Worldsec Ld - Final Results
15 6월 2000 - 10:13PM
UK Regulatory
RNS Number:3177M
Worldsec Ld
15 June 2000
Worldsec Limited
Preliminary Statement of Annual Results
Worldsec Limited is pleased to release today its preliminary statement of annual
results for the year ended 31 December 1999.
The directors do not recommend the payment of a dividend.
The Chairman's Statement and extracts from the annual financial statements are
reproduced below. The results have been agreed with the Company's auditors,
Deloitte Touche Tohmatsu, Certified Public Accountants, Hong Kong.
Investor Relations
For further information please contact:
In the United Kingdom In Hong Kong
Mr Alastair Gunn-Forbes Mr Paul K K Cheng
Director Chief Operating Officer and Finance Director
+44 207 972 0880 +852 2867 7213
CHAIRMAN'S STATEMENT
RESULTS
The audited consolidated profit after taxation and minority interests of the
Company was US$1.35m (1998: loss of US$3.73m).
Earnings per share based on the weighted average number of shares in issue
during the year amounted to US 10 cents (1998: loss per share of US 29 cents).
THE YEAR IN REVIEW
Asia equity markets staged a strong recovery as a result of cuts in U.S.
interest rates in the autumn of 1998 together with evidence of economic recovery
in the regional economies. At the forefront of recovery were those countries
that were able to capitalise on stronger export demand, particularly South Korea
and Taiwan whose exports were buoyed by the cyclical recovery in the electronics
sector. In other Asian economies less exposed to the upturn in exports,
governments pursued reflationary policies. Easier liquidity resulting from low
interest rates and the accumulation of current account surpluses provided a
favourable backdrop for Asian equity markets in 1999.
In the aftermath of the Asian currency crisis, and particularly following the
collapse of one of Asia's largest financial services group in early 1998, the
compliance department at many institutional investors declined to deal with
smaller Asian brokerage firms. As a result we did not benefit from recovery in
trading volumes. In spite of the above difficulties we returned to
profitability last year as a result of a determined policy to reduce costs -
primarily staff costs.
PROSPECTS
Volatility which has been a feature of the regional stock markets since the
start of the Asian currency crisis has continued into the current year. This
was most notable in the performance of "new economy" stocks which attracted
significant retail participation. This euphoria provided a temporary boost to
our Hong Kong retail business.
The trend in U.S. interest rates will remain a major influence on the valuation
of Asian stock markets. We expect economic growth in the U.S. will moderate to
a sustainable level without the need for further significant increases in
interest rates. We also look for continued recovery in Europe as its exports
benefit from the weakness of the Euro and as its domestic demand improves. If
Japan could sustain economic recovery and assuming China's accession into the
World Trade Organisation one could be positive about Asia's prospects,
particularly those of Hong Kong.
However, as economic recovery in Asia has been export led we continue to monitor
closely the expected slowdown in the U.S. as it affects those industries that
have been at the forefront of the Asian recovery. Another worry will be the
reduction in corporate profitability on Wall Street and its effect on our
markets. In spite of these very real concerns we expect the flows of global
liquidity to favour our region towards the end of the year.
We have previously informed shareholders that a number of parties have
approached us with an interest in investing in Worldsec. Such discussions are
on-going.
David Archibald Evelyn Lyle
Non-Executive Chairman
15 June 2000
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 1999
Year ended 31 December
Notes 1999 1998
US$'000 US$'000
Turnover 1 15,792 18,539
Fees and commissions payable (4,135) (2,559)
11,657 15,980
Other operating income 2,682 1,326
14,339 17,306
Staff costs (8,089) (12,033)
Provision for doubtful receivables - (1,148)
Provision for offices downsizing - (921)
Other operating costs (5,099) (6,827)
Operating profit/(loss) 1 1,151 (3,623)
Gain on disposal of a subsidiary - 43
Interest receivable and similar income 769 1,341
Interest payable and similar charges (458) (1,167)
Profit/(loss) on ordinary activities
before taxation 1,462 (3,406)
Tax on profit on ordinary activities 2 (119) (260)
Profit/(loss) for the year before
minority interest 1,343 (3,666)
Equity minority interest 3 (67)
Profit/(loss) for the financial year 1,346 (3,733)
Earnings/(loss) per share 3 10 cents (29) cents
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 1999
1999 1998
US$'000 US$'000
Fixed assets
Tangible fixed assets 1,181 1,526
Investments 5,203 5,041
Purchased goodwill 986 1,183
7,370 7,750
Current assets
Debtors 35,728 11,883
Bank deposits and cash 42,639 47,612
78,367 59,495
Creditors: Amounts falling due within
one year (53,298) (36,213)
Net current assets 25,069 23,282
Total assets less current liabilities 32,439 31,032
Provisions for liabilities and charges (32) (30)
Equity minority interest (7) (10)
Net assets 32,400 30,992
Capital and reserves
Called up share capital 13,367 13,367
Share premium 11,664 11,664
Special reserve 625 625
Profit and loss account 5,323 3,977
Revaluation reserve 2,206 2,059
Currency translation reserve (785) (700)
Equity shareholders' funds 32,400 30,992
NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 1999
1. ANALYSIS OF TURNOVER, OPERATING PROFIT AND NET ASSETS
The turnover attributable to the different classes of the Group's business
is as follows:
Year ended 31 December
1999 1998
US$'000 US$'000
Analysis by class of business:
Broking and related services 13,876 17,441
Corporate finance 1,916 1,098
15,792 18,539
Geographical analysis of turnover:
Hong Kong 10,624 14,709
Thailand 3,039 1,441
Philippines 812 388
Singapore 504 251
Malaysia 321 630
Others 492 1,120
15,792 18,539
The operating profit/(loss) attributable to the different classes
of the Group's business is as follows:
Broking and related services 638 (3,624)
Corporate finance 513 1
1,151 (3,623)
The net assets utilised in the Group relate substantially to broking
activities.
2. TAX ON PROFIT ON ORDINARY ACTIVITIES
Year ended 31 December
1999 1998
US$'000 US$'000
The charge comprises:
UK Corporation Tax at 30.25% (1998: 31%)
current year 86 144
Hong Kong Profits Tax at 16% (1998:16%)
current year 17 100
Other overseas taxation 16 16
119 260
3. EARNINGS/(LOSS) PER SHARE
Calculation of earnings/(loss) per share was based on the
following:
Year ended 31 December
1999 1998
Profit/(loss) for the financial year US$1,346,000 US$(3,733,000)
Weighted average number of shares in issue 13,367,290 13,021,623
Earnings/(loss) per share 10 cents (29) cents
END
FR ILFFFRLIELII
Worldsec Ld (LSE:WSL)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Worldsec Ld (LSE:WSL)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
