Final Results
December 09 2003 - 3:28AM
UK Regulatory
RNS Number:0207T
Contemporary Enterprises PLC
09 December 2003
CONTEMPORARY ENTERPRISES PLC
Preliminary Results for the 17 month period ended 30 September 2003
Contemporary Enterprises plc acquired Ausped Limited an established software
development company, in December 2002.
Ausped provides innovative solutions to meet the increasing requirements for
real-time, accurate, qualitative management information. Ausped specialises in
developing Hand Held Computer applications to capture data for the purpose of
compliance monitoring & auditing and is at the forefront of the use of Radio
Frequency (RFID) technology.
* Progress in broadening the largely blue-chip customer base and close to
generating profitability in keeping with our anticipated increase in turnover
* Added well researched systems to proven, existing ones
* Energetically seeking to acquire companies that will broaden the range of
services and systems offered.
Commenting on prospects, Henry Edwards, Chairman, said:
"The outlook remains positive and the company now has the largest and best ever
portfolio of systems at its disposal. Coupled with the total commitment and
professionalism of our staff, we face the future with confidence and the firm
conviction for a successful outcome."
8 December 2003
Enquiries:
Contemporary Enterprises plc Tel: 0870 011 2440
Tony Edwards, Finance Director
College Hill Tel: 020 7457 2020
Richard Pearson Email:
Richard.pearson@collegehill.com
Contemporary Enterprises plc
Chairman's Statement
The company's strategy and operations progressed according to plan following the
acquisition of Ausped Limited in December 2002.
We are closer to achieving our aim to become the market leader in our sector in
the UK and to generate profitability in keeping with our anticipated increase in
turnover. As foreshadowed in the interim statement the reorganisation entailing
increasing the staff establishment and promotional expenditure has had a
temporary adverse impact on profitability.
We have made useful progress in broadening the customer base consisting largely
of blue chip companies and adding well researched systems to our proven existing
ones. We expect to make a significant advance in the current year but are
somewhat hampered by the hesitation of companies to award new contracts in spite
of the improving economic climate. However there are indications that normality
is returning in this respect. We have also energetically pursued our aim to
acquire companies that will broaden the range of services and systems that we
can offer and are very hopeful that our interests can be enlarged in the current
financial year.
The outlook remains positive and the company now has the largest and best ever
portfolio of systems at its disposal. Coupled with the total commitment and
professionalism of our staff we face the future with confidence and the firm
conviction for a successful outcome.
Henry Edwards
Chairman
Date: 8 December 2003
Contemporary Enterprises plc and Subsidiary Undertaking
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the 17 month period ended 30 September 2003
17 months to 18 months to
30 September 2003 30 April 2003
Continuing Acquisitions Total
Operations
2003 2003 2003 2002
# # # #
TURNOVER - 286,311 286,311 -
Cost of Sales - 52,718 52,718 -
_______ _______ _______ _________
GROSS PROFIT - 233,593 233,593 -
Administrative expenses (100,811) (366,331) (467,142) (144,170)
Operating loss before exceptional
items and goodwill amortisation (100,811) (14,799) (115,610) (144,170)
Exceptional items - restructuring costs - (61,426) (61,426) -
Goodwill amortisation - (56,513) (56,513) -
OPERATING LOSS (100,811) (132,738) (233,549) (144,170)
Interest receivable and similar
income 25,993 44,129
_______ _________
LOSS ON ORDINARY
ACTIVITIES BEFORE
TAXATION (207,556) (100,041)
Taxation - -
_______ _________
LOSS FOR THE PERIOD (207,556) (100,041)
_______ _________
Basic and diluted loss per share (6.8p) (6.2p)
_______ _________
Basic and diluted loss per share
before exceptional items and
amortisation of goodwill (2.9p) (6.2p)
________ _________
All recognised gains and losses are included in the profit and loss account.
Contemporary Enterprises plc and Subsidiary Undertaking
CONSOLIDATED BALANCE SHEET
30-Sep 30-Apr
2003 2002
# #
FIXED ASSETS
Intangible assets 1,452,243 -
Tangible assets 25,009 -
_________ _________
1,477,252 -
_________ _________
CURRENT ASSETS
Stocks 2,456 -
Debtors 110,723 13,367
Cash at bank and in hand 153,374 913,033
________ _________
266,553 926,400
CREDITORS: Amounts falling due within one year 97,767 14,491
________ _________
NET CURRENT ASSETS 168,786 911,909
________ _________
NET ASSETS 1,646,038 911,909
_________ _________
CAPITAL AND RESERVES
Called up share capital 1,900,000 1,100,000
Merger reserve 141,685 -
Profit and loss account (395,647) (188,091)
_________ _________
SHAREHOLDERS' FUNDS - EQUITY 1,646,038 911,909
_________ _________
Contemporary Enterprises plc and Subsidiary Undertaking
CONSOLIDATED CASH FLOW STATEMENT
for the 17 month period ended 30 September 2003
17 months 18 months
to to
30-Sep 30-Apr
2003 2002
# #
Cash outflow from operating activities (194,417) (138,938)
Returns on investments and servicing of finance 25,993 40,021
Taxation - -
Capital expenditure and financial investment (27,495) -
Acquisitions (406,329)
_________ _________
CASH OUTFLOW BEFORE FINANCING (602,248) (98,917)
Cash (outflow)/inflow from financing (157,411) 1,011,950
_________ _________
NET (DECREASE)/INCREASE IN CASH IN THE YEAR (759,659) 913,033
_________ _________
Notes
1. The financial information contained in this announcement does not constitute
statutory accounts within the meaning of section 240 (5) of the Companies Act
1985 for either of the years ended 30 September 2002 or 2003. The comparative
financial information for the year ended 30 September 2002 has been extracted
from the statutory accounts for that year. The Annual Report and Accounts for
the year ended 30 September 2002 has been filed with the Registrar of Companies.
The auditors' report on those accounts was unqualified and did not contain any
statement under section 237 (2) or (3). The financial information for the year
ended 30 September 2003 has been extracted from the accounts for that year which
will contain an unqualified audit report but which has yet to be delivered to
the Registrar of Companies.
2. Loss per Ordinary share has been calculated using the weighted average number
of shares in issue during the relevant financial period. The weighted average
number of equity shares in issue was 3,067,954 (2002: 1,602,403) and the loss
was #207,556 (2002: #100,041).
The diluted earnings per share in 2003 and 2002 are calculated on the basis of
basic earnings per share because the share warrants are not dilutive.
The loss per ordinary share before exceptional items and amortisation of
goodwill has been calculated using the weighted average number of shares in
issue during the relevant financial period. The weighted average number of
equity shares in issue was 3,067,954 (2002: 1,602,463) and the loss before
exceptional items and amortisation of goodwill was #89,617 (2002: #100,041).
The directors have provided this additional disclosure as they consider that it
provides a better indication of the group's trading performance in the period.
3. Group statutory accounts will be sent to all shareholders shortly and
additional copies are available from the company's registered office at 19
Cavendish Square, London W1A 2AW.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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