RNS Number:5819T
Aram Resources PLC
3 November 2000
ARAM RESOURCES PLC ("Aram" or "the Company")
Interim Results for the six months ended 30 June 2000
Chairman's Statement
I am pleased to report on another six months of progress to 30 June 2000. Our
quarry at Carnsew, supplying aggregate, blacktop and ready mixed concrete,
which has been the core of our profitability since listing, has now been
joined by contributions from Runcorn, and in the last few months from Irlam,
Newhaven and Penrhyn sites and shipments from the West of England Quarry.
This currently leaves us four wharves to bring on stream at Southampton,
Portland, Truro and Plymouth, which we intend to undertake during 2001.
Despite the substantial costs of preparatory works and overheads on these new
sites, we have achieved an operating profit of #277,000 against #336,000 in
the first half of 1999, on sales of #2,123,000. Profit before taxation was
#155,000 against #123,000 in the same period last year. In this period of
expansion your Board does not consider it appropriate to recommend an interim
dividend.
Tangible fixed assets increased to #28,147,000 from #26,074,000 at the end of
1999, principally as a result of the further development of our wharves.
Total net assets increased to #17,693,000 from #17,509,000 at the end of 1999.
Since we wrote to you in May, our satellite coating plant at Newhaven has
become fully operational. We have leased a jetty at Penrhyn, North Wales to
distribute Welsh slate and other minerals to wider markets. Following
completion of construction works at West of England, we are now loading ships
for supplies to our own wharves and are building up capacity to supply markets
in Europe. Enquiries from European customers indicate that the European
market will have demand for substantial tonnages building up over the next two
years which would necessitate the installation of plant capable of 2 million
tonnes per annum processing. The planning permission to utilise the void
space created by our operations in the first part of Carnsew Quarry as a
landfill site is following its course and I hope to report on the outcome in
my next report.
Outlook
With plans for developing our sites at Southampton, Plymouth, Portland and
Truro where sites are secured, and installing increased crushing capacity at
West of England, we have a full programme of works in hand to allow our longer
term strategy to come to fruition. Whilst sales in the third quarter of 2000
were adversely affected by the wet weather, we are encouraged by current
demand for our products and anticipate good order levels at all sites for the
rest of the year and thereafter, in part, due to the Government's commitments
regarding road improvements.
People
May I close by thanking all our staff for their efforts over the year to date.
I would like to also express the Company's grateful thanks to Giles Nixon
whose retirement from the Board was announced in September. Giles'
considerable contribution to Aram and the industry, over 40 years, has
benefited us and we wish him well in his retirement.
E C DILLEY
Chairman
3 November 2000
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 June 2000
Note 6 months to 6 months to Year to
30 June 2000 30 June 1999 31 December
1999
#000's #000's #000's
Turnover 1 2,123 1,767 4,722
Cost of sales (1,634) (1,209) (3,220)
Gross profit 489 558 1,502
Administrative
expenses (473) (222) (779)
Exceptional income 2 261 - -
Operating profit 277 336 723
Net interest (122) (213) (358)
Profit on ordinary
activities before taxation 155 123 365
Tax on profit on ordinary
activities - - -
Profit for the financial
year 155 123 365
Dividends: equity (27) (27) (117)
non-equity - (56) (54)
Profit transferred to
reserves 128 40 194
Basic earnings per
share 3 2.27p 2.95p 5.70p
Diluted earnings per
share 3 2.21p 2.95p 5.64p
UNAUDITED CONSOLIDATED BALANCE SHEET AT 30 JUNE 2000
Note 30 June 2000 30 June 1999 31 December
1999
#000's #000's #000's
Fixed assets
Negative goodwill (1,806) - (1,806)
Tangible assets 28,147 19,854 26,074
26,341 19,854 24,268
Current assets
Stocks 1,721 1,955 1,754
Debtors 930 623 1,010
Cash at bank and in hand 1 13 3
2,652 2,591 2,767
Creditors: amounts falling
due within one year (3,560) (3,028) (3,382)
Net current liabilities (908) (437) (615)
Total assets less current
liabilities 25,433 19,417 23,653
Creditors: amounts falling
due after more than one year (6,788) (3,238) (5,393)
Provisions for liabilities and charges
Deferred income (952) - (751)
17,693 16,179 17,509
Capital and reserves
Called up share capital 968 964 968
Share premium account 608 31 552
