RNS Number:9832S
Stewart & Wight PLC
09 December 2003
Stewart & Wight PLC
Chairman's Statement
For the six Months Ended 30 September 2003
I am pleased to report that rental income rose by over 10% compared with the
similar period last year. In addition, the revenue was boosted by gains on the
sales of the Company's properties in Hexham and Cardiff.
During the half-year, the Company purchased two retail shop properties in
Stafford and Durham respectively, both let to multiple covenants in good
locations. Bank borrowing increased with the result that interest payable was
higher than previously. The results of rent reviews and lease renewals have, in
almost all cases, been very beneficial.
Since the end of the half-year, the Company's property at Bishopsgate, London
EC2 has been sold at auction for #1.46M compared with a book value of #800,000.
Tax will be payable on the considerable gain in value since 1982, less an
allowance for indexation. The proceeds will be utilised to reduce bank debt.
An independent revaluation of the Company's properties will be made as at 31
March 2004.
In accordance with previous practice, the Board has decided not to declare an
interim dividend on the ordinary shares of the Company.
MICHAEL CONN
9 December 2003
STEWART & WIGHT PLC AND SUBSIDIARY
PROFIT & LOSS ACCOUNT (UNAUDITED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2003
Six months to Six months to Year to
Sep-03 Sep-02 Mar-03
# # #
Gross rents 419,740 379,478 779,196
Administrative expenses 49,702 71,403 114,847
Interest payable 56,777 45,570 103,605
Other income 85,242 87,234 834,934
Profit on ordinary 398,503 349,739 1,395,678
activities before tax
Tax on profit on ordinary 110,788 104,000 316,665
activities
Profit on ordinary 287,715 245,739 1,079,013
activities after tax
Dividend 349 349 235,406
Net profit 287,366 245,390 843,607
EPS 18.4p 15.7p 68.9p
Consolidated statement of
total recognised
gains and losses in the
period
Profit for the financial 287,715 245,739 1,079,013
period
Unrealised surplus on 166,986 - 373,609
revaluation of properties
Tax on realised revaluation (27,212) - (232,239)
reserve
Total recognised gains and 427,489 245,739 1,220,383
losses relating to the
period
STEWART & WIGHT PLC AND SUBSIDIARY
BALANCE SHEET (UNAUDITED)
AS AT 30 SEPTEMBER 2003 30 September 30 September 31 March
2003 2002 2003
# # #
Fixed Assets
Investment properties 12,655,789 9,674,718 10,295,000
Debtors - 190,000 -
Investments - 118,256 35,000
Cash at bank and in hand 2 2 76,777
2 308,258 111,777
Creditors -
Amounts falling due
within one year (1,245,214) (757,824) (1,609,156)
Net current (1,245,212) (449,566) (1,497,379)
assets/liabilities
Total assets less current 11,410,577 9,225,152 8,797,621
liabilities
Creditors
Amounts due after
more than one year (2,711,858) (1,555,386) (388,268)
Net assets 8,698,719 7,669,766 8,409,353
Represented by:-
Share capital 89,866 89,866 89,866
Revaluation reserve 2,261,819 3,451,150 2,399,594
General reserve 25,670 25,670 25,670
Share premium account 246,000 246,000 246,000
Capital reserve 241,488 241,488 241,488
Profit and loss account 5,833,876 3,615,592 5,406,735
8,698,719 7,669,766 8,409,353
STEWART & WIGHT PLC AND SUBSIDIARY
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2003
Six Months to Six Months to Year to
Sep-03 Sep-02 Mar-03
# # #
Cash received from 428,453 354,170 780,138
tenants
Cash payments re (18,810) (47,501) (58,374)
property
Salaries and pensions (13,048) (13,379) (27,223)
Other (35,433) (20,171) (10,998)
Net cash inflow from 361,162 273,119 683,543
operating activities
Returns on investments
and servicing of finance
Interest received 52 - 3,790
Interest paid (56,777) (45,570) (103,605)
Dividends received - 2,274 3,240
Preference dividends (349) (349) (698)
paid
(57,074) (43,645) (97,273)
Taxation (226,853) (76,000) (336,276)
Capital expenditure
Purchase of property (3,450,078) (705,753) (1,773,926)
Sale of properties 512,263 255,194 2,707,014
Purchase of investments (31,564) (68,256) (71,756)
Sale of investments 43,199 46,430 145,766
(2,926,180) (472,385) 1,007,098
Management of liquid - - -
resources
Equity dividend paid - - (211,237)
Financing
Secured loan advanced 3,022,412 500,000 500,000
Repayment of secured (338,750) (126,476) (1,384,319)
loan
2,683,662 373,524 (884,319)
(Decrease)/increase in (165,283) 54,613 161,536
cash
Reconciliation of net
cash flow to
movement in net debt
(Decrease)/increase in (165,283) 54,613 161,536
cash
Cash used to increase - -
liquid resources
Cash used to decrease
liquid resources
Cash inflow from (3,022,412) (500,000) -
increase in debt
Cash outflow from 338,750 126,476 884,319
reduction in debt
(2,848,945) (318,911) 1,045,855
Net debt at 1 April 2003 (475,767) (1,521,622) (1,521,622)
Net debt at 30 September (3,324,712) (1,840,533) (475,767)
2003
Notes for the six Months ended 30 September 2003
1. Interim report
This interim report will not appear as an advertisement in any newspaper
but copies will be sent to all shareholders and are available at the
company's registered office. The results for the six months ended 30
September 2003 are unaudited but have been prepared on the basis of
accounting policies consistent with those set out in the audited report
and financial statements for the year ended 31 March 2003.
This interim report does not constitute full accounts as defined by the
Companies Act 1985 but should be read in conjunction with the most
recent financial statements. Full accounts for 31 March 2003 have been
delivered to the Registrar of Companies, bearing an unqualified audit
opinion.
2 Statement of historical cost profits and losses
Sep-03 Sep-02 Mar-03
Reported profit on ordinary 398,503 349,739 1,395,678
activities before taxation
Realisation of property 166,986 225,724 1,650,889
revaluation gains of previous
years
Historical cost profit on 565,489 575,463 3,046,567
ordinary activities before
taxation
Historical cost profit for the 427,140 471,114 2,262,257
year retained after taxation and
dividends
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UWAUROURURAA