Interim Results

Try Group PLC 22 August 2000 INTERIM STATEMENT FOR THE SIX MONTHS TO 30TH JUNE 2000 HIGHLIGHTS * Profit before tax £2.5m (1999: £1.85m) 36% increase * Earnings per share 2.97p (1999: 2.4p) 24% increase * Interim dividend of 0.45p per share (1999: 0.4p) 12.5% increase * Shareholders funds stand at £20.8m (1999: £16.7m) 25% increase * Construction: strong forward order book. * Try Construction one of the first five companies accredited by the Design Build Foundation in April. * Try Homes sold 101 houses and apartments (1999: 76) Commenting on the results Hugh Try, Chairman said: 'The Group has made a strong start to the year. The opportunities for construction services are encouraging and we have a strong forward order book and a growing client list. Whilst the housing market has slowed to more normal trading conditions we continue to take advantage of our strength in the South East as a market leader in innovative conversions of brownfield sites and we have the developments on stream to continue our progress.' For further information contact: David Calverley, Chief Executive 01895 855219 Frank Nelson, Finance Director 01895 855226 Ann-marie Wilkinson, Beattie Media 020 7930 0453/07730 415019 CHAIRMANS STATEMENT RESULTS I am pleased to report excellent results from the Group's first half trading. The profit before tax for the first 6 months was £2.5m, up 36% from the previous year. This result reflects again the strength of Try Homes in concentrating on the high specification sector of the market in the South East, together with higher profits from our construction businesses. Group turnover was up 10% to £88.5m. With net cash in hand of £2.5m at 30 June and shareholders funds now standing at £20.8m, an increase of 25% on a year ago, our financial position is strong. Earnings per share have risen by 24% to 2.97p. DIVIDEND The directors have declared an interim dividend of 0.45p per share (1999: 0.4p) which will be paid on 20 October 2000 to shareholders on the register on 8 September 2000. CONSTRUCTION SERVICES Construction operating profits were up 89% to £0.6m. Our forward order book, standing at £138m, shows the result of the investments we have made expanding the business with those clients who purchase construction services using value criteria over competitive tender. Try Construction was one of the first five companies accredited by the Design Build Foundation in April as a provider of construction services. Its major projects are carried out throughout London, in the South East with a particular focus on the Thames Valley, and in the Midlands. Its investment in providing pre-contract services, and its expertise in supply chain management, has contributed strongly to a growing number of clients for whom projects are planned, negotiated and delivered on a regular basis. We work in this way with several property investment clients, including Grosvenor, Development Securities, John Laing Property and Slough Estates. New development clients include Helical Bar, London and Regional Properties and the BBC Pension Trust. In addition to our current hotel projects at the Langham Hilton and Holiday Inn we have recently commenced a new hotel in Threadneedle Street for the Eton Town House Group. In the Midlands we are constructing a series of projects for Birmingham University, and at the Wolverhampton Science Park. In June we handed over the Millennium building at Wimbledon to the All England Lawn Tennis Club. Demonstrating Try Construction's ability to produce the highest quality work to a demanding programme, the building opened for the 2000 Championships to critical acclaim from the players, press and public. This concluded the second stage of the long term redevelopment work that we have carried out for the club which also encompassed the new Number 1 Court and broadcast centre. The next stage is under discussion. Following its launch last year, Try Interiors is making good progress. It is operating in the specialist interior fit out market, primarily in London and the Thames Valley with projects for B P Amoco, The American School, The Royal College of Nursing and the University Superannuations Scheme. Try Accord has made progress in developing its IT systems to be able to offer clients a quality management service for their planned and reactive maintenance requirements. In the period, new contracts have been awarded by the Ministry of Defence, Essex Police and the Police National Training College at Bramshill. Our proposals to develop the business include widening its skill base to extend the current range of services available to both private and