19th Oct 2007 17:28
Coburg Group PLC19 October 2007 COBURG GROUP PLC RESULTS FOR THE YEAR ENDED 30 APRIL 2007 CHAIRMAN'S STATEMENT Overview The Group has shown substantial improvement over the past year. The Board isencouraged by the reduction of the loss before taxation from £440,000 (asrestated) in 2005/6 to £143,000 this year. Group turnover increased from £3.183m last year to £3.288m in 2006/7 as thebenefit of the purchase of Aroma Coffee fed through. The Group's traditionalcustomer base of small independent coffee shops continues to suffer at theexpense of larger High Street Chains and our sales mix continues to reflectthis. We have seen strong interest in both of our brands and our own label productswhere our blending, roasting and operational expertise allows us to produceexcellent quality products at competitive prices. Consumer demand has increasedfor ethical products and the launch of our own "Return Fair" coffee during theyear together with our work with Fairtrade has led to an increase in sales ofethical products. During the year, Anne Higgins retired from the Board and I would like topublicly thank her once again for all the work she did for the Company over morethan eleven years. Current Trading The first half of the Group's financial year is generally the slower of the two,as much of the Group's sales are in the second half run up to Christmas. Duringthis first half our sales are growing and I would expect the first half loss tobe lower than last year's. Future Developments and Prospects The Board remains committed to returning the business to sustainableprofitability. We continue to look at making acquisitions that can be integrated into thebusiness but will only do so at price that adds value to the Group. Finally, I would like to thank all the staff in the Group who continue to makethis such an exciting business to be involved in. The benefits of their work areseen in these accounts and I am grateful for everything they do. Alistair Summers Chairman 19 October 2007 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 30 April 2007 2007 2006 as restated £000 £000Turnover Continuing operations 3,288 3,175 Acquisitions - 8 Total Turnover 3,288 3,183 Cost of sales (2,020) (1,811) Gross profit 1,268 1,372 Distribution and selling costs (482) (549) Administrative costs (899) (1,230) Operating loss Continuing operations (113) (410) Acquisitions - 3 Group operating loss (113) (407) Loss on sale of fixed assets in continuing (1) (13)operations Loss on ordinary activities before interest (114) (420) Interest payable (29) (20) Loss on ordinary activities before taxation (143) (440) Taxation - - Loss on ordinary activities after taxation (143) (440) Equity minority interests 1 - Loss retained for the financial year (142) (440) Loss per share in pence - basic and diluted (0.60) (2.08) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESfor the year ended 30 April 2007 2007 2006 as restated £000 £000 Loss for the financial year (142) (440)Increase in Share Option Reserve 3 6 Total Gains and Losses recognised since last financial (139) (434)statements CONSOLIDATED BALANCE SHEETAs at 30 April 2007 2007 2006 as restated £000 £000 £000 £000Fixed assetsTangible assets 512 508Intangible assets 190 211 702 719Current assetsStocks 261 233Debtors 411 600 672 833Creditors: amounts falling due within one year (617) (754) Net current assets 55 79 Total assets less current (liabilities)/assets 757 798 Creditors: amounts falling due after more than one year (230) (131) Minority InterestsEquity minority interests (9) (10) Net assets 518 657 Capital and reservesCalled up share capital 1,190 1,190Share premium account 418 418Other reserves 437 434Profit and loss account (1,527) (1,385) Equity shareholders' funds 518 657 CONSOLIDATED CASH FLOW STATEMENT For the year ended 30 April 2007 2007 2006 £'000 £'000 £'000 £'000Net cash inflow/(outflow)Operating activities 151 (438) Returns on investment andservicing of financeInterest paid (29) (20) (29) (20)Capital expenditure and financial investmentPurchase of tangible assets (118) (98)Purchase of intangibles (17) (65)Sale of tangible fixed assets - 32 (135) (131) Net cash outflow before financing (13) (589)FinancingProceeds of ordinary share issue - 432Net increase in borrowings 120 46 Net cash inflow from financing 120 478 Increase/(Decrease) in cash duringthe year 107 (111) Notes to the accounts 2. The results have been prepared on the basis of the accounting policies as stated in the previous year's financial statements.3. The financial information set out in the preliminary announcement does not constitute the Company's statutory accounts for the year ended 30th April 2007 or 30th April 2006, but this is derived from those accounts. Statutory accounts for the year ended 30th April 2006 have been delivered to the Registrar of Companies and those for the year ended 30th April 2007 will be delivered following the Company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under S237 (2) or (3) Companies Act 1985.4. Copies of the annual report and accounts will be posted to shareholders before 31 October 2006 and will be made available to the public on the Company's website, http://www.coburg-group.com/ and at Unit 3, Harrington Way, Warspite Road, Woolwich, London SE18 5NU. The Annual General Meeting of the Company is due to take place at 10.00 a.m. on 26th November 2006 at the same address, at which the following resolutions will be proposed: Ordinary Business 1. To receive the company's annual accounts and financial statements for theyear ended 30th April 2007 together with the last directors' report, the lastdirectors' remuneration report and the auditors' report on those accounts. 2. To re-appoint Alistair Summers as a director who retires by rotation. 3. To re-appoint FW Stephens as auditors of the company to hold office fromthe conclusion of the meeting to the conclusion of the next meeting at whichaccounts are laid before the company at a remuneration to be determined by thedirectors. Special Business To consider and if thought fit pass the following resolutions as OrdinaryResolutions: 4. To approve the directors' remuneration report for the financial yearended 30th April 2007. 5. THAT in substitution for all existing authorities to the extent unusedthe directors be and they are generally and unconditionally authorised inaccordance with Section 80 of the Companies Act 1985 ("the Act") to exercise allthe powers of the Company to allot relevant securities (within the meaning ofthat section): (a) up to an aggregate nominal amount of £250,000 for cash; and (b) up to an aggregate nominal amount of £600,000 where such securities form the whole or part of the consideration for the acquisition of any other company; provided this authority shall expire at the conclusion of the next AnnualGeneral Meeting of the Company after the passing of this resolution save thatthe directors may allot relevant securities pursuant to an offer or agreementmade by the Company on or before that date as if such authority had not expired. SPECIAL RESOLUTION To consider and if thought fit pass the following resolutions as a SpecialResolution: THAT in substitution for all existing authorities to the extent unused, andsubject to the passing of the previous resolution the directors be generallyempowered pursuant to Section 95 of the Act to allot equity securities (withinthe meaning of Section 94(2) of the Act) pursuant to the authority conferred bythe above resolution as if Section 89(1) of the Act did not apply to any suchallotment provided that this power shall be limited to the allotment of equitysecurities: (i) in connection with a rights issue or other pre-emptive share issue infavour of ordinary shareholders where the securities respectively attributableto the interest of all ordinary shareholders are proportionate (as nearly maybe) to the respective number of ordinary shares held by them but subject to suchexclusions or arrangements as the directors may deem necessary or expedient todeal with fractional entitlements arising or any legal or practical problemsunder the laws of any overseas territory or the requirements of any regulatorybody or exchange or otherwise; and (ii) otherwise than pursuant to sub-paragraph (a) above for cash up to anaggregate nominal value of £250,000; provided this authority shall expire at the conclusion of the next AnnualGeneral Meeting of the Company after the passing of this resolution save thatthe directors may allot relevant securities pursuant to an offer or agreementmade by the Company on or before that date as if such authority had not expired. For further enquiries please contact: Alistair Summers, Chairman Coburg Group plc 020 8317 0103Colin Aaronson Grant Thornton Corporate Finance 020 7383 5100 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TSI.L