Interim Results

SCREEN PLC 10 September 1999 SCREEN PLC - INTERIM RESULTS CHAIRMAN'S STATEMENT I am pleased to present our financial results for the six month period ended 30th June 1999. Group revenue was £1,663,948 (1998 - £2,219,998) yielding a small profit of £9,814 (1998 loss - £457,287). The Board does not recommend the payment of a dividend. In my statement to shareholders on 15th June 1999, which accompanied the 1998 results, I was able to confirm that the restructuring of the group was complete, that we considered ourselves to be well positioned in major growth markets with relevant, competitive and attractive products and that based on the first quarter's performance we expected to trade profitably in the calendar year ending 31st December 1999. This continues to be the case. We now have two continuing core businesses. Petards International Limited suppliers of command and control systems for security related applications and Petards Datax Limited providers of mobile data terminal systems and support services. During the six month period revenue from these businesses was up by 96% at £1,663,948 (1998 - £848,785). We have entered the second half of the year with demand for our current range of products and services at satisfactory levels. Petards International Limited has further consolidated its position in both the public sector and corporate marketplace as a supplier of sophisticated command and control systems for security applications. The company continues to attract sales of its COBYT range of security control systems, whilst also benefiting from increasing revenues from upgrades to its growing user base. The SWIFT Rapid Deployment Camera system, announced earlier this year, is receiving growing levels of interest. These systems use radio transmission over an element of the licence exempt spectrum to carry video and associated telemetry signals. With the emphasis now being placed on the use of mobile camera systems to extend existing CCTV surveillance coverage, we expect to see further demand for these systems in the coming months. Petards Datax Limited continues to progress well. It now has products installed with more than 20 police forces and has passed the halfway stage in its first major roll out programme with a further two such programmes underway and two more anticipated shortly. Plans are in hand to enhance our production capabilities in order to deal with the increased volumes we expect to deliver. Following our success in the emergency services market the move to commercial applications is underway. Mr Richard Hill, managing director of Petards Datax Limited has been appointed to the Board of Screen plc. I remain confident that our businesses are progressing well and look forward to reporting our full year results in due course. Owen Williams Chairman 10 September 1999 Profit and Loss Account Unaudited Unaudited 6 months 6 months ended ended 30 June 1999 30 June 1998 Turnover Continuing 1,663,948 848,785 Operations Discontinued - 1,371,213 Operations 1,663,948 2,219,998 Cost of Sales 1,014,651 1,425,755 Gross Profit 649,297 794,243 Overheads 632,617 1,462,584 Operating Profit / (Loss) Continuing 16,680 (309,870) Operations Discontinued - (358,471) Operations 16,680 (668,341) Profit On Disposal - 231,284 Of Businesses Profit / (Loss) On 16,711 (402) Sales Of Fixed Assets Interest Received 986 848 Interest Payable (24,563) (20,676) Profit / (Loss) On 9,814 (457,287) Ordinary Activities Before Taxation Taxation (note 3) - - Profit / (Loss) 9,814 (457,287) After Taxation Minority Interest- (6,344) 6,988 Equity Profit / (Loss) For 3,470 (450,299) the Financial Period Earnings / (Loss) 0.001p (0.196)p Per Share (note 4) Group Balance Sheet Unaudited Audited Unaudited As at As at As at 30 June 31 Dec 1998 30 June 1998 1999 Intangible Assets 415,383 374,315 497,783 Tangible Assets 254,874 442,822 460,979 Fixed Assets 670,257 817,137 958,762 Current Assets Stocks 222,559 279,682 464,648 Debtors 1,088,314 1,126,678 1,181,761 Cash at Bank 50,366 51,484 67,757 1,361,239 1,457,844 1,714,166 Creditors Falling Due Within One Year Bank Overdraft (354,598) (516,677) (231,933) Other Creditors (1,403,799) (1,563,254) (1,551,547) (1,758,397) (2,079,931) (1,783,480) Net Current (397,158) (622,087) (69,314) (Liabilities) Total Assets Less 273,099 195,050 889,448 Current Liabilities Creditors Falling (73,111) (11,220) (90,401) Due After One Year Net Assets 199,988 183,830 799,047 Capital and Reserves Called Up Share 3,058,579 3,058,579 2,933,580 Capital Reserves (2,849,026) (2,858,840) (2,127,950) Equity 209,553 199,739 805,630 Shareholders' Funds Minority Interest - (9,565) (15,909) (6,583) Equity 199,988 183,830 799,047 NOTES 1. Non Statutory Accounts These statements do not constitute financial statements within the meaning of section 240 of the Companies Act 1985. These statements have not been audited. No financial statements will be filed for the six months ended 30 June 1999. 2. Basis of Preparation The statements have been prepared in accordance with the accounting policies set out in the group's 1998 Annual Report and Accounts. 3. Taxation No provision for taxation has been made in the profit and loss account for the six months to 30 June 1999 as significant brought forward losses existed to relieve the profit. No provision was required in the six months to 30 June 1998. 4. Earnings Per Share The earnings per share for the six months to 30 June 1999 is based on the weighted average number of ordinary shares of 262,742,854. The loss per share for the six months to 30 June 1999 is based on the weighted average number of ordinary shares of 229,636,225. 5. Copies of the interim accounts will be sent to shareholders. Further copies will be available from the company's registered office at Stubbings Barn, Burchetts Green Lane, Burchetts Green, Maidenhead, Berks SL6 3QP for the next 14 days. AUDIT COMMITTEE REPORT The audit committee consists of the two non executive directors, Dr John Forrest and Mr John Jack. It reviews and monitors the group's financial controls, accounting policies and financial reporting. The audit committee has reviewed the unaudited interim financial statements and is satisfied that they have been prepared using accounting policies consistent with those adopted by Screen Plc in its financial statements for the year ended 31 December 1998. The Committee in the course of its review has not become aware of any material modifications that should be made to the interim financial statements as presented. 10 September 1999
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