public sector building owners. HOUSEBUILDING The strength of the South East housing market in the early part of 2000 contributed substantially to Try Homes' profits. Selling prices increased significantly and we were able to take advantage of sites well located around London and the South East. Overall, housebuilding operating profits were up 27% to £2.6m. Try Homes sold 101 houses and apartments (1999: 76). The average selling price was £195,000 (1999: £184,000) and the value of our sales currently in hand represent 68% of the expected total for the year. Since the spring we have seen the market slow to more normal trading conditions, which we welcome. We were encouraged by two sites in highly desirable locations which we launched in June that both sold out over the first weekend, demonstrating our ability to develop homes with the design and specification that will attract today's discerning home buyers. We will maintain our concentration on high specification, well-designed developments in the South East of England for which we believe demand will be most resilient. We continue to take advantage of the opportunities that our credentials as a market leader in innovative conversions of brownfield sites generates. Our award winning development of the former Littlemore Hospital at Oxford is almost complete. We have started work on a mixed conversion and new build scheme at Warnham Court, north of Horsham, a development within the Historic Dockyard at Chatham and have recently acquired the former Oakwood Hospital at Maidstone, an attractive listed stone building which we will convert into 68 apartments. OUTLOOK The Group has made a strong start to the year. We are encouraged by the opportunities in construction services for the remainder of the year, and subject to the resilience of the housing market, we have the developments and opportunities on stream to continue our progress. Hugh Try 22nd August 2000 TRY GROUP PLC Consolidated Profit and Loss Account Half year Half year Year ended ended ended 30 June 30 June 31 Dec 2000 1999 1999 £000 £000 £000 Turnover: group and share of joint ventures and associates 89,235 82,461 166,086 less share of joint ventures' and associates' turnover (738) (1,660) (3,483) ------- ------- ------- Group turnover 88,497 80,801 162,603 ------- ------- -------- Gross profit 7,293 5,737 12,979 Net operating expenses (4,796) (3,957) (8,058) ------- ------- ------- Group operating profit 2,497 1,780 4,921 Share of profits in joint ventures 43 164 292 Share of profits in associates 84 - 64 Share of profits in property associates - 67 134 ------- -------- ------- Profit on ordinary activities before interest 2,624 2,011 5,411 Net interest (payable)/receivable - Group (77) (129) (288) - Joint ventures 16 16 10 - Associates (60) (52) (108) ------- ------- ------- (121) (165) (386) ------- ------- ------- Profit on ordinary activities before tax 2,503 1,846 5,025 Tax (451) (185) (500) ------- ------- ------- Profit on ordinary activities after tax 2,052 1,661 4,525 Dividends (311) (277) (796) ------- ------- ------- Profit for the period 1,741 1,384 3,729 ------- ------- ------- Earnings per ordinary share (pence) 2.97 2.40 6.54 ------- ------- ------- Diluted earnings per share (pence) 2.84 2.33 6.33 ------- ------- ------- TRY GROUP PLC Consolidated Balance Sheet 30 June 30 June 31 Dec 2000 1999 1999 £000 £000 £000 Fixed assets Tangible assets 7,774 6,818 6,594 Investments in joint ventures Share of gross assets 583 2,096 1,239 Share of gross liabilities (452) (2,024) (1,019) ------- ------- ------- 131 72 220 Investments in associates 101 434 103 Other investments - 553 - ------- ------- ------- 8,006 7,877 6,917 Current assets Developments 45,176 32,260 39,123 Debtors 19,837 27,310 21,308 Cash at bank & in hand 5,565 6,430 8,245 ------- ------- ------- 70,578 66,000 68,676 Creditors: amounts falling due within one year (56,476) (56,472) (56,457) ------- ------- ------- Net current assets 14,102 9,528 12,219 ------- ------- ------- Total assets less current liabilities 22,108 17,405 19,136 Creditors: amounts falling due after more than one year, provisions and charges (1,283) (728) (77) ------- ------- ------- 20,825 16,677 19,059 ------- ------- ------- Capital and reserves Called up share capital 6,920 6,920 6,920 Share premium account 2,888 2,888 2,888 Revaluation reserve 1,760 1,760 1,760 Profit and loss account 9,088 5,002 7,347 Other reserves 169 107 144 ------- ------- ------- Equity shareholders' funds 20,825 16,677 19,059 ------- ------- ------- TRY GROUP PLC Consolidated Cash Flow Statement Half year Half year Year ended ended ended 30 