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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Highland Timber | LSE:HTB | London | Ordinary Share | GB0000429497 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 107.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
HIGHLAND TIMBER PLC PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS The Directors announce the unaudited statement of results for the six months ended 30 June 2003 as follows: PROFIT AND LOSS ACCOUNT For the six months ended 30 June 30 June 2003 2002 £'000 £'000 Turnover 1,030 774 Cost of sales (719) (550) Gross profit 311 224 Forestry and administration costs (321) (303) Currency gain / (loss) 8 (36) (313) (339) Operating loss (2) (115) Interest receivable 1 - Interest payable (91) (107) Loss before tax (92) (222) Tax - - Loss for the period (92) (222) 2003 2002 Pence per Pence per share share Loss per share 1.04 2.51 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 30 June 30 June 2003 2002 £'000 £'000 Loss for the financial period (92) (222) Prior year adjustment - (176) The total recognised gains and losses recognised since (92) (398) since the last financial statement BALANCE SHEET As at 30 June As at 30 June 2003 2002 £'000 £'000 Fixed assets Properties (at cost less depreciation) 10,048 11,573 Current assets Debtors 250 129 Current liabilities Creditors: amounts falling due within one year 5% Convertible Unsecured Loan Stock - (1,850) 2003 Other creditors (2,991) (1,331) (2,991) (3,181) Net current liabilities (2,741) (3,052) Total assets less current liabilities 7,307 8,521 Long-term liabilities Secured bank loan (316) (750) 6,991 7,771 Capital and reserves Called-up share capital 4,416 4,416 Share premium account 5,285 5,285 Profit and loss account (2,710) (1,930) 6,991 7,771 CASH FLOW STATEMENT For the six months ended 2003 2002 £'000 £'000 Net cash inflow from operating 560 271 activities Returns on investments and servicing of finance - Interest received 1 - - Interest paid (91) (107) (90) (107) Financing - 5% Convertible Unsecured Loan Stock (1,350) - repaid - Bank Loan 316 - 1,034 - (Decrease)/ increase in cash for the (564) 164 period Reconciliation of net cash outflow movement to net debt Decrease in cash in the year (564) 164 Cash inflow from debt financing of 600 (1,850) under 1 year Cash outflow from debt financing over 1 434 1,850 year 470 164 Net debt brought forward (3,560) (3,989) Net debt carried forward (3,090) (3,825) Analysis of net debt At Cashflow At 30 June 2003 1 Jan 2003 £'000 £'000 £'000 Cash at bank and in hand and overdrafts (2,024) (564) (1,460) Debt due in less than one year (750) 600 (1,350) Debt due after more than one year (316) 434 (750) (3,090) 470 (3,560) NOTE TO THE ACCOUNTS At 30 June 2003 The interim financial information does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. It has been prepared on the basis of the accounting policies set out in the full accounts of the Company for the year ended 31 December 2002. The auditors gave an unqualified report on the full accounts for 2002, and these have been delivered to the Registrar of Companies. CHAIRMAN'S STATEMENT As is the case with all internationally traded commodities, timber prices in different countries are affected by currency movements. Recently sterling has been weak and the New Zealand dollar strong. This has resulted in some improved sentiment in the UK timber markets while in New Zealand strong domestic demand has been offset by some weakening in export markets. In the six months to 30 June 2003 the Company's turnover increased by 33%, compared with the previous year, to £1,030,000 and the gross profit was 39% higher at £311,000. Costs of improving existing plantations and replanting after felling are put through the profit and loss account and, after these forestry costs and administration costs, there was an operating loss of just £ 2,000 compared with a loss of £115,000 last year. Lower interest rates have reduced the interest payable and the overall loss for the period was cut from £ 222,000 to £92,000. The balance of the 5% Convertible Unsecured Loan Stock, amounting to £ 1,350,000, was repaid at par on 30 June 2003 utilising an increase in the borrowing facility from the Bank of Scotland which will mature in May 2004. The sale of the final tranche of timber from the Kinleith forestry rights in New Zealand took place in April 2003, yielding a profit of £183,000. The resulting cash and other surplus funds in New Zealand totalling £740,000 were remitted back to the UK to take advantage of the favourable exchange rate. The Company is investigating the benefits of increasing the amount of its New Zealand dollar borrowings in order to match more closely the proportion of its assets held in New Zealand. Your Directors are continuing to evaluate various options for the future of the Company which will be determined by the vote of shareholders at the Annual General Meeting in 2004. The Board's recommendations will be included in the Annual Report for 2003. By then we shall have received independent valuations as at 31 December 2003 of five of the six forests in the UK and three out of nine in New Zealand. In the meantime I can assure shareholders that the trees in our forests continue to grow well and that the forestry plantations are being well managed. .................******. Ian Henderson Chairman 7 August 2003 END
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