Final Results
GB Group PLC
25 May 2004
For immediate release
Tuesday, 25 May 2004
GB GROUP PLC ('GB' or the 'Group')
Preliminary Results for the Year Ended 31 March 2004
Highlights
* Despite significant investments and the payment of
the Group's maiden dividend, the Group's financial
position continued to improve during the year and net
cash balances at 31 March 2004 were £6.9 million (2003:
£6.7 million).
* The Board proposes a dividend payment of 0.5p per
share (2003: 0.5p).
* Additional investment in product development, sales
and marketing compared to last year was £0.8 million
(£0.6 million for GB's existing businesses and £0.2
million for GB's new business).
* Turnover rose by 6% to £11.9 million (2003: £11.2
million).
* Operating profit before goodwill amortisation was
£0.4 million (2003: £1.1 million).
* Profit before tax and exceptional costs was £0.1
million (2003: £0.8 million).
* The Group's strategy continues to focus on
increasing sales by way of differentiating its offerings
through product development and by increasing investment
in sales and marketing resource and infrastructure.
* URU, a new area of business resulting from GB's
joint collaboration agreement with BT, achieved initial
sales which are an indication of its potential to
generate future revenues for the Group.
John Walker-Haworth, Chairman, commented: 'With respect
to the current year, like-for-like turnover for the first
two months in our existing businesses is marginally ahead
of last year. GB's turnover and profitability in these
businesses continues to be weighted towards the second
half of the year as a result of the timing of contracts
originally signed up in the second half of previous years
and which continue to renew. Although we remain cautious
at this stage with respect to the year as a whole, we
have started to see signs of market acceptance of URU's
new approach to Identity Verification with the first
customers now having installed the service. We expect to
have a much clearer idea of the scale of the opportunity
as the year progresses.'
- Ends -
For further information, please contact:
GB Group plc
Richard Law, Chief Executive 01244 657333
Mona Navin-Mealey, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Richard Hews
Rachel Taylor
Website www.gb.co.uk
Notes to Editors
About GB Group plc
GB Group plc provides a range of products and services to
enable organisations to capitalise on one of their
greatest assets - customer data. The Company has
expertise across a range of sectors and is able to
transform customer data into valuable information,
enabling clients to make better, more informed decisions.
The development of innovative software and services,
through to the provision of the UK's most comprehensive
consumer business databases - The National Register and
the National Authentication Register - positions GB Group
as a widely acknowledged industry leader in its
specialist markets.
GB Group plc has three business areas:
* The DataIntegrity business helps companies capture
and maintain accurate customer contact data, an essential
foundation for any profitable customer relationship.
* The DataSolutions business empowers companies to
consolidate and analyse customer data from various
sources, enabling them to make better, more informed
decisions.
* The DataAuthentication business helps businesses
validate personal identity information and provides anti-
fraud solutions to fight crime.
Established since 1989, GB's core competencies combined
with industry sector knowledge have enabled the Company
to deliver significant value to organisations such as
npower, WH Smith and Coral Racing, in helping them derive
maximum value from their customer data and sustain real
advantage over their competition.
GB Group is supported by its key relationships with major
organisations with whom it partners on major initiatives
(an example being British Telecom), together with a team
of highly talented and motivated staff successfully
delivering business solutions.
GB Group plc is listed on the London Stock Exchange
(www.gb.co.uk).
CHAIRMAN'S STATEMENT
This has been a year of significant investment in both
the existing DataIntegrity and DataSolutions businesses
of GB and in new business opportunities with the aim of
achieving future growth. When GB issued its trading
update statement in early March, we indicated that the
results of this investment had started to come through in
the form of an increase in turnover achieved during the
year in the existing businesses and that progress had
been made in the development and marketing of GB's new
business opportunity, URU. The final results for the year
to 31 March 2004, at both the turnover and profit level,
were in line with the expectations set at the time of
our trading update.
