RNS Number:5454D
Dimension Resources Ld
30 September 2004
DIMENSION RESOURCES LIMITED
INTERIM REPORT FOR THE 6 MONTHS ENDED 30 JUNE 2004
Chairman's statement
Six Months ended 30 June 2004
Introduction
The underperformance of the business which began in 2003 continued during the
period under review. There remained two main reasons for this, the strength of
the Rand, which applies to the Group's cost structure, against the US Dollar, in
which sales are priced, is the first of these, and is outside the Group's
control. The second is the failure of production equipment, which severely
reduced the volume of stone available for sale.
The directors are looking to address this latter problem by re-equipping the
quarries, but this in turn requires cash not currently available to the Group.
To provide such cash the Group has decided to dispose of the factory at
Vredendal. This factory was designed to process marble, but production at the
quarries is presently granite, which means that for some years the factory has
operated at a loss rather than a profit. Offers for the factory, which has been
closed to save costs, are currently being evaluated. The Group is also seeking
to negotiate new, low cost leasing arrangements for new quarry equipment.
The order position remains strong, with good demand for Cape Autumn and Rainbow
granites.
The directors are also seeking a corporate deal to inject a new business into
the Group. Dimension Resources remains debt free and in a good position to
complete such a transaction. Shareholders will be kept informed of developments.
Brian Moritz
(Chairman)
30 September 2004
DIMENSION RESOURCES LIMITED
and its subsidiaries
Summarised Income Statement
30 June 2004
30 June 2004 30 June 2003 31 December 2003
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Turnover 88,401 102,146 245,647
Cost of Sales 131,205 59,756 136,993
----------- ----------- --------------
Gross (loss) /
Profit (42,804) 42,390 108,654
Administrative
expenses (80,566) (154,758) (636,606)
----------- ----------- --------------
Operating Loss (123,370) (112,368) (527,952)
Interest
received 1,122 907 4,304
Interest
payable (938) (1,013) (2,717)
----------- ----------- --------------
Net loss for
the period (123,186) (112,474) (526,365)
=========== =========== ==============
Loss per share -0.06 -0.11 -0.41
Total number
of shares in
issue 197,042,498 104,042,498 128,905,511
DIMENSION RESOURCES LIMITED
and its subsidiaries
Summarised Balance Sheet
30 June 2004
30 June 2004 30 June 2003 31 December 2003
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Non-current
assets 15,700,501 15,676,400 15,754,877
------------- ---------- ---------------
Tangible
assets 1,365,347 1,338,879 1,419,723
Stone deposits 14,306,101 14,306,101 14,306,101
Pre-production
costs 29,053 31,420 29,053
----------- --------- ---------------
----------- --------- ---------------
Current assets 218,282 276,791 490,689
----------- --------- ---------------
Stocks 119,574 237,341 203,531
Debtors 65,886 58,104 91,727
Cash at bank
and in hand 32,822 (18,654) 195,431
---------- ---------- ----------
Current
liabilities
Creditors and
Accruals (87,712) (79,663) (115,558)
----------- ---------- ---------
Net current
assets 130,570 197,128 375,131
----------- ---------- ---------
15,831,071 15,873,528 16,130,008
========== ========== ==========
Capital and
reserves
Called up
share capital 6,799,000 6,706,000 6,799,000
Share
premium 11,932,457 11,577,857 11,932,457
Profit and
loss (917,771) (2,580,415) ( 794,585)
--------- ------------ ----------
Shareholders'
funds 17,813,686 15,703,442 17,936,872
Foreign
currency
translation
reserve (2,057,853) 9,863 (1,939,598)
Creditors -
amounts
falling due
after more
than 1 year 75,238 160,223 132,734
--------- ------------ -----------
15,831,071 15,873,528 16,130,008
============ ============ ============
NOTES TO THE FINANCIAL INFORMATION
1. The interim results are unaudited and do not comprise full accounts within
the meaning of Section 240 of the companies Act 1985.
2. No interim dividend is being proposed or paid.
3. Earnings per share have been calculated on 197,042,498 ordinary shares in
issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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