Interim Results - 6 Months to 30 September 1999

Delyn Group PLC 10 December 1999 Interim Results for the six months ended 30 September 1999 CHAIRMAN'S STATEMENT Dear Shareholder I am pleased to report a profit on ordinary activities before taxation of £266,000 for the six months to 30 September 1999. This compares with a slightly higher profit before taxation of £300,000 for the six months to 30 September 1998 when the rate of interest on bank deposits was much higher. Net operating expenses continue to be kept under tight control. During the period under review your Company had to provide for taxation on profit on ordinary activities whereas in the comparable period last year there was a recovery of taxation previously paid. Therefore profit on ordinary activities after taxation for the six months to 30 September 1999 was £187,000 against a figure of £470,000 for the comparable period in 1998. Your Board proposes to pay an interim dividend of 1.0p per share which is the same as last year. This interim dividend will be paid on 6 January 2000 to shareholders on the register on 24 December 1999. The Group continues to trade profitably with net cash in excess of £8m. This treasure chest will be further enhanced if your Board decides to accept a satisfactory offer for your Company's remaining investment property which has recently been placed on the market. Your Board believes that its realisable value is in excess of the book value of £2.95m. Shareholders will know that for some while your Board has been searching for a major acquisition in order to enhance shareholders' value. We are now seeing some very interesting deals which are mostly in the hi-tech and Internet area although we are keeping an open mind. I believe that your Company is fortunate in being able to draw upon the wide experience of the Board members. This is proving vital in analysing companies in a range of sectors including hi-tech. We believe that the prospects of your Company finding a suitable acquisition are considerably enhanced by the strength of your Company's balance sheet, in readily accessible cash deposits, and by the experience of your Board who are determined to find an exciting prospect to put before shareholders. Guy Naggar Chairman 10 December 1999 Delyn Group PLC Summarised Consolidated Profit and Loss Account 6 months 6 months 12 months to to to 30 30 31 March September September 1999 1998 1999 £'000 £'000 £'000 Turnover (including share of joint 155 159 318 ventures) Less: Share of turnover of joint - - - ventures Turnover 155 159 318 Cost of sales (1) (1) (13) Gross profit 154 158 305 Net operating expenses (130) (131) (267) Other income 33 - - Group operating profit 57 27 38 Share of operating (loss) in joint (1) (6) (7) ventures Total operating profit: group and share of joint ventures 56 21 31 Net interest receivable - Group 207 268 549 - Joint ventures 3 11 15 Profit on ordinary activities 266 300 595 before taxation Taxation on profit on ordinary (79) 170 222 activities Profit on ordinary activities 187 470 817 after taxation Dividends paid and proposed (87) (87) (261) Retained profit for the period 100 383 556 Pence Pence Pence Basic earnings per ordinary share 2.14 5.37 9.35 of 5p Dividends per ordinary share of 5p 1.00 1.00 3.00 There is no difference between the basic earnings per share and the diluted earnings per share amounts. The above results are derived solely from continuing operations. There is no difference between the profit on ordinary activities before taxation and the retained profit for the periods stated above, and their historical cost equivalents. The company has no recognised gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented. Delyn Group PLC Summarised Consolidated Balance Sheet As at As at As at 30 30 31 March September September 1999 1999 1998 £'000 £'000 £'000 £'000 £'000 £'000 Fixed assets Tangible assets 2,958 2,966 2,962 Investments - Interests in joint ventures: - Share of gross 221 456 226 assets - Share of gross (167) (404) (174) liabilities 54 52 52 3,012 3,018 3,014 Current assets Debtors 134 620 175 Short term bank 8,118 7,150 7,953 deposits Cash at bank and 83 165 110 in hand 8,335 7,935 8,238 Creditors: amounts falling due within (399) (298) (411) one year Net current assets 7,936 7,637 7,827 Total assets less current 10,948 10,655 10,841 liabilities Provisions for liabilities and charges (308) (288) (301) Net assets 10,640 10,367 10,540 Capital and reserves Called up share capital 437 437 437 Share premium 181 181 181 account Revaluation 1,150 1,150 1,150 reserve Profit and loss account 8,872 8,599 8,772 Equity 10,640 10,367 10,540 shareholders' funds Delyn Group PLC Summarised Consolidated Cash Flow Statement 6 months to 6 months to 12 months September 30 September to 31 March 1999 1998 1999 £'000 £'000 £'000 Net cash outflow from operating (48) (65) (41) activities Dividends received from joint - - - ventures Returns on investments and servicing of finance Interest received 207 268 549 Net cash inflow from returns on investments and 207 268 549 servicing of finance Taxation UK Corporation tax (paid)/repaid (21) - 517 Capital expenditure Sale of tangible fixed assets - 50 63 Net cash inflow/(outflow) for capital expenditure - 50 63 Equity dividends paid to - (131) (218) shareholders Cash inflow before management of 138 122 870 liquid resources and financing Management of liquid resources Increase in short term bank (165) (50) (953) deposits Financing Net cash outflow from financing - - - (Decrease)/increase in cash in (27) 72 (83) period Delyn Group PLC 1 Financial information The financial information for the half years ended 30 September 1998 and 30 September 1999 is unaudited. The financial information for the year ended 31 March 1999 does not constitute full accounts within the meaning of Section 240 of the Companies Act 1985, but is an extract from the Company's accounts for the year which have been filed with the Registrar of Companies and on which the auditors gave an unqualified report. The 1999/2000 Interim Statement was approved by the Board of Directors on 10 December 1999. Further copies of this Statement are available from Delyn Group plc, 15 Grosvenor Gardens, London, SW1W 0BD. 2 Accounting policies The interim statements have been prepared using the accounting policies set out in the 1999 accounts. FRS9 'Associates and joint ventures' was adopted in the year to 31 March 1999, consequently, the group's 1998 interim profit and loss account, balance sheet and cash flow statement has been represented in accordance with the new requirements. 3 Earnings per share The calculation of the earnings per share is based on profit after tax of £187k, (30 September 1998: profit of £470k; 31 March 1999: profit of £817k) and 8,740,124 (30 September 1998: 8,740,124; 31 March 1999: 8,740,124) ordinary shares of 5p each, being the weighted average number of ordinary shares in issue and ranking for dividend during the period. 4 Taxation The charge for taxation is based on current rates of taxation in the United Kingdom. Deferred taxation is provided, using the liability method, only to the extent that there is a reasonable probability that it will become payable in the foreseeable future. Included in the taxation charge in the 6 months to September 1998 are refunds relating to prior years amounting to £266,000. 5 Reconciliation of movement in shareholders' funds 6 months 6 months 12 months to to to 30 30 31 March September September 1999 1999 1998 £'000 £'000 £'000 Profit for the financial period 187 470 817 Dividends (87) (87) (261) Net addition to shareholders' 100 383 556 funds Opening shareholders' funds 10,540 9,984 9,984 Closing shareholders' funds 10,640 10,367 10,540 Enquiries: Delyn Group PLC Guy Naggar (Chairman and Chief Executive) Tel: 0171 834 8060 Ralph Elman (Finance Director) Tel: 0171 486 6006 College Hill Associates Richard Pearson Tel: 0171 457 2020

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