Interim Results - Replacement
06 1월 2001 - 2:35AM
UK Regulatory
RNS Number:8183W
Creston PLC
5 January 2001
Creston plc ("the Company") - Correction to the Interim Report
The Company released its Interim Report on 2 January 2001 at 9.11am through
the Regulatory News Services (RNS No. 5344W). The following amendments have
been made to the text of the released Interim Report:
1. Chairman's Statement -
In the first paragraph the reference to:
"special dividends amounting to 68.5p"
should have read:
"special dividends amounting to 67p".
2. Chairman's Statement -
In the third paragraph the reference to:
"(six months 31 December 1999 - Loss #5,416,000)"
should have read:
"(six months 31 December 1999 - Loss #5,410,000)"
3. Note 4 of the Interim Report - Cash and Liquid Resources
The table in this paragraph should be restated as follows:-
" At
At 30 September
1 April 2000 Cash Flow 2000
#'000 #'000 #'000
Cash at bank and in hand 629 (154) 475
Short term treasury deposits 12,950 (3,440) 9,510
13,579 (3,594) 9,985
"
In the released Interim Report the figures for "Cash at bank and in
hand" in the above table in the first and third columns were omitted.
Copies of the Interim Report which were posted to shareholders on 2 January
2001 are correct and contain the above amendments. The full text of the
correct Interim Report is set out below:
Creston plc
INTERIM REPORT FOR THE SIX MONTH PERIOD TO 30 SEPTEMBER 2000
CHAIRMAN'S STATEMENT
During the six months ended 30 September 2000 your Board continued to consider
its two options of returning the maximum possible cash to shareholders or
setting your company along a new strategic direction. The property portfolio
was sold in March 2000, special dividends amounting to 67p per ordinary share
have already been paid in cash and the shares in Industrial & Commercial
Holding plc, which held Creston's one remaining investment property, have been
distributed to shareholders in specie.
Your Board was also pleased to announce on the 20 December that Creston had
sold all of its interest in its subsidiaries for #2,867,306 payable in cash.
The disposal will result in a group profit on disposal not exceeding #78,000.
Your Board is convinced that this transaction is in the best interest of
Creston as it will allow your directors to concentrate on the present and
future rather than worrying about the Creston's past as a property company.
The results for the six months ended 30 September 2000 show a modest profit
before tax of #47,000 (six months 31 December 1999 - Loss #5,410,000). The
only major transaction was the completion of the sale of one property in
Telford. This was part of the portfolio of properties sold to Ashtenne
Holdings plc, but because of special conditions attaching to the sale
completion Creston was unable to account for the transaction in its accounts
to the 31 March 2000.
After careful consideration, your Board has decided that a neither a capital
reorganisation nor liquidation, which would be necessary to return further
cash to shareholders, could be implemented either expeditiously or cheaply and
as a result is not in the best interests of shareholders. Consequently your
Board has been engaged in a search for suitable acquisitions setting your
company along a new strategic path. It is your Board's hope that they will be
able to announce such an acquisition shortly.
.
DAVID MARSHALL
Chairman
29 December 2000
Creston plc
GROUP PROFIT AND LOSS ACCOUNT
Audited six Unaudited six Audited nine
months to 30 months to 31 months to 31
September 2000 December 1999 March
2000
#'000 #'000 #'000
Turnover 1,333 2,876 5,037
Cost of sales (1,200) (765) (2,282)
Gross profit 133 2,111 2,755
Administrative expenses (402) (824) (1,127)
Operating (loss)/profit (269) 1,287 1,628
Loss on disposal of investment - 353 (174)
properties
Exceptional losses arising from - (4,833) (4,322)
disposal of property portfolio
Exceptional costs arising on - (458) (444)
closure of property operations
Loss on ordinary activities (269) (3,651) (3,312)
before interest
Net interest receivable/ 316 (1,759) (1,942)
(payable)
Profit/(loss) on ordinary 47 (5,410) (5,254)
activities before tax
Tax - - -
Profit/(loss) for the period 47 (5,410) (5,254)
Dividends - (6) (6,581)
Retained profit/(loss) for the 47 (5,416) (11,835)
period
Basic earnings/(loss) per share 0.5p (61.6p) (59.2p)
Creston plc
GROUP BALANCE SHEET
Audited at Unaudited at 31 Audited
30 December 1999 at
September 31 March
2000 2000
#'000 #'000 #'000
Fixed assets
Investment properties 86 35,248 1,086
Other tangible assets 3 24 12
89 35,272 1,098
