Final Results

Triad Group PLC 11 June 2001 TRIAD GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2001 TRIAD REPORTS RESULTS Triad Group PLC, ('Triad') the Godalming and Milton Keynes based information systems and software consultancy, has today announced its preliminary results for the year ended 31 March 2001. Highlights * Pre-tax profits up 137% to £4.5 million (2000: £1.9 million) * Turnover increased by 9% to 52.8 million (2000: £48.4 million) * Basic Earnings per Share up by 131% to 11.82p (2000: 5.11p) * Cash position at year end £8.3 million * Dividend restored - Final dividend of 2p (2000: Nil) John Rigg, Chairman commented, ' The 137% increase in pre tax profit for the twelve months ended 31 March 2001, compared with the previous year is the result of a continuing improvement in utilisation rates in our consultancy and systems business. ' Trading since the year end has continued to be strong. We are experiencing continuing demand for our services from existing major clients, and are also in the process of negotiating substantial new lines of high quality business.' -ends- Date: 11 June 2001 For further information contact: Triad Group PLC City Profile Group John Rigg, Chairman Simon Courtenay Mira Makar, Chief Executive Ed Senior Tel: 01483-860222 Tel: 020-7726-8588 Web: www.triad.co.uk e-mail: sc@profilecomms.co.uk Chairman's statement Financial results Turnover for the year ended 31 March 2001 is £52.8 million (2000: £48.4 million), and pre tax profit is £4.5 million (2000: £1.9 million). Basic earnings per share are 11.82p (2000: 5.11p). Net cash increased by £3.6 million over the year to give a year end cash balance of £8.3 million. Dividend A final dividend of 2p has been recommended by the board and, subject to approval by the shareholders, will be paid on 9 August 2001 to shareholders on the register at close of business on 13 July 2001. This gives a total dividend for the year of 2p (2000: nil). Review of current activities and prospects The 137% increase in pre tax profit for the twelve months ended 31 March 2001, compared with the previous year is the result of a continuing improvement in utilisation rates in our consultancy and systems business. Pre tax profit for the second half of the year is 157% up on the profit during the first half of the year, and 224% up on the equivalent period in the previous year. These results are in line with market expectations and with the statements on trading we have made since August 2000. The increase in profit has resulted in a 78% increase in cash balances at 31 March 2001 compared with the previous year end. As a result the board has decided to reinstate its policy of paying dividends. Trading since the year end has continued to be strong. We are experiencing continuing firm demand for our services from existing major clients, and are also in the process of negotiating substantial new lines of high quality business. Triad has succeeded in avoiding any significant involvement in the dot com 'bubble'. We have concentrated our web enablement skills on providing services to major established and profitable businesses. We have built an excellent track record of assisting major clients with the integration of front end systems into back office and third party systems. The growth in brand leveraging has generated many new lines of business for large corporations, providing a fertile market for our skills, which is not subject to the extreme fluctuations often associated with individual products or proprietary technologies. I believe the demand for our expertise will continue to strengthen during the current year. We have not yet reached the levels of utilisation achieved in 1998/99 and therefore the potential for further organic growth in profit is very good. It is widely recognised that the market for resourcing and contracting continues to be under some pressure, but I am pleased to report that owing to the excellent management and sales performance of its staff, Triad's Generic division continues to hold up well. Employees We continue to recruit high calibre staff, and staff turnover remains very low. On behalf of the board I have pleasure in thanking all our staff for their efforts throughout the year. John Rigg Chairman 11 June 2001 Profit and loss account for the year ended 31 March 2001 Unaudited Audited 2001 2000 £'000 £'000 Turnover 52,783 48,366 Cost of sales (41,087) (40,806) ______ ______ Gross profit 11,696 7,560 Administrative expenses (7,421) (5,980) ______ ______ Operating profit 4,275 1,580 Interest receivable 250 330 Interest payable (14) (5) ______ ______ Profit on ordinary activities 4,511 1,905 before taxation Taxation on profit on ordinary activities (1,500) (604) ______ ______ Profit for the financial year 3,011 1,301 Dividends (510) (-) ______ ______ Retained profit for the financial year 2,501 1,301 ------- --------- Basic earnings per ordinary share 11.82p 5.11p Diluted earnings per ordinary share 11.74p 5.06p --------- --------- Dividends per share 2.00p 0.00p --------- --------- The above figures relate entirely to continuing operations. The profit on ordinary activities before taxation and the retained profit, as stated above, are prepared on a historical cost basis, and therefore no reconciliation to historical cost profit is required. There are no recognised gains or losses except for the profit for the year as stated above, and therefore no separate statement of total recognised gains or losses has been prepared. Balance sheet at 31 March 2001 Unaudited Audited 2001 2000 £'000 £'000 Fixed assets Tangible assets 1,549 2,183 ______ ______ Current assets Debtors 12,899 11,443 Cash at bank and in hand 8,283 4,725 ______ ______ 21,182 16,168 Creditors: amounts falling due within one year (7,428) (5,559) ______ ______ Net current assets 13,754 10,609 ______ ______ Net assets 15,303 12,792 --------- --------- Capital and reserves Called up share capital 255 255 Share premium account 543 533 Profit and loss account 14,505 12,004 ______ ______ Equity shareholders' funds 15,303 12,792 --------- --------- Cash flow statement for the year ended 31 March 2001 Unaudited Audited 2001 2000 £'000 £'000 Net cash inflow from operating activities 4,650 667 _____ _____ Returns on investments and servicing of finance Interest received 250 330 Interest paid (14) (5) ______ ______ 236 325 ______ ______ Taxation (894) (2,850) UK corporation tax paid ______ ______ Capital expenditure and financial investment Purchase of tangible fixed assets (571) (1,218) Sale of tangible fixed assets 200 131 ______ ______ (371) (1,087) ______ ______ Equity dividends paid (-) (764) ______ ______ Cash inflow/(outflow) before financing 3,621 (3,709) ______ ______ Financing Proceeds from issue of ordinary share capital 10 4 ______ ______ Increase/(decrease) in net cash 3,631 (3,705) --------- --------- Reconciliation of operating profit to net cash inflow from operating activities Unaudited Audited 2001 2000 £'000 £'000 Operating profit 4,275 1,580 Depreciation of tangible fixed assets 1,022 945 Profit on sale of fixed assets (17) (22) Decrease in work in progress - 1 Increase in debtors (1,396) (2,027) Increase in creditors 766 190 ______ ______ Net cash inflows from operating activities 4,650 667 --------- --------- 1. The financial information set out above does not constitute the company's audited statutory accounts for the years ended 31 March 2000 or 2001. The financial information for 2000 is derived from the statutory accounts for 2000 which have been delivered to the registrar of companies. The auditors have reported on the 2000 accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2001 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the registrar of companies following the company's annual general meeting. 2. The financial information set out above has been prepared in accordance with Financial Reporting Standard Number 3. All items above relate to continuing operations. 3. Earnings per share The calculation of basic earnings per share is based on the profit on ordinary activities after taxation, namely £3,011,000 (2000: £1,301,000) and on 25,472,474 (2000: 25,468,183) ordinary shares, being the weighted average number of ordinary shares in issue and ranking for dividend during the year. The calculation of diluted earnings per share is based on the profit on ordinary activities after taxation, namely £3,011,000 (2000: £1,301,000) and on 25,657,894 (2000: 25,713,073) ordinary shares, which takes into account dilutive outstanding share options. 4. The annual report and accounts will be sent to shareholders in due course. Further copies will be available from the company's registered office at Weyside Park, Catteshall Lane, Godalming, Surrey, GU7 1XE.

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