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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Morses Club Plc | LSE:MCL | London | Ordinary Share | GB00BZ6C4F71 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.21 | 0.20 | 0.40 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS No 3030x
MOUNTCASHEL PLC
29th January 1998
Mountcashel Plc ("the Company")
Preliminary announcement of audited results for the year ended 31
December 1997
Chairman's Statement
At the time of writing for the 1997 interims I pointed out that not
all of our efforts in undertaking in depth research had proved to be
fruitful. In fact the rest of 1997 provided a series of further
disappointments and some degree of frustration.
Net assets at 31 December 1997 (including net unrealised gains, which
are not otherwise included in the balance sheet figures) were 112.5
pence per share. This compares with 107.2 pence at 31 December 1996,
an increase of 5%. The increase in net assets per share was achieved
despite a background of some not very good, or perhaps more
accurately, rather bad investments which resulted in a loss of
#1,011,900 for the year.
This loss was due to provisions made against these investments where
the Board believe, or events have proven, that there is little
prospect of a full and sustainable recovery in that company's share
price for the foreseeable future. The total provision made was
#1,034,200 in respect of the four investments listed below.
The first being Crown Products plc, where there was a series of profit
warnings, management changes and other mishaps culminating in the
company's shares being suspended "pending clarification of the
financial position" earlier this month. Subsequently the company was
put into receivership. We have fully provided against the cost of
this investment. Provision made #249,894.
Secondly, Fairway Group plc where, despite having a solid business
profile and almost no debt, the earlier poor performance continued to
hold back the share price, with the result that an agreed takeover was
recently announced. Whilst this takeover may be good news for the
bidder, it does not provide us with a return on our investment, indeed
we are providing for the difference between the exit price and our
cost. Provision made #175,742.
Thirdly, ERA Group plc where poor trading performance coupled with a
lack of control over costs resulted in very significant losses. The
company is in the process of undergoing a restructuring with a new
management team and disposal of businesses, which may result in a
recovery. However, it is too early in the process to be confident of
a full recovery and we have made some provision against our cost.
Provision made #265,900.
Finally, Utility Cable plc, where we are of the opinion that the
changes of management, profit warnings and underlying business are
such that we are unlikely to see a return to the valuation at which we
invested, in the foreseeable future. Provision made #342,664.
The portfolio has also experienced declines in the values of some
other investments but the Board do not consider it necessary at this
stage to make any further provisions as, in the long term, these
companies are expected to perform, with their performance ultimately
being reflected in the share price.
It has not been all bad news. During the year one of our unquoted
investments, Xaar, was floated at a premium to our cost. In
addition, Wiggins has continued on the upward path of profitability
and also share price.
The Company's approach to investment will remain broadly the same,
with the emphasis on detailed and in depth research and a long term
view. We will however be monitoring more closely the prevailing
market valuation of investee companies to ensure overvaluation is not
left unrealised.
As has been demonstrated over the last year, investments can decline
in value as readily as they increase. The risk profile of investing
in smaller entities will always be greater than that of 'blue chip' or
collective investment schemes and should not be underestimated.
Once again I would like to draw your attention to the date for the
AGM, which is Monday, 23 February 1998. This is your opportunity to
come along and quiz the Board on all aspects of the Company. I urge
you to make use of this opportunity.
Thomas Vaughan
Chairman
29 January 1998
Mountcashel Plc
Consolidated Profit and Loss Account
Year ended 31 December 1997
Year Year
ended ended 31
31 December
December 1996
1997 #'000
#'000
Profit on sale of investments 158.0 950.5
Investment income 80.6 82.0
Other income - 7.9
________ ________
_ _
Total income 238.6 1,040.4
Provision for permanent diminution
in value of (1,034.2) -
fixed asset investments (179.3)
Management expenses (191.0) ________
________ _
_
(Loss)/profit on ordinary
activities before interest (986.6) 861.1
Interest receivable - 20.0
Interest payable (25.3) (19.6)
________ ________
_ _
(Loss)/profit on ordinary
activities before taxation (1,011.9) 861.5
Taxation credit - 1.9
-------- ________
(Loss)/profit for the financial (1,011.9) 863.4
year ======== ========
(Loss)/earnings per share - basic - (13.37) 11.40
pence ======== ========
(Loss)/earnings per share - fully (11.48) 11.05
diluted - pence ======== ========
There were no recognised gains or losses other than the loss for the
year.
