Final Results
28 6월 2001 - 11:25PM
UK Regulatory
RNS Number:0550G
Highway Capital PLC
28 June 2001
Chairman's Statement
In the circular sent to shareholders on 29 December 2000, the independent
directors expressed concern at the inconsistent trading performance of the
Superframe group and its inability to expand whether organically or by
acquisition. Accordingly the independent directors concluded that a sale of
Superframe Limited would provide the opportunity to the Company to pursue
other areas of commercial activity with the object of enhancing shareholder
value. At the Extraordinary General Meeting held on 24 January 2001
shareholders approved the proposals and the sale of Superframe Limited was
completed on that date.
The Company's results for the 14 months ended 28 February 2001 show a profit
before tax of #507,960. This figure includes the profit of #387,993 generated
from the sale of Superframe Limited.
All proceeds from the sale have been received and at 28 February 2001 the
Company had #1.1 million of cash on deposit.
The Company is now effectively a cash shell and as such is seeking suitable
acquisitions. Your directors are in the process of searching for a suitable
business.
Dominic Wheatley
Chairman
Dividends
An interim dividend of 0.5p per share was paid on 1 December 2000. The
Directors do not recommend the payment of a final dividend for the period.
Profit and Loss Account
14 months ended Year ended
28 February 2001 31 December 1999
(unaudited) (audited)
# #
Management fees
- 93,000
Administration expenses (99,907) (56,333)
Operating profit/(loss) (99,907) 36,667
Profit on disposal of subsidiaries 387,993 -
Income from fixed asset investments 215,436 79,456
Interest receivable 4,438 -
Profit on ordinary activities before taxation 507,960 116,123
Tax on profit on ordinary activities 7,424 (7,424)
Profit for the financial period 515,384 108,699
Dividends (39,728) (79,456)
Retained profit for the financial period 475,656 29,243
Earnings per share 6.49p 1.37p
Discontinued operations:
On 24 January 2001 the Company disposed of its trading subsidiary, Superframe
Limited, and its dormant subsidiary, Retail Rescue Limited.
Total recognised gains and losses:
The Company has no recognised gains or losses other than the profit or loss
for the above two financial periods.
Balance Sheet
28 February 2001 31 December 1999
(unaudited) (audited)
# #
Fixed assets
Investments - 132,028
Current assets
Debtors 9,484 525,888
Cash at bank and in hand 1,132,633 -
1,142,117 525,888
Creditors: amounts falling due within one (55,698) (47,153)
year
Net current assets 1,086,419 478,735
Net assets 1,086,419 610,763
Capital and reserves
Share capital 158,913 158,913
Share premium 295,437 295,437
Profit and loss account 632,069 156,413
Total equity shareholders' funds 1,086,419 610,763
Cash Flow Statement
14 months
ended Year ended
28 February 31 December
2001 1999
(unaudited) (audited)
# #
Net cash inflow from operating activities
479,618 50,268
Returns on investments and servicing of finance
Dividends received 215,436 79,456
Interest received 4,438 -
Net cash inflow from returns on investments and
servicing of finance 219,874 79,456
Taxation
Corporation tax (7,424) (10,540)
Acquisitions and disposals
Sale of subsidiary undertakings 520,021 -
Net cash inflow from acquisitions and disposals 520,021 -
Equity dividends paid (79,456) (119,184)
Increase in cash 1,132,633 -
Notes
Basis of preparation:
The preliminary results have been prepared under the historical cost
convention and in accordance with applicable accounting standards. The
financial information set out above does not comprise statutory accounts for
the purpose of section 240 of the Companies Act 1985. The information for the
year ended 31 December 1999 has been extracted from the statutory accounts
which carried an unqualified audit report and did not contain any statement
under section 237(2) or (3) of the Companies Act 1985. The statutory accounts
for the year ended 31 December 1999 have been delivered to the Registrar of
Companies. The auditors are expected to give an unqualified opinion on the
accounts for the period ended 28 February 2001. The statutory accounts for the
period ended 28 February 2001 will be delivered to the Registrar of Companies
following the Annual General Meeting.
The Company disposed of its two subsidiary undertakings, Superframe Limited
and Retail Rescue Limited, on 24 January 2001. At 28 February 2001 the Company
was a stand-alone company and is therefore not required to prepare
consolidated financial statements for the 14 month period ended 28 February
2001. The financial information set out above relates only to the Company
itself.
Earnings per share:
The earnings per share calculation has been based on the profit attributable
to shareholders divided by 7,945,638 (1999: 7,945,638) being the average of
the issued share capital during the year.
28 June 2001
Highway Capital (LSE:HWC)
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Highway Capital (LSE:HWC)
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