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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:9842Z OEM PLC 21 June 2004 Interim Accounts For the six months ended 31st December 2003 My statement this time includes some very regrettable issues which I outline below concerning the previous Chief Executive, Brian Schneider, who sadly died in March 2004. These issues have contributed to a suspension in the trading of the shares in the Company pending publication of the interim report for the six months to 31st December 2003. However, I am confident that when the suspension is lifted the Company can move forward. With that in mind, I would like, firstly, to present the trading position of the Company which includes some very encouraging news. TRADING The six month period has seen the grant of formal planning consent for Soho Court on behalf of our major clients and also the sale of our investment at Northwich. After negotiations extending for some twelve months, the S106 Agreement in respect of Soho Court has been finally resolved and a formal planning consent has now been granted. On behalf of our clients we are investigating joint development proposals for this exciting project. We were approached about our investment in Northwich and agreed a sale, which produced a healthy profit for the Company. We are continuing to look for development opportunities on behalf of both the Company and our clients. We do not recommend the payment of any dividend. EXCEPTIONAL ITEM The operating loss for the six month period includes an exceptional loss of #5.0m. This is our current estimate of the value of monies which belonged to the Company and the Company's joint venture partners, funders and other creditors which it appears Mr Schneider applied to his own use and to the use of others without authorisation since 1997. Whilst the Company has commenced legal action to reclaim monies from the parties who have benefited from the unauthorised funds, with the aim of recovering all or part of these monies, the directors have considered it prudent to provide for the entire potential loss at this stage. However, the Company is seeking full recovery and in addition will seek interest on the amounts claimed against all parties. Investigations are underway, using UHY Hacker Young Chartered Accountants, solicitors and counsel, to establish the full extent of the above activities and to finalise the particulars of the claims. Our joint venture partners have agreed not to demand any payments from OEM until the situation is resolved and therefore amounts due to them are included in the category of creditors due after one year. I am sorry that this year's interim statement includes such depressing news however there are some exciting projects in the pipeline and I have every confidence in the future. Robert P.B. Noonan 21 June 2004 OEM plc INTERIM RESULTS Group profit and loss account Audited Unaudited Unaudited year to 6 months to 6 months to 30 June 31 December 31 December 2003 2003 2002 #000 #000 #000 1,008 Turnover 1,910 467 563 Operating Profit/(loss) Note 5 (4,136) 234 184 Interest net 88 89 747 Profit/(loss) on ordinary activities (4,048) 323 before taxation (224) Taxation (285) (97) 523 Profit on ordinary activities (4,333) 226 after taxation - Dividends - - 523 Retained Profit (4,333) 226 6.55p Earnings per 25p ordinary share (54.26)p 2.83p 1. The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 2003 statutory accounts. 2. Taxation has been provided for at the effective rate estimated to be charged for the full year on the operating profit excluding the exceptional loss. 3. Basic earnings (loss) per share are calculated by dividing the profit (loss) on ordinary activities after taxation by 7,985,793 being the number of ordinary shares in issue throughout this half year, the prior year and half year. 4. The results for the year ended 30 June 2003 are an abridged version of the Group's statutory accounts for that period which received an unqualified auditors report and have been filed with the Registrar of Companies. 5. Within this figure is an exceptional loss estimate of #5.0m, which is the current estimate of the potential loss arising from the activities of Mr Schneider as outlined in the Chairman's statement. 6. The previous year's data has not been restated. 7. The cash flow statement has not been amended since the exceptional item is a book provision, and any cash movements relating to the exceptional item will be accounted for post 31st December 2003. Summary group balance sheet Audited Unaudited Unaudited 30 June 31 December 31 December 2003 2003 2003 #000 #000 #000 13 Fixed assets 9 17 Current assets 1,642 Stocks 954 842 4,973 Debtors 3,186 4,386 129 Cash at bank 382 1,358 6,744 4,522 6,586 (913) Creditors - due within one year (1,217) (1,016) 5,831 Net current assets 3,305 5,570 (750) Creditors - due after one year (2,553) (780)) (50) Provisions for liabilities and (50) (60) charges 5,044 Net assets 711 4,747 1,996 Share capital 1,996 1,996 180 Share premium & other reserves 180 180 2,868 Profit and loss account (1,465) 2,571 5,044 711 4,747 Summary group cash flow statement Audited Unaudited Unaudited year to six months to six months to 30 June 31 December 31 December 2003 2003 2002 #000 #000 #000 163 Operating cash inflow/(outflow) 974 1,427 184 Returns on investments 88 89 (60) Financing activities (810) - 287 Increase / (decrease) in cash 252 1,516 This information is provided by RNS The company news service from the London Stock Exchange END IR QKDKPABKDPAB
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