Interim Results - Amendment

Triad Group PLC 15 December 2000 The issuer has made the following amendment to the Interim Results announcement released on 6 December 2000 at 07.00 under RNS No 3028V. In the centre column of the financial accounts regarding the Profit and Loss Account, Cash Flow Statement and Reconciliation of operating profit to net cash flow from operating activities, the following amendment has been made: Unaudited six months ended 30 September 1999 It previously read: Unaudited six months ended 30 September 2000 In the right hand column of the financial accounts regarding the Profit and Loss Account, Cash Flow Statement and Reconciliation of operating profit to net cash flow from operating activities, the following amendment has been made: Audited year ended 31 March 2000 It previously read: Audited year ended 31 March 1999 All other details remain unchanged. The full corrected version is shown below. ------------------------------------------------------------------- Triad Group Plc Interim Results for the half year to 30 September 2000 IMPROVING UTILISATION IN CONSULTANCY AND SYSTEMS BUSINESS RESULTS IN 40% PROFIT LEAP AT INTERIMS Triad Group Plc ('Triad'), the information systems and software consultancy Group, announced today its interim results for the half year to 30 September 2000. Main points: * Pre-tax profits up 40% to £1.27m (£0.9m) * Turnover increased to £25.00m (£24.25m) * Earnings per share up 38% to 3.38p (2.45p) * Improved utilisation rates in consultancy and systems business John Rigg, Chairman, commented: 'The 40% increase in profit compared with the equivalent period last year reflects the upturn I first reported in my trading statement of 17 August 2000. It results from improved utilisation rates in our consultancy and systems business. I am confident that this upturn will be maintained and will result in a strong outcome for the second half of the current financial year. 'We have continued our success in becoming established in substantial lines of business in, among others, the financial services, telecomms and travel markets. Further major new clients have recently been won. Triad is well on the way to re-establishing its usual strongly profitable and cash generative performance.' Date: 6 December 2000 For further information contact: John Rigg, Chairman Triad Group Plc 01483 860222 Mira Makar, Chief Executive Triad Group Plc 01483 860222 Jonathan Shillington City Profile 020 7726 8588 Chairman's statement The 40% increase in profit before tax for the six months ended 30 September 2000 compared with the equivalent period last year reflects the upturn I first reported in my trading statement of 17 August 2000. It results from improved utilisation rates in our consultancy and systems business. I am confident that this upturn will be maintained and will result in a strong outcome for the second half of the current financial year. We have continued our success in becoming established in substantial lines of business in, among others, the financial services, telecomms and travel markets. Further major new clients have recently been won. Triad is well on the way to re-establishing its usual strongly profitable and cash generative performance. Our staff turnover continues to be very low and I am delighted with the way that our management and technical staff are developing. Our rate of recruitment of new staff is increasing and we have enhanced the amount of resource dedicated to recruitment. Triad can now demonstrate outstanding expertise, and the ability to handle large projects through all stages of the development cycle, in leading edge technologies. These include Enterprise Java Beans, and leading products within the systems integration and middleware fields which are essential for the provision of e-business solutions for large and established organisations. Our resourcing and contracting business has held up well in the difficult period for the sector which has followed the millennium, and which has persisted longer than was generally expected. OnlineITcontractors.com, which will be renamed as 'generic-online' at the end of January 2001, has been integrated into the division's mainstream business and has already proved its worth by contributing several major new clients. There are now encouraging signs of longer term contracts and a more stable business environment. I would like to thank our staff who have shown dedication and loyalty through the recent industry vicissitudes. 