Interim Results

Cohen(A.) & Co PLC 30 September 2003 30 SEPTEMBER 2003 A. COHEN & CO. PLC Unaudited interim results for the six months ended 30 June 2003 Chairman's Statement The unaudited Group results of A. Cohen & Co. plc (the 'Company') for the half year ended 30 June 2003 are attached, together with the corresponding results for the six months ended 30 June 2002. Results to June 2003 The results for the period were a net loss of £717,000 from turnover of £3.6 million. The results include a continuing positive contribution from Jacob Metals Limited but otherwise primarily reflect losses from discontinued activities and overheads which have been substantially reduced. The losses are primarily as a result of the exit from the phosphor copper business and the Woolwich Site together with associated overheads which were a net £160,000 after a capital gain on the actual sale of the site of £83,000. A large part of the loss was exceptional costs from scrapping of the plant after efforts to sell it intact failed due to the insolvency of the proposed purchaser and overheads incurred in closing the business and clearing the Woolwich Site in accord with the sale contract. In addition the Group incurred £103,000 of interest costs on borrowings against the Woolwich Site which have since been repaid in full from the proceeds of the disposal. The only other property which the Group has a lease on was also sublet during the period. Furthermore, as the Company was listed on the Official List, the property sale required a Class 1 circular to approve the sale of the property at a cost of £173,000 which was obtained. As the Company needed to produce a circular, the directors, at very little extra cost, included certain proposals to alter the capital structure of the Company and approve an equity line together with the expansion of the Company's media interests. These proposals were not supported by several large shareholders, one of whom approached the Company regarding a potential bid for the Company as an alternative, which however did not proceed. As a result of this action and the limited capital now available to the Company the Directors considered it necessary to review all the remaining assets of the Company, resulting in an increase in the provision for impairment of certain assets by £190,000. However this is expected to be offset by benefits of £75,000 in reductions in liabilities anticipated to be achieved in conjunction with the realisation of certain of these assets. Also as a result of the limited capital available to the Company and the review of assets and discussions with third parties it has been necessary to review the carrying value of the Company's investment in Scott Tod Developments Limited which has been revalued down to £525,000. The Future The Company has today moved its quotation to AIM and, although it is intended to call a meeting of shareholders to approve changes in the Company's capital structure, the costs associated with further share issues or undertaking transactions on this market will be significantly lower than they would be had the Company remained on the Official List. The assets are now stated at their expected realisable value and the Company is in discussions to release funds from certain of the existing assets which together with the repayment of creditors will leave the Company with a clean balance sheet and positive funds. This action, together with a potential increase in equity capital which shareholders will be asked to approve in due course, should enable the directors to consider and pursue further investment and business opportunities that they may identify in the future. The Company has reduced overheads further since the end of the half year and will operate on a minimal cost basis pending the realisation of assets and/or the identification of new or additional opportunities. In addition, in accordance with the terms of sale of the Woolwich Site, the Company will vacate the offices prior to the end of the year and consider a name change as the final steps in developing a new image going forward. The directors expect further positive announcements in relation to current negotiations in the very near future. R.B. Ritchie Executive Chairman For further information please contact: Royce Ritchie 00 61 417 500 979 Executive Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited six months ended 30 June 2003 Unaudited six Unaudited six months ended months ended 30 June 30 June 2003 2002 Continuing Discontinued Activities Activities Total £'000 £'000 £'000 £'000 Turnover 2,775 882 3,657 4,298 Cost of sales (2,603) (790) (3,393) (3,382) --------- --------- --------- --------- Gross profit 172 92 264 916 Distribution costs (31) (30) (61) (431) Administrative expenses (304) (375) (679) (720) Other