June 30 June 31 Dec 2000 1999 1999 £000 £000 £000 Net cash inflow/(outflow)from operating activities 1,769 (5,259) 552 Dividends received from joint ventures 140 - - Net interest paid (80) (93) (303) Taxation (160) (60) (191) Capital expenditure and financial investment (79) 441 875 Acquisitions and disposals (1,350) - - Equity dividends paid (519) (450) (727) ------- ------- ------- Net cash (outflow)/inflow before use of liquid resources and financing (279) (5,457) 206 ------- ------- ------- Management of liquid resources Reduction in short term deposits with banks 1,378 827 600 Financing Repayment of bank loans (3,751) (641) (3,090) Borrowings acquired with subsidiary 1,350 - - Funding of associated undertakings losses - - (117) ------- ------- ------- Decrease in cash in the period (1,302) (5,271) (2,401) ------- ------- ------- Reconciliation of net cash flow to movement in net cash Decrease in cash in the period (1,302) (5,271) (2,401) Cash repaying bank loans 3,751 641 3,090 Borrowings acquired with subsidiary (1,350) - - Reduction in short term deposits with banks (1,378) (827) (600) ------- ------- ------- Change in net cash (279) (5,457) 89 Net cash at 1 January 2,750 2,661 2,661 ------- ------- ------- Net cash / (debt) at 30 June 2,471 (2,796) 2,750 ------- ------- ------- NOTES 1 Segmental analysis Turnover Group Turnover Group Profit/(loss) including Turnover including Turnover before associates associates interest and joint and joint ventures ventures 2000 2000 1999 1999 2000 1999 £000 £000 £000 £000 £000 £000 Construction Services 68,673 68,673 66,552 66,552 578 306 Housebuilding 19,788 19,508 15,326 14,249 2,599 2,051 Group and other 774 316 583 - (553) (346) ------ ------ ------ ------ ------ ------ 89,235 88,497 82,461 80,801 2,624 2,011 ------ ------ ------ ------ ------ ------ 2 Basis of preparation The interim financial information has been prepared on the basis of the accounting policies set out in Try Group PLC's statutory financial statements for the year ended 31 December 1999 and in accordance with applicable UK accounting standards. All the figures are consolidated and for the six months ended 30 June 2000 and 30 June 1999 are unaudited. The figures for the year ended 31 December 1999 have been extracted from the financial statements of Try Group PLC on which the auditors gave an unqualified audit report and which have been delivered to the Registrar of Companies. The foregoing financial information does not constitute statutory financial statements. 3 Earnings per share Basic earnings per share is calculated using the profit on ordinary activities after tax and the weighted average number of ordinary shares in issue during the period. For diluted earnings per share, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. Full details are given below: 2000 1999 Earnings Number of Per share Earnings(£) Number of Per share (£) shares amount shares amount Basic earnings per share 2,052,000 69,203,200 2.97p 1,661,000 69,203,200 2.40p Effect of dilutive securities: Share option scheme 1,295,008 996,776 Restricted share scheme 1,850,493 1,114,542 --------- ---------- --------- --------- ---------- ------- Diluted earnings per share 2,052,000 72,348,701 2.84p 1,661,000 71,314,518 2.33p --------- ---------- --------- --------- ---------- ------ 4 Taxation The tax charge for the period reflects the estimated effective rate for the full year to 31 December 2000 and takes account of tax losses brought forward and the utilisation of advance corporation tax written off in previous years. 5 Interim dividend The directors have declared an interim dividend of 0.45p per share (1999: 0.4p) totalling £311,414 (1999: £276,813) which will be paid on 20 October 2000 to Ordinary shareholders on the register at the close of business on 8 September 2000. INDEPENDENT REVIEW REPORT TO TRY GROUP PLC Introduction We have been instructed by the company to review the financial information set out on pages 4 to 8 of the interim report and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements 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 UK Listing 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 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 30 June 2000. PricewaterhouseCoopers Chartered Accountants and Registered Auditors London 22 August 2000 Copies of this statement will be sent to all holders of the Company's listed securities. Copies are available to the public at the registered office of the company; The Secretary, Try Group PLC, Cowley Business Park, Cowley, Uxbridge, Middlesex, UB8 2AL.

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