Interim Results

Harrier Group PLC 15 August 2005 HARRIER GROUP PLC Interim results for the period ended 30 June 2005 CHAIRMAN'S STATEMENT As previously announced on 10 March 2005, Harrier Group Plc concluded the sale of its operating subsidiaries for the sum of Â£4.5m. Since that date, Harrier Group Plc has become an investment company and is seeking to make investments in one or more businesses, initially focussing on the UK cyclical services, information technology or financial sectors. The Board has evaluated and continues to evaluate suitable targets but none is at a stage at which any certainty can be given as to the possible timing of any transaction. The Board anticipates that any investment made will constitute a reverse takeover under AIM Rules and aims to have completed an appropriate investment before the end of April 2006, and preferably at an earlier date. If no such investment is made by the date that Harrier holds its annual general meeting for the year ended 31 December 2005, it is expected that the Company's shares will be suspended under the AIM Rules. The Board believes that Harrier is an attractive prospect to a business looking for a reverse takeover by virtue of its current unencumbered bank balance of some Â£4.4m. In addition, Â£100,000 is currently held in escrow until September 2005 as a result of the sale of its operating subsidiaries in March. A L R MORTON Chairman INDEPENDENT REVIEW REPORT TO HARRIER GROUP PLC SIX MONTHS ENDED 30 JUNE 2005 Introduction We have been instructed by the company to review the financial information set out on pages 3 to 8 and we have read the other information contained in the interim report and considered whether it contains any apparent mis-statements 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 Directors are responsible for preparing the interim report in accordance with the AIM Rules which 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 guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists primarily 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 United Kingdom 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 30 June 2005. Saffery Champness Chartered Accountants London CONSOLIDATED PROFIT AND LOSS ACCOUNT SIX MONTHS ENDED 30 JUNE 2005 6 months ended 30 June 2005 Continuing Discontinued Total Unaudited Audited Operations Operations Unaudited six months year ended Unaudited Unaudited 30 June 2004 31 December Â£ 2004 Â£ Â£ Â£ Â£ Turnover - 1,358,380 1,358,380 6,096,229 11,214,119 Cost of - (728,320) (728,320) (3,610,386) (6,682,404) sales -------- --------- -------- -------- ---------- Gross Profit - 630,060 630,060 2,485,843 4,531,715 Administrative expenses (50,423) (828,884) (879,307) (2,313,624) (4,616,405) -------- --------- -------- -------- ---------- Operating (loss)/profit before exceptional costs (50,423) (198,824) (249,247) 172,219 (84,690) Exceptional fees relating to an abortive merger - - - - (90,058) -------- --------- -------- -------- ---------- Operating (loss)/profit (50,423) (198,824) (249,247) 172,219 (174,748) Profit on sale of discontinued operations - 3,287,070 3,287,070 - - -------- --------- -------- -------- ---------- Profit/(loss) before interest (50,423) 3,088,246 3,037,823 172,219 (174,748) -------- --------- -------- -------- ---------- Interest receivable 140,500 24,717 51,348 Interest payable (1,086) (2,120) (778) --- --- --------- --------- ------- Profit/(Loss) on ordinary activities before taxation 3,177,237 194,816 (124,178) Taxation - - - -------- --------- -------- -------- ---------- Profit/(Loss) on ordinary activities after taxation 3,177,237 194,816 (124,178) --- --- -------- -------- ---------- Basic profit/(loss) per share 10.58p 0.67p (0.42)p === === -------- -------- ---------- Diluted profit/(loss) per share 9.67p 0.52p (0.39)p === === -------- -------- ---------- CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2005 Unaudited Unaudited Audited 30 June 30 June 31 December 2005 2004 2004 Â£ Â£ Â£ Fixed assets Tangible assets - 332,825 302,569 ---------- ---------- ---------- Current assets Stock - 25,503 7,172 Debtors 167,742 2,460,796 2,356,138 Cash and bank balances 4,338,898 1,462,942 1,446,822 ---------- ---------- ---------- 4,506,640 3,949,241 3,810,132 ---------- ---------- ---------- Creditors Amounts falling due within one year (55,066) (2,753,423) (2,903,074) ---------- ---------- ---------- Net current assets 4,451,574 1,195,818 907,058 ---------- ---------- ---------- Net assets 4,451,574 1,528,643 1,209,627 ========== ========== ========== Capital and reserves Called up share capital 307,462 293,103 293,103 Special reserve - 1,235,518 - Share premium account 50,351 - - Profit and loss account 4,093,761 - 916,524 ---------- ---------- ---------- Equity shareholders' funds 4,451,574 1,528,621 1,209,627 Minority interests - 22 - ---------- ---------- ---------- Total shareholders' funds 4,451,574 1,528,643 1,209,627 ---------- ---------- ---------- CONSOLIDATED CASH FLOW STATEMENT SIX MONTHS ENDED 30 JUNE 2005 Note Unaudited Unaudited Audited 30 June 30 June 31 December 2005 2004 2004 Â£ Â£ Â£ Net cash (outflow)/inflow from operating activities 4 (842,833) 204,195 214,321 ----------- ---------- ----------- Returns