Final Results

Cater Barnard PLC 23 December 2002 FOR IMMEDIATE RELEASE Date: 23 December 2002 Cater Barnard plc (AIM) PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2002 Enquiries: Cater Barnard plc 0870 066 0830 Stephen Dean, Chairman 07785 938782 Adrian Stecyk, Executive Director (USA) 001 646 258 7269 Beaumont Cornish Limited Roland Cornish 020 7628 3396 CHAIRMAN'S STATEMENT The year under review has been one of much disappointment to your Board as stock market conditions both in the UK and in the US have made it difficult to realize much of our investments at realistic prices and therefore thwarted any acquisition prospects. Equally, vendors of private companies have yet to become more realistic as to their valuation expectations. In August of this year the Board also decided to abort its rollout programme of IFA acquisitions due to funding uncertainties and therefore released Mr.Jonathan Everill and Mr. Mark Garratt from the Board. Much of the losses shown in the profit and loss accounts and balance sheets, are as a direct result of reducing asset carrying costs of the investments both here and in our subsidiary, Cater Barnard (USA) plc. Industry-wide declines in the level of activity significantly depressed revenues in their investment banking and brokerage businesses. Similarly, stock market declines have significantly decreased the value of their investment assets. On a brighter note our investments in Envesta plc and IMX Pharmaceuticals, Inc. (now the Dialog Group) continue to do well as public companies in their own right: both are fully reporting businesses. This gives us substantial confidence that our support will eventually bear fruit. Your Company currently has interest and dividend income from these two investments of circa £150,000 per annum. During the year shareholders at the EGM approved the cancellation of the share premium account against which all previous losses can be set. This will provide for a timely return to the dividend list once profitable trading is established. The Board is in various discussions regarding the disposal of some of its investments and, in particular, is reviewing its US investment banking business. Once the investments have been realized your board, with approval from shareholders can decide in which direction we should take the business. Our overhead costs have been radically reduced. During the year substantial monies have been lent to the Company by entities connected with me at below market rate in order to support the Company until such times as we can move forward. I remain firmly committed to producing a satisfactory outcome for all shareholders. I would like to take this opportunity to thank everyone involved in the business for their continued support. Stephen Dean Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 30 September 2002 30 September 2002 30 September 2001 Goodwill & Investments Trading Total £ £ £ £ TURNOVER - Continuing - 783,494 783,494 4,121,642 COST OF SALES - (96,735) (96,735) (594,144) _________ _______ ________ _________ GROSS PROFIT - 686,759 686,759 3,527,498 Administrative expenses (105,748) (1,401,045) (1,506,793) (1,011,807) Goodwill impairment write off (1,056,848) - (1,056,848) - _________ _________ _________ _________ OPERATING (LOSS)/PROFIT (1,162,596) (714,286) (1,876,882) 2,515,691 - Continuing (1,162,596) (714,286) (1,876,882) 2,515,691 Losses on fixed asset investments (11,362,440) - (11,362,440) (306,957) Interest receivable and similar income - 85,362 85,362 17,337 Interest payable and similar charges - (133,555) (133,555) (319,713) ___________ ________ __________ _________ (LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (12,525,036) (762,479) (13,287,515) 1,906,358 __________ ________ Tax on (loss)/profit on ordinary activities 305,825 (343,595) ___________ _________ (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION (12,981,690) 1,562,763 Minority interest 209,869 (92,535) ___________ _________ Retained (LOSS)/profit for the financial YEAR (12,771,821) 1,470,228 ___________ ________ (Loss)/earnings per ordinary share (note 1) (2.45)p 1.16p _____ ____ Diluted (loss)/earnings per ordinary (2.45)p 1.16p share _____ ____ All activities derive from continuing operations. CONSOLIDATED BALANCE SHEET 30 September 2002 30 September 2002 30 September 2001 £ £ FIXED ASSETS Intangible assets - 1,149,966 Tangible assets 35,020 54,612 Investments 8,629,307 18,536,683 _________ _________ 8,664,327 19,741,261 _________ _________ CURRENT ASSETS Debtors 364,906 1,144,424 Cash at