Interim Results

Lo-Q PLC 24 June 2002 Lo-Q plc Interim Statement Six months ended 31 March 2002 Chairman's statement Introduction I am pleased to report Lo-Q plc's first set of results since our successful admission to the Alternative Investment Market in April 2002, in conjunction with which the company raised approximately Â£3.6 million to continue the expansion of the group. Financial Results The results for the first half of the year were in line with expectations. The first half of our year coincides with the close period for the majority of American Theme Parks. Six Flags Over Georgia was shut for nearly the whole of this six-month period, and income could therefore only be produced on a few days of park operations. For the six months ended 31 March 2002, turnover was Â£36,814 and loss after tax amounted to Â£480,492. The group's balance sheet at 31 March 2002 showed Â£1,235,735 of shareholders' funds, which does not include the additional funds raised on admission to AIM. Operating Performance The group entered into contracts in March with our major customer, the Six Flags Corporation, to install the Lo-Q guest services system into ten of the corporation's parks, eight of which will be installed this year. We have made substantial progress in the build-and-install operation, which involves putting systems into theme parks whose locations are spread across the whole of the United States. I am pleased to report that the installations have progressed to the point that Six Flags Over Texas went live on Thursday 13th June and began taking revenue on Saturday 15th June 2002. We are working hard to complete two further parks this month, four in July and one in August. The system in the Atlanta theme park, which was installed last year, continues to operate on a daily basis and whereas at the start of the season the park was only open at the weekends, it is now open daily and revenues are ahead of last year. Whilst the increase in rental charges from $5 to $10 per person has had the effect of slightly reducing the number of Q-bots rented, there has been more than a compensating increase in revenue as a result of the price change. The park and our team in America are gradually implementing enhanced marketing plans for renting Q-bots to increase market penetration. Outlook We continue to have discussions with other potential customers and have submitted a detailed proposal for the installation of the Lo-Q system to another well-known operator for their theme parks. We know that other operators have made a number of visits to use the system in Atlanta, to discover both its functional capability and guests' reaction. We believe that they have also been assessing the system's ability to improve the visitors' day. Without exception, all the feedback that we have received regarding these visits has been very positive, both for the system and our operation. We therefore remain confident for the future development of the business and believe that the admission to AIM has given the company the platform from which to continue expanding its existing business to both new customers and into new areas. Jeff McManus Chairman For further information please contact: Lo-Q plc 01491 577 210 Leonard Sim, Managing Director Corporate Synergy 020 7626 2244 Justin Lewis Weber Shandwick Fleet Financial 020 7950 2898 Alex White Consolidated profit and loss account Restated Restated Six months to Six months to Year to 31 March 2002 31 March 2001 30 September 2001 Â£ Â£ Â£ Turnover 36,814 1,000 311,224 Cost of sales 51,718 61,842 311,849 _______ _______ _______ Gross loss (14,904) (60,842) (625) Administrative expenses 605,656 269,323 720,025 _______ _______ _______ Operating loss (620,560) (330,165) (720,650) Interest receivable 10,072 29,112 54,462 Interest payable and similar charges (4) (212) (1,009) _______ _______ _______ Loss on ordinary activities before (610,492) (301,265) (667,197) taxation Taxation on loss from ordinary activities (130,000) (59,000) (182,584) _______ _______ _______ Loss on ordinary activities after (480,492) (242,265) (484,613) taxation _______ _______ _______ Earnings (loss) per share Basic (and diluted) (0.04) (0.01) (0.03) _______ _______ _______ All amounts relate to continuing activities Consolidated statement of total recognised gains and losses Six months Restated Restated Six months to Year to 31 March 31 March 30 September 2002 2001 2001 Â£ Â£ Â£ Loss for the financial year (480,492) (242,265) (484,613) Prior year adjustment - deferred (375,000) taxation _______ Total recognised gains and losses recognised since last annual report (105,492) _______ Consolidated balance sheet Restated Restated 31 March 31 March 30 September 2002 2001 2001 Â£ Â£ Â£ Fixed assets Intangible assets 580,761 381,519 449,093 Tangible assets 398,419 220,071 330,354 _______ _______ _______ 979,180 601,590 779,447 _______ _______ _______ Current assets Stocks 136,799 46,273 54,168 Debtors falling due within one 144,169 82,585 66,261 year Debtors falling due after more 505,000 248,000 375,000 than one year - deferred tax Cash at bank and in hand 10,461 1,256,162 586,146 _______ _______ _______ 796,429 1,633,020 1,081,575 Creditors: amounts falling due 547,175 283,336 152,096 within one year _______ _______ _______ Net current assets 249,254 1,349,684 929,479 _______ _______ _______ Total assets less current 1,235,735 1,958,575 1,716,227 liabilities _______ _______ _______ Capital and Reserves Called up share capital 106,818 106,818 106,818 Share premium account 1,952,394 1,952,394 1,952,394 Capital reserve 12,473 12,473 12,473 Profit and loss account (835,950) (113,110) (301,942) _______ _______ _______ Equity shareholders' funds 1,235,735 1,958,575 1,716,227 _______ _______ _______ Consolidated cash flow statement Restated Restated 31 March 31 March 30 September 2002 2001 2001 Â£ Â£ Â£ Net cash outflow from operating (265,542) (383,779) (810,674) activities Returns on investments and servicing of finance Interest received 10,072 29,112 54,462 _____ ______ ______ Interest paid (4) (212) (1,009) Net cash outflow from returns on investments and servicing of finance 10,068 28,900 53,453 Taxation US corporation tax paid 3,444 - - Capital expenditure and financial investment Purchase of tangible fixed assets (188,543) (214,253) (372,198) Development costs (131,668) (134,824) (244,553) ______ _______ _______ Net cash outflow from capital (320,211) (349,077) (616,751) expenditure and financial investment Cash outflow before use of liquid (575,685) (703,956) (1,373,972) resources and financing Management of liquid resources Purchase of treasury deposits - (1,180,000) (400,000) Financing Net cash inflow from shares issue - 1,974,093 1,974,093 _______ _______ _______ Decrease in cash (575,685) 90,137 200,121 _______ _______ _______ Notes to the consolidated cash flow statement Reconciliation of operating loss to net cash inflow from operating activities Restated Restated 31 March 31 March 30 September 2002 2001 2001 Â£ Â£ Â£ Operating loss (620,560) (330,165) (720,650) Amortisation charges 56,410 - 42,155 Depreciation charges 64,068 4,248 51,909 Increase in stock (82,631) (46,273) (54,168) Increase in debtors (77,908) (11,370) 4,954 Increase in creditors 395,079 (219) (134,874) _______ _______ _______ Net cash outflow from (265,542) (383,779) (810,674) operating activities _______ _______ _______ Reconciliation of net cash outflow to movement in net debt 31 March Restated Restated 31 March 30 September 2002 2001 2001 Â£ Â£ Â£ Increase in cash for the (575,685) 90,137 200,121 period Cash outflow from - 1,180,000 400,000 purchases of liquid resources _______ _______ _______ Movement in net funds (575,685) 1,270,137 600,121 Net funds at beginning of 586,146 (13,975) (13,975) period _______ _______ _______ Net funds at end of 10,461 1,256,162 586,146 period _______ _______ _______ Notes forming part of the financial statements 1 Accounting policies The interim figures for the six months ended 31 March 2002 have been prepared on the basis of the accounting policies set out in the annual report and accounts for the year ended 30 September 2001. The company has implemented FRS 19 - Deferred Tax which has given rise to a prior year adjustment, details of which are set out in note 3. The results for the year ended 30 September 2001 are extracted from the published accounts for that period on which the auditors gave an unqualified opinion and which have been filed with the Registrar of Companies. The results for the six months ended 31 March 2002 and 2001 are unaudited, but have been reviewed in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. 2 Turnover Turnover for the group arises solely within the United States. 3 Taxation The company has implemented FRS19 - Deferred Tax for the first time in the six months to 31 March 2002. Under FRS 19, deferred tax assets are recognised if they are regarded as recoverable. Comparatives for the six months ended 31 March 2001 and the year ended 30 September 2001 have been restated on a consistent basis. The impact of this change in policy results in a restatement of the prior year tax charge / (credit) and deferred taxation provision. Consequently, the loss after tax for the six months ended 31 March 2001 is decreased by Â£59,000 and the loss after tax for the year ended 30 September 2001 is decreased by Â£186,000; net assets at 31 March 2001 and 30 September 2001 are increased by Â£248,000 and Â£375,000 respectively. 4 Earnings (loss) per share Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders (Â£480,492) by the weighted average number of shares (10,681,837). 5 Dividends The board does not propose to pay a dividend. 6 Report This report is being sent to all registered shareholders. Copies can be obtained from the registered office at New Close, Greenlands, Henley-On-Thames, Oxfordshire, RG9 3AL Independent Financial Review Introduction We have been instructed by the company to review the financial information set out in this report and we have read the other information contained in the interim report and considered whether it contains any apparent mis-statements 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 Listing Rules of the Financial Services Authority require 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 the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group 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 tests 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 31 March 2002. BDO Stoy Hayward Chartered Accountants This information is provided by RNS The company news service from the London Stock Exchange

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