RNS Number:5982B
Dimension Resources Ld
25 September 2002
Dimension Resources Limited
Chairman's statement
Interim Results for the 6 months ended 30 June 2002
I am pleased to report that the company continues to improve through prospects
that have been developed into sound commercial ventures. The group has still to
reach profitability due to the continued development of its quarries but your
board is confident that it will reach breakeven at the operating level in the
second half of this year. This confidence is based on firm orders already
received from leading stone companies.
STONE QUARRIES
Bowenite
The group has an exclusive contract for the sale of Bowenite blocks with
Antolini Luigi & Cie, one of the leading Italian stone companies. We have been
continuing to develop the quarry during the period under review. Sales for the
half-year ended 30 June 2002, amount to seventy-two cubic metres and contributed
one third of the half yearly turnover. However, sales for the second half of the
year are expected to increase to more than one hundred and thirty cubic metres.
The material has been well received and the quarry has regular production that
will continue to increase to meet demand.
Coloured granites
The Cape Autumn quarry has been fully developed and yields good quality
material. To date sales, which have been limited to the local market, have
received a positive reaction, and therefore we shall be commencing international
sales in the near future. Sales for the half-year amounted to two hundred cubic
metres and contributed one third of the half yearly turnover. Sample blocks have
been sent to Italy where the material is being introduced to the European market
and will be displayed at the Verona stone show in October.
The Cape Rainbow quarry is being opened in the second half of this year. To date
sample blocks have been purchased and the material has been well received by the
European market. A bulk order has been received from Antolini and the directors
are confident of securing further orders for this material before the end of the
year. This granite will also be featured on the Verona stone show.
Rustenburg black granite
The company has lodged its environmental management program with the Department
of Minerals and Energy, and this has been approved subject to compliance with
new black empowerment rules.
We have identified a black empowerment partner to participate in the project to
the extent of 25%, and expect the mining licence to be issued in the near
future.
Marble
The company has also lodged its environmental management program for the
proposed black marble quarry with the Department of Minerals and Energy. We
remain confident that a mining licence will be issued in due course.
PROCESSING PLANT
The processing plant in Vredendal has been producing tiles for the local market
for the first half of the year. It has contributed one third of the half yearly
turnover and is expected to at least, meet the same sales volumes for the second
half of the year. The company intends to expand its processing abilities by
acquiring a multi disk block cutter as soon as cash flow permits. This will
enable the plant to process material other than marble but will also enhance the
marble processing ability.
The group operates a warehouse with a showroom close to Cape Town International
Airport, and we are looking to expand the range of products available to the
local retail market it has managed to secure orders which amount to one third of
the group's half yearly turnover, even though the company does not have a large
range of material. The acquisition of a multi blade saw will enable the company
to broaden its range, thus enabling it to build on its local clientele base.
REVIEW
In my report on the annual accounts I pointed to slow but steady progress
towards profitability. Although that report was only issued three months ago I
am glad to report a further improvement. In particular the increased production
at the bowenite quarry should result in sales of bowenite blocks alone being
sufficient to eliminate future losses.
The directors view the future prospects with increasing confidence.
Brian Moritz
25 September 2002
If you have any further queries please contact Brian Moritz on
+44 (0) 7976 994 300
DIMENSION RESOURCES LIMITED
AND ITS SUBSIDIARIES
Summarised Income Statement
30 June 2002
30 June 2002 30 June 2001 31 December 2001
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Turnover 102,146 139,267 184,463
Cost of sales 59,756 134,289 104,273
Gross (loss) / Profit 42,390 4,978 80,190
Administrative expenses (154,758) (165,437) (507,643)
Operating Loss (112,368) (160,459) (427,453)
Interest received 907 4,548 7,910
Interest payable (1,013) (184) (10,294)
Net loss for the period (112,474) (156,095) (429,837)
Loss per share (pence per share) (0.11) (0.19) (0.51)
Weighted average number of shares in issue 104,042,498 81,242,498 85,030,000
Total number of shares in issue 104,042,498 81,242,498 104,042,498
Loss per share (pence per share) (0.11) (0.19) (0.51)
DIMENSION RESOURCES LIMITED
AND ITS SUBSIDIARIES
Summarised Balance Sheet
30 June 2002
30 June 2002 30 June 2001 31 December 2001
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Non-current assets 15,590,369 16,212,382 15,580,647
Tangible assets 1,246,468 1,723,521 1,240,213
Stone deposits 14,306,101 14,389,988 14,306,101
Pre-production costs 37,800 98,873 34,333
Current assets 245,118 370,742 417,262
Stocks 181,373 199,692 182,667
Debtors 15,140 51,063 48,100
Cash at bank and on hand 48,605 119,987 186,495
Current liabilities
Creditors - amounts falling due within 1 year (60,259) (63,230) (71,329)
Net current assets 184,859 307,512 345,933
15,775,228 16,519,894 15,926,580
Capital and reserves
Called up share capital 6,706,000 6,478,000 6,706,000
Share premium 11,577,857 11,577,856 11,577,857
Profit and loss (3,002,936) (1,695,085) (2,890,462)
Shareholders' fund 15,280,921 16,360,771 15,393,395
Foreign currency translation reserve 450,639 69,283 500,739
Creditors - amounts falling due after more than 1 year 43,668 89,840 32,446
15,775,228 16,519,894 15,926,580
NOTES TO THE FINANCIAL INFORMATION
1. The interim results are unaudited and do not comprise full
accounts within the meaning of Section 240 of the Companies Act 1985.
2. No interim dividend is being proposed or paid.
3. Earnings per share have been calculated on 85,030,000
ordinary shares in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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