RNS Number:1699T
Loades PLC
11 December 2003


LOADES PLC ("the Company")

11 December 2003

PRELIMINARY ANNOUNCEMENT OF RESULTS

At a meeting of the Directors on 10 December 2003 the following preliminary
announcement of the results for the year to 30 September 2003 was approved.

Chairman's Statement

Review

The twelve months ending 30 September 2003 began almost exactly as moves were
instigated to begin the timed closure of most of our manufacturing, and
withdrawal from that sector, and a move to commercial property development and
leasing, making best use of the freehold properties owned by the Group.
Following these first trying months of phased closure, and the subsequent
auction, your Directors have taken all opportunities to rebuild towards a solid
and secure future. It has been an exceptionally challenging and exciting
experience with new horizons being revealed constantly. The expansion of
operations towards, and within, the property markets, now forms our principal
activity for the future.

Following this change we are required to reclassify the majority of our property
as Freehold Investments, which are to be valued on an existing use open market
value basis. These figures therefore reflect such a valuation.

Whilst some property is now let there is still a significant amount available,
and the opportunity is being taken to refurbish accordingly. Encouraging
interest is being shown, but the national downturn in industrial and warehousing
requirements has meant a slow take up. We believe that the New Year, and
expected upturn, will bring more positive results.

Our results for continuing activities have included considerable refurbishment
costs, and associated professional fees, prior to letting. These are seen as
essential costs in continuing to bring our property portfolio more up to date
and thereby adding value in this area.

Trading conditions have remained difficult for our aerospace and automotive
precision machining division, Loades Dynamics Limited. Your Board continue to
pursue new opportunities, for which we are well placed to meet, whilst
continuing to enhance existing business opportunities, from its compact base in
Coventry.

Outlook

The location of the Group's properties, being close to the Midlands' motorway
network, including the recently opened M6 toll road, and the wide variety of
letting options we could provide, puts us in a favourable marketable position.
Your Board will continue to pursue the goal of actively capitalising on these
opportunities

A E Loades
Chairman


Group Profit and Loss Account
for the year ended 30 September 2003
                                                            2003          2002
                                                            #000          #000

Turnover                                                   4,214         9,916
                                                       -----------   -----------
Group operating loss                                        (916)       (2,964)
Exceptional items                                              0        (2,373)
Investment Income                                              8             7
Interest Payable                                             (27)          (70)
                                                       -----------   -----------
Group loss on ordinary activities before taxation           (935)       (5,400)
Taxation                                                     213            10
                                                       -----------   -----------
Group loss on ordinary activities after taxation            (722)       (5,390)
                                                       -----------   -----------
                                                       -----------   -----------
Retained loss for the year                                  (722)       (5,390)
                                                       -----------   -----------

Loss per share                                            (37.36p)     (269.48p)
                                                       -----------   -----------
                                                       -----------   -----------
Loss per share (before exceptional items)                 (37.36p)     (150.84p)
                                                       -----------   -----------

The Directors do not recommend the payment of a dividend (2002 #Nil)

The calculation of earnings per share is based on loss after tax of #722,084
(2002 loss #5,389,576) and on 1,932,904, (2002 : 2,000,000) Ordinary shares
being the weighted average number of shares in issue during the year.

Group Balance Sheet
as at 30 September 2003
                                                           2003           2002
                                                           #000           #000

Fixed Assets
Tangible assets                                          13,672          5,359
Investments                                                  19             17
                                                      -----------    -----------
                                                         13,691          5,376
                                                      -----------    -----------
Current Assets
Tangible assets                                               0          1,554
Stocks                                                      353          1,181
Debtors - due within one year                               484          1,915
Cash in bank and in hand                                    322             16
                                                      -----------    -----------
                                                          1,159          4,666
                                                      -----------    -----------
Creditors
Amounts falling due within than one year                   (544)        (3,300)
                                                      -----------    -----------
Net current assets                                          615          1,366
                                                      -----------    -----------

Total assets less current liabilities                    14,306          6,742

Creditors
Amounts falling due after more than one year               (169)             0
Provisions for liabilities and charges                     (460)          (535)
                                                      -----------    -----------
                                                         13,677          6,207
                                                      -----------    -----------

Capital and reserves (equity)
Called up share capital                                     460            500
Revaluation reserve                                       8,275              0
Capital redemption reserve                                   40              0
Profit and loss account                                   4,902          5,707
                                                      -----------    -----------
Total shareholders' funds                                13,677          6,207
                                                      -----------    -----------

Results for the year ended 30 September 2003 are abridged from the 2003 Annual
Report & Accounts, which received an unqualified auditors' report.

END

S P Weavers FCA
Company Secretary
10 December 2003




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