Final Results
May 27 2003 - 3:00AM
UK Regulatory
RNS Number:5104L
Mercury Recycling Group PLC
27 May 2003
MERCURY RECYCLING GROUP PLC
CHAIRMAN'S STATEMENT
I am pleased to report another satisfactory year of progress for your Group
whose principal activity is the recycling of fluorescent tubes and mercury
containing waste. The accounts for the year ended 31 December 2002 show sales
of #770,000, an overall increase of 20% when compared with recalculated and
adjusted figures for the previous shorter period of eight months trade in 2001.
Shareholders will see that there is a charge of #165,000 to the Plc account for
the amortisation of goodwill. Also included in the operating expenses are
additional costs of managing the Plc. After allowing for these two factors,
there is an operating profit of #77,835 from the subsidiary operating company.
The Balance Sheet remains sound with net cash of #249,000.
Sales continued to improve during the year, with a month by month increase of
new clients from both the public and private sectors, which provides a solid
base for further growth. Mercury Recycling Limited has a sustainable upwards
momentum now, in a sector which, I am confident, is going to be given a further
boost when the final EU Directive on Waste Electrical and Electronic Equipment
is approved by the UK, sometime this year. The potential benefits from this
directive are already being seen with sales in the second half of the year
exceeding our expectations.
We have had extensive discussions with a number of companies with a view to
merger or acquisition, but none have proved suitable. It is however, clear that
our experience and expertise in this crucial area of recycling tubes, lamps and
general mercury products, is going to be really valuable in our continuing
search for fruitful areas for expansion of the Group.
Finally, I would like to thank all the members of the Group for their hard work
and commitment, which is much appreciated, and we are looking forward to another
year of substantial progress. The year has begun well, and we are seeing
additional work in the recycling of other mercury components, which should
enhance our business catchment area.
Yours sincerely,
The Rt Hon The Lord Barnett JP PC
Chairman
GROUP PROFIT AND LOSS ACCOUNT
Year ended 31 Period ended 31
December 2002 December 2001
#000 #000
Turnover 770 405
Cost of sales (84) (33)
Gross profit 686 372
Operating costs (888) (636)
Other operating income 6 3
Operating loss before amortisation and exceptional items (23) (88)
Restructuring costs (non recurring) - (34)
Abortive acquisition costs (non recurring) (8) (29)
Goodwill amortisation (165) (110)
Group operating loss (196) (261)
Exceptional items
Profit on disposal of investment - 20
Loss on ordinary activities before interest (196) (241)
Interest receivable 7 10
Interest payable (6) (16)
Loss on ordinary activities before taxation (195) (247)
Taxation - -
Loss on ordinary activities after taxation retained for the
year (195) (247)
Loss per share -Basic (0.776p) (1.695p)
Loss per share - Diluted (0.776p) (1.693p)
There are no recognised gains or losses other than those passing though the
profit and loss account. None of the Group's activities were acquired or
discontinued during the year.
GROUP BALANCE SHEET
2002 2001
#000 #000
Fixed assets
Intangible assets 3,022 3,187
Tangible assets 264 301
3,286 3,488
Current assets
Stocks - 4
Debtors 156 130
Cash at bank and in hand 249 392
405 526
Creditors: amounts falling due within one year (108) (230)
Net current assets 297 296
Total assets less current liabilities 3,583 3,784
Creditors: amounts falling due after more than one year (101) (101)
Accruals and deferred income - (6)
3,482 3,677
Capital and reserves
Called up share capital 2,512 2,512
Share premium account 1,523 1,523
Merger reserve (111) (111)
Profit and loss account (442) (247)
Equity shareholders' funds 3,482 3,677
HOLDING COMPANY BALALNCE SHEET
2002 2001
#000 #000
Fixed assets
Investments 3,122 3,122
Current assets
Debtors 859 934
Creditors: amounts falling due within one year (128) (128)
Net current assets 731 806
Total assets less liabilities 3,853 3,928
Capital and reserves
Called up share capital 2,512 2,512
Share premium accounts 1,523 1,523
Profit and loss account (182) (107)
Equity shareholders' funds 3,853 3,928
GROUP CASH FLOW STATEMENT
Year ended 31 Period ended 31
December December
2002 2001
#000 #000
Net cash outflow from operating activities (27) (137)
Returns on investments and servicing of finance
Interest received 7 10
Interest paid (5) (16)
2 (6)
Capital expenditure and financial investment
Payments to acquire investments (2) (9)
Receipts from sale of tangible assets 4 100
2 91
Acquisitions and disposals
Net cash acquired with subsidiary undertaking - (240)
Net cash outflow before financing (23) (292)
Financing
Repayment of long term loans (116) (140)
Repayment of finance lease and hire purchase contract (4) (10)
Issue of share capital (net of expenses) - 834
(120) 684
(Decrease)/Increase in cash (143) 392
NOTE:
The financial information set out above does not constitute the Company's
financial statements for the year ended 31 December 2002. The financial
statements for 2002 have been audited and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting on 21 July 2003. The
auditors have reported on the 2002 statements; their report was unqualified and
did not contain a statement under section 237(2) or (3) of the Companies Act
1985.
Copies of the 2002 Report and Accounts will be mailed to shareholders shortly.
Further copies will be available for collection from the Company's offices at
Unit G, Canalside North, John Gilbert Way, Trafford Park, Manchester M17 1DP.
This information is provided by RNS
The company news service from the London Stock Exchange
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