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Wilshaw PLC (WSW)

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Monday 02 December, 2002

Wilshaw PLC

Interim Results

Wilshaw PLC
2 December 2002

Embargoed until 7.00am 2 December 2002

                    Wilshaw PLC ('Wilshaw' or the 'Company')

           Interim results for the six months ended 30 September 2002

Chairman's statement

During the six months ended 30 September 2002 operating profits from continuing
operations (before exceptional operating expenses) increased by approximately 8%
from £351,000 to £378,000 on turnover of £5.3m (2001: £6.2m).  Profit before tax
amounted to £414,000 (2001 : £119,000) and earnings per share was 0.61p (2001 :

Your board has declared an interim dividend of 0.50p (2001 : 0.50p) per ordinary
share payable on 3 February 2003 to shareholders on the register on 17 January

Tender offer and cash balances

On 24 July 2002 the Company purchased 30% of its issued share capital, by way of
a tender offer at 30p per share, for a total consideration of approximately
£5.3m including costs.  At 30 September 2002 the group had cash balances
amounting to £4.2m (31 March 2002 : £9.2m) at its disposal.


The fall in sales is attributable to our traditional range of alnico products
where market conditions remain difficult.  Demand for our soft magnetic products
is growing and a number of new prototypes are with customers for testing.  Due
to the significant lead times in bringing new products into full production it
is difficult to forecast the timing of sales growth with any degree of
certainty.  However, we believe that a number of new projects will come to
fruition during 2003.

As central and other costs have fallen from £622,000 to £241,000 following the
review of head office costs, profit on ordinary activities before interest has
increased to £378,000 (2001 : £87,000).


Although market conditions remain difficult trading in second half of the year
is expected to be broadly comparable to the first half.

Peter Reynolds

29 November 2002

Independent review report to Wilshaw PLC

KPMG Audit Plc
Arlington Business Park


We have been instructed by the company to review the financial information for
the six months ended 30 September 2002 which comprises a consolidated profit and
loss account, a consolidated balance sheet, a consolidated statement of total
recognised gains and losses, a consolidated cash flow statement and the
associated notes. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where they
are to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of Interim Financial Information'  issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is substantially less
in scope than an audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly, we do
not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2002.

KPMG Audit Plc
Chartered Accountants

29 November 2002

Consolidated profit and loss account
for the half year ended 30 September 2002

                                                                           UNAUDITED                           AUDITED
                                                                 Six months ended      Six months ended     Year ended
                                                                     30 September          30 September       31 March
                                                      Note                   2002                  2001           2002
                                                                            £'000                 £'000          £'000
Continuing operations                                                       5,313                 6,177         11,864
                                                                           ______                ______         ______
Operating profit                                          2
Continuing operations before exceptional operating
expenses                                                                      378                   351            767
Exceptional operating expenses                            3                     -                 (264)          (268)
                                                                           ______                ______         ______
Continuing operations after exceptional operating
expenses                                                                      378                    87            499
Discontinued operations                                                         -                     -           (49)

Profit on ordinary activities before interest                                 378                    87            450
Interest receivable and other similar income                                   98                   178            308
Interest payable and other similar charges                                    (62)                 (146)            (9)
                                                                            ______                ______         ______
Profit on ordinary activities before taxation                                 414                   119            749
Tax on profit on ordinary activities                      4                  (113)                  (34)          (158)
                                                                            ______                ______         ______
Profit for the financial period                                               301                    85            591
Dividends                                                 5                  (196)                 (280)          (634)
                                                                            ______                ______         ______
Retained profit/(loss) for the financial period                               105                 (195)           (43)
                                                                            ______                ______         ______

Earnings per share (basic and fully diluted)              6                  0.61p                 0.15p          1.06p
                                                                            ______                ______         ______

Consolidated statement of total recognised gains and losses
for the half year ended 30 September 2002

                                                                       UNAUDITED              UNAUDITED          AUDITED
                                                                Six months ended    Six months ended 30       Year ended
                                                                    30 September              September         31 March
                                                                            2002                   2001             2002
                                                                           £'000                  £'000            £'000

Profit for the period                                                        301                     85              591
Currency translation differences on foreign currency net

Investments                                                                 (57)                   (20)              (3)
                                                                          ______                 ______           ______
Total recognised gains and losses relating to the period                     244                     65              588
                                                                          ______                 ______           ______

Consolidated balance sheet
As at 30 September 2002

                                                                                          UNAUDITED            AUDITED
                                                                                       30 September           31 March
                                                                                               2002               2002
                                                                                              £'000              £'000

Fixed assets                                                                                  4,018              4,003
                                                                                            _______            _______
Current assets
Stock                                                                                           807                813
Debtors                                                                                       1,724              1,854
Cash at bank                                                                                  4,228              9,205
                                                                                             ______             ______
                                                                                              6,759             11,872

Creditors: amounts falling due within one year
Trade and other creditors                                                                   (1,041)            (1,186)
Dividend                                                                                      (550)              (354)
Corporation tax                                                                               (364)              (253)
                                                                                             ______             ______
Net current assets                                                                            4,804             10,079
                                                                                             ______             ______

Total assets less current liabilities                                                         8,822             14,082

Provisions for liabilities and charges                                                        (980)              (980)
                                                                                             ______             ______
Net assets                                                                                    7,842             13,102
                                                                                             ______             ______
Capital and reserves
Called up share capital                                                                       1,960              2,800
Share premium account                                                                         2,010              2,010
Capital redemption reserve                                                                    2,773              1,933
Profit and loss account                                                                       1,099              6,359
                                                                                             ______             ______
Shareholders' funds - equity                                                                  7,842             13,102
                                                                                             ______             ______

