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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pgi Grp | LSE:PGI | London | Ordinary Share | GB0006911696 | 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% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0402B Plantation & General Investmnts.PLC 11 September 2002 Plantation & General Investments Plc Chairman's Statement The Group profit before tax for the half-year to 30th June 2002 was #1,625,000, a 38% increase on the restated figures for the same period last year. As permitted by Statement of Standard Accounting Practice 20 and recommended by Financial Reporting Exposure Draft 24, the oversea companies' figures have been translated at average rates of exchange rather than end-period rates. In addition, for Eastern Highlands in Zimbabwe, market rates of exchange have been used rather than official rates. These changes have also been applied to comparative figures for prior periods. Overall profits from the tea plantations were down on the previous year, despite marginally better crops and prices. The deterioration was most marked in Malawi, where inflation was high (and interest rates even higher) and there was no compensating devaluation of the currency. In Zimbabwe high cost inflation was offset by exchange rate movements, but economic and social conditions continued to make the management of the estate difficult. Eastern Highlands has now reached an understanding with the provincial authorities on the land reform programme, offering 835 hectares of uncultivated land in exchange for a de-listing of areas previously designated. Of the Group's other estates, Air Muring, the Indonesian rubber estate, showed the most improved performance. Rubber prices have risen, and crops were 32 per cent higher as more trees reached maturity. The UK businesses had mixed fortunes during the period. Jacobs Young & Westbury, the supplier of garden furniture, had an excellent season, with sales up by over 50 per cent and profits at a record level. Next year dealings with its major customer, Homebase, will move to an agency basis. While this will much reduce profits, it will also require less capital, enabling us to cut group borrowings. Chillington Manufacturing incurred some extra costs as a result of its move to a new site, and sales were also weaker than anticipated. Its longer-term prospects remain good, as it develops new products that should maintain its position as the leading UK wheelbarrow manufacturer. We have continued to develop the Internet based tea auction, eteatrade, which has now run weekly tea auctions for almost a year. Although a number of new producers and buyers have enrolled and the business has support from the industry leaders, the volumes of trading have been disappointing. During the period we disposed of the Group's residual assets in Uganda, and early in July we announced the sale of the business of Nicholl & Wood, the steel shelving manufacturer. The proceeds from these sales, amounting to just over #800,000, have been used to reduce Group borrowings. Seasonal factors usually result in a loss in the second half, and our objective is to minimise this. Progress will depend heavily on tea prices, local inflation and exchange rates. At the moment, none of these factors is changing favourably, so the second half will be challenging. Rupert Pennant-Rea 11th September 2002 PLANTATION & GENERAL INVESTMENTS PLC Consolidated profit & loss account Six months Six months ended Year ended 31 ended 30 June 30 June 2001 December 2001 2002 (Note 1) (Note 1) (Note 1) Note #'000 #'000 #'000 Turnover 34,926 27,634 38,912 Operating profit 2,566 1,920 360 Profit/(loss) on disposal or closure of operations 199 (35) 480 Profit on disposal of investments 7 10 7 Profit before interest 2,772 1,895 847 Interest (1,267) (1,157) (2,097) Monetary working capital hyper-inflation adjustment 120 434 1,025 Profit/(loss) before taxation 1,625 1,172 (225) Taxation 2 (362) (261) (167) Profit/(loss) after taxation 1,263 911 (392) Minority interests 10 (66) 18 Profit/(loss) for the period 1,273 845 (374) Preference dividends - (non-equity) - (81) (81) Amount transferred to/(from) reserves 1,273 764 (455) pence pence pence Earnings/(loss) per ordinary share 3 Basic 2.5 1.5 (0.9) Notes to the interim statements 1. Basis of preparation of interim financial statements The results for the six months ended 30 June 2002 are unaudited. They have been prepared on accounting bases and policies consistent with those used in the Annual Report and Accounts for the year ended 31 December 2001 except as described below. The comparative figures for the year which have been filed with the Registrar of Companies and on which the auditors have made a report under Section 235 of the Companies Act 1985 - such report was qualified on a technical issue concerning directors' valuations of oversea plantations, factories and ancillary property and did not contain a statement under Section 237(2) or (3) of the Companies Act. The comparative figures for both the year ended 31 December 2001 and the six months ended 30 June 2001 have been restated for the matters described below, except that it was not practical to record an adjustment to the taxation charge for the six month period ended 30 June 2001 as a result of the adoption of FRS 19 'Deferred taxation'. Changes to accounting policies and estimates Foreign currencies. The group translates the accounts of its oversea subsidiaries into sterling at the official rates of exchange, but due to economic conditions in Zimbabwe, exchange rates approximating rates at which our transactions were effected are now used for that country. These rates are substantially different from Zimbabwe's official rates of exchange. The group previously translated accounts