Final Results

Triad Group PLC 19 June 2002 Triad Group Plc Preliminary Results for the year ended 31 March 2002 TRIAD REPORTS PRELIMINARY RESULTS Triad Group Plc, the information systems and software consultancy, has today announced its preliminary results for the year ended 31 March 2002. John Rigg, Chairman commented, ' Triad's longer term prospects remain encouraging as we continue to generate both demand from existing clients and a number of high quality new prospects; however the timing of this new business continues to be extremely difficult to predict. The uncertainty in the timing of any general recovery means that measures have been, and continue to be, taken to manage Triad's cost base without unduly compromising the longer term recovery prospects for the company. ' The company's cash balances remain healthy, and Triad should be well positioned to mount a strong recovery when market conditions finally improve.' -ends- Date: 19 June 2002 For further information contact: Triad Group Plc City Profile John Rigg Simon Courtenay Mira Makar Ed Senior 01483-860222 020-7448-3244 www.triadgroup.plc.uk e-mail: simon.courtenay@city-profile.com Chairman's statement Financial results Turnover for the year ended 31 March 2002 is £41.6 million (2001: £52.8 million), and pre tax loss is £0.5 million (2001: £4.5 million profit). Basic losses per share are 1.36p (2001 basic earnings per share: 12.22p). Net cash increased by £3.0 million over the year to give a year end cash balance of £11.3 million. Dividend The board recommend that no final dividend be paid (2001: 2p). An interim dividend of 1p has been paid giving a total dividend for the year of 1p (2001: 2p). Review of current activities and prospects The results for the year reflect a serious and continuing deterioration during the last few months in trading conditions in those markets where Triad operates. The results are in line with market expectations. We have seen delays and cancellations of large spending programmes, IT capital spending budgets under pressure and caution from clients when making IT investment decisions, particularly in the financial services, telecommunications and travel sectors. Triad's longer term prospects remain encouraging as we continue to generate both demand from existing clients and a number of high quality new prospects; however the timing of this new business continues to be extremely difficult to predict. The uncertainty in the timing of any general recovery means that measures have been, and continue to be, taken to manage Triad's cost base without unduly compromising the longer term recovery prospects for the company. In the light of current trading conditions we believe it would be prudent for the market to lower its expectations of the outcome for the year ending 31 March 2003. We are intensifying our efforts to grow Triad's business in the public sector (where we have substantial experience going back over 13 years) and early signs are encouraging. Triad continues to invest in providing its workforce with skills and training in leading-edge technologies and markets. Our Generic division is continuing to maintain a creditable performance during a very difficult period. The company's cash balances remain healthy, and Triad should be well positioned to mount a strong recovery when market conditions finally improve. Employees On behalf of the board I have pleasure in thanking our staff for their efforts throughout the year. John Rigg Chairman 18 June 2002 Profit and loss account for the year ended 31 March 2002 Unaudited Audited 2002 2001 (restated) £'000 £'000 Turnover 41,567 52,783 Cost of sales (34,845) (41,087) ______ ______ Gross profit 6,722 11,696 Administrative expenses (7,654) (7,421) ______ ______ Operating (loss)/profit (932) 4,275 Interest receivable 463 250 Interest payable (1) (14) ______ ______ (Loss)/profit on ordinary activities (470) 4,511 before taxation Taxation on (loss)/profit on ordinary activities 123 (1,397) ______ ______ (Loss)/profit for the financial year (347) 3,114 Dividends (255) (510) ______ ______ (Loss sustained)/profit retained for the financial year (602) 2,604 --------- --------- Basic (losses)/earnings per ordinary share (1.36)p 12.22p Diluted (losses)/earnings per ordinary share (1.36)p 12.14p --------- --------- Dividends per share 1.00p 2.00p --------- --------- The above figures relate entirely to continuing operations. The (loss)/profit on ordinary activities before taxation and the retained (loss)/profit, as stated above, are prepared on a historical cost basis, and therefore no reconciliation to historical cost (loss)/profit is required. Statement of total recognised gains and losses for the year ended 31 March 2002 Unaudited Audited 2002 2001 £'000 £'000 (Loss)/profit for the financial year (347) 3,114 Other recognised gains and losses - - ______ ______ Total recognised (losses)/gains