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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:6186G OEM PLC 30 October 2007 OEM plc PRELIMINARY STATEMENT OF UNAUDITED 2007 RESULTS STATEMENT BY THE CHAIRMAN 2007 Results The loss after taxation for the year was #98,000 (2006: profit #860,000). The loss per share for the year to 30 June 2007 was 1.23p (2006: profit 10.77p). Equity at 30 June 2007 amounted to #782,000 (2006: #880,000) equivalent to 9.80p per share (2006: 11.02p). As in previous years, the directors do not recommend the payment of a dividend. Business Review Although this year has been quiet in terms of sales, the directors have been working on a number of development projects and transactions which will be reflected in future results and in this context I am pleased to report that, subsequent to the year end, we have sold our property inventory for #1.9m. The company has received a further settlement in relation to the legal action undertaken against the estate of the late Brian Schneider and other parties. This is shown as an exceptional item in the consolidated income statement. As outlined in previous communications, the directors are continuing to pursue legal actions but any further success of these cannot, of course, be guaranteed. The directors have been assessing and reviewing a number of potential opportunities for the company going forward and I am confident that we will be able to generate an increase in shareholder value. Future of the Company We will continue to seek profitable opportunities, where our low risk strategy coupled to our expertise may be deployed, and I look forward to bringing you some exciting proposals in the near future. Robert P B Noonan Chairman 30 October 2007 OEM PLC CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2007 2007 2006 #'000s #'000s Continuing Operations Revenue 43 57 Cost of sales (15) (28) Gross profit 28 29 Other operating income Administrative expenses (581) (567) Other operating expenses Exceptional item 214 1,225 (Loss) Profit from operations (339) 687 Investment income 296 273 Finance costs (55) (100) (Loss) Profit before tax (98) 860 Tax - - (Loss) Profit for the period from (98) 860 continuing operations (Loss) Profit for the period (98) 860 2007 2006 Pence Pence (Loss) Earnings per share (1.23) 10.77 Basic and diluted (1.23) 10.77 No separate Statement of Total Recognised Gains and Losses has been presented. All such gains and losses have been dealt with in the Group Income Statement. Turnover and operating profit all derive from continuing operations. OEM PLC CONSOLIDATED BALANCE SHEET AT 30 JUNE 2007 As at As at 30 June 2007 30 June 2006 Assets #'000s #'000s Non-current assets Property, plant and equipment 4 1 Unlisted investments 41 40 Long term debts - 3,673 Total non-current assets 45 3,714 Current assets Inventories 800 800 Trade and other receivables 5,455 1,944 Cash and cash equivalents 38 182 Total current assets 6,293 2,926 Total assets 6,338 6,640 Equity and liabilities Capital and reserves Share capital 1,996 1,996 Capital Redemption Reserve 11 11 Merger Reserve 169 169 Profit and Loss account (1,394) (1,296) Total equity 782 880 Non current liabilities Creditors (long term) 2,363 2,334 Provision for liabilities & charges - 13 Current liabilities Creditors 3,193 3,413 Total liabilities 5,556 5,760 Total equity and liabilities 6,338 6,640 Group Statement of Changes in Equity #'000s Balance at 1 June 2006 880 Net Loss for the year, decrease in share capital (98) Balance at 30 June 2007 782 Equity comprises share capital, capital reserve and merger reserve. OEM PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2007 2007 2006 #'000s #'000s Net cash from operating activities 218 53 Investing activities Interest paid (55) (100) Interest received 296 273 Purchases of property, plant and (4) - equipment Net cash generated from investing 237 173 activities Financing activities Bank loan repaid (755) 600 Increase/(decrease) in bank overdrafts 156 (719) Net cash (used) in financing activities (599) (119) Net increase in cash and cash equivalents (144) 107 Cash and cash equivalents at beginning of 182 75 year Cash and cash equivalents at end of year 38 182 NOTES 1. The net cash from operating activities: 2007 2006 #'000s #'000s Operating (loss)/profit (339) 687 Depreciation 1 1 Movement in provisions and charges (13) (14) (Increase)/decrease in debtors 162 (1,075) Increase/(decrease) in creditors 407 454 Net cash generated from operating 218 53 activities 2. The number of ordinary shares in issue throughout the year is 7,985,793. 3. The annual general meeting of the Company will be held at 10.00am on 11 December 2007 at 14 -18 Ham Yard, London, W1D 7DT. 4. The financial information set out above does not constitute the Group's statutory accounts for the years ended 30 June 2007 or 30 June 2006, but is derived from those accounts. Statutory accounts for 2006 have been delivered to the Registrar of Companies in England and Wales, and those for 2007 will be delivered following the Company's annual general meeting. The auditors have reported on the 2006 accounts: their report was unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. 5. The figures included in this preliminary announcement have been prepared on the basis of the accounting policies set out in the 30 June 2006 financial statements. ENQUIRIES: Secretary, OEM plc, Tel: 020 7292 5940 This information is provided by RNS The company news service from the London Stock Exchange END FR BXBDGXUXGGRG
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