Interim Results
December 19 2003 - 2:00AM
UK Regulatory
RNS Number:4551T
Amberley Group PLC
19 December 2003
AMBERLEY GROUP PLC
Unaudited interim results
For the six months to 31 October 2003
Chairman's Statement
RESULTS
The Group reported a loss after tax of #62,000 for the six month period ended 31
October 2003 (2002: #90,000). The costs incurred relate to the control and
collection of the Group's remaining assets and the maintenance of the Group's
listing on the London Stock Exchange. The loss per share in the period was 0.3p
(2002: 0.2p).
Net cash in hand at 31 October 2003 was #0.69 million (2002: #1.64 million) with
net assets of #1.66 million (30 April 2003: #1.72 million). Since 30 April 2003,
#1.87 million of disposal consideration has been received and a dividend payment
of #2.35 million has been made.
At 31 October 2003, the Group had distributable reserves of approximately
#180,000. Due to the small amount of reserves, the Directors do not recommend an
interim dividend (2002: 10p).
At 31 October 2003, the Group had tax losses carried forward of approximately
#14.6 million, of which #12.8 million are capital losses.
On the disposal of its four trading operations, the Group had given certain
warranties and indemnities to the purchasers. With the exception of one small
indemnity, the Group has now either bought-out these warranties and indemnities,
or the relevant time limits have expired. The one remaining issue has been
provided for in these accounts and as far as the Directors are aware, the Group
has no further liabilities in respect of these issues.
THE FUTURE
A number of parties have expressed an interest in the Group's freehold
properties in Hull although no firm offers have yet been received.
The Board will continue to market these properties and will collect the Group's
remaining debts. It is the Board's current intention to return remaining funds
to shareholders in the most expedient and cost-effective way possible once these
assets have been converted into cash.
Roger Fletcher
Chairman
19 December 2003
For further information, please contact:
Amberley Group PLC
Alan Sime Tel: 07710 010359
Arbuthnot Securities Limited
Tim Goodman Tel: 0121 632 2100
AMBERLEY GROUP PLC - INTERIMS 2003 2/7
Group Profit and Loss Account
Six months ended Six months ended Year ended
31 October 2003 31 October 2002 30 April 2003
Unaudited Unaudited Audited
#000 #000 #000
OPERATING LOSS (121) (327) (260)
Net interest receivable 59 236 186
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (62) (91) (74)
Taxation - 1 1
LOSS FOR THE FINANCIAL PERIOD (62) (90) (73)
DIVIDENDS (note 2) - (2,346) (4,692)
RETAINED LOSS FOR THE FINANCIAL PERIOD (62) (2,436) (4,765)
BASIC AND DILUTED LOSS PER SHARE (note 3) (0.3 p) (0.2p) (0.2p)
DIVIDEND PER SHARE (note 2) 0.0 p 10.0p 20.0p
AMBERLEY GROUP PLC - INTERIMS 2003 3/7
Consolidated Balance Sheet
31 October 31 October 30 April
2003 2002 2003
Unaudited Unaudited Audited
#000 #000 #000
FIXED ASSETS
Tangible fixed assets 975 975 975
CURRENT ASSETS
Debtors - disposal consideration 49 3,942 1,921
- other debtors 59 251 218
Cash at bank and in hand 692 1,643 1,107
800 5,836 3,246
CREDITORS
Amounts falling due within one year (114) (2,759) (2,498)
NET CURRENT ASSETS 686 3,077 748
NET ASSETS 1,661 4,052 1,723
CAPITAL AND RESERVES
Called up share capital 587 587 587
Capital redemption reserve 898 898 898
Profit and loss account 176 2,567 238
EQUITY SHAREHOLDERS' FUNDS (note 4) 1,661 4,052 1,723
AMBERLEY GROUP PLC - INTERIMS 2003 4/7
Group Cash Flow Statement
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2003 2002 2003
Unaudited Unaudited Audited
#000 #000 #000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (note 6a) (166) (721) (1,205)
RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE (note 6b) 59 218 221
TAXATION (note 6b) 166 - 1
CAPITAL EXPENDITURE (note 6b) - - 2
DISPOSALS (note 6b) 1,872 12,358 14,856
EQUITY DIVIDENDS PAID (2,346) - (2,346)
CASH (OUTFLOW)/INFLOW BEFORE FINANCING (415) 11,855 11,529
FINANCING
Redemption of share capital - (11,650) (11,650)
NET CASH OUTFLOW FROM FINANCING - (11,650) (11,650)
(DECREASE)/INCREASE IN CASH (415) 205 (121)
Reconciliation of Net Cash Flow to Movement in Net Funds
(DECREASE)/INCREASE IN CASH (415) 205 (121)
Exchange movement - - (210)
MOVEMENT IN NET FUNDS IN PERIOD (415) 205 (331)
