Interim Results

Triad Group PLC 24 December 2004 TRIAD GROUP PLC Interim Results for six months ended 30 September 2004 Chairman's statement Results Turnover is £22.8m for the six months ended 30 September 2004. This is 37% higher than the same period last year (H1 2003/04: £16.6m). Pre tax profits are £170,000 (H1 2003/04: loss £849,000). Dividends No interim dividend has been declared (2003/04 interim - 0.00p). Review of activities Market conditions remain challenging. The increase in operating profit as compared to H1 last year (H1 2003/04: £849,000 operating loss) is an improvement of around £1m. This reflects some firming in trading performance. However the order book and visibility remain short. The company continues its policy of reporting at the latest permitted date in order to mitigate, where possible, the impact of business uncertainty on information provided to the public market. The improvement in operating results cannot, at this stage, be taken as a trend. Depth of penetration of customer and prospective customer relationships, which are capable of being turned into long term reliable lines of business, particulary in the public sector, have improved. Potential new relationships are characterised by circumstances where the potential customer has existing supplier relationships which do not have the requisite flexibility to meet their business risk or budget needs. Triad has a track record and experience base to provide that flexibility as an alternative to, or, in many cases, as an addition to, existing supply chains. The reduction in cash is explained predominantly by the increase in the working capital requirement in the contractor business. It is also explained by costs in respect of surplus property. Investments in clients and recruitment costs in respect of niche competencies in the systems and consultancy business continue to be funded internally. These investments are necessary to realise the benefits of long term client relationships which are being developed. Triad shares remain tightly held and consequentially vulnerable to short term fluctuations not otherwise explained. Employees On behalf of the board, I have pleasure in thanking our staff and directors for their substantial and continuing efforts. John Rigg Chairman 24 December 2004 Profit and loss account Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2004 2003 2004 £'000 £'000 £'000 Turnover 22,799 16,573 36,534 ---------- ---------- ---------- Operating profit/(loss) 143 (902) (769) Net finance income 27 53 10 ----------- ----------- ----------- Profit/(loss) on ordinary activities 170 ( 849) (759) before taxation Taxation on profit/ loss on ordinary activities - - (29) ----------- ----------- ----------- Profit/(loss) for period 170 (849 ) (788) Dividends - - - ----------- ----------- ----------- Profit retained/(loss sustained) for period 170 (849 ) (788) === === === Basic profit/( loss) per share 1.12p ( 5.60)p (5.20)p === === === Diluted profit/(loss) per share 1.08p ( 5.60)p (5.20)p === === === Dividend per share 0.00p 0.00p 0.00p === === === Balance sheet Unaudited Unaudited Audited 30 September 30 September 31 March 2004 2003 2004 £'000 £'000 £'000 Fixed assets Tangible assets 765 725 730 ----------- ----------- ------------ Current assets Debtors 10,088 7,448 7,555 Cash at bank and in hand 1,738 2,334 3,244 ----------- ----------- ------------- 11,826 9,782 10,799 Creditors: amounts falling due (6,002) (3,924) (5,017) within one year ----------- ----------- ------------ Net current assets 5,824 5,858 5,782 ---------- ---------- ------------ Total assets less current liabilities 6,589 6,583 6,512 Provisions for liabilities and charges (2,170) (2,395) (2,263) ----------- ----------- ----------- Net assets 4,419 4,188 4,249 ----------- ----------- ----------- Capital and reserves Called up share capital 151 151 151 Share premium account 562 562 562 Capital redemption reserve 104 104 104 Profit and loss account 3,602 3,371 3,432 ----------- ----------- ----------- Equity shareholders' funds 4,419 4,188 4,249 ----------- ----------- ----------- Cash flow statement Unaudited Unaudited Audited Six months Six months Year ended ended Ended 30 September 30 September 31 March 2004 2003 2004 £'000 £'000 £'000 Net cash outflows from operating activities (1,298) (2,254) (1,188) _____ _____ _____ Returns on investments and servicing of finance Interest received 38 53 91 ______ ______ ______ Taxation (13) - - UK corporation tax paid ______ ______ ______ Capital expenditure and financial investment Purchase of tangible assets (283) (264) (510) Sale of tangible fixed assets 50 60 112 ______ ______ ______ (233) (204) (398) ______ ______ ______ ______ ______ ______ Decrease in cash in the period (1,506) (2,405) (1,495) --------- --------- --------- Reconciliation of operating loss to net cash outflow from operating activities Unaudited Unaudited Audited Six months Six months Year ended ended Ended 30 September 30 September 31 March 2004 2003 2004 £'000 £'000 £'000 Operating profit/(loss) 143 (902) (769) Depreciation of tangible fixed assets 201 210 409 Profit on sale of fixed assets (3) (5) (15) (Increase) in debtors (2,533) (2,063) (2,186) Increase in creditors 998 561 1,641 (Decrease) in provisions (104) (55) (268) ---------- ---------- ----------- Net cash outflow from operating activities (1,298) (2,254) (1,188) ----------- ----------- ----------- 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 23 December 2004. 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 2004. 2. No interim dividend has been declared (2003/04: 0.0p) 3. Profits / (losses) per share have been calculated on the profit/ (loss) 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 2004 2003 2004 Profit/ (loss) on ordinary activities after taxation £170,000 £(849,000) £(788,000) -------------- -------------- -------------- Average number of shares in issue 15,149,579 15,149,579 15,149,579 --- --- --- Effect of dilutive options 615,444 - - _________ _________ _________ Average number of shares in issue plus dilutive options 15,765,023 15,149,579 15,149,579 -------------- -------------- -------------- Basic profit/( loss )per share 1.12p (5.60)p (5.20)p --------- --------- --------- Diluted profit/(loss) loss per share 1.08p (5.60)p (5.20)p --------- --------- --------- The weighted average number of shares for the calculation of the diluted loss per share in respect of each of the periods ending 30 September 2003 and 31 March 2004 is the same as that for the basic loss per share, as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive. 4.Profit and loss account Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2004 2003 2004 £'000 £'000 £'000 Balance at 1 April 3,432 4,220 4,220 Retained profit/(loss) for the period 170 (849) (788) ---------- ---------- ----------- 3,602 3,371 3,432 ----------- ----------- ----------- 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

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