The profitability of the existing businesses was lower in
the year than in the previous year. This was principally
as a result of the investment made, but was also due to
increased competition which caused a small reduction in
our gross margins. We believe, however, that the
underlying quality of our existing businesses and their
ability to generate future profits has been improved by
our efforts and investment over the course of the year.
Turning to our new area of business, we expect to
continue to invest in URU during the current year, along
with BT as joint sponsor of the project, with the aim of
establishing the service in the market and evaluating the
extent of the opportunity. We currently expect this
investment to be financed largely, if not entirely, by
cash generated from our existing businesses.
Despite our significant investments, the Group's
financial position continued to improve during the year
and net cash balances at 31 March 2004 were £6.9 million
(2003: £6.7 million).
Accordingly, having taken account of the financial
strength and prospects of the Company, the Directors will
propose the payment of a dividend of 0.5p per ordinary
share (2003: 0.5p) at the Annual General Meeting to be
held in July.
With respect to the current year, like-for-like turnover
for the first two months in our existing businesses is
marginally ahead of last year, as described more fully by
Richard Law in the Chief Executive's Report. GB's
turnover and profitability in these businesses continues
to be weighted towards the second half of the year as a
result of the timing of contracts originally signed up in
the second half of previous years and which continue to
be renewed. Although we remain cautious at this stage
with respect to the year as a whole, we have started to
see signs of market acceptance of URU's new approach to
Identity Verification with the first customers now having
installed the service. We will have a much clearer idea
of the scale of the opportunity as the year progresses.
The GB team led by Richard Law has worked well and
effectively during this past year. The current year will
be interesting and important for GB, and we all look
forward to it with confidence.
J L Walker-Haworth
Chairman
CHIEF EXECUTIVE'S REVIEW
Overview
During the year GB has taken a bold approach to
developing its businesses.
I said in my statement last year that growing turnover
was the key to increasing profitability in the future and
this remains the case. Accordingly we have invested to
develop new opportunities for the business and, although
our performance for the year to 31 March 2004 fell short
of original expectations, we have laid the foundations
for a more substantial, higher quality business.
GB's Existing Businesses
GB's existing business is conducted through its
DataIntegrity and DataSolutions divisions which
specialise in providing software products and services
aimed at maximising the value to GB's clients of their
customer and marketing data. Customers for these products
and services include large corporate organisations such
as npower and Thomas Cook. The revenue streams from the
existing businesses are of high quality with more than
50% of annual revenues coming from either multi-year
contracts or the rollover of annual contracts. Although
the markets for these businesses continue to mature and
new business is harder to win, the value of new sales in
terms of future repeat revenues, we consider, justifies
the investment to win new business.
Accordingly, GB's strategy throughout the year has been
focussed on building future sales by way of
differentiating our offerings through product development
and by increasing investment in sales and marketing
resource and infrastructure.
The additional investment in product development and
sales and marketing during the year was in line with
expectations and was £0.6 million higher than in the
previous year. The impact of this was to increase
turnover in the year by 6% to £11.9 million (2003: £11.2
million) and to significantly increase the number and
value of sales pipeline opportunities which will benefit
future periods.
Operating profit for the year from existing businesses,
which recognises the full cost of our investment but not
the future value of our pipeline or improved sales
infrastructure, was £0.3 million (2003: £0.8 million).
As a result of our investment during the year, the
quality of our existing businesses has improved and we
are taking appropriate action to ensure this continues.
One such action was the decision taken at the end of
March to phase out sales of third party software,
conducted through our DataSolutions division, which
generated one-off, lower margin revenue, in favour of
concentration on the sale of GB's own software and
outsourced managed services which generate higher margin
repeatable revenues. Third party software sales activity
generated revenue of £0.7 million in the year to 31 March
2004 and, following the removal of associated costs, the
impact on the profitability of the DataSolutions division
in the current year is expected to be positive.
