Interim Results
May 28 2004 - 7:25AM
UK Regulatory
RNS Number:1995Z
2 Travel Group PLC
28 May 2004
2 Travel Group Plc.
Interim Statement to 29 February 2004
Chairman's Statement
Results
Turnover for the six months to February 2004 was #2,209,000 (February 2003:
#1,951,000) the operating loss was #41,000 (February 2003: loss #72,000) and the
loss before taxation was #158,000 (February 2003: loss #255,000). No interim
dividend will be made.
Operating cash flow during the 6 months was an inflow of #157,000 (February
2003: outflow #13,000) arising from lower interest costs caused by refinancing.
Depreciation charges were #141,000 (February 2003: #104,000) whilst debtor
balances increased by #108,000 (February 2003: increase #211,000) and creditor
balances increased by #335,000 (February 2003: increase #158,000). The Group's
net debt has reduced by #72,000 to #3,576,000 in the six months to 29 February
2004.
Current Trading
Continued expansion of bus routes is having a positive impact even though the
year has started slower than expected.
In line with its development programme the Company has expanded its operation to
over 50 vehicles on bus routes throughout South Wales. Further expansion is
planned for the second part of the year and the vehicle fleet has increased to
108 vehicles with the bus fleet growing to 60 vehicles.
The Company has also increased its Operators Licence from 110 to 155 discs to
create sufficient headroom for the expansion of its bus network.
Five new buses have been purchased following the award of a prestigious contract
by Carmarthen County Council to the Company allowing it to operate all bus
services between Llanelli and Carmarthen.
It is the Company's intention to tender for further workings of this kind in all
depots.
A Commercial Manager has been appointed to take responsibility of the Coach
Travel Centre business and improve the Company's own coach utilisation; pre
bookings for the summer months are already 5% better than the previous year.
Property
The substantial retail development adjacent to the Company's Swansea depot is
likely to have resulted in a significant increase in the site value of the depot
over and above the value disclosed in the Balance Sheet, although no formal
valuation has yet been obtained.
Summary
The Company is continuing to move from a predominantly coach operator to its
target of a mid level bus operator. Bus registrations will double in volume in
the second half of the year providing the Company with more predictable revenue
and will achieve 70% of turnover in 2004/2005, by which time the new depots at
Cardiff and Llanelli will be fully operational.
On behalf of the Board, I would like to thank all our staff for their
contribution and effort during the last few months. I look forward to their
continued support as the Company meets the challenge of 2004 and beyond.
Sir Richard Needham
Chairman
INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT
AS AT 29 FEBRUARY 2004
(6 months) (6 months) (12 months)
Unaudited Unaudited Audited
29-Feb-04 29-Feb-03 31-Aug-03
#'000 #'000 #'000
Turnover
Continuous operations 2,209 1,951 3,739
Acquisitions - - 507
2,209 1,951 4,246
Operating Costs (2,345) (1,811) (4,683)
Exceptional income (expenditure) 95 (212) (249)
Operating Loss
Continuing (41) (72) (697)
Acquisitions - - 11
(41) (72) (686)
Profit on disposal of fixed assets 1 - 71
Net interest payable & similar charges (118) (183) (382)
Loss before taxation (158) (255) (997)
Taxation - (30) 47
Retained loss for the period (158) (285) (950)
'000 '000 '000
Weighted Number of Ordinary Shares in issue 49,048 28,628 37,034
Basic Loss per Share (0.322p) (0.99p) (2.565p)
Basic Loss per Share excluding Exceptional Items (0.516p) (0.25p) (1.89p)
INTERIM CONSOLIDATED BALANCE SHEET
AS AT 29 FEBRUARY 2004
(6 months) (6 months) (12 months)
Unaudited Unaudited Audited
29-Feb-04 29-Feb-03 31-Aug-03
#'000 #'000 #'000
Fixed Assets
Intangible Assets 171 1 180
Tangible Assets 4,898 3,474 4,958
5,069 3,475 5,138
Current Assets
Stocks 189 237 171
Debtors 800 835 692
Cash 14 147 154
1,003 1,219 1,017
Creditors: amounts due within one year (2,663) (1,812) (2,349)
Net current liabilities (1,660) (593) (1,332)
Total assets less current liabilities 3,409 2,882 3,806
Creditors amounts due after one year (2,497) (1,867) (2,736)
Provisions for liabilities and charges - (12) -
Net Assets 912 1,003 1,070
Capital and Reserves
Called up share capital 98 79 98
Share Premium account 1,693 1,147 1,693
Revaluation Reserve 167 - 167
Profit and Loss account (1,046) (223) (888)
912 1,003 1,070
INTERIM CONSOLIDATED CASH FLOW STATEMENT
AS AT 29 FEBRUARY 2004
(6 months) (6 months) (12 months)
Unaudited Unaudited Audited
29-Feb-04 29-Feb-03 31-Aug-03
#'000 #'000 #'000
Cash from operating activities 157 (13) (47)
Returns on investments and servicing (100) (145) (376)
of finance
Capital Expenditure (34) (103) (691)
Acquisitions and disposals - - (27)
23 (261) (1,141)
Financing (288) 456 1,256
(Decrease)/increase in cash for period (265) 195 115
Notes
1. The interim financial statements were approved by the Board of Directors on
21 May 2004. The interim statements, which are unaudited but have been subject
to independent review by our auditors, Bevan & Buckland, have been prepared on
the basis of the accounting policies published in the statutory accounts for the
year ended 31 August 2003. A copy of their Independent Review Report is set out
below. The financial information set out in this interim report does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The figures for the year ended 31 August 2003 have been extracted from
the statutory financial statements which have been filed with the Registrar of
Companies.
2. The Directors do not recommend the payment of an interim dividend.
3. Basic earnings per share, after the refinancing of loans (2003 write off of
flotation costs), have been calculated on the weighted average number of shares
in issue during the period of 49,048,124, (2003 37,034,432) based on the date of
issue.
4. Copies of this report are available to shareholders and members of the public
from the Company's registered office: 2 Travel House, Upper Bank, Bonymaen,
Swansea, SA1 7DB.
INDEPENDENT REVIEW REPORT TO 2 TRAVEL GROUP PLC
Introduction
We have been instructed by the company to review the financial information set
out above and we have read the other information contained in the interim report
and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors. The AIM Rules of
the London Stock Exchange required that the accounting policies and presentation
applied to the interim figures should be consistent with those applied in
preparing the preceding annual accounts except where any changes, and the
reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as test of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 28 February 2004.
Bevan & Buckland
Chartered Accountants
Russell House
Russell Street
Swansea
SA1 4HE
21 May 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
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