Felixstowe Dock - Interim Results
29 Octobre 1999 - 4:16PM
UK Regulatory
RNS No 8393d
FELIXSTOWE DOCK & RAILWAY COMPANY
29 October 1999
THE FELIXSTOWE DOCK AND RAILWAY COMPANY
Interim Results
The profit before taxation for the six months to 30 June 1999 was #11,309,000
(1998: #10,101,000). The profit after taxation was #8,230,000 (1998 #7,532,000)
- see note 3.
The turnover for the six months to 30 June 1999 shows an increase of 3% compared
to the same period in 1998 reflecting organic growth of the existing customer
base. This will be further strengthened by increases in capacity following the
successful completion of the programme of additional capital investment and the
conclusion of a port wide labour review.
As a result of a financial reorganisation which took place in March 1999,
certain external loans have been replaced by parent company borrowings on which
interest has not been charged, resulting in a decrease in interest payable.
The interim dividend on the 6.5% Cumulative Redeemable Preference Shares and the
annual dividend on the 5% Cumulative Redeemable Participating Preference Shares
were paid on 1 July 1999.
October 1999
Profit and Loss Account
for the six months ended 30 June 1999
Six months Six months Year to
to 30 June to 30 June 31 December
1999 1998 1998
#'000 #'000 #'000
Turnover 60,086 58,284 113,939
Net operating costs (46,880) (45,210) (84,551)
Operating profit 13,206 13,074 29,388
Income from fixed asset investments 0 0 315
Interest payable less receivable (1,897) (2,973) (5,885)
Profit on ordinary activities
before taxation 11,309 10,101 23,818
Taxation on profit on ordinary activities (3,079) (2,569) (6,568)
Profit on ordinary activities
after taxation 8,230 7,532 17,250
Dividends (note 1) (1,016) (1,016) (17,031)
Profit/(Loss) for the period 7,214 6,516 219
Earnings per ordinary stock unit 206.6p 186.6p 435.8p
Notes
1. Dividends paid, proposed and
accrued are as follows:- #'000 #'000 #'000
6.5% Cumulative Redeemable
Preference Shares (650) (650) (1,300)
5.0% Cumulative Redeemable
Participating Preference Shares (366) (366) (731)
Ordinary Stock 0 0 (15,000)
(1,016) (1,016) (17,031)
2. This statement has been circularised to the holders of the listed securities.
3. Summary Accounts:
The figures for the year to 31 December 1998 are extracted from the statutory
accounts for that year, on which the auditors gave an unqualified report,
without any statement under section 237 (2) or (4) of the Companies Act 1985.
The six months results are unaudited.
END
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