Reconciliation of movements in shareholders' funds
for the half year ended 30 September 2002

                                                          UNAUDITED                  UNAUDITED                AUDITED
                                                   Six months ended        Six months ended 30             Year ended
                                                       30 September                  September               31 March
                                                               2002                       2001                   2002
                                                              £'000                      £'000                  £'000

Profit for the period                                           301                         85                    591
Dividends                                                      (196)                      (280)                  (634)
                                                              ______                     ______                 ______
Retained profit /(loss) for the period                          105                      (195)                   (43)
Other recognised gains and losses                               (57)                       (20)                    (3)
Purchase of own shares                                       (5,308)                          -                      -
                                                              ______                     ______                 ______
Net  movement in shareholders' funds                         (5,260)                      (215)                   (46)
Opening shareholders' funds                                   13,102                     13,148                 13,148
                                                              ______                     ______                 ______
Closing shareholders' funds                                    7,842                     12,933                 13,102
                                                              ______                     ______                 ______

Consolidated cash flow statement
for the half year ended 30 September 2002

                                                                       UNAUDITED          UNAUDITED            AUDITED
                                                                Six months ended Six months ended 30        Year ended
                                                                    30 September           September          31 March
                                                                            2002                 2001              2002
                                                                           £'000                 £'000             £'000

Cash flow from operating activities                   7                      669                   595               953
Return on investments and servicing of finance                                98                   178               308
Taxation                                                                       -               (1,313)           (1,452)
Capital expenditure                                                        (369)                  (80)             (112)
Equity dividends paid                                                          -                     -             (784)
                                                                          ______                ______            ______
Cash inflow/(outflow) before use of liquid
resources and financing                                                      398                 (620)           (1,087)

Purchase of own shares                                                   (5,293)                     -                 -
                                                                          ______                ______            ______
Decrease in cash in the period                                           (4,895)                 (620)           (1,087)
                                                                          ______                ______            ______

1.  The unaudited financial information for each of the half years does not
amount to full accounts within the meaning of section 254 of the Companies Act
1985 and has not been delivered to the Registrar of Companies.  The comparative
figures for the financial year ended 31 March 2002 are not the company's
statutory accounts for that financial year.  Those accounts have been reported
on by the company's auditors and delivered to the Registrar of Companies.  The
report of the auditors was unqualified and did not contain a statement under
section 237(2) or (3) of the Companies Act 1985.

2.         Operating profit

                                                   Six months ended             Six months ended            Year ended
                                                       30 September                 30 September              31 March
                                                               2002                         2001                  2002
                                                              £'000                        £'000                 £'000

Continuing operations
Magnets                                                         619                          709                 1,372
Central costs                                                 (241)                        (358)                 (605)
Exceptional operating expenses                                    -                        (264)                 (268)
                                                              _____                        _____                 _____
                                                                378                           87                   499
                                                             ______                       ______                ______

3.           Exceptional operating expenses

                                                   Six months ended              Six months ended          Year ended
                                                       30 September                  30 September            31 March
                                                               2002                          2001                2002
                                                              £'000                         £'000               £'000

Head office reorganisation costs                                  -                           264                 268
                                                             ______                        ______              ______

4.         Included in the tax charge for the period is a tax credit of £nil
relating to exceptional operating expenses (six months ended 30 September 2001:
£80,000; year ended 31 March 2002: £80,000).

5.         The company has declared a dividend of 0.50p per share (six months
ended 30 September 2001: 0.50p per share; year ended 31 March 2002: 1.40p per

6.         Earnings per share has been calculated based on the profits after
taxation and the weighted average number of shares in issue during the six
months ended 30 September 2002 of 49,671,000 (30 September 2001: 56,007,000; 31
March 2002: 56,007,000).

7.         Reconciliation of operating profit to operating cashflow

                                                                  Six months ended     Six months ended       Year ended
                                                                      30 September         30 September         31 March
                                                                              2002                 2001             2002
                                                                             £'000                £'000            £'000

Operating profit                                                               378                   87              450
Depreciation                                                                   347                  407              753
Loss on sale of fixed assets                                                     -                    -                3
Stock (increase)/decrease                                                     (39)                   61              342
Debtors decrease                                                                51                  396              687
Creditors decrease                                                            (68)                (356)          (1,282)
                                                                            ______               ______           ______
Net cash inflow from operating activities                                      669                  595              953
                                                                            ______               ______           ______

8.         Reconciliation of net cash flow to movement in net funds

                                                                Six months ended     Six months ended        Year ended
                                                                    30 September         30 September          31 March
                                                                            2002                 2001              2002
                                                                           £'000                £'000             £'000

Decrease in cash in the period and change in net funds
resulting from cashflows                                                 (4,895)                (620)           (1,087)
Translation difference                                                      (82)                (153)               (9)
                                                                          ______               ______            ______
Movement in net funds in the period                                      (4,977)                (773)           (1,096)
Opening net funds                                                          9,205               10,301            10,301
                                                                          ______               ______            ______
Closing net funds                                                          4,228                9,528             9,205
                                                                          ______               ______            ______

9.         A copy of this statement will be sent to every shareholder.  Further
copies are available to the public from the company's offices at 12-14 Hill
Street, Richmond, Surrey TW9 1TN.

For further information, please call,

Peter Reynolds, Chairman
Wilshaw PLC                                                                  020 8332 0690

Takki Sulaiman/Ben Simons                                                    020 7735 9415
Hansard Communications                                                       0771 309 0135

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                   

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