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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lombard Med.Tec | LSE:LMT | London | Ordinary Share | GB00B7FT8W85 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 188.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 4107e LONDON & METROPOLITAN PLC 13th March 1998 LONDON & METROPOLITAN PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 1997 London & Metropolitan announces its results for the year ended 31 December 1997. Operating profits were #3.0 million compared with a loss of #0.8 million in 1996. Net interest payable in the year amounted to #1.2 million (1996: #2.5 million). After the write back of losses taken in prior years of #4.9 million (1996: Nil), the profit attributable to shareholders was #6.7 million compared with a loss of #3.3 million in 1996. During 1997, the recovery in the UK property market created the commercial environment in which it was possible to seek the agreement of the Group's bankers to a further financial restructuring. As a result, London & Metropolitan made substantial progress towards resolving the financial problems it has faced over the previous six years. This financial restructuring was announced on 12 May 1997 and comprised three key elements: - a debt reduction programme under which most of the Group's properties and development sites would be sold; - the conversion of #15.4 million of medium-term indebtedness into one ordinary share of 5p; and - the acquisition for a nominal consideration of the non-equity minority interests in two subsidiary undertakings. The debt reduction programme was completed by the end of October 1997. As a result, the repayment date of the Group's residual indebtedness of #2.2 million was extended to 2004 and recourse limited to the realisation of certain specified assets. Sales in the year totalled #25.8 million (1996: #3.6 million) and largely comprised the sale of fourteen properties with an aggregate value of #23.7 million, all of which were sold at or above book value. Of particular note is that two of the property sales, namely a two hectare B1 site in Sale, Manchester and an office site in Uxbridge, West London, could deliver future income to the Group, depending on the successful outcome of the redevelopment of these sites by the relevant purchasers. Management fee income for the year was #0.9 million (1996: #0.4 million) and rental income #1.2 million (1996: #1.7 million). Settlement of an action against a former client for breach of contract was also satisfactorily concluded. As a result of the combined impact of the debt reduction programme and the debt conversion, the Group Balance Sheet position has also improved markedly in the year, with net debt having been reduced by #33.2 million and Shareholders Funds have returned to a small, but nevertheless positive, #0.8 million. Progress continues to be made on developing the Group's retained assets. At Bicester Park, the eighteen hectare distribution scheme being managed by the Group, construction of a 8,547m2 warehouse building was completed in June 1997. The building had earlier been pre-let to Bibby Distribution and pre- sold to BICC Group Pension Fund. On the eight hectare Business and Science Park at Emersons Green, Bristol, following the securing in May 1997 of a resolution to grant, discussions have continued towards converting this to a full planning consent during the first half of 1998. The Value Retail factory outlet consortium, of which the Group is a member, continues to move forward. The first phase of the La Roca project, north of Barcelona, will open this summer and another development in Spain at Las Rozas on the outskirts of Madrid will commence construction in the autumn. Building will also commence during 1998 on two other European schemes at Disneyland Paris and Ingolstadt, near Munich. A number of other projects in Europe have either been secured, or are under negotiation, by Value Retail. Prospects The management of London & Metropolitan continues to pursue a number of new business opportunities. Preparation for development is well in hand on a 4,500 m2 headquarters office building in Paseo de la Castellana, Madrid and a project team has been appointed to consider the redevelopment of a 73 hectare site adjacent to Junction 36 of the M4 at Bridgend. London & Metropolitan believes that the new business opportunities available to the Group, when taken together with the potential value of its retained assets, give the Group a positive future. However, for the foreseeable future, progress will continue to be constrained by the current size of the Group and its limited financial resources; both of working capital and of project financing. In these circumstances, and with the objective of accelerating the achievement of the Group's full potential, the Board of London & Metropolitan is recommending an offer from Granchester Holdings PLC to acquire all the share capital of the Group and a separate announcement has been made today concerning this offer. Those shareholders who accept the offer and receive shares in Granchester Holdings PLC will continue to see the benefits of London & Metropolitan's development programme, but with the added security which the combined companies will possess. Enquiries: Christopher Harris, Chairman and Managing Director John Aiton, Finance Director London & Metropolitan PLC Telephone: 0171 925 2383 Michael Sandler Hudson Sandler Limited Telephone: 0171 796 4133 LONDON & METROPOLITAN PLC SUMMARY CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 1997 Audited Audited year to year to 31 Dec 97 31 Dec 96 #'000 #'000 Turnover - continuing operations 25,759 3,628 ---------- ---------- Operating profit/(loss) - continuing operations 3,025 (811) Write back of prior years' losses (note 1) 4,975 - ---------- ---------- Profit/(loss) after write back of prior years' losses 8,000 (811) Interest receivable and similar income 112 201 Interest payable and similar charges (1,342) (2,709) ---------- ---------- Retained profit/(loss) for the year 6,770 (3,319) ====== ====== Earnings/(loss) per ordinary share (note 3) 14.2p (7.0)p ====== ====== LONDON & METROPOLITAN PLC SUMMARY CONSOLIDATED BALANCE SHEET Audited at Audited at 31 Dec 97 31 Dec 96 #'000 #'000 Fixed assets Tangible assets 45 72 Investments 1,114 1,104 ---------- ---------- 1,159 1,176 ---------- ---------- Current assets 3,472 25,218 Creditors: amounts falling due within one year (1,599) (16,933) ---------- ---------- Net current assets 1,873 8,285 ---------- ---------- Total assets less current liabilities 3,032 9,461 Creditors: amounts falling due after more than one year (2,216) (25,888) ---------- ---------- 816 (16,427) ========== ========= Share capital 2,388 2,388 Share premium account 15,457 - Profit and loss account deficit (17,029) (23,790) ---------- ---------- Equity shareholders' funds/(deficit) 816 (21,402) Non equity minority interests - 4,975 ---------- ---------- 816 (16,427) ====== ====== NOTES TO THE PRELIMINARY STATEMENT 1. The write back of prior years' losses arose as a result of the acquisition, for nominal consideration, of non-equity minority interests represented by all of the issued preference shares of two subsidiary companies. This was agreed as part of the financial restructuring. 2. The Directors have received, and have recommended acceptance of, an offer from Granchester Holdings PLC for the entire issued share capital of the Company. Subject to acceptance of the offer by shareholders, Granchester Holdings PLC have indicated that they will provide adequate working capital support. Consequently, the Directors consider that it is appropriate for the financial statements to be prepared on a going concern basis. 3. The earnings/(loss) per share is calculated on the profit/(loss) attributable to shareholders of #6,769,956 (1996 loss - #3,318,881) divided by 47,747,589 (1996 - 47,747,588), being the weighted average number of shares in issue during the year. 4. The above audited results for the year ended 31 December 1997 are an abridged version of the Group's statutory financial statements which have not yet been filed with the Registrar of Companies and on which the auditors, Deloitte & Touche, have given an unqualified report, although their report makes reference to the fact that in forming their opinion they have considered the adequacy of the disclosure in the financial statements concerning the carrying value of developments in progress and the uncertainty regarding the recoverability of certain costs. The profit and loss account and balance sheet statements do not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985 (as amended). 5. The figures for the year ended 31 December 1996 are based on the audited financial statements for that year, which have been delivered to the Registrar of Companies and on which the auditors, Deloitte & Touche, gave an unqualified report, although their report did refer to the adequacy of the notes to the accounts regarding going concern. 6. The annual report will be posted to shareholders on 27 March 1998. Copies will be obtainable on request from the Secretary, London & Metropolitan PLC, Buchanan House, 3 St. James's Square, London, SW1Y 4JU. END FR JJMIBLLABBRP
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