RNS Number:3262K
Aram Resources PLC
10 May 2000
ARAM RESOURCES ANNOUNCES A YEAR OF GROWTH
Aram Resources plc ("Aram") the AIM listed wharfing, manufacturing concrete
and coated macadams and quarrying company announces preliminary results for
the year ended 31 December 1999.
Key Points:
* Turnover increased to #4.72 million (#3.2 million)
* Earnings per share 5.70 (6.01p)
* Dividend maintained at 2p per ordinary share
* Seven wharves secured and two coating plants commissioned
* #2 million capital programme of larger jetty at West of England Quarry
completed
* Prospectus strategy of 1997 moving ahead rapidly.
Commenting on the Results, Giles Nixon, Chairman, said:
"The development of Aram's quarry units and associated satellite plants is a
long term business and it is with pleasure that I can report we have brought
to realisation a number of our planned objectives and developments earlier
than forecast in our prospectus of 1997.
Our current focus is directed at finalising our new sites for production and
thus into generating profits which will lead to enhanced returns for our
shareholders. We will continue to actively examine other trading
opportunities which occur, especially where our wharves and ship movements can
be involved".
Chairman's Statement
Once again I am pleased to report a year of progress and achievement for the
period ending December 1999. Operating profits for this period were #723,000
(1998: #667,000) on sales of #4,722,000 (1998: 3,226,000) with a profit before
taxation of #365,000 (1998: #363,000). The figures for this year carry the
necessary and anticipated rise in administrative costs in the second half of
1999. The increases relate to the cost of establishing the Company at our
wharf locations, and in the provision of management and staff at these
locations in order to bring them into production and profit as they are opened
during the rest of this year and next.
The Board is recommending a final dividend of 1p per share which, if approved,
will be paid on 23 June 2000 to registered shareholders at the close of
business on 26 May 2000. The proposed dividend together with the interim
dividend of 1p brings the total dividend in respect of the year to 2p per
share, the same as for 1998.
Since the Interim Statement for 1999, we have completed the #2m expansion
programme to extend the wharf at our West of England Quarry, and we now have a
wharf which can receive vessels up to 4,500 tonne capacity. This transforms
the quarry's sea borne operating ability and is a major step forward for the
Company.
Progress has also been made at our Runcorn satellite location where we have
commissioned a new asphalt coating plant and we continue to work on the other
sites which were secured before the end of last year. At Carnsew quarry in
Cornwall, we have submitted a planning application together with a full
environmental survey for development of a landfill operation for domestic
waste the southern half of the first part of the quarry. This new business
will not interfere with the ongoing quarrying and processing of granite at
Carnsew.
In the last Interim Report I mentioned securing an environmentally sustainable
aggregate source from steelworks in Belgium and France. This gives Aram
significant advantages at our satellite plants on the South Coast of England.
The materials are exempt from aggregate tax imposed in the last Budget
Statement which comes into force on April 20 next year.
At Carnsew, currently our most productive quarry, an excellent year was
achieved with record results once again. This well established freehold
quarry has in excess of 50 years of recoverable reserves with planning consent
and it is confidently expected to see a further increase in its output as
additional markets are still available to it.
West of England Quarry will install a crushing and screening plants during the
course of this year, and the first cargoes will be shipped by sea in June of
this year. These materials will be delivered to our own wharves for
value-added processing. West of England Quarry owns freehold land and
consented recoverable reserves in excess of 50 years at current output levels.
In the resolution section of this Annual Report there is a reference to the
sale and leaseback arrangement of our Plymouth wharf. This sale has provided
both profit and additional working financial resources for our expanding
investment programme.
People
It has been an extremely active year for all concerned and I would like to
thank all our staff for their dedicated efforts in ensuring our strategies are
successful.
During the past months Clive Scott, who joined Aram as Financial Controller in
1998 and who became a director in June 1999, received an attractive offer from
another employer and left the company in December. We wish him well. I am
pleased to report that in March we recruited Ray Smart, formerly with our
auditors, Grant Thornton, as financial controller. Ray has wide commercial
experience and we are delighted to welcome him to Aram.
