RNS Number:3559J
Loades PLC
28 March 2003

LOADES PLC



28 MARCH 2003



Loades plc - Results





At a meeting of the Directors on 26 March 2003 the following preliminary
announcement of the results for the year to 30 September 2002 was approved.



Chairman's Statement



Review



As you will have seen in my previous announcements, since my last report, Loades
plc has experienced an extremely turbulent and traumatic year.  The Company saw
its short and medium term order book collapsing before its eyes, with no
indication of a foreseeable upturn.



This, together with the adverse national manufacturing conditions, and the
uncertainty arising in international markets globally, forced your Directors to
a complete re-think of our total future strategy that would replace '
helter-skelter' short-termism with a stable long-term future.



Following the closure of Loades Design Limited in June 2002, and Loades Albany
Limited, commencing in August 2002, it was decided, with much regret, to embark
on a phased closure of Abbey Panels Limited as a production unit in September
2002, with all interested parties being advised.  The major redundancy programme
which was initiated as a result is now all but complete.



The Group held an auction of its surplus plant and equipment on 27 February
2003,  the proceeds of which have been reflected in the attached results.  The
leaves the Group with a small cash balance at the present. In addition a review
has been taken of the remaining plant and equipment in the Group and an
impairment adjustment has been made.  Following the closure appropriate
provisions have been made in respect of associated costs, all of which have been
settled subsequent to the year end.  These provisions have resulted in an
exceptional charge in the accounts amounting to #2.373m.



The aerospace and automotive precision machining division, Loades Dynamics
Limited, has been retained and indeed some plant and equipment has been
relocated to its site in Walsgrave, Coventry.



Outlook



All Group Properties are freehold, and the Board is actively pursuing, with a
degree of success, commercial property leasing and development opportunities.
Only time will tell, but your Board feels that its efforts will be much better
rewarded in the Commercial Property market combined with our much more compact
engineering services.



A E Loades

Chairman

28 March 2003










                                                                                           As Restated

                                                                             2002                 2001

                                                                            #'000                #'000

Turnover                                                                    9,804               10,710

Group operating loss before exceptional items                             (2,964)              (3,426)

Exceptional items                                                         (2,373)                    -

Group operating loss after exceptional items                              (5,337)              (3,426)

Investment income                                                               7                   87

Interest payable                                                             (70)                 (10)

Group loss on ordinary activities before taxation                         (5,400)              (3,369)

Taxation                                                                       10                  186

Group loss on ordinary activities after taxation                          (5,390)              (3,183)

Dividends                                                                       -                    -
                                                                         ________              _______
Retained loss for the year                                                (5,389)              (3,183)

Loss per share                                                          (269.48p)            (159.14p)



The previous year's tax charge has been adjusted by #458,000 to reflect the full
provision of deferred tax following the implementation of Financial Reporting
Standard 19.



The Directors do not recommend the payment of a dividend (2001 : Nil)



The calculation of earnings per share was based on the loss for the year
attributable to ordinary shareholders of #5,389,576 (2001 : loss as restated
#3,182,812) and on 2,000,000 ordinary shares in issue (2000 : 2,000,000 shares)



Results for the year ended 30 September 2002 are abridged from the 2002 Annual
Report & Accounts which received an unqualified auditors' report.



AE Loades

Chairman






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

FR SEUFLASDSESD