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Toad PLC (TGP)

  Print      Mail a friend       Annual reports

Tuesday 24 July, 2001

Toad PLC

Interim Results-Part Two

Toad PLC
24 July 2001

  Notes to the interim statement                                              
  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 2000 statutory accounts has been filed with 
  the Registrar of Companies: the Auditors' opinion on those accounts was       
  The interim statement for the six months ended 30 June 2001 was approved by  
  the directors on 23 July 2001.                                                
  2. Reconciliation of movements in shareholders funds                          
                                  Unaudited       Unaudited                   
                                 six months      six months    53 Weeks ended 
                                      ended           ended       31 December 
                               30 June 2001    22 June 2000              2000 
                                      £'000           £'000             £'000 
  Net profit for the period              49           1,352             2,473 
  Shares issued                           -           1,508                26 
  Shares to be issued                 2,000         (1,461)                38 
  Net movement in                     2,049           1,399             2,537 
  shareholders' funds                                                         
  Opening shareholders'               4,639           2,102             2,102 
  Closing shareholders                6,688           3,501             4,639 
  3. Reconciliation of operating profit to net cash flow from operating       

                                  Unaudited       Unaudited                   
                                 six months      six months    53 Weeks ended 
                                      ended           ended       31 December 
                               30 June 2001    22 June 2000              2000 
                                      £'000           £'000             £'000 
  Operating profit                      528           1,703             3,274 
  Depreciation of tangible              170             153               315 
  fixed assets                                                                
  Amortisation of                        64              42                83 
  intangible fixed assets                                                     
  Decrease/(Increase) in               (38)           (834)           (3,147) 
  working capital balances                                                    
  Net cash inflow from                  724           1,064               525 
  operating activities                                                        
  4. Reconciliation of net cash flow to movement in net debt                    
                                  Unaudited       Unaudited                   
                                 six months      six months    53 Weeks ended 
                                      ended           ended       31 December 
                               30 June 2001    22 June 2000              2000 
                                      £'000           £'000             £'000 
  (Decrease)/increase in              1,128           (189)           (2,605) 
  cash in the period                                                          
  Cash outflow/(inflow)             (1,455)             867             2,140 
  from decrease/(increase)                                                    
  in net debt                                                                 
  Changes in net debt                 (327)             678             (465) 
  resulting from cash flows                                                   
  Loans and finance leases            (138)              -                 -  
  acquired with                                                               
  New finance leases                   (16)              -               (25) 
  Other                                  -               -               (51) 
  Movement in net debt in             (481)             678             (541) 
  the period                                                                  
  Net debt at start of              (8,126)         (7,585)           (7,585) 
  Net debt at end of period         (8,607)         (6,907)           (8,126) 
  The directors have not declared an interim dividend.                          
  Consolidated balance sheet                                                  
                                     Unaudited       Unaudited    31 December 
                                  30 June 2001    22 June 2000           2000 
                                         £'000           £'000          £'000 
  Fixed assets                                                                
  Intangible assets                      4,113           1,411          1,479 
  Tangible assets                        2,803           2,751          2,726 
                                         6,916           4,162          4,205 
  Current assets                                                              
  Stocks                                 4,678           3,409          4,229 
  Debtors                                7,977           6,421          7,356 
  Cash at bank and in hand               3,802           1,437          1,972 
                                        16,457          11,267         13,557 
  Creditors: amounts falling          (12,093)         (9,559)       (12,004) 
  due within one year                                                         
  Net current assets                     4,364           1,708          1,553 
  Total assets less current             11,280           5,870          5,758 
  Creditors: amounts falling           (4,641)         (2,397)        (1,162) 
  due after more than one year                                                
  Minority interests                        49              28             43 
  Net assets                             6,688           3,501          4,639 
  Capital and reserves                                                        
  Called-up share capital                7,499           7,484          7,499 
  Share premium account                 11,353          11,350         11,353 
  Share capital to be issued             3,189           1,190          1,189 
  Profit and loss account             (15,353)        (16,523)       (15,402) 
                                         6,688           3,501          4,639 
  Shareholders' funds                                                         
  Equity                                 5,909           2,722          3,860 
  Non-equity                               779             779            779 
                                         6,688           3,501          4,639 
  Consolidated cash flow statement                                              
                                  Unaudited       Unaudited                   
                                 six months      six months    53 Weeks ended 
                                      ended           ended       31 December 
                               30 June 2001    22 June 2000              2000 
                                      £'000           £'000             £'000 
  Net cash inflow from                  724           1,064               525 
  operating activities    
  Returns on investments                                                      
  and servicing of finance                                                    
  Interest payable and                (478)           (337)             (681) 
  similar charges                                                             
  UK Corporation tax                     -               14              (33) 
  Capital expenditure and                                                     
  financial investment                                                        
  Purchase of intangible                                                (110) 
  fixed assets                                                                
  Purchase of tangible                (124)           (119)             (254) 
  fixed assets                                                                
  Sale of tangible fixed                 19              48                63 
                                      (105)            (71)             (301) 
  Acquisitions and                                                            
  Purchase of subsidiary              (750)              -                (1) 
  Cash acquired                         282                                   
                                      (468)               0               (1) 
  Cash inflow/(outflow)               (327)             670             (491) 
  before financing                                                            
  Issue of shares (net of                -                8                26 
  Net movement in short             (1,973)           (800)               358 
  term borrowings                                                             
  Net movement in long term           3,490                           (2,408) 
  Repayment of principal               (62)            (67)              (90) 
  under finance leases                                                        
                                      1,455           (859)           (2,114) 
  Increase/(decrease) in              1,128           (189)           (2,605) 
  cash in period                                                              

  Consolidated profit and loss account                                          
              Unaudited 6 months ended 30 June 2001     Unaudited       53 Weeks
                                                       six months          ended

                                                         ended 22             31
                                                        June 2000       December
                           Actra           Unaudited                        2000

         Before Actra     before                 Six  
             goodwill   goodwill    Goodwill  months   
                  and          &         and   ended                          
              except-    except-     except- 30 June   
              tionals    tionals    tionals     2001                          
                £'000      £'000      £'000    £'000        £'000         £'000
  Ongoing      16,804          -          -   16,804       16,907        33,557
  Acquisitions    201          -          -      201            -             - 
               17,005          -          -   17,005       16,907        33,557
  Cost of                                                                     
  Ongoing    (10,032)          -          - (10,032)      (9,488)      (18,893)
  Acquisitions  (114)          -          -    (114)            -             - 
             (10,146)          -          - (10,146)      (9,488)      (18,893)
  Gross         6,859          -          -    6,859        7,419        14,664
  Other       (5,745)      (302)      (284)  (6,331)      (5,716)      (11,390)
  Ongoing       1,075      (302)      (272)      501        1,703         3,274
  Acquisitions     39                  (12)       27            -             - 

                1,114      (302)      (284)      528        1,703         3,274
  Profit           18          -          -       18            8             - 

  of fixed                                                                    
  Interest      (358)          -      (120)    (478)        (337)         (704)
  Profit          774      (302)      (404)       68        1,374         2,570
  Taxation       (25)                           (25)         (50)         (140)
  Profit          749      (302)      (404)       43        1,324         2,430
  Minority          6          -          -        6           28            43 
  of the                                                                      
  parent          755      (302)      (404)       49        1,352         2,473
  Earnings       1.05 p   (0.42) p   (0.56) p   0.07 p        2.0 p        3.58p
  share -                                                                     
  Earnings       1.00 p   (0.40) p   (0.54) p   0.06 p       1.77 p        3.26p
  share -                                                                     


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