Interim Results
SCREEN PLC
10 September 1999
SCREEN PLC - INTERIM RESULTS
CHAIRMAN'S STATEMENT
I am pleased to present our financial results for the six month
period ended 30th June 1999.
Group revenue was £1,663,948 (1998 - £2,219,998) yielding a
small profit of £9,814 (1998 loss - £457,287). The Board does
not recommend the payment of a dividend.
In my statement to shareholders on 15th June 1999, which
accompanied the 1998 results, I was able to confirm that the
restructuring of the group was complete, that we considered
ourselves to be well positioned in major growth markets with
relevant, competitive and attractive products and that based on
the first quarter's performance we expected to trade profitably
in the calendar year ending 31st December 1999. This continues
to be the case.
We now have two continuing core businesses. Petards
International Limited suppliers of command and control systems
for security related applications and Petards Datax Limited
providers of mobile data terminal systems and support services.
During the six month period revenue from these businesses was up
by 96% at £1,663,948 (1998 - £848,785).
We have entered the second half of the year with demand for our
current range of products and services at satisfactory levels.
Petards International Limited has further consolidated its
position in both the public sector and corporate marketplace
as a supplier of sophisticated command and control systems
for security applications. The company continues to attract
sales of its COBYT range of security control systems, whilst
also benefiting from increasing revenues from upgrades to its
growing user base. The SWIFT Rapid Deployment Camera system,
announced earlier this year, is receiving growing levels of
interest. These systems use radio transmission over an
element of the licence exempt spectrum to carry video and
associated telemetry signals. With the emphasis now being
placed on the use of mobile camera systems to extend existing
CCTV surveillance coverage, we expect to see further demand
for these systems in the coming months.
Petards Datax Limited continues to progress well. It now has
products installed with more than 20 police forces and has
passed the halfway stage in its first major roll out
programme with a further two such programmes underway and two
more anticipated shortly. Plans are in hand to enhance our
production capabilities in order to deal with the increased
volumes we expect to deliver. Following our success in the
emergency services market the move to commercial applications
is underway.
Mr Richard Hill, managing director of Petards Datax Limited
has been appointed to the Board of Screen plc.
I remain confident that our businesses are progressing well and
look forward to reporting our full year results in due course.
Owen Williams
Chairman
10 September 1999
Profit and Loss Account
Unaudited Unaudited
6 months 6 months
ended ended
30 June 1999 30 June 1998
Turnover
Continuing 1,663,948 848,785
Operations
Discontinued - 1,371,213
Operations
1,663,948 2,219,998
Cost of Sales 1,014,651 1,425,755
Gross Profit 649,297 794,243
Overheads 632,617 1,462,584
Operating Profit /
(Loss)
Continuing 16,680 (309,870)
Operations
Discontinued - (358,471)
Operations
16,680 (668,341)
Profit On Disposal - 231,284
Of Businesses
Profit / (Loss) On 16,711 (402)
Sales Of Fixed
Assets
Interest Received 986 848
Interest Payable (24,563) (20,676)
Profit / (Loss) On 9,814 (457,287)
Ordinary Activities
Before Taxation
Taxation (note 3) - -
Profit / (Loss) 9,814 (457,287)
After Taxation
Minority Interest- (6,344) 6,988
Equity
Profit / (Loss) For 3,470 (450,299)
the Financial Period
Earnings / (Loss) 0.001p (0.196)p
Per Share (note 4)
Group Balance Sheet
Unaudited Audited Unaudited
As at As at As at
30 June 31 Dec 1998 30 June 1998
1999
Intangible Assets 415,383 374,315 497,783
Tangible Assets 254,874 442,822 460,979
Fixed Assets 670,257 817,137 958,762
Current Assets
Stocks 222,559 279,682 464,648
Debtors 1,088,314 1,126,678 1,181,761
Cash at Bank 50,366 51,484 67,757
1,361,239 1,457,844 1,714,166
Creditors Falling
Due Within One Year
Bank Overdraft (354,598) (516,677) (231,933)
Other Creditors (1,403,799) (1,563,254) (1,551,547)
(1,758,397) (2,079,931) (1,783,480)
Net Current (397,158) (622,087) (69,314)
(Liabilities)
Total Assets Less 273,099 195,050 889,448
Current Liabilities
Creditors Falling (73,111) (11,220) (90,401)
Due After One Year
Net Assets 199,988 183,830 799,047
Capital and
Reserves
Called Up Share 3,058,579 3,058,579 2,933,580
Capital
Reserves (2,849,026) (2,858,840) (2,127,950)
Equity 209,553 199,739 805,630
Shareholders' Funds
Minority Interest - (9,565) (15,909) (6,583)
Equity
199,988 183,830 799,047
NOTES
1. Non Statutory Accounts
These statements do not constitute financial statements within
the meaning of section 240 of the Companies Act 1985. These
statements have not been audited. No financial statements will
be filed for the six months ended 30 June 1999.
2. Basis of Preparation
The statements have been prepared in accordance with the
accounting policies set out in the group's 1998 Annual Report
and Accounts.
3. Taxation
No provision for taxation has been made in the profit and loss
account for the six months to 30 June 1999 as significant
brought forward losses existed to relieve the profit. No
provision was required in the six months to 30 June 1998.
4. Earnings Per Share
The earnings per share for the six months to 30 June 1999 is
based on the weighted average number of ordinary shares of
262,742,854. The loss per share for the six months to 30 June
1999 is based on the weighted average number of ordinary shares
of 229,636,225.
5. Copies of the interim accounts will be sent to
shareholders. Further copies will be available from the
company's registered office at Stubbings Barn, Burchetts Green
Lane, Burchetts Green, Maidenhead, Berks SL6 3QP for the next
14 days.
AUDIT COMMITTEE REPORT
The audit committee consists of the two non executive directors,
Dr John Forrest and Mr John Jack. It reviews and monitors the
group's financial controls, accounting policies and financial
reporting.
The audit committee has reviewed the unaudited interim financial
statements and is satisfied that they have been prepared using
accounting policies consistent with those adopted by Screen Plc
in its financial statements for the year ended 31 December 1998.
The Committee in the course of its review has not become aware
of any material modifications that should be made to the interim
financial statements as presented.
10 September 1999