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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:8138C Plantation & General Investmnts.PLC 10 September 2004 Plantation & General Investments Plc Chairman's Statement The overall Group profit before tax and hyperinflation adjustment for the half year to 30th June at #1,423,000 was close to the profit recorded in the same period last year. This was achieved despite a very poor result from the Zimbabwean business, Eastern Highlands Plantations, #1.4 million worse than the previous year. This has masked the improved results that have been achieved in all the other Group businesses. The charges for taxation and minority interests were higher than normal due to non-recurring charges in Indonesia for adjustments in respect of prior periods. Production of made tea increased by 4% and prices for the African teas increased on average by 10%. These two factors considerably improved the results from the Malawi estates, which again made the largest contribution to Group profits. Malawi also benefited from an increasing crop of macadamia nuts. The profitability of the Zimbabwe estates was adversely affected by the introduction of a new system for exchanging foreign currency in January 2004. This has resulted in a strengthening of the local market rates of exchange even though local cost inflation has continued to run at around 400% per annum. This combination has made tea exports unprofitable. Our Indonesian Rubber estate, Air Muring, has benefited from higher rubber prices and production is 2% ahead of last year, with the estate now close to full maturity. Khal Amazi, the Group's rose farm in Zambia, has just completed a 7 hectare extension, which has brought the total area of roses in greenhouses to 22 hectares. Rose margins have benefited from exchange rate movements. Production from the new area will begin in the final quarter of the year. The UK businesses also showed a useful improvement. The management changes at Chillington, the Group's wheelbarrow manufacturer, have made a positive impact, but swingeing steel price increases during the period have materially reduced margins and delayed a return to profits. A further weakening of the US dollar has reduced the Group's net assets by #330,000, while borrowings have increased by about #700,000 since December. This increase is due to the normal seasonal requirement for working capital and additional medium term borrowings in Khal Amazi to finance the expansion. Based on the Group's normal seasonal pattern, the second half of the year will result in a loss. As usual, this will depend heavily on the weather, cost inflation and exchange rates. The Zimbabwe exchange rate will be the most crucial; without a significant weakening of the currency, Eastern Highlands will continue to show significant losses. Derek Netherton retired from the Board at the AGM in June, and I am pleased to report that Mr Barry Hill has been appointed as a non-executive director and Chairman of the Audit Committee. He is a chartered accountant who has recently retired as a tax partner from PricewaterhouseCoopers. With his background and experience, he will make a valuable contribution to the Group. Rupert Pennant-Rea 10 September 2004 Plantation & General Investments Plc Consolidated profit & loss account ------------------------------------ Six months Six months ended ended Year ended 30 June 30 June 31 December 2004 2003 2003 Note #'000 #'000 #'000 Turnover 13,107 14,816 22,913 -------- ------- -------- Operating profit before interest 2,266 2,294 2,020 Interest (843) (831) (1,591) -------- ------- -------- Profit after interest 1,423 1,463 429 Monetary working capital hyper-inflation 59 (73) (65) adjustment -------- ------- -------- Profit before taxation 1,482 1,390 364 Taxation 2 (1,038) (563) (680) -------- ------- -------- Profit/(loss) after taxation 444 827 (316) Minority interests (258) (40) 44 -------- ------- -------- Profit/(loss) for the period and amount transferred to/(from) 186 787 (272) reserves -------- ------- -------- pence pence pence Earnings/(loss) per ordinary share 3 Basic 0.4 1.5 (0.5) -------- ------- -------- Summarised consolidated balance sheet -------------------------------------- As at As at As at 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 -------- -------- -------- Fixed assets 23,206 24,869 23,189 -------- -------- -------- Current assets Stocks 2,057 2,370 2,200 Debtors 3,657 4,807 1,806 Cash at bank and in hand 413 574 399 -------- -------- -------- 6,127 7,751 4,405 -------- -------- -------- Creditors falling due within one year: Debt finance (3,787) (2,849) (2,874) Other (4,594) (4,879) (3,866) -------- -------- -------- (8,381) (7,728) (6,740) -------- -------- -------- Net current (liabilities)/assets (2,254) 23 (2,335) -------- -------- -------- Total assets less current liabilities 20,952 24,892 20,854 Creditors falling due after more than one year: Debt finance (9,311) (10,046) (9,494) Other (619) (344) (346) Provision for liabilities and charges (248) (244) (147) -------- -------- -------- 10,774 14,258 10,867 ======== ======== ======== Capital and reserves Called up share capital 12,948 12,948 12,948 Reserves (3,230) 125 (2,974) -------- -------- -------- Shareholders' funds - equity 9,718 13,073 9,974 Minority interests 1,056 1,185 893 -------- -------- -------- 10,774 14,258 10,867 ======== ======== ======== Statement of total recognised gains and losses ------------------------------------------------ Six months Six months ended ended Year ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 Profit/(loss) for the period 186 787 (272) Monetary working capital hyper-inflation adjustments (59) 73 65 Revaluation deficit net of minority interests (44) (76) (558) Exchange differences (339) (680) (2,230) -------- -------- -------- Total recognised (losses)/gains for the period (256) 104 (2,995) ======== ======== ======== Statement of movement in shareholders' funds ---------------------------------------------- Six months Six months ended ended Year ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 At beginning of period 9,974 12,969 12,969 Total recognised (losses)/gains for the period (256) 104 (2,995) -------- -------- -------- At end of period 9,718 13,073 9,974 ======== ======== ======== Consolidated cash flow statement ---------------------------------- Six months Six months ended ended Year ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 -------- ------- -------- -------- Cash flow from operating activities 1,340 1,313 3,114 Returns on investments and servicing of finance (956) (911) (1,695) Taxation - Oversea tax paid (164) (28) (39) Net fixed asset and investment additions (956) (302) (1,219) -------- ------- -------- (736) 72 161 Financing Loans (net of repayments) 117 (158) (634) Capital elements of finance lease rentals payable (55) (99) (138) -------- ------- -------- Total financing 62 (257) (772) Decrease in cash in the period (674) (185) (611) -------- ------- -------- Reconciliation of net cash flow to movement in net debt Decrease in cash in the period (674) (185) (611) Cash (inflow)/outflow from change in debt (117) 158 634 Cash outflow from reduction in finance liabilities 55 99 138 -------- ------- -------- Change in net debt resulting from cash flows (736) 72 161 New finance leases - (28) (13) Exchange translation differences 20 62 310 -------- ------- -------- Movement in net debt in the period (716) 106 458 -------- ------- -------- Net debt at beginning of period (11,969) (12,427) (12,427) Net debt at end of period (12,685) (12,321) (11,969) -------- ------- -------- (716) 106 458 -------- ------- -------- Reconciliation of operating profit to operating cash flow Operating profit 2,266 2,294 2,020 Depreciation 456 480 881 Amortisation of goodwill 28 27 55 Working capital decrease/(increase) Stocks 143 548 718 Debtors (1,851) (2,106) 895 Creditors 254 468 (452) Exchange translation difference on working capital 3 (390) (980) Disposal of tangible fixed assets 41 (8) (23) -------- ------- -------- 1,340 1,313 3,114 -------- ------- -------- Notes to the interim statements 1. Basis of preparation of interim financial statements The results for the six months ended 30 June 2004 and 30 June 2003 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 2003. The comparative figures for the year ended 31 December 2003 are an extract from the full accounts 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. 2. Taxation Six months Six months ended ended Year ended 30 June 30 June 31 December 2004 2003 2003 #'000 #'000 #'000 UK Corporation tax (after double - - - taxation relief) Foreign tax - Current taxation 616 493 547 Deferred taxation 118 70 133 Prior year adjustment 304 - - -------- ------- -------- 1,038 563 680 ======== ======= ======== 3. Earnings/(loss) per ordinary share Basic earnings per ordinary share for the six months ended 30 June 2004 is calculated on a weighted average of 51,791,887 ordinary shares (six months ended 30 June 2003 51,791,603 ordinary shares and year ended 31 December 2003 51,791,722 ordinary shares). The conversion of convertible loan stock would be antidilutive. This information is provided by RNS The company news service from the London Stock Exchange END IR VKLFBZKBLBBL
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