Interim Results
September 19 2003 - 3:00AM
UK Regulatory
RNS Number:9419P
NWD Group PLC
19 September 2003
Embargoed until 07.00am
19 September 2003
NWD GROUP PLC ('NWD' or 'the company')
Interim results for the six months ended 30 June 2003
Interim statement
The company is pleased to announce that despite the disappointing termination of
its merger discussions with Hansard Group PLC in the first half and the
consequent delay to its development plans, the company is now back on course to
make its first significant acquisitions and anticipates being able to report
further on these in the near future.
The company is also at various stages of talks with a number of other companies,
which may or may not result in further acquisitions within the current year.
At 30 June 2003 NWD had cash of #359,419. In the interests of conserving the
company's resources until it makes the proposed initial acquisitions, the
company's directors continue to maintain overheads at the lowest possible level.
Although progress has been slower than anticipated, the company is confident
that this is an ideal time to create a new marketing services group for the
following reasons:
* vendor prices are still far more realistic than a few years ago;
* investor interest in the sector has been revived following upbeat
statements from various groups including WPP; and
* the opportunities that will arise from the next cycle of consolidation in
the sector.
For these reasons the company believes that it is well placed to achieve its
growth strategy and the board looks forward to the future with confidence.
Alan Page
Chief Executive
For further information please contact:
Alan Page 07778 131 051
Chief Executive, NWD Group plc
Adam Reynolds 0207 245 1100
Hansard Communications 07785 908 158
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2003
6 months to
30 June 2003
(unaudited)
#'000
Turnover -
Cost of sales -
---------
Gross profit -
Administrative expenses (217)
---------
Operating loss (217)
Interest receivable 3
Interest payable -
---------
Profit / (loss) on ordinary activities before taxation (214)
Taxation -
---------
Profit/ (loss) on ordinary activities after taxation (214)
Dividends -
---------
Retained profit / (loss) for the financial period (214)
---------
The profit and loss account has been prepared on the basis that all
operations are continuing operations.
There were no recognised gains or losses other than those passing
through the profit and loss account.
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2003
As at 30 June
2003
(unaudited)
#'000
Fixed assets
Tangible assets -
Investments -
-----------
-
-----------
Current assets
Debtors 33
Investments -
Cash at bank and in hand
359
-----------
392
Creditors: amounts falling due within one year (183)
-----------
Net current assets 209
-----------
Total assets less current liabilities 209
Provisions for liabilities and charges -
-----------
Total assets less liabilities 209
===========
Capital and reserves
Called up share capital 7,404
Share premium account 895
Profit and loss account (8,090)
-----------
Equity shareholders' funds 209
===========
NOTES TO INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2003
1. Basis of preparation
The results for the six months ended 30 June 2003 are unaudited and have not
been reviewed by the auditors. They have been prepared on accounting bases and
policies that are consistent with those used in the preparation of the financial
statements of the company for the period ended 31 December 2002.
The financial statements contained in this report do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
results for the period ended 31 December 2002 were reported on by the company's
auditors and received an unqualified audit report. Full accounts for the period
ended 31 December 2002 have been delivered to the Registrar of Companies.
2. Dividends
No dividend is proposed for the six months ended 30 June 2003.
3. Taxation
No taxation is expected to arise on the results of the six months ended 30 June
2003.
4. Comparatives
Due to the significant number of changes which have occurred within the company
during the last twelve months, the Directors feel that it would be inappropriate
to compare the results with previous periods.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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