Interim Results
March 30 2006 - 7:19AM
UK Regulatory
RNS Number:6828A
OEM PLC
30 March 2006
OEM plc
INTERIM RESULTS
For the six months ended 31st December 2005
As I stated at the Annual General Meeting in December, the board has actively
been looking at proposals for restructuring the company with a view to
increasing shareholder value. We hope to be able to make a further announcement
about this in the near future.
Further time has regrettably been required to pursue the legal action against
the estate of the late Brian Schneider, our previous chief executive, and other
parties. However I am pleased to report that one of the parties has repaid an
amount representing a net income of #150,000, after OEMOs legal expenses, and we
are in advance negotiations with the other parties to make an acceptable
settlement. Please be aware, however, that the company may not fully recover its
losses.
During the period the company has incurred reasonable operating overheads partly
offset by interest income, and we are continuing to look for further development
opportunities on behalf of both the company and our clients.
We do not recommend the payment of any dividend.
I believe that there are some exciting projects awaiting the company and I have
every confidence in the future.
Robert PB Noonan 30 March 2006
OEM PLC INTERIM RESULTS FOR THE SIX MONTHS ENDING 31 DECEMBER 2005
Summary group profit and loss account
Audited Unaudited Unaudited Audited
year to 6 months to 6 months to 30 June
30 June 31 December 31 December 2005
2005 2005 2004
#000 #000 #000 #000
91 Turnover 20 11 2
(316) Operating Profit/(Loss) Note (83) (185) 800
5
1,181
3,401
189 Interest net 84 98 75
(127) Profit/(Loss) on 1 (87) 5,457
ordinary activities
before taxation
Taxation (3,051)
(127) Profit/(Loss) on 1 (87) 2,406
ordinary activities
after taxation
Dividends (2,361)
(27)
(127) Retained Profit/ 1 (87) 20
(Loss)
(1.59)p Earnings (Loss) per 25p ord 0.01p (1.09)p
share
(1.59)p Earnings (Loss) per 25p ord (1.87)p (1.09)p 1,996
share
(before exceptional 180
costs)
(2,156)
20
Summary group cash flow statement
Audited Unaudited Unaudited
year to 6 months to 6 months to
30 June 31 December 31 December
2005 2005 2004
#000 #000 #000
(316) Operating (loss) (83) (185)
7 Depreciation 4
Decrease in
stocks
(118) (Increase)/Decrease in (184) 508
debtors
(482) Increase (decrease) in 140 (481)
creditors
(16) Movement in provision for (7) (7)
liabilities/charges
(925) Operating cash (outflow) (134) (161)
inflow
Taxation
187 Returns on investments 84 98
750 Financing 40
activities
12 (Decrease) Increase in (50) (23)
cash
Summary group balance sheet
Unaudited Unaudited
31 December 31 December
2005 2004
#000 #000
Fixed Assets 2 3
Current Assets
Stocks 800 800
Debtors 1,229 681
Long Term 3,537 3,275
Debtors
Cash at bank 25 12
5,591 4,768
Creditors - due within one (3,210) (2,268)
year
Net current 2,381 2,500
assets
Creditors - due after one (2,342) (2,407)
year
Provisions for liabilities (20) (36)
and charges
Net Assets 21 60
Share capital 1,996 1,996
Share premium and other 180 180
reserves
Profit and loss account (2,155) (2,116)
Shareholders 21 60
Funds
Notes
1 The interim financial statements have been prepared on the basis of
the accounting policies set out in the Group's 2005 statutory accounts.
2 Taxation has been provided for at the effective rate estimated to be
charged for the full year.
3 Basic earnings (loss) per share are calculated by dividing the profit
(loss) on ordinary activities after taxation by 7,985,793 being the number of
ordinary shares in issue throughout this half year, the prior year and half
year.
4 The results for the year ended 30 June 2005 are an abridged version
of the Group's statutory accounts for that period which received an
unqualified auditors report and have been filed with the Registrar of Companies.
5 Within the current year's figure is an exceptional income of #150,000
representing the amount received, less OEM's legal expenses, from one of the
parties against whom OEM plc had taken legal action to recover unauthorised amounts
paid by Mr Schneider. Previous Chairman's statements have outlined the
Company's position concerning Mr Schneider.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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