In the current year we are continuing to promote our
excellent reputation for quality products and services to
more firmly differentiate ourselves from our competitors
at the quality end of the market. At the same time, we
are maintaining our commitment to sales and marketing to
enable us to convert the opportunities we have created
and win and retain more clients. The early indications
from the first two months of the current financial year
are that, adjusting for the discontinued sales of third
party software, like-for-like sales are ahead of the same
period last year.
GB's New Business Opportunities
GB invested a net £0.4 million in the development of new
business opportunities during the year, an increase of
£0.2 million compared to the previous year.
In November 2003, the Company announced that it had
entered into a joint collaboration agreement with BT to
formulate a strategy to exploit the rapidly growing
identity fraud, credit fraud and anti-money laundering
markets. The objective of the agreement is to use the
core strengths of both organisations to develop new
products and services for use in these markets.
The first service, URU, launched in January 2004,
utilises GB's data sources and technology, together with
BT's web services infrastructure to provide organisations
with an effective online Identity checking and anti-fraud
service. GB also entered into an agreement with
CallCredit, one of the three UK credit referencing
agencies in January, under which credit referencing
services provided by CallCredit will form part of the URU
offering, thereby creating a combined identity fraud and
credit referencing service.
In our March trading update we said that URU had achieved
its first evaluation sale and this has since been
followed by two further evaluation sales. URU now has
customers in the financial services and telecoms sectors,
and further trials are in progress within these and other
sectors.
These client sales, although currently modest in size in
relation to the turnover of the Group, are an important
endorsement of URU's potential in tackling money
laundering and fraud issues and are an indication of its
potential to generate future revenues for the Group.
GB's approach this year is to market aggressively URU
alongside BT to prove the market as early as possible.
URU is a new approach to an existing problem and its
success will be dependent on how quickly the market
adopts this new technology and the sales effectiveness of
GB and BT. The potential market as represented by the
cost of current manual methods of identity checking is
significant and we will continue to invest during the
year to educate the market and develop the proposition.
Management
The Executive management team has been strengthened
during the year with the recruitment of Ian Davidson in
July 2003 to the post of Managing Director of GB's
DataIntegrity division. Previously Ian worked in the USA
as Vice President of Enterprise Accounts and Software
Sales at Pitney Bowes Inc. Also, in April of this year
Rob Laurence was promoted internally to the post of New
Business Development Director. Rob has been and is
responsible for building GB's Authentication business,
incorporating URU.
Long Term Contract
I said in my review last year that one of our long term
contracts initially entered into in June 2001 had
continued to be problematic. Having entered into a legal
process this dispute was resolved in line with
expectations at a net cost to the Company (essentially
its legal costs) amounting to an exceptional expense of
£0.1 million.
Summary
GB made significant investments during the year in
measures aimed at improving the Groups existing
businesses and establishing new revenue streams. As a
result, we now have more opportunities to grow the
business and we have a larger and better resourced sales
infrastructure with which to convert those opportunities
into tangible revenues. Our expectation for the current
year is for continued progress in establishing URU as a
major influence in the electronic identity and credit
checking market and for further growth in our existing
businesses.
R A Law
Chief Executive
FINANCIAL AND OPERATING REVIEW
As outlined in the Chairman's Statement and Chief
Executive's review the Company increased turnover,
following significant investment in sales, marketing and
infrastructure for both the existing businesses and its
new DataAuthentication business initiative, URU. The
table below shows an analysis of the Group's profit and
loss performance during the year across its existing and
new business areas.