6th December 2000 John Rigg Chairman Triad Group Plc Profit and loss account Unaudited Unaudited Audited Six months six months year ended ended ended 30 September 30 September 31 March 2000 1999 2000 £'000 £'000 £'000 ---------- ---------- ---------- Turnover 25,003 24,253 48,366 ---------- ---------- ---------- Operating profit 1,155 717 1,580 Net interest 110 186 325 ---------- ---------- ---------- Profit on ordinary activities before 1,265 903 1,905 taxation Taxation on profit on ordinary activities (403) (280) (604) ---------- ---------- ---------- Profit for period 862 623 1,301 Dividends (-) (-) (-) ---------- ---------- ---------- Retained profits for period 862 623 1,301 __________ __________ __________ Earnings per ordinary share 3.38p 2.45p 5.11p __________ __________ __________ Diluted earnings per ordinary share 3.36p 2.43p 5.06p __________ __________ __________ Dividend per share 0.00p 0.00p 0.00p __________ __________ __________ Balance sheet Unaudited Unaudited Audited 30 September 30 September 31 March 2000 1999 2000 £'000 £'000 £'000 ---------- ---------- ---------- Fixed assets Tangible assets 1,965 2,119 2,183 ---------- ---------- ---------- Current assets Work in progress 16 8 - Debtors 13,901 9,745 11,443 Cash at bank and in 3,579 7,505 4,725 hand ---------- ---------- ---------- 17,496 17,258 16,168 Creditors: amounts falling due within one year (5,699) (7,156) (5,559) ---------- ---------- ---------- Net current assets 11,797 10,102 10,609 ---------- ---------- ---------- Total assets less current liabilities 13,762 12,221 12,792 Creditors: amounts falling due after more than one year (113) (112) - ---------- ---------- ---------- Net assets 13,649 12,109 12,792 ---------- ---------- ---------- Capital and reserves Called up share 255 255 255 capital Share premium account 533 529 533 Profit and loss account 12,861 11,325 12,004 ---------- ---------- ---------- Equity shareholders' 13,649 12,109 12,792 funds ---------- ---------- ---------- Cash flow statement Unaudited Unaudited Audited Six months six months year ended ended ended 30 September 30 September 31 March 2000 1999 2000 £'000 £'000 £'000 ---------- ---------- ---------- Net cash (outflow)/inflows from operating activities (1,007) 545 667 ---------- ---------- ---------- Returns on investments and servicing of finance Interest received 121 188 330 Interest paid (11) (2) (5) ---------- ---------- ---------- 110 186 325 ---------- ---------- ---------- Taxation (39) (189) (2,850) ---------- ---------- ---------- Capital expenditure and financial investment Purchase of tangible assets (367) (600) (1,218) Sale of tangible fixed assets 71 48 131 ---------- ---------- ---------- (296) (552) (1,087) __________ __________ __________ Equity dividends paid (-) (764) (764) ---------- ---------- ---------- Cash (outflow)/inflow before financing (1,232) (774) (3,709) ---------- ---------- ---------- Financing Proceeds from issue of ordinary share capital - - 4 ---------- ---------- ---------- (Decrease)/increase in cash in the period (1,232) (774) (3,705) __________ __________ __________ 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 2000 1999 2000 £'000 £'000 £'000 ---------- ---------- ---------- Operating profit 1,155 717 1,580 Depreciation of tangible fixed assets 524 465 945 Profit on sale of fixed assets (10) (13) (22) Movement in work in progress (16) (7) 1 Movement in debtors (2,458) (224) (2,027) Movement in creditors (202) (393) 190 ---------- ---------- ---------- Net cash (outflow)/inflow (1,007) 545 667 from operating 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 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 2000, and has been approved by the Board of Directors on 5 December 2000. 2. There are no recognised gains or losses other than those recorded above. 3. Taxation has been provided at 30% (1999/2000: 30%) 4. No interim dividend has been declared (1999/2000: 0.00p). 5. The calculation of earnings per share is based on the profit on ordinary activities after taxation, namely £862,000 (1999/2000: £623,000) and on 25,469,765 (1999/2000: 25,467,580) 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 £862,000 (1999/2000: £623,000) and on 25,661,260 (1999/2000: 25,630,230) 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.

Companies

Triad Group (TRD)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today