Interim Results

Safeland PLC 01 December 2003 1 December 2003 SAFELAND PLC Interim Results CHAIRMAN'S STATEMENT SIX MONTHS TO 30 SEPTEMBER 2003 I am pleased to set out the six months results to 30 September 2003. I have been consistent in recent statements in advising you that the trading environment has remained difficult and this situation has continued in the period under review. It is against this backdrop that I am pleased to report that Safeland has made a profit before tax of £115,000 (2002 £1,911,000) on turnover of £14.7m up from £9.1m for the comparable period last year. It is evident from these figures that margins have been squeezed due to prevailing market conditions. I see no change in current conditions and therefore would not expect the following six months to improve. Your Board believe that in certain areas there is a concern that the market has overheated and in these circumstances, as in previous years when this has occurred, we will not make purchases that we do not consider can provide reasonable return. In light of these circumstances your Board does not consider that a return to the payment of a dividend should be made at this time. The opportunities for continued share buy back by Safeland have been limited and we have only purchased 40,000 shares during the previous six months. Net asset value per share as at 30 September 2003 is 91p compared with 80pas at 30 September 2002. Earnings per share have, however, dropped to 0.38p from 5.71p for the respective periods. Shareholders may be aware of the recent announcement made that Steven Lipman has resigned his directorship of Safeland in order to pursue his own activities. My co-directors and I, wish to take this opportunity to thank him for his contribution to Safeland over the years and to wish him well for the future. We are content with the investments that we have in Hercules Property Services, Bizspace and most recently Tecc-IS which we continue to review periodically. In the event there are any significant changes to market conditions we are well positioned to take advantage of these enjoying good relationships with both our professional advisors and our bankers. Raymond Lipman Chairman 1 December 2003 SAFELAND PLC UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Neither Neither audited nor audited nor reviewed reviewed Six months Six months ended ended Audited 30 September 30 September Year ended 2003 2002 31 March 2003 £'000 £'000 £'000 TURNOVER Group and share of joint ventures 15,881 10,733 30,521 Less: share of joint ventures (1,182) (1,658) (4,420) Group turnover 14,699 9,075 26,101 (including acquisition of £6,169,000) Cost of sales (13,407) (7,197) (22,650) Gross profit 1,292 1,878 3,451 Sales and distribution costs (360) (151) (341) Administrative expenses (1,511) (1,376) (3,411) Other operating income 107 261 501 Operating (loss) profit (including acquisition of (472) 612 200 £139,000) Share of operating profit of joint ventures 738 879 2,564 Share of operating loss of associate (15) - - __________ __________ __________ Group operating profit 251 1,491 2,764 Profit on disposal of fixed assets 29 7 - Profit on disposal of fixed assets - investment properties 31 32 302 Profit on disposal of subsidiary undertakings - 300 550 Profit on disposal of investments - - 72 Profit on ordinary activities before interest and taxation 311 1,830 3,688 Interest receivable and similar income - group 80 260 700 - joint venture 5 262 17 - associate 6 - - - dividends 18 27 - Interest payable and similar charges (305) (468) (883) Profit on ordinary activities before taxation 115 1,911 3,522 Tax charge on profit on ordinary activities (36) (475) (1,106) Profit on ordinary activities after taxation and profit for the financial period/year 79 1,436 2,416 Equity dividends paid and proposed 3 - - - Retained profit for the financial period/year 79 1,436 2,416 Basic earnings per share (pence) 2 0.38p 5.71p 10.33p Diluted earnings per share (pence) 2 0.38p 5.71p 10.33p All operations derive from continuing operations. SAFELAND PLC UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2003 Neither audited Neither audited nor reviewed nor reviewed Audited 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 Fixed assets Tangible assets 5,566 3,913 4,993 Investment properties 3,348 5,239 2,808 Investments 4,281 4,732 4,281 Investment in joint venture 4,103 1,797 3,420 Share of gross assets 5,191 2,466 4,564 Share of gross liabilities (1,088) (669) (1,144) Investment in associate 972 - 1,000 18,270 15,681 16,502 Current assets Stocks 12,077 15,061 5,965 Debtors: Amounts falling due within one year 2,391 4,502 3,826 Amounts falling due after more than one year - 1,902 - Cash at bank and in hand 3,020 4,481 4,783 17,488 25,946 14,574 Creditors: amounts falling due within one year (5,153) (5,908) (5,122) Net current assets 12,335 20,038 9,452 Total assets less current liabilities 30,605 35,719 25,954 Creditors: amounts falling due after more than one year (11,495) (15,684) (6,905) Net assets 19,110 20,035 19,049 Capital and reserves Called-up share capital 4 1,045 1,247 1,047 Share premium account 5,304 5,304 5,304 Capital redemption reserve 642 440 640 Investment property revaluation reserve 547 1,934 586 Profit and loss account 11,572 11,110 11,472 Equity shareholders' funds 5 19,110 20,035 19,049 SAFELAND PLC UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Neither audited nor Neither audited nor reviewed reviewed Six