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HY To 28/02/2003 $2.498m ($0.674m) +270.6 Div 6cps

12:00AM, 7 Apr 2003 | FLLYR

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 28/02/2003

Unaudited (NZ$000)
                                                     Current        Previous
                                                      Period   Corresponding
                                                                      Period
OPERATING REVENUE
 Sales revenue                                       23,351          10,057
 Other revenue                                            -               -
Total Operating Revenue                              23,351          10,057
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                         3,746           1,013
Unusual items
 for separate disclosure                                  -               -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                           3,746           1,013
Less tax on operating surplus                         1,248             339
Operating surplus (deficit)
 after tax but before minority
interest                                              2,498             674
Less minority interests                                   -               -
Equity earnings                                           -               -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                          2,498             674
Extraordinary items after tax                             -               -
Less minority interests                                   -               -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                            -               -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                            2,498             674
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                 -               -
Operating Surplus (Deficit)
 and  Extraordinary  Items after
 Tax attributable  to Members
 of the Listed Issuer                                 2,498             674
EPS                                                    11.3             3.4
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                              14,601          12,307

The Directors have declared an interim dividend of 6.0 cents per share, up
from the 3.0 cents per share for the previous corresponding half-year. This
dividend is an indication of the confidence the Directors have in the
company's projected performance for the year and exceeds the prediction
made at the time of the company's Annual Meeting in December 2002, when,
following the one-for-eight bonus issue made in December, the company's
stated intention was to at least maintain the previous level of dividend on
the increased capital. The dividend will be payable on 1 May 2003, Record
Date 24 April 2003 and will be fully imputed, with a supplementary dividend
being applied to overseas shareholders.

The Directors of Scott Technology Limited are pleased to advise that the
unaudited result for the six months ended 28 February 2003 was a tax paid
profit of $2,498,000, up 270% on the previous corresponding half-year. This
compares to an unaudited after tax profit for the six months ended 28
February 2002 of $674,000. The group sales for the six months were
$23,351,000, an increase of 132% compared to the $10,057,000 in the
previous corresponding half-year.

Total shareholders' equity at 28 February 2003 was $14.6 million, up from
$12.3 million at 28 February 2002. The strength of the company's balance
sheet is reflected in the net working capital of $6.0 million at 28
February 2003. Net positive operating cash flows of $0.5 million reflects
the benefits during this half-year of advance progress payments received
last year.

During the half-year the company invested heavily in research and
development, principally in the area of robotic applications for the meat
processing industry. The company's joint venture with PPCS, a leading New
Zealand meat processor, has produced a system for boning lamb hindquarters
and the first production system is currently undergoing testing and
development at a PPCS plant. Scott Automation is looking to expand its
research in the meat processing area by working in partnership with PPCS
and assisted by Government funding to develop the next stage of automating
the production lines. The Directors consider this investment to be an
important step in the future development of a diversified Scott Technology
group.

The strengthening of our international marketing operations continued with
increased commitment to the Dallas U.S.A. office and the opening of a
representative office in Shanghai. The establishment of this office is an
important step in expanding the company's global marketing network and in
becoming a major supplier of appliance equipment to China. The Scott office
in Sydney, Australia, has also been further expanded with additional sales
staff. The increased level of enquiry for future sales reflects the growing
presence of our people in these markets.

The integration and development of our Auckland business has continued over
the past six months. The purchase of the Auckland property has now been
completed and the company is in the process of finalising plans for the
expansion of this facility.

To keep the market informed, the Directors have been reporting major
contracts as they have been secured and are pleased to report another
contract has just been signed for a major upgrade to an existing line in
the United States for approximately $NZ2.0 million. Despite the current
world economic situation, sales enquiries continue at a high level.