21st Dec 2005 12:06
Coburg Group PLC21 December 2005 COBURG GROUP PLC ------------------------------------------- INTERIM RESULTS 2005 ------------------------------------------- FOR THE SIX MONTHS ENDED 31 OCTOBER 2005 COBURG GROUP PLC --------------------------------------------- CHAIRMAN'S STATEMENT --------------------------------------------- In the interim figures for the six months to 31st October 2005, Coburg saw itssales rise over 7% to £1.534m from £1.430m in the same period in 2004. This wasachieved in a challenging market with low demand particularly in early autumn. As I predicted in the Chairman's statement with the Report and Accounts in July,the management implemented in September 2005 a rationalisation programme thathas reduced the Company's staff numbers by 29%. We were able to achieve this cost reduction through productivity improvementsfrom investment in technology in both our administration and factory over thelast eighteen months. This programme resulted in one-off redundancy and writedown associated costs of £102,000. Therefore although the operating loss for the six months was £245,000, theunderlying loss from continuing operations fell to £143,000 from £233,000 in thecorresponding period last year. The Company's recovery plans are on track with improving sales and continuingcost savings coming from product rationalisation and a focus on its core brands.The management of the Company continue to be committed to returning the Companyto profitability through organic growth and acquisition. In September, the Company concluded the placing of 7,200,000 shares raising£432,000 for the business. I would like to thank all the staff for their continued hard work during thesesix months. We have now completed the option scheme I talked about in my Julyreport and I look forward to them sharing in the future success of the Company. Alistair SummersChairman 21 December 2005 COBURG GROUP PLC ------------------------------------------- CONSOLIDATED PROFIT AND LOSS ACCOUNT ------------------------------------------- Six months Six months Year to 31 October to 31 October to 30 April 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover 1,534 1,430 2,874 -------- -------- ------ Operating (loss) / profit (245) (233) (380) Realised & unrealised gains & losseson fixed assets & fixed assetinvestments - - 1 Net Interest (21) (5) (17) -------- -------- ------(Loss) / Profit Before Taxation (266) (238) (396) Taxation - - -Minority Interests (0) (1) (1) Retained (Loss) / Profit for the financial period -------- -------- ------ (266) (239) (397) -------- -------- ------(Loss) / Profit per OrdinaryShare (pence) (1.45) (1.44) (2.39) -------- -------- ------ Notes 1 The results for the 6 month period ended 31 October2005 and 31 October 2004 are unaudited and have been prepared in accordance withthe accounting policies disclosed in the Group's 2005 Annual Report andAccounts. The consolidated financial information for the 12 months ended 30thApril 2005 is derived from the full audited consolidated accounts (within themeaning of Section 240, Companies Act 1985), which received an unqualified auditreport and have been filed with the Registrar of Companies. 2 The profit per share for the period ended 31st October2005 is calculated on the consolidated loss on ordinary activities after tax of£266,000, divided by 18,327,041 this being the weighted average number ofordinary shares in issue during the period. 3 No interim dividend is proposed 4 Further copies of the interim report will be availableto the public at the registered office of Coburg Group plc, 3 Harrington Way,Warspite Road, Woolwich London SE18 5NU. COBURG GROUP PLC -------------------------------------------- GROUP BALANCE SHEET -------------------------------------------- Consolidated Balance Sheet As at As at As at 31 October 31 October 30 April 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed AssetsTangible 501 649 593Intangible 290 332 317Investments 0 0 0 -------- -------- ------- 791 981 910 -------- -------- -------Current AssetsStock 225 190 193Debtors 544 469 551Cash at Bank and in Hand 77 32 26 -------- -------- ------- 846 691 770 Creditors falling due within one year (716) (722) (924) -------- -------- -------Net Current Assets 130 (31) (154) -------- -------- ------- Total Assets less Current Liabilities 921 950 756 Creditors falling due after more than (87) (123) (87)one year -------- -------- ------- 834 827 669 Minority Interests (11) (10) (10) -------- -------- -------Net Assets 823 817 659 -------- -------- -------Capital and Reserves Share Capital 1190 830 830Reserves (367) (13) (171) -------- -------- -------Equity shareholders' funds 823 817 659 -------- -------- ------- COBURG GROUP PLC -------------------------------------------- GROUP CASH FLOW STATEMENT -------------------------------------------- Consolidated Cash Flow Statement Six months Six months Year to 31 October to 31 October to 30 April 2005 2004 2005 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net Cash (outflow)/inflow fromoperating activities (275) (50) (98)Net Cashflow from one-offrestructuring (62) - - Returns on investments andservicing of financeInterest paid (21) (5) (17) Capital expenditure and financialinvestmentPurchase of fixed assets (25) (109) (142)New finance leases - 29 -Sale of fixed assets 6 25Purchase of fixed asset investments - - - --------- -------- --------Net cash (outflow)/inflow beforefinancing (377) (135) (232) --------- -------- -------- FinancingProceeds of ordinary share issue 432 -New borrowings 22 -Repayment of borrowings - (7) (14)Repayments of finance leases (26) (4) - --------- -------- --------Net cash inflow/(outflow) fromfinancing 428 (11) (246) --------- -------- -------- Increase/(Decrease) in cash during the period --------- -------- -------- 51 (146) (246) ========= ======== ======== This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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