Interim Results
October 30 2003 - 1:00AM
UK Regulatory
RNS Number:4620R
Donatantonio PLC
30 October 2003
Chairman's Statement
Following the statement made on 4th August 2003 at the Company's Annual General
Meeting, I am pleased to announce that whilst turnover is marginally down,
profits continue to be ahead. This continues a trend of improving margins that
contrasts with the pressure witnessed last year.
The Company remains confident of its prospects for the full year in the light of
modest domestic and global growth.
As announced on 10th October 2003 the Directors of the Company have received a
conditional indicative offer from certain members of the Company's management
team.
The Directors have appointed the sole Independent Non Executive Director, Dennis
Holmes, to consider the current proposal. He is being advised by Fiske plc.
On account of the conditional indicative offer and the terms set out therein the
Directors are not proposing the payment of an interim dividend.
Further announcements will be made when appropriate.
Vincent F Donatantonio
Chairman
29th October 2003
Profit & Loss Account
for the six months ended 31t July 2003
6 months to 6 months to Year to 31/
31/07/03 31/07/02 01/03
#'000 #'000 #'000
Turnover 7,077 7,139 13,937
Cost of Sales (5,039) (5,207) (10,262)
Gross profit 2,038 1,932 3,675
Distribution Costs (283) (387) (646)
Administration Costs (1,210) (1,030) (2,160)
Amortisation of goodwill (13) (13) (26)
Profit on ordinary activities before interest 532 502 843
Interest receivable 30 30 59
Profit on ordinary activities before taxation 562 532 902
Taxation on profit on ordinary activities (163) (149) (261)
Profit on ordinary activities after taxation 399 383 641
Dividends - (152) (455)
Retained profit for period 399 231 186
Earnings per share 2.6p 2.5p 4.2p
Headline Earnings per share 2.7p 2.6p 4.4p
Balance Sheet
as at 31t July 2003
As at 31/ As at 31/ As at 31/
07/03 07/02 01/03
#'000 #'000 #'000
Fixed Assets
Intangible assets 213 239 226
Tangible assets 3,884 4,014 3,955
Investments 3 3 3
4,100 4,256 4,184
Current Assets
Stock 2,631 2,465 2,290
Debtors 2,256 2,332 1,794
Cash at bank in hand 2,745 2,140 2,169
7,632 6,937 6,253
Creditors: amounts falling due within one year (2,633) (2,451) (1,736)
Net current assets 4,999 4,486 4,517
Total assets less current liabilities 9,099 8,742 8,701
Provisions for liabilities and charges (144) (140) (144)
Net Assets 8,955 8,602 8,557
Capital and Reserves
Called up share capital 1,515 1,515 1,515
Share premium 2,572 2,572 2,572
Profit and loss account 4,868 4,515 4,470
Equity shareholders' funds 8,955 8,602 8,557
Cash Flow Statement
for the six months ended 31t July 2003
6 months to 6 months to
31/07/03 31/07/02
#'000 #'000
Reconciliation of Operating Profit
to net cash inflow from operating activities
Operating profit 532 502
Depreciation charges 91 104
Amortisation of goodwill 13 13
(Increase) in stocks (341) (385)
(Increase) in debtors (462) (321)
Increase in creditors 733 165
Net cash inflow from operating activities 566 78
Cash flow statement
Net cash inflow from operating activities 566 78
Returns on investments and servicing of finance 30 30
Taxation - -
Capital expenditure (20) (33)
576 75
Dividends paid (302)
(Decrease)/Increase in cash 576 (227)
Reconciliation of net cash flow to movement in net cash
6 months to 6 months to
31/07/03 31/07/02
#'000 #'000
Change in net funds 576 (227)
Net funds as at 31/01/03 2,169 2,367
Net funds as at 31/07/03 2,745 2,140
1. The financial information relating to the year ended 31st January 2003 has
been abridged from the full Company accounts for that period which received
an unqualified report from the auditors and which have been delivered to the
Registrar of Companies.
These interim financial statements have been prepared on the basis of the
accounting policies set out in the Company accounts for the year ended 31st
January 2003. These statements, which were approved by a duly appointed and
authorized committee of the Board of Directors on 29th October 2003, are
unaudited and have not been reviewed by the auditors.
2. Earnings per share for the six months ended 31st July 2003 are based on
earnings of #399,000 and 15,150,000 shares in issue. For the six months
ended 31st July 2002, earnings per share are based on earnings of #383,000
and 15,150,000 shares in issue.
3. Headline earnings per share, is based on profits attributable to
shareholders, adjusted for Exceptional items and the amortisiation of
goodwill.
4. As noted in the Chairman's Statement, the Directors do not intend to pay an
interim ordinary dividend.
5. The liability for taxation has been provided for at the estimated rate for
the full year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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