Aram Resources PLC - Interim Results
10 4월 1998 - 1:42AM
UK Regulatory
RNS No 8726n
ARAM RESOURCES PLC
9th April 1998
Chairman's Statement
On behalf of the Board of Directors, I have pleasure in presenting the first
consolidated results of Aram Resources plc. The profit and loss account and
balance sheet that follow cover the period since the Company's incorporation
on 2 April 1997 and therefore include the results of Carnsew Quarry from that
date. The trading results of the Group, since its restructuring was completed
on 1 July 1997, are shown below. No comparative figures have been shown in
the statutory financial statements as, in the opinion of the directors, such
information would not be meaningful. This is because the Group did not trade
under its existing structure until 1 July 1997 and the business profile and
cost structure of the Group has significantly changed following the Company's
flotation on the Alternative Investment Market in September 1997 which raised
a total of #1,250,000 new money (before expenses) for the Company.
The results being presented represent an initial accounting period. As
indicated in the Company's prospectus issued at the time of flotation (the
Prospectus), the Company has adopted a 31 December year end, therefore its
first full set of published accounts will be in respect of the twelve months
ending 31 December 1998. Interim results in respect of the first six months
of that year will be announced in September.
Trading for the six months to 31 December 1997
Six months to
31 December 1997
#000
Turnover 1,202
Cost of sales (880)
______
Gross profit 322
Administrative expenses (212)
______
Operating profit 110
Net interest (109)
______
Profit on ordinary activities before taxation 1
______
Group turnover for the six months amounted to #1.2 million and was principally
derived from the Group's well established Carnsew Quarry. Operating profit
was #110,000, with profit before taxation amounting to #1,000. Your Directors
regard this as a satisfactory result given the inevitable diversion of
management time caused by the Company's flotation and the prolonged adverse
weather conditions experienced throughout the second half of November and
early December, which not only hampered existing production but delayed the
Company's investment programme. Despite these factors, sales of dry and
coated stone at Carnsew during the period were broadly in line with
expectations, while production at the West of England quarry commenced in line
with the management's plans.
Stocks were built up at both quarries. At Carnsew this was in the
anticipation that Cornwall County Council would be allocating substantial
additional road construction and maintenance funding to be spent prior to 5
April 1998 and at West of England, in order to supply the urgently needed
coastal defence works at Mousehole,Cornwall and contracts anticipated later in
1998. The Mousehole contract was satisfactorily supplied during January and
February 1998.
The construction of a concrete plant at Carnsew was delayed by not only the
severe weather in the latter part of the year, but also by the unexpected
departure of the quarry manager in November. These events also delayed the
production of bagged products. However, your Board is pleased to report that
a new manager has now been appointed for Carnsew's operations and concrete
production and bagging have now commenced. Your Board is also pleased to
report that planning consent for the creation of a waste recycling operation
at Carnsew.
As indicated in the Prospectus, the Directors are not recommending the payment
of an ordinary dividend in respect of this period.
Current trading.
During the first quarter of 1998 there has been an increase in turnover at
Carnsew of over 10% when compared with the same period last year.
Notwithstanding that the ready mixed concrete and bagging operations have yet
to make any significant contribution.
Whilst the prolonged and heavy rain in early January has resulted in a slow
start, both County Council road construction and maintenance and private
construction projects are now taking advantage of improved weather conditions
and, in regard to the County work, by the anticipated increase in expenditure.
At the West of England quarry, the Mousehole contract was fulfilled and stocks
have been built up for the anticipated sea defence contracts later this year.
The first of these is to supply a Southern Water waste water scheme at Ventnor
on the Isle of Wight and this has now been awarded to your Company by the main
contractor, Christiani & Nielson Limited.
The grant application referred to in the Prospectus has now been submitted and
the outcome of this is expected to be known during the course of June.
A small (650 tonne) coaster, the MV Arena has been purchased by your company
in order to service its proposed wharves along the South Coast of England, the
first two of which are anticipated to be in operation before the end of this
year.
New Head Office appointments.
We are pleased to welcome Mr Darryl Whitehead to your Board of Directors as a
non-executive director. Mr Whitehead was previously a national partner of
Grant Thornton, with whom he spent some twenty years.
We are also pleased to announce that Mr Clive Scott has been appointed as
Financial Controller to your Company. Mr Scott is a Chartered Management
Accountant and joins us following five years with the T I Group plc, where his
final appointment was as Vice-President for a Canadian subsidiary of that
group.
These two appointments will greatly enhance the financial strength of your
Company's management team.
Outlook.
In Cornwall trade is currently buoyant with the increasing enquiry levels for
both dry and coated stone and concrete. The contract for the construction of
the St Austell North East Distributor Road will be awarded shortly which, by
itself, requires over #0.5 million of dry and coated materials. The
construction of the Eden Garden Project near St Austell is expected to
commence later this year and is likely to require over 30,000 tonnes of dry
and coated stone as well as substantial quantities of concrete.
The severe weather in the early part of 1998 and the resulting coastal damage
served to re-emphasise the need for improved sea defences and your Board is
confident that your Company is well placed to benefit from any proposed new
works along the South Coast.
Whilst it is too early to forecast the result for 1998, the level of market
activity and enquiries being received by the Company means that your Board is
cautiously optimistic about the outlook for the year.
People:
I would like to take this opportunity to thank all the Company's staff and
management for their hard work and dedication during an extremely busy period
which included the Company's successful admission to the Alternative
Investment Market. I look forward to working with the team in 1998 which I am
sure will be a year of further challenge and opportunity for the company and
its employees.
Giles Nixon
Chairman
April 1998
Aram Resources plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the period ended 31 December 1997
Nine months to
31 December 1997
#
Turnover 1,759,259
Cost of sales (1,317,487)
_________
Gross profit 441,772
Administrative expenses (246,928)
_________
Operating profit 194,844
Net interest (169,359)
_________
Profit on ordinary activities before taxation 25,485
Tax on profit on ordinary activities (22,000)
_________
Profit for the financial period 3,485
Dividends
Non-equity (14,647)
________
Loss transferred from reserves (11,162)
________
Loss per share (0.23p)
________
ARAM RESOURCES PLC
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 1997
1997
#
Fixed assets
Tangible assets 2,924,435
Current assets
Stocks 526,079
Debtors 225,721
Cash at bank and in hand 720,368
_________
1,472,168
Creditors: amounts falling due within one year (1,492,808)
_________
Net current liabilities (20,640)
_________
Total assets less current liabilities 2,903,795
Creditors: amounts falling due after
more than one year (1,623,943)
_________
1,279,852
_________
Capital and reserves
Called up share capital 963,500
Share premium account 44,337
Profit and loss account 272,015
_________
Shareholders funds 1,279,852
_________
Notes:
1. The figures in this Report are abridged from the initial accounts of the
Company for the period ended 31 December 1997 which carry an unqualified audit
report and which have been delivered to the Registrar of Companies.
2. The calculation of earnings per ordinary share is based on the loss for
the financial period of #11,162, which is after deducting preference dividends
of #14,647 and on a weighted average number of ordinary shares of 4,917,000 in
issue during the period.
3. A copy of this Report is being sent to shareholders. Additional copies of
this Report and the initial accounts are available from the Company's
registered office, 123 Promenade, Cheltenham, Gloucestershire GL50 1NW.
END
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