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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:6217C OEM PLC 17 October 2002 OEM plc 17 October 2002 Preliminary Statement of Unaudited 2002 Results STATEMENT BY THE CHAIRMAN 2002 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 2002 are broadly satisfactory. The profit after taxation for the year was #419,000 (2001: #247,000). Earnings per share for the year to 30 June 2002 was 5.25p (2001: 3.08p). Net assets at 30 June 2002 amounted to #4,521,000 (2001: #4,102,000) equivalent to 56.6p per share (2001: 51.4p). As I have explained before, the directors do not recommend the payment of a dividend (2001: #nil). Business Review I wrote to you in March about the sale of our Horsham property. It is this sale that provides the bulk of turnover and profit in these accounts. I also told you of our tribulations over the property at Stafford. Last month, our clients exchanged contracts for the sale of the property. Our profit share will make a useful contribution to the current year's outcome. Much of our work so far this year has been connected with the mixed residential (including affordable housing) /retail / office development scheme in Soho, which I told you about in March. This will undoubtedly occupy us for some time to come. We have also been busy for clients on a wide range of other assignments. As I told you last year, the Northwich property is valued considerably in excess of cost. Indeed the financing we have secured on it, is for more than its cost. There has been much talk in the Press about the overheated state of the property market. Certainly, we find it difficult to find projects that we feel will give us the returns we need. We hope to be able to acquire properties at more attractive prices over the next year or so. Shareholder relations As you will know we have not repeated the share buy-back exercise. I explained at the interim stage why this was so and invited shareholders to let us have their views on this subject (and, indeed, any other). I regret that not a single shareholder, apart from the principal shareholders with whom we inevitably have a closer dialogue, has been in touch. 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. 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 GROUP PROFIT AND LOSS ACCOUNT for the year ended 30 June 2002 2002 2001 #000 #000 Turnover 2,412 868 Cost of sales (1,487) (145) Gross Profit 925 723 Administrative expenses (491) (509) Other Operating income - 53 Operating Profit 434 267 Net interest 160 5 Profit on Ordinary Activities before 594 272 Taxation Tax on profit on ordinary activities (175) (25) Profit on Ordinary 419 247 Activities after Taxation Dividends - - Retained Profit 419 247 for the Year Basic Diluted Earnings per 5.25 p 3.08 p Ordinary Share No separate Statement of Total Recognised Gains and Losses has been presented. All such gains and losses have been dealt with in the Group Profit and Loss Account. Turnover and operating profit all derive from continuing operations. BALANCE SHEETS as at 30 June 2002 Group Company 2002 2001 2002 2001 #000 #000 #000 #000 Fixed Assets Tangible assets 22 29 22 29 Investments - - 743 743 22 29 765 772 Current Assets Stocks 842 2,320 - - Debtors 5,678 3,240 6,835 5,800 Cash at bank and in hand 9 553 8 552 6,529 6,113 6,843 6,352 Creditors (amounts falling due within one year) (1,160) (1,000) (2,231) (1,982) Net Current Assets 5,369 5,113 4,612 4,370 Total Assets less Current 5,391 5,142 5,377 5,142 Liabilities Creditors (amounts falling (810) (1,040) (810) (1,040) due after one year) Provisions for Liabilities (60) - (60) - and Charges Net Assets 4,521 4,102 4,507 4,102 Capital and Reserves Called up share capital 1,996 1,996 1,996 1,996 Capital Redemption Reseve 11 11 11 11 Merger Reserve 169 169 169 169 Revaluation reserve - - 262 262 Profit and loss account 2,345 1,926 2,069 1,664 Equity Shareholders' Funds 4,521 4,102 4,507 4,102 GROUP Cash Flow Statement for the year ended 30 June 2002 2002 2001 #000 #000 #000 #000 Net Cash (Outflow) Inflow from Operating (606) 201 Activities Returns on Investments and Servicing of Finance Interest paid (50) (97) Interest received 210 160 102 5 (446) 206 Taxation (13) - Capital Expenditure and Financial (2) (11) Investment Financing - (13) (Decrease) Increase in Cash in year (461) 182 Reconciliation of net cash flow to movement in net debt (Decrease) Increase in cash in year (461) 182 Net (debt) at beginning of year (567) (749) Net (debt) at end of year (1,028) (567) NOTES: 1. The annual general meeting of the Company will be held at 10.30am on 29 November 2002 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 2002 or 30 June 2001, but is derived from those accounts. Statutory accounts for 2001 have been delivered to the Registrar of Companies in England and Wales, and those for 2002 will be delivered following the Company's annual general meeting. The auditors have reported on the 2001 accounts: their report was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 3 The figures included in this preliminary announcement have been prepared on the basis of the accounting policies set out in the 30 June 2001 financial statements. ENQUIRIES: Brian Schneider OEM plc Tel: 020 7292 5940 This information is provided by RNS The company news service from the London Stock Exchange END FR MRBTTMMBBBFT
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