months ended Six months ended 30 September 30 September Audited 2003 2002 Year ended £'000 £'000 31 March 2003 £'000 Note Net cash (outflow) inflow from 7 (4,427) (2,624) 2,125 operating activities Returns on investment and servicing of finance Interest received 80 522 558 Interest paid (245) (468) (810) Dividend received 18 27 141 Net cash (outflow) inflow from (147) 81 (111) returns on investments and servicing of finance Taxation Tax paid (301) (253) (720) Capital expenditure and financial investment Purchase of tangible fixed (810) (1,889) (2,540) assets Purchase of investment (720) (963) (1,091) properties Purchase of interest in (981) - - associate Disposal of tangible fixed 176 26 439 assets Disposal of investment 211 595 3,495 properties Disposal of investments - - 523 Net cash (outflow) inflow from (2,124) (2,231) 826 capital expenditure and financial investment Acquisitions and disposals Sale of subsidiary undertaking - 300 4,608 Cash (outflow) inflow before (6,999) (4,727) 6,728 financing Financing Purchase of own shares (18) (120) (2,156) Net loans taken out (repaid) 5,254 5,926 (3,191) Net cash inflow (outflow) from 5,236 5,806 (5,347) financing (Decrease) increase in cash 8 (1,763) 1,079 1,381 SAFELAND PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 Neither audited nor reviewed Neither Six months ended audited nor reviewed 30 September Six months ended 2003 30 September Audited £'000 2002 Year ended £'000 31 March 2003 £'000 Profit for the financial period/year 79 1,436 2,416 Unrealised surplus on revaluation of - - 70 investment properties Total recognised gains relating to the 79 1,436 2,486 period/year SAFELAND PLC NOTES TO THE ACCOUNTS (UNAUDITED) 1. Basis of preparation and accounting policies This interim financial information was approved by the Board of Directors on 28 November 2003. The interim financial information for the six months ended 30 September 2002 and the six months ended 30 September 2003 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 2003. The financial information in this report for the six months ended 30 September 2003 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 2003 audited financial statements. The figures for the year ended 31 March 2003 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 £79,000 (30 September 2002 - £1,436,000; 31 March 2003 - £2,416,000) and on 20,889,770 ordinary shares (30 September 2002 - 25,163,929; 31 March 2003 - 23,393,843), 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 No interim dividend has been declared (six months ended 30 September 2002 - no interim dividend declared; year ended 31 March 2003 - no interim or final dividend declared). 4. Repurchased shares Safeland plc purchased 40,000 of its own shares during the period for a total consideration of £18,181. A balance of £2,000 has been transferred to the capital redemption reserve. 5. Acquisition of subsidiary undertaking On 30 June 2003, Safeland plc purchased 100% of the ordinary share capital of Protea Properties Ltd. for £100,000 consideration. 6. Reconciliation of movements in shareholders' funds Neither audited nor reviewed Neither audited nor reviewed Six months ended Six months ended 30 September 30 September 2002 2003 £'000 Audited £'000 Year ended 31 March 2003 £'000 Profit for the financial 79 1,436 2,416 period/year Dividends - - 79 1,436 2,416 Other recognised gains and losses - - 70 Repurchase of shares (including (18) (120) (2,156) expenses) Net addition to equity 61 1,316 330 shareholders' funds Opening equity shareholders' funds 19,049 18,719 18,719 Closing equity shareholders' funds 19,110 20,035 19,049 7. Reconciliation of operating (loss) profit to net cash (outflow) inflow from operating activities Neither audited nor reviewed Neither audited nor reviewed Six months ended Six months ended 30 September 30 September 2003 2002 Audited £'000 £'000 Year ended 31 March 2003 £'000 Operating (loss) profit (472) 612 200 Depreciation 90 60 217 Profit on sale of fixed assets - - (13) (Increase) decrease in stocks (6,112) (5,517) (648) Increase in debtors 1,436 (409) 2,949 Increase (decrease) in creditors 631 2,630 (580) Net cash (outflow) inflow from (4,427) (2,624) 2,125 operating activities 7. Reconciliation of net cash flow to movement in net debt Neither audited nor reviewed Neither audited nor reviewed Six months ended Six months ended 30 September 30 September 2003 2002 Audited £'000 £'000 Year ended 31 March 2003 £'000 (Decrease) increase in cash in the (1,763) 1,079 1,381 period/year Cash (inflow) outflow from (5,254) (5,926) 3,191 (increase) decrease in debt Change in net debt resulting from (7,017) (4,847) 4,572 cash flows Net debt brought forward (1,784) (6,356) (6,356) Net debt carried forward (8,801) (11,203) (1,784) 8. Analysis of net debt At At 1 April Cash 30 September 2003 flows 2003 £'000 £'000 £'000 Cash 4,783 (1,763) 3,020 4,783 (1,763) 3,020 Debt due within one year (657) 331 (326) Debt due after one year (5,910) (5,585) (11,495) Total (1,784) (7,017) (8,801) 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 press announcement has been issued by Insinger de Beaufort a subsidiary of Bank Insinger de Beaufort N.V., on behalf of Safeland PLC Member of the London Stock Exchange and ISMA. Regulated by the FSA. Registered in England and Wales No. 2479169. This information is provided by RNS The company news service from the London Stock Exchange

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