Net funds at start of the period 1,107 1,438 1,438
NET FUNDS AT END OF PERIOD (note 6c) 692 1,643 1,107
AMBERLEY GROUP PLC - INTERIMS 2003 5/7
Notes to the interim report
1. The results are reported in accordance with applicable accounting standards.
2. Dividend
The directors have not declared an interim dividend in the period due to the small amount of
distributable reserves (2002: 10p per share).
3. Loss per share
The weighted average number of shares and the diluted weighted number of shares in issue during the
period was 23,461,439 (2002: 48,656,752). The loss per share has been calculated on losses of #62,000
(2002: losses of #90,000).
The weighted average number of shares and the diluted weighted average number of shares in issue during
the year ended 30 April 2003 was 36,162,638 and the loss per share was calculated on losses of #73,000.
4. Reconciliation of movements in equity shareholders' funds
Six months Six months Year
ended ended ended
31 October 31 October 30
April
2003 2002 2003
#000 #000 #000
Opening equity shareholders funds 1,723 18,138 18,138
Loss for the financial period (62) (90) (73)
Dividends - (2,346) (4,692)
Capital redemption (including expenses) - (11,650) (11,650)
Closing equity shareholders' funds 1,661 4,052 1,723
5. Statement of total recognised gains and losses
There is no difference between the loss for the financial period and the total gains and losses since
the last annual report.
6. Notes to the group cash flow statement
Six months Six months Year
ended ended ended
31 October 31 October 30
April
2003 2002 2003
#000 #000 #000
(a) Reconciliation of operating profit to operating cash
flows
Operating loss (121) (327) (260)
Profit on sale of fixed assets - - (2)
(Increase)/ decrease in debtors (7) 230 (64)
Decrease in creditors (38) (624) (879)
Net cash outflow from operating activities (166) (721) (1,205)
Six months Six months Year
ended ended ended
31 October 31 October 30
April
2003 2002 2003
#000 #000 #000
(b) Analysis of cash flows
Returns on investments and servicing of finance
Interest received 59 236 241
Interest paid - (18) (20)
Net cash inflow from returns on investments and
servicing of finance 59 218 221
Taxation
Taxation recovered 166 - 1
Net cash inflow from taxation 166 - 1
Capital expenditure
Receipts from sales of tangible fixed assets - - 2
Net cash inflow from capital expenditure - - 2
Disposals
Net cash inflow in respect of sale of subsidiary 1,872 12,358 14,856
undertakings
Net cash inflow from disposals 1,872 12,358 14,856
(c) Analysis of net funds
At At
1 May Cash 31 October
2003 flow 2003
#000 #000 #000
Cash at bank and in hand 1,107 (415) 692
Tax losses
7.
At 31 October 2003, the group has losses carried forward of approximately #14.6 million of which #12.8
million are capital losses. No deferred tax asset has been recognized in respect of any of these losses as
the group does not expect to utilise them in the foreseeable future.
The comparative figures for the financial year ended 30 April 2003 are not the company's statutory accounts
for that financial year, but have been derived from those accounts. Statutory accounts for 2003 have been
8. delivered to the Registrar of Companies. The auditors have reported on those accounts: their reports were
unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985.
9. This interim report was issued to the press on 19 December 2003 and will be posted to shareholders by 30
December 2003. Further copies of the interim report are available from Arbuthnot Securities Limited, 1
Victoria Square. Birmingham, B1 1BD.
This information is provided by RNS
The company news service from the London Stock Exchange
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