for the financial year (347) 3,114 --------- Prior year adjustment 207 ______ Total losses recognised since last annual report (140) --------- Balance sheet at 31 March 2002 Unaudited Audited 2002 2001 (restated) £'000 £'000 Fixed assets Tangible assets 1,115 1,549 ______ ______ Current assets Debtors 7,452 13,106 Cash at bank and in hand 11,300 8,283 ______ ______ 18,752 21,389 Creditors: amounts falling due (3,890) (7,428) Within one year ______ ______ Net current assets 14,862 13,961 ______ ______ Total assets less current liabilities 15,977 15,510 Provisions for liabilities and charges (1,050) - ______ ______ Net assets 14,927 15,510 --------- --------- Capital and reserves Called up share capital 255 255 Share premium account 562 543 Profit and loss account 14,110 14,712 ______ ______ Equity shareholders' funds 14,927 15,510 --------- --------- Cash flow statement for the year ended 31 March 2002 Unaudited Audited 2002 2001 £'000 £'000 Net cash inflow from operating activities 4,990 4,650 ______ ______ Returns on investments and servicing of finance Interest received 463 250 Interest paid (1) (14) ______ ______ 462 236 ______ ______ Taxation (1,254) (894) UK corporation tax paid ______ ______ Capital expenditure and financial investment Purchase of tangible fixed assets (598) (571) Sale of tangible fixed assets 183 200 ______ ______ (415) (371) ______ ______ Equity dividends paid (765) (-) ______ ______ Cash inflow before financing 3,018 3,621 ______ ______ Financing Proceeds from issue of ordinary share capital 19 10 ______ ______ Increase in net cash 3,037 3,631 --------- --------- Reconciliation of operating (loss)/profit to net cash inflow from operating activities Unaudited Audited 2002 2001 £'000 £'000 Operating (loss)/profit (932) 4,275 Depreciation of tangible fixed assets 853 1,022 Profit on sale of fixed assets (4) (17) Decrease /(increase) in debtors 6,078 (1,396) (Decrease)/increase in creditors (2,055) 766 Increase in provisions 1,050 - ______ ______ Net cash inflows from operating activities 4,990 4,650 --------- --------- Notes 1. The financial information set out above has been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 March 2002 and are consistent with those applied in the previous year, with the exception of the implementation of FRS19 'Deferred Tax'. As described in note 3 the comparative figures have been restated as a result of implementing this standard. The financial information set out above does not constitute the company's audited statutory accounts for the years ended 31 March 2001 or 2002. The financial information for 2001 is derived from the statutory accounts for 2001 which have been delivered to the registrar of companies. The auditors have reported on the 2001 accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The unaudited financial information for 2002 is derived from the statutory accounts for 2002, which were approved by the Board of Directors today 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. Taxation During the year the company implemented FRS 19 'Deferred Tax', which requires full provision for deferred tax. Under the options allowed the company chose not to discount the resulting provision. Within the tax credit for the twelve months ended 31 March 2002 is a net credit of £21,000 which arises as a result of implementing this standard. In addition the comparatives have been restated, resulting in a decrease to the tax charge of £103,000 for the year ended 31 March 2001. The additional deferred tax asset is included on the balance sheet and amounts to £228,000 at 31 March 2002 (31 March 2001: £207,000). 4. (Losses)/earnings per ordinary share (Losses)/earnings per share have been calculated on the (loss)/profit on ordinary activities after tax divided by the weighted average number of shares in issue during the period based on the following: 2002 2001 (restated) (Loss)/profit on ordinary activities after taxation £(347,000) £3,114,000 -------------- -------------- Average number of shares in issue 25,483,184 25,472,474 Effect of dilutive options * - 185,420 _________ _________ Average number of shares in issue plus dilutive options 25,483,184 25,657,894 -------------- -------------- Basic earnings per share (1.36)p 12.22p Diluted earnings per share (1.36)p 12.14p --------- --------- * The share options have no dilutive effect in the current year. 5. Profit and loss account 2002 2001 (restated) £'000 £'000 At 1 April as restated/ as previously reported 14,609 12,004 Prior year adjustment (see note 3) 103 104 ______ ______ At 1 April as restated 14,712 12,108 (Loss)/profit for the financial year (602) 2,604 ______ ______ At 31 March 14,110 14,712 --------- --------- 6. 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. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Triad Group (TRD)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today