RNS Number:2010T
OEM PLC
26 October 2005
OEM plc
PRELIMINARY STATEMENT OF UNAUDITED 2005 RESULTS
STATEMENT BY THE CHAIRMAN
2005 Results
The loss after taxation for the year was #127,000 (2004: loss after exceptional
expenses of #5,457,000, #4,897,000). Loss per share for the year to 30 June
2005 was 1.59p (2004: loss 61.32p). Net assets at 30 June 2005 amounted to
#20,000 (2004: #147,000) equivalent to 0.25p per share (2004: 1.84p). As in
previous years, the directors do not recommend the payment of a dividend (2004:
#nil).
Business Review
As I mentioned in my Interim Statement, this year has been one of consolidation
and planning for the future. I indicated at the Annual General Meeting in
December that the directors were actively looking at proposals for restructuring
the company. This work is continuing and the Board are assessing the appropriate
actions to be undertaken to achieve an increase in shareholder value.
The directors are continuing to pursue the legal action against the estate of
the late Brian Schneider, our previous chief executive, and other parties.
The year has not seen any major sales, however the company has sought to
minimise its loss with low overheads offset by interest income. Expressions of
interest in properties which we are managing have been received and we are
continuing to look for further development opportunities on behalf of both the
company and clients.
As I have said on previous occasions, the timing of property deals is
unpredictable, however there are some promising projects in the pipeline and I
have every confidence in the future.
Future of the Company
We will continue to seek property or corporate situations, where our low risk
strategy coupled to our expertise may be deployed. The company continues to
advise clients in relation to the Soho Court development and other properties
from which future income will be derived.
I look forward to bringing you some exciting proposals in the near future.
Robert P B Noonan
Chairman
26 October 2005
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 June 2005
2005 2004
#000 #000
Turnover 91 2,107
Cost of sales (19) (868)
Gross Profit 72 1,239
Administrative expenses (388) (854)
Exceptional Item - (5,457)
Other Operating income
Operating (Loss) (316) (5,072)
Net interest 189 195
(Loss) on Ordinary Activities before (127) (4,877)
Taxation
Tax on profit on ordinary activities - (20)
(Loss) on Ordinary (127) (4,897)
Activities after Taxation
Dividends - -
Retained (Loss) for the Year (127) (4,897)
Basic and Diluted (Loss) per Ordinary
Share (1.59p) (61.32p)
Basic and Diluted (Loss) / Earnings
per Ordinary Share before exceptional
item (1.59p) 7.01p
No separate Statement of Total Recognised Gains and Losses has been presented.
All such gains and losses have been dealt with in the Group Profit and Loss
Account.
Turnover and operating profit all derive from continuing operations.
BALANCE SHEETS
as at 30 June 2005
GROUP COMPANY
2005 2004 2005
2004
#000 #000 #000
#000
Fixed Assets
Tangible assets 2 7 2
7
Investments - - 606
606
2 7 608
613
Current Assets
Stocks 800 800 -
-
Debtors 1,181 1,315 1,859
2,304
Long Term Debtors 3,401 3,149 3,401
3,149
Cash at bank and in hand 75 35 75
35
5,457 5,299 5,335
5,488
Creditors (amounts falling
due within one year) (3,051) (2,637) (4,316)
(3,894)
Net Current Assets 2,406 2,662 1,019
1,594
Total Assets less Current 2,408 2,669 1,627
2,207
Liabilities
Creditors (amounts falling (2,361) (2,479) (2,361)
(2,479)
due after one year)
Provision for Liabilities (27) (43) (27)
(43)
and Charges
Net Assets 20 147 (761)
(315)
Capital and Reserves
Called up share capital 1,996 1,996 1,996
1,996
Capital Redemption Reseve 11 11 11
11
Merger Reserve 169 169 169
169
Revaluation reserve - - 34
34
Profit and loss account (2,156) (2,029) (2,971)
(2,525)
Equity Shareholders' Funds 20 147 (761)
(315)
GROUP CASH FLOW STATEMENT
for the year ended 30 June 2005
2005 2004
#000 #000 #000
#000
Net Cash (Outflow)/Inflow from Operating (925)
6
Activities
Returns on Investments
and Servicing of Finance
Interest paid (64) (40)
Interest received 253 189 235
195
(736)
201
Taxation -
(181)
Capital Expenditure and Financial (2)
-
Investment
Net Cash (Outflow)/Inflow before (738)
20
Financing
Financing
Bank loan received 750
-
Repayment of bank loan -
(810)
Increase (Decrease) in Cash in year 12
(790)
Reconciliation of net cash flow to movement
in net debt
Increase (Decrease) in cash in year 12
(790)
Cash (Inflow)/Outflow from increase in debt (750)
810
(Increase)/Reduction in net debt (738)
20
Net (debt) at beginning of year (661)
(681)
Net (debt) at end of year (1,399)
(661)
NOTES:
1 The net cash flow from operating activities is made up as follows:
2005
2004
Operating (loss) (316)
(5,072)
Depreciation 7 7
Movement in provision for liabilities and charges (16)
(7)
Decrease in stocks -
842
(Increase)/Decrease in debtors (118)
509
(Decrease)/Increase in creditors (482)
3,727
---------
-----------
Net cash inflow (outflow) from operating activities (925) 6
NOTES (continued)
2 The number of ordinary shares in issue throughout the year is 7,985,793.
3 The annual general meeting of the Company will be held at 10.30am on 09 December 2005
at 14 - 18 Ham
Yard, London, W1D 7DT.
4 The financial information set out above does not constitute the Group's statutory
accounts for the
years ended 30 June 2005 or 30 June 2004, but is derived from those accounts.
Statutory accounts for
2004 have been delivered to the Registrar of Companies in England and Wales, and those
for 2005 will
be delivered following the Company's annual general meeting. The auditors have
reported on the 2004
accounts: their report was unqualified and did not contain statements under section
237(2) or (3) of
the Companies Act 1985.
5 The figures included in this preliminary announcement have been prepared on the basis
of the
accounting policies set out in the 30 June 2004 financial statements.
ENQUIRIES:
Secretary OEM plc
Tel: 020 7292 5940
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