of its oversea subsidiaries at the rates ruling at the balance sheet date. As permitted by SSAP20 'Foreign currency translation' and as recommended by the recently published FRED24 'the effects of changes in foreign exchange rates', the group has now adopted average exchange rates for the translation of the profit & loss account of oversea subsidiaries. Deferred taxation. The group has adopted FRS19 'Deferred taxation' in these statements. The effect of the above changes to accounting policies and estimates on the previously reported profits after taxation, for the six months ended 30 June 2001 and year ended 31 December 2001 are as follows: Six months ended Year ended 31 30 June 2001 December 2001 #'000 #'000 As previously reported: 1,471 933 Change due to revised policy on translation of oversea subsidiaries results (560) (1,275) Change due to adoption of FRS 19 Deferred taxation - (50) As restated above 911 (392) 2. Taxation Six months Six months ended Year ended 31 ended 30 June 30 June 2001 December 2001 2002 #'000 #'000 #'000 UK Corporation tax (after double taxation relief) - - - Foreign tax - Current taxation 205 261 117 - Deferred taxation 157 - 50 362 261 167 3. Earnings/(loss) per ordinary share Basic earnings per ordinary share for the six months ended 30 June 2002 is calculated on a weighted average of 51,783,719 ordinary shares (six months ended 30 June 2001and year ended 31 December 2001 51,783,719 ordinary shares). The conversion of convertible loan stock would be antidilutive. 4. Copies of the Interim Statement will be sent to all shareholders and holders of the loan stock and are available at the Company's office at 81 Carter Lane, London EC4V 5EP. PLANTATION & GENERAL INVESTMENTS PLC Summarised consolidated balance sheet As at 30 June 2002 As at 30 June 2001 As at 31 December 2001 (Note 1) (Note 1) (Note 1) #'000 #'000 #'000 Fixed assets 27,632 31,228 30,264 Current assets Stocks 4,670 4,678 8,050 Debtors 9,150 8,310 5,012 Cash at bank and in hand 596 6,109 507 14,416 19,097 13,569 Creditors falling due within one year: Debt finance (5,804) (11,399) (7,503) Other (8,583) (7,836) (8,543) Net current assets/ 29 (138) (2,477) (liabilities) Total assets less current 27,661 31,090 27,787 liabilities Creditors falling due after more than one year: Debt finance (9,515) (8,762) (9,116) Other (292) (810) (289) Provision for liabilities (175) (16) (65) and charges 17,679 21,502 18,317 Capital and reserves Called up share capital 12,946 12,946 12,946 Reserves 3,200 6,652 3,678 16,146 19,598 16,624 Minority interests 1,533 1,904 1,693 17,679 21,502 18,317 Statement of total recognised gains and losses Six months ended 30 June 2002 Six months ended Year ended 31 30 June 2001 December 2001 (Note 1) (Note 1) (Note 1) #'000 #'000 #'000 Profit/(loss) for the 1,273 845 (374) period Monetary working capital hyper-inflation (120) (434) (1,025) adjustments Revaluation surplus/(deficit) net of minority 2,995 821 (526) interests Exchange differences (4,375) 941 1,124 Total recognised (losses)/gains for the period (227) 2,173 (801) Statement of movement in shareholders' funds Six months ended 30 June 2002 Six months ended Year ended 31 30 June 2001 December 2001 (Note 1) (Note 1) (Note 1) #'000 #'000 #'000 At beginning of period as previously reported 16,674 19,311 19,311 Prior year adjustment - deferred tax (Note 1) (50) - - At beginning of period as 16,624 19,311 19,311 restated Total recognised (losses)/gains for the period (227) 2,173 (801) Reversal of capital reserve less goodwill on (251) - - disposal Dividends (81) (81) Redemption of preference (1,805) (1,805) shares At end of period 16,146 19,598 16,624 PLANTATION & GENERAL INVESTMENTS PLC Consolidated cash flow statement Six months Six months ended 30 June Year ended 31 ended 30 June 2001 December 2001 2002 (Note 1) (Note 1) (Note 1) #'000 #'000 #'000 Cash flow from operating activities 987 3,338 2,962 Returns on investments and servicing of finance (1,329) (1,320) (2,327) Taxation - Oversea tax paid (75) (181) (375) Net fixed asset and investment additions (391) (1,612) (2,679) Acquisitions and disposals 821 219 750 13 444 (1,669) Financing Issue of new convertible loan stock (net of expenses) - 7,700 7,755 Redemption of preference shares - (1,805) (1,805) Redemption of convertible loan stock - - (4,677) Loans (net of repayments) 551 (289) 568 Capital elements of finance lease rentals payable (113) (179) (309) Total financing 438 5,427 1,532 Increase in cash in the period 451 5,871 (137) Reconciliation of net cash flow to movement in net debt Increase in cash in the period 451 5,871 (137) Cash (inflow)/outflow from change in debt (551) (7,411) (3,646) Cash outflow from reduction in finance liabilities 113 179 309 Change in net debt resulting from cash flows 13 (1,361) (3,474) New finance leases (162) (219) (313) Exchange translation differences 1,516 (201) (54) Net borrowings disposed with subsidiaries 22 - - Movement in net debt in the period 1,389 (1,781) (3,841) Net debt at beginning of period (16,112) (12,271) (12,271) Net debt at end of period (14,723) (14,052) (16,112) 1,389 (1,781) (3,841) Reconciliation of operating profit to operating cash flow Operating profit 2,566 1,920 360 Depreciation 833 819 1,515 Amortisation of goodwill 27 27 55 Impairment of fixed assets - - 200 Working capital (increase)/decrease Stocks 3,380 2,848 (524) Debtors (4,138) (1,687) 1,611 Creditors 23 (900) (322) Exchange translation difference on working capital (717) 325 2 Working capital derived from disposal of subsidiary (1,004) 1 282 undertakings Disposal of tangible fixed assets 17 (15) (217) 987 3,338 2,962 This information is provided by RNS The company news service from the London Stock Exchange END IR XFLFFLKBLBBL
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