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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 8811m LONDON & METROPOLITAN PLC 31st October 1997 LONDON & METROPOLITAN PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 1997 CHAIRMAN'S STATEMENT London & Metropolitan is pleased to announce a return to profitability with profits before taxation for the six months ended 30 June 1997 of #5.76 million, compared with a loss before taxation of #2.18 million in the corresponding period in 1996. The positive impact of the Financial Restructuring, which was signed and announced on 12 May 1997, is fully reflected in these results which, therefore, should not be taken as indicative of the year as a whole. The results include the write back of losses taken in prior years of #4.97 million and the successful settlement of an action against a former client for breach of contract. However, notwithstanding those non-recurring items, the return to operating profitability was a significant achievement. Sales in the half-year totalled #17.44 million, as the debt reduction programme proceeded to plan, with a total of ten properties sold at or above book value. Net debt was reduced by #9.2 million to #10.6 million in the six months ended 30 June and by a further #4.0 million after the end of the period, from the proceeds of a sale contracted in the first six months. Shareholder's equity improved substantially in the first half-year, both from earnings and also from the conversion of #15.46 million of debt into one ordinary share in the Company. Overall, the deficit on Shareholders' Funds as at 30 June 1997 fell to #0.19 million, from #21.4 million at 31 December 1996. The Group continues to progress projects outside the debt reduction programme. At Bicester Park, the 18 hectare distribution development being managed by the Group, construction of a 8,547 m2 warehouse building was successfully completed. The building had earlier been pre-let to Bibby Distribution and pre-sold to BICC Group Pension Fund. In May, the joint-venture project on 8 hectares at Emersons Green, Bristol, obtained as part of a larger scheme, a resolution to grant planning consent for a Business and Science Park. The Value Retail factory outlet consortium, of which the Group is a member, continues to move forward with three further European opportunities secured and with a number of other projects under negotiation in mainland Europe. DIVIDEND The financial position of the Company continues to prevent the payment of a dividend and shareholders should not expect to receive dividends for the foreseeable future. PROSPECTS Since the half-year, the debt reduction programme has progressed successfully and has been completed within forecast. As a result, the repayment date of the Group's residual bank borrowings of #2.2 million has been extended to May 2004 and the lender's recourse restricted to the realisation of certain of the Group's assets. A number of new property development opportunities continue to be actively pursued and, as announced recently, the Group has entered into an option to purchase 73 hectares of land adjacent to Junction 36 of the M4 at Bridgend, Wales. The site has planning permission for 21,000 m2 of retail development plus other leisure uses. Another option has also been secured to create a 4,500 m2 headquarters office building in Paseo de la Castellana, a sought after office location in Madrid. Your Board believes that, in the current positive market environment, more opportunities such as these can be converted into secured projects, to form a stable trading base for the Group and, thereby, allow time for the prospective value of the retained assets to mature. Trading results, and the future financial condition of the Group, will depend to a material extent on the level of success achieved in pursuing this strategy. C.I.K. Harris Buchanan House Chairman and Managing Director 3 St James's Square 31 October 1997 London SW1Y 4JU Enquiries: Christopher Harris, Chairman and Managing Director/ John Aiton, Finance Director Tel: 0171 925 2383 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 June 1997 Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December Note 1997 1996 1996 #000 #000 #000 TURNOVER - Continuing Operations 17,441 1,516 3,628 ---------- ---------- ---------- Cost of Sales - Exceptional items - - 1,261 - Other cost of sales (14,024) (1,097) (2,939) ---------- ---------- ---------- (14,024) (1,097) (1,678) ---------- ---------- ---------- GROSS PROFIT 3,417 419 1,950 Administrative Expenses (1,517) (1,369) (2,761) ---------- ---------- ---------- OPERATING PROFIT/(LOSS) - Continuing Operations 1,900 (950) (811) Write back of prior years' losses 2 4,975 - - ---------- ---------- ---------- PROFIT/(LOSS) AFTER WRITE BACK OF PRIOR YEARS' LOSSES 6,875 (950) (811) Interest receivable and similar income 92 95 201 Interest payable and similar charges (1,207) (1,325) (2,709) ---------- ---------- ---------- PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 5,760 (2,180) (3,319) Taxation - - - --------- --------- --------- PROFIT/(LOSS) FOR THE PERIOD 5,760 (2,180) (3,319) ====== ====== ====== Earnings/(loss) per ordinary share 3 12.1p (4.6)p (7.0)p STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 30 June 1997 PROFIT/(LOSS) FOR THE PERIOD 5,760 (2,180) (3,319) FOREIGN EXCHANGE TRANSLATION DIFFERENCES ON FOREIGN CURRENCY NET INVESTMENT IN SUBSIDIARIES (6) 9 (9) ---------- ----------- --------- TOTAL RECOGNISED GAINS AND LOSSES 5,754 (2,171) (3,328) FOR THE PERIOD ====== ====== ====== CONSOLIDATED BALANCE SHEET as at 30 June 1997 Unaudited Unaudited Audited 30 June 30 June 31 December Note 1997 1996 1996 #000 #000 #000 FIXED ASSETS Tangible assets Investment properties - 13,825 - Other fixed assets 64 78 72 ---------- ---------- ---------- 64 13,903 72 Investments Other investments 1,106 1,421 1,104 ---------- ---------- ---------- 1,170 15,324 1,176 ---------- ---------- ---------- CURRENT ASSETS Properties held for sale 6,302 - 18,253 Developments in progress 450 5,240 270 Debtors 5,372 3,473 1,513 Cash at bank and in hand 204 3,098 5,182 ---------- ---------- ---------- 12,328 11,811 25,218 ---------- ---------- ---------- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans 