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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Poole Invest. | LSE:PIV | London | Ordinary Share | GB0007176901 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4862I Poole Investments PLC 10 February 2005 POOLE INVESTMENTS PLC (formerly Pilkington's Tiles Group plc) INTERIM REPORT 2004 Financial highlights 6 months to 6 months to 14 months to 30 November 30 September 2003 31 May 2004 (Unaudited) 2004 (Unaudited) (Audited) Sales (#'000) - 15,353 35,120 Gross property income (#'000) 169 - - Operating profit/(loss) after exceptional items (#'000) 133 (391) (1,089) Profit/(loss) before tax (#'000) 10 (599) (38,886) Earnings/(loss) per share (p.) 0.00 (0.23) (20.76) Operational results Since the disposal of the former operating businesses of the Company, the Board have focused efforts on achieving the strategy as set out in the Report and Accounts for the year ended 31 May 2004 which is to maximise the potential of our assets and their impact on realisable shareholder value. Attention has been given to minimizing day to day costs in order that the Company's rental income cover these and finance costs. The results for the six months to 30 November 2004 reflect these endeavours. In preparing the accounts for the year to 31 May 2004 provision was made for various outstanding costs arising from the disposal of the former operating businesses. Most of these costs have now been paid. In addition the Board decided to take out warranty insurance and this has been done again within the provision made in the accounts. Name change Following the passing of all resolutions proposed at the AGM the Company's name has been changed from Pilkington's Tiles Group plc to Poole Investments plc. Disposal Process On 15 July 2004 an announcement was made that the Board would seek an offer for the Company. This followed the expression of interest made by a number of parties to purchase the Company's freehold land. It was decided that the land should not be sold at that time but instead that offers for the Company would be invited. This was thought to be a better option for shareholders as well as prospective purchasers. A number of parties pursued an interest and some considerable time was spent following these up. In the absence of a proposal that they think they could recommend to shareholders the Board has now put an end to that process. Land in Hamworthy The Company's only significant asset is a 9.5 acre plot of land in Hamworthy which currently provides rental income. This land forms part of the area within the Poole "Full Sail Ahead" regeneration scheme. Poole Council has submitted a Transport and Works Act Order seeking permission to build the "Twin Sails Bridge ". The Company and its advisers have continued to consult with the local authority and, as appropriate, other interested parties and intend to progress the preparation of a planning application. H A (Tony) Palmer Chairman 10 February 2005 Interim results Unaudited Group Profit & Loss Account for the six months ended 30 November 2004 Note 6 months to 6 months to 14 months to 30 November 2004 30 September 31 May 2003 2004 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Gross income -property income 169 - - -sales discontinued operations - 15,353 35,120 2 169 15,353 35,120 Operating Profit/(loss) before exceptional costs -ongoing operations 133 - - -discontinued operations - (391) (1,089) Exceptional costs -loss on sale or closure of discontinued - - (37,331) operations Operating profit/(loss) for the period -ongoing operations 133 - - -discontinued operations - (391) (38,420) 133 (391) (38,420) Interest (123) (208) (466) Profit/(loss) on ordinary activities before taxation 10 (599) (38,886) Taxation 3 - 180 484 Profit/(loss) after tax 10 (419) (38,402) Dividends on ordinary shares -interim 4 - - - -final - - - Profit/(loss) transferred to reserves 10 (419) (38,402) Earnings/(loss) per ordinary share -basic 5 0.00p (0.23)p (20.76p) -diluted 5 0.00p (0.23)p (20.76p) Group Statement of Total Recognised Gains and Losses for the six months ended 30 November 2004 6 months to 6 months to 14 months to 30 November 30 September 31 May 2004 2003 2004 Unaudited Unaudited Audited #'000 #'000 #'000 Profit/(loss) for the period 10 (419) (38,402) Revaluation of land & buildings - 1,140 2,640 Total recognised gains and losses relating to the 10 721 (35,762) period Reconciliation of shareholders' funds Total recognised gains and losses 10 721 (35,762) Goodwill reinstated on disposal of subsidiaries - - 25,227 Shareholders' funds at 1 June/1 April 1,703 12,238 12,238 Shareholders' funds at 30 November/30 September/31 May 1,713 12,959 1,703 Summarised Group Statement of Cash Flows for the six months ended 30 November 2004 6 months to 6 months to 14 months to 30 November 30 September 31 May 2004 2003 2004 (Unaudited) Unaudited) (Audited) #'000 #'000 #'000 Cash inflow/(outflow) from operating activities 1 801 (348) Returns on investments and servicing of finance (111) (239) (466) Tax paid - (4) (12) Capital expenditure: payments to acquire tangible fixed assets - (116) (236) receipts from sales of tangible fixed assets - 38 31 Net overdraft transferred with subsidiaries sold - - 2,180 Financing: repayment of capital elements of finance lease - (150) (202) rentals new bank loans - - 4,290 repayment of