Existing New Exceptional Total Total
Businesses Business Items
2004 2004 2004 2004 2003
£'000 £'000 £'000 £'000 £'000
Turnover 11,875 41 - 11,916 11,243
Cost of sales (5,178) (46) - (5,224) (4,779)
------- ------ ------ ------- -------
Gross profit 6,697 (5) - 6,692 6,464
Other operating expenses
(excluding exceptional
items and goodwill) (5,831) (408) - (6,239) (5,373)
Exceptional items - - (89) (89) -
------- ------ ------ ------- -------
Operating profit before
goodwill 866 (413) (89) 364 1,091
Goodwill amortisation (576) - - (576) (482)
------- ------ ------ ------- -------
Operating (loss)/profit
Existing businesses 290 - - 290 797
New business (413) (413) (188)
Exceptional items - - (89) (89) -
------- ------ ------ ------- -------
290 (413) (89) (212) 609
The financial highlights of the year were as follows:
* The Group achieved an operating profit before
goodwill amortisation of £0.4 million (2003:
£1.1 million). An analysis of the composition
of this £0.7 million change in operating profit
before goodwill is as follows:
> The existing businesses (DataIntegrity and
DataSolutions) invested heavily in sales and
infrastructure resources increasing operating expenses by
£0.6 million. This resulted in an increase in turnover
of £0.6 million and increased gross profits of £0.2
million. The net effect on operating profit before
goodwill amortisation during the year was a reduction of
£0.4 million compared to the previous year.
> The Company made further investment in its new
business initiative, URU, increasing its net investment
by £0.2 million to £0.4 million compared to the previous
year. This business achieved its first sales of £41,000
during the year.
> Total other operating expenses included one-off
exceptional costs (primarily legal costs) of £0.1 million
expensed during the year with respect to the resolution
of a dispute on a long term contract entered into June
2001.
* Goodwill amortised during the year was £0.6 million
(2003: £0.5 million), net interest earned during the year
was £0.2 million (2003: £0.2 million) resulting in a loss
after goodwill but before taxation for the year of
£10,000 (2003: £0.8 million profit).
* Cash generated from operating activities during the
year was £0.4 million (2003: £1.4 million) interest
receivable was £0.2 million (2003: £0.2 million) and
dividends paid were £0.4 million (2003: £nil) leaving
cash balances held at 31 March 2004 of £6.9 million
(2003: £6.7 million).
Turnover
Turnover for the year increased by 6% to £11.9 million
(2003: £11.2 million) for the existing businesses
(DataIntegrity and DataSolutions) and the new business
opportunities in authentication generated their first
sales of £41,000 (2003: £nil).
Gross Profit and Cost of Sales
The gross profit margin for the Group for the year
reduced by 1 percentage point to 56% (2003: 57%). This
was as a result of downward pressure on margins resulting
principally from a higher level of competition in GB's
markets.
Other Operating Expenses
Other operating expenses excluding goodwill amortisation
were £6.3 million (2003: £5.4 million). The increase of
£0.9 million can be further analysed as follows:
* An increase in operating costs of £0.6 million with
respect to the existing businesses and primarily
associated with the investment in sales, marketing and
infrastructure costs to achieve turnover growth.
* An increase in expenditure in relation to the
development of URU of £0.2 million, in particular, with
respect to sales and marketing costs, technical
development and investment in new data sources.
* Also included in other operating expenses are the
costs associated with resolving a problematic long-term
contract entered into in June 2001. The net one-off
exceptional cost to the company (primarily legal costs)
during the year was £0.1 million.
Goodwill Amortisation
The goodwill amortised during the year ended 31 March
2004 was £0.6 million (2003: £0.5 million).
Group Profit/Loss
The operating profit before goodwill amortisation and
exceptional items was £0.5 million (2003: £1.1 million).
The operating loss after goodwill amortisation but before
exceptional items was £0.1 million (2003: £0.6 million
profit) and interest earned during the year was £0.2
million (2003: £0.2 million) resulting in a profit
before tax and exceptional costs of £0.1 million (2003:
£0.8 million profit).
Loss from Interest in Associated Undertaking
The Group disposed of its 22.28% investment in PCiD
Limited on 31 March 2004 for £12,000, which was equal to
its book value at the date of sale. At the time of
disposal PCiD Limited was effectively dormant. The
Group's share of pre-tax losses for the year was £10,000.
