Interim Results
25 September 2003 - 9:01AM
UK Regulatory
RNS Number:1534Q
Hansard Group PLC
25 September 2003
Embargoed Release: 0700hrs 25th September 2003
Hansard Group Plc
Interim Results for the six months ended 31st August 2003
Highlights
*Profit after tax #15,000 for the period
*Increased client base
*A number of new mandates won, which will benefit the second half of the
year
Chief Executive's Statement
As highlighted in our year-end statement, we have already taken on a number of
new clients which has contributed to higher than expected revenues and shows a
healthy improvement on our final results for the twelve months ended 28th
February 2003. We have continued to take advantage of the positive trend in the
small to medium cap sector by winning several high quality IPO mandates.
During the period we announced the end of discussions with Sky Venture Capital
Inc. in respect of an offer for the entire share capital of Hansard Group Plc.
After careful consideration the Boards of both companies decided that this
transaction was not suitable at this time.
The Board is now pleased to be focussing on growing its client and revenue base
and, if this momentum continues, I look forward to reporting much improved
year-end results.
For further information please contact:
Adam Reynolds, Chief Executive, Hansard Group Plc 0207 245 1100
Paul Foulger, Finance Director, Hansard Group Plc 0207 245 1100
Mark Percy, Seymour Pierce Limited 020 7107 8000
Hansard Group Plc
Consolidated Profit and Loss Account
For The Six Months Ended 31 August 2003
6 Months to 6 Months to 12 Months to
31 August 2003 31 August 2002 28 February
2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover 319 309 617
--------- --------- ---------
Cost of Sales (6) (29) (33)
--------- --------- ---------
Gross Profit 313 280 584
--------- --------- ---------
Administrative expenses (298) (273) (661)
--------- --------- ---------
Operating profit/(loss) 15 7 (77)
Interest receivable 5 10 19
Amounts written off - - (45)
investments
--------- --------- ---------
Interest payable (1) (1) (3)
--------- --------- ---------
Profit/(loss) on ordinary 19 16 (106)
activities before taxation
Taxation (4) - 25
--------- --------- ---------
Retained Profit/(loss) for the 15 16 (81)
financial period
Earnings/(loss) per share Pence Pence Pence
-Basic and diluted earnings/ 0.13 0.14 (0.72)
(loss) per ordinary share
The profit and loss has been prepared on the basis that all operations are
continuing operations.
There were no recognised gains or losses other than those passing through the
profit and loss account.
Consolidated Balance Sheet
As at 31 August 2003
as at as at as at
31 August 31 August 28 February
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Tangible assets 117 40 128
----------- ----------- ------------
Investments - - -
----------- ----------- ------------
Current assets 117 40 128
Debtors 166 164 134
Investments 289 105 174
----------- ----------- ------------
Cash at bank and in hand 218 456 333
----------- ----------- ------------
673 725 641
Creditors: amount falling due (244) (195) (238)
within one year
----------- ----------- ------------
Net current assets 429 530 403
----------- ----------- ------------
Total assets less current 546 570 531
liabilities ----------- ----------- ------------
Provisions for liabilities and - (3) -
charges
----------- ----------- ------------
Total assets and liabilities 546 567 531
=========== =========== ============
Capital and reserves
Called up share capital 118 111 118
Share premium account 637 583 637
Merger reserve (29) (29) (29)
----------- ----------- ------------
Profit and loss account (180) (98) (195)
----------- ----------- ------------
Equity shareholders' funds 546 567 531
=========== =========== ============
Hansard Group Plc
Consolidated Cash Flow Statement
For The Six Months Ended 31 August 2003
Note 6 Months to 6 Months to 12 Months to
31 31 28
August 2003 August 2002 February 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Net cash inflow/ 5 2 (15) 15
(outflow) from
operating activities
Returns on investments
and servicing of
finance
Interest received 5 10 19
-------- -------- --------
Interest paid (1) (1) (3)
-------- -------- --------
Net cash inflow for 4 9 16
returns on investments
and servicing of
finance
Taxation paid - - (9)
Capital expenditure
-------- -------- --------
Payments to acquire (6) - (51)
tangible assets
-------- -------- --------
Net cash outflow for (6) - (51)
capital expenditure
Acquisition and
disposals
Acquisition of - - (5)
subsidiary
undertaking
-------- -------- --------
Equity dividend paid - - -
-------- -------- --------
Net cash inflow/ - (6) (34)
(outflow) before
management of liquid
resources and
financing
Management of liquid
resources
Current asset (115) (63) (177)
investments -------- -------- --------
Bank deposits 107 70 201
-------- -------- --------
Net cash (outflow)/
inflow for management
of liquid resources (8) 7 24
Financing
-------- -------- --------
Issue of ordinary - - -
share capital
-------- -------- --------
Net cash inflow from - - -
financing
-------- -------- --------
(Decrease)/Increase in 6 (8) 1 (10)
cash ======== ======== ========
Notes to interim results
for the six months ended 31 August 2003
1. Basis of Preparation
The results for the six months ended 31st August 2003 are unaudited and have not
been reviewed by the auditors. They have been prepared on accounting bases and
policies that are consistent with those used in the preparation of the financial
statements of the group for the year ended 28th February 2003.
The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the year ended 28th February 2003 were reported on by the auditors
and received an unqualified audit report. Full accounts for the year ended 28th
February 2003 have been delivered to the Registrar of Companies.
2. Dividends
No dividend is proposed for the six months ended 31st August 2003.
3. Taxation
The tax charge represents deferred tax arising on the reversal of timing
differences relating to deferred tax assets.
4. Earnings Per Share
The calculation of basic earnings per share is based on the profit after tax of
#15,000 and on 11,792,647 ordinary shares being the weighted average number of
ordinary shares in issue during the period.
There is no dilutive effect of options and warrants due to the fair price of the
shares during the period being less than the exercisable price of those options
and warrants.
5. Reconciliation of operating profit/(loss) to net cash inflow/(outflow) from
operating activities
6 months to 31 6 months to 31 12 months to 28
August 2003 August 2003 February 2003
#'000 #'000 #'000
Operating profit/(loss) 15 7 (77)
Depreciation 17 5 22
(Increase)/decrease in (36) (22) 69
debtors --------- --------- ----------
Increase/(decrease) in (6) (5) 1
creditors --------- --------- ----------
Net cash inflow(outflow) from 2 (15) 15
operating activities
--------- --------- ----------
6. Analysis of net (debt)/funds
As at 28 Feb Cash Flow As at 31 Aug
2003 Movements 2003
#'000 #'000 #'000
Net Cash:
Cash at Bank 8 (8) -
--------- -------- ---------
Bank overdrafts (72) - (72)
--------- -------- ---------
Net funds (64) (8) (72)
--------- -------- ---------
Liquid Resources:
Current Asset investment 174 115 289
--------- -------- ---------
Bank deposits 325 (107) 218
--------- -------- ---------
499 8 507
--------- -------- ---------
Net funds/(debts) 435 - 435
========= ======== =========
7. Copies of Interim Results
Copies of the Interim Results will be sent to Shareholders shortly and will be
available to members of the public from the Company's registered office, 14
Kinnerton Place South, London SW1X 8EH.
This information is provided by RNS
The company news service from the London Stock Exchange
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