bank loans - (500) (3,313) (Decrease)/increase in cash (110) (170) 1,924 Unaudited Consolidated Balance Sheet as at 30 November 2004 As at As at As at 30 November 30 September 31 May 2004 2003 2004 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Fixed Assets Intangible assets - 764 - Tangible assets 4,750 15,338 4,750 4,750 16,102 4,750 Current Assets Stocks - 4,917 - Debtors 168 4,741 342 Cash at bank and in hand 155 1 265 323 9,659 607 Creditors: amounts falling due (248) (10,642) (660) within one year Net current assets/(liabilities) 75 (983) (53) Total assets less current liabilities 4,825 15,119 4,697 Creditors: amounts falling due after (3,112) (1,840) (2,994) more than one year Provisions for liabilities and charges - (320) - Net Assets 1,713 12,959 1,703 Capital and reserves Called up share capital 9,247 9,247 9,247 Revaluation reserve 3,790 2,721 3,790 Special reserve 13,130 13,130 13,130 Merger reserve - (1,001) - Profit and loss account (24,454) (11,138) (24,464) Equity shareholders' funds 1,713 12,959 1,703 Reconciliation of net cash flow to movement in net debt for the six months ended 30 November 2004 6 months to 6 months to 14 months to 30 November 30 September 31 May 2004 2003 2004 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 (Decrease)/increase in cash (110) (170) 1,924 Repayment of capital elements of finance lease rentals - 150 202 Cash inflow/(outflow) from new bank loans - - (4,290) Cash outflow from repayment of bank loans - 500 3,313 Change in net debt resulting from cash flows (110) 480 1,149 Loans and finance leases disposed of with subsidiaries - - 1,229 Other non cash movements (12) (86) - Movement in net debt (122) 394 2,378 Opening net debt (2,835) (5,213) (5,213) Closing net debt (2,957) (4,819) (2,835) Reconciliation of operating profit to net cash inflow from operating activities for the six months ended 30 November 2004 6 months to 6 months to 14 months to 30 November 30 September 31 May 2004 2003 2004 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Operating profit/(loss) 133 (391) (1,089) Depreciation charges - 872 2,096 (Profit)/Loss on sale of fixed assets - (2) 4 Amortisation of goodwill - 26 53 (Increase)/decrease in stocks - 166 45 Decrease/(increase) in debtors 174 (373) (173) (Decrease)/increase in creditors (306) 503 (1,282) Net cash inflow from operating activities 1 801 (346) Notes to the interim accounts 1. The Interim Accounts, which are unaudited, have been prepared using accounting policies stated in the Company's Report and Accounts for the year ended 31 May 2004. 2. Segmental analysis of gross income is as follows 6 months to 6 months to 14 months to 30 November 30 September 31 May 2004 2003 2004 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 United Kingdom and Republic of Ireland 169 15,033 34,406 Other Europe - 235 552 Rest of World - 85 162 Total gross income 169 15,353 35,120 3 The nil taxation charge for the six months ended 30 November 2004 is based on an estimated effective nil tax rate for the full year ending on 31 May 2005 after consideration of Group tax losses available for relief. 4. The Directors do not recommend the payment of an interim dividend. 5. The earnings per share figures are based on the result after taxation for the respective periods divided by the weighted average number of shares in issue as follows: 6 months to 6 months to 14 months to 30 November 30 September 31 May 2004 2003 2004 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Profit/(loss) on ordinary activities after taxation before exceptional items and restructuring 10 (419) (1,071) costs Exceptional costs - - (37,331) 10 (419) (38,402) Thousands Thousands Thousands Basic weighted average number of shares 184,949 184,949 184,949 There are no outstanding share options. 6. Freehold land and buildings were valued by Edward Symmons in October 2003 on an existing use basis value in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors. 7. Contingent liabilities were set out in the Report and Accounts for the 14 months to 31 May 2004 and remain unchanged except as follows: H A Palmer and D E Cicurel have agreed to defer the payment of any directors' fee until a sale of the Company's land and buildings or an offer for the share capital of the Company being received and recommended. In that event, the Company would have to pay H A Palmer and D E Cicurel the amount of the outstanding fees based on the number of their completed months of service. These directors receive no other payments or benefits for their services. For the period to 30 November 2004 the cost of this would be #17,500. In addition under the same circumstances all directors would be entitled to one year's notice and D J Booth to a #15,000 bonus 8. The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the statutory accounts for the financial year ended 31 May 2004. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 9. Additional copies of the Interim Report are available from the Registered Office of the Company at 14 New Burlington Street, London, W1S 3BQ. (Telephone 07973 820492) Contact details: Kevin Wilson - 0161 831 1512 Zeus Capital David Booth - 07973 820 492 Poole Investments plc This information is provided by RNS The company news service from the London Stock Exchange END IR PKKKKOBKDCBD
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