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Toad PLC (TGP)

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Tuesday 10 September, 2002

Toad PLC

Interim Results

Toad PLC
10 September 2002



TOAD PLC - INTERIM RESULTS 
 
CHAIRMAN'S STATEMENT 
 
I am pleased to present our unaudited interim figures for the six months to 30 June 2002 and a welcome return to
profitability for the group.  
 
Financials 
 
Turnover increased to £17.4m (2001: £17.0m) and the profit before tax increased to £0.2m (2001: £0.1m). The
turnaround from the operating loss after exceptionals and amortisation of goodwill of £0.8m in the second half of
2001 to an operating profit of £0.5m in the first six months of 2002 has been particularly encouraging. 
 
In 2001 the group incurred a number of one-off exceptional costs including the relocation of our vehicle security
division. The resultant overhead savings and other cost reductions have flowed through into the 2002 results to date.
We have also benefited from the contribution from Datatool which was acquired in June last year. 
 
Services 
 
Our services division, which provides a mobile audio, security and multi-media installation service to the UK's
leading insurance, fleet and multiple retail companies, continues to be market leader in this sector turning over
£7.2m (2001: £7.1m). The audio re-instatement and claims management service that we provide, on behalf of the UK's
major insurance groups, has always been the back-bone of this division and we are concentrating resources in this
area on extending the range of products that can be handled by this efficient and well established call centre.  
 
Distribution 
 
Our distribution division, which consists of the audio, security and multi-media distribution businesses - Toad Audio
Express, Toad VTD, Toad M3, Datatool and ITI (in which we have a 51% stake) had a stable period with turnover of
£9.9m (2001: £9.8m). Reduced sales in the motor vehicle security sector in 2002 were compensated by the full six
months contribution from Datatool. Since our acquisition of this business, Datatool has added several accessory
products to its range and the company contributed £367,000 to group operating profit in the period (2001: £39,000).
It is currently evaluating opportunities in Europe and America prior to a potential launch overseas in 2003. 
 
Telematics 
 
Actra Fleet, our web-based fleet management system, provides fleet managers with the ability to remotely locate and
track vehicles, improve vehicle/driver efficiency and so reduce running costs. We have 1,000 units on-line and have
made steady progress in establishing this business in the market since its launch last year.  
 
Cash and debt 
 
Cash inflow from operations was £1.2m (2001: £0.7m). Net debt at the 30 June has been reduced to 7.9m (2001: £8.6m)
leaving headroom of £1.6m on the bank overdraft facility. 
 
Current trading 
 
Current trading is in line with expectations and although the market remains highly competitive, we are continuing to
maintain our position in what have been difficult times. The focus of the business expansion is to build on our
successful claims management and installation business, with its excellent call centre and installation network and
to accelerate the encouraging telematics sales from the platform we have established in the first six months of the
year. 
 
Peter Ward 
Chairman 
 
 


Consolidated profit and loss account 

                                                                                                               
                                                              Unaudited 6 months ended      Unaudited six  Year end 31
                                                                   30 June 2002              months ended     December
                                                                                             30 June 2001         2001
                                                                                                                    
                                                       Before        Goodwill           After                         
                                                 goodwill and             and    goodwill and                         
                                                 exceptionals    exceptionals    exceptionals                         
                                                                                                                      
                                                        £'000           £'000           £'000       £'000       £'000 
                                                                                                                      
                                                                                                                      
  Turnover                                             17,424              -           17,424      17,005      34,311 
                                                                                                                      
  Cost of sales                                      (10,401)              -         (10,401)    (10,146)    (20,564) 
                                                                                                                      
  Gross profit                                          7,023              -            7,023       6,859      13,747 
                                                                                                                      
  Other operating expenses                            (6,296)           (189)         (6,485)     (6,331)    (13,994) 
                                                                                                                      
  Operating profit/(loss)                                 727           (189)             538         528       (247) 
                                                                                                                      
  Profit on disposal of fixed assets                       -               48              48          18          -  
  Interest payable and similar charges                  (365)              -            (365)       (478)       (821) 
                                                                                                                      
  Profit on ordinary activities before                    362           (141)             221          68     (1,068) 
  taxation                                                                                                            

  Taxation                                                 -               -               -         (25)          -  

  Profit on ordinary activities after                     362           (141)             221          43     (1,068) 
  taxation                                                                                                            
                                                                                                                      
  Minority interests                                      (5)              -              (5)           6          35 
                                                                                                                      
  Profit attributable to members of                                                                                   
  the parent company                                      357           (141)             216          49     (1,033) 
                                                                                                                      
                                                                                                                      
  Earnings per share - basic                            0.48p         (0.19)p           0.29p       0.11p     (1.43)p 
  Earnings per share - diluted                          0.48p         (0.19)p           0.29p       0.10p     (1.43)p 
                                                                                                                      
 
 


Consolidated balance sheet 
                                                                                                                
                                                                       Unaudited       Unaudited    31 December 
                                                                    30 June 2002    30 June 2001           2001 
                                                                           £'000           £'000          £'000 
        Fixed assets                                                                                            
        Intangible assets                                                  1,908           4,113          1,992 
        Tangible assets                                                    2,726           2,803          3,017 
                                                                           4,634           6,916          5,009 
                                                                                                                
        Current assets                                                                                          
        Stocks                                                             5,160           4,678          4,931 
        Debtors                                                            6,044           7,977          6,655 
        Cash at bank and in hand                                             644           3,802          1,326 
                                                                          11,848          16,457         12,912 
                                                                                                                
        Creditors: amounts falling due within one year                   (9,367)        (12,093)       (10,567) 
                                                                                                                
        Net current assets                                                 2,481           4,364          2,345 
                                                                                                                