Interest Receivable
Interest is earned on cash balances which are invested in
accordance with the Group's treasury policy. Interest
earned during the year was £0.2 million (2003: £0.2
million).
Taxation
The Group incurred a taxation charge of £4,000 relating
to corporation taxation underprovided in previous
periods. In accordance with Financial Reporting Standard
('FRS') 19 the Group has recognised a deferred tax asset
of £0.3 million (2003: £0.3 million).
At 31 March 2004 the Group had potential deferred tax
assets of £7.1 million (2003: £7.2 million) of which £0.3
million (2003: £0.3 million) had been recognised.
In accordance with FRS 19, trading losses carried forward
were £20.1 million (2003: £20.1 million) and capital
losses were £2.2 million (2003: £2.3 million).
Dividend
The Board of Directors propose a final dividend of 0.5p
(2003: 0.5p) which is subject to ratification by the
shareholders at the Annual General Meeting on 22 July
2004.
Amounts Transferred from Reserves
The amount transferred from reserves to cover the
proposed dividend of £0.4 million (2003: £0.4 million) is
£0.4 million.
Balance Sheet and Liquidity
Explanations of the most significant movements in the
balance sheet during the year are as follows:
Intangible Assets
The carrying value of intangible assets at 31 March 2004
was £6.5 million (2003: £7.1 million). During the year
goodwill amortised was £0.6 million.
Debtors
The value of debtors reduced by £0.2 million to £2.7
million at 31 March 2004, compared to the same date last
year. This was principally as a result of a decrease in
the level of prepayments.
Cash and Short Term Deposits
At 31 March 2004, the Group held cash and short term
deposit balances of £6.9 million (2003: £6.7 million)
and, in accordance with the Group's treasury policy, all
funds are placed with major UK clearing banks and
building societies.
The principal source of funds during the year were cash
inflows from operating activities of £0.4 million (2003:
£1.4 million) and interest earned of £0.2 million
(2003: £0.2 million).
The principal uses of funds recognised in the balance
sheet during the year were the net investment in tangible
fixed assets of £0.1 million (2003: £0.2 million) and the
dividend payment of £0.4 million (2003: £nil).
Creditors
The value of creditors falling due within one year has
reduced by £0.3 million to £3.1 million at 31 March 2004,
compared to the same date last year. The principal reason
for this is a reduction in the value of trade creditors
and other taxes and social security costs.
MT Navin-Mealey
Group Finance Director
GROUP PROFIT AND LOSS ACCOUNT
Year ended 31 March 2004
Unaudited Audited
2004 2003
£'000 £'000
Note
Turnover 1 11,916 11,243
Cost of sales (5,224) (4,779)
-------- --------
Gross profit 6,692 6,464
Other operating expenses (excluding
goodwill amortisation and exceptional
items) (6,239) (5,373)
Goodwill amortisation (576) (482)
Exceptional items (89) -
-------- --------
Other operating expenses (6,904) (5,855)
--------------------------------------------------------------------
Operating (loss)/profit before
exceptional items (123) 609
Exceptional items (89) -
--------------------------------------------------------------------
Operating (loss)/profit ** 1 (212) 609
Share of operating (loss)/profit in
associate (10) (11)
-------- --------
Total operating (loss)/profit: Group and
share of associate (222) 598
Interest receivable 212 215
-------- --------
(Loss)/profit on ordinary activities
before taxation (10) 813
Taxation (4) (67)
-------- --------
(Loss)/profit on ordinary activities
after taxation (14) 746
Proposed dividend (398) (398)
-------- --------
Amount transferred (from)/to reserves (412) 348
-------- --------
(Loss)/earnings per 2.5p ordinary share
(pence) - basic 2. 0.0 0.9
-------- --------
(Loss)/earnings per 2.5p ordinary share
(pence) - diluted 2. 0.0 0.9
-------- --------
Adjusted earnings per 2.5p ordinary share
(pence) - before goodwill 2. 0.7 1.5
-------- --------
Dividend per share (pence) 0.5 0.5
-------- --------
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
There were no other recognised gains or losses in the year ended
31 March 2004 or in the year ended 31 March 2003 apart from those
shown in the profit and loss account for the year.