operating income - - - 59 --------- --------- --------- --------- Operating loss before (163) (313) (476) (176) exceptional costs Exceptional costs - (218) (218) - --------- --------- --------- --------- Operating loss after (163) (531) (694) (176) exceptional costs --------- --------- --------- --------- Interest receivable 7 - 7 2 Interest payable (10) (103) (113) (15) Profit/(loss) on sale of - 83 83 1 fixed assets --------- --------- --------- --------- Loss on ordinary activities (166) (551) (717) (188) before taxation Tax charge on loss on - - - - ordinary activities --------- --------- --------- --------- Loss for the financial (166) (551) (717) (188) period after taxation and attributable to shareholders --------- --------- --------- --------- Losses per share (pence) (4.7p) (1.3p) CONSOLIDATED BALANCE SHEET Unaudited as at 30 June 2003 30 June 30 June 2003 2002 £'000 £'000 Fixed assets Tangible assets 4 1,163 Investments 675 521 --------- --------- 679 1,684 --------- --------- Current assets Tangible assets held for resale 46 - Stocks - 233 Debtors 2,258 1,623 Cash at bank and in hand 98 95 --------- --------- 2,402 1,951 --------- --------- Creditors: amounts falling due within one year (2,318) (1,533) --------- --------- Net current assets/(liabilities) 84 418 Total assets less current liabilities 763 2,102 --------- --------- Creditors: amounts falling due after more than one year (276) - ========= ========= 487 2,102 ========= ========= Capital and reserves Called up share capital 3,032 2,852 Capital redemption reserve 49 49 Share premium account 2 2 Revaluation reserve 1051 752 Other reserves 386 383 Profit and loss account (4,023) (1,936) --------- --------- Equity shareholders' funds 487 2,102 ========= ========= CONSOLIDATED CASH FLOW STATEMENT Six months ended 30 June 2003 Six months Six months ended ended 30 June 2003 30 June 2002 £'000 £'000 £'000 £'000 Net cash inflow from operating activities 234 80 Returns on investments and servicing of finance Interest received 7 2 Interest paid (11) (15) ------ ------ Net cash outflow from returns on investments and servicing of finance (4) (13) -------- -------- Capital expenditure and financial investment Payments to acquire tangible fixed assets - (12) Receipts from sale of tangible fixed assets 20 1 ------ ------ Net cash (outflow)/inflow from capital 20 (11) expenditure and financial investment -------- -------- Net cash inflow before financing 250 56 Financing Capital element of finance lease (6) rental payments ------ ------ Net cash outflow from financing (6) -------- -------- Increase in cash 244 56 -------- -------- NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT Unaudited six months ended 30 June 2003 1. Reconciliation of operating (loss)/profit to net cash inflow from operating activities Six months Six months ended ended 30 June 30 June 2003 2002 £'000 £'000 Operating (loss)/profit (694) (176) Depreciation 32 36 Impairment of Fixed Assets 190 - Net movement in working capital Stocks 256 190 Debtors 165 348 Creditors 285 (318) --------- --------- Net cash inflow/(outflow) from operating activities 234 80 --------- --------- 2. Cash flow statement: Analysis of net debt At At 1 January Cash 30 June 2003 flow 2003 £'000 £'000 £'000 Cash in hand and at bank 78 20 98 Overdrafts and bank Loans (851) 224 (627) --------- --------- --------- (773) 244 (529) Debt due within one year (312) (115) (427) Finance leases (6) 6 - --------- --------- --------- (1,091) 135 (956) --------- --------- --------- 3. Cash flow statement: Reconciliation of net cash flow to movement in net debt Six months Six months ended ended 30 June 30 June 2003 2002 £'000 £'000 £'000 £'000 Increase in cash in the period 244 56 Cash outflow/(inflow) from decrease/ (109) - (increase) in debt and lease financing ------- ------- Change in net debt resulting from 135 56 cash flows Translation differences - - ------- ------- Movement in net debt in the period 135 56 Net debt at start of period (1,091) (227) ------- ------- Net debt at end of period (956) (171) ------- ------- 4. Basis of Preparation The interim results for the six months ended 30 June 2003 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The financial information has been prepared in accordance with applicable accounting standards and under the historical cost accounting convention. Accounting policies consistent with those applied in the financial statements for the year ended 31 December 2002 have been used in preparing the unaudited interim financial statements for the six months ended 30 June 2003. 5. Dividends The Directors are not declaring a dividend for the six months ended 30 June 2003. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Crimson Tide (TIDE)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today