Interim Results

10th Dec 2008 13:04



COBURG GROUP PLC (the "Company")

INTERIM STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2008

Sales recorded a solid performance, rising from £1,688,000 to £1,719,000 during the first six months. We have continued to experience margin pressures especially from the US dollar denominated price of raw coffee. Although we have been able to pass some of this increase on to customers there has been some delay in restoring the gross margin back to its previous level.

We have also taken the opportunity to reorganise the business by reducing staff costs in distribution and administration ahead of what we anticipate will be difficult conditions next year. The one off redundancy costs associated with these changes are recorded within administration costs.

Despite these pressures, our sales have risen 2% and our loss before tax has improved marginally from a £51k loss to a £49k loss, this being after some material one-off costs to effect the changes in our operations. Naturally there is concern about the economy in general but as our sales demonstrate, our customers and markets continue to be relatively resilient to some of the more extreme pressures facing other sectors of the economy.

The directors remain committed to bringing the business to a profitable basis as soon as possible.

Konrad Legg

Chairman

10th December 2008

  

COBURG GROUP PLC
INTERIM RESULTS 2008
Consolidated  Income Statement
								Restated
						Six months to 31 October 2008		Six months to 31 October 2007		Year to 30 April 2008
						(unaudited)		(unaudited)		(audited)
						£'000		£'000		£'000
	Revenue					1,719		1,688		3,586
	Cost of sales					1,130		1,042		2,289
	Gross profit					589		646		1,297
	Distribution costs					170		231		494
	Administration expenses					445		450		910
	Group operating profit					(26)		(35)		(107)
	Interest payable and
	similar charges					(23)		(16)		(21)
	Loss on sale of property, plant and equipment					-		-		(5)
	Loss before tax					(49)		(51)		(133)
	Loss attributable to
	Minority interests					-		4		-
	Profit attributable to
	equity shareholders					(49)		(47)		(133)
	Earnings per share
	(pence per share)
		-	Basic:			(0.21)		(0.20)		(0.56)
		-	Diluted:			(0.21)		(0.20)		(0.56)
Consolidated Balance Sheet
								Restated
						As at 31 October 2008		As at 31 October 2007		As at 30 April 2008
						(unaudited)		(unaudited)		(audited)
						£'000		£'000		£'000
	ASSETS
	Non current assets
	- Intangible					204		184		210
	- Tangible					412		514		465
						616		698		675
	Current assets
	- Trade and other receivables					470		443		413
	- Stock					247		253		255
	- Cash and cash equivalents									2
						717		696		670
	Total Assets					1,333		1,394		1,345
	EQUITY
	Capital and reserves
	attributable to shareholders
	of the company
	- Ordinary shares					1,190		1,190		1,190
	- Share premium					418		418		418
	- Other reserves					435		437		435
	- Minority interest					-		-		-
	- Retained earnings					(1,680)		(1,574)		(1,631)
						363		471		412
	LIABILITIES
	Current Liabilities
	- Financial liabilities					70		85		90
	- Trade and other payables					645		537		616
	- Current tax liabilities					36		39		24
						751		661		730
	Non-current liabilities
	- Financial liabilities					148		128		119
	- Other non current liabilities					71		134		84
						219		262		203
	Total Equity and Liabilities					1,333		1,394		1,345
Consolidated Cash Flow Statement
								Restated
						As at 31 October 2008		As at 31 October 2007		As at 30 April 2008
						(unaudited)		(unaudited)		(audited)
						£'000		£'000		£'000
	Cash flows from operating
	Activities					14		86		165
	Cash flows from investing
	Activities
	-Purchase of property plant
	and equipment					(5)		(62)		(48)
	- Purchase of intangibles					-		(8)		(9)
	Net cash used in investing
	Activities					(5)		(70)		(57)
	Cash flows from financing
	Activities
	- Interest paid					(23)		(16)		(21)
	- New borrowings					16		10		-
	- Repayment of loans					-		-		-
	- Repayments of finance leases					(32)		(3)		(33)
	Net cash used in financing
	activities					(39)		(9)		(54)
	Net decrease/increase in cash
	and cash equivalents					(30)		7		54
	Cash equivalents at beginning of
	the period					(38)		(92)		(92)
	Cash equivalents at the end of
	the period					(68)		(85)		(38)
Consolidated Statement of Changes In Equity
								Restated
						As at 31 October 2008		As at 31 October 2007		As at 30 April 2008
						(unaudited)		(unaudited)		(audited)
						£'000		£'000		£'000
	Opening balance					412		527		556
	- Profit for the period - Conversion adjustment to IFRS.					(49)		(62) 15		(133) -
	- Share based payments					-		-		(2)
	- Minority interest					-		(9)		(9)
	Closing balance					363		471		412
Notes to interim statements

1. Summary of significant accounting policies

Basis of preparation

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The group's statutory financial statements for the year ended 30 April 2008, prepared under International Financial Reporting Standards (IFRS) have been filed with the Registrar of Companies. The auditor's report on those statements was unqualified.

The interim financial information has been prepared in accordance International Financial Reporting Standards and on the same basis and using same accounting policies as used in the financial statements for the year ended 30 April 2008. The interim financial statements have not been audited. 

2. Earnings per share

The profit per share for the period to 31 October 2008 is calculated on the consolidated loss on ordinary activities after tax of £49,000 (2007: £47,000) divided by 23,790,914 (2007: 23,790,914) being the weighted average number of ordinary shares in issue during the period.

3. Restatement of comparatives

The information with regards to the 6 months to 31 October 2007 has been restated from those published in previous interim statements issued to reflect a change in the groups accounting policy applied to the amortisation of goodwill. The impact of this application is a decrease in the loss attributable to shareholders and an increase in group's reserves of £15,000. Full details of the change and its impact on previous financial statements can be found in the full audited statutory financial statements for the year ended 30 April 2008.

4. Reconciliation of operating loss to net cash flow from operating activities

								Restated
						As at 31 October 2008		As at 31 October 2007		As at 30 April 2008
						(unaudited)		(unaudited)		(audited)
						£'000		£'000		£'000
	Operating Loss					(26)		(35)		(107)
	Depreciation					49		60		124
	Amortisation of intangibles					6		9		9
	Decrease in inventories					8		8		6
	Increase in debtors					(58)		(32)		(2)
	Increase in creditors					35		76		137
	Share based payments					-		-		(2)
						14		86		165

5. Copies available

Copies of the interim report are available to the public, free of charge, from the Companies registered office at 3 Harrington Way, Warspite Road, Woolwich, London SE18 5NU and are also available on the Company's website www.coburg-group.com

ENDIR LBLFFVLBEFBD

---

Related Shares:

TSI.L