Interim Results

Trio Holdings PLC 10 May 2001 For Stock Exchange Release ... embargoed until 10 May 2001 TRIO HOLDINGS PLC Interim Report for the six months ended 31 March 2001 CHAIRMAN'S STATEMENT * Operating profit before exceptional item for the six months was £1.117 million (2000 - £0.108 million) * Interim dividend increased by 50% to 0.15p per share (2000 - 0.1p per share) * Turnover for the six months was £16.463 million (2000 - £13.771 million) * Net assets at 31 March 2001 were £8.008 million (31 March 2000 - £5.668 million) I am pleased to report a substantially improved operating profit before exceptional item of £1.117 million for the six months under review, derived from increased turnover in the period of £16.463 million. This increase reflects the benefit of our continuing strategy of careful stewardship and some cautious expansion of our core products and services over recent years, combined with better market conditions. In addition during the period the Group repurchased the minority interest in Trio Equity Derivatives Limited, returning this highly successful niche business in OTC equity options and derivatives broking, to wholly owned status. After writing off the attributable goodwill on this repurchase as an exceptional item, the profit after taxation was £0.217 million. There is again further enhancement to our Balance Sheet with net assets at 31 March 2001 of £8.008 million, being approximately 10p per share. These net assets include over £7 million in cash balances. Reflecting the continuing improvement in the operating performance of the Group, the Board has agreed to enhance the traditional yield to shareholders through a strong increase in the interim dividend to 0.15p per share, for payment on 25 June 2001 to shareholders on the register at 25 May 2001. For the first three months of the period under review, the markets were only moderately active. However the powerful actions of the US Federal Reserve in cutting US interest rates unexpectedly in January, and indeed again in April after our half-year, have fostered more active market conditions from which the Group reaps benefit. Following a formal presentation to over 100 people from various Local Authorities, building societies and banks, our electronic transactional Treasury dealing system www.uk-Locals.com went live, on-schedule, on 2 March 2001. Early indications are very exciting for this internet-based secure electronic trading system, which was developed entirely in-house by our highly skilled software development team in Trio Internet Systems Limited ('TIS'), co-operating with the long established Local Authority team in Martin Brokers. My colleagues and I congratulate TIS on the highest level of sophistication, innovation and robust reliability demonstrated by the software since its live date. Our future strategies naturally include capitalising on this IT and software expertise and knowledge base, in potentially more significant products and services, in due course. We continue to review opportunities for our programme of modest investment into appropriate new projects, complementary to our core businesses and skills. Indeed I hope to announce an interesting addition to our portfolio shortly. CityCompass Limited, in which we acquired a founding stake six months ago, has rapidly gained an authoritative reputation and is frequently quoted in the relevant press. To date some 1,500 operations professionals have registered with CityCompass www.city-compass.co.uk : the focussed and growing database is quickly gaining recognition as a valuable, efficient and independent interactive conduit to this key part of the securities industry. Our core businesses remain traditional money and securities broking, and the improved performance of the Group reflects the continuing dedication and skill of our loyal staff and high calibre operating managers, taking advantage of better global market conditions. The climate of interest rate uncertainty continues. In conclusion I therefore re-confirm the cautious optimism of myself and my colleagues, and our dedication to continuing enhancement of shareholder value. Enquiries to: DAVID HAGAN Executive Chairman, TRIO Holdings PLC Tel: 020 7489 8033 TRIO HOLDINGS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 31 March 2001 (unaudited and not reviewed by the auditors) Year to 30 6 months to 31 March September 2001 2000 2000 £000's £000's £000's Turnover 16,463 13,771 29,198 Net recurring operating expenses (15,346) (13,663) (29,125) --------------- --------------- --------- Operating profit before exceptional item 1,117 108 73 Exceptional item (340) - - --------------- --------------- --------- Operating profit 777 108 73 Net interest receivable less payable 115 63 85 Share of loss of associated company (14) - - Profit on sale of investment - - 2,507 --------------- --------------- --------- Profit on ordinary activities before 878 171 2,665 taxation Taxation: UK (661) (401) (697) Overseas - 36 60 --------------- --------------- ---------- Profit/(loss) on ordinary activities after 217 (194) 2,028 taxation Equity minority interests - (38) (38) --------------- --------------- ----------- Profit/(loss) for the period 217 (232) 1,990 Dividends paid and proposed (125) (83) (584) --------------- --------------- ----------- Retained profit/(loss) for the period 92 (315) 1,406 transferred to reserves ========= ======== ========= Earnings/(loss) per share 0.26p (0.28)p 2.38p ========= ======== ========= Dividends per share 0.15p 0.1p 0.7p ========= ======== ========= There were no discontinued operations in the current period. