Pex PLC - Interim Results
22 Ottobre 1999 - 6:22PM
UK Regulatory
RNS No 5064a
PEX PLC
22 October 1999
INTERIM STATEMENT - UNAUDITED
FOR THE SIX MONTHS ENDED 30TH JUNE 1999
Financial highlights
The results are presented on a consolidated basis which reflects the
results of the group companies.
Turnover for the six months to 30th June 1999 increased by GBP 0.19
million to GBP 8.534 million compared to GBP 8.34 million reported for
the comparable interim period of 1998 mainly due to the acquisitions
made during 1998. The overall loss for the financial period before tax
was GBP 5.195 million - due to extraordinary expenses - compared to a
profit before taxation of GBP 176,000 in 1998.
Losses per share were 3.1 pence compared to earnings per share of 0.12
pence in 1998. The extraordinary expenses are mainly provisions for
stock, redundancies and restructuring costs we have been particularly
hit by the cancellation of orders and lack of call-off by some of our
contract customers which are big high-street retailers.
Trading overview
Following a review of its current position and prospect, the Board has
decided it appropriate to take the provisions already reflected in the
interim results.
The outcome for the second half of 1999
According to the above Pex expect that the results for the year will be
a significant loss.
Pex is further reviewing its strategic options in the light of its
current level of debt and lack of liquidity as well as in the strategy
of reshaping the business after the decision to stop with - immediate
effect - all its British (except Northern Ireland) manufacturing of
socks. Pex will become a pure English trading company dealing in its
branded (Pex and Polisox) imported socks.
Bridgedale trades profitably (net profit after tax GBP 262,000) and will
continue to manufacture in Northern Ireland. It has won the Northern
Ireland "exporter of the year" award.
Our budget for 2000 - after the restructuring - shows only for English
based companies (i.e. except Bridgedale) a turnover of approximately GBP
4 million and a profit of GBP approx. 500,000.
Mq. Andrea Cattaneo Della Volta
Chief Executive and Chairman
21st October 1999
Pex plc
Consolidated Profit and Loss Account
For the half year ended 30th June 1999
# #
Sales - Main 8,530,882
Sales - Other 8,534,487
3,605
Operating Expenses:
Purchases 4,183,675
Services & Other Goods 1,335,860
Remuneration Costs 2,380,077
Depreciation 451,689
Stock Movement (440,435)
Other Expenses (25,860) 7,885,006
Net Operating Result 649,481
Financial Income
(47,594)
Financial Expenses 297,866
Depreciation of Goodwill 53,499 303,771
Profit on ordinary activities
before tax 345,710
Extraordinary Income (16,107)
Extraordinary Expenses 5,556,266 5,540,159
Loss for the financial period (5,194,449)
before tax
Pex plc
Consolidated Balance Sheet as at 30th June 1999
# # #
Fixed Assets
Intangible Assets
Goodwill
344,823
Tangible Assets
Land & Buildings
422,809
Plant, Machinery & Equipment 1,485,569
Furniture & Vehicles
207,852
Leased assets 1,362,513
Other Tangible Assets
1,611 3,480,354
Investments 4,046,901
221,724
Current Assets
Stocks 5,182,223
Trade Debtors 3,237,373
Other Debtors 5,448,149
13,867,745
Current Liabilities
Creditors within 1 year 3,017,218
Sundry Creditors 3,182,055
Lease finance < 1 year
176,619
Loans from Financial Institutions 5,083,988
< 1 year
Current portion of amounts
payable within 1 year 471,826
Accruals 652,982
Cash at Bank and in hand 75,013 12,659,701 1,208,044
Long Term Creditors
Loans > 1 year 1,561,642
Lease Finance > 1 year 1,085,323 2,646,965
Net Worth 2,607,980
Represented By:
Share Capital 2,836,974
Share Premium 3,851,956
Other Reserves 286,143
Reserves brought forward 827,356
Current Year Profit/(Loss) (5,194,449) 2,607,980
END
IR CCBCKADDDFKB
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