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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mallett | LSE:MAE | London | Ordinary Share | GB0005583504 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4122O Mallett PLC 07 August 2003 MALLETT PLC 7 AUGUST 2003 - EMBAROGED FOR 7AM MALLETT PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 CHAIRMAN'S STATEMENT In our trading statement issued on 9th June 2003, we stated that we expected the Company's profit before taxation for the six months ended 30th June 2003 to be well below the figure reported for the equivalent period last year. In the event, turnover for the first six months was down 27% from #11,223,000 to #8,187,000 and profit before tax was down 60% from #2,766,000 to #1,106,000. While we were able to maintain our trading margins, profit before tax fell proportionately more than turnover as a result of the Company's fixed cost base. Earnings per share were 5.61p compared with 13.80p for the equivalent period in 2002. The board has declared an unchanged interim dividend of 2.4p, which will be paid on 15th September 2003 to shareholders on the register on 29th August 2003. Our net asset value per share has increased to #2.08, compared with #2.00 at 30th June 2003, but this does not take account of any possible increase in the value of our property and other assets over their book value. The Company's principal asset, Bourdon House, and the complicated leases relating thereto are currently being reviewed by the Board, in conjunction with its advisers, in order to assess how to maximise the benefit of this asset for the Company and its shareholders. Our new flagship store in New York opened at the end of April. The total refurbishment cost was approximately #2.5 million and was completed without incurring any debt. This operation has received a great welcome from our clients and we are pleased with early trading. Business has been done both with new and existing clients and, in particular, with clients not intending to visit London. It is clear that the overall level of business transacted would not have been achieved by the London shops alone. We also produced a catalogue of modern items which is aimed at the US decorator market and is proving successful. The first six months trading was disappointing and coincided with the outbreak of SARS and the war in Iraq. This, together with the global economic unrest, led to a reduction in the number of overseas visitors travelling to London. There has, however, been an increase in visitors to our London shops recently and New York is performing above expectations. Despite some encouraging signs, we are anticipating a continuation of the uncertain trading conditions during the second half of the year. However, prices have been firm in the market in which we operate and the Board is confident in the continuing global demand for the finest antiques. GEORGE MAGAN CHAIRMAN 7 August 2003 Enquiries: Lanto Synge Chief Executive 020 7499 7411 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the half year ended 30th June 2003 Notes 2003 2002 2002 first half first half full year #,000 #,000 #,000 TURNOVER 8,187 11,223 25,336 ========== ========== ========= OPERATING PROFIT 1,095 2,749 5,143 Interest (net) 11 17 50 ---------- ---------- --------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,106 2,766 5,193 Taxation 1 (332) (862) (1,609) ---------- ---------- --------- PROFIT ATTRIBUTABLE TO SHAREHOLDERS 774 1,904 3,584 DIVIDENDS 3 (331) (331) (1,270) ---------- ---------- --------- Retained profit for the period 443 1,573 2,314 ========== ========== ========= Earnings per share 2 5.61p 13.80p 25.97p ---------- ---------- --------- Dividends per share 3 2.4p 2.4p 9.2p ========== ========== ========= Statement of Total Gains and Losses PROFIT FOR THE PERIOD 774 1,904 3,584 Exchange difference on consolidation (56) - (81) ---------- ---------- --------- GAINS RECOGNISED IN THE PERIOD 718 1,904 3,503 ========== ========== ========= In the opinion of the Directors there is no material difference between the above profits for the half year to 30th June 2003 and the historical cost profits for that period CONSOLIDATED BALANCE SHEET for the half year ended 30 June 2003 2003 2002 2002 first half first half full year #,000 #,000 #,000 FIXED ASSETS Tangible assets 6,004 3,837 4,790 Investments 105 - 46 ----------- ---------- --------- 6,109 3,837 4,836 ----------- ---------- --------- CURRENT ASSETS Stocks 22,566 23,728 22,366 Debtors 2,298 2,485 6,888 Bank balances and cash 1,592 3,145 2,496 ----------- ---------- --------- 26,456 29,358 31,750 ----------- ---------- --------- CREDITORS - amounts falling due within one year 3,849 5,539 8,257 ----------- ---------- --------- NET CURRENT ASSETS 22,607 23,819 23,493 ----------- ---------- --------- TOTAL ASSETS less current liabilities 28,716 27,656 28,329 PROVISION FOR LIABILITIES AND CHARGES 68 55 68 ----------- ---------- --------- TOTAL NET ASSETS 28,648 27,601 28,261 =========== ========== ========= CAPITAL AND RESERVES Called up share capital 690 690 690 Share premium account 5,168 5,168 5,168 Revaluation reserve 1,728 1,783 1,746 Profit and loss account 21,062 19,960 20,657 ----------- ---------- --------- 28,648 27,601 28,261 ----------- ---------- --------- Net assets per share #2.08 #2.00 #2.05 =========== ========== ========= CONSOLIDATED CASH FLOW SUMMARY for the half year ended 30th June 2003 2003 2002 2002 first half first half full year #,000 #,000 #,000 Net cash inflow / (outflow) from operating activities 2,450 3,975 5,471 Returns on investment and Servicing of finance 11 17 50 Taxation paid (987) (504) (1,264) Capital expenditure and Financial investment (1,440) (69) (1,122) Equity dividends paid (938) (828) (1,159) ---------- ---------- ---------- (Decrease)/increase in cash for the period (904) 2,591 1,976 ========== ========== ========== RECONCILIATION OF MOVEMENTS IN Shareholders' Funds Profit for the period 774 1,904 3,584 Dividends payable (331) (331) (1,270) Exchange difference on consolidation (56) - (81) ------- ------- -------- Net addition to shareholders' funds 387 1,573 2,233 Shareholders' funds at the beginning of the period 28,261 26,028 26,028 ------- ------- -------- Shareholders' funds at the end of the period. 28,648 27,601 28,261 ======= ======= ======== NOTES TO THE INTERIM REPORT 1. TAXATION Taxation has been provided at an estimated effective rate of 30% (2002 - 30%). 2. EARNINGS PER SHARE Earnings per share have been calculated on the profit on ordinary activities after taxation and 13,800,060 shares in issue. 3. DIVIDENDS (NET) The directors have declared an interim dividend of 2.4p (net) (2002 - 2.4p) per ordinary share payable on 15th September 2003 to shareholders on the register on 29th August 2003. The dividend will absorb #331,000, leaving #443,000 to be carried forward. 4. BASIS OF PREPARATION The accounts for the six months ended 30th June 2003 have not been audited, nor have the accounts for the equivalent period in 2002. They comply with relevant accounting standards and have been prepared on a consistent basis using accounting policies set out in the 2002 Annual Report. The figures for the twelve months ended 31st December 2002 do not constitute the company's statutory accounts for that period but have been extracted from the statutory accounts, which have been filed with the Registrar of Companies. The auditors have reported on those accounts and that report was not qualified and did not contain a statement under Section 237(2) of the Companies Act 1985. This report is being sent to shareholders and will be made available to members of the public at the Company's Registered Office. COMPANY INFORMATION DIRECTORS George M. Magan* FCA Chairman *Non-executive Lanto M. Synge Group Chief Executive The Hon. Peter H. Dixon FCA Secretary Paula C. Hunt Simon M. de Zoete* Giles H. Hutchinson Smith The Hon. Mrs Laura Weinstock* M. Henry G. Neville Thomas E. Woodham-Smith REGISTERED OFFICE 141 New Bond Street London W1S 2BS COMPANY NUMBER 1838233 This information is provided by RNS The company news service from the London Stock Exchange END IR BLGDICXGGGXL
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