Interim Results

Cater Barnard PLC 19 June 2003 FOR IMMEDIATE RELEASE 19 June 2003 Cater Barnard plc ('Cater Barnard' or the 'Company') Interim Statement for the six months to 31 March 2003 Chairman's Statement: Interim Results The six months under review have seen a continuation of the Board's strategy to realise the balance of its investments, and in the meantime to continue to support its investments in other than financial terms. Latterly, the UK and US stock markets have been more sympathetic to investors - a positive sign for the future. As at 31 March 2003, the Company's net asset value stood at Â£4,710,441 or 0.60p per share. The exceptional losses shown in the profit and loss account and balance sheet are as a result of reducing asset carrying costs, directly in line with current market conditions and the requirements of the appropriate accounting standards. The Company announced on 16 June 2003 the sale of its remaining investment in Envesta plc. This disposal will completely repay the Company's bank borrowings and leave surplus cash deposits. The Company has further options in Healthcare Medisys which will be exercised 1 July and expected to raise a further Â£100,000 to add to cash deposits. The proceeds of the above sales will ensure the complete repayment of the Company's bank overdraft and leave circa Â£700,000 on deposit. Our remaining investment, in Dialog Group, Inc, continues to do well, although the market has yet to re-rate the share prices of this investment. They are carried in the Company's balance sheet at 31 March 2003 at $7.9million US dollars (Â£4.9 million) based on a price of 47 cents per share. The Board has had a number of early stage discussions in connection with various acquisition or merger opportunities, and, as previously reported, will revert to shareholders when appropriate. I would like to take this opportunity of thanking the Company's shareholders and advisers for their continued patience and support. Stephen Dean Chairman Cater Barnard plc Consolidated Profit And Loss Account Six months ended 31 March 2003 Six months to Six months to 12 months to 31 March 31 March 30 September 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£ Â£ Â£ TURNOVER Continuing operations - 455,089 427,276 783,494 continuing GROUP TURNOVER 455,089 427,276 783,494 COST OF SALES (69,783) (24,054) (96,735) GROSS PROFIT 385,306 403,222 686,759 Administrative (450,019) (521,062) (1,506,793) expenses Goodwill impairment - - (1,056,848) write off GROUP OPERATING LOSS (64,713) (117,840) (1,876,882) - Continuing (64,713) (117,840) (1,876,882) operations (Loss)/Profit on (2,454,367) (2,729,898) (11,362,440) disposal of fixed asset investments Profit on disposal of 8,240 - - fixed assets Interest payable & (15,252) (101,813) (133,555) similar charges Interest receivable & 94 9,259 85,362 similar income LOSS ON ORDINARY ACTIVITIES BEFORE (2,525,998) (2,940,292) (13,287,515) TAXATION TAXATION - - 305,825 LOSS ON ORDINARY ACTIVITIES AFTER (2,525,998) (2,940,292) (12,981,690) TAXATION Equity minority (1,327) 65,802 209,869 interest RETAINED LOSS FOR THE (2,527,325) (2,874,490) (12,771,821) FINANCIAL PERIOD Earnings per ordinary (0.32)p (1.03)p (2.45)p share Diluted earnings per (0.32)p (1.03)p (2.45)p share Cater Barnard plc Consolidated Balance Sheet Six months ended 31 March 2003 Six months to Six months to 12 months to 31 March 31 March 30 September 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£ Â£ Â£ FIXED ASSETS Intangible fixed assets - 1,227,510 - Tangible fixed assets 13,961 68,146 35,020 Investments 6,123,614 16,787,562 8,629,307 6,137,575 18,083,218 8,664,327 CURRENT ASSETS Debtors 346,558 553,152 364,906 Cash at bank & in hand 34,807 243,811 18,678 381,365 796,963 383,584 CREDITORS: Amounts (1,666,949) (1,540,086) (1,578,912) falling due within one year NET CURRENT LIABILITIES (1,285,584) (743,123) (1,195,328) TOTAL ASSETS LESS CURRENT 4,851,991 17,340,095 7,468,999 LIABILITIES CREDITORS: Amounts - - (139,515) falling due after more than one year Equity minority (141,550) (171,845) (81,815) interest NET ASSETS 4,710,441 17,168,250 7,247,669 CAPITAL & RESERVES Called up share capital - 7,862,386 7,852,786 7,862,386 equity Share premium account - 13,126,035 13,103,185 Other undistributable 156,953 10,000 - reserve Profit & loss account (3,308,898) (3,820,571) (13,717,902) EQUITY SHAREHOLDERS' 4,710,441 17,168,250 7,247,669 FUNDS NET ASSETS PER ORDINARY 0.60p 2.19p 0.92p SHARE Cater Barnard plc Consolidated Cash Flow Six months ended 31 March 2003 Six months to Six months to 12 months to 31 March 31 March 30 September 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£ Â£ Â£ NET CASH OUTFLOW FROM OPERATING (619,861) (425,488) (1,030,326) ACTIVITIES RETURNS ON INVESTMENTS & SERVICING OF FINANCE Interest received 94 9,259 85,362 Interest paid (15,252) (101,813) (133,555) NET CASH OUTFLOW FROM (15,158) (92,554) (48,193) RETURNS ON INVESTMENTS & SERVICING OF FINANCE