RNS Number:4480M
Stewart & Wight PLC
17 June 2003
STEWART & WIGHT PLC
PRELIMINARY ANNOUNCEMENT TO SHAREHOLDERS
Financial Year ended 31 March 2003
The Directors report that the unaudited accounts for the year ended 31 March
2003 show the under-mentioned results with comparative figures for the previous
year.
Year ended Year ended
31 March 2003 31 March 2002
# #
Gross Rents 779,196 719,063
Administrative expenses (114,847) (83,377)
Interest payable (103,605) (76,525)
Interest receivable 3,790 2,533
Interest payable less interest (99,815) (73,992)
receivable
Other Income 831,144 61,087
Profit on ordinary activities 1,395,678 622,781
before tax
Tax (316,665) (174,807)
Profit on ordinary activities 1,079,013 447,974
after tax
Dividend (235,406) (211,935)
Net Profit 843,607 236,039
EPS 68.9 pence 28.6 pence
The net profit before tax includes #823,413 net gains before tax on the sales of
current and fixed asset investments compared with #53,899 in 2001/02. Without
these gains there was a 0.6% increase in revenue profits over the previous year.
Administrative expenses includes #20,000 spent on exterior repairs and
redecoration to the Bishopsgate property.
The investment properties of the Group were valued by the Directors as at 31
March 2003 at #10,295,000. This figure has been incorporated into the balance
sheet of the Company. The value of the properties which remained in the
Company's portfolio for the whole of the year showed an increase of 5.6% over
the previous year. The net asset value of each ordinary share is now #5.37.
The proposed dividend on the ordinary shares of 15 pence represents an increase
of 11.1% over the previous year and if approved will be paid on 20 October 2003
to shareholders on the register on 3 October 2003. The Annual General Meeting
will be held on 17 September 2003 at the Council Room of the London Zoo, Regents
Park, London NW1.
This announcement does not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985. Statutory accounts for 2002, in which the
auditors' report was not qualified and did not contain a statement under Section
237(2) or (3) have been delivered to the registrar of companies.
By Order of the Board
Michael B Conn
Chairman
17 June 2003
STEWART & WIGHT PLC AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2003 31 March 31 March
2003 2002
# #
Fixed Assets
Investment properties 10,295,000 9,345,000
Current Assets
Investments 35,000 85,077
Cash at bank and in hand 76,777 2
111,777 85,079
Creditors -
Amounts falling due
within one year (1,609,156) (773,841)
Net current assets/liabilities (1,497,379) (688,762)
Total Assets less current liabilities 8,797,621 8,656,238
Creditors
Amounts due after
more than one year (388,268) (1,231,862)
Net Assets 8,409,353 7,424,376
Capital and Reserves
Share capital 89,866 89,866
Revaluation reserve 2,399,594 3,676,874
General reserve 25,670 25,670
Share premium account 246,000 246,000
Capital reserve 241,488 241,488
Profit and loss account 5,406,735 3,144,478
8,409,353 7,424,376
STEWART & WIGHT PLC AND SUBSIDIARY
CONSOLIDATED CASH FLOW STATEMENT
AS AT 31 March 2003
YEAR TO YEAR TO
31-Mar-03 31-Mar-02
Net cash inflow from operating activities 683,543 647,903
Returns on investments and servicing of finance
Interest received 3,790 2,533
Interest paid (103,605) (76,525)
Dividends Received 3,240 3,323
Preference Dividends Paid (698) (698)
(97,273) (71,367)
Taxation (336,276) (182,855)
Capital Expenditure
Purchase of property (1,773,926) (1,020,504)
Sale of properties 2,707,014 465,080
Purchase of Investments (71,756) (85,051)
Sale of Investments 145,766 187,307
1,007,098 (453,168)
Equity Dividend Paid (211,237) (194,615)
Financing
Secured loan advanced 500,000 500,000
Repayment of secured loan (1,384,319) (160,198)
(884,319) 339,802
Increase in Cash in the year 161,536 85,700
Reconciliation of net cash flow
to movement in net debt
Increase in cash in the year 161,536 85,700
Cash (outflow)/ inflow from decrease/ increase in debt 884,319 (339,802)
1,045,855 (254,102)
Net debt at 1 April 2002 (1,521,622) (1,267,520)
Net debt at 31 March 2003 (475,767) (1,521,622)
This information is provided by RNS
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