Interim Results

Safeland PLC 09 December 2002 CHAIRMAN'S STATEMENT SIX MONTHS TO 30 SEPTEMBER 2002 It is a continuing testament to Safeland's ability to trade profitably under the current market conditions which have reigned for approaching two years, that I am able to report to you a profit before tax for the period of £1.911m, compared to £805,000 for the corresponding period last year, an increase in excess of 100%. As evidence of the current conditions shareholders will observe that turnover for the current period is considerably down at £9.075m compared to £16.562m a year ago. However, what is pleasing to note is that the gross profit percentage has risen to 21% compared to 12% as at 30 September 2001. Net asset value per share continues to rise and now stands at 80p compared to 74p as at the year end. Once again, in keeping with the policy announced with our year end accounts, the Board has decided not to declare an interim dividend but to utilise the cash to ensure that trading opportunities are not missed, and to continue its share buy-back programme. During the period under review Safeland continued its policy of share buy back and has bought 266,896 shares but since the period end a further 3.393m shares were purchased. Shareholders will recall from the circular sent to them, that a bulk purchase of 3.255m shares was made from the remaining institution that held 12% of Safeland's share capital at the time. As a result of shares purchased by the Company for cancellation following the period end and after deducting the relevant cash, NAV has risen to 85p. Despite the fact that there has been no appreciable change in the difficult market conditions, Safeland continues to trade profitably on the various properties it has been able to acquire. The second half of the year has started reasonably although the market has become even more fragile with extremes of high prices being found in some areas and no demand in others. As mentioned at the beginning of this statement, I am pleased that we have managed to trade successfully during these difficult times and I trust that we will continue to do so but it should be noted that there remains an element of uncertainty in the marketplace. Raymond Lipman Chairman 9 December 2002 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 Neither audited Neither nor reviewed audited nor Six months reviewed ended Six months 30 September ended Audited 2002 30 September Year ended £'000 2001 31 March 2002 £'000 £'000 TURNOVER Group and share of joint venture 10,733 16,562 25,254 Less: share of joint venture (1,658) - (777) Group turnover 9,075 16,562 24,477 Cost of sales (7,197) (14,551) (21,350) Gross profit 1,878 2,011 3,127 Sales and distribution costs (151) (217) (301) Administrative expenses (1,376) (1,252) (2,531) Other operating income 261 130 251 Operating profit 612 672 546 Share of operating profit (loss) of joint venture 879 (59) 570 __________ __________ __________ Group operating profit 1,491 613 1,116 Profit on disposal of fixed assets 7 - - Profit on disposal of fixed assets - investment properties 32 179 376 Profit on disposal of subsidiary undertakings 300 72 490 Loss on disposal of investments - (98) (98) Amounts written off investments - - (1,195) Profit on ordinary activities before interest and taxation 1,830 766 689 Interest receivable and similar income - group 260 144 303 - joint venture 262 352 267 - dividends 27 - - Interest payable and similar charges (468) (457) (1,002) Profit on ordinary activities before taxation 1,911 805 257 Tax charge on profit on ordinary activities (475) (241) (463) Profit (loss) on ordinary activities after taxation and profit (loss) for the financial period/year 1,436 564 (206) Equity dividends paid and proposed 3 - (254) (252) Retained profit (loss) for the financial period/year 1,436 310 (458) Basic earnings (loss) per share (pence) 2 5.71p 2.19p (0.81)p Diluted earnings (loss) per share (pence) 2 5.71p 2.19p - All operations derive from continuing operations. UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2002 Neither audited Neither audited nor reviewed nor reviewed 30 September 30 September Audited 2002 2001 31 March 2002 £'000 £'000 £'000 Fixed assets Tangible assets 3,913 721 2,103 Investment properties 5,239 6,170 5,008 Investments 4,732 5,928 4,732 Investment in joint venture 1,797 289 918 Share of gross assets 2,466 2,433 2,213 Share of gross liabilities (669) (2,144) (1,295) 15,681 13,108 12,761 Current assets Stocks 15,061 11,870 9,375 Debtors: Amounts falling due within one year 4,502 1,955 1,967 Amounts falling due after more than one year 1,902 5,308 4,185 Cash at bank and in hand 4,481 3,207 3,402 25,946 22,340 18,929 Creditors: amounts falling due within one year (5,908) (2,993) (3,576) Net current assets 20,038 19,347 15,353 Total assets less current liabilities 35,719 32,455 28,114 Creditors: amounts falling due after more than one year (15,684) (13,423) (9,395) Net assets 20,035 19,032 18,719 Capital and reserves Called-up share capital 4 1,247 1,271 1,260 Share premium account 5,304 5,304 5,304 Capital redemption reserve 440 416 427 Investment property revaluation reserve 1,934 1,434 1,979 Profit and loss account 11,110 10,607 9,749 Equity shareholders' funds 5 20,035 19,032 18,719 UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 Neither audited Neither audited nor reviewed nor reviewed Six months Six months ended ended Audited 30 September 30 September Year ended 2002 2001 31 March 2002 £'000 £'000 £'000 Note Net cash (outflow) inflow from operating 6 (2,624) 629 238 activities Returns on investment and servicing of finance