Interim Results
27 Junho 2003 - 4:00AM
UK Regulatory
RNS Number:8524M
Partridge Fine Arts PLC
27 June 2003
PARTRIDGE FINE ARTS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH APRIL 2003
CHAIRMAN'S STATEMENT
I present below the Company's interim results for the six months ended 30th
April 2003.
Turnover for the six months ended 30th April 2003 was #4,444,000 down from
#4,613,000 for the comparable period in 2002. There was a profit on ordinary
activities before tax of #425,000, compared with a loss on ordinary activities
before tax of #5,000 in 2002. The operating margin on turnover, excluding net
interest payable, for the period was 10.91%. Earnings per share were 1.47p
compared with (0.02)p for the equivalent period in 2002.
The exhibition that the Company held in January at the galleries of Dickinson
Roundell in New York was very successful and it is planned to repeat the venture
this autumn. We will also be exhibiting at the International Fine Art and
Antique Dealers Show, in New York, in October. Currently we have a summer
exhibition of clocks entitled "The Gilded Hour". This is the first selling
exhibition of French eighteenth-century clocks to be held in London for many
decades and has been very well received.
Although there was an improvement in trading results for the first six months of
the Company's financial year, trading conditions are still difficult and
uncertain in the aftermath of the war in Iraq. As a consequence profits for the
full year to 31st October 2003 remain unpredictable. In the light of this, and
current trading conditions, your Board is not recommending the payment of an
interim dividend. In the six months to 30th April 2002 no interim dividend was
paid. In 2001 your Board stated that it wished to reduce the importance placed
on interim dividends, considered in isolation, and to put the emphasis on paying
a final dividend reflecting the level of profits earned by the Company for the
trading year as a whole. It is your Board's intention to maintain its policy
that dividends paid for the year be at least twice covered by after-tax profits.
The Company has now signed renewed leases on its Bond Street premises, at an
increased rent but for no premium, thus extending its long occupation of one of
London's most prestigious art galleries for a further fifteen years.
John Partridge Chairman 27th June 2003
Enquiries: John Partridge
Anthony Smith
Partridge Fine Arts PLC
020 7629 0834
GROUP PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30th APRIL 2003
Unaudited Unaudited Audited
Six months to six months to Year ended
30th April 2003 30th April 2002 31st October 2002
#'000 #'000 #'000
Turnover 4,444 4,613 9,929
===== ===== =====
Operating profit /(loss) 485 (49) 107
Net interest payable (60) (84) (226)
______ ______ ______
425 (133) (119)
Surplus on surrender of life
assurance policies 128 128
______ ______ ______
Profit /(loss) on ordinary
activities before taxation 425 (5) 9
Taxation (100) - 30
______ ______ ______
Profit /(loss) after taxation 325 (5) 39
Dividends paid and - - -
Proposed
Retained profit /(loss) for the -------- -------- --------
period 325 (5) 39
======== ======== ========
Earnings per share 1.47p (0.02)p 0.18p
CONSOLIDATED STATEMENT OF TOTAL
RECOGNISED GAINS AND LOSSES
Unaudited Unaudited Audited
six months to 30th April six months to 30th April Year ended 31stOctober 2002
2003 2002
#'000
#'000 #'000
Profit /(loss) for the period and total
recognised gains and losses for the
period 325 (5) 39
======= ======= =======
HISTORICAL COST PROFITS
In the opinion of the Directors there is no material difference between the
reported profits for the six months to 30th April 2003 and the historical cost
profits for that period.
GROUP BALANCE SHEET
at 30th APRIL 2003
Unaudited Unaudited Audited
six months to six months to Year ended
30th April 2003 30th April 2002 31st October 2002
#'000 #'000 #'000
Fixed Assets
Tangible 634 645 630
Current Assets
Stocks 28,922 30,019 29,547
Debtors 964 1,470 1,115
Cash 272 162 374
--------- --------- ---------
30,158 31,651 31,036
Creditors
Amounts falling due (2,828) (1,301) (927)
Within one year --------- ---------- ---------
Net Current Assets 27,330 30,350 30,109
Total Assets less current liabilities 27,964 30,995 30,739
Creditors
Amounts falling due after more than one year (100) (3,500) (3,200)
27,864 27,495 27,539
======== ======== ========
Capital and Reserves
Called up Share Capital 2,214 2,214 2,214
Reserves and retained profits 25,650 25,281 25,325
27,864 27,495 27,539
======== ======== ========
GROUP CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30TH APRIL 2003
Unaudited Unaudited Audited
six months to six months to Year ended
30th April 2003 30th April 2002 31st October 2002
#'000 #'000 #'000
Net Cash inflow
From operating activities 1,020 915 1,981
Net Cash (outflow) from returns on
investments and servicing of finance
(60) (84) (236)
Tax paid - (33) (78)
Net Cash (outflow) /inflow from
investing activities
(25) 194 179
Increase in Cash and Cash _______ _______ _______
equivalents
935 992 1,846
======= ======= =======
RECONCILIATION OF MOVEMENTS ON SHAREHOLDERS' FUNDS
Unaudited Unaudited Audited
Six months to six months to Year ended
30th April 2003 30th April 2002 31st October 2002
#'000 #'000 #'000
Loss /profit for the period 325 (5) 39
Opening Shareholders' funds
27,495 27,500 27,500
----------- ---------- ----------
Closing Shareholders' funds 27,820 27,495 27,539
=========== ========== ==========
NOTES
1. The unaudited interim results for the six months ended 30 April
2003 have been prepared on the basis of accounting policies consistent
with those adopted for the year ended 31 October 2002 as set out in the
financial statements of the Group. The comparative figures for the year
ended 31 October 2002 and other financial information contained herein
do not constitute statutory accounts within the meaning of the Companies
Act 1985. Full accounts for that year, which include an unqualified
audit report, have been delivered to the Registrar of Companies.
2. This Report is being sent to shareholders and will be made
available to members of the public at the company's Registered Office,
144-146 New Bond Street, London, W1S 2PF.
3. The taxation charge is based on the loss before taxation for the
six months ended 30 April 2003.
4. Earnings per ordinary share have been calculated using 22,140,000
shares, being the number in issue during the six months to 30 April
2003.
COMPANY INFORMATION
Directors
John A. Partridge (Chairman and Managing Director)
Mrs. Rosemary F. Partridge
Anthony D. N. Smith (Finance Director and Company Secretary)
Frank D. P. Partridge
F. Michael Pick
Mrs. Lucy M. Morton
Timothy C. G. T. Elwes (Non-Executive)
Adrian T. White (Non-Executive)
Registered Office
144-146 New Bond Street
London W1S 2PF
Telephone: 020 7629 0834
Facsimile: 020 7495 6266
E-mail: enquiries@partridgeplc.com
Website: www.partridgeplc.com
Registered in England No. 556731
This information is provided by RNS
The company news service from the London Stock Exchange
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