bank and in hand 18,678 162,598 _________ _________ 383,584 1,307,022 CREDITORS: amounts falling due within one year (1,578,912) (2,484,887) _________ _________ NET CURRENT LIABILITIES (1,195,328) (1,177,865) _________ _________ TOTAL ASSETS LESS CURRENT LIABILITIES 7,468,999 18,563,396 CREDITORS: amounts falling due after more than one year (139,515) (4,200,000) Equity minority interest (81,815) (289,184) ________ _________ NET ASSETS 7,247,669 14,074,212 ________ _________ CAPITAL AND RESERVES Called up share capital 7,862,386 1,663,457 Share premium account 13,103,185 13,346,836 Revaluation reserve - 10,000 Profit and loss account (13,717,902) (946,081) _________ _________ EQUITY SHAREHOLDERS' FUNDS 7,247,669 14,074,212 _________ _________ Net assets per ordinary share 0.92p 8.46p ______ ______ CASH FLOW STATEMENT Year ended 30 September 2002 30 September 2002 30 September 2001 £ £ Net cash (outflow)/inflow from operating activities (note 2) (526,847) 2,087,866 Returns on investments and servicing of finance Interest received 85,362 17,337 Interest paid (133,555) (32,510) ________ _______ Net cash outflow from returns on Investments and servicing of finance (48,193) (15,173) ________ _______ Taxation Paid - (8,300) ________ _______ Capital expenditure and financial Investment Payments to acquire tangible fixed assets (33,287) (62,532) Receipts from sales of tangible fixed assets 34,678 - Payments to acquire investments (3,296,817) (14,986,832) Receipts from sales of investments 1,831,753 9,579,748 _________ __________ Net cash outflow from investing activities (1,463,673) (5,469,616) _________ __________ Acquisitions and disposals Purchase of subsidiary undertakings - (554,033) _________ _________ Net cash outflow from acquisitions and disposals - (554,033) _________ __________ Net cash outflow before financing (2,038,713) (3,959,256) _________ __________ Financing Issue of ordinary share capital 6,198,925 1,352,504 Debt finance (repaid)/raised (4,060,485) 2,729,807 Expenses on issuing equity shares (243,647) (23,796) _________ __________ Net cash inflow from financing 1,894,793 4,058,515 _________ __________ (Decrease)/increase in cash in the year (143,920) 99,259 _________ __________ NOTES 1 Earnings Per Share The basic earnings per share are calculated by dividing the loss for the financial year attributable to shareholders by the weighted average number of shares in issue. In calculating the diluted earnings per share, share options and warrants outstanding have been taken into account. The weighted average number of shares was: 30 September 2002 30 September 2001 Number Number Basic weighted average number of shares ('000) 521,214 126,389 Dilutive potential ordinary shares: Share warrants ('000) - - _______ ______ 521,214 126,389 _______ ______ 2 Net cash (outflow)/inflow from operating activities 30 September 2002 30 September 2001 £ £ Operating (loss)/profit (1,876,882) 2,515,691 Depreciation charge 18,201 9,640 Amortisation 105,748 18,609 Goodwill impairment 1,056,848 - Loss on disposal of fixed assets - 2,150 Decrease/(increase) in debtors 779,518 (1,039,020) (Decrease)/increase in creditors (610,280) 580,796 ________ _______ (526,847) 2,087,866 ________ _______ 3 The financial information set out in this document does not constitute statutory group accounts. 4 The above financial information for the year ended 30 September 2002 and 2001 have been extracted from the statutory accounts for those years on which the auditors gave an unqualified opinion. Statutory accounts for the year ended 30 September 2001 have been delivered to the Registrar of Companies. The statutory accounts for the year to 30 September 2002 will be posted to shareholders and, after being laid before the Annual General Meeting, will be delivered to the Registrar of Companies. 5 The preliminary announcement was approved by the Board of Directors on 23 December 2002. 6 The Board of Directors does not propose to pay a dividend. Copies of the Report and Accounts will be available to the public, free of charge, from the office of Cater Barnard plc, Lloyd's Avenue House, 6 Lloyd's Avenue, London, EC3N 3AX during normal office hours, with the exception of Saturdays, Sundays and bank holidays, for one month from today. Enquiries: Cater Barnard plc 0870 066 0830 Stephen Dean, Chairman 07785 938782 Adrian Stecyk, Executive Director (USA) 001 646 258 7269 Beaumont Cornish Limited Roland Cornish 020 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange

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