TAXATION UK Corporation Tax - - - paid CAPITAL EXPENDITURE & FINANCIAL INVESTMENT Purchase of tangible (1,590) (27,076) (33,287) fixed assets Sale of tangible fixed 28,296 - 34,678 assets Purchase of (371,239) (980,777) (3,296,817) investments Sale of investments 380,978 - 1,831,753 NET CASH ONFLOW/ 36,445 (1,007,853) (1,463,673) (OUTFLOW) FROM CAPITAL EXPENDITURE & FINANCIAL INVESTMENT ACQUISITIONS & DISPOSALS Purchase of additional - (161,420) - holding in subsidiary undertakings Cash acquired with - - - subsidiary undertakings Part disposal of 99,995 - - subsidiary undertakings NET CASH INFLOW/ 99,995 (161,420) - (OUTFLOW) FROM ACQUISITIONS & DISPOSALS EQUITY DIVIDENDS - - - PAID NET CASH (OUTFLOW) (498,579) (1,687,315) (2,542,192) BEFORE FINANCING FINANCING Proceeds from issue of - 6,189,329 6,198,929 shares Cost of share issues (9,903) (220,801) (4,060,485) Debt finance raised/ 507,866 (4,200,000) (243,651) (repaid) NET CASH INFLOW FROM 497,963 1,768,528 1,894,793 FINANCING (DECREASE)/INCREASE IN (616) 81,213 (647,399) CASH Cater Barnard plc Notes to the Statement of Cash Flows (A) RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES Six months to Six months to 12 months to 31 March 31 March 30 September 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£ Â£ Â£ Operating loss (64,713) (117,840) (1,876,882) Depreciation (2,593) 13,542 18,201 Amortisation - 32,339 105,748 Goodwill impairment - - 1,056,848 Decrease in debtors 18,348 591,272 779,518 (Decrease) in (576,089) (944,801) (1,113,759) creditors NET CASH OUTFLOW FROM (619,861) (425,488) (1,030,326) OPERATING ACTIVITIES (B) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Six months to Six months to 12 months to 31 March 31 March 30 September 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£ Â£ Â£ Increase/(decrease) (616) 81,213 (647,399) in cash in period (Increase)/decrease (507,866) 4,200,000 3,858,719 in debt in the period Movement in net funds (508,482) 4,281,213 3,211,320 in the period Opening net debt (826,082) (4,037,402) (4,037,402) Closing net funds/ (1,334,564) 243,811 (826,082) (debt) (C) ANALYSIS OF NET CASH AND DEBT At 31.03.03 At 31.03.02 At 30.9.02 Â£ Â£ Â£ Net Cash Cash at bank 34,807 16,129 18,678 Bank overdrafts (520,224) (16,745) (503,479) (485,417) (616) (484,801) Debt due within one (849,147) (647,381) (201,766) year Debt due after more - 139,515 (139,515) than one year Net Debt (1,334,564) (508,482) (826,082) Cater Barnard plc Notes to the Interim Statement 1. The interim financial information has been prepared on the basis of the accounting policies set out in the Group's 2002 statutory accounts to 30 September 2002. The interim figures have not been audited. The interim financial statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 (the 'Act'). Comparative financial information for the 12 months ended 30 September 2002 has been extracted from the statutory accounts for the period which have been delivered to the Registrar of Companies and upon which the auditors gave an unqualified report, with no statement under Section 237(2) or (3) of the Act. 2. No taxation charge arises due to the tax losses available. 3. The calculation of earnings per share is based on the profit on ordinary activities after taxation and 786,238,648 (30 September 2002: 786,238,648; 31 March 2002: 278,550,686) ordinary shares being the weighted average number of shares in issue during the half year. The calculation of fully diluted earnings per share is based on the loss on ordinary activities after taxation and 786,238,648 (30 September 2002: 786,238,648; 31 March 2002: 278,550,686) ordinary shares being the weighted average number of shares in issue during the half year, after allowing for dilutive share options and warrants. 4. The Directors have not declared an interim dividend. 5. The interim statement was approved by the board of Directors on 18 June 2003. Copies are being sent to all shareholders. Copies of this statement will be available to members of the public, free of charge, from the Company's registered office, Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent, TN11 9BH. _______________________________________________________________________ NOMINATED ADVISER PRINCIPAL BANKERS Beaumont Cornish Limited Bank of Scotland Georgian House 14 Friar Lane 63 Coleman Street Leicester LE1 5RA London EC2R 5BB STOCKBROKER SOLICITORS Seymour Pierce Limited Philip Speer & Co 29-30 Cornhill 51 Cambridge Place London EC3V 3NF Cambridge CB2 1NS AUDITORS REGISTRAR Spokes & Company Northern Registrars Hilden Park House Northern House 79 Tonbridge Road Woodsome Park Hildenborough TN11 9BH Fenay Bridge Huddersfield HD8 0LA Cater Barnard plc Registered office: Hilden Park House, 79 Tonbridge Road Hildenborough, Kent, TN11 9BH Telephone 0034 605 282 211 Registered No. 03826434 This information is provided by RNS The company news service from the London Stock Exchange

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