Interim Results

Solid State Supplies PLC 05 December 2002 Solid State Supplies plc Unaudited Interim Results for the six months ended 30 September 2002 Chairman's Statement Results The unaudited pre tax profit for the Company for the six months ended 30 September 2002 was Â£212,000 (2001: Â£118,000) on a turnover of Â£4,525,000 (2001: Â£3,621,000). The basic earnings per share amounted to 3.2p (2001: 1.4p). Trading Review The current market conditions continue to be flat. Our profit before tax of Â£212,000 for the first six months of the current year compares favourably with the net profit of Â£116,000 for the whole of the previous year. I am pleased to report that following its acquisition in May 2002, Steatite has made a positive contribution to our profit performance, with turnover of Â£2,073,000 up to 30 September 2002. We are continuing to search for ways to expand the business by developing our core activities and looking for further possible acquisitions. Dividends Last year an interim dividend of 5p per share was paid of which 3.5p was a special dividend and 1.5p was the normal interim dividend. In view of our satisfactory performance the directors have once again decided to declare an interim dividend of 1.5p. Conclusion I would like to thank my fellow directors and all the staff of the group for their support over the past six months. Gordon L Comben Chairman 4 December 2002 INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 September 2002 Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2002 30 Sept 2001 31 Mar 2002 Â£'000 Â£'000 Â£'000 Turnover 4,525 3,621 5,986 Cost of sales (3,179) (2,674) (4,368) -------------- -------------- -------------- Gross profit 1,346 947 1,618 -------------- -------------- -------------- Selling expenses and distribution costs (553) (532) (943) Administrative expenses (558) (300) (574) -------------- -------------- -------------- (1,111) (832) (1,517) -------------- -------------- -------------- Operating profit 235 115 101 Other income 5 3 15 Interest payable (28) - - -------------- -------------- -------------- Profit on ordinary activities before taxation 212 118 116 Tax on profit on ordinary activities (11) (31) (32) -------------- -------------- -------------- Profit on ordinary activities after taxation 201 87 84 Dividends (93) (312) (498) -------------- -------------- -------------- RETAINED PROFIT FOR THE PERIOD 108 (225) (414) -------------- -------------- -------------- Earnings per share Basic 3.2p 1.4p 1.4p Diluted 3.1p 1.3p 1.3p All amounts relate to continuing operations. Details of the effect of the acquisition as a component of continuing operations are stated in Note 5. CONSOLIDATED BALANCE SHEET as at 30 September 2002 Unaudited Unaudited Audited As at As at As at 30 Sept 2002 30 Sept 2001 31 Mar 2002 Â£'000 Â£'000 Â£'000 FIXED ASSETS Intangible assets 670 - - Tangible assets 521 330 279 -------------- -------------- -------------- 1,191 330 279 -------------- -------------- -------------- CURRENT ASSETS Stock 1,369 1,201 1,003 Debtors 2,644 1,305 1,020 Cash at bank and in hand 186 884 655 -------------- -------------- -------------- 4,199 3,390 2,678 -------------- -------------- -------------- CREDITORS Amounts falling due within one year (2,499) (1,424) (895) -------------- -------------- -------------- NET CURRENT ASSETS 1,700 1,966 1,783 -------------- -------------- -------------- TOTAL ASSETS LESS CURRENT LIABILITIES 2,891 2,296 2,062 -------------- -------------- -------------- CREDITORS Amounts falling due after more than one year (721) (31) - -------------- -------------- -------------- 2,170 2,265 2,062 -------------- -------------- -------------- CAPTIAL AND RESERVES Share capital 311 312 311 Capital redemption reserve 1 1 1 Share premium account 757 757 757 Profit and loss account 1,101 1,195 993 -------------- -------------- -------------- SHAREHOLDERS' FUNDS - EQUITY 2,170 2,265 2,062 -------------- -------------- -------------- See Note 1. CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 September 2002 Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2002 30 Sept 2001 31 Mar 2002 Â£'000 Â£'000 Â£'000 Net cash inflow/(outflow) from operating activities (376) 1,663 2,024 Return on investments and servicing of finance: Interest received 5 3 