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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
OEM | LSE:OEM | London | Ordinary Share | GB0006572241 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1440M OEM PLC 25 October 2001 OEM plc 25 October 2001 Preliminary Statement of Unaudited 2001 Results Statement by the Chairman 2001 Results Looking back over the reports I have written as Chairman of OEM, I see I have continually stressed the difficulty inherent in property trading of predicting when transactions will complete. This point should always be borne in mind when considering our results. The results for the year to 30 June 2001 are particularly affected by timing issues. The profit after taxation for the year was #247,000 (2000: loss # 353,000). Earnings per share for the year to 30 June 2001 was 3.08p (2000: Loss 4.43p). Net assets at 30 June 2001 amounted to #4,102,000 (2000:# 3,868,000) equivalent to 51.4p per share (2000: 48.2p). For reasons I have explained before, the directors do not recommend the payment of a dividend (2000: #nil). This is something we do keep under review, but for the moment our policy is not to pay dividends. Business Review The highlight of the year was, without doubt, successfully obtaining planning permission for our client on its site in Warwick. The residential part of the site was then sold. We were paid a substantial fee, but more importantly our client enjoyed a (pre-fee to us) roughly 17% IRR for some five years without any gearing. We also finally completed the winding up of our former pension scheme, some six years after the last member left the group! A modest surplus after improving members' benefits was paid to us. The group property at Northwich, held as stock, has been professionally valued at roughly double its cost. We are considering our policy on this property. Subsequent to the year-end we disposed of our property at Horsham and repaid the associated bank borrowings. A significant gross profit was realised. Shareholder relations In April of this year we arranged, together with our financial adviser, Brown Shipley, a share buy back, such that any shareholder could sell up to 1,000 shares back to the Company free of dealing costs. This was well received and some 120 shareholders (about 20% by number) took advantage of this opportunity. We believe that this is a far more attractive approach for small shareholders than paying dividends and we would hope to repeat this exercise. Future of the Company Looking to the future, we continue actively to seek property or corporate situations, (whether for our own account, as joint ventures or managed for third parties) where our low-risk strategy coupled to our expertise may be deployed. It seems that the property market may be slowing down and historically these conditions have enabled us to make careful purchases whether for our own or our clients' account. Our objective remains to continue to invest in property related opportunities as the way of building up net assets, earnings and consequently shareholder value, but with minimal financial risk. Robert P B Noonan Chairman Group Profit and Loss Account For the year ended 30 June 2001 Unaudited Audited 2001 2000 #000 #000 Turnover 868 207 Cost of sales (145) (90) Gross Profit 723 117 Administrative expenses (509) (480) Other Operating Income 53 - Operating Profit (Loss) 267 (363) Net interest 5 2 Profit (Loss) on Ordinary Activities before 272 (361) Taxation Tax on ordinary activities Note 4 (25) 8 Profit (Loss) on Ordinary 247 (353) Activities after Taxation Dividends - - Retained Profit (Loss) 247 (353) for the Year Earnings (Loss) per 3.08p (4.43)p Ordinary Share There are no recognised gains or losses other than the profit for the year. Turnover and operating profit all derive from continuing operations. Balance Sheets As at 30 June 2001 Group Company Unaudited Audited Unaudited Audited 2001 2000 2001 2000 #000 #000 #000 #000 Fixed Assets Tangible assets 29 30 29 30 Investments - - 743 650 29 30 772 680 Current Assets Stocks 2,320 4,609 - 102 Debtors 3,240 758 5,800 5,622 Cash at bank and in hand 553 455 552 452 6,113 5,822 6,352 6,176 Creditors (amounts falling due within one year) (1,000) (864) (1,982) (1,868) Net Current Assets 5,113 4,958 4,370 4,308 Total Assets less Current 5,142 4,988 5,142 4,988 Liabilities Creditors (amounts falling due (1,040) (1,120) (1,040) (1,120) after one year) Net Assets 4,102 3,868 4,102 3,868 Capital and Reserves Called up share capital 1,996 2,007 1,996 2,007 Capital Redemption Reserve 11 - 11 - Merger Reserve 169 169 169 169 Other reserve - - 262 228 Profit and loss account 1,926 1,692 1,664 1,464 Shareholders' Funds 4,102 3,868 4,102 3,868 Group Cash Flow Statement For the year ended 30 June 2001 Unaudited Audited 2001 2000 #000 #000 #000 #000 Net Cash Inflow (Outflow) from Operating Note 5 201 (1,887) Activities Returns on Investments and Servicing of Finance Interest paid (97) (28) Interest received 102 5 30 2 206 (1,885) Capital Expenditure and Financial Investment (11) - Acquisitions and Disposals - 234 Financing (13) 1,200 Increase (Decrease) in Cash 182 (451) Reconciliation of net cash flow to movement in net debt Increase (Decrease) in cash in year 182 (451) Cash inflow from increase in debt and lease financing - (1,200) Net (debt) cash at beginning of year (749) 902 Net (debt) at end of year (567) (749) ENQUIRIES: Brian Schneider OEM plc Tel: 020 7292 5940 NOTES 1. The annual general meeting of the Company will be held at 10.30am on 7 December 2001 at 14 - 18 Ham Yard, London, W1D 7DT. 2. The financial information set out above does not constitute the Group's statutory accounts for the years ended 30 June 2001 or 30 June 2000, but is derived from those accounts. Statutory accounts for 2000 have been delivered to the Registrar of Companies in England and Wales, and those for 2001 will be delivered following the Company's annual general meeting. The auditors have reported on the 2000 accounts and their report was unqualified. 3. The figures included in this preliminary announcement have been prepared on the basis of the accounting policies set out in the 30 June 2000 financial statements. 4. Tax on profit on ordinary activities The charge (credit) for the year comprises: 2001 2000 #000 #000 Corporation tax on adjusted profits for the year 25 (8) 5. Reconciliation of operating profit to net cash inflow (outflow) from operating activities: 2001 2000 #000 #000 Operating profit (loss) 267 (363) Depreciation 12 10 Goodwill - 70 Decrease (Increase) in stocks 2,289 (2,026) (Increase) Decrease in debtors (2,482) 426 Increase (Decrease) in creditors 115 (4) Net cash inflow (outflow) from operating activities 201 (1,887)
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