| March 5, 2002 |
Commenting on the results, Chairman Sir Martin Jacomb said:
"Last year was difficult for everyone providing retail investment services, and this obviously
affected Share plc. This is disappointing since it has led to the first break in our profits growth
after 5 years continuous improvement. However Share plc has done well compared with its competitors,
largely due to its strategy of building long-term investment services of a fee-earning nature and we
note encouraging signs of confidence returning to the market for the year ahead."
Share plc sees improving prospects for 2002 with a number of new services building in popularity: particularly Share Incentive Plans, the new Government employee share ownership scheme for which The Share Centre provides an administration service, and ShareMark the alternative share-trading market for SMEs, on which the shares of Share plc itself along with other companies can be traded.
The last dealing price for Share plc was 25p, valuing the Group at £38.6m. Shareholders who are also account customers of The Share Centre receive a shareholder benefit of dealing commission credit which can be worth up to 12p per share per annum, and there is a dividend rate proposed for larger shareholders of 0.12p per share which will remain constant.
The Group's activities are based in Aylesbury, Buckinghamshire, employing 106 staff. Its services include internet share-dealing, investment advice, self-select ISAs and PEPs, and a wide-range of corporate share services. Another of Share plc's subsidiaries, The Shareholder Ltd., publishes a quarterly investment magazine for The Share Centre's account customers.
Full details of Share plc's background and activities can be found on this website, www.share.com, and
personal investors can also receive details through The Share Centre's freephone, 0800-800008.
| 2001 £ |
2000 £ |
|
| TURNOVER | 7,928,878 | 8,405,166 |
| Administrative expenses | (6,551,240) | (6,455,859) |
| Profit sharing bonus | (268,370) | (397,837) |
| __________ | __________ | |
| OPERATING (LOSS)/PROFIT | 1,109,268 | 1,551,470 |
| Profit on sale of fixed asset investments | 300,000 | - |
| Dividends receivable | 47,858 | 2,858 |
| Interest receivable | 408,112 | 2,300,383 |
| Interest payable and similar charges | (14,735) | (813,691) |
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION | 1,850,503 | 3,041,020 |
| Tax charge on profit on ordinary activities | (588,918) | (930,733) |
| __________ | __________ | |
| PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION | 1,261,585 | 2,110,287 |
| Equity dividend payable | (171,041) | (179,736) |
| __________ | __________ | |
| RETAINED PROFIT FOR THE YEAR | 1,090,544 | 1,930,551 |
| ======== | ======== | |
| Earnings per share | 0.8p | 1.4p |
| ======== | ======== | |
| Diluted earnings per share | 0.8p | 1.4p |
| ======== | ======== | |
All results are in respect of continuing operations.
There are no recognised gains or losses for the current and prior years other than as stated above. Accordingly
no statement of total recognised gains and losses is given.
| 2001 £ |
2000 Restated £ |
|
| FIXED ASSETS | 807,150 | 521,132 |
| Tangible assets | 33,021 | 33,000 |
| Intangible assets | 140,413 | 114,291 |
| __________ | __________ | |
| 980,584 | 668,423 | |
| __________ | __________ | |
| CURRENT ASSETS | ||
| Stocks | 1,097 | 869 |
| Debtors | 2,337,297 | 7,710,954 |
| Cash at bank and in hand | 5,195,632 | 5,555,832 |
| __________ | __________ | |
| 7,534,026 | 13,267,655 | |
| CREDITORS: amounts falling due within one year | (3,065,708) | (9,588,584) |
| __________ | __________ | |
| NET CURRENT ASSETS | 4,468,318 | 3,679,071 |
| __________ | __________ | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 5,448,902 | 4,347,494 |
| ======== | ======== | |
| CAPITAL AND RESERVES | ||
| Called up share capital | 771,507 | 748,889 |
| Share premium account | - | 7,578 |
| Profit and loss account | 4,677,395 | 3,591,017 |
| __________ | __________ | |
| EQUITY SHAREHOLDERS' FUNDS | 5,448,902 | 4,347,494 |
At 31 December 2001 segregated deposit amounts held by the group on behalf of clients in accordance with the client money rules of the Financial Services Authority mounted to £32,019,979 (2000 - £41,183,843). The group has no beneficial interest in these deposits and accordingly they are not included in the balance sheet. This represents a change in presentation to previous years when the segregated deposits were included within the consolidated balance sheet under the headings of cash at bank and in hand and creditors.
2. STATUTORY ACCOUNTS
The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31 December 2001 or 2000. The financial information for the year ended 31 December 2000 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237(2) or (3) Companies Act 1985. The statutory accounts for the year ended 31 December 2001 have been finalised on the basis of the financial information presented by the directors in this announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting.
Copies of the Accounts are to be sent to shareholders and will be available to the public at the registered office of Share plc, Oxford House,
Oxford Road Aylesbury, Bucks HP21 8SZ.