Interim Results
August 30 2000 - 6:33AM
UK Regulatory
RNS Number:1299Q
Shalibane PLC
30 August 2000
SHALIBANE
Interim Results for the Six Months to 30 June 2000
Chairman's Statement
The results for the six months to June 2000 show a loss before tax
of #369,000 (1999:loss #3,481,000) on sales of #6,992,000 (1999:
#8,229,000).
As I indicated in my Chairman's Statement in May, the
uncertainties in the automotive sector generally have affected
sales in the first half of the year. In particular two of our
major customers have reduced their production schedules and the
impact of this will continue to be felt in the second half. Your
new management team reacted quickly to the impact of the sales
reductions and have made the difficult decisions necessary to
reduce the cost base of the business. These changes have resulted
in the need for further reorganisation costs which have compounded
with the reduction in sales to produce the loss for the period.
Further reorganisation costs are expected to be recognised in the
second half and it is now anticipated that the Company will report
a loss before tax for the year as a whole.
The management team focused on reducing expenses to align the
company's cost structure with its current level of sales demand.
Employee numbers have been reduced by over 30 per cent, from 298
employees at the beginning of the year to a current level of 205
employees. This will result in an annualised cost saving in
excess of #1.3 million. In addition, material costs are being
reduced by supplier consolidation and the adoption of a global
purchase strategy. A revitalised effort towards continuous
improvement has been adopted that should reduce overhead and
administration costs further while increasing efficiency.
We have been successful in capturing new programmes and have
recently secured a significant volume increase on a current
production item that will take effect later this year and continue
into 2001. We have moved our sales effort 'upstream' of the
purchasing process to begin focusing on high value added
applications. Customer confidence continues to strengthen as we
improve our quality and delivery performance.
The Directors are confident that based on the cost reductions
already implemented that the business is now viable at the current
level of sales. Furthermore, we believe we have a solid plan in
place, that as it matures will result in new business
opportunities on a global basis.
Joe Grimmond
30 August 2000
Enquiries:
Shalibane
Joe Grimmond - Chairman 01276 685951
College Hill Associates
Richard Pearson 020 7457 2020
Consolidated Profit and Loss Account
For the period ended 30th June 2000
Six Six Twelve
Months to Months to Months to
30th June 30th June 31st
2000 1999 December
1999
#000 #000 #000
TURNOVER 6,992 8,229 14,681
Cost of Sales 5,991 7,089 13,305
GROSS PROFIT 1,001 1,140 1,376
Distribution Costs 217 211 447
Administration Costs 884 1,008 1,878
Goodwill Amortisation 12 11 24
1,113 1,230 2,349
OPERATING LOSS before (112) (90) (973)
exceptional items
Exceptional Items 45 3,144 4,364
OPERATING PROFIT (157) (3,234) (5,337)
Interest Payable 212 247 578
LOSS ON ORDINARY ACTIVITIES (369) (3,481) (5,915)
BEFORE TAXATION
Taxation - - (149)
LOSS ON ORDINARY ACTIVITIES
AFTER TAXATION (369) (3,481) (5,766)
Dividends - - 29
RETAINED LOSS FOR THE PERIOD (369) (3,481) (5,795)
EARNINGS PER ORDINARY SHARE (2.0p) (43.2p) (71.8p)
FULLY DILUTED EARNINGS PER
SHARE (2.0p) (43.2p) (71.8p)
Consolidated Balance Sheet
As at 30th June 2000
Six Six Twelve
Months to Months to Months to
30th June 30th June 31st
2000 1999 December
1999
#000 #000 #000
ASSETS
FIXED ASSETS
Tangible Assets 9,463 10,844 9,864
Intangible Assets 424 449 436
9,887 11,293 10,300
CURRENT ASSETS
Stocks 947 1,324 1,249
Debtors 2,679 3,085 2,526
Cash in Hand 2 1 12
3,628 4,410 3,787
CREDITORS
Amounts falling due within (5,681) (8,799) (9,763)
one year
NET CURRENT LIABILITIES (2,053) (4,389) (5,976)
TOTAL ASSETS LESS CURRENT 7,834 6,904 4,324
LIABILITIES
CREDITORS
Amounts falling due after (2,916) (3,350) (3,084)
more than one year
4,918 3,554 1,240
CAPITAL AND RESERVES 4,918 3,554 1,240
Notes to the Interim Results
1. The Interim Report has been prepared on the basis of accounting
policies set out in the Group's statutory financial statements for
the year ended 31st December 1999.
2. The figure for the half years ended 30th June 2000 and 1999 are
unaudited. The figures for the year ended 31st December 1999 are
abridged from the statutory accounts for that year which carry an
unqualified audit report and which have been delivered to the
Registrar of Companies.
3. Earnings per share are calculated upon the earnings attributable
to ordinary shareholders for the above periods and 18,537,051
ordinary shares being the weighted average number of shares in
issue for the six months ended 30th June 2000.
4. The issued share capital as 30,081,366 listed 5p Ordinary
at 30th June 2000 comprised Shares.
11,333,350 5p Convertible
Preference Shares
1,250,000 #1 Cumulative
Redeemable Preference Shares
5. Reconciliation of movements in shareholders' funds
Six Six Twelve
Months to Months to Months to
30th June 30th June 31st
2000 1999 December
1999
#000 #000 #000
Loss for the period (369) (3,481) (5,766)
Dividends (29)
(369) (3,481) (5,795)
Conversion of Debt to Equity 2,000
Proceeds of the Share Issues 2,047
(Net)
Net change to shareholders' 3,678 (3,481) (5,795)
funds
Shareholders' funds at 1,240 7,035 7,035
beginning of the period
Shareholders' funds at the 4,918 3,554 1,240
end of the period
-1x Boeing (LSE:SBA)
Historical Stock Chart
From Apr 2024 to May 2024
-1x Boeing (LSE:SBA)
Historical Stock Chart
From May 2023 to May 2024
