Subsid Interim Reslts -Casket
Tandem Group PLC
2 March 2001
Casket plc
Interim report for the six months ended
31 July 2000
Chairman's interim statement
Introduction
The results for the six months to 31 July 2000 show a profit after interest
and before taxation of £259,000 (1999 - £649,000). No dividend is proposed
(1999 - nil).
Review of interim results
During the period the Company's sole business was the manufacture and
distribution of bicycles. The Company is one of the largest manufacturers of
bicycles in the UK, with its brand names of Falcon, Claud Butler, Townsend and
British Eagle amongst the market leaders. In recent consumer cycle magazines
the current range of high performance Claud Butler has received excellent
reviews.
Current trading
An increase in the customer base of independent bicycle dealers should see a
growth in this sector in the second half of the year. National retailers are
currently offering an improved range of the Company's products and with an
increase order book over last year additional sales are expected. Your board
therefore expects that the cycle business results for the whole year will be
ahead of last year.
Graham Waldron
Chairman
2 March 2001
Registered office: 9a South Street, Crowland, Peterborough, PE6 0AH
Consolidated profit and loss statement
6 months to 26 weeks to Year ended
31 July 2000 1 August 1999 31 January 2000
Unaudited Unaudited Audited
£'000 £'000 £'000
Turnover
Continuing operations 10,931 11,318 21,181
Operating profit
Continuing operations 454 797 856
Discontinued operations - - 24
Release/utilisation of
prior year provision - - 51
Total operating profit 454 797 931
Profit on disposal of fixed assets - 52 59
Profit on ordinary activities
before interest and taxation 454 849 990
Net interest payable (195) (200) (736)
Profit before taxation 259 649 254
Taxation - - -
Profit after taxation 259 649 254
Finance costs of non-equity shares (33) (33) (65)
Retained profit for the period 226 616 189
Earnings per share 0.24p 0.65p 0.20p
Consolidated balance sheet
31 July 2000 1 August 1999 31 January 2000
Unaudited Unaudited Audited
£'000 £'000 £'000
Tangible fixed assets 986 1,214 1,099
Current assets
Stock 5,146 5,319 3,806
Debtors
4,881 4,653 2,937
10,027 9,972 6,743
Creditors: Amounts falling
due within one year
Bank overdrafts (4,154) (2,526) (4,962)
Trade creditors (3,405) (3,330) (1,744)
Bills of exchange (1,644) (1,676) (692)
Other creditors (11,699) (13,326) (10,563)
(20,902) (20,858) (17,961)
Net current liabilities (10,875) (10,886) (11,218)
Total assets less
current liabilities (9,889) (9,672) (10,119)
Creditors: Amounts falling
due after more than one year (12) (11) (22)
Provisions for liabilities
and charges (21) (53) (15)
Net liabilities (9,922) (9,736) (10,156)
Capital and reserves
Called-up share capital 9,911 9,911 9,911
Share premium account 6,479 6,479 6,479
Other reserves 4,095 4,095 4,095
Profit and loss account (30,892) (30,691) (31,118)
Shareholders' deficit (10,407) (10,206) (10,633)
Non-equity minority interests 485 470 477
(9,922) (9,736) (10,156)
Consolidated cash flow statement
6 months to 26 weeks to Year ended
31 July 2000 1 August 1999 31 January 2000
Unaudited Unaudited Audited
£'000 £'000 £'000
Net cash inflow from
operating activities 1,017 6,296 4,417
Returns on investment
and servicing of finance
Net interest paid (194) (195) (729)
Interest element of hire
purchase rentals (1) (5) (7)
Net cash outflow from
returns on investments and
servicing of finance (195) (200) (736)
Taxation
Taxation paid - - -
Capital expenditure
Purchase of tangible fixed assets (7) (58) (80)
Sale of tangible fixed assets - 4,535 4,574
Net cash (outflow)/inflow
from capital expenditure (7) 4,477 4,494
Net cash inflow before financing 815 10,573 8,175
Financing
Capital element of hire
purchase rentals (7) (38) (76)
Increase in cash 808 10,535 8,099
Notes to the interim report
1 Basis of preparation
The figures for the year ended 31 January 2000 are an abridged
version of the audited accounts for the year which have been filed with
the Registrar of Companies and on which the auditors of the Company
issued a report which, whilst unqualified, contained an explanatory
note drawing shareholders' attention to the fact that the accounts have
been prepared on a going concern basis which is dependent on the
Company's bank facilities remaining in place. The remaining figures
have not been audited or reviewed by the Group's auditors.
2 Earnings per share
The calculation of earning per share is based on the net profit for
the period of £226,000 (1999 - £616,000) and on an average of
94,280,000 (1999 - 94,280,000) ordinary shares in issue during the
period.
3 Movement in shareholders' deficit
6 months to 26 weeks to Year ended
31 July 2000 1 August 1999 31 January 2000
£'000 £'000 £'000
Profit for the period 259 649 254
Finance costs of
non-equity shares (33) (33) (65)
Net increase in
shareholders' deficit 226 616 189
Opening shareholders'
deficit (10,633) (10,822) (10,822)
Closing shareholders'
deficit (10,407) (10,206) (10,633)
4 Analysis of shareholders' deficit
Equity (11,138) (10,887) (11,339)
Non equity 731 681 706
(10,407) (10,206) (10,633)
Notes to the interim report (continued)
5 Reconciliation of operating profit to net cash flow from operating
activities
6 months to 26 weeks to Year ended
31 July 2000 1 August 1999 31 January 2000
£'000 £'000 £'000
Operating profit 454 797 931
Depreciation charges 120 110 234
Profit on sale of
tangible fixed assets - - (2)
(Increase)/decrease
in stocks (1,340) 597 2,110
(Increase)/decrease
in debtors (1,944) (475) 1,241
Increase in creditors 3,721 5,427 101
Movement in provisions 6 (160) (198)
Net cash inflow from
operating activities 1,017 6,296 4,417
6 Analysis of net debt
1 February Cash flow 31 July
2000 2000
£'000 £'000 £'000
Debt due within one year (4,962) 808 (4,154)
Finance leases (23) 7 (16)
Net debt (4,985) 815 (4,170)