** Commentary with respect to the profit and loss performance is
available in the Financial and Operating Review which forms part
of this announcement.
GROUP BALANCE SHEET
As at 31 March 2004
Note Unaudited Audited
2004 2003
£'000 £'000
Fixed assets
Intangible assets 6,504 7,080
Tangible assets 410 514
Investment in associate - 22
-------- --------
6,914 7,616
-------- --------
Current assets
Stock 18 2
Debtors 2,724 2,944
Cash at bank and in hand 6,859 6,748
-------- --------
9,601 9,694
Creditors : amounts falling due within
one year (3,113) (3,440)
-------- --------
Net current assets 6,488 6,254
-------- --------
Total assets less current liabilities 13,402 13,870
Provisions for liabilities and charges (132) (190)
-------- --------
13,270 13,680
-------- --------
Capital and reserves
Called up share capital 1,989 1,988
Share premium account 3,133 3,132
Merger reserve 6,575 6,575
Capital redemption reserve 3 3
Profit and loss account 1,570 1,982
-------- --------
Shareholders' funds attributable to
equity interests 4 13,270 13,680
-------- --------
GROUP STATEMENT OF CASH FLOWS
Year ended 31 March 2004
Note Unaudited Unaudited Audited Audited
2004 2004 2003 2003
£'000 £'000 £'000 £'000
Net cash inflow from
operating activities 3(a) 440 1,412
Returns on investments and
servicing of finance
Interest received 212 215
Taxation
Corporation tax paid (4) (29)
Capital expenditure and
financial investment
Payments to acquire tangible
fixed assets (153) (172)
Receipts from the sale of
tangible fixed assets - 9
-------- --------
(153) (163)
Acquisitions and disposals
Acquisitions of subsidiary
undertakings - (40)
Net cash acquired with
subsidiary undertakings - 29
Disposal of associate 12 -
-------- --------
12 (11)
Equity dividends paid (398)
-------- --------
Net Cash inflow 109 1,424
-------- --------
Management of liquid
resources
Cash (withdrawn
from)/deposited to short-
term deposits (291) 1,797
Financing
Proceeds from issue of
ordinary shares (2) -
Repayment of capital element
of finance leases - 14
-------- --------
(2) 14
Increase/(decrease) in cash 3(b) 402 (387)
-------- --------
109 1,424
-------- --------
Notes to the Preliminary Announcement:
1. Analysis Of Businesses
Existing New Exceptional Total Total
Businesses Business Items
Unaudited Unaudited Unaudited Unaudited Audited
2004 2004 2004 2004 2003
£'000 £'000 £'000 £'000 £'000
Turnover 11,875 41 - 11,916 11,243
Cost of sales (5,178) (46) - (5,224) (4,779)
------- ------- ------- --------- -------
Gross profit 6,697 (5) - 6,692 6,464
Other operating
expenses (5,831) (408) (89) (6,328) (5,373)
------- ------- ------- --------- -------
Operating profit before
goodwill amortisation 866 (413) (89) 364 1,091
Goodwill amortisation (576) - - (576) (482)
------- ------- ------- --------- -------
Operating (loss)/profit
Existing businesses 290 - - 290 797
New business (413) (413) (188)
Exceptional items - - (89) (89) -
------- ------- ------- --------- -------
290 (413) (89) (212) 609
2. Earnings per Ordinary Share
Earnings per share have been calculated in accordance with
Financial Reporting Standard 14 by reference to the following:
Unaudited Unaudited Audited Audited
2004 2004 2003 2003
pence per £'000 pence per £'000
share share
Loss after taxation (used in
basic and diluted EPS
calculation) 0.0 (14) 0.9 746
Add goodwill amortisation 0.7 576 0.6 482
------- ------- ------- -------
Adjusted earnings after taxation
(used in adjusted EPS
calculation) 0.7 562 1.5 1,228
------- ------- ------- -------
Unaudited Audited
2004 2003
No. No.