Interest received 522 470 427 Interest paid (468) (407) (1,002) Dividend received 27 26 143 Net cash inflow (outflow) from returns on investments and servicing of finance 81 89 (432) Taxation Tax paid (253) - - Capital expenditure and financial investment Purchase of tangible fixed assets (1,889) (56) (1,780) Purchase of investment properties (963) (1,796) (657) Purchase of investments - (391) (391) Disposal of tangible fixed assets 26 19 286 Disposal of investment properties 595 727 1,507 Disposal of investments - - 50 Net cash outflow from capital expenditure and financial investment (2,231) (1,497) (985) Acquisitions and disposals Sale of subsidiary undertaking 300 2,900 7,892 Equity dividends paid Dividends paid - (258) (510) Cash (outflow) inflow before financing (4,727) 1,863 6,203 Financing Purchase of own shares (120) (169) (259) Net loans taken out (repaid) 5,926 (4,581) (8,636) Net cash inflow (outflow) from financing 5,806 (4,750) (8,895) Increase (decrease) in cash 8 1,079 (2,887) (2,692) Statement of Total Recognised Gains and Losses FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002 Neither audited Neither nor reviewed audited nor Six months reviewed ended Six months ended Audited 30 September 30 September Year ended 2002 2001 31 March 2002 £'000 £'000 £'000 Profit (loss) for the financial period/year 1,436 564 (206) Unrealised surplus on revaluation of investment properties - - 545 Total recognised gains relating to the period/year 1,436 564 339 NOTES TO THE ACCOUNTS (UNAUDITED) 1. Basis of preparation and accounting policies This interim financial information was approved by the Board of Directors on 6 December 2002. The interim financial information for the six months ended 30 September 2001 and the six months ended 30 September 2002 are neither audited nor reviewed by the auditors. The unaudited interim financial information has been prepared in accordance with accounting policies set out in the audited statutory accounts for the year ended 31 March 2002. The financial information in this report for the six months ended 30 September 2002 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and should be read in conjunction with the 31 March 2002 audited financial statements. The figures for the year ended 31 March 2002 are an abridged statement from the group's statutory accounts at that date, which have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985. 2. Earnings per share Basic earnings per share is calculated on profit on ordinary activities of £1,436,000 (30 September 2001 - £564,000; 31 March 2002 - loss of £206,000) and on 25,163,929 ordinary shares (30 September 2001 - 25,685,184; 31 March 2002 - 25,498,569), 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. For a loss-making company with outstanding share options, net loss per share would only be increased by the exercise of out-of-the-money options, therefore no adjustment has been made to diluted EPS for out-of-the-money share options and diluted EPS has not been presented for the loss in the year ended 31 March 2002. 3. Dividend per share No interim dividend has been declared (Year ended 31 March 2002: interim dividend 1p per share declared, no final dividend declared). 4. Repurchased shares Safeland plc purchased 266,896 of its own shares during the period for a total consideration of £120,000. A balance of £13,000 has been transferred to the capital redemption reserve. 5. Reconciliation of movements in shareholders' funds Neither audited Neither nor reviewed audited nor Six months reviewed ended Six months ended Audited 30 September 30 September Year ended 2002 2001 31 March 2002 £'000 £'000 £'000 Profit (loss) for the financial period/year 1,436 564 (206) Dividends - (254) (252) 1,436 310 (458) Other recognised gains and losses - - 545 Repurchase of shares (including expenses) (120) (169) (259) Net addition (reduction) to equity shareholders' funds 1,316 141 (172) Opening equity shareholders' funds 18,719 18,891 18,891 Closing equity shareholders' funds 20,035 19,032 18,719 6. Reconciliation of operating profit to net cash (outflow) inflow from operating activities Neither audited Neither nor reviewed audited nor Six months reviewed ended Six months ended Audited 30 September 30 September Year ended 2002 2001 31 March 2002 £'000 £'000 £'000 Operating profit 612 672 546 Depreciation 60 60 148 Profit on sale of fixed assets - (4) (17) (Increase) decrease in stocks (5,517) 1,223 (713) Increase in debtors (409) (1,203) (299) Increase (decrease) in creditors 2,630 (119) 573 Net cash (outflow) inflow from operating activities (2,624) 629 238 7. Reconciliation of net cash flow to movement in net debt Neither audited Neither nor reviewed audited nor Six months reviewed ended Six months ended Audited 30 September 30 September Year ended 2002 2001 31 March 2002 £'000 £'000 £'000 Increase (decrease) in cash in the period/year 1,079 (2,887) (2,692) Cash (inflow) outflow from (increase) decrease in debt (5,926) 4,581 8,636 Change in net debt resulting from cash flows (4,847) 1,694 5,944 Net debt brought forward (6,356) (12,300) (12,300) Net debt carried forward (11,203) (10,606) (6,356) 8. Analysis of net debt At At 1 April Cash 30 September 2002 Flows 2002 £'000 £'000 £'000 Cash 3,402 1,079 4,481 3,402 1,079 4,481 Debt due within one year (363) 363 - Debt due after one year (9,395) (6,289) (15,684) Total (6,356) (4,847) (11,203) 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 94-96 Great North Road, London N2 0NL. This information is provided by RNS The company news service from the London Stock Exchange

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