RNS Number:2150Q
Caldwell Investments PLC
26 September 2003
CHAIRMAN'S STATEMENT
Results
The Group continues to make progress.
First half trading shows a small pre-tax profit of #11,149 (2002: pre-tax loss
#99,078) and turnover up over 30% at #3,365,090 (2002: #2,534,749).
Underwear Business
The underwear business has traded steadily and should we have seasonal weather
in the autumn we would hope for an improvement on 2002 turnover.
In the Chairman's statement in the Annual Report, I stated our intention to
close our UK manufacturing activity in Bolton and concentrate the underwear
business solely on importing. This closure took effect in June.
Nina Parasols
A sunny summer helped to achieve buoyant sales. However, overall turnover for
parasols was down on the previous year as we took the decision to cease supply
to a large customer with whom we could not achieve a satisfactory margin. The
business continues to add new customers and we will work to replace the lost
turnover with new business at a workable margin.
NinaSun Canopy
NinaSun recently exhibited its sun canopy at the International Outdoor Furniture
Fair in Cologne (SPOGA).
Great interest was shown in the sun canopy and additional distribution
arrangements were agreed in principle relating to Belgium, Dubai, India, Italy,
Japan and the United States of America.
NinaSun were also approached by seven original equipment manufacturers of
outdoor leisure furniture from Greece, Italy, Morocco, Spain (two), Sweden and
Turkey , who expressed interest in NinaSun producing a sun canopy for their own
product.
These developments should have a positive impact on the Group's results in 2004.
Property
On 4th September 2003, we announced that following the closure of our
manufacturing activities in Bolton, we had purchased for a cash consideration of
#225,000 a freehold warehouse and office building in Skelmersdale comprising
12,869 square feet, to which Caldwell's UK warehouse and distribution activities
will be relocated.
The Directors consider that the new premises will be more appropriate to an
importing, sales and distribution business. In addition to Caldwell's existing
activities, the new facilities will be used for the production of NinaSun
canopies.
Further Funding
As mentioned earlier I am pleased to say that at the recent SPOGA considerable
positive interest was shown in the NinaSun canopy.
Further commercial exploitation of the NinaSun canopy will however in the short
term, require additional funding. To help finance this funding, your Directors
have decided to utilise the authorities given to the Directors at the Annual
General Meeting to allot new shares for cash, and to arrange a placing of up to
1,500,000 shares as soon as is practicable. A formal announcement concerning
the placing will be made in accordance with the Listing Rules as soon as
appropriate arrangements have been put in place.
Prospects
All parts of the Group's business continue to make positive progress.
The Company is delighted with the commercial response to the NinaSun canopy and
continues to believe that the large potential market for this product will
provide exciting opportunities for the Group.
CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Consolidated Profit and Loss Account
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 December 2002
30 June 2003 30 June 2002
# # #
Turnover
Continuing Operations 3,365,090 2,534,749 7,315,792
Operating profit/(loss)
Continuing Operations 39,665 (70,105) 150,221
Net interest payable (28,516) (28,973) (78,137)
Profit/(loss) on ordinary activities
before taxation 11,149 (99,078) 72,084
Tax on profit/(loss) on ordinary
activities (8,900) (8,100) (62,673)
Profit/(Loss) on ordinary activities
after taxation 2,249 (107,178) 9,411
Equity dividends paid and proposed 0 0 0
Retained profit/(loss) for the period 2,249 (107,178) 9,411
Earnings/(loss) per share
Basic 0.01p (0.78)p 0.07p
Diluted 0.01p (0.78)p 0.06p
Dividend per share 0 0 0
CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Consolidated Balance Sheet
Unaudited Unaudited Audited
30 June 30 June 31 December
2003 2002 2002
# # #
Fixed assets
Intangible fixed assets 278,855 293,656 288,896
Tangible fixed assets 348,867 285,529 300,884
627,722 579,185 589,780
Current assets
Stocks 1,995,204 2,188,516 1,450,489
Debtors 1,099,913 981,179 1,553,538
Cash at bank and in hand 336,624 238,265 554,577
3,431741 3,407,960 3,558,604
Creditors: due within one Year (2,047,144) (2,282,035) (2,232,556)
Net current assets 1,384,597 1,125,925 1,326,048
Total assets less current liabilities 2,012,319 1,705,110 1,915,828
Creditors: due after one year (33,334) 0 0
Provisions for Liabilities and charges 0 (9,574) 0
Net assets 1,978,985 1,695,536 1,915,828
Capital and reserves
Called up share capital 1,508,750 1,378,750 1,508,750
Share premium account 1,239,255 1,239,255 1,239,255
Capital redemption reserve 27,000 27,000 27,000
Profit and loss account (796,020) (949,469) (859,177)
Equity shareholders' funds 1,978,985 1,695,536 1,915,828
CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Consolidated Cash Flow Statement
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 December
30 June 2003 30 June 2002 2002
# # #
Net cash (outflow)/inflow from operating
activities (134,978) (396,285) 156,608
Returns on investments and servicing of
finance
Interest received 8,903 2,425 7,198
Interest paid (37,419) (31,398) (85,335)
(28,516) (28,973) (78,137)
Taxation
Tax paid (29,000) (8,100) (697)
Capital expenditure and financial
investment
Purchase of intangible fixed assets (6,992) (5,006) (17,211)
Purchase of tangible fixed assets (82,070) (9,712) (65,702)
Sale of tangible fixed assets 12,687 0 11,812
(76,375) (14,718) (71,101)
Net cash (outflow)/inflow before (268,869) (448,076) 6,673
financing
Financing
Issue of shares 0 0 130,000
Repayment of loans 0 (60,000) (120,000)
New loan finance 50, 000 0 0
50, 000 (60,000) 10,000
(Decrease)/Increase in cash in the period (218,869) (508,076) 16,673
CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Notes to the Interim Report
1. The accounts for the six months ended 30 June 2003 and 30 June 2002
are unaudited but have been prepared on the basis of accounting policies
consistent with those set out in the audited accounts for the year ended 31
December 2002. Those accounts were audited, carried an unqualified Auditors
Report and have been filed with the Registrar of Companies. The information
set out in this interim report does not constitute statutory accounts within the
meaning of the Companies Act.
2. The calculation of basic and diluted earnings per shared is based on
the profit for the period of #2,249 (2002: loss #107,178) and a weighted average
number of ordinary shares of 15,087,500 (2002: 13,787,500).
3. Reconciliation of operating profit/(loss) to operating cash flows.
Unaudited Unaudited Audited
6 months 6 months Year ended
ended ended 31 December
30 June 2003 30 June 2002 2002
# # #
Operating profit/(loss) 39,665 (70,105) 150,221
Depreciation 21,400 30,725 65,031
Profit on disposal of fixed assets 0 0 (5,483)
Amortisation of goodwill and Intangible
fixed assets 17,033 20,361 37,326
(Increase)/decrease in stocks (544,715) (675,250) 62,777
Decrease/(Increase) in debtors 453,625 393,985 (178,374)
(Decrease)/Increase in creditors (182,894) (96,001) 18,596
Foreign Exchange movement 60,908 0 6,514
Net cash (outflow)/inflow from operating
activities (134,978) (396,285) 156,608
4. No interim dividend will be paid.
5. Copies of these interim results are being despatched to shareholders.
Further copies can be obtained from:
The Company Secretary. Caldwell Investments P.L.C.,
647, Roundhay Road,
Leeds.
LS8 4BA.
This information is provided by RNS
The company news service from the London Stock Exchange
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