Preliminary Results
October 30 2007 - 10:03AM
UK Regulatory
RNS Number:6186G
OEM PLC
30 October 2007
OEM plc
PRELIMINARY STATEMENT OF UNAUDITED 2007 RESULTS
STATEMENT BY THE CHAIRMAN
2007 Results
The loss after taxation for the year was #98,000 (2006: profit #860,000). The
loss per share for the year to 30 June 2007 was 1.23p (2006: profit 10.77p).
Equity at 30 June 2007 amounted to #782,000 (2006: #880,000) equivalent to 9.80p
per share (2006: 11.02p). As in previous years, the directors do not recommend
the payment of a dividend.
Business Review
Although this year has been quiet in terms of sales, the directors have been
working on a number of development projects and transactions which will be
reflected in future results and in this context I am pleased to report that,
subsequent to the year end, we have sold our property inventory for #1.9m.
The company has received a further settlement in relation to the legal action
undertaken against the estate of the late Brian Schneider and other parties.
This is shown as an exceptional item in the consolidated income statement. As
outlined in previous communications, the directors are continuing to pursue
legal actions but any further success of these cannot, of course, be guaranteed.
The directors have been assessing and reviewing a number of potential
opportunities for the company going forward and I am confident that we will be
able to generate an increase in shareholder value.
Future of the Company
We will continue to seek profitable opportunities, where our low risk strategy
coupled to our expertise may be deployed, and I look forward to bringing you
some exciting proposals in the near future.
Robert P B Noonan
Chairman
30 October 2007
OEM PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
2007 2006
#'000s #'000s
Continuing Operations
Revenue 43 57
Cost of sales (15) (28)
Gross profit 28 29
Other operating income
Administrative expenses (581) (567)
Other operating expenses
Exceptional item 214 1,225
(Loss) Profit from operations (339) 687
Investment income 296 273
Finance costs (55) (100)
(Loss) Profit before tax (98) 860
Tax - -
(Loss) Profit for the period from (98) 860
continuing operations
(Loss) Profit for the period (98) 860
2007 2006
Pence Pence
(Loss) Earnings per share (1.23) 10.77
Basic and diluted (1.23) 10.77
No separate Statement of Total Recognised Gains and Losses has been presented.
All such gains and losses have been dealt with in the Group Income Statement.
Turnover and operating profit all derive from continuing operations.
OEM PLC
CONSOLIDATED BALANCE SHEET AT 30 JUNE 2007
As at As at
30 June 2007 30 June 2006
Assets #'000s #'000s
Non-current assets
Property, plant and equipment 4 1
Unlisted investments 41 40
Long term debts - 3,673
Total non-current assets 45 3,714
Current assets
Inventories 800 800
Trade and other receivables 5,455 1,944
Cash and cash equivalents 38 182
Total current assets 6,293 2,926
Total assets 6,338 6,640
Equity and liabilities
Capital and reserves
Share capital 1,996 1,996
Capital Redemption Reserve 11 11
Merger Reserve 169 169
Profit and Loss account (1,394) (1,296)
Total equity 782 880
Non current liabilities
Creditors (long term) 2,363 2,334
Provision for liabilities & charges - 13
Current liabilities
Creditors 3,193 3,413
Total liabilities 5,556 5,760
Total equity and liabilities 6,338 6,640
Group Statement of Changes in Equity #'000s
Balance at 1 June 2006 880
Net Loss for the year, decrease in share capital (98)
Balance at 30 June 2007 782
Equity comprises share capital, capital reserve and merger reserve.
OEM PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
2007 2006
#'000s #'000s
Net cash from operating activities 218 53
Investing activities
Interest paid (55) (100)
Interest received 296 273
Purchases of property, plant and (4) -
equipment
Net cash generated from investing 237 173
activities
Financing activities
Bank loan repaid (755) 600
Increase/(decrease) in bank overdrafts 156 (719)
Net cash (used) in financing activities (599) (119)
Net increase in cash and cash equivalents (144) 107
Cash and cash equivalents at beginning of 182 75
year
Cash and cash equivalents at end of year 38 182
NOTES
1. The net cash from operating activities:
2007 2006
#'000s #'000s
Operating (loss)/profit (339) 687
Depreciation 1 1
Movement in provisions and charges
(13) (14)
(Increase)/decrease in debtors
162 (1,075)
Increase/(decrease) in creditors 407 454
Net cash generated from operating 218 53
activities
2. The number of ordinary shares in issue throughout the year is 7,985,793.
3. The annual general meeting of the Company will be held at 10.00am on 11
December 2007 at 14 -18 Ham Yard, London, W1D 7DT.
4. The financial information set out above does not constitute the Group's
statutory accounts for the years ended 30 June 2007 or 30 June 2006, but is derived
from those accounts. Statutory accounts for 2006 have been delivered to the Registrar
of Companies in England and Wales, and those for 2007 will be delivered following the
Company's annual general meeting. The auditors have reported on the 2006 accounts:
their report was unqualified and did not contain statements under section 237(2) or (3)
of the Companies Act 1985.
5. The figures included in this preliminary announcement have been prepared
on the basis of the accounting policies set out in the 30 June 2006 financial
statements.
ENQUIRIES: Secretary, OEM plc, Tel: 020 7292 5940
This information is provided by RNS
The company news service from the London Stock Exchange
END
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