8,854 12,885 14,167 Other creditors 2,895 2,699 2,766 ---------- ---------- ---------- 11,749 15,584 16,933 ---------- ---------- ---------- NET CURRENT ASSETS/(LIABILITIES) 579 (3,773) 8,285 ---------- ---------- ---------- TOTAL ASSETS LESS CURRENT LIABILITIES 1,749 11,551 9,461 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (1,940) (25,312) (25,888) ---------- ----------- --------- (191) (13,761) (16,427) ====== ====== ====== CAPITAL AND RESERVES/(DEFICIT) Called up share capital 4 2,388 2,388 2,388 Share premium account 4 15,457 - - Profit and loss account deficit 4 (18,036) (22,633) (23,790) ----------- ---------- --------- Equity shareholders' deficit (191) (20,245) (21,402) Non equity minority interests - 6,484 4,975 ----------- ---------- --------- (191) (13,761) (16,427) ====== ====== ====== NOTES TO THE ACCOUNTS for the six months ended 30 June 1997 1. GOING CONCERN On the basis of the working capital projections which have been prepared for the Group's business, the Directors anticipate that the Group will be able to finance its short-term working capital needs. Consequently, the Directors consider that it is appropriate for the financial statements for the six months ended 30 June 1997 to be prepared on a going concern basis. 2. WRITE BACK OF PRIOR YEARS' LOSSES The write back of prior years' losses has arisen 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. 3. EARNINGS/(LOSS) PER ORDINARY SHARE Earnings/(loss) per ordinary share are based on: Unaudited Unaudited Audited 30 June 30 June 31 December 1997 1996 1996 Average number of ordinary shares in issue during the period 47,747,588 47,747,588 47,747,588 ------------ ---------- -------- Profit/(loss) attributable to shareholders #5,759,943 #(2,180,107) #(3,318,881) ------------ ---------- -------- 4. EQUITY SHAREHOLDERS' FUNDS/(DEFICIT) Called up Share Profit Total share premium and loss capital account account #000 #000 #000 #000 At 1 January 1997 2,388 - (23,790) (21,402) Ordinary shares issued during the period - 15,457 - 15,457 Retained profit for the period - - 5,760 5,760 Other recognised gains and losses for the period - - (6) (6) ---------- ---------- ---------- ---------- At 30 June 1997 2,388 15,457 (18,036) (191) ---------- ---------- ---------- ---------- NOTES TO THE ACCOUNTS for the six months ended 30 June 1997 5. GENERAL The results for the six months ended 30 June 1997 are unaudited, although the auditors have conducted a review, detailed on page 7. The financial information for the year ended 31 December 1996, as shown in this Interim Report, is an abridged version of the Company's 1996 financial statements and does not comprise full statutory financial statements within the meaning of Section 240 of the Companies Act 1985 (as amended). Full financial statements for that year have been filed with the Registrar of Companies. The financial statements for the year ended 31 December 1996 were reported on by the auditors, Deloitte & Touche. In their report the auditors gave an unqualified opinion. The auditors made reference to the fact that in forming their opinion they had considered the adequacy of disclosures in the financial statements concerning the availability of working capital in order for the Group and the Company to meet their liabilities as they fall due. The auditors stated that, at the time, the Directors expected to shortly conclude their discussions with the Group's bankers, concerning the future financing of the Group and, in particular, the provision of a working capital facility, in a way which enabled the Group to continue to trade and develop its business in the long-term. Following the issue of the financial statements for the year ended 31 December 1996, the Directors announced the Financial Restructuring on 12 May 1997. The financial statements did not include any adjustments that would result from a failure to obtain adequate working capital facilities. The auditors' opinion was not qualified in this respect. A copy of the Interim Report is to be sent to all shareholders and will also be available at the Company's Registered Office, Buchanan House, 3 St James's Square, London SW1Y 4JU. AUDITORS' STATEMENT REVIEW REPORT BY THE AUDITORS TO LONDON & METROPOLITAN PLC We have reviewed the interim financial information for the six months ended 30 June 1997 set out on pages 3 to 6 which is the responsibility of, and has been approved by, the Directors. Our responsibility is to report on the results of our review. Our review was carried out having regard to the Bulletin Review of Interim Financial Information, issued by the Auditing Practices Board. This review consisted principally of applying analytical procedures to the underlying financial data, assessing whether accounting policies have been consistently applied, and making enquiries of Group management responsible for financial and accounting matters. The review excluded audit procedures such as tests of controls and verification of assets and liabilities, and was therefore substantially less in scope than an audit performed in accordance with Auditing Standards. Accordingly we do not express an audit opinion on the interim financial information. Fundamental Uncertainty We have considered the adequacy of the disclosure made in Note 1 concerning the availability of working capital in order for the Group and Company to meet their liabilities as they fall due. There remains a fundamental uncertainty about the Group's ability to continue as a going concern. The financial statements do not include any adjustments that would result from a failure to obtain adequate working capital facilities. Our opinion is not qualified in this respect. On the basis of our review: in our opinion the interim financial information has been prepared using accounting policies consistent with those adopted by London & Metropolitan PLC in its financial statements for the year ended 31 December 1996; and we are not aware of any material modifications that should be made to the interim financial information as presented. DELOITTE & TOUCHE Chartered Accountants Hill House, 1 Little New Street, London EC4A 3TR 31 October 1997 END IR OCDCNBDDDDKN
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