on investments and servicing of finance Interest received 140,500 24,717 51,348 Interest paid (1,086) (2,120) (778) ----------- ---------- ----------- Net cash inflow for investments and servicing of finance 139,414 22,597 50,570 ----------- ---------- ----------- Taxation Corporation tax paid - - - ----------- ---------- ----------- Capital expenditure and financial investment Purchases of tangible fixed assets - (59,107) (114,021) Sales of tangible fixed assets - 1,560 2,255 Net cash inflow/(outflow) from investing activities - (57,547) (111,766) ----------- ---------- ----------- --- --- --- Acquisitions and disposals --- --- --- Sale of subsidiaries 4,500,000 - - Net cash disposed with subsidiary (969,215) - - ----------- ---------- ----------- Net cash inflow for acquisitions and 3,530,785 - - disposals ----------- ---------- ----------- Net cash inflow before financing 2,827,366 169,245 53,125 ----------- ---------- ----------- Financing Issue of ordinary share capital 64,710 9,573 9,573 ----------- ---------- ----------- Net cash inflow for financing 64,710 9,573 9,573 ----------- ---------- ----------- Increase in cash 2,892,076 178,818 162,698 =========== ========== =========== CONSOLIDATED CASH FLOW STATEMENT SIX MONTHS ENDED 30 JUNE 2005 (continued) Note Unaudited Unaudited Audited 30 June 30 June 31 December 2005 2004 2004 Â£ Â£ Â£ Reconciliation of net cash flow to movement in net funds Increase in cash in the period 2,892,076 178,818 162,698 ---------- --------- ---------- Movement in net funds in the period 2,892,076 178,818 162,698 Net funds at start of period 1,446,822 1,284,124 1,284,124 ---------- --------- ---------- Net funds at end of period 5 4,338,898 1,462,942 1,446,822 ========== ========= ========== NOTES TO THE INTERIM RESULTS SIX MONTHS ENDED 30 JUNE 2005 1. The interim figures for the six month period to 30 June 2005 are unaudited and do not constitute statutory accounts. 2. The financial information set out in the interim statement has been prepared in accordance with applicable accounting standards. The accounting policies have been consistently applied both in 2004 and 2005 and are described in the 2004 financial statements. 3. The calculation of basic earnings per ordinary share of 10.58p each is based on the profit on ordinary activities after taxation divided by the weighted average number of ordinary shares in issue during the period of 30,028,300. The diluted profit per share includes share options not exercised and the weighted average number of ordinary shares in the period is 32,863,214. 4. Reconciliation of profit/(loss) to net cash inflow/(outflow) from operating activities: 6 months to 6 months to Year ended 30 June 2005 30 June 2004 December 2004 Â£ Â£ Â£ Operating (loss)/profit (249,247) 172,219 (174,748) Depreciation 26,158 95,826 178,588 Loss on disposal of fixed assets - 4,956 6,668 Decrease/(increase) in stock 7,172 78,338 96,669 Decrease/(increase) in debtors 2,188,398 (316,896) (212,238) (Decrease)/increase in creditors (2,815,314) 169,752 319,382 ----------- ----------- ----------- Net cash (outflow)/inflow from Operating activities (842,833) 204,195 214,321 ----------- ----------- ----------- 5. Analysis of net funds: At Cashflow Other non At end of beginning cash changes period of period Â£ Â£ Â£ Â£ Cash at bank and in hand 1,446,822 2,892,076 - 4,338,898 -------- -------- ---------- --------- 6. The company by special resolution, confirmed by an order of the High Court of Justice, reduced its share premium account and cancelled its capital redemption reserve effective from 16 June 2004. In order to protect the interests of its creditors the company undertook to transfer a specified amount to a special non-distributable reserve until such time as those creditors that were outstanding as at 16 June 2004 had been paid. All the creditors were paid by the end of 2004 and the special reserve was released. 7. The minority interests represent non-participating shares in a subsidiary company, Harrier Corporation Limited, and were extinguished when that company was dissolved in 2004. 8. The results for the year ended 31 December 2004 as shown in this report do not constitute statutory accounts but are an abridged version of the company's 2004 accounts which have been filed with the Registrar of Companies. The accounts to 31 December 2004 did not contain any statement under section 237 (2) or (3) of the Companies Act 1985 and the auditors' report was unqualified. 9. The interim report was approved by the directors on 15 August 2005. A copy of the interim report will be posted to shareholders and will also be available from the company's registered office at Cromwell House, Bartley Wood Business Park, Hook RG27 9XA. 10. The trading subsidiary companies, Harrier Zeuros Limited, Harrier Zeuros Storage Solutions Limited and Ikan Limited were sold on 10 March 2005 realising a profit of Â£3,287,070. The consolidated balance sheet at 30 June 2005 also represents the balance sheet of Harrier Group plc, being the only remaining company of the former group. This information is provided by RNS The company news service from the London Stock Exchange

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