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Profit/(loss) for the period 217 (232) 1,990 Foreign exchange translation differences on (9) (12) 39 foreign currency investment in subsidiaries --------------- --------------- --------------- Total recognised gains and losses 208 (244) 2,029 ========= ======== ========= RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS Profit/(loss) for the period 217 (232) 1,990 Dividends paid and proposed (125) (83) --------------- --------------- --------------- 92 (315) 1,406 Other recognised gains and losses (9) (12) 39 Capital contribution received - - 660 Goodwill transferred on disposal - - (117) --------------- --------------- --------------- Net addition/(reduction) to equity 83 (327) 1,988 shareholders' funds Opening equity shareholders' funds 7,924 5,936 5,936 --------------- --------------- --------------- Closing equity shareholders' funds 8,007 5,609 7,924 ========= ======== ========= TRIO HOLDINGS PLC CONSOLIDATED BALANCE SHEET as at 31 March 2001 (unaudited and not reviewed by the auditors) 31 March 2001 30 Sept 2000 £000's £000's £000's £000's Fixed Assets Tangible assets 679 825 Investments 32 15 ------------- ------------- 711 840 Current Assets Stocks 91 88 Debtors 6,159 7,859 Cash 7,078 4,575 ------------ ------------ 13,328 12,522 Creditors: due within one year (4,847) (4,193) ------------ ------------ Net Current Assets 8,481 8,329 Creditors: due after more than 1 (1,184) (1,243) year ------------ ------------ NET ASSETS 8,008 7,926 ======= ======= Capital and Reserves Share capital 4,174 4,174 Distributable reserves 2,474 2,474 Profit and loss account 1,359 1,276 ------------ ------------ Equity Shareholders' Funds 8,007 7,924 Equity minority interests 1 2 ------------ ------------ 8,008 7,926 ======= ======= NOTES 1.Profit and Loss Account There were no businesses acquired or discontinued during the period. The result arises from continuing operations. The results in foreign currencies are translated into Sterling at the average exchange rates ruling in the period. 2.Exceptional item The exceptional item represents the write off of goodwill arising on the acquisition of the minority interest in a subsidiary. 3.Taxation Taxation has been estimated on the basis that the six month period forms an integral part of an annual reporting period. 4.Earnings per share The profit per share is based on the net profit after taxation attributable to ordinary shareholders and on a weighted average of the number of shares in issue in the period: 83,484,325 (2000: 83,484,325). 5.Creditors over one year This figure includes the loan from Nittan Capital Holding Company Limited of £ 1 million repayable in one amount in August 2002. 6.Accounts The interim results have been prepared in accordance with accounting policies set out in the accounts for the period ended 30 September 2000 but they have not been audited nor reviewed by the auditors. The financial information in this report does not constitute full accounts as defined by Section 240 of the Companies Act 1985. The figures and the financial information for the year ended 30 September 2000 have been compiled from an extract of the latest published accounts and do not constitute statutory accounts for the year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either Section 237(2) or Section 237(3) of the Companies Act 1985. TRIO HOLDINGS PLC CONSOLIDATED CASH FLOW STATEMENT for the six months ended 31 March 2001 (unaudited and not reviewed by the auditors) Six months to 31 Year to 30 March September 2001 2000 £000's £000's Net cash inflow from operating activities 640 308 Returns from investments and servicing of 132 121 finance Taxation (270) (671) Capital expenditure and financial (42) (264) investment Acquisitions and disposals 2,615 62 Dividends paid (501) (205) ------------------- ------------------- Net cash inflow/(outflow) before 2,574 (649) financing Financing (71) 470 ------------------- ------------------- Increase/(decrease) in cash in the period 2,503 (179) =========== =========== Reconciliation of net cash flow to movement in net debt Six months to 31 Year to 30 March September 2001 2000 £000's £000's Increase/(decrease) in cash in the period 2,503 (179) Cash outflow from decrease in debt and 71 190 lease financing ------------------- ------------------- Change in net debt resulting from cash 2,574 11 flows New finance leases (19) (197) ------------------- ------------------- Movement in net debt in the period 2,555 (186) Net debt at 30 September 2000 and 30 3,282 3,468 September 1999 ------------------- ------------------- Net debt at 31 March 2001 and 30 September 5,837 3,282 2000 =========== =========== Reconciliation of operating profit to net cash inflow from operating results Six months to 31 Year to 30 March September 2001 2000 £000's £000's Operating profit 777 73 Depreciation charges 207 405 Gain on sale of subsidiaries - (124) Increase in debtors (962) (790) Increase in creditors 631 731 Increase in stock (3) (24) Exchange rate movements (10) 37 ------------------- ------------------- Net cash inflow from operating 640 308 activities =========== ===========

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