Revaluation reserve 15,316 14,666 15,316
Profit and loss account 801 518 673
4 17,693 16,179 17,509
Shareholders' funds
Equity shareholders funds 16,781 15,267 16,597
Non-equity shareholders funds:
Convertible preference shares 900 900 900
Deferred shares 12 12 12
17,693 16,179 17,509
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2000
Note 6 months to 6 months to Year to
30 June 2000 30 June 1999 31 December
1999
#000's #000's #000's
Net cash inflow from
operating activities 5 1,784 444 1,865
Returns on investments
and servicing of finance
Net interest paid (194) (213) (412)
Non equity dividend paid (27) (27) (54)
Net cash outflow from
returns on investments
and servicing of finance (221) (240) (466)
Capital expenditure and
financial investment
Purchase of tangible
fixed assets (1,775) (263) (2,879)
Sale of tangible fixed assets 593 - 167
Net cash outflow from
capital expenditure and
financial investment (1,182) (263) (2,712)
Equity dividend paid (56) (56) (112)
Acquisitions
Purchase of subsidiary
undertaking - - (189)
Net overdraft of subsidiary - - (251)
Net cash outflow from acquisitions - - (440)
Financing
Receipts from issue of shares 56 - -
Receipts from borrowings - - 4,000
Repayments of borrowings 6 (314) (200) (1,861)
Capital element of finance
lease rentals 6 (344) (81) (360)
Expenses paid in
connection with share issues - - (15)
Net cash (outflow)/
inflow from financing (602) (281) 1,764
Decrease in cash (277) (396) (101)
NOTES TO THE UNAUDITED INTERIM RESULTS
1 TURNOVER AND PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
The turnover and profit on ordinary activities before taxation are
attributable to wharfing, manufacturing concrete and coated macadams and
quarrying all within the UK.
2 EXCEPTIONAL INCOME
Exceptional income represents the profit on disposal of the freehold of one of
the Company's wharf sites as previously disclosed. The site is now secured on
a long lease.
3 EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the year.
Reconciliation of the earnings and weighted average number of shares used in
the calculations are set out below:
6 months to 6 months to
30 June 2000 30 June 1999
Earnings Weighted Per share Earnings Weighted Per Share
# average amount # average amount
number pence number pence
of shares of shares
Basic Earnings
per share
Profit attributable
to shareholders 154,576 179,000
Less preference
dividends (27,000) (27,000)
Earnings attributable
to ordinary
shareholders 127,576 5,612,500 2.27 152,000 5,150,000 2.95
Dilutive effect of securities
Options - 161,318 - 8,246
Diluted Earnings
per share 127,576 5,773,818 2.21 152,000 5,158,246 2.95
4 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
6 months to 6 months to Year to
30 June 30 June 31 December
2000 1999 1999
#000's #000's #000's
Profit for the
financial period 155 123 365
Dividends (27) (83) (171)
Revaluation of fixed assets - - 650
Issue of shares 56 - 540
Share issue costs - - (14)
184 40 1,370
Shareholders' funds at
beginning of period 17,509 16,139 16,139
Shareholders' funds at
end of period 17,693 16,179 17,509
5 RECONCILIATION OF NET CASH INFLOW FROM OPERATING ACTIVITIES
6 months to 6 months to Year to
30 June 2000 30 June 1999 31 December
1999
#000's #000's #000's
Operating profit 277 336 723
Depreciation 228 197 407
Settlement income - (70) (70)
Exceptional income 261 - -
Decrease/(increase) in stocks 33 (223) (22)
Decrease/(increase) in debtors 80 (160) (511)
Increase in creditors 905 364 1,337
1,784 444 1,865
6 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
6 months to 6 months to Year to
30 June 2000 30 June 1999 31 December
1999
#000's #000's #000's
Decrease in cash in
the period (277) (396) (101)
Cash outflow/(inflow)
from financing in the period 314 200 (2,139)
Cash outflow from finance
leases in the period 344 81 360
Change in net debt
resulting from cash flows 381 (115) (1,879)
Inception of finance
leases and similar hire
purchase contracts (1,380) - (707)
Movement in net debt
in the period (999) (115) (2,587)
Net debt at 1 January (7,588) (5,001) (5,001)
Net debt at end of period (8,587) (5,116) (7,588)
7 BASIS OF PREPARATION
The interim results are unaudited and have been prepared on the basis of the
accounting policies set out in the Company's 1999 statutory accounts. The
financial information for the six months to 30 June 1999 has been extracted
from the financial statements for the year ended 31 December 1999. These
accounts, upon which the auditors expressed an unqualified opinion, have been
delivered to the Registrar of Companies.
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