Current assets
Stocks - 2,665 1,200
Debtors 2,434 895 2,385
Cash at bank and in hand 9,985 119 13,579
12,419 3,679 17,164
Creditors - amounts falling due (4,154) (5,098) (10,038)
within one year
Net current assets 8,265 (1,419) 7,126
Total assets less current liabilities 8,354 33,853 8,224
Creditors - amounts falling due after - (20,037) -
more than one year
Net assets 8,354 13,816 8,224
Capital and reserves
Called up share capital 960 890 952
Share premium account 3,490 2,620 3,415
Revaluation reserve - 7,019 -
Special reserve 2,385 1,591 2,385
Other reserve 1,385 1,562 1,385
Capital redemption reserve 72 72 72
Profit and loss account 62 62 15
Shareholders' funds 8,354 13,816 8,224
Creston plc
GROUP CASHFLOW
Audited to Unaudited to 31 Audited
30 December 1999 to
September 31
2000 March
2000
#'000 #'000 #'000
Net cashflow from operating activities (1,454) (578) 2,327
Returns on investments and servicing of finance
Net interest received/(paid) 316 (1,759) (1,767)
Exceptional costs paid relating to - - (1,085)
redemption of loans 316 (1,759) (2,852)
Capital expenditure and financial investment
Additions to investment properties - - (2,042)
Sale of investment properties 1,000 1,850 34,831
Sale of plant, vehicles and equipment - - 7
1,000 1,850 32,796
Equity dividends paid (3,456) (262) (268)
Management of liquid resources 3,440 - (12,950)
Net cash (outflow)/inflow before (154) (749) 19,053
financing
Financing
Issue of share capital 83 101 158
Repayment of loans - - (19,349)
Repurchase of 6% convertible redeemable (83) - -
unsecured loanstock
Net cash inflow/(outflow) from financing - 101 (19,191)
Decrease in cash (154) (648) (138)
Creston plc
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Audited to Unaudited to 31 Audited
30 December 1999 to
September 31
2000 March
2000
#'000 #'000 #'000
Profit/(loss) for the financial period 47 (5,410) (5,254)
Unrealised surplus on revaluation of - 1,229 1,229
properties
Prior period revaluation charged to - 1,637 1,784
profit and loss account in period
Total recognised gains and losses for the 47 (2,544) (2,241)
period
NOTES TO THE INTERIM REPORT
1. BASIS OF PREPARATION
The principal accounting policies of the group are set out in the group's
2000 annual report and financial statements. The policies have remained
unchanged from the previous annual report.
2 DIVIDENDS
Audited to Unaudited to Audited to
30 September 31 December 31 March
2000 1999 2000
#'000 #'000 #'000
Additional dividend charge
relating to 1999 final dividend
of 3p per share - 6 6
Special dividend paid
5 May 2000 of 36p
per share - - 3,456
Proposed final dividend
32.5p per share - - 3,119
- 6 6,581
3. EARNINGS/(LOSS) PER SHARE
The calculation of the basis earnings/(loss) per share is based on the
profit/(loss) attributable to ordinary shareholders divided by the
weighted average number of shares in issue for each period.
4. CASH AND LIQUID RESOURCES
At 1 April 2000 Cash flow At 30
September
2000
#'000 #'000 #'000
Cash at bank and in hand 629 (154) 475
Short term treasury deposits 12,950 (3,440) 9,510
13,579 (3,594) 9,985
Liquid resources comprise short term treasury deposits of less than one
month.
5. POST BALANCE SHEET EVENTS
Following the period end the shares of Industrial & Commercial Holdings
plc ("ICH") were distributed to Creston Shareholders, in the form of a
dividend in specie, on the basis of one share in ICH for every share held
in Creston.
On 20 December 2000 Creston sold a number of its subsidiaries for a cash
consideration of #2,867,306. The directors estimate that this transaction
will result in a profit on disposal not exceeding #78,000.
6. COPIES OF THE INTERIM STATEMENT
Copies of the interim statement will be sent to shareholders. Further
copies will be available from the company's registered office for the next
14 days.
7. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this interim report does not
constitute statutory accounts as defined in Section 240 of the
Companies Act 1985.
The financial information for the period ended 31 March 2000 has been
extracted from the Group's statutory accounts for that period which
contained an unqualified audit report and which have been filed with
the Registrar of Companies.
The financial information for the period ended 30 September 2000 has
been extracted from non-statutory interim financial statements for
that period which have been audited by the Company's auditors. The
auditors' report, which was addressed to the directors of Creston plc,
was unqualified.
5 January 2001
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