Fieldens PLC - Interim Results
April 27 2000 - 3:02AM
UK Regulatory
RNS Number:6531J
Fieldens PLC
27 April 2000
Interim Results
Six Months Ended 31 December 1999
In the six months ended 31 December 1999 the Company made an unaudited profit
after taxation of #13,000 on turnover of #1,740,331 (six months ended 31
December 1998: unaudited profit after taxation #8,463 on turnover of
#1,646,359).
The effect on gross profit of a small increase in sales was more than offset
by reduced margins. However, careful spending on distribution costs and
administrative expenses enabled a small increase in operating profit to be
reported for the first half. Past improvements to stock and working capital
have been maintained and are reflected in a cash balance of #537,043 at the
end of December.
There has been no let up in the widely reported gloom surrounding the
agricultural sector and the low level of new tractor sales last year is
adversely affecting demand for the wheel and tyre combinations that are the
mainstay of our Spring season sales. A further improvement in the annual
profits of our trading business this year therefore seems unlikely.
We have explored a number of potential acquisitions since I last reported to
shareholders. We are however determined that our first acquisition should set
us on a successful strategic track and continue actively to seek the right
opportunity.
D C Bonham 27 April 2000
Enquiries:
Andrew Arends Fieldens plc 020 7581 5528
Graham Shore Shore Capital and Corporate Limited 020 7408 4090
FIELDENS PLC
PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 DECEMBER 1999
Six months ended Six months ended Year ended
31 December 1999 31 December 1998 30 June 1999
(Unaudited) (Unaudited) (Audited)
# # #
Sales 1,740,331 1,646,359 3,841,158
Cost of sales 1,434,247 1,329,059 3,082,308
--------- --------- ---------
Gross profit 306,084 317,300 758,850
--------- --------- ---------
Distribution costs 124,847 141,366 293,822
Administrative expenses 168,478 165,982 357,665
--------- --------- ---------
Operating profit 12,759 9,952 107,363
Other interest receivable
and similar income 6,656 10,687 16,428
Interest payable
and similar charges (59) (2,732) (3,386)
--------- ---------- ---------
Profit on ordinary
activities before taxation 19,356 17,907 120,405
Taxation (6,356) (9,444) (35,923)
--------- ---------- ---------
Profit on ordinary
activities after taxation 13,000 8,463 84,482
Dividends 0 0 (25)
--------- ---------- ---------
Retained profit
for the period 13,000 8,463 84,457
========= ========== =========
Earnings per share 0.26p 0.17p 1.69p
Number of shares in issue 5,000,000 5,000,000 5,000,000
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than the profit for the period.
FIELDENS PLC
BALANCE SHEET AS AT 31 DECEMBER 1999
31 December 1999 31 December 1998 30 June 1999
(Unaudited) (Unaudited) (Audited)
# # # # # #
Fixed Assets 563,979 571,203 577,861
Current assets
Stock 712,612 681,262 750,641
Debtors 243,069 296,147 633,446
Cash at bank
and in hand 537,043 367,789 327,130
--------- --------- ----------
1,492,724 1,345,198 1,711,217
Creditors:
amounts falling
due within
one year (516,623) (465,240) (761,854)
Net current
assets 976,101 879,958 949,363
--------- --------- ---------
Total assets
less current
liabilities 1,540,080 1,451,161 1,527,224
Creditors:
amounts falling
due after more
than one year 0 0 0
Provision for
liabilities and
charges (1,073) (1,148) (1,217)
---------- ---------- ----------
1,539,007 1,450,013 1,526,007
========= ========== ==========
Capital and reserves
Called up
share capital 252,500 252,500 252,500
Capital redemption
reserve 47,500 47,500 47,500
Share premium
account 799,195 799,195 799,195
Profit and
loss account 439,812 350,818 426,812
Shareholders' funds
(including non-equity --------- --------- ---------
interests) 1,539,007 1,450,013 1,526,007
========= ========= =========
NOTES:
1. The interim results to 31 December 1999, which are unaudited, have been
prepared in accordance with the accounting policies adopted in the
accounts for the year ended 30 June 1999.
2. The information set out in the interim report does not constitute annual
accounts within the meaning of Section 240 of the Companies Act 1985.
The results for the year to 30 June 1999 are extracts from the published
accounts for that period which were audited and reported on without
qualification and have been delivered to the Registrar of Companies.
3. Earnings per share is calculated by dividing the profit/(loss) for the
period by the 5,000,000 5p ordinary shares in issue at each period end.
4. Copies of this announcement are available from the company at Starhouse,
Onehouse, Stowmarket, Suffolk IP14 3EL
END
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