 taxation Tax on (loss)/profit on ordinary activities 6,654 (13,926) (Loss)/Profit on ordinary activities after (48,773) 52,723 taxation Dividends (25) (25) Retained (Loss)/profit transferred to reserves (48,798) 52,698 Earnings per ordinary share Undiluted (0.98)p 1.05p Diluted (0.98)p 0.80p The company has no recognised gains or losses other than the loss for the year. All amounts relate to continuing operations. The retained loss for the year is equivalent to the historical cost loss. Notes: 1) Earnings per ordinary share is calculated by dividing the (loss)/profit, after charging tax and preference dividends, of (#48,798) (2000: #52,698 profit), by the weighted average number of ordinary shares in issue during the period of 5,000,000 (2000: 5,000,000). 2) The adjustment for fully diluted earnings per share in 2001 is ignored as it results in a reduced loss per share. In 2000 the diluted number of ordinary shares is calculated at 6,588,583 and is based on the weighted average number of ordinary shares in issue after allowing for full exercise of conversion rights and options. Balance Sheet as at 30th June 2001 2001 2000 # # # # Fixed assets Tangible assets 531,627 553,707 Current assets Stocks 706,642 643,459 Debtors 489,361 506,820 Cash at bank and in hand 421,996 407,280 1,617,999 1,557,559 Creditors Amounts falling due within one (619,719) (532,561) year Net current assets 998,280 1,024,998 Total assets less current liabilities 1,529,907 1,578,705 Creditors Amounts falling due after - - more than one year Provision for liabilities and - - charges 1,529,907 1,578,705 Capital and Reserves Called up share capital 252,500 252,500 Share premium account 799,195 799,195 Profit and loss account 430,712 479,510 Capital redemption reserve 47,500 47,500 Shareholders' Funds (including 1,529,907 1,578,705 non-equity interests) 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 2001 will be posted to shareholders in due course. 2) The dividends shown for 2001 and 2000 are preference dividends. No ordinary dividend for 2001 has been recommended. 3) Copies of this announcement are available from the company at Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL.
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