Interim Results
25 Oktober 2002 - 3:26PM
UK Regulatory
RNS Number:9694C
Hyder Consulting PLC
25 October 2002
For Immediate Release 25 October 2002
HYDER CONSULTING plc
(formerly Firth Holdings plc)
Interim Statement
for the six months ended
30th September 2002
CHAIRMAN'S STATEMENT
"For the first six months to 30 September 2002, profit before tax was #51,000
(2001 #192,000). The results benefited from further recoveries of #307,000 from
the liquidation of Spartan Redheugh."
"I am very pleased to report that since the end of the first half, at the
Extraordinary General Meeting held on 21 October 2002, all the resolutions,
including those proposed primarily for the purpose of enabling the Company to
complete the acquisition of Hyder Consulting Holdings Limited, were duly passed.
The change of the Company's name from Firth Holdings Limited to Hyder
Consulting Limited will now take effect."
"Hyder Consulting is a substantial business in its sector and an attractive
turnround opportunity. The directors look forward to the future with
confidence."
Sir Alan Thomas
Chairman
25 October 2002
Note:
This Interim Statement applies only to the business of Firth Holdings Limited
and not to Hyder Consulting Holdings Limited.
For further information:
Firth Holdings 020 7828 9989
Sir Alan Thomas
Buchanan Communications 020 7466 5000
Tim Anderson
HYDER CONSULTING plc
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30th September 2002
Note Six months ended Six months ended Year ended
30th September 2002 30th September 2001 31st March 2002
#'000 #'000 #'000
Turnover - - 158
Cost of sales - - (150)
Gross profit - - 8
Net operating expenses 2 (53) 52 (162)
Operating profit/(loss) 1 (53) 52 (154)
Net interest receivable 104 140 248
Profit on ordinary
activities before
taxation 51 192 94
Tax on profit on ordinary 3 (8) - -
activities
Profit for the financial
period 43 192 94
Earnings per share 4 - 0.2p 0.1p
HYDER CONSULTING plc
UNAUDITED CONSOLIDATED BALANCE SHEET
At 30th September 2002
30th September 30th September 31st March
2002 2001 2002
#'000 #'000 #'000
Fixed assets
Tangible assets - 16 -
Current assets
Assets held for resale - 400 325
Debtors 211 500 34
Cash at bank and in hand 5,721 5,270 5,625
5,932 6,170 5,984
Creditors: - amounts falling due within one (92) (291) (187)
year
Net current assets 5,840 5,879 5,797
5,840 5,895 5,797
Capital and reserves
Called up share capital 8,147 8,147 8,147
Share premium account 3,269 3,269 3,269
Capital redemption reserve 80 80 80
Profit and loss account (5,656) (5,601) (5,699)
Shareholders' funds 5,840 5,895 5,797
Reconciliation of movements in shareholders' funds
Profit for the period 43 192 94
Net increase in shareholders' funds 43 192 94
Shareholders' funds at 1st April 5,797 5,703 5,703
Shareholders' funds 5,840 5,895 5,797
HYDER CONSULTING plc
UNAUDITED SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30th September 2002
Note Six months ended Six months ended Year ended
30th September 2002 30th September 2001 31st March 2002
#'000 #'000 #'000
Net cash (outflow) 5
from operating
activities - (851) (604)
Net interest 104 140 248
received
Taxation (8) - -
Cash flow before financing 96 (711) (356)
Financing - - -
Increase/(Decrease) in 96 (711) (356)
cash
Reconciliation of net cash flow to movement in net
debt
Increase/(Decrease)
in cash in the
period 96 (711) (356)
Net funds at 1st 5,625 5,981 5,981
April
Net funds 5,721 5,270 5,625
HYDER CONSULTING plc
NOTES TO THE ACCOUNTS
1. ANALYSIS OF OPERATING PROFIT BEFORE INTEREST AND TAXATION
Six months ended Six months ended Year ended
30th September 2002 30th September 2001 31st March 2002
#'000 #'000 #'000
Manufacturing and steel processing 307 237 366
Other (360) (185) (520)
(53) 52 (154)
2. NET OPERATING EXPENSES AND EXCEPTIONAL ITEM
Six months ended
30th September 2002
Discontinued Continuing
activities
activities Total
#'000 #'000 #'000
Administration expenses - 381 381
Other operating income - (21) (21)
Exceptional operating charges (1) (307) - (307)
(307) 360 53
(1) The discontinued activities exceptional operating charges represents the net
amounts recovered from the liquidation of Spartan Redheugh Limited.
Six months ended
30th September 2001
Discontinued Continuing
activities activities Total
#'000 #'000 #'000
Administration expenses - 223 223
Other operating income - (38) (38)
Exceptional operating charges (1) (237) - (237)
(237) 185 (52)
(1) The discontinued activities exceptional operating charges represents amounts
recovered from the receivership and liquidation of Spartan Redheugh Limited
including subsequent revisions to the previous provisions for liabilities
guaranteed by the Group.
Year ended
31st March 2002
Discontinued Continuing
activities activities Total
#'000 #'000 #'000
Administration expenses - 607 607
Other operating income - (79) (79)
Exceptional operating charges (1) (366) - (366)
(366) 528 162
(1) The discontinued activities exceptional operating charges represents amounts
recovered from the liquidation of Spartan Redheugh Limited.
3. TAXATION
The taxation charge for the six months ended 30th September 2002 reflects the
anticipated tax rate for the year having utilised tax losses brought forward.
4. EARNINGS PER SHARE
The figures have been calculated by reference to 81,469,652 (2002: 81,469,652)
shares being the average number of shares in issue during the period and the
profit of #43,000 (2001: #192,000) attributable to ordinary shareholders.
5. NET CASH FLOW FROM OPERATING ACTIVITIES
Six months ended Six months ended Year ended
30th September 2002 30th September 2001 31st March 2002
#'000 #'000 #'000
Operating profit/(loss) (53) 52 (154)
Depreciation and impairment of
tangible fixed assets - 5 21
Decrease/(increase) in debtors (177) (322) 144
Decrease in assets held for resale 325 - 75
(Decrease) in creditors and
provisions (95) (586) (690)
Net cash (outflow) from operating
activities - (851) (604)
This Interim Statement applies only to the business of Firth Holdings Limited
and not to Hyder Consulting Holdings Limited.
The financial information set out above does not comprise statutory accounts for
the purpose of Section 240 of the Companies Act 1985. The figures for the year
ended 31st March 2002 are an abridged version of the full accounts for that year
which contained an unqualified auditors' report and which have been delivered to
the Registrar of Companies.
This report is being sent to all shareholders and will be available to the
public at the Company's registered office.
Registered Office
40 Catherine Place
London SW1E 6HL
This information is provided by RNS
The company news service from the London Stock Exchange
END
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