Interim Results

Solid State Supplies PLC 21 December 2004 Solid State Supplies plc Unaudited Interim Results for the six months ended 30 September 2004 Chairman's Statement Results The unaudited pre tax profit for the Group for the six months ended 30 September 2004 was Â£130,000 (2003: Â£57,000) on a turnover of Â£4,742,000 (2003: Â£4,154,000). The basic earnings per share amounted to 1.3p (2003: 0.6p). The pre-tax profit is stated after goodwill amortisation of Â£17,000 (2003: Â£17,000) and abortive acquisition costs of Â£16,000 (2003: nil). Trading Review Solid State Supplies Although trading conditions remain demanding we are pleased to report that Solid State Supplies has returned a further improvement in both sales and profits performance during this period. The company has recently been awarded a major contract from a key aerospace/ defence customer and we continue to focus on higher unit value products better suited to our market, coupled with new 'own brand' products developed at both Solid State Supplies and Steatite. Steatite The Company has had a disappointing six months, with a slight fall in turnover over the same period for last year. However, significant orders have been gained with European space programmes and these should provide a welcome boost to turnover for the second half of this year and during the next financial year. The market has not seen any real sign of improvement as industry had anticipated and the control of costs and overheads will remain a focus for the foreseeable future, along with targeted market sales to continue the trend of margin enhancement. Future Acquisitions Despite the fact that terms were agreed in respect of the acquisition mentioned in my report in July 2004, and despite a considerable amount of effort being expended in finalising the agreement, we have been unable to conclude a negotiated agreement for the proposed acquisition. The Group continues to look for suitable acquisitions within the electronics industry. Dividends The Directors have decided to declare an interim dividend of 1.5p per share, compared with 1.0p per share last year. The interim dividend will be paid on 28 January 2005 to shareholders on the register at the close of business on 7 January 2005. Conclusion I would like to thank my fellow directors and all the staff of the group for their support over the past six months. Peter Haining Chairman 21 December 2004 Interim consolidated profit and loss account for the six months ended 30 September 2004 Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2004 30 Sept 2003 31 Mar 2004 Â£'000 Â£'000 Â£'000 Turnover 4,742 4,154 8,638 Cost of sales (3,319) (2,803) (5,827) -------------- -------------- -------------- Gross profit 1,423 1,351 2,811 -------------- -------------- -------------- Selling expenses and distribution costs (571) (609) (1,181) Administrative expenses (687) (650) (1,296) -------------- -------------- -------------- (1258) (1,259) (2,477) -------------- -------------- -------------- Operating profit 165 92 334 Other income - - 1 Interest payable (35) (35) (67) -------------- -------------- -------------- Profit on ordinary activities before taxation 130 57 268 Tax on profit on ordinary activities (48) (17) (71) -------------- -------------- -------------- Profit on ordinary activities after taxation 82 40 197 Dividends (93) (62) (187) -------------- -------------- -------------- RETAINED (LOSS)/PROFIT FOR THE PERIOD (11) (22) 10 -------------- -------------- -------------- Earnings per share Basic 1.3p 0.6p 3.2p Diluted 1.3p 0.6p 3.2p All amounts relate to continuing operations. Consolidated Balance Sheet as at 30 September 2004 Unaudited Unaudited Audited As at As at As at 30 Sept 2004 30 Sept 2003 31 Mar 2004 Â£'000 Â£'000 Â£'000 FIXED ASSETS Intangible assets 615 646 631 Tangible assets 492 581 546 -------------- -------------- -------------- 1,107 1,227 1,177 -------------- -------------- -------------- CURRENT ASSETS Stock 1,383 1,362 1,257 Debtors 1,700 2,009 2,027 Cash at bank and in hand 199 2 159 -------------- -------------- -------------- 3,282 3,373 3,443 -------------- -------------- -------------- CREDITORS Amounts falling due within one year (1,908) (2,009) (2,059) -------------- -------------- -------------- NET CURRENT ASSETS 1,374 1,364 1,384 -------------- -------------- -------------- TOTAL ASSETS LESS CURRENT LIABILITIES 2,481 2,591 2,561 -------------- -------------- -------------- CREDITORS