3rd Quarter & 9 Mths Results
Telecom Plus PLC
19 February 2001
Telecom plus plc
Quarterly Results
Highlights
* Pre-Tax Profits up 37%
* Gas and Electricity Trials on Schedule
* Continued Customer Growth
Chairman's Statement
I am pleased to report a further period of steady progress across all our
principal activities, with overall pre-tax profits rising by more than 37% to
£722,000 for the quarter. This brings our cumulative pre-tax profits for the
first nine months to over £1.6 million (1999:Loss £615,000).
We have continued to roll out our trials of gas and electricity to our
Distributors, and we are now supplying more than 600 of them with electricity
and
300 with gas. The systems to support these services are all performing
satisfactorily, and we are now starting to offer electricity to our existing
customer base.
Cash flow remains strong with our cash balance increasing by over £850,000
during the quarter to £8.4 million, notwithstanding payment of our first
interim dividend in December. During January we completed the purchase of
additional offices at a cost of around £650,000, ensuring that we have
sufficient space to support our anticipated growth over the next two years.
The last few weeks have seen a significant rise in the number of new customers
joining the company. We continue to focus on the profitable growth of the
business and I look forward to the future with increasing confidence.
Peter Nutting
Chairman
Profit & Loss Account
3 months 9 months 9 months
ended ended ended
31 December 31 December 31 December
2000 2000 1999
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
Turnover 7,005 20,778 13,363
Cost of sales (4,299) (13,671) (10,147)
Gross profit 2,706 7,107 3,216
Sales and marketing costs (612) (1,744) (1,449)
Administrative expenses (1,422) (3,784) (2,339)
Operating profit/(loss) 672 1,579 (572)
Interest receivable 116 255 122
Interest payable (66) (202) (165)
Profit/(loss) before taxation 722 1,632 (615)
Taxation (23) (51) -
Profit/(loss) after taxation 699 1,581 (615)
Dividends - (267) -
Retained profit/(loss) 699 1,314 (615)
Earnings/(loss) per ordinary share 1.3p 3.0p (1.3)p
Diluted earnings/(loss) per ordinary share 1.2p 2.8p (1.3)p
Balance Sheet
As at As at As at
31 December 31 March 31 December
2000 2000 1999
(unaudited) (audited) (unaudited)
£'000 £'000 £'000
FIXED ASSETS
Tangible assets 1,433 1,107 911
CURRENT ASSETS
Stocks 1,721 2,271 1,632
Debtors 2,400 1,909 1,478
Cash at bank and in hand 8,395 3,951 4,748
12,516 8,131 7,858
CREDITORS
Amounts falling due within one year (4,366) (4,479) (4,241)
NET CURRENT ASSETS 8,150 3,652 3,617
TOTAL ASSETS LESS CURRENT LIABILITIES
9,583 4,759 4,528
CREDITORS
Amounts falling due after more than one year (2,428) (2,521) (2,588)
7,155 2,238 1,940
CAPITAL AND RESERVES
Called up share capital 2,668 2,536 2,532
Share premium account 3,492 21 -
Profit and loss account 995 (319) (592)
Shareholders' funds 7,155 2,238 1,940
Cash Flow Statement
3 months 9 months 9 months
ended ended ended
31 31 31
December December December
2000 2000 1999
(unaudited) (unaudited)
(unaudited)
£'000 £'000 £'000
Cash inflow from operating activities 1,297 1,843 43
Return on investments and servicing of finance
Interest received 116 255 122
Interest paid (126) (261) (165)
Net cash flow from return on investments and
servicing of finance (10) (6) (43)
Capital expenditure and financial investment
Purchase of tangible fixed assets (114) (522) (317)
Sale of tangible fixed assets 8 8 -
Net cash flow from capital expenditure and
financial investment (106) (514) (317)
Dividends Paid (267) (267) -
Financing
Issue of ordinary shares - 4,073 2,385
Issue of loan stock - - 2,650
Expenses in connection with share issue - (562) (235)
Capital element of hire purchase repayments (55) (123) (86)
Net cash flow from financing (55) 3,388 4,714
Increase in cash in the period 859 4,444 4,397
Segmental Analysis
3 months 9 months 9 months
ended ended ended
31 December 31 December 31 December
2000 2000 1999
£'000 £'000 £'000
Virtual Network
Turnover 6,317 17,706 9,439
Operating costs (5,018) (14,216) (8,399)
Operating profit 1,299 3,490 1,040
Distribution
Turnover 688 3,072 3,924
Operating costs (1,315) (4,983) (5,536)
Operating loss (627) (1,911) (1,612)
Total
Turnover 7,005 20,778 13,363
Operating costs (6,333) (19,199) (13,935)
Operating profit/(loss) 672 1,579 (572)
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