Interim Results

Safeland PLC 19 November 2001 CHAIRMAN'S STATEMENT Trading conditions, despite a promising start, have continued to be tough with gross margins under pressure although I am pleased to report that we have returned to profitability for the six months to 30th September 2001 following the year end losses. At the time of my annual statement I indicated that activity had dramatically improved during the first few months of the current year. However this proved unsustainable and turnover during the second quarter slowed once more. As a result turnover for the period advanced to £ 16.6m against £9.6m for the comparable half year with taxable profits of £805,000 compared to pre-tax losses of £1.4m for the full year and a profit of £937,000 during the same period a year ago. The Board is declaring an unchanged interim dividend of 1p which will be payable on 7th March 2002 to those shareholders on the register as at 8th February 2002. Following our share buy-back programme, during which we purchased a total of 330,000 ordinary shares for cancellation, I am pleased to report net assets per share rose over the period under review to 74.9p compared to 73p at 31st March 2001- The gross value of group properties - both those held for investment and for trading - totalled just over £18m. While it is pleasing to report a return to profit following a very difficult second half last year, shareholders should be aware that your Group continues to operate against a background of global economic uncertainty and despite lower interest rates, sourcing suitable trading stock continues to be a problem. I believe that as market conditions improve we will be able to increase the level of our property trading activities once more. Raymond Lipman, Chairman UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001 Neither Neither audited nor audited nor reviewed reviewed Six months Six months Audited ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 TURNOVER Group and share of joint venture 16,562 9,574 19,641 Less: share of joint venture - - (65) Group turnover 16,562 9,574 19,576 Cost of sales (14,551) (7,268) (16,589) Gross profit 2,011 2,306 2,987 Sales and distribution costs (217) (252) (239) Administrative expenses - continuing operations (1,252) (1,465) (2,958) - discontinued operations - - (154) Other operating income 130 282 346 Operating profit - continuing operations 672 871 136 - discontinued operations - - (154) Share of operating (Loss)/profit of joint (59) 535 179 venture Share of operating loss in associated - (39) (110) undertakings Group operating profit 613 1,367 51 Loss on disposal of investments (98) - - Profit on disposal of fixed assets - investment properties 179 195 22 Profit on disposal of subsidiary undertakings 72 - 118 Profit on Ordinary Activities before Interest 766 1,562 191 Interest receivable and similar income - Group 144 100 459 - Joint venture 352 - 425 Interest payable and similar charges (457) (725) (2,457) Profit/(loss) on ordinary activities before taxation 805 937 (1,382) Tax (charge)/credit on profit (loss) on ordinary activities (241) (281) 281 Profit/(loss) on ordinary activities after taxation and profit/(loss) for the financial period/year 564 656 (1,101) Equity dividends paid and proposed 3 (254) (285) (528) Retained profit/(loss) for the financial period/year 310 371 (1,629) Basic earnings/(loss) per share (pence) 2 2.19p 2.29p (3.91)p Diluted earnings/(loss) per share 2 2.19p 2.29p (3.92)p (pence) UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 3001 Neither Neither audited nor audited nor reviewed reviewed Audited 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Fixed assets Tangible assets 721 703 740 Investment properties 6,170 8,300 4,936 Investments 5,928 4,488 5,828 Interest in associates - 327 - Investment in joint venture 289 704 348 Share of gross assets 2,433 2,687 2,172 Share of gross liabilities (2,144) (1,983) (1,824) ------ ------ ------ 13,108 14,522 11,852 ------ ------ ------ Current assets Stocks 11,870 11,116 15,921 Debtors: Amounts falling due within one year 1,955 3,468 704 Amounts falling due after more than one year 5,308 4,440 5,149 Cash at bank and in hand 3,207 5,883 6,094 ------ ------ ------ 22,340 24,907 27,868 Creditors: amounts falling due within one year (2,993) (2,184) (4,637) Net current assets 19,347 22,723 23,231 Total assets less current liabilities 32,455 37,245 35,083 Creditors: amounts falling due after more than one year (13,423) (16,098) (16,192) Net assets 19,032 21,147 18,891 Capital and reserves Called up share capital 4 1,271 1,426 1,288 Share premium account 5,304 5,304 5,304 Capital redemption reserve 416 261 399 Investment property revaluation reserve 1,434 686 1,434 Profit and loss account 10,607 13,470 10,466 Equity shareholders' funds 5 19,032 21,147 18,891 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001 Neither Neither audited nor audited nor reviewed reviewed Six months Six months Audited ended ended Year ended 30 September 30 September 31 March Note 2001 2000 2001 £'000 £'000 £'000 Net cash inflow/(outflow) from operating activities 6 629 (2,283) (4,131) Returns on investment and servicing of finance Interest received 470 