Interim Results
September 03 2003 - 3:01AM
UK Regulatory
RNS Number:3101P
Tolent PLC
03 September 2003
TOLENT PLC
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2003
CHAIRMAN'S STATEMENT
RESULTS
I am again pleased to announce improved results.
Operating profit for the first half of 2003 was 11.4% up on the first half of
2002 at #1,209,000 compared with #1,085,000. Turnover was lower at #55.7 million
compared with #64.6 million but margins again improved. Earnings per share were
6.7 pence compared with 6.1 pence, an increase of 9.8%.
Major projects completed in the first half of 2003 included The Cube for Terrace
Hill in Newcastle, a power generating plant for ABB in London, a leisure club in
Dartford, a distribution and industrial development in Tameside, Manchester and
a major distribution depot in Doncaster.
DIVIDEND
I am delighted to announce a 12.5% increase in the interim dividend from 2 pence
to 2.25 pence per share payable on 30 September 2003 to shareholders on the
register on 12 September 2003.
LIQUIDITY AND CAPITAL RESOURCES
There was an inflow of cash of #425,000 in the first half of 2003 and we had
funds on hand at 30 June 2003 of #15.6 million as compared with #12.1 million at
30 June 2002 and #15.2 million at 31 December 2002. Shareholders' funds improved
from #3.3 million at 31 December 2002 to #3.6 million at 30 June 2003.
PROSPECTS
We anticipate a satisfactory second half based on the forward workload and
anticipated margins on work to be completed in the second half. Overall we look
for improved results in 2003 compared with 2002 and expect to pay a final
dividend for the year.
Stuart N. Gordon
3 September 2003
Consolidated profit and loss account
(Unaudited)
Six months ended 30 Six months ended 30 Twelve months ended
June 2003 June 2002 31 December 2002
#000 #000 #000
Turnover 55,717 64,559 125,828
Raw materials and consumables (3,595) (4,611) (9,231)
Other external charges (41,990) (50,418) (96,588)
Staff costs (7,299) (6,929) (14,687)
Depreciation (54) (69) (131)
Other operating charges (1,570) (1,447) (2,704)
Operating profit 1,209 1,085 2,487
Net interest 39 36 91
Profit on ordinary activities before taxation 1,248 1,121 2,578
Taxation on profit on ordinary activities (384) (344) (836)
Profit on ordinary activities after taxation 864 777 1,742
Dividends (610) (256) (256)
Retained profit for the period 254 521 1,486
Earnings per share 6.7p 6.1p 13.6p
Dividends in respect of period per share 2.25p 2.0p 4.5p
Consolidated balance sheet
(Unaudited)
As at As at As at
30 June 2003 30 June 2002 31 December 2002
#000 #000 #000
Fixed assets
Tangible assets 5,784 4,855 5,819
Investments 118 0 0
5,902 4,855 5,819
Current assets
Stock 83 46 82
Amounts recoverable on contracts 10,565 13,211 9,690
Debtors 13,489 13,689 13,165
Cash at bank and in hand 15,603 12,081 15,178
39,740 39,027 38,115
Creditors: amounts falling due within one year (38,797) (38,116) (37,297)
Net current assets 943 911 818
Total assets less current liabilities 6,845 5,766 6,637
Creditors: amounts falling due after more than
one year (2,703) (2,861) (2,759)
Provisions for liabilities and charges (560) (542) (550)
3,582 2,363 3,328
Capital and reserves
Called up share capital 1,296 1,296 1,296
Property revaluation reserve 902 902 902
Profit and loss account 1,384 165 1,130
Shareholders' funds 3,582 2,363 3,328
Summary consolidated cashflow statement
(Unaudited)
Six months to 30 Six months to 30 Twelve months to 31
June 2003 June 2002 December 2002
#000 #000 #000
Operating profit 1,209 1,085 2,487
Depreciation on tangible fixed assets 54 69 133
Movement in working capital (2) (7,962) (4,608)
Net cashflow from operating activities 1,261 (6,808) (1,988)
Net cashflow from returns on investments and 39 36 91
servicing of finance
Taxation (361) (644) (1,077)
Net cashflow from capital expenditure and
financial investment (137) (41) (1,069)
Equity dividends paid (321) 0 (256)
Net cashflow before financing 481 (7,457) (4,299)
Net cashflow from financing (56) (51) (112)
Increase/(decrease) in cash 425 (7,508) (4,411)
Notes
Reconciliation of net cashflow to movement in net
funds
Increase/(decrease) in cash in the period 425 (7,508) (4,411)
Net cashflow on bank loans 56 51 112
Change in net funds resulting from cashflows 481 (7,457) (4,299)
Net funds at start of period 12,299 16,598 16,598
Net funds at end of period 12,780 9,141 12,299
Analysis of net funds/(debt)
Cash at bank and in hand 15,603 12,081 15,178
Short term debt (120) (79) (120)
Bank loans (2,703) (2,861) (2,759)
Net funds 12,780 9,141 12,299
Notes:
1. The financial information for the six months ended 30 June
2003 and the comparative figures for the six months ended 30 June 2002 are
unaudited and have been prepared on the basis of the accounting policies set out
in the statutory accounts for the year ended 31 December 2002 and have been
approved by the Board. This financial information does not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985. The financial
statements for the year ended 31 December 2002 received an unqualified audit
report have been delivered to the Registrar of Companies.
2. Earnings per ordinary share have been calculated on the
basis of profit for the period after tax, divided by the weighted average of
ordinary shares in issue in the period of 12,832,626. The comparatives are
calculated by reference to the weighted average of shares in issue which was
12,832,626 for both the period to 30 June 2002 and for the year ended 31
December 2002.
3. This statement is being sent to the shareholders of the Company
and will be available at the Company's Registered Office at 25 Moorgate Road,
Rotherham, South Yorkshire, S60 2AD.
This information is provided by RNS
The company news service from the London Stock Exchange
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