Lonsdale Holdings - Final Results
01 July 1997 - 8:32AM
UK Regulatory
RNS NO 7312H
LONSDALE HOLDINGS PLC
1st July 1997
Lonsdale Holdings PLC
PRELIMINARY RESULTS
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
31 MARCH 1997
1997 1996
Note Total Total
#'000 #'000
Turnover 1,659 894
Cost of sales (1,786) (559)
(127) 335
Provision against property
stock - (478)
Gross loss (127) (143)
Other operating income 14 97
(113) (46)
Administrative expenses (333) (401)
Operating loss (446) (447)
Restructuring costs 3 (131) -
Profit on disposal of - 40
discontinued operations
Loss on ordinary activities (577) (407)
before interest
Interest receivable 9 3
Interest payable (62) (33)
Loss on ordinary activities 4 (630) (437)
before and after taxation
Dividends-non equity (29) (634)
Loss for the year (659) (1,071)
Loss per ordinary share 5 (1.0p) (2.2p)
CONSOLIDATED BALANCE SHEET - 31 MARCH 1997
1997 1996
#'000 #'000
FIXED ASSETS
Tangible assets 34 40
Investments 1 1
35 41
CURRENT ASSETS
Stocks 513 2,115
Debtors 41 59
Cash at bank and in hand 573 6
1,127 2,180
CREDITORS
Amounts falling due within one year (220) 1,069
NET CURRENT ASSETS 907 1,111
TOTAL ASSETS LESS CURRENT LIABILITIES 942 1,152
CREDITORS
Amounts falling due after more than 266 290
one year
676 862
CAPITAL AND RESERVES
Called up share capital 11,420 10,927
Share premium account 2,484 2,533
Merger reserve 162 162
Capital redemption reserve 3,310 3,310
Profit and loss account (16,700) (16,070)
676 862
Notes:
1. The above results for the year ended 31 March 1997 and
the Consolidated Balance Sheet at 31 March 1997 are
subject to final audit. However, the Directors do not
anticipate any alteration will be made before the Annual
Report and Accounts are posted to shareholders on 4 July
1997.
2. The comparative figures for the year ended 31 March
1996 do not constitute the Company's statutory accounts
for the year. Statutory accounts have been delivered to
the Registrar of Companies on which the auditors have
reported; their report was unqualified and did not
contain a statement under Sections 237 (2) or (3) of the
Companies Act 1985.
3. Restructuring costs:
1997 1996
#'000 #'000
Termination and related 103 -
payments
Legal costs 17 -
Other 11 -
131 -
4. Due to the availability of losses for taxation
purposes the Group will not incur a tax charge.
5. The loss per ordinary share is based on the loss on
ordinary activities before and after taxation and
attributable preference dividends for the year, and on
65,680,000 (1996: Restated 48,234,000) ordinary shares
being the weighted average number in issue during the
year.
6. The Annual Report will be sent out to shareholders
in due course. Additional copies can be obtained from
the Company Secretary, Lonsdale Holdings PLC, Unit 6,
McKay Trading Estate, Kensal Road, London, W10 5BN
CHAIRMAN'S STATEMENT
In my interim statement to shareholders on 22nd January
1997, I outlined the considerable changes to your Company
following the Extraordinary General Meeting on 22nd
November 1996, and the appointment of Marc Jonas and
myself as directors. I am pleased to announce that your
board has completed the first of the two objectives set
out in that statement: being to reduce the Company's
running costs to the absolute minimum.
For the year ended 31st March 1997, the Group made a loss
before tax of #630,000, of which #403,000 was made in the
first half, a period prior to our involvement. However,
a substantial proportion of the losses in the second half
reflected the costs of the restructuring. These are
shown as a separate item in the Profit and Loss Account
and detailed in note 3 to this announcement. At the
operating level, the loss for the year was #446,000, of
which #373,000 was made in the first half and only
#73,000 in the second half. The ongoing losses for the
final quarter from 1st January to 31st March 1997 were
some #15,000, less than 2.5% of the total loss for the
year.
The property dealing and development activities of the
Group continued to produce a satisfactory contribution to
Group income. Following the completion of the sale of
the residential property known as Virginia Lodge, Hatch
End in October 1996, these activities now comprise
primarily the residential block of flats in Dover, Kent
together with other smaller properties. In the light of
the resources now available to it, the Group is in a
position to take advantage of the improved state of the
residential property market should a suitable opportunity
arise.
Since the year end, we have been working hard at our
second objective, namely to find a substantial new
acquisition to revitalise your Company's fortunes.
Although we are at an advanced stage of discussions with
two potential targets, it is too early to say whether
either of these will proceed to completion. Given the
size of potential acquisitions in relation to the current
size of the Group, any proposed transaction is likely to
be put to shareholders for approval.
Your board is confident that during the remainder of 1997
we shall find a suitable acquisition which will enhance
shareholder value. As I said in my interim statement, we
are determined to give shareholders both capital growth
and dividend income and we shall not rest until we have
achieved these objectives.
Luke Johnson
Chairman
Enquiries:
Luke Johnson Lonsdale Holdings PLC Tel: 0181 962 1230
Marc Jonas Lonsdale Holdings PLC Tel: 0181 962 1241
END