Interim Results - 6 Months to 30 September 1999

Triad Group PLC 13 January 2000 Triad Group Plc Interim Results for the half year to 30 September 1999 Chairman's statement Results Turnover of £24.3m for the six months ended 30 September 1999 is 10% higher than the same period last year, and pre tax profits of £903,000 are 76% lower. Dividends No interim dividend has been declared (1998/99 interim - 3.00p) on the basis that funds should be retained in the company to maximise the benefit of current and future opportunities for profitable growth. Review of activities As I indicated in my trading update of 2 November 1999 results for the first half of the current financial year have come in well below the level of last year. This pattern will be continued for the full year to 31 March 2000. The shortfall is due entirely to weak utilisation in the systems and consultancy areas of our business. Our focus is now on the financial year beginning 1 April 2000. I continue to be very confident of a rapid rebound in trading performance based on the widely expected upsurge in demand, although uncertainty will continue until the precise timing is established. It is still too early to predict this timing although early signs since the return after the New Year holiday period are encouraging. Almost all of the new lines of business to which I referred on 2 November 1999 are maintaining their early promise, and since then we have added several more of equal quality, with particular concentration in the field of e-business. Triad's leading position in this area enables us to offer fully integrated 'end-to-end' solutions to established substantial businesses and I am convinced that this is where the major benefits and opportunities on web- enablements will be seen in the future. Within the next few years it will be normal for established businesses to integrate all business processes, including customer relationship management, sales, supply chain management and internal functions such as human resources and accounting, on the basis of web technology. Our own new web initiative 'onlineITcontractors.com', announced three days ago, has made a flying start and we are delighted with the initial response from both contractors and customers. Triad has 'first mover advantage' in this exciting marketplace. The success of this initiative will enable us to demonstrate practical first hand capability in e-business to potential customers for systems and consultancy work. It further enhances our growing identity as an e-business solutions provider. Staff turnover is at very low levels, and we are continuing to recruit steadily. We are maintaining healthy cash balances and are in excellent condition to take full advantage of the opportunities of the coming year. John Rigg Chairman 13 January 2000 Profit and loss account Unaudited Unaudited Audited six months six months year ended ended ended 30 September 30 September 31 March 1999 1998 1999 £'000 £'000 £'000 Turnover 24,253 22,112 49,306 ---------- ---------- ---------- Operating profit 717 3,668 8,265 Net interest 186 148 364 ---------- ---------- ---------- Profit on ordinary activities before taxation 903 3,816 8,629 Taxation on profit on ordinary activities (280) (1,221) (2,780) --------- ---------- ---------- Profit for period 623 2,595 5,849 Dividends (-) (755) (1,519) --------- ---------- ---------- Retained profits for period 623 1,840 4,330 ========= ========== ========== Earnings per ordinary share 2.45p 10.31p 23.23p ========= ========== ========== Diluted earnings per ordinary share 2.43p 10.06p 22.74p ========= ========== ========== Dividend per share 0.00p 3.00p 6.00p Balance sheet Unaudited Unaudited Audited 30 September 30 September 31 March 1999 1998 1999 £'000 £'000 £'000 Fixed assets Tangible assets 2,119 1,717 2,019 --------- ---------- ---------- Current assets Work in progress 8 7 1 Debtors 9,745 10,746 9,415 Cash at bank and in hand 7,505 7,008 8,365 --------- ---------- ---------- 17,258 17,761 17,781 Creditors: amounts falling due within one year (7,156) (9,792) (8,313) --------- ---------- ---------- Net current assets 10,102 7,969 9,468 --------- ---------- ---------- Total assets less current liabilities 12,221 9,686 11,487 Creditors: amounts falling due after more than one year (112) (1,221) - --------- ---------- ---------- Net assets 12,109 8,465 11,487 --------- ---------- ---------- Capital and reserves Called up share capital 255 252 255 Share premium account 529 - 529 Profit and loss account 11,325 8,213 10,703 --------- ---------- ---------- Equity shareholders' funds 12,109 8,465 11,487 --------- ---------- ---------- Cash flow statement Unaudited Unaudited Audited Six months Six months year ended ended ended 30 September 30 September 31 March 1999 1998 1999 £'000 £'000 £'000 Net cash inflows from operating activities 545 3,495 7,651 --------- ---------- ---------- Returns on investments and servicing of finance Interest received 188 149 365 Interest paid (2) (1) (1) --------- ---------- ---------- 186 148 364 --------- ---------- ---------- Taxation (189) (126) (2,211) --------- ---------- ---------- Capital expenditure and financial investment Purchase of tangible assets (600) (593) (1,354) Sale of tangible fixed assets 48 96 164 --------- ---------- ---------- (552) (497) (1,190) --------- ---------- ---------- Equity dividends paid (764) (1,007) (1,762) --------- ---------- ---------- Cash inflow before financing (774) 2,013 2,852 --------- ---------- ---------- Financing Proceeds from issue of ordinary share capital - - 532 --------- ---------- ---------- Increase in cash in the period (774) 2,013 3,384 ========= ========== ========== 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 1999 1999 1998 £'000 £'000 £'000 Operating profit 717 3,668 8,265 Depreciation of tangible fixed assets 465 350 752 Profit on sale of fixed assets (13) (15) (29) Movement in work in progress (7) (4) 2 Movement in debtors (224) (2,021) (1,381) Movement in creditors (393) 1,517 42 --------- ---------- ---------- Net cash inflow from operating activities 545 3,495 7,651 --------- ---------- ---------- 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 has been neither audited nor reviewed: it 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 1999, and has been approved by the Board of Directors on 12 January 2000. 2. There are no recognised gains or losses other than those recorded above. 3. Taxation has been provided at 30% (1998/99: 31%) 4. No interim dividend has been declared (1998/99: 3.00p). 5. The calculation of earnings per share is based on the profit on ordinary activities after taxation, namely £623,000 (1998/99: £2,595,000) and on 25,467,580 (1998/99: 25,176,900) 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 £623,000 (1998/99: £2,595,000) and on 25,630,230 (1998/99: 25,790,944) ordinary shares, which takes into account dilutive outstanding share options. 6. 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. Date: 13 January 2000 For further information please contact: Jonathan Shillington City Profile 0171 726 8588

Companies

Triad Group (TRD)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today