Interim Results
July 15 2005 - 4:30AM
UK Regulatory
RNS Number:9185O
CCH International plc
15 July 2005
CCH INTERNATIONAL PLC
UNAUDITED INTERIM RESULTS
FOR SIX MONTHS ENDED 30 APRIL 2005
The unaudited results for the six months to 30 April 2005 show profit for the
period of #45,799, a turnaround of #175,035 from the loss of #129,236 during the
same period last year.
On 10 May 2005 your Company successfully completed the acquisition of CCH Europe
GmbH, a company which specialises in financing trade receivables on a fully
secured credit insured basis. On the same date your Company changed its name to
CCH International Plc.
The business of CCH Europe complements that of CCH International and the recent
acquisition provides an excellent opportunity to substantially grow our business
through an expanded network using a unified approach and the additional
efficiencies this affords.
The audited results of CCH Europe for the year ended 31 December 2004 show a
profit of Euro329,912 and our subsidiary company intends to continue to increase
revenues and profitability in 2005 by increasing the volume of business in
short-term receivables discounting, especially in Turkey and GCC. It is also
looking to further expand its market by entering into relationships with banks
in Egypt, Pakistan and Romania whereby such banks would benefit from marketing
our receivables purchasing services to their clients.
Our activities are likely to substantially reinforce the turnaround in the
results of your Company and I look forward with confidence to the future.
Ian Salter
Chairman
15 July 2005
CCH INTERNATIONAL PLC
PROFIT AND LOSS ACCOUNT
FOR SIX MONTHS ENDED 30 APRIL 2005
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months
ended
30 April 30 April 31 October
2005 2004 2004
# # #
Turnover 349,529 537,679 992,193
Cost of sales (94,054) (454,949) (540,698)
Gross profit 255,475 82,730 451,495
Administrative expenses (209,718) (211,998) (412,698)
Operating profit/(loss) 45,757 (129,268) 38,797
Interest receivable and similar income 42 32 145
Interest payable and similar charges - - (1,826)
Profit/(loss) on ordinary activities before 45,799 (129,236) 37,116
taxation
Tax on profit/(loss) on ordinary activities - - -
Profit/(loss) on ordinary activities after 45,799 (129,236) 37,116
taxation
Earnings per share
Basic earnings per share 0.10p (0.29)p 0.08p
Turnover is derived wholly from continuing activities.
CCH INTERNATIONAL PLC
BALANCE SHEET
FOR SIX MONTHS ENDED 30 APRIL 2005
Unaudited Unaudited Audited
30 April 30 April 31 October
2005 2005 2004
# # #
FIXED ASSETS
Tangible assets 171,769 228,913
CURRENT ASSETS
Debtors 499,531 310,346
Cash at bank 75,503 119,320
575,034 429,666
CREDITORS: Amounts falling due within one year 127,559 85,134
NET CURRENT ASSETS 447,475 344,532
TOTAL ASSETS LESS CURRENT LIABILITIES 619,244 573,445
CAPITAL AND RESERVES
Called-up equity share capital 1,044,444 1,044,444
Share premium account 417,615 417,615
Profit and loss account (842,815) (888,614)
SHAREHOLDERS' FUNDS 619,244 573,445
CCH INTERNATIONAL PLC
CASH FLOW STATEMENT
FOR SIX MONTHS ENDED 30 APRIL 2005
Unaudited Audited
6 months 12 months
ended ended
30 April 31 October
2005 2004
# #
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (43,859) 90,259
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 42 145
Interest paid - (1,826)
NET CASH INFLOW/(OUTFLOW) FROM RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE 42 (1,681)
CASH (OUTFLOW)/INFLOW BEFORE MANAGEMENT (43,817) 88,578
OF LIQUID RESOURCES AND FINANCING
(DECREASE)/INCREASE IN CASH (43,817) 88,578
Notes:
1. The financial statements have been prepared in accordance with applicable UK accounting standards
and under the historical cost convention. The principal accounting policies of the Company are set
out in the Company's 2004 annual report.
2. The financial information set out above does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. Statutory accounts for the twelve months to 31 October 2004, on
which the report of the auditors was unqualified have been filed with the Registrar of Companies.
3. On 10 May 2005 the Company completed the acquisition of CCH Europe GmbH for a consideration
of #1,190,476 which was satisfied by the issue of 39,682,539 new ordinary 1p shares at 3p per share.
4. Basic earnings per share have been calculated on the basis of the number of shares in issue of
44,444,444, which has remained unchanged during the period.
5. The directors are not declaring a dividend for the period.
6. Copies of this report are being sent to all shareholders and can be viewed on the Company's web-site
"www.cch-international.com".
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZGGMNRKZGKZG
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