        Total assets less current liabilities                              7,115          11,280          7,354 
                                                                                                                
        Creditors: amounts falling due after more than one year          (3,337)         (4,641)        (3,797) 
        Minority interests                                                    73              49             78 
                                                                                                                
        Net assets                                                         3,851           6,688          3,635 
                                                                                                                
                                                                                                                
        Capital and reserves                                                                                    
        Called-up share capital                                            7,689           7,499          7,689 
        Share premium account                                             11,638          11,353         11,638 
        Share capital to be issued                                           515           3,189            515 
        Profit and loss account                                         (15,991)        (15,353)       (16,207) 
                                                                           3,851           6,688          3,635 
        Shareholders' funds                                                                                     
        Equity                                                             3,072           5,909          2,856 
        Non-equity                                                           779             779            779 
                                                                           3,851           6,688          3,635 
 
 


Consolidated cash flow statement 
                                                                                                           
                                                                   Unaudited       Unaudited                
                                                                  six months      six months     Year ended 
                                                                       ended           ended    31 December 
                                                                30 June 2002    30 June 2001           2001 
                                                                       £'000           £'000          £'000 
                                                                                                            
            Net cash inflow from operating activities                  1,168             724          2,007 
                                                                                                            
            Returns on investments and servicing of finance                                                 
            Interest payable and similar charges                       (365)           (478)          (862) 
                                                                                                            
            Taxation                                                                                        
            UK Corporation tax paid                                       -               -           (358) 
                                                                                                            
            Capital expenditure and financial investment                                                    
            Purchase of intangible fixed assets                           -               -           (209) 
            Purchase of tangible fixed assets                           (53)           (124)          (598) 
            Sale of tangible fixed assets                                150              19             15 
                                                                          97           (105)          (792) 
            Acquisitions and disposals                                                                      
            Purchase of subsidiary undertakings                        (250)           (750)          (795) 
            Cash acquired                                                 -              282            283 
                                                                       (250)           (468)          (512) 
                                                                                                            
                                                                                                            
            Cash inflow/(outflow) before financing                       650           (327)          (517) 
                                                                                                            
                                                                                                            
            Financing                                                                                       
            Issue of shares (net of expenses)                             -               -             178 
            Net movement in short term borrowings                         -          (1,973)        (1,476) 
            Net movement in long term borrowings                       (458)           3,490          2,785 
            Repayment of principal under finance leases                 (39)            (62)          (103) 
                                                                       (497)           1,455          1,384 
                                                                                                            
            Increase in cash in period                                   153           1,128            867 
 
 
 
 
 

                                                                                                                      
  1. Basis of preparation The interim statement has been prepared on the basis of the accounting policies set out in  
  the group's statutory accounts. The financial information on the group does not constitute statutory accounts and   
  is not audited. A copy of the group's 2001 statutory accounts has been filed with the Registrar of Companies: the   
  Auditors' opinion on those accounts was unqualified. The interim statement for the six months ended 30 June 2002    
  was approved by the directors on 10 September 2002.                                                                 
                                                                                                                      
                                                                                                                      
                                                                                                                        
  2. Reconciliation of movements in shareholders funds                                                                
                                                                                                                      
                                                                             Unaudited       Unaudited                
                                                                            six months      six months     Year ended 
                                                                                 ended           ended    31 December 
                                                                          30 June 2002    30 June 2001           2001 
                                                                                 £'000           £'000          £'000 
                                                                                                                      
  Net profit/(loss) for the period                                                 216              49        (1,033) 
  Shares issued                                                                      -               -            178 
  Shares to be issued                                                                -           2,000          (149) 
  Net movement in shareholders' funds                                              216           2,049        (1,004) 
  Opening shareholders' funds                                                    3,635           4,639          4,639 
  Closing shareholders funds                                                     3,851           6,688          3,635 
                                                                                                                      
                                                                                                                      
                                                                                                                      
  3. Reconciliation of operating profit to net cash flow from operating activities                                    
                                                                                                                      
                                                                             Unaudited       Unaudited                
                                                                            six months      six months     Year ended 
                                                                                 ended           ended    31 December 
                                                                          30 June 2002    30 June 2001           2001 
                                                                                 £'000           £'000          £'000 
                                                                                                                      
  Operating profit/(loss)                                                          538             528          (247) 
  Depreciation of tangible fixed assets                                            242             170            415 
  Amortisation of intangible fixed assets                                           84              64            412 
  Decrease/(Increase) in working capital balances                                  304            (38)          1,427 
  Net cash inflow from operating activities                                      1,168             724          2,007 
                                                                                                                      
 
 

                                                                                                                     
  4. Reconciliation of net cash flow to movement in net debt                                                         
                                                                                                                     
                                                                    Unaudited    Unaudited six months     Year ended 
                                                                   six months                                        
                                                                        ended                   ended    31 December 
                                                                 30 June 2002            30 June 2001           2001 
                                                                        £'000                   £'000          £'000 
                                                                                                                     
  Increase in cash in the period                                          153                   1,128            867 
  Cash outflow/(inflow) from decrease/(increase) in net debt              497                 (1,455)        (1,344) 
  Changes in net debt resulting from cash flows                           650                   (327)          (477) 
  Loans and finance leases acquired with subsidiaries                      -                    (138)             -  
  New finance leases                                                       -                     (16)           (16) 
  Other                                                                    -                       -             103 
  Movement in net debt in the period                                      650                   (481)          (390) 
  Net debt at start of period                                         (8,516)                 (8,126)        (8,126) 
  Net debt at end of period                                           (7,866)                 (8,607)        (8,516) 
 
 
10 September 2002 
 
ENDS 



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