Interim Results

Intermodal Resource Plc 12 September 2005 INTERMODAL RESOURCE PLC ('Intermodal' or 'the group') Maiden Interim Results for the six months ended 30 June 2005 Intermodal Resource plc, the swapbody, road trailer and truck rental group today announces its unaudited interim results for the six months ending 30 June 2005. This is its first interim statement since its admission to AIM on 31 August 2004. There are no financial comparatives as the group was only formed in August 2004. Key Points: • Admitted to AIM in August 2004 • Turnover of £1.221m • Profit before tax and amortisation of goodwill of £130,000 • Axis Intermodal - increased utilisation • Trailerent - encouraging growth from standing start • Acquisition of truck rental company, Taylored Hire in July 2005 Robert Montague, Chief Executive Officer, commented, 'We are pleased with the progress the Group has made over the period. In July, we were delighted to announce the acquisition of Taylored Hire Limited, a truck and trailer contract hire and rental business based in the North West of England. The acquisition expands the Group's range of products and services and is entirely complementary to our existing activities. Looking ahead, there are good growth opportunities and our objective remains that of building our rental business in the UK and Europe in a low risk manner, minimising our exposure to residual values and creating strong cash flows.' Enquiries: Intermodal Resource plc Tel: 020 7448 1000 (today) Robert Montague, Chief Executive Officer Tel: 01993 883148 Biddicks Tel: 020 7448 1000 Zoe Biddick or Katie Tzouliadis INTERMODAL RESOURCE PLC Chief Executive Officer's statement Introduction We are pleased to report our first interim results since Intermodal's admission to AIM on 31 August 2004. We are pleased with the progress the Group has made over the period. In early July, we were delighted to announce the acquisition of Taylored Hire Limited ('THL'), a truck and trailer contract hire and rental business based in the North West of England. The acquisition expands the Group's range of products and services and is entirely complementary to our existing activities. There is no contribution from THL in these results as the company was acquired after the period end. Looking ahead, there are good growth opportunities and our objective remains that of building our rental business in the UK and Europe in a low risk manner, minimising our exposure to residual values and creating strong cash flows. Results Turnover for the period was £1.2 million on which the group achieved a profit before tax and goodwill amortisation of £130,000. As the group was only formed in August 2004, shortly prior to flotation, there are no financial comparatives for 2004. During the period the Company raised £600,000 through a placing with institutional and other investors to support the continuing expansion of the German swapbodies business. Basic earnings per share were 0.22p per share and net assets grew during the period from £2.2 million to £2.8 million. Business Overview Our core business, Axis Intermodal, which provides swapbodies (domestic transport containers for use on roads, rail and barges) and chassis for rental and which operates principally in Europe, performed well over the period, securing a number of longer term contracts of three years. Utilisation levels have further improved and currently stand at 92% on our fleet of 2,336 swapbodies and chassis. This compares to utilisation of 89% at the end of December 2004. In the UK, Trailerent, which provides road trailers for rental, is progressing well although against a background of weaker consumer demand. The business was started from scratch in April 2004, and since then, we have built up a strong team and are steadily establishing a presence in the market. Trailerent now has a rental fleet of 94 trailers. In July, we made a major step forwards in the development of the UK business, with the acquisition of truck and trailer rental business, Taylored Hire Limited. THL, which is based in the North West of England, operates a fleet of some 348 trucks and trailers. It also runs on a similar business model to ours in so far as the majority of its fleet is financed through operating leases matched to long term contract hire. The addition of truck rental services enables us to satisfy customer demand for 'full rig' hire and so broadens our market appeal. We are pleased that Craig McCarthy and his management team from THL have joined the Group to continue our planned national expansion. Many of our clients hire both trucks and trailers and I am delighted that we have already seen interest in joint marketing of both products with the sales teams working very closely together. Prospects Despite the challenges of the UK retail economy faced by Trailerent, we are encouraged by its continuing development, and we expect to see further positive economic growth and demand from Germany in the second half of the year, which will benefit Axis. We continue our drive for further growth and the second half will reflect the benefits of the integration of THL within the Group. Robert J Montague CBE, Chief Executive Officer INTERMODAL RESOURCE PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Six months 13 months ended 30 June ended 31 December 2005 2004 Unaudited Audited £000 £000 Turnover 1,221 1,086 Cost of sales 460 512 ------------------------------- ----------- ------------ Gross profit 761 574 Administrative expenses excluding amortisation of goodwill 535 467 Amortisation of goodwill 35 28 ------------------------------- ----------- ------------ Operating profit 191 79 Net interest payable 96 79 ------------------------------- ----------- ------------ Profit on ordinary activities before taxation 95 - Tax on profit on ordinary activities - - ------------------------------- ----------- ------------ Retained profit for the period 95 - ------------------------------- ----------- ------------ Basic earnings per share (pence) 0.22 - Diluted earnings per share (pence) 0.20 - Statement of total recognised gains and losses Six months 13 months ended 30 June ended 31 December 2005 2004 Unaudited Audited £000 £000 Profit for the financial period 95 - Foreign exchange movements (52) - ------------------------------- ----------- ------------ Total gains and losses recognised since last financial statements 43 - ------------------------------- ----------- ------------ All activities are continuing. INTERMODAL RESOURCE PLC CONSOLIDATED BALANCE SHEET 30 June 31 December 2005 2004 Unaudited Audited £000 £000 Fixed assets Intangible assets 1,292 1,327 Tangible assets 3,919 4,232 ------------------------------- ----------- ------------ 5,211 5,559 Current assets Debtors 379 208 Cash at bank and in hand 8 6 ------------------------------- ----------- ------------ 387 214 Creditors - amounts falling due within one year 1,736 1,967 ------------------------------- ----------- ------------ Net current liabilities (1,349) (1,753) ------------------------------- ----------- ------------ Total assets less current liabilities 3,862 3,806 Creditors - amounts falling due after more than one year 1,076 1,645 ------------------------------- ----------- ------------ 2,786 2,161 ------------------------------- ----------- ------------ Capital and reserves Called up share capital 2,269 2,038 Share premium account 474 123 Profit and loss account 43 - ------------------------------- ----------- ------------ 2,786 2,161 ------------------------------- ----------- ------------ INTERMODAL RESOURCE PLC CONSOLIDATED CASH FLOW STATEMENT Six months 13 months ended 30 June ended 31 December 2005 2004 Unaudited Audited Note £000 £000 Net cash inflow from operating activities 4 125 429 --------------------------------- ------ --------- ----------- Returns on investments and servicing of finance Interest received 1 1 Interest paid (70) (41) Finance lease interest paid (27) (39) --------------------------------- ------ --------- ----------- Net cash outflow from investments and servicing of finance (96) (79) --------------------------------- ------ --------- ----------- Capital expenditure Purchase of tangible fixed assets (129) (115) Sale of tangible fixed assets 156 197 --------------------------------- ------ --------- ----------- Net cash inflow from capital expenditure 27 82 --------------------------------- ------ --------- ----------- Acquisitions and disposals Net overdrafts acquired with subsidiary undertakings - (358) --------------------------------- ------ --------- ----------- Cash inflow before financing 56 74 --------------------------------- ------ --------- ----------- Financing Issue of shares 600 520 Expenses relating to the issue of shares (19) (724) Long term loan finance 45 55 Repayment of long term loan finance (329) (69) Capital element of finance leases (267) (208) --------------------------------- ------ --------- ----------- Net cash inflow (outflow) from financing 30 (426) --------------------------------- ------ --------- ----------- Net increase (decrease) in cash 86 (352) Movement in overdraft (20) 358 Effect of exchange rate fluctuations (64) - --------------------------------- ------ --------- ----------- Increase in cash at bank and in hand 2 6 --------------------------------- ------ --------- ----------- INTERMODAL RESOURCE PLC NOTES TO THE INTERIM FINANCIAL STATEMENTS 1 Preparation of the interim financial statements The unaudited results for the six months ended 30 June 2005 have been prepared in accordance with applicable UK accounting standards. There are no comparative figures as this is the first interim statement since the formation of the group in August 2004. The accounting policies applied are those set out in the group's annual report and accounts for the period ended 31 December 2004. The financial information set out in this interim statement does not constitute statutory financial information within the meaning of section 240 of the Companies Act 1985. The profit and loss account and cash flow statement for the period ended 31 December 2004 and the balance sheet at 31 December 2004 are an abridged statement of the full group financial statements for that period which have been delivered to the Registrar of Companies. The report of the auditors on the group financial statements for the period ended 31 December 2004 was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. 2 Earnings per share The calculation of the basic and diluted earnings per share is based on a profit on ordinary activities after tax of £95,000 at 30 June 2005 (nil profit at 31 December 2004) and weighted average number of issued shares of 43,062,788 together with the dilutive effect of securities of 3,667,970. 3 Dividend The directors' intention is for the group to retain its earnings to finance the growth and expansion of its business and accordingly they do not intend to pay dividends in the immediate future. 4 Reconciliation of operating profit to net cash inflow from operating activities Six months 13 months ended 30 June ended 31 December 2005 2004 Unaudited Audited £000 £000 Operating profit 191 79 Amortisation 35 28 Depreciation 219 178 Loss (profit) on sales of fixed assets (9) 11 Decrease (increase) in debtors (171) 170 (Decrease) increase in creditors (140) (37) ------------------------------------ ------- ----------- -------- Net cash inflow from operating activities 125 429 ------------------------------------ ------- ----------- -------- 5 Copies of interim report Copies of the interim statement will be sent to shareholders. Further copies will be available from the company secretary at 8 Fenlock Court, Lower Road, Long Hanborough, Oxfordshire OX29 8LN. This information is provided by RNS The company news service from the London Stock Exchange

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