Interim Results

Triad Group PLC 09 December 2003 Triad Group Plc, the information systems and software consultancy, has today announced its interim results for the six months to 30 September 2003. Chairman's statement Results Turnover is £16.6m for the six months ended 30 September 2003 (2002: £14.1m). This is 17.6% higher than the same period last year. Pre tax losses are £0.85 million (2002: loss £2.53 million). Dividends No interim dividend has been declared (30 September 2002: interim - nil). Review of activities The IT services market remains challenging. In response, the consultancy and systems business has undertaken a review of its services. This review recognised changes in market requirements and has repositioned the business higher up the value chain. The Company is now routinely assisting clients in strategic initiatives and investment decision making. The Company remains broadly based across market sectors including the public sector, telecommunications and outsourcing. The Company is not encumbered by the impact of global mergers, product or sector dependencies, factors that affect many of our competitors. Investment in client relationships continues at a high level to secure long term recurring revenues. The Company is working effectively in mixed teams with clients experiencing revenue and cost pressures. Opportunities across the public sector are arising from the Government modernisation programme. The Company is now highly experienced in developing business cases jointly with clients. It subsequently follows through with the implementation of change programmes, providing technical skills leadership. The resourcing business has seen increases in fee earner numbers each month since the beginning of the financial year. It faces continued pressure on margins in respect of mature business. The reduction in the cost base achieved during the last financial year has contributed to a reduction in the level of losses. Cash at the balance sheet date 30th September 2003 was £2.3 million. Cash at the same time last year was £7.7 million. In October 2002 £ 1.9 million was returned to shareholders. This figure includes fees. The cash balance at 30th September 2003 is ahead of that forecast at the time of the buy-back. The rate of cash use has substantially reduced. The increase in turnover since last year has created a corresponding increase in cash required to fund working capital. The Company continues to have no bad debts and payment terms remain unchanged. I am comfortable with the cash situation. I would like to thank our staff for their hard work and commitment to our clients in the period. John Rigg Chairman 8 December 2003 Profit and loss account Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 Turnover 16,573 14,091 27,756 ---------- ---------- ---------- Operating loss (902) (2,672) (5,204) Net interest 53 145 224 ----------- ----------- ----------- Loss on ordinary activities ( 849) (2,527) (4,980) before taxation Taxation on loss on ordinary activities - 783 8 ----------- ----------- ----------- Loss for period (849) (1,744) (4,972) Dividends - - - ----------- ----------- ----------- Loss sustained for period (849) (1,744) (4,972) =========== =========== =========== Basic and diluted loss per share (5.60)p (7.91)p (27.20)p =========== =========== =========== Dividend per share 0.00p 0.00p 0.00p =========== =========== =========== Balance sheet Unaudited Unaudited Audited 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 Fixed assets Tangible assets 725 913 726 ----------- ----------- ------------ Current assets Debtors 7,448 7,414 5,385 Cash at bank and in hand 2,334 6,719 4,739 ----------- ----------- ------------- 9,782 14,133 10,124 Creditors: amounts falling due within one year (3,924) (3,797) (3,363) ----------- ----------- ------------ Net current assets 5,858 10,336 6,761 ----------- ----------- ------------ Total assets less current liabilities 6,583 11,249 7,487 Provisions for liabilities and charges (2,395) (1,050) (2,450) ----------- ----------- ----------- Net assets 4,188 10,199 5,037 ----------- ----------- ----------- Capital and reserves Called up share capital 151 218 151 Share premium account 562 562 562 Capital redemption reserve 104 37 104 Profit and loss account 3,371 9,382 4,220 ----------- ----------- ----------- Equity shareholders' funds 4,188 10,199 5,037 ----------- ----------- ----------- Cash flow statement Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 Net cash outflows from operating activities (2,254) (1,620) (2,071) ______ ______ ______ Returns on investments and servicing of finance Interest received 53 145 224 ______ ______ ______ Taxation - 10 410 UK corporation tax received ______ ______ ______ Capital expenditure and financial investment Purchase of tangible assets (264) (216) (370) Sale of tangible fixed assets 60 84 164 ______ ______ ______ (204) (132) (206) ______ ______ ______ ______ ______ ______ Cash outflow before financing (2,405) (1,597) (1,643) ______ ______ ______ Financing Cost of purchasing own - (2,984) (4,918) ______ ______ ______ Decrease in cash in the period (2,405) (4,581) (6,561) ====== ====== ====== Reconciliation of operating loss to net cash outflow from operating activities Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 Operating loss (902) (2,672) (5,204) Depreciation of tangible fixed assets 210 345 617 Profit on sale of fixed assets (5) (11) (22) (Increase)/ decrease in debtors (2,063) 812 1,665 Increase/ (decrease) in creditors 561 (94) (527) (Decrease)/increase in provisions (55) - 1,400 ---------- ---------- ----------- Net cash outflow from operating activities (2,254) (1,620) (2,071) ----------- ----------- ----------- 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 8 December 2003.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 2003. 2. No interim dividend has been declared (2002/03: nil) 3. Losses per share have 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: Unaudited Unaudited Audited 30 September 30 September 31 March 2003 2002 2003 Loss on ordinary activities after taxation £(849,000) £(1,744,000) £(4,972,000) -------------- -------------- -------------- Average number of shares in issue 15,149,579 22,037,921 18,277,572 -------------- -------------- -------------- Basic and diluted loss per share (5.60)p (7.91)p (27.20)p -------------- -------------- -------------- The weighted average number of shares for the calculation of the diluted loss per share in respect of each of the above periods is the same as that for the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive. 4.Profit and loss account Unaudited Unaudited Audited Six months Six months Year ended ended ended 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 Balance at 1 April 4,220 14,110 14,110 Retained loss for the period (849) (1,744) (4,972) Repurchase of shares,including costs - (2,984) (4,918) ----------- ---------- ----------- 3,371 9,382 4,220 ----------- ----------- ----------- 5. 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. This information is provided by RNS The company news service from the London Stock Exchange

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