Amounts falling due after more than one year (403) (534) (472) -------------- -------------- -------------- 2,078 2,057 2,089 -------------- -------------- -------------- CAPTIAL AND RESERVES Share capital 311 311 311 Capital redemption reserve 1 1 1 Share premium account 757 757 757 Profit and loss account 1,009 988 1,020 -------------- -------------- -------------- SHAREHOLDERS' FUNDS - EQUITY 2,078 2,057 2,089 -------------- -------------- -------------- CONSOLIDATED CASH FLOW STATEMENT for the six months ended 30 September 2004 Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2004 30 Sept 2003 31 Mar 2004 Â£'000 Â£'000 Â£'000 Net cash inflow/(outflow) from operating activities 580 163 677 Return on investments and servicing of finance: Interest received - - 1 Interest paid (35) (35) (66) -------------- -------------- -------------- Net cash (outflow) (35) (35) (65) -------------- -------------- -------------- Taxation: Corporation tax paid - - (5) -------------- -------------- -------------- Net cash (outflow) - - (5) -------------- -------------- -------------- Capital expenditure and financial investment: Payments to acquire tangible fixed asset (49) (114) (189) Receipts from sales of tangible fixed assets 12 12 19 -------------- -------------- -------------- Net cash (outflow) (37) (102) (170) -------------- -------------- -------------- Acquisitions and disposals Purchase of business operation - - (3) -------------- -------------- -------------- Net cash (outflow) - - (3) -------------- -------------- -------------- Equity dividend paid (124) (124) (187) -------------- -------------- -------------- Net cash inflow/(outflow) before financing 384 (98) 247 -------------- -------------- -------------- Financing: Medium term loan received Repayments of medium term loan (60) (66) (129) Hire purchase finance repaid: capital element (2) (10) (12) Invoice discounting finance received (net movement) (192) 183 33 -------------- -------------- -------------- Net cash inflow/(outflow) (254) 107 (108) -------------- -------------- -------------- Increase/(decrease) in cash 130 9 139 -------------- -------------- -------------- 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 to be adopted in the financial statements for the year ending 31 March 2005. The unaudited financial statements do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. Statutory accounts for year ended 31 March 2004 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 2004, 6,225,000 for the year ended 31 March 2004 and 6,225,000 for the six months ended 30 September 2003. The calculation of diluted earnings per share was based on 6,225,000 for the six months ended 30 September 2004, 6,225,000 for the year ended 31 March 2004 and 6,424,000 for the six months ended 30 September 2003. 3. Reconciliation of operating profits to net cash inflow from operating activities Unaudited Unaudited Audited Six months to Six months to Year to 30 Sept 2004 30 Sept 2003 31 Mar 2004 Â£'000 Â£'000 Â£'000 Operating profit 165 92 334 Amortisation of intangible fixed assets 17 17 35 Depreciation charges 86 89 188 (Profit)/loss on disposal of fixed assets 5 (8) 5 (Increase) in stocks (126) (168) (63) Decrease in debtors 327 39 22 Increase in creditors 106 102 166 ---------------- ---------------- ---------------- Net cash inflow/(outflow) from operating activities 580 163 677 ---------------- ---------------- ---------------- 4. Analysis and reconciliation of net cash Audited Unaudited 31 Mar 2004 Cash flow 30 Sept 2004 Â£'000 Â£'000 Â£'000 Cash at bank and in hand 159 40 199 Bank overdrafts (90) 90 - ---------------- ---------------- ---------------- 69 130 199 ---------------- ---------------- ---------------- 5. Further copies of this document are available both at the registered office of the Company and 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

Companies

Solid State (SOLI)

Tuesday, 14th May 2024

COMPANIES COVERED:

VOD OTB CURY

Currys impressed this morning as sales performance improved after Christmas, whilst the reshaped Vodafone also found support from full yar earnings. On The Beach was however looking stranded as the cost of living crisis continues to bite.

Full Archive

UK 100

Latest directors dealings

6 hours ago Intercede Group
6 hours ago Serco Group
6 hours ago Shell
7 hours ago Serica Energy
8 hours ago Mortgage Advice Bureau (Holdings)

All directors dealings today