16 Interest paid (28) - - -------------- -------------- -------------- Net cash inflow/(outflow) (23) 3 16 -------------- -------------- -------------- Taxation: Corporation tax paid - - (282) -------------- -------------- -------------- Net cash (outflow) - - (282) -------------- -------------- -------------- Capital expenditure and financial investment: Payments to acquire tangible fixed asset (346) (58) (64) Receipts from sales of tangible fixed assets 33 - 11 -------------- -------------- -------------- Net cash (outflow) (313) (58) (53) -------------- -------------- -------------- Acquisitions and disposals Purchase of business operation (683) - - -------------- -------------- -------------- Net cash (outflow) (683) - - -------------- -------------- -------------- Equity dividend paid (187) (187) (499) -------------- -------------- -------------- Net cash (outflow) (187) (187) (499) -------------- -------------- -------------- Financing purchase of our own shares - - (13) Medium term loan received 750 - - Repayments of medium term loan (66) - - Hire purchase finance received (144) - - Hire purchase finance repaid: capital element (25) - - -------------- -------------- -------------- Net cash inflow/(outflow) 803 - (13) -------------- -------------- -------------- Increase/(decrease) in cash (779) 1,421 1,193 -------------- -------------- -------------- NOTES TO THE INTERIM REPORT 1. Basis of preparation of interim financial information The interim financial statements have been prepared on the basis of accounting policies consistent with those set out in the Company's Annual Report and financial statements for the year ended 31 March 2002. The valuation of goodwill arising on the acquisition of Steatite Limited is based on a provisional assessment of the opening fair value adjustments. The unaudited financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31 March 2002 have been filed with the Registrar of Companies. The Auditors' Report on these accounts was unqualified. 2. Earnings per share The earnings per share figures are based on the profit on ordinary activities after taxation as stated in the unaudited profit and loss account and the weighted average number of shares in issue during each period. The weighted average number of shares in issue during the period was 6,225,000 for the six months ended 30 September 2002, 6,239,412 for the year ended 31 March 2002 and 6,246,311 for the six months ended 30 September 2001. The calculation of diluted earnings per share was based on 6,384,000 for the six months ended 30 September 2002, 6,477,412 for the year ended 31 March 2002 and 6,484,311 for the six months ended 30 September 2001. 3. Reconciliation of operating profits to net cash inflow/(outflow) from operating activities Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2002 30 Sept 2001 31 Mar 2002 Â£'000 Â£'000 Â£'000 Operating profit 235 115 101 Depreciation charges 84 43 87 (Profit)/loss on disposal of fixed assets (1) - 2 (Increase)/decrease in stocks (366) 705 903 (Increase)/decrease in debtors (1,624) 1,364 1,649 (Decrease)/increase in creditors 1,296 (564) (718) ---------------- ---------------- ---------------- Net cash inflow/(outflow) from operating activities (376) 1,663 2,024 ---------------- ---------------- ---------------- 4. Analysis and reconciliation of net cash Audited Unaudited 31 Mar 2002 Cash flow 30 Sept 2002 Â£'000 Â£'000 Â£'000 Cash at bank and in hand 655 (469) 186 Short term borrowings - (310) (310) ---------------- ---------------- ---------------- 655 (779) (124) ---------------- ---------------- ---------------- 5. Effect of acquisition on profit and loss account Unaudited Six months to 30 Sept 2002 Â£'000 Turnover 2,073 Cost of sales 1,489 ---------------- Gross profit 584 ---------------- Selling expenses and distribution costs 171 Administrative expenses 279 ---------------- 450 ---------------- Operating profit 134 ---------------- 6. Further copies of this document are available from the offices of Charles Stanley & Company Limited, 25 Luke Street, London, EC2A 4AR. This information is provided by RNS The company news service from the London Stock Exchange

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Tuesday, 14th May 2024

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