Interim Results
December 09 2003 - 2:00AM
UK Regulatory
RNS Number:0129T
Triad Group PLC
09 December 2003
Triad Group Plc, the information systems and software consultancy, has today
announced its interim results for the six months to 30 September 2003.
Chairman's statement
Results
Turnover is #16.6m for the six months ended 30 September 2003 (2002: #14.1m).
This is 17.6% higher than the same period last year. Pre tax losses are #0.85
million (2002: loss #2.53 million).
Dividends
No interim dividend has been declared (30 September 2002: interim - nil).
Review of activities
The IT services market remains challenging. In response, the consultancy and
systems business has undertaken a review of its services. This review recognised
changes in market requirements and has repositioned the business higher up the
value chain. The Company is now routinely assisting clients in strategic
initiatives and investment decision making.
The Company remains broadly based across market sectors including the public
sector, telecommunications and outsourcing. The Company is not encumbered by the
impact of global mergers, product or sector dependencies, factors that affect
many of our competitors. Investment in client relationships continues at a high
level to secure long term recurring revenues. The Company is working effectively
in mixed teams with clients experiencing revenue and cost pressures.
Opportunities across the public sector are arising from the Government
modernisation programme. The Company is now highly experienced in developing
business cases jointly with clients. It subsequently follows through with the
implementation of change programmes, providing technical skills leadership.
The resourcing business has seen increases in fee earner numbers each month
since the beginning of the financial year. It faces continued pressure on
margins in respect of mature business.
The reduction in the cost base achieved during the last financial year has
contributed to a reduction in the level of losses.
Cash at the balance sheet date 30th September 2003 was #2.3 million. Cash at the
same time last year was #7.7 million. In October 2002 # 1.9 million was returned
to shareholders. This figure includes fees. The cash balance at 30th September
2003 is ahead of that forecast at the time of the buy-back. The rate of cash use
has substantially reduced. The increase in turnover since last year has created
a corresponding increase in cash required to fund working capital. The Company
continues to have no bad debts and payment terms remain unchanged. I am
comfortable with the cash situation.
I would like to thank our staff for their hard work and commitment to our
clients in the period.
John Rigg
Chairman
8 December 2003
Profit and loss account
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Turnover 16,573 14,091 27,756
---------- ---------- ----------
Operating loss (902) (2,672) (5,204)
Net interest 53 145 224
----------- ----------- -----------
Loss on ordinary activities ( 849) (2,527) (4,980)
before taxation
Taxation on loss on ordinary
activities - 783 8
----------- ----------- -----------
Loss for period (849) (1,744) (4,972)
Dividends - - -
----------- ----------- -----------
Loss sustained for period (849) (1,744) (4,972)
=========== =========== ===========
Basic and diluted loss per share (5.60)p (7.91)p (27.20)p
=========== =========== ===========
Dividend per share 0.00p 0.00p 0.00p
=========== =========== ===========
Balance sheet
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Fixed assets
Tangible assets 725 913 726
----------- ----------- ------------
Current assets
Debtors 7,448 7,414 5,385
Cash at bank and in hand 2,334 6,719 4,739
----------- ----------- -------------
9,782 14,133 10,124
Creditors: amounts falling
due within one year (3,924) (3,797) (3,363)
----------- ----------- ------------
Net current assets 5,858 10,336 6,761
----------- ----------- ------------
Total assets less current
liabilities 6,583 11,249 7,487
Provisions for liabilities
and charges (2,395) (1,050) (2,450)
----------- ----------- -----------
Net assets 4,188 10,199 5,037
----------- ----------- -----------
Capital and reserves
Called up share capital 151 218 151
Share premium account 562 562 562
Capital redemption reserve 104 37 104
Profit and loss account 3,371 9,382 4,220
----------- ----------- -----------
Equity shareholders' funds 4,188 10,199 5,037
----------- ----------- -----------
Cash flow statement
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Net cash outflows from operating
activities (2,254) (1,620) (2,071)
______ ______ ______
Returns on investments and
servicing of finance
Interest received 53 145 224
______ ______ ______
Taxation - 10 410
UK corporation tax received
______ ______ ______
Capital expenditure and
financial investment
Purchase of tangible assets (264) (216) (370)
Sale of tangible fixed assets 60 84 164
______ ______ ______
(204) (132) (206)
______ ______ ______
______ ______ ______
Cash outflow before financing (2,405) (1,597) (1,643)
______ ______ ______
Financing
Cost of purchasing own - (2,984) (4,918)
______ ______ ______
Decrease in cash in the period (2,405) (4,581) (6,561)
====== ====== ======
Reconciliation of operating loss to net cash outflow from operating activities
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Operating loss (902) (2,672) (5,204)
Depreciation of tangible fixed assets 210 345 617
Profit on sale of fixed assets (5) (11) (22)
(Increase)/ decrease in debtors (2,063) 812 1,665
Increase/ (decrease) in creditors 561 (94) (527)
(Decrease)/increase in provisions (55) - 1,400
---------- ---------- -----------
Net cash outflow from
operating activities (2,254) (1,620) (2,071)
----------- ----------- -----------
Notes to the accounts
1. The information contained in this interim statement does not constitute
statutory accounts within the meaning of section 240 (3) of the Companies
Act 1985. The financial information set out above and overleaf, which has
been neither audited nor reviewed, has been approved by the Board of
Directors on 8 December 2003.This financial information has been prepared in
accordance with the accounting policies set out in the statutory accounts of
Triad Group Plc for the year ended 31 March 2003.
2. No interim dividend has been declared (2002/03: nil)
3. Losses per share have been calculated on the loss on ordinary activities
after tax divided by the weighted average number of shares in issue during
the period based on the following:
Unaudited Unaudited Audited
30 September 30 September 31 March
2003 2002 2003
Loss on ordinary activities
after taxation #(849,000) #(1,744,000) #(4,972,000)
-------------- -------------- --------------
Average number of shares in
issue 15,149,579 22,037,921 18,277,572
-------------- -------------- --------------
Basic and diluted loss per
share (5.60)p (7.91)p (27.20)p
-------------- -------------- --------------
The weighted average number of shares for the calculation of the diluted loss
per share in respect of each of the above periods is the same as that for the
basic loss per share as the exercise of share options would have the effect of
reducing the loss per share and is therefore not dilutive.
4.Profit and loss account
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Balance at 1 April 4,220 14,110 14,110
Retained loss for the period (849) (1,744) (4,972)
Repurchase of shares,including costs - (2,984) (4,918)
----------- ---------- -----------
3,371 9,382 4,220
----------- ----------- -----------
5. Copies of the interim results are being sent to shareholders. Further copies
can be obtained from the company secretary at Weyside Park, Catteshall Lane,
Godalming, Surrey, GU7 1XE.
This information is provided by RNS
The company news service from the London Stock Exchange
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