Basic weighted average number of
shares in issue 79,585,369 79,648,527
Diluted effect of share options - 685,044
Diluted weighted average number ---------- ----------
of shares in issue 79,585,369 80,333,571
---------- ----------
The directors consider that EPS calculated on the adjusted
profit is an appropriate measure of the Group's performance.
The loss for the period and the weighted average number of
ordinary shares for calculating the diluted earnings per
share for the period to 31 March 2004 is identical to those
used for the basic earnings per share. This is because the
outstanding share options would have the effect of reducing
the loss per ordinary share and would therefore not be
dilutive under the terms of Financial Reporting Standard
No. 14 (FRS 14).
3(a) Reconciliation of operating (loss)/profit to net cash inflows from
operating activities
Unaudited Audited
2004 2003
£'000 £'000
Operating (loss)/profit (212) 609
Depreciation 257 269
Goodwill amortisation and impairment 576 482
Profit on disposal of tangible fixed assets - (2)
Increase in stocks (16) (2)
Decrease in provisions (58) (56)
Decrease in debtors 220 1,218
Decrease in creditors (327) (1,106)
-------- --------
Net cash inflow from operating activities 440 1,412
-------- --------
3(b) Reconciliation of net cash flow to
movement in net funds
Unaudited Audited
2004 2003
£'000 £'000
At the beginning of the year 6,748 5,338
Increase/(decrease) in cash 402 (387)
Movement in short term deposits with banks (291) 1,797
-------- --------
At the end of year 6,859 6,748
-------- --------
3(c) Analysis of net funds
At 1 April Cashflow At 31 March
2003 2004
£'000 £'000 £'000
Cash at bank and in hand 925 402 1,327
Short term deposits * 5,823 (291) 5,532
-------- -------- --------
6,748 111 6,859
* Short term deposits are included within cash at bank and
in hand on the balance sheet.
4. Reconciliation of Movements in Shareholders' Funds
Group
Unaudited Audited
2004 2003
£'000 £'000
Total recognised (loss)/profit (14) 746
Issue of shares 2 -
Redemption of shares - (14)
Proposed dividend (398) (398)
-------- --------
Total movements during the year (410) 334
Shareholders' funds attributable to
equity interests at 1 April 2003 13,680 13,346
-------- --------
Shareholders' funds attributable to
equity interests at 31 March 2004 13,270 13,680
-------- --------
OTHER INFORMATION
1. The above financial information, which is unaudited, does
not constitute statutory accounts as defined in Section
240 of the Companies Act 1985. The financial information
for the year ended 31 March 2003 has been extracted from
the draft statutory accounts on which an unqualified
audit opinion is expected to be issued. Statutory
accounts for the year ended 31 March 2004 will be
delivered to the Registrar in due course. The
preliminary announcement is prepared on the same basis as
set out in the previous year's statutory accounts. Those
accounts, upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of
Companies.
2. The preliminary statement was approved by the board of
directors of GB Group plc on 24 May 2004.
3. The ex-dividend date is 30 June 2004; the record date is
2 July 2004; the payment date is 30 July 2004.
4. The AGM will take place on 22 July 2004.
5. The 2004 interim results announcement is expected to be
on 23 November 2004.
6. This report will also be available on the GB Group web
site: www.gb.co.uk from 25 May 2004.
7. The Company intends to dispatch to shareholders printed
copies of the full annual report and accounts for the
year to 31 March 2004 by 11 June 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
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