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Foster(John) & Son (FTJ)

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Tuesday 04 January, 2000

Foster(John) & Son

Interim Results - 6 Months to 31 August 1999

Foster(John) & Son PLC
4 January 2000


Chairman's Statements

The unaudited interim results for the six months to 31 August
1999 show a turnover of £1,427,000 (1998: £2,971,000) and a
loss after taxation of £81,000 (1998: Loss £563,000).  Losses
have been reduced as a result of further cost reductions that
have been implemented.  Further benefits from these cost
savings will be seen in the second half of the current
financial year.

The accounts provide further evidence that the position of the
Company has now stabilised.  Work on restructuring the
Company's activities continues to facilitate the pursuit of
alternative opportunities.

An interim dividend is not proposed and the preference
dividend will be withheld.

John Foster (Textiles) Limited
As reported in the preliminary announcement made during
August, the textile business continues to operate successfully
at a lower volume of business.

For the half year to 31 August 1999 trading within John Foster
(Textiles) Limited was as budgeted and the company made a
small operating profit.  The forward order book for the second
half continues to develop satisfactorily and is currently
above budget with orders from its Far Eastern market showing
an increase over the same period last year.

Property Management
The property management business at Black Dyke Mills continued
to grow with external rental income for the period increasing
by 5% on 1998.

As announced in the report and accounts for the year ending 28
February 1999 the Company has entered into an agreement for
the sale of Black Dyke Mills, its adjacent car park and the
Broomfield site.  This is being completed today and is the
subject of the adjoining announcement.


Property Development
The Company has agreed to a disposal of two of its remaining
Queensbury sites (the Reservoir Site and the Sandbed Site) for
£100,000 subject to contract.

In addition, the Company is negotiating a ten year purchase
option with the same prospective purchaser over approximately
ten acres of land to the north of the Reservoir Site.

As announced previously on 5 May 1999 Gladstone's K.B. Limited
sold Old Beechbank Mill, Currie Road, Galashiels to the
Borders Regional Council for £75,000 with the proceeds being
used to reduce Group debt.

Progress towards the previously noted plan for the disposal of
the larger remaining site in Galashiels remains slow, so
alternative opportunities are now being actively considered.

The Directors of the Company continue to pursue a policy of
restructuring the Company's activities and seek opportunities
to further enhance shareholder value by acquisition.

Keith Cooper Goldie-Morrison
Chairman

Interim Results

The Directors present the following unaudited consolidated
statement of results for the half year ended 31 August 1999,
with comparative figures for the unaudited results for the
half year ended 31 August 1998 and the audited results for the
year ended 28 February 1999.

                              Six months to     Six months to    Year to
                              31 August         31 August        28 February
                              1999              1998             1999
                              £'000             £'000            £'000

Turnover                      1,427             2,971            4,588
                              -----             -----            -----
Operating loss                  (31)             (409)            (643)
Profit on disposal of            72                 -                -
fixed assets
                              -----             -----            -----
Profit/(loss) on ordinary        41              (409)            (643)
activities before interest
Interest payable               (109)             (157)            (286)
                              -----             -----            -----
Loss on ordinary activities     (68)             (566)            (929)
before taxation
Taxation                          -                 -                -
                              -----             -----            -----
Loss on ordinary activities     (68)             (566)            (929)
after taxation
Minority interest - equity      (13)                3              (13)
                              -----             -----            -----
Loss for the financial year     (81)             (563)            (942)
Dividends on non-equity
(preference) shares not yet
declared                         (6)               (4)              (9)
                              -----             -----            -----
Loss transferred to reserves    (87)             (567)            (951)
                              -----             -----            -----

Loss per 25p ordinary share    (0.8p)            (5.0p)           (8.5p)

Notes:

1. The interim financial information for the six months ended
31 August 1999 was approved by the Directors on 29 December
1999.

2.  The financial information set out above does not
constitute statutory accounts for the year ended 28 February
1999 but is derived from those accounts.  Statutory accounts
for that period have been delivered to the Registrar of the
Companies.  The auditors have reported on those accounts;
their report was unqualified and did not contain a statement
under Section 237(2) or 237(3) of the Companies Act 1985.
However, the report contained an explanatory paragraph making
reference to the applicability of the going concern assumption
in respect of the adequacy and renewal of the banking
facilities of the Company, the disposal of property assets and
the successful completion of a proposed restructuring.  The
circumstances surrounding this statement remain unchanged.

3.  It is proposed that neither an ordinary nor a preference
dividend will be paid in respect of the half years ended 31
August and 30 June 1999 respectively.

4.  The calculation of loss per share is based upon the loss
for the period (after preference dividend) of £87,000 (1998:
loss £567,000) expressed in relation to the weighted average
number of shares in issue during the year of 11,242,022 (1998:
11,242,022 shares).

5.The interim report is being sent to all Shareholders.
Copies are available from The Company Security, John Foster &
Son plc, Black Dyke Mills, Bradford BD13 1QA


                                                                                                                                                                                        

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