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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Solid State Plc | LSE:SOLI | London | Ordinary Share | GB0008237132 | 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% | 1,505.00 | 1,480.00 | 1,530.00 | 1,505.00 | 1,505.00 | 1,505.00 | 3,892 | 07:49:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electronic Parts,eq-whsl,nec | 126.5M | 6.69M | 0.5899 | 25.51 | 170.76M |
RNS No 9127d SOLID STATE SUPPLIES PLC 15th June 1998 Preliminary announcement of results for the year ended 31st March 1998 CHAIRMAN'S STATEMENT The audited profit before tax of the Company was #106,000 (1997: #327,000) on a turnover of #5,309,000 (1997: #4,971,000). Trading Review The year ended 31st March 1998 has been a difficult one with the market suffering from over supply, customer de-stocking and price attrition. The improvement in the overall market which we anticipated would commence in the early part of 1998 has so far not materialised. However, the new product lines taken on during the last year are making a significant contribution to the Company and have helped us to increase our market share: our turnover has increased by 6.8% whilst the market has decreased by a similar amount. We have now reached the point where the infrastructure and the necessary increased stock levels are in place and our overheads have stabilised so that our net profits will benefit from any increases in turnover during the current year. Sales for the first two months of the current year are 15% higher than for the corresponding period last year and the Company continues to benefit from a positive book to bill ratio. Whilst the next twelve months are likely to remain difficult, increased sales should be reflected in our results. Dividends Notwithstanding that it is our policy to maintain and wherever possible to increase our dividend payments, since the trading statement issued in February 1998, price attrition in the market place has been such that the Directors considered it prudent to make a specific provision against stock of #50,000. As a consequence, the net profit for the year was lower than had been anticipated, and the directors have decided not to propose the payment of a final dividend. Recent Developments After a year of intense activity in which four new distribution franchise agreements were signed, and the adjacent building was refurbished and occupied, the Directors are anticipating a period of stability and are not actively seeking any further franchises. We will, however, look at any opportunities that are presented to us and will continue to search for suitable acquisitions. Conclusion The Company has progressed through a difficult year and I would, once again, on behalf of the shareholders and the Board like to thank all of our employees for their efforts. Gordon L. Comben Chairman SOLID STATE SUPPLIES PLC PROFIT AND LOSS ACCOUNT For the year ended 31st March 1998 1998 1997 # # # # Turnover 5,309,378 4,971,447 Cost of sales (3,721,450) (3,450,506) ---------- ---------- GROSS PROFIT 1,587,928 1,520,941 Selling expenses and distribution costs (1,043,753) (851,246) Administrative expenses (431,691) (355,804) -------- -------- (1,475,444) (1,207,050) ---------- ---------- OPERATING PROFIT 112,484 313,891 Other income 11,129 30,771 Interest payable (17,773) (17,372) ---------- ---------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 105,840 327,290 Tax on profit on ordinary activities (26,708) (82,294) ---------- ---------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 79,132 244,996 Dividends (62,500) (187,500) ---------- ---------- RETAINED PROFIT FOR THE YEAR 16,632 57,496 ---------- ---------- NOTE OF HISTORICAL COST PROFIT Reported profit on ordinary activities before taxation 105,840 327,290 Realisation of property revaluation gains of earlier years - 55,770 ---------- ---------- HISTORICAL COST PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 105,840 383,060 ---------- ---------- HISTORICAL COST PROFIT FOR THE YEAR RETAINED AFTER TAXATION AND DIVIDENDS 16,632 113,266 ---------- ---------- EARNINGS PER SHARE Basic 1.3p 4.1p Based on historical cost profit 1.3p 5.1p All amounts relate to continuing activities. There were no recognised gains or losses other than the profit for the year as stated above SOLID STATE SUPPLIES PLC BALANCE SHEET As at 31st MARCH 1998 1998 1997 # # # # FIXED ASSETS Tangible assets 194,157 220,407 Investments 153,487 153,487 ---------- ---------- 347,644 373,894 CURRENT ASSETS Stocks 1,748,602 1,344,501 Debtors 1,362,885 1,341,455 Cash at bank and in hand 1,077 493 --------- --------- 3,112,564 2,686,449 CREDITORS: amounts falling due within one year 1,606,129 1,211,457 --------- --------- NET CURRENT ASSETS 1,506,435 1,474,992 --------- --------- TOTAL ASSETS LESS CURRENT LIABILITIES 1,854,079 1,848,886 CREDITORS: amounts falling due after more than one year 3,908 15,347 --------- --------- 1,850,171 1,833,539 --------- --------- CAPITAL AND RESERVES Called up share capital 312,500 312,500 Share premium account 756,980 756,980 Profit and loss account 780,691 764,059 --------- --------- SHAREHOLDERS' FUNDS - EQUITY 1,850,171 1,833,539 --------- --------- The financial statements were approved by the Board on 12th June 1998. Gordon L. Comben Director Notes 1. The financial information is derived from the Company's audited statutory accounts for the years ended 31st March 1998 and 31st March 1997. The auditors' reports were unqualified and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 1997 have been filed with the Registrar of Companies and the 1998 accounts will be filed following the Annual General Meeting. 2. Earnings per share for each year have been based on the profit on ordinary activities after taxation divided by the weighted average number of ordinary shares in issue during the year of 6,250,000 (1997: 5,937,500). 3. The Report and Accounts for the year ended 31st March 1998 are being sent to shareholders shortly. END FR SFMSUIUAUFLM
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