100 768 Interest paid (407) (725) (2,102) Dividend received 26 116 Net cash inflow/(outflow) from returns on investments and servicing of finance 89 (625) (1,218) Taxation Tax paid - (471) (818) Capital expenditure and financial investment Purchase of tangible fixed assets (56) (264) (468) Disposal of tangible fixed assets 19 246 374 Purchase of investment properties (1,796) (142) (347) Purchase of investments (391) - (2,247) Disposal of investment properties 727 2,715 7,273 Net cash (outflow)/inflow from capital expenditure and financial investment (1,497) 2,555 4,585 Acquisitions and disposals Net cash disposed of with subsidiary - (5) (5) Purchase of associate undertakings - (1,145) 39 Sale of subsidiary undertaking 2,900 - - Net cash inflow/(outflow) from acquisitions and disposals 2,900 (1,150) 34 Equity dividends paid Dividends paid (258) - (270) Cash inflow/(outflow) before financing 1,863 (1,974) (1,818) Financing Purchase of own shares (169) (73) (1,373) Net loan repayments (4,581) (490) 865 Net cash outflow from financing (4,750) (563) (508) Decrease in cash 8 (2,887) (2,537) (2,326) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001 Six months Six months ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Profit/(loss) for the financial period/year 564 656 (1,101) Unrealised surplus on revaluation of investment properties - - 1,184 Unrealised gain on disposal of investment - 655 515 Total recognised gains relating to the period/ year 564 1,311 598 SAFELAND PLC NOTES 1. The interim financial information for the six months ended 30 September 2000 and the six months ended 30 September 2001 are neither audited nor reviewed by the auditors. The unaudited interim results have been prepared in accordance with accounting policies set out in the accounts for the year ended 31 March 2001. The financial information in this report for the period ended 30 September 2001 does not comprise statutory accounts within the meaning of the Act. Statutory accounts for the year ended 31 March 2001, which received an unqualified Auditors' Report and contained no statement under section 237 of the Act, have been delivered to the Registrar of Companies. 2. Basic Earnings per Share Basic earnings per share is calculated on profit on ordinary activities of £564,000 (30 September 2000: £656,000; 31 March 2001: loss £1,101,000) and on 25,685,184 ordinary shares (30 September 2000: 28,645,468; 31 March 2001: 28,125,500) being the weighted average number of shares in issue throughout the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all dilutive potential ordinary shares. The group does not have any dilutive potential ordinary shares because the exercise price of all share options granted is above the average price of the company's ordinary shares during the periods. 3. Dividend per Share A dividend of 1p per 5p ordinary share (30 September 2000 : 1p, 31 March 2001 : 2p) will be paid on 7 March 2002 to shareholders appearing on the register at the close of business on 8 February 2002. 4. Repurchased Shares Safeland plc purchased 330,000 of its own shares during the period for total consideration of £169,000. A balance of £17,000 has been transferred to the capital redemption reserve. 5. Reconciliation of movements in shareholders' funds Six months Six months ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Profit/(loss) for the financial period/year 564 656 (1,101) Dividends (254) (285) (528) ----- ----- ------ 310 371 (1,629) Other recognised gains and losses - 655 1,699 Repurchase of shares (including expenses) (169) (73) (1,373) Net addition/(reduction) to equity shareholders' funds 141 953 (1,303) Opening equity shareholders' funds 18,891 20,194 20,194 Closing equity shareholders' funds 19,032 21,147 18,891 6. Reconciliation of operating profit to net cash outflow from operating activities Six months Six months ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Operating profit (loss) 672 871 (18) Depreciation 60 60 140 Profit on sale of fixed assets (4) (12) (22) Decrease/(increase) in stocks 1,223 1,082 (3,723) Increase in debtors (1,203) (2,252) (197) Decrease in creditors (119) (2,032) (311) Net cash inflow/(outflow) from operating activities 629 (2,283) (4,131) 7. Reconciliation of net cash flow to movement in net debt Six months Six months ended ended Year ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Decrease in cash in the period/year (2,887) (2,537) (2,326) Cash outflow/( inflow) from decrease/ (increase) in debt 4,581 490 (869) Change in net debt resulting from cash flows 1,694 (2,047) (3,195) Net debt brought forward (12,300) (9,105) (9,105) Net debt carried forward (10,606) (11,152) (12,300) 8. Analysis of net debt At At 1 April Cash Other 30 September 2001 Flows Changes 2001 £'000 £'000 £'000 £'000 Cash 6,094 (2,887) - 3,207 6,094 (2,887) - 3,207 Debt due within one year (2,202) 1,812 - (390) Debt due after one year (16,192) 2,769 - (13,423) Total (12,300) 1,694 - (10,606) 9. Copies of this statement are being sent to all shareholders and are available to the public for collection at the Company's Registered Office at 144 Great North Way, Hendon, London NW4 1EG.

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