Interim Results

Lo-Q PLC 21 May 2004 Lo-Q Plc Interim Results Chairman's Statement I am pleased to report that the company had a turnover of £197,239 during the six months to 31st March 2004. This period is the 'closed season' when most of the parks are open for only very limited periods. The attached report shows a good increase on the comparative amount for last year. During the winter the company undertook some rationalisation in staff numbers. The reductions were made in finance, installation and research and development departments so that the company can now operate positively on a lower level of income. The effects of this reduction in head count can be seen in the reduction of the operating loss compared with last year. We have therefore opened the 2004 park season more tightly focused but better able to support the parks, both from our Atlanta office and remotely from Henley as a result of software developments made in the autumn and winter. The research and development team meets our current business needs. The enhanced operating software, installed before the season started, is able to handle larger volumes of message traffic more quickly while adding new facilities. The Q-bot cases are now stronger and more water resistant, and the system has been further upgraded to bring operating cost savings. Prior to the start of the 2004 season, the Six Flags Corporation announced the sale of its European Parks to a management buy-out, and the sale of the Ohio based 'Worlds of Adventure' to the Cedar Fair park operator. The Ohio park was our poorest performer so we do not expect its removal to have a significant negative effect on our revenue this year. The 2004 season has started with some positive signs of higher park attendance levels in theme parks across the United States. Weather plays a large role in determining customer numbers at this time of the year, making full season forecasting difficult for the industry. We have been pleased to see an encouraging demand for our Q-bots in the first few weekends of the season. Staffs of both Lo-Q and Six Flags Corporation are working as a more closely integrated team this season, and we expect this will enable us to better capitalise on the busy summer trading level. Supported by Six Flags, we are promoting our proximity marketing (location specific advertising) facility to attraction franchisees as a means of increasing their sales. The proximity marketing activity is absolutely new to all involved, so we will evaluate the benefits of the advertising to guests, franchisees, the Park and ourselves. We continue to talk to a number of other organisations in the theme park industry regarding installations and believe that the upturn in park attendances will enhance our prospects. Our theme park industry knowledge and experience enables us to establish relationships with other companies. The first of these partnering arrangements involves installing intelligent screen advertising in the Atlanta Park. This exploits our fibre backbone asset to distribute and control the information and advertising on TV screens spread about the park. After the end of the period for which we are financially reporting, we arranged a sale and lease back of the Georgia system and this has given the company improved liquidity. This season will see the one-millionth customer use a Q-bot, which will be a major milestone and will allow us to talk about the system to potential users backed by high volume experience. Jeff McManus 20 May 2004 LO-Q PLC Consolidated profit and loss account Six months to 31 Six months to 31 Year to 30 March 2004 March 2003 September 2003 £ £ £ Turnover Q-Bot income 171,137 51,531 1,023,715 Sale and leaseback 998,432 998,432 Operational Expenditure recovery 26,102 144,272 292,996 __________ __________ __________ Total Turnover 197,239 1,194,235 2,315,143 Cost of Sales 98,783 922,093 1,892,565 __________ __________ __________ Gross profit/(loss) 98,456 272,142 422,578 Administrative expenses 639,884 995,397 1,832,564 __________ __________ __________ Operating loss (541,428) (723,255) (1,409,986) Interest receivable 200 1,215 1,488 Interest payable and similar charges (265) 0 (465) __________ __________ __________ Loss on ordinary activities before taxation (541,493) (722,040) (1,408,963) Taxation on loss on ordinary activities 0 (64,000) (97,881) __________ __________ __________ Loss on ordinary activities after taxation (541,493) (658,040) (1,311,082) Earnings (loss) per share (0.04) (0.05) (0.09) Basic (and diluted) All amounts relate to continuing activities There are no recognised gains or losses other than those within the profit and loss account LO-Q PLC Consolidated balance sheet Six months to 31 Six months to 31 Year to 30 March 2004 March 2003 September 2003 £ £ £ Fixed assets Tangible assets 134,967 261,565 175,237 __________ __________ __________ Current Assets Stocks 476,555 277,220 219,790 Debtors falling due within one year 15,698 583,775 366,305 Debtors falling after one year - Prepayments & 88,044 589,980 210,875 accrued income - Other debtors 18,188 - corporation tax 3,008 64,000 Cash at bank and in hand 23,880 171,804 287,033 __________ __________ __________ 625,373 1,686,779 1,084,003 Creditors: amounts falling due within one year 173,713 179,338 131,120 __________ __________ __________ Net current assets/(liabilities) 451,660 1,507,441 952,883 __________ __________ __________ Total assets less current liabilities 586,627 1,769,006 1,128,120 Capital and Reserves Called up share capital 143,478 143,478 143,478 Share premium account 4,971,617 4,971,617 4,971,617 Capital reserve 12,473 12,473 12,473 Profit and loss account (4,540,941) (3,358,562) (3,999,448) __________ __________ __________ Equity shareholders' funds 586,627 1,769,006 1,128,120 LO-Q PLC Consolidated cash flow statement Six months to 31 Six months to 31 Year to 30 March 2004 March 2003 September 2003 £ £ £ Net cash outflow from operating activities 0 67,916 32,500 __________ __________ __________ Returns on investments and servicing of finance Interest received 0 1,215 1,488 Interest paid 0 0 (465) __________ __________ __________ Net cash inflow from returns on investments and 0 1,215 1,023 servicing of finance __________ __________ __________ Taxation Corporation tax received/(paid) 126,156 0 150,117 __________ __________ __________ Capital expenditure and financial investments (31,860) (57,387) (57,319) __________ __________ __________ Cash outflow before use of liquid resources and 94,296 11,744 126,321 financing Financing Net cash inflow from shares issue 0 0 0 __________ __________ __________ Increase/(decrease) in cash 94,296 11,744 126,321 Copies of this statement will be available to members of the public, free of charge, from the offices of the Company. New Close, Greenlands, Henley-on-Thames, Oxfordshire RG9 3AL. LO-Q PLC Independent Financial Review ________________________________________________________________________________ Introduction The company has instructed us to review the financial information, being the consolidated profit and loss account, balance sheet and cash flow statement and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 March 2004. Menzies Chartered Accountants 19 May 2004 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Accesso Technology Group (ACSO)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today