Interim Results-Part Two
Toad PLC
24 July 2001
Notes to the interim statement
1. Basis of preparation
The interim statement has been prepared on the basis of the accounting
policies set out in the group's statutory accounts. The financial
information on the group does not constitute statutory accounts and is not
audited. A copy of the group's 2000 statutory accounts has been filed with
the Registrar of Companies: the Auditors' opinion on those accounts was
unqualified.
The interim statement for the six months ended 30 June 2001 was approved by
the directors on 23 July 2001.
2. Reconciliation of movements in shareholders funds
Unaudited Unaudited
six months six months 53 Weeks ended
ended ended 31 December
30 June 2001 22 June 2000 2000
£'000 £'000 £'000
Net profit for the period 49 1,352 2,473
Shares issued - 1,508 26
Shares to be issued 2,000 (1,461) 38
Net movement in 2,049 1,399 2,537
shareholders' funds
Opening shareholders' 4,639 2,102 2,102
funds
Closing shareholders 6,688 3,501 4,639
funds
3. Reconciliation of operating profit to net cash flow from operating
activities
Unaudited Unaudited
six months six months 53 Weeks ended
ended ended 31 December
30 June 2001 22 June 2000 2000
£'000 £'000 £'000
Operating profit 528 1,703 3,274
Depreciation of tangible 170 153 315
fixed assets
Amortisation of 64 42 83
intangible fixed assets
Decrease/(Increase) in (38) (834) (3,147)
working capital balances
Net cash inflow from 724 1,064 525
operating activities
4. Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited
six months six months 53 Weeks ended
ended ended 31 December
30 June 2001 22 June 2000 2000
£'000 £'000 £'000
(Decrease)/increase in 1,128 (189) (2,605)
cash in the period
Cash outflow/(inflow) (1,455) 867 2,140
from decrease/(increase)
in net debt
Changes in net debt (327) 678 (465)
resulting from cash flows
Loans and finance leases (138) - -
acquired with
subsidiaries
New finance leases (16) - (25)
Other - - (51)
Movement in net debt in (481) 678 (541)
the period
Net debt at start of (8,126) (7,585) (7,585)
period
Net debt at end of period (8,607) (6,907) (8,126)
5.Dividend
The directors have not declared an interim dividend.
Consolidated balance sheet
Unaudited Unaudited 31 December
30 June 2001 22 June 2000 2000
£'000 £'000 £'000
Fixed assets
Intangible assets 4,113 1,411 1,479
Tangible assets 2,803 2,751 2,726
6,916 4,162 4,205
Current assets
Stocks 4,678 3,409 4,229
Debtors 7,977 6,421 7,356
Cash at bank and in hand 3,802 1,437 1,972
16,457 11,267 13,557
Creditors: amounts falling (12,093) (9,559) (12,004)
due within one year
Net current assets 4,364 1,708 1,553
Total assets less current 11,280 5,870 5,758
liabilities
Creditors: amounts falling (4,641) (2,397) (1,162)
due after more than one year
Minority interests 49 28 43
Net assets 6,688 3,501 4,639
Capital and reserves
Called-up share capital 7,499 7,484 7,499
Share premium account 11,353 11,350 11,353
Share capital to be issued 3,189 1,190 1,189
Profit and loss account (15,353) (16,523) (15,402)
6,688 3,501 4,639
Shareholders' funds
Equity 5,909 2,722 3,860
Non-equity 779 779 779
6,688 3,501 4,639
Consolidated cash flow statement
Unaudited Unaudited
six months six months 53 Weeks ended
ended ended 31 December
30 June 2001 22 June 2000 2000
£'000 £'000 £'000
Net cash inflow from 724 1,064 525
operating activities
Returns on investments
and servicing of finance
Interest payable and (478) (337) (681)
similar charges
Taxation
UK Corporation tax - 14 (33)
received/(paid)
Capital expenditure and
financial investment
Purchase of intangible (110)
fixed assets
Purchase of tangible (124) (119) (254)
fixed assets
Sale of tangible fixed 19 48 63
assets
(105) (71) (301)
Acquisitions and
disposals
Purchase of subsidiary (750) - (1)
undertakings
Cash acquired 282
(468) 0 (1)
Cash inflow/(outflow) (327) 670 (491)
before financing
Financing
Issue of shares (net of - 8 26
expenses)
Net movement in short (1,973) (800) 358
term borrowings
Net movement in long term 3,490 (2,408)
borrowings
Repayment of principal (62) (67) (90)
under finance leases
1,455 (859) (2,114)
Increase/(decrease) in 1,128 (189) (2,605)
cash in period
Consolidated profit and loss account
Unaudited 6 months ended 30 June 2001 Unaudited 53 Weeks
six months ended
ended 22 31
June 2000 December
Actra Unaudited 2000
Before Actra before Six
goodwill goodwill Goodwill months
and & and ended
except- except- except- 30 June
tionals tionals tionals 2001
£'000 £'000 £'000 £'000 £'000 £'000
Turnover
Ongoing 16,804 - - 16,804 16,907 33,557
operations
Acquisitions 201 - - 201 - -
17,005 - - 17,005 16,907 33,557
Cost of
sales
Ongoing (10,032) - - (10,032) (9,488) (18,893)
operations
Acquisitions (114) - - (114) - -
(10,146) - - (10,146) (9,488) (18,893)
Gross 6,859 - - 6,859 7,419 14,664
profit
Other (5,745) (302) (284) (6,331) (5,716) (11,390)
operating
expenses
Operating
profit
Ongoing 1,075 (302) (272) 501 1,703 3,274
operations
Acquisitions 39 (12) 27 - -
1,114 (302) (284) 528 1,703 3,274
Profit 18 - - 18 8 -
on
disposal
of fixed
assets
Interest (358) - (120) (478) (337) (704)
payable
and
similar
charges
Profit 774 (302) (404) 68 1,374 2,570
on
ordinary
activities
before
taxation
Taxation (25) (25) (50) (140)
Profit 749 (302) (404) 43 1,324 2,430
on
ordinary
activities
after
taxation
Minority 6 - - 6 28 43
interests
Profit
attributable
to
members
of the
parent 755 (302) (404) 49 1,352 2,473
company
Earnings 1.05 p (0.42) p (0.56) p 0.07 p 2.0 p 3.58p
per
share -
basic
Earnings 1.00 p (0.40) p (0.54) p 0.06 p 1.77 p 3.26p
per
share -
diluted