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GBAT Securities PLC (GBAZ)

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Thursday 23 October, 2003

GBAT Securities PLC

Final Results


STOCK EXCHANGE ANNOUNCEMENT

GBAT SECURITIES PLC

(FORMERLY GSCOT SECURITIES PLC)

PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS

------------------------------------------

THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR THE YEAR TO 31ST
JULY 2003 AS FOLLOWS:-

PROFIT AND LOSS ACCOUNT

--------------------------

FOR THE YEAR ENDED 31st JULY 2003

YEAR TO 31ST JULY

                                                  2003           2002
                                                                     
                                                 £'000          £'000
                                                                     
INVESTMENT INCOME                                   16             15
                                                                     
ADMINISTRATIVE EXPENSES                              -            (9)
                                                                     
                                                ------         ------
                                                                     
PROFIT ON ORDINARY ACTIVITIES BEFORE AND            16              6
AFTER TAXATION                                                       
                                                                     
NON-EQUITY APPROPRIATIONS                      (3,645)        (3,352)
                                                                     
                                               -------        -------
                                                                     
RETAINED LOSS FOR THE YEAR                     (3,629)        (3,346)
                                                                     
                                               -------        -------
                                                                     
EARNINGS PER ORDINARY SHARE                     1,067p           400p

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

-----------------------------------------------

FOR THE YEAR ENDED 31st JULY 2003

                                               2003           2002
                                                                  
                                              £'000          £'000
                                                                  
UNREALISED PROFIT/LOSS) ON LISTED                 4            (6)
INVESTMENTS                                                       
                                                                  
UNREALISED LOSS ON UNLISTED                 (3,833)       (15,152)
INVESTMENTS                                                       
                                                                  
                                            -------        -------
                                                                  
MOVEMENT FOR THE YEAR                       (3,829)       (15,158)
                                                                  
RETAINED LOSS FOR THE YEAR                  (3,629)        (3,346)
                                                                  
                                            -------        -------
                                                                  
TOTAL RECOGNISED LOSSES                     (7,458)       (18,504)
                                                                  
                                            =======       ========

SUMMARISED BALANCE SHEET          AT       AT                                         
                                                                                      
-------------------------    31-7-03  31-7-02                                         
                                                                                      
                               £'000    £'000                                         
                                                                                      
FIXED ASSETS                                                                          
                                                                                      
Listed investment                  -      148                                         
                                                                                      
Unlisted investment                -   16,498                                         
                                                                                      
                             -------  -------                                         
                                                                                      
                                   -   16,646                                         
                                                                                      
CURRENT ASSETS                                                                        
                                                                                      
Listed Investment                152        -                                         
                                                                                      
Unlisted investment           12,665        -                                         
                                                                                      
Debtors                          203      203                                         
                                                                                      
Cash at bank                      35       19                                         
                                                                                      
                             -------  -------                                         
                                                                                      
NET ASSETS                    13,055   16,868                                         
                                                                                      
                             =======  =======                                         
                                                                                      
CAPITAL AND RESERVES                                                                  
                                                                                      
Called-up share capital            5        5                                         
                                                                                      
Share premium                      -   31,970                                         
                                                                                      
Special Reserve               31,970        -                                         
                                                                                      
Non Distributable reserve   (19,004) (15,175)                                         
                                                                                      
Profit and loss account           84       68                                         
                                                                                      
                             -------  -------                                         
                                                                                      
SHAREHOLDERS' FUNDS           13,055   16,868                                         
                                                                                      
                             =======  =======                                         
                                                                                      
ATTRIBUTABLE TO:                                                                      
                                                                                      
Equity shareholders                -        -                                         
                                                                                      
Non equity shareholders:                                                              
                                                                                      
Zero Dividend Preference      13,055   16,868                                         
shares                                                                                
                                                                                      
                             -------  -------                                         
                                                                                      
                              13,055   16,868                                         
                                                                                      
                             =======  =======                                         
                                                                                      
NET ASSET VALUES PER                                                                  
SHARE (AS PER ARTICLES):                                                              
                                                                                      
Zero Dividend Preference       £0.41    £0.53                                         
shares                                                                                
                                                                                      
Ordinary shares                  nil      Nil                                         

THE RESULTS FOR THE YEAR TO 31ST JULY 2003 ARE UNAUDITED AND DO NOT CONSTITUTE
STATUTORY ACCOUNTS UNDER THE COMPANIES ACT 1985. STATUTORY ACCOUNTS FOR THE
YEAR TO 31ST JULY 2003, ON WHICH THE AUDITORS WILL REPORT, WILL BE DELIVERED TO
THE REGISTRAR OF COMPANIES IN DUE COURSE.

ANNUAL REPORT AND ACCOUNTS

--------------------------

THE REPORT AND ACCOUNTS FOR THE YEAR TO 31ST JULY 2003 IS TO BE PUBLISHED AS AN
APPENDIX TO THE REPORT & ACCOUNTS OF GARTMORE BALANCED ASSETS TRUST PLC AND
WILL BE POSTED TO SHAREHOLDERS SHORTLY. COPIES WILL ALSO BE AVAILABLE FROM THE
REGISTERED OFFICE OF THE COMPANY: GARTMORE HOUSE, 8 FENCHURCH PLACE, LONDON
EC3M 4PB.

THE ANNUAL GENERAL MEETING FOR 2003 WILL BE HELD AT THE COMPANY'S REGISTERED
OFFICE ON MONDAY, 1ST DECEMBER 2003, AT 12.30 P.M

GARTMORE INVESTMENT LIMITED

SECRETARIES

23rd OCTOBER 2003


                                                                                                                               

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