During the year we have strengthened the management team at all levels and
this, together with our systems which are being expanded and developed, will
enable us to meet the trading demands of our wider geographical location and
markets more efficiently.
I am also pleased to report that my fellow non-executive directors, Ted Dilley
and Bob Carlton-Porter, are currently engaged in ensuring that appropriate
funding is available for our future development plans to enable our defined
strategy to be fully achieved. Currently our loans and hire purchase
contracts represent 26.7 per cent. of our total assets.
Outlook
Trading for the first part of 2000 has shown new highs in the demand for our
quarry materials and trading to date is standing at some 18.4 per cent. higher
than the same period for 1999.
The development of Aram's quarry units and associated satellite plants is a
long term business and it is with some pleasure that I can report we have
brought to realisation a number of our planned objectives and developments
earlier than forecast in our Prospectus of 1997.
Our current focus is directed at finalising our new sites for production and
thus into generating the profits which will lead to enhanced returns to
shareholders. We will continue to actively examine other trading
opportunities which occur, especially where our wharves and ship movements can
be involved.
Giles Nixon
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 December 1999
1999 1998
# #
Turnover 4,722,255 3,225,607
Cost of sales (3,219,654) (2,038,253)
--------- ---------
Gross profit 1,502,601 1,187,354
Administrative expenses (779,123) (520,588)
--------- ---------
Operating profit 723,478 666,766
Net interest (358,173) (303,342)
--------- ---------
Profit on ordinary activities before taxation 365,305 363,424
Tax on profit on ordinary activities - -
--------- ---------
Profit for the financial year 365,305 363,424
Dividends (170,500) (157,000)
--------- ---------
Profit transferred to reserves 194,805 206,424
--------- ---------
Basic earnings per share 5.70p 6.01p
Diluted earnings per share 5.64p 6.01p
========= =========
CONSOLIDATED BALANCE SHEET
at 31 December 1999
1999 1998
# #
Fixed assets
Negative goodwill (1,805,534) -
Tangible assets 26,073,803 19,591,491
---------- ----------
24,268,269 19,591,491
Current assets
Stocks 1,754,327 1,732,466
Debtors 1,010,339 463,227
Cash at bank and in hand 3,526 408,598
---------- ----------
2,768,192 2,604,291
Creditors: amounts falling due within one year (3,382,362) (2,537,141)
---------- ----------
Net current (liabilities)/assets (614,170) 67,150
---------- ----------
Total assets less current liabilities 23,654,099 19,658,641
Creditors: amounts falling due after more than
one year (5,392,860) (3,519,142)
Provisions for liabilities and charges
Deferred income (751,419) -
---------- ----------
17,509,820 16,139,499
========== ==========
Capital and reserves
Called up share capital 968,000 963,500
Share premium account 552,228 31,212
Revaluation reserve 15,316,348 14,666,348
Profit and loss account 673,244 478,439
---------- ----------
17,509,820 16,139,499
========== ==========
Shareholders' funds
Equity shareholders funds 16,597,820 15,227,499
Non-equity shareholders funds:
- Convertible preference shares 900,000 900,000
- Deferred shares 12,000 12,000
---------- ----------
17,509,820 16,139,499
========== ==========
Notes:
1. Earnings per share
The figures for earnings per share are calculated on earnings attributable
to ordinary shareholders of #311,305 (1998: #309,424). The basic
earnings per share calculation is based on a weighted average number of
ordinary shares of 1p each in issue during the year of 5,465,616 (1998:
5,150,000).
2. The results contained in this preliminary statement do not constitute
statutory accounts as defined in section 240 of the Companies Act 1985,
but have been extracted from the statutory accounts for the financial year
ended 31 December 1999. Comparative information is extracted from the
statutory accounts for the financial year ended 31 December 1998, which
have been delivered to the Registrar of Companies with an unqualified
audit report thereon.
3. The financial statements for the year ended 31 December 1999 will be
posted to shareholders today and filed with the Registrar of Companies in
due course.
END
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