Interim Results

30 Jan 2008 07:00

Coburg Group PLC30 January 2008 COBURG GROUP PLC INTERIM RESULTS 2007 Chairman's Statement The figures for the first six months to 31st October 2007 reflect a continuedimprovement in the Group's performance. Sales were encouraging with a period on period rise of 3.9% that together withcontinued tight control of overheads has meant that we have been able to reduceour period loss against last year from £120,000 to £62,000. We remain interested in making acquisitions that can add value to the Group andcontinue to talk to a number of potential partners. I would like to thank all the staff for their hard work in the business that hashelped us achieve these positive results. Alistair SummersChairman 30th January 2008 COBURG GROUP PLC INTERIM RESULTS 2007 Consolidated Income Statement Restated Six months to 31 Six months to Year to 30 October 2007 31 October 2006 April 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Revenue 1,688 1,625 3,288 Cost of sales 1,042 971 2,020 Gross profit 646 654 1,268 Distribution costs 231 246 482 Administration expenses 465 513 900 Operating Loss (50) (105) (114) Interest payable and similar charges (16) (15) (29) Loss before tax (66) (120) (143) Minority interest 4 - 1 Loss attributable to equity shareholders (62) (120) (142) Earnings per share (pence per share) - Basic: (0.26) (0.50) (0.60) - Diluted: (0.26) (0.50) (0.60) COBURG GROUP PLC INTERIM RESULTS 2007 Consolidated Balance Sheet Restated As at 31 October As at 31 As at 30 2007 October 2006 April 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 ASSETS Non current assets - Intangible 169 182 190 - Tangible 514 509 512 683 691 702 Current assets - Trade and other receivables 443 636 411 - Inventories 253 239 261 696 875 672 Total Assets 1379 1566 1374 EQUITY Capital and reserves attributable to equity holders of the company - Ordinary shares 1,190 1,190 1,190 - Share premium 418 418 418 - Other reserves 437 434 437 - Minority interest - 11 9 - Retained earnings (deficit) (1,589) (1,505) (1,527) 456 548 527 LIABILITIES Current liabilities - Financial liabilities 85 204 92 - Trade and other payables 537 633 508 - Current tax liabilities 39 37 17 661 874 617 Non-current liabilities - Financial liabilities 128 - 75 - Other non current liabilities 134 144 155 262 144 230 Total Equity and Liabilities 1379 1566 1374 COBURG GROUP PLC INTERIM RESULTS 2007 Consolidated Cash Flow Statement Restated As at 31 October As at 31 October As at 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Cash flows from operating activities 86 20 151 Cash flows from investing activities - Purchase of property plant and equipment (62) (40) (118) - Purchase of intangibles (8) - (17) Net cash used in investing Activities (70) (40) (135) Cash flows from financing activities - Interest paid (16) (15) (29) - New borrowings 10 43 100 - Repayment of loans - (12) - - Repayments of finance leases (3) (21) - Net cash used in financing activities (9) (5) 71 Net decrease/increase in cash and cash equivalents 7 (25) 87 Cash equivalents at beginning of the period (92) (179) (179) Cash equivalents at the end of the period (85) (204) (92) COBURG GROUP PLC INTERIM RESULTS 2007 Consolidated Statement of Changes In Equity Restated As at 31 October As at 31 October As at 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Opening balance (UK GAAP) 518 657 657 - Reclassification of minority interest 9 9 9 Opening balance (IFRS) 527 666 666 - Loss for the period (62) (120) (142) - Share based payments - - 3 - Minority interest (9) 2 - Closing balance 456 548 527 COBURG GROUP PLC INTERIM RESULTS 2007 Notes to interim statements 1. Summary of significant accounting policies Basis of preparation These statements have been prepared using the accounting policiesexpected to be applied in the April 2008 financial statements, which will beprepared in accordance with IFRS adopted by the European Union. The interimfinancial information contained in this statement does not constitute statutoryaccounts as defined under section 240 of the Companies Act 1985. Theconsolidated financial statements for Coburg Group Plc for the year ending 30April 2007 were audited and an unqualified audit opinion was issued thereon. The financial statements are covered by IFRS 1 'First Time Adoptionof IFRS' because they are part of the period covered by the Group's first IFRSfinancial statements for the year ended 30 April 2008. The Group consolidated financial statements were prepared inaccordance with UK GAAP (United Kingdom Generally Accepted Accounting Practices)until 30 April 2007 with the date of transition being 01 May 2007. Thecomparative figures in respect of the six months ended 31 October 2006 and theyear ended 30 April 2007 have been restated to reflect changes in accountingpolicies as a result of the adoption of IFRS. The changes are immaterial bothindividually and in total. The Group has applied the business combinations exemption in IFRS 1.It has not restated business combinations that took place prior to thetransition date. 2. Earnings per share The profit per share for the period to 31 October 2007 is calculatedon the consolidated loss on ordinary activities after tax of £62,000 (2006:£120,000) divided by 23,790,914 (2006: 23,790,914) being the weighted averagenumber of ordinary shares in issue during the period. 3. Reconciliation of operating loss to net cash flow from operating activities Restated As at 31 October As at 31 October As at 30 April 2007 2006 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating Loss (50) (105) (113) Depreciation 60 39 113 Loss on disposal of tangibles - - 1 Amortisation of 24 29 38 intangibles Decrease/(increase) in 8 (7) (28) inventories (Increase)/Decrease in debtors (32) (36) 189 Increase/(decrease) in creditors 76 100 (52) Share based payments - - 3 Net cashflow from operating 86 20 151 activities 4. Availability of accounts Copies of the interim report will be available on the Group'swebsite - www.coburg-group.com - and will also be available, free of charge,from the Company's registered office at 3 Harrington Way, Warspite Road,Woolwich, London SE18 5NU. This information is provided by RNS The company news service from the London Stock Exchange