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FY to 31/08/2003 $5.634m ($2.433m) +131.6% Div 8 cps

12:00AM, 9 Oct 2003 | FLLYR

CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 31/08/2003

Audited (NZ$000)
                                                     Current        Previous
                                                      Period   Corresponding
                                                                      Period
OPERATING REVENUE
 Sales revenue                                       47,490          29,192
 Other revenue                                            -               -
Total Operating Revenue                              47,490          29,192
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                         8,443           3,671
Unusual items
 for separate disclosure                                  -               -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                           8,443           3,671
Less tax on operating surplus                         2,809           1,238
Operating surplus (deficit)
 after tax but before minority
interest                                              5,634           2,433
Less minority interests                                   -               -
Equity earnings                                           -               -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                          5,634           2,433
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                                            5,634           2,433
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                                 5,634           2,433
EPS                                                    25.4            12.4
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                              16,930          13,480

Dividend of 8 cents per share, fully imputed. Record Date: 28/11/2003.
Payable Date: 04/12/2003.

The Directors of Scott Technology Limited are pleased to advise that the
company achieved a record audited operating surplus before tax, of $8,443,000
for the year ended 31 August 2003, an increase of 130% on the $3,671,000
achieved in the previous year. The net profit after tax of $5,634,000
compares to a net profit after tax of $2,433,000 in the previous year. Scott
Technology group sales for the year were also a record of $47.5 million,
compared to $29.2 million in the previous year. Total shareholders equity
continues to increase and at 31 August 2003 was $16.9 million, compared to
$13.5 million at 31 August 2002. The net working capital position improved
over the year and was $7.6 million at 31 August 2003, compared to $5.8
million for the previous year. Operating cashflows were affected by
significant prepayments received from customers in the previous year. The
balance sheet remains strong, with no debt and cash on hand at year end of
$1.6 million. The Directors have declared a one for eight non taxable bonus
issue of shares. This bonus issue will be made immediately prior to the final
dividend and signals a confidence in the future performance of the company.
The Directors have declared a final dividend of 8.0 cents per share, bringing
the total dividend for the year to 14.0 cents per share. This dividend is
payable on the issued shares, increased by the one for eight non taxable
bonus issue just announced and is equivalent to 15.0 cents per share on the
issued shares pre-bonus. This dividend compares with a total dividend of 11.0
cents per share in respect of the year to 31 August 2002. The dividend will
be fully imputed and a supplementary dividend will apply to overseas
shareholders. The company achieved an outstanding result for the year, both
from internal growth, and its diversification strategy into robotics and the
continuing development of our technical and marketing skills. The year's
result was driven by the volume of appliance production lines produced by our
Christchurch operation supported by both the Dunedin and Auckland facilities.
The company is firmly entrenched as one of the world's leading providers of
automated production lines for the appliance industry and is rapidly gaining
a reputation in the industrial robotics field. The company, through its
subsidiary Scott Automation Limited, has successfully achieved expansion into
non-appliance industries. Along with general automation projects, Scott
Automation is developing an expertise and competency in industrial robotics,
and in particular the meat processing robot, developed in conjunction with
the meat marketing company, PPCS Limited. Significant research and
development costs have been expended in acquiring these skills and the
company is positioning itself to capitalise on this world leading technology.
Scott Automation and PPCS have established a joint venture company, 'Robotic
Technologies Limited', to progress the opportunities that exist in automating
the meat processing industries worldwide. Scott will continue to develop,
manufacture and market the technology in conjunction with the joint venture
company. The Directors are pleased with the progress being made by Scott
Automation's Auckland business unit. The company is committed to expanding
business opportunities in automation and robotics and plans are being
finalised for the redevelopment of our Auckland freehold premises to provide
a modern, well equipped design and manufacturing facility. To support the
company's geographic diversification into Asia, a representative office was
established during the year in Shanghai and benefits from this initiative are
already becoming apparent. The company remains confident that Asia will
become a significant market for our appliance manufacturing systems in the
future. The year has been exceptional and the Directors and management are
confident with the current outlook and look forward to the challenges and
opportunities that exist in our markets. The Directors currently expect a
satisfactory year which may however be influenced by the high value of the
New Zealand dollar. The company confirms its commitment to the pursuit of
growth and increased efficiency to provide sustainable rewards to all
stakeholders.