RMS Communications - 11 Mths Results to 31.3.97
08 Agosto 1997 - 6:04PM
UK Regulatory
RNS No 4607h
RMS COMMUNICATIONS PLC
8th August 1997
RMS COMMUNICATIONS PLC
PRELIMINARY RESULTS FOR THE ELEVEN MONTH PERIOD
ENDED 31 MARCH 1997
Period highlights
- Results are effectively those of Dunton Group plc
- Acquisition of RMS Communications Systems Limited on 26 March 1997
- Re-naming of Dunton Group plc to RMS Communications plc
- Raised #5.1 million (net of expenses) through a placing and open offer
- Loss of #107,386 (1996: #27,817 profit - 12 month period)
- Commenting on the results, Mike Hosie, Managing Director of RMS
Communications plc said:
"The company, whose figures do not include RMS for the three days following
the acquisition, has now moved into an exciting new area. Progress is being
made in the development of powerline communication technology which enables
the transmission of data across the electricity distribution network. We
remain positive about the prospects for the year ahead and of the further
development of the company."
Enquiries:
Mike Hosie, Managing Director Tel: 01256 701 212
RMS Communications plc
John Thunhurst Tel: 0171 588 4000
Credit Lyonnais Laing
CHAIRMAN'S STATEMENT
I have pleasure in presenting the figures for the eleven month period ended 31
March 1997. The figures are effectively those of Dunton Group plc as they do
not include the three days trading of RMS Communications Limited (RMS). The
figures show a loss of #107,386 for the period, giving a loss per share of
3.37 pence.
The Dunton Group spent considerable time maximising its cash resources and
seeking an appropriate acquisition to enhance shareholder value. This was
achieved successfully during the period under review when RMS was acquired on
26 March 1997.
RMS is engaged in developing power line communication technology, which
enables the transmission of data across electricity distribution networks. As
part of the acquisition, it was agreed to change the name of the company to
RMS Communications plc.
The profit and loss account appended represents only the Dunton Group property
activities. The sound balance sheet and the cash flow statement do, however,
reflect the result of the acquisition transaction and the related fund raising
exercise.
I am pleased that David Williams and Robert Ware have both agreed to remain on
the Board and I welcome their experience as we develop our business. The RMS
team looks forward with enthusiasm and optimism to its task in the year ahead.
A Young
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
ELEVEN MONTHS TO 31 MARCH 1997
11 months
ended Year ended
31 March 30 April
1997 1996
# #
Turnover 11,667 1,072,819
Cost of sales (908) (732,687)
--------- --------
Gross profit 10,759 340,132
Administration expenses (152,623) (322,966)
--------- ---------
Operating (loss)/profit (141,864) 17,166
Interest receivable 30,972 14,185
Interest payable (28) -
--------- ---------
(Loss)/profit on ordinary
activities before
taxation (110,920) 31,351
Tax on (loss)/profit on
ordinary activities 3,534 (3,534)
--------- ---------
(Loss)/retained profit
for the financial period (107,386) 27,817
========= =========
(Loss)/earnings per share (3.37)p 0.87p
(see note 3)
CONSOLIDATED BALANCE SHEET
31 MARCH 1997
31 March 30 April
1997 1996
# #
FIXED ASSETS
Intangible assets 1,700,000 -
Tangible assets 70,589 8,500
--------- ---------
1,770,589 8,500
CURRENT ASSETS
Stock 269,673 -
Debtors 391,875 15,787
Short term deposits 3,600,000 -
Cash at bank and in hand - 724,293
--------- ---------
4,261,548 740,080
CREDITORS
Amounts falling due
within one year 1,314,055 215,492
--------- ---------
NET CURRENT ASSETS 2,947,493 524,588
--------- ---------
NET ASSETS 4,718,082 533,088
========= =========
CAPITAL AND RESERVES
Called up share capital 9,718,805 3,186,612
Share premium account 4,506,902 480,574
Profit and loss account (9,507,625) (3,134,098)
--------- ---------
EQUITY SHAREHOLDERS'
FUNDS 4,718,082 533,088
========= =========
NOTES
1. Accounting convention
The financial statements are prepared under the historical cost
convention and in accordance with applicable account standards.
2. Basis of consolidation
The consolidated financial statements incorporate the balance sheet of
the Company's subsidiary at 31 March 1997 using the acquisition method of
accounting. The results of the subsidiary for the period from
acquisition on 26 March 1997 to 31 March 1997 have not been consolidated
as there would be no material effect on the results for the period.
Goodwill on consolidation is written off against reserves in the period
of acquisition.
3. (Loss)/earnings per share
The (loss)/earnings per share is calculated by dividing the loss after
taxation of #107,386 (1996 profit of #27,817) by the average share
capital during the year of 3,186,612 New Ordinary Shares (1996
3,186,612). The 63,732,242 ordinary shares of 5p each in issue at 30
April 1996 were consolidated during the period into 3,186,612 New
Ordinary Shares of 25p each. The comparative figure for earnings per
share has been adjusted to apportion earnings over the number of shares
ranking for dividend after the share consolidation. The shares issued on
26 March 1997 in consideration for the shares in RMS Communications
Limited and in connection with the Open Offer have been excluded from the
earnings per share calculation as the results of the subsidiary for the
period from acquisition to the period end have not been consolidated.
4. Financial information
The financial information set out above in respect of the period ended 31
March 1997 and the year ended 30 April 1996 does not constitute the
Company's statutory financial statements for those periods. Statutory
financial statements for the year ended 30 April 1996 have been delivered
to the Registrar of Companies and the auditors have reported on those
financial statements; their report was unqualified. The financial
statements for the period ended 31 March 1997 will be posted to
shareholders in due course.
END
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