Interim Results

Triad Group PLC 16 November 2001 Triad Group Plc Interim Results for the six months to 30 September 2001 TRIAD REPORTS INTERIM RESULTS Triad Group Plc, the information systems and software consultancy, has today announced its interim results for the six months ended 30 September 2001. Highlights * Pre-tax profits up 20% to £1.52m (2000: £1.27m) * Turnover £24.2 (2000: £25.0m) * EPS 4.11p (2000: 3.43p) * Cash position £10.1m (2000: £3.58m) * Interim dividend declared of 1p (2000: 0p) John Rigg, Chairman commented, ' I believe that Triad's pipeline of prospects has never been stronger. We have an outstanding spread of markets for our size, including financial services, telecommunication, travel and government. The quality of our project capabilities and technical skills is excellent. ' We began the second half year with very strong cash balances of £10.1 million (all organically generated) and low overheads. We have continued to trade profitably and generate a healthy cash flow since 30 September. Nevertheless in the light of current uncertainty and lack of visibility it would be prudent for market expectations of the final outcome of the year to be lowered.' -ends- Date: 16 November 2001 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 Results Turnover of £24.2m for the six months ended 30 September 2001 is 3% lower than the same period last year, however pre tax profits of £1,519,000 are 20% higher. Dividends An interim dividend of 1.00p (net) (2000/01 interim - 0.00p) has been declared and will be paid on 21 December 2001 to all shareholders on the register at the close of business on 30 November 2001. Review of activities The results for the first half year represent a very creditable performance by all our staff, management and executive directors, and I thank them for their efforts. The results should be seen against a background of worsening general economic conditions, already beginning to be apparent in late summer, which have been greatly intensified by the tragic events of 11th September. I believe that the full depth and duration of the slowdown are unlikely to become clear for several months. The effect on Triad's business is to create uncertainty regarding the timing of the commencement of major projects, which in turn causes difficulty in foreseeing the likely outcome of the second half. That said, I believe that Triad's pipeline of prospects has never been stronger. We have an outstanding spread of markets for our size, including financial services, telecommunication, travel and government. The quality of our project capabilities and technical skills is excellent. We began the second half year with very strong cash balances of £10.1 million (all organically generated) and low overheads. We have continued to trade profitably and generate a healthy cash flow since 30 September. Nevertheless in the light of current uncertainty and lack of visibility it would be prudent for market expectations of the final outcome of the year to be lowered. John Rigg Chairman 16 November 2001 Profit and loss account Unaudited Unaudited Audited (Restated) Six months (Restated) Six months ended Year ended 30 September Ended 2001 30 September 2000 31 March 2001 £'000 £'000 £'000 Turnover 24,182 25,003 52,783 ---------- ---------- ---------- Operating profit 1,257 1,155 4,275 Net interest 262 110 236 ----------- ----------- ----------- Profit on ordinary activities before 1,519 1,265 4,511 taxation Taxation on profit on ordinary (471) (391) (1,397) activities ----------- ----------- ----------- Profit for period 1,048 874 3,114 Dividends (255) (-) (510) ----------- ----------- ----------- Retained profits for period 793 874 2,604 Earnings per ordinary share 4.11p 3.43p 12.22p Diluted earnings per ordinary share 4.10p 3.41p 12.14p Dividend per share 1.00p 0.00p 2.00p Comparatives have been restated to reflect the full provision for deferred tax as required by FRS 19 'Deferred Tax'. Balance sheet Unaudited Unaudited Audited 30 September (Restated) (Restated) 2001 30 September 31 March 2001 2000 £'000 £'000 £'000 Fixed assets Tangible assets 1,310 1,965 1,549 ------------- ------------- ------------- Current assets Work in progress - 16 - Debtors 10,731 14,022 13,106 Cash at bank and in hand 10,085 3,579 8,283 ----------- ----------- ------------- 20,816 17,617 21,389 Creditors: amounts falling due (5,748) (5,699) (7,428) within one year ----------- ----------- ------------ Net current assets 15,068 11,918 13,961 ---------- ---------- ------------ Total assets less current 16,378 13,883 15,510 liabilities Creditors: amounts falling due after (56) (113) - more than one year ---------- ---------- ------------ Net assets 16,322 13,770 15,510 ---------- ---------- ---------- Capital and reserves Called up share capital 255 255 255 Share premium account 562 533 543 Profit and loss account 15,505 12,982 14,712 ------------ -------------- ------------ Equity shareholders' funds 16,322 13,770 15,510 ------------- -------------- ------------- Comparatives have been restated to reflect the full provision for deferred tax as required by FRS 19 'Deferred Tax'. Cash flow statement Unaudited Unaudited Audited Six months Six months year Ended Ended Ended 30 30 September 31 March September 2000 2001 2001 £'000 £'000 £'000 Net cash inflows/(outflows) from operating 2,794 (1,007) 4,650 activities _____ _____ _____ Returns on investments and servicing of finance Interest received 227 121 250 Interest paid (-) (11) (14) ______ ______ ______ 227 110 236 ______ ______ ______ Taxation UK corporation tax paid (510) (39) (894) ______ ______ ______ Capital expenditure and financial investment Purchase of tangible assets (252) (367) (571) Sale of tangible fixed assets 54 71 200 ______ ______ ______ (198) (296) ( 371) ______ ______ ______ Equity dividends paid (510) (-) ( -) ______ ______ ______ Cash inflow/(outflow) before financing 1,803 (1,232) 3,621 ______ ______ ______ Financing Proceeds from issue of ordinary share 19 - 10 capital ______ ______ ______ Increase/(decrease) in cash in the period 1,822 (1,232) 3,631 ______ ______ ______ Reconciliation of operating profit to net cash inflow from operating activities Unaudited Unaudited Audited six months six months Year ended ended Ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Operating profit 1,257 1,155 4,275 Depreciation of tangible fixed assets 448 524 1,022 Profit on sale of fixed assets (11) (10) (17) Movement in work in progress (-) (16) - Decrease/(increase) in debtors 2,523 (2,458) (1,396) (Decrease)/increase in creditors (1,423) (202) 766 ----- ----- ----- Net cash inflow/(outflow) from operating 2,794 (1,007) 4,650 activities ----- ----- ----- Notes to the accounts 1. The information contained in this interim statement does not constitute statutory accounts within the meaning of section 240 (3) of the Companies Act 1985. The financial information set out above and overleaf, which has been neither audited nor reviewed, has been approved by the Board of Directors on 15 November 2001.This financial information has been prepared in accordance with the accounting policies set out in the statutory accounts of Triad Group Plc for the year ended 31 March 2001, with the exception of the implementation of FRS 19 'Deferred Tax'. As described in note 3, the comparative figures have been restated as a result of implementing this standard. 2. There are no recognised gains or losses other than those recorded above. 3. Taxation During the period ended 30 September 2001 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. The tax charge for the six months ended 30 September 2001 is unchanged as a result of implementing this standard: however the comparatives have been restated, resulting in a decrease to the tax charge of £12,000 for the six months ended 30 September 2000 and 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 £207,000 at 30 September 2001 (31 March 2001: £ 207,000; 30 September 2000: £116,000). 4. An interim dividend of 1.00p (2000/01: 0.0p) has been declared and will be paid on 21 December 2001 to all shareholders on the register at the close of business on 30 November 2001. 5. The calculation of earnings per share is based on the profit on ordinary activities after taxation, namely £1,048,000 (2000/01: £874,000) and on 25,475,228 (2000/01: 25,469,765) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The calculation of diluted earnings per share is based on the profit on ordinary activities after taxation, namely £1,048,000 (2000/01: £874,000) and on 25,557,440 (2000/01: 25,661,260) ordinary shares, which takes into account dilutive outstanding share options. 6. Retained profit Unaudited Unaudited Audited six months (Restated) (Restated) ended six months Year 30 ended Ended September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Balance at 1 April 14,712 12,004 12,004 Prior year adjustment - 104 104 ----- ----- ----- Balance at 1 April as restated (see 14,712 12,108 12,108 note 3) Retained profit for the period 793 874 2,604 ----- ----- ----- 15,505 12,982 14,712 ----- ----- ----- 7. Copies of the interim results are being sent to shareholders. Further copies can be obtained from the company secretary at Weyside Park, Catteshall Lane, Godalming, Surrey, GU7 1XE.

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