Mountcashel Plc
Balance Sheets
As at 31 December 1997
Group Group Company Company
31 31 31 31
December December December December
1997 1996 1997 1996
#'000 #'000 #000 #'000
Fixed assets
Tangible assets 2.5 3.2 2.5 3.2
Investments 6,512.6 7,756.4 9,026.2 10,270.0
________ ________ ________ ________
_ _ _ _
6,515.1 7,759.6 9,028.7 10,273.2
________ ________ ________ ________
_ _ _ _
Current assets
Debtors 98.3 77.9 98.3 77.9
Creditors: Amounts
falling due within one (325.8) (538.0) (2,837.4) (3,049.6)
year ________ ________ ________ ________
Net current liabilities (227.5) (460.1) (2,739.1) (2,971.7)
__ __ ________ ________
6,287.6 7,299.5 6,289.6 7,301.5
======== ======== ======== ========
Capital and reserves
(equity
and non-equity) 3,785.5 3,785.5 3,785.5 3,785.5
Called up share capital 757.8 757.8 757.8 757.8
Share premium 2,743.5 2,743.5 2,743.5 2,743.5
Other reserves (999.2) 12.7 (997.2) 14.7
Profit and loss account ________ ________ ________ ________
Shareholders' funds 6,287.6 7,299.5 6,289.6 7,301.5
======== ======== ======== ========
Net assets per share - 83.1 96.4
pence ======== ========
Shareholders' funds
(incorporating net
unrealised gains on
investments) 6,287.6 7,299.5
Shareholders funds - as
above 2,230.7 813.6
Net unrealised gains on ________ ________
investments
8,518.3 8,113.1
======== ========
Net assets per share - 112.5 107.2
pence ======== ========
(incorporating net
unrealised gains)
Mountcashel Plc
Consolidated Cash Flow Statement
Year ended 31 December 1997
Year Year
ended ended 31
31 December
December 1996
1997 #'000
#'000
Net cash outflow from operating (193.1) (149.5)
activities ________ ________
Returns on investment and servicing
of finance - 20.0
Interest received (23.9) (17.1)
Interest paid 75.5 60.5
Income from fixed asset investments ________ ________
51.6 63.4
________ ________
Taxation
UK corporation tax repaid - 2.5
________ ________
Capital expenditure and financial
investment (1.9) (2.5)
Purchase of tangible fixed assets (2,195.8) (8,527.6)
Purchase of fixed asset investments
Sale of fixed asset investments 2,442.4 4,322.4
________ ________
244.7 (4,207.7)
________ ---------
Cash outflow before management of
liquid resources and financing 103.2 (4,291.3)
__ ________
Financing
Issue of shares - 4,080.0
Expenses of share issue - (200.0)
________ ________
- 3,880.0
________ ________
Increase/(decrease) in cash in the 103.2 (411.3)
year ======== ========
Notes:
1. The financial information set out in the preliminary results for
the year ended 31 December 1997 does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act
1985.
The statutory accounts for the year ended 31 December 1997 have
not yet been delivered to the Registrar of Companies. The
auditors have made a report under Section 235 of the Companies
Act 1985, as amended, in respect of such accounts, which was
unqualified and did not contain a statement under Sections 237(2)
or (3) of the Act.
2. The earnings per share is based on the loss which amounted to
#1,011,900 (31 December 1996: profit #863,400) and on the average
number of 7,570,700 shares in issue (31 December 1996:
7,570,700). Net assets per share is based on the consolidated
net assets of #6,287,600 (31 December 1996: #7,299,500) and the
average number of shares in issue, as stated above.
3. Copies of the audited financial statements are being posted to
shareholders today and may be obtained from the Company Secretary
at the Company's registered office: 223a Kensington High Street,
London W8 6SG.
END
FR PBUUUGBGRUMB
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