Interim Results
06 Juni 2003 - 9:00AM
UK Regulatory
RNS Number:9876L
Mark Kingsley PLC
06 June 2003
MARK KINGSLEY PLC (FORMERLY SOUNDTRACS PLC)
6th June 2003
INTERIM RESULTS
Mark Kingsley Plc has been a cash shell since the sale of its core "Soundtracs"
mixing console business on May 10th 2002. Despite having considered numerous
proposals in various sectors the Board has yet to find a suitable transaction
that will enhance shareholder value. Conscious that there may be only one
opportunity to deliver that, your Board remains adamant that utilising the cash
resources within the quoted vehicle, incorporating an acceptable business that
meets the Boards criteria, provides the best method of delivering long term
shareholder value. The need to find and execute such a deal, sooner rather than
later, is well understood. Notwithstanding that, it is vital that the apparent
frustration of the current inaction does not lead to the wrong decision.
Since the Preliminary Announcement in January 2003, the modest overheads have
enabled your Company to maintain assets of #2,744,000 (2002 # 2,817,000)
Income of rent and interest offset by expenditure provided a small loss of
#70,000, be it that some #36,000 is exceptional costs attributable to post
completion matters.(2002 Profit of #118,000).
No interim dividend is being recommended by the Board.
Your Board continues to evaluate suitable business proposals to utilise the
Company's resources. It has gleaned good knowledge about the many businesses it
has investigated including their prospects, their valuations and the talent of
the management it has encountered. We therefore remain optimistic that this
knowledge will assist us in making the crucial assessment and decision when the
time is right.
Todd Wells
June 5th 2003
BALANCE SHEET AT 30 APRIL 2003
30 April 03 30 April 02 31 Oct 02
#'000 #'000 #'000
(un-audited) (un-audited) (audited)
FIXED ASSETS
Tangible Assets 188 595 192
--------- --------- ---------
188 595 192
--------- --------- ---------
CURRENT ASSETS
Stocks - 390 -
Debtors 27 288 43
Cash at Bank & in Hand 2,647 1,772 2,808
--------- --------- ---------
Creditors in one year 118 228 229
--------- --------- ---------
Net Current Assets 2,556 2,222 2,622
--------- --------- ---------
Net Assets 2,744 2,817 2,814
--------- --------- ---------
CAPITAL & RESERVES
Called-up Share Capital 507 507 507
Share Premium Account 208 208 208
Profit & Loss Account 2,029 2,102 2,099
-------- --------- ---------
2,744 2,817 2,814
-------- --------- ---------
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30TH APRIL 2003
Six months to Six months to Year to
30 April 03 30 April 02 31 Oct 02 #'000
#'000 #'000 (audited)
(un-audited) (un-audited)
TURNOVER
- discontinued operations - 1,063 1,063
- continued operations - - -
-------- -------- --------
Operating (Loss) (113) (5) (403)
Exceptional gains on disposal of - 124 456
discontinued operations
Interest receivable & Other Income 43 19 76
-------- -------- --------
Profit(Loss) on Ordinary (70) 138 129
Activities before Taxation
Taxation - (20) 59
-------- -------- --------
Profit(Loss) on Ordinary (70) 118 188
Activities after Taxation
Proposed Dividend 0 0 0
-------- -------- --------
Profit (Loss) taken to Reserve (70) 118 188
-------- -------- --------
Profit (Loss) Earnings per Share (0.69p) 1.16p 1.85p
-------- -------- --------
Fully Diluted Profit (Loss) Earnings per (0.69p) 1.16p 1.85p
Share
-------- -------- --------
NOTES TO THE FINANCIAL STATEMENTS
1. Financial Information
The Interim Results for the six months ended 30th April 2003 are un-audited and
do not constitute Accounts within the meaning of Section 240 of the Companies
Act 1985. They have been drawn up using Accounting policies and presentation
consistent with those applied in the Audited Accounts for the year ending 31st
October 2002. A copy of the 2002 Accounts has been filed with the Registrar of
Companies. The Auditors opinion on these Accounts was unqualified. The Interim
Report for the six months ending 30th April 2003 was approved by the Board on
May 31st 2003
2. Exceptional Item
The exceptional profit on disposal of discontinued operations in the year to
31st October 2002 also includes the sale of the trade of Mark Kingsley Plc
(formerly Soundtracs Plc).
There are no significant tax consequences relating to the exceptional profit due
to the availability of group trading losses.
3. Taxation
The tax charge for the six months to 30th April 2003 is the estimated tax charge
for the period.
4. Earnings per Share
Earning (Loss) per Share is based on the Group results after tax and the total
number of 10,142,500 ordinary shares of 5p in issue during the period. Fully
diluted earnings per share for the period has been calculated by dividing the
profit for the period after tax by the average number of shares in issue and
ranking for dividend during the period.
Copies of this Report are available to the Public from the Company's Registered
Office at 65 New Cavendish Street London W1G 7LS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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