Interim Results

Triad Group PLC 02 October 2002 TRIAD GROUP PLC Interim Statement 2002/2003 Chairman's statement Results Turnover of £14.1m for the six months ended 30 September 2002 is 41.7% lower than the same period last year; pre tax losses are £2,527,000 (2001:profit £1,519,000). Dividends No interim dividend has been declared (2001/02 interim - 1.00p). Review of activities Since my last statement market conditions have continued to deteriorate. The escalating losses of the Company are largely due to very low utilisation rates in the systems business. The losses for the six months are in line with expectations. Cash balances remain healthy. The Company has taken action to decrease ongoing costs by reducing staff numbers over the last twelve months by about 25%, by imposing a general salary freeze, and by making active efforts to reduce property costs through the rationalisation of accommodation requirements. The Company is maintaining its focus on consolidating its core technical and business capabilities to take advantage of the hoped for market upturn. However, at present there is no sign of improvement in the Company's trading position, nor in market conditions, which are the worst that I have encountered in almost twenty years in the industry. The resourcing business continues to hold its own in very difficult market conditions. Early hopes for the Public Sector market are not proving to be justified by subsequent experience. As a consequence the sales effort in this sector has been reduced. I believe that the combined effect of the cost cutting measures will be sufficient to stem the rise in the rate of running losses. John Rigg Chairman 2 October 2002 Profit and loss account Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2002 2001 2002 £'000 £'000 £'000 Turnover 14,091 24,182 41,567 ---------- ---------- ---------- Operating (loss)/profit (2,672) 1,257 (932) Net interest 145 262 462 ----------- ----------- ----------- (Loss)/profit on ordinary activities (2,527) 1,519 (470) before taxation Taxation on (loss)/profit on ordinary 783 (471) 123 activities ----------- ----------- ----------- (Loss)/profit for period (1,744) 1,048 (347) Dividends - (255) (255) ----------- ----------- ----------- (Loss sustained)/profit retained (1,744) 793 (602) for period Basic (losses)/earnings per (7.91)p 4.11p (1.36)p ordinary share Diluted (losses)/earnings per ordinary (7.91)p 4.10p (1.36)p share Dividend per share 0.00p 1.00p 1.00p Statement of total recognised gains and losses Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2002 2001 2002 £'000 £'000 £'000 (Loss)/profit for period ( 1,744) 1,048 (347) Other recognised gains and losses - - - ______ ______ ______ Total recognised (losses)/gains for the period (1,744) 1,048 (347) Prior year adjustment - - 207 ______ ______ ______ Total (losses) recognised since last annual ( 1,744) 1,048 (140) report --------- --------- --------- Balance sheet Unaudited Audited Unaudited 30 September 31 March 30 September 2002 2001 2002 £'000 £'000 £'000 Fixed assets Tangible assets 913 1,310 1,115 ----------- ----------- ------------ Current assets Debtors 7,414 10,731 7,452 Cash at bank and in hand 6,719 10,085 11,300 ----------- ----------- ------------- 14,133 20,816 18,752 Creditors: amounts falling due within one year (3,797) (5,748) (3,890) ----------- ----------- ------------ Net current assets 10,336 15,068 14,862 ---------- ---------- ------------ Total assets less current liabilities 11,249 16,378 15,977 Creditors: amounts falling due after - (56) - more than one year Provisions for liabilities and charges (1,050) - (1,050) ----------- ----------- ----------- Net assets 10,199 16,322 14,927 ----------- ----------- ----------- Capital and reserves Called up share capital 218 255 255 Share premium account 562 562 562 Capital redemption reserve 37 - - Profit and loss account 9,382 15,505 14,110 ----------- ----------- ----------- Equity shareholders' funds 10,199 16,322 14,927 ----------- ----------- ----------- Cash flow statement Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2002 2001 2002 £'000 £'000 £'000 Net cash (outflows)/ inflows from operating (1,620) 2,794 4,990 activities _____ _____ _____ Returns on investments and servicing of finance Interest received 145 227 463 Interest paid (-) (-) (1) ______ ______ ______ 145 227 462 ______ ______ ______ Taxation UK corporation tax received/(paid) 10 (510) (1,254) ______ ______ ______ Capital expenditure and financial investment Purchase of tangible assets (216) (252) (598) Sale of tangible fixed assets 84 54 183 ______ ______ ______ (132) (198) (415) ______ ______ ______ Equity dividends paid (-) (510) (765) ______ ______ ______ Cash (outflow)/inflow before financing (1,597) 1,803 3,018 ______ ______ ______ Financing Proceeds from issue of ordinary share capital - 19 19 Cost of purchasing own shares (2,984) - - ______ ______ ______ (Decrease)/increase in cash in the period (4,581) 1,822 3,037 --------- --------- --------- Reconciliation of operating (loss)/profit to net cash (outflow)/inflow from operating activities Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2002 2001 2002 £'000 £'000 £'000 Operating (loss)/profit (2,672) 1,257 (932) Depreciation of tangible fixed assets 345 448 853 Profit on sale of fixed assets (11) (11) (4) Decrease/(increase) in debtors 812 2,523 6,078 (Decrease)/increase in creditors (94) (1,423) (2,055) (Decrease)/increase in provisions - - 1,050 ---------- ----------- ----------- Net cash (outflow)/inflow from operating (1,620) 2,794 4,990 activities ----------- ----------- ----------- Notes to the accounts 1. The information contained in this interim statement does not constitute statutory accounts within the meaning of section 240 (3) of the Companies Act 1985. The financial information set out above and overleaf, which has been neither audited nor reviewed, has been approved by the Board of Directors on 1st October 2002.This financial information has been prepared in accordance with the accounting policies set out in the statutory accounts of Triad Group Plc for the year ended 31 March 2002. 2. No interim dividend has been declared (2001/02: 1.0p) 3. (Losses)/earnings per share have been calculated on the (loss)/profit on ordinary activities after tax divided by the weighted average number of shares in issue during the period based on the following: Unaudited Unaudited Audited 30 September 30 September 31 March 2002 2001 2002 £'000 £'000 £'000 (Loss)/profit on ordinary activities after taxation £(1,744,00) £1,048,000 £(347,000) -------------- -------------- -------------- Average number of shares in issue 22,037,921 25,475,228 25,483,184 Effect of dilutive options - 82,212 - ______________ ______________ ______________ Average number of shares in issue plus dilutive options 22,037,921 25,557,440 25,483,184 -------------- -------------- -------------- Basic earnings per share (7.91)p 4.11p (1.36)p Diluted earnings per share (7.91)p 4.10p (1.36)p --------- --------- --------- 4.Profit and loss account Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2002 2001 2002 £'000 £'000 £'000 Balance at 1 April 14,110 14,712 14,712 Retained (loss)/ profit for the period (1,744) 793 (602) Repurchase of shares, including costs (2,984) - - ---------- ----------- ----------- 9,382 15,505 14,110 ----------- ----------- ----------- 5. Copies of the interim results are being sent to shareholders. Further copies can be obtained from the company secretary at Weyside Park, Catteshall Lane, Godalming, Surrey, GU7 1XE. This information is provided by RNS The company news service from the London Stock Exchange IR MBBPTMMAMBPT

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