Solid State Supplies - Final Results
June 15 1998 - 5:55AM
UK Regulatory
RNS No 9127d
SOLID STATE SUPPLIES PLC
15th June 1998
Preliminary announcement of results for the year ended 31st March 1998
CHAIRMAN'S STATEMENT
The audited profit before tax of the Company was #106,000 (1997: #327,000) on
a turnover of #5,309,000 (1997: #4,971,000).
Trading Review
The year ended 31st March 1998 has been a difficult one with the market
suffering from over supply, customer de-stocking and price attrition. The
improvement in the overall market which we anticipated would commence in the
early part of 1998 has so far not materialised. However, the new product
lines taken on during the last year are making a significant contribution to
the Company and have helped us to increase our market share: our turnover has
increased by 6.8% whilst the market has decreased by a similar amount. We
have now reached the point where the infrastructure and the necessary
increased stock levels are in place and our overheads have stabilised so that
our net profits will benefit from any increases in turnover during the current
year. Sales for the first two months of the current year are 15% higher than
for the corresponding period last year and the Company continues to benefit
from a positive book to bill ratio. Whilst the next twelve months are likely
to remain difficult, increased sales should be reflected in our results.
Dividends
Notwithstanding that it is our policy to maintain and wherever possible to
increase our dividend payments, since the trading statement issued in February
1998, price attrition in the market place has been such that the Directors
considered it prudent to make a specific provision against stock of #50,000.
As a consequence, the net profit for the year was lower than had been
anticipated, and the directors have decided not to propose the payment of a
final dividend.
Recent Developments
After a year of intense activity in which four new distribution franchise
agreements were signed, and the adjacent building was refurbished and
occupied, the Directors are anticipating a period of stability and are not
actively seeking any further franchises. We will, however, look at any
opportunities that are presented to us and will continue to search for
suitable acquisitions.
Conclusion
The Company has progressed through a difficult year and I would, once again,
on behalf of the shareholders and the Board like to thank all of our employees
for their efforts.
Gordon L. Comben
Chairman
SOLID STATE SUPPLIES PLC
PROFIT AND LOSS ACCOUNT
For the year ended 31st March 1998
1998 1997
# # # #
Turnover 5,309,378 4,971,447
Cost of sales (3,721,450) (3,450,506)
---------- ----------
GROSS PROFIT 1,587,928 1,520,941
Selling expenses and
distribution costs (1,043,753) (851,246)
Administrative expenses (431,691) (355,804)
-------- --------
(1,475,444) (1,207,050)
---------- ----------
OPERATING PROFIT 112,484 313,891
Other income 11,129 30,771
Interest payable (17,773) (17,372)
---------- ----------
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 105,840 327,290
Tax on profit on ordinary activities (26,708) (82,294)
---------- ----------
PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION 79,132 244,996
Dividends (62,500) (187,500)
---------- ----------
RETAINED PROFIT FOR THE YEAR 16,632 57,496
---------- ----------
NOTE OF HISTORICAL COST PROFIT
Reported profit on ordinary activities
before taxation 105,840 327,290
Realisation of property revaluation
gains of earlier years - 55,770
---------- ----------
HISTORICAL COST PROFIT ON
ORDINARY ACTIVITIES BEFORE TAXATION 105,840 383,060
---------- ----------
HISTORICAL COST PROFIT FOR THE
YEAR RETAINED AFTER TAXATION
AND DIVIDENDS 16,632 113,266
---------- ----------
EARNINGS PER SHARE
Basic 1.3p 4.1p
Based on historical cost profit 1.3p 5.1p
All amounts relate to continuing activities.
There were no recognised gains or losses other than the profit for the year as
stated above
SOLID STATE SUPPLIES PLC
BALANCE SHEET
As at 31st MARCH 1998
1998 1997
# # # #
FIXED ASSETS
Tangible assets 194,157 220,407
Investments 153,487 153,487
---------- ----------
347,644 373,894
CURRENT ASSETS
Stocks 1,748,602 1,344,501
Debtors 1,362,885 1,341,455
Cash at bank and in hand 1,077 493
--------- ---------
3,112,564 2,686,449
CREDITORS: amounts falling
due within one year 1,606,129 1,211,457
--------- ---------
NET CURRENT ASSETS 1,506,435 1,474,992
--------- ---------
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,854,079 1,848,886
CREDITORS: amounts falling due
after more than one year 3,908 15,347
--------- ---------
1,850,171 1,833,539
--------- ---------
CAPITAL AND RESERVES
Called up share capital 312,500 312,500
Share premium account 756,980 756,980
Profit and loss account 780,691 764,059
--------- ---------
SHAREHOLDERS' FUNDS - EQUITY 1,850,171 1,833,539
--------- ---------
The financial statements were approved by the Board on 12th June 1998.
Gordon L. Comben
Director
Notes
1. The financial information is derived from the Company's audited
statutory accounts for the years ended 31st March 1998 and 31st March 1997.
The auditors' reports were unqualified and did not contain a statement under
Section 237(2) or (3) of the Companies Act 1985. The statutory accounts for
1997 have been filed with the Registrar of Companies and the 1998 accounts
will be filed following the Annual General Meeting.
2. Earnings per share for each year have been based on the profit on
ordinary activities after taxation divided by the weighted average number of
ordinary shares in issue during the year of 6,250,000 (1997: 5,937,500).
3. The Report and Accounts for the year ended 31st March 1998 are being
sent to shareholders shortly.
END
FR SFMSUIUAUFLM
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