Interim Results

Adventis Group PLC 06 September 2004 ADVENTIS GROUP PLC 6th SEPTEMBER 2004 INTERIM RESULTS FOR THE 6 MONTH PERIOD TO 30th JUNE 2004 Adventis Group plc ('Adventis' or 'the Group'), the specialist multi media marketing and advertising agency, today announces its maiden results for the six months to 30th June 2004. Adventis successfully floated on AIM on 1st July 2004 in a placing that raised £3m gross (£2.7m net) for the Group. KEY POINTS • Turnover up 33% to £6.1m for 6 months to 30th June 2004 (30th June 2003: £4.6m) • Strong profit growth of 75%. Profit before taxation and exceptional income for 6 months to 30th June 2004 of £319,000 (30th June 2003: £182,000) • A second interim dividend to be paid of 0.2 pence per share (30th June 2003: nil) • Earnings per share for the 6 months to 30th June 2004 of £5.64 (30th June 2003: £2.90), when adjusted for exceptional items and the subsequent capital reorganisation was 1.1p (30th June 2003: 0.7p) • Creation of Adventis NMG Ltd, a new business venture with NMG Financial Services Consulting Ltd, announced on 12th August, as a specialist financial services advertising agency Commenting, Adventis' Chairman Peter Mitchell, said: 'I am delighted to report a strong set of maiden interim results with profits before tax up 75%. We are confident about the prospects for the second half which will be influenced by the level of market activity. We anticipate a continued, controlled and balanced expansion of the Group from organic growth and also both new business ventures and acquisitions.' Enquiries: Charles Phillpot, Managing Director Sarah Gestetner, Fiona Bradshaw, Fiona Mulcahy Adventis Group plc Citigate Dewe Rogerson Tel: 020 7034 4750 Tel: 020 7638 9571 Paul Dudley WH Ireland Limited Tel: 020 7397 3225 CHIEF EXECUTIVE'S STATEMENT Results and Dividend During the first half of 2004 we have continued to enjoy a good level of demand for our services at a continued high margin. This reflects our substantial experience as a marketing service provider and the continued stability of the markets in which we operate. Pre-tax and pre-exceptional income of £319,000 represent a significant improvement on profit of £182,000 for the same period of the previous year. Turnover for the period was up 33% on the comparable period. In recognition of this performance the Board has declared a dividend of 0.2p per ordinary share in issue to be paid on 29 October 2004 to shareholders on the register at 1 October 2004. Trading Review Market conditions remained steady during the period under review and we were able to capitalise upon them by concentrating on margins. In particular, Premium Media and Property Marketing Company, our media buying and residential property advice businesses have continued to generate good levels of return. Gilbert Doyle Oakmont, our commercial property company, began the year strongly but has fared less well in the last two months of the period with the quietening in market conditions. We continue to invest in technology by upgrading and developing our computer systems throughout the Group. As fully disclosed in our prospectus issued at the time of the placing, during the 6 month period we received exceptional income relating to the technical rectification of dividends paid in previous periods. The income totalled £891,000, of which £84,000 has been shown as interest income in operating profit and £807,000 as dividends recovered, and was offset by a matching dividend payment prior to our flotation. Outlook As stated in our prospectus at the time of the flotation, we plan to diversify into different, but related, business streams. The Board is pleased that we have successfully commenced this strategic development with the creation of a new business venture for the provision of specialist marketing within the financial services sector. This venture was announced to the market on 12th August and we look forward to a successful future for Adventis NMG Ltd. We anticipate further strategic developments in the near future. Market conditions since the half-year end continue to be steady and the general level of property transactions, a more important market dynamic than price, remains good when viewed across both residential and commercial property sectors. We continue to make excellent progress on a number of other fronts and Adventis NMG Ltd has begun well. The general level of market activity will, as always, influence trading in our key business areas. Charles Phillpot Chief Executive Officer Consolidated Profit & Loss Account Period Ended 30th June 2004 Period to Period to Year to 30 June 2004 30 June 2003 31 December 2003 Note £'000 £'000 £'000 Turnover 6,121 4,580 9,159 Operating Profit 316 182 418 Interest payable and similar charges 3 - 1 Profit on ordinary activities before taxation and interest on dividends recovered 319 182 419 Interest on dividends recovered 4 84 - - Profit on ordinary activities before taxation 403 182 419 Tax on profit on ordinary activities (96) (37) (86) Tax on interest on dividends recovered (25) - - Total tax (121) (37) (86) Profit on ordinary activities for the financial period 282 145 333 Dividends recovered 4 807 - - Dividends paid/payable (954) - (297) Retained profit for the financial period 3 135 145 36 Consolidated Balance Sheet As at 30th June 2004 30 June 30 June 31 December 2004 2003 2003 Notes £'000 £'000 £'000 Fixed assets Tangible assets 174 135 157 Intangible assets 207 222 214 381 357 371 Current assets Debtors 3,262 1,994 1,972 Cash at bank and in hand 496 1,573 501 3,758 3,567 2,473 Creditors - amounts falling due within one year (2,965) (2,805) (1,808) Net current assets 793 762 665 Total assets less current liabilities 1,174 1,119 1,036 Creditors - amounts falling due after more than one year (15) (6) (7) Provisions for liabilities and charges - - (5) Net assets 1,159 1,113 1,024 Capital and reserves Called up share capital 2 50 50 50 Capital Redemption Reserve 3 200 200 200 Other Reserves 3 20 20 20 Profit and loss account 3 889 843 754 Total shareholders' funds 1,159 1,113 1,024 Consolidated Cash Flow Statement Period Ended 30th June 2004 Period to Period to Year to 30 June 30 June 31 December 2004 2003 2003 £'000 £'000 £'000 Net cash inflow from operating activities 216 801 890 Returns on investment and servicing of finance Interest received 4 - 3 Interest element of finance leases (1) - (2) Net cash inflow from returns on investments and servicing of finance 3 - 1 Taxation (32) (98) (131) Capital expenditure Purchase of tangible fixed assets (29) (6) (35) Net cash inflow 158 697 725 Equity Dividends paid to shareholders - - (297) Net cash inflow before use of liquid resources & 158 697 428 financing Financing Capital element of finance lease rental payments (7) - (6) Increase in net cash 151 697 422 Principal accounting policies 1 Basis of preparation The interim report, which is the responsibility of the Directors and has not been audited, was approved by the Directors on 3rd September 2004. The figures for the six months ended 30th June 2004 have been prepared using the same accounting policies as for the year ended 31st December 2003 These unaudited interim financial statements do not constitute statutory accounts within the meaning of s240 of the Companies Act 1985. The statutory accounts for the year ended 31st December 2003 (from which comparative figures have been extracted) on which the auditors gave an unqualified audit report, has been filed with the Registrar of Companies. 2 Share capital 30 June 30 June 31 December 2004 2003 2003 No. shares No. shares No. shares Authorised 'A' Ordinary shares of £1 each 39,630 39,630 39,630 'B' Ordinary shares of £1 each 13,000 13,000 13,000 Preference Shares of £1 each 400,000 400,000 400,000 Allotted, called up and fully paid 'A' Ordinary shares of £1 each 37,000 37,000 37,000 'B' Ordinary shares of £1 each 13,000 13,000 13,000 Preference Shares of £1 each - - - 3 Reserves Capital Other Profit and Total Redemption Reserves Loss account Reserve £'000 £'000 £'000 £'000 At 1st January 2004 200 20 754 974 Retained profit for the period - - 135 135 At 30th June 2004 200 20 889 1,109 The Capital Redemption Reserve arose following the redemption of 200,000 £1 preference shares during 1999. 4 Exceptional income From May 1999 to December 2003 the Company made unlawful distributions totalling £807,400. Following legal advice the position has been rectified by the following process. Each of the shareholders has entered into a Deed of Acknowledgement dated 28 April 2004, acknowledging that the dividends that they received were unlawfully paid and undertaking to repay the dividends to the Company, along with all interest accruing of £84,440. The Board then declared a new dividend equal to the aggregate of the unlawful distributions plus interest out of the current distributable profits to each of the shareholders. This released the shareholders (by way of set off) from their respective obligations to repay the unlawfully paid dividends. 5 Post balance sheet events On 1st July 2004 the Group was admitted to AIM. In a placing at the time of flotation, a total of £3.6m was raised, of which £3m (gross) was raised for the benefit of the Group by way of an issue of new ordinary shares. Immediately after its admission to AIM, the Group's market capitalisation was £9m. Conditional upon admission to AIM the Group's share capital was restructured. Details are fully set out in the Group's prospectus issued at the time of flotation. The authorised and issued ordinary share capital of 0.25 pence in Adventis Group plc immediately following admission to AIM on the 1st July was as follows: Ordinary shares authorised Ordinary shares issued and fully paid £ (nominal Number £ (nominal Number value) value) Immediately following admission 150,000 60,000,000 78,947 31,578,948 This information is provided by RNS The company news service from the London Stock Exchange

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