Final Results

Triad Group PLC 16 April 2003 Triad Group Plc, the information systems and software consultancy, has today announced its preliminary results for the year ended 31 March 2003. Chairman's statement Results Turnover for the year ended 31 March 2003 is £27.8 million (2002: £41.6 million); pre tax losses are £4.98 million (2002: £0.47 million loss). This latter figure is after exceptional administrative expenses of £1.39 million (2002: £0.96 million) relating to a provision for costs of surplus property. The pre tax losses before exceptional administrative expenses are £3.59 million (2002: £0.49 million profit). Dividends The board recommend that no final dividend be paid: no interim payment was made (2002: total dividend 1p). Review of activities Since my interim statement, market conditions, which I described at the time as the worst that I have encountered in almost twenty years in the industry, have shown no sign of improvement. During the year, reductions in the cost base of the company have been made. Market conditions remain extremely challenging. The global economic uncertainty undermines the ability to predict the timing of recovery in the short-term. The resourcing business has performed creditably in view of the competitive challenge presented by the unprecedented downturn in the contractor market. The consultancy and systems integration business has experienced activity in the area of process and cost efficiency in both the public and private sectors. Other activity is in the area of essential upgrade of existing infrastructure on a cost effective and assured basis: 'e-government' initiatives have been slow to date in gaining momentum. The reduction in cost base has been achieved without undermining our underlying business. The weak market conditions have forced greater rigours from buyers of our services: demands which the company is well able to meet. The Company has applied £4.9 million cash to buy back shares through tender offers in April 2002 and October 2002. A cash balance of £4.7 million remains. Employees On behalf of the board, I have pleasure in thanking our staff and executive directors for their substantial efforts throughout what has proved to be a difficult year. John Rigg Chairman 15 April 2003 Profit and loss account for the year ended 31 March 2003 Unaudited Audited 2003 2002 £'000 £'000 Turnover 27,756 41,567 Cost of sales (25,758) (34,845) ________ ________ Gross profit 1,998 6,722 Administrative expenses (7,202) (7,654) ________ ________ Operating loss (5,204) (932) Interest receivable 224 463 Interest payable - (1) ________ ________ Loss on ordinary activities (4,980) (470) Before taxation Taxation on loss on ordinary activities 8 123 ________ ________ Loss for the financial year (4,972) (347) Dividends - (255) ________ ________ Loss sustained for the financial year (4,972) (602) ======== ======== Basic loss per ordinary share (note 3) (27.20)p (1.36)p Diluted loss per ordinary share (note 3) (27.20)p (1.36)p ======== ======== Dividends per share 0.00p 1.00p ======== ======== The above figures relate entirely to continuing operations. The loss on ordinary activities before taxation and the retained loss, as stated above, are prepared on a historical cost basis, and therefore no reconciliation to historical cost loss is required. There are no recognised gains or losses except for the loss 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 2003 Unaudited Audited 2003 2002 £'000 £'000 Fixed assets Tangible assets 726 1,115 _______ _______ Current assets Debtors 5,385 7,452 Cash at bank and in hand 4,739 11,300 _______ _______ 10,124 18,752 Creditors: amounts falling due within one year (3,363) (3,890) _______ _______ Net current assets 6,761 14,862 _______ _______ Total assets less current liabilities 7,487 15,977 Provisions for liabilities and charges (2,450) (1,050) _______ _______ Net assets 5,037 14,927 ======= ======= Capital and reserves Called up share capital 151 255 Share premium account 562 562 Capital redemption reserve 104 - Profit and loss account (note 4) 4,220 14,110 _______ _______ Equity shareholders' funds 5,037 14,927 ======= ======= Cash flow statement for the year ended 31 March 2003 Unaudited Audited 2003 2002 £'000 £'000 Net cash (outflow)/ inflow from operating activities (2,071) 4,990 _______ _______ Returns on investments and servicing of finance Interest received 224 463 Interest paid - (1) _______ _______ 224 462 _______ _______ Taxation UK corporation tax received/(paid) 410 (1,254) _______ _______ Capital expenditure and financial investment Purchase of tangible fixed assets (370) (598) Sale of tangible fixed assets 164 183 _______ _______ (206) (415) _______ _______ Equity dividends paid - (765) _______ _______ Cash (outflow)/inflow before financing (1,643) 3,018 _______ _______ Financing Proceeds from issue of ordinary share capital - 19 Cost of purchasing own shares (4,918) - _______ _______ (Decrease)/increase in net cash (6,561) 3,037 ======= ======= Reconciliation of operating loss to net cashflow from operating activities Unaudited Audited 2003 2002 £'000 £'000 Operating loss (5,204) (932) Depreciation of tangible fixed assets 617 853 Profit on sale of fixed assets (22) (4) Decrease in debtors 1,665 6,078 Decrease in creditors (527) (2,055) Increase in provisions 1,400 1,050 _______ _______ Net cash (outflow)/inflow from operating activities (2,071) 4,990 ======= ======= 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 2003 and are consistent with those applied in the previous year. The financial information set out above does not constitute the company's audited statutory accounts for the years ended 31 March 2002 or 2003. The financial information for 2002 is derived from the statutory accounts for 2002 which have been delivered to the registrar of companies. The auditors have reported on the 2002 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 2003 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. Loss per ordinary share Loss per share has been calculated on the loss on ordinary activities after tax divided by the weighted average number of shares in issue during the period based on the following: 2003 2002 Loss on ordinary activities after taxation £(4,972,000) £(347,000) =========== ========= Average number of shares in issue 18,277,572 25,483,184 Effect of dilutive options * - - ___________ __________ Average number of shares in issue plus dilutive options 18,277,572 25,483,184 =========== ========== Basic loss per share (27.20)p (1.36)p Diluted loss per share (27.20)p (1.36)p =========== ========== * The share options have no dilutive effect in the current year or previous year. 4. Profit and loss account Unaudited £'000 At 1 April 2002 14,110 Sustained loss for the year (4,972) Purchase of ordinary shares, including costs (4,918) _______ At 31 March 2003 4,220 ======= 5. 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

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