Interim Results
September 07 2004 - 3:00AM
UK Regulatory
RNS Number:6579C
Bright Futures Group PLC
07 September 2004
Bright Futures Group PLC
Interim Results
Interim Report 2004
Chairman's and Chief Executive Officer's Statement
We are pleased to present the interim results for the six month period ended 30
June 2004. For the period under review, Bright Futures Group plc ("the Group")
reported sales of #2.57 million (2003: #2.63 million) and generated profit,
before goodwill amortisation, of #83,000 (2003: #67,000).
TRADING REVIEW
The Group's vision is to become the largest mobility retailer in the UK. During
the first six months of 2004 the Group has been repositioned to focus on retail
store operations. This was achieved through the sale of the assets of Scooter
Mart Limited, our direct selling subsidiary, and the opening of new stores.
Our main objectives for the period were to:
* increase retail sales in our Group owned estate
* continue openings of new trial store formats
* build our operational efficiencies in the Retail Support Centre to prepare
for a further store roll-out
The Board believes that the Group has achieved these objectives, has the correct
focus and is now ready to expand.
OWNED RETAIL STORES
The owned store (non-franchised) retail business reported sales for the period
of #998,000 (2003: #615,000) and now accounts for over 39% of the Group's sales
versus 24% in 2003. This shift in the Group's operations reflects the strategy
to focus on store-based retailing.
Despite an increasingly competitive mobility retail environment and unseasonable
weather, like-for-like sales in our owned estate grew by 16%. For the period,
retail gross margins from the Groups owned stores increased from 48% in 2003 to
52% in 2004.
Following a review of the performance from our three new trial store formats
opened in November 2003, December 2003 and February 2004, the Board now believes
that the Group has developed a scalable retail offering. The Group opened a
fourth new store in August 2004. As of today the Group now has 10 owned stores.
The Group has also completed the installation of a new Warehouse and Finance IT
system. This will be linked to EPOS terminals installed in all stores by the
year end enabling us to better manage the retail estate as we scale the number
of stores.
FRANCHISED RETAIL
The Group reduced the number of franchisees in 2003. In the first six months of
2004, the remaining higher quality franchisees have now started to expand, with
two new stores opening. A third store was opened in August 2004, taking the
total number of franchised stores to 20.
NON-CORE BUSINESSES
Youreable.com Ltd remains profitable, from a lower cost base, following its
relocation to Wolverhampton. As previously reported, the Group has now
successfully exited its direct sales businesses.
OUTLOOK
The directors believe that the Group has developed a successful retail store
format, which following a period of investment means that the Group now has the
infrastructure to launch and control a retail roll-out programme. The Group
remains focused on delivering shareholder value and intends to open further
retail stores over the coming years.
Anthony Leon DL FCA Stephen Harpin BSc (Hons) DipM
Chairman Chief Executive Officer
Consolidated Profit and Loss Account
Six month Six month Year ended
period to period to 31 December
30 June 2004 30 June 2003 2003
unaudited unaudited audited
#000 #000 #000
GROUP TURNOVER 2,569 2,628 5,355
Cost of sales 1,366 1,450 3,093
----- ----- -----
GROSS PROFIT 1,203 1,178 2,262
Goodwill amortisation 62 61 121
Operating costs 1,120 1,116 2,022
1,182 1,177 2,143
----- ----- -----
OPERATING PROFIT 21 1 119
Interest receivable 1 5 9
----- ----- -----
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 22 6 128
Tax on profit on ordinary activities 1 - 7
PROFIT FOR THE FINANCIAL PERIOD 21 6 121
----- ----- -----
Profit before goodwill amortisation 83 67 242
Earnings per share - basic and diluted 0.06p 0.0019p 0.36p
----- ----- -----
Earnings per share has been calculated using a profit of #21,372 for the
financial period and a weighted average number of shares in issue during the
period of 33,350,020.
Options in existence at the balance sheet date are not considered to be dilutive
as they would not result in the issue of ordinary shares for less than fair
value.
Consolidated Balance Sheet
30 June 30 June 31 December
2004 2003 2003
unaudited unaudited audited
#000 #000 #000
FIXED ASSETS
Intangible assets 2,223 2,309 2,285
Investments - 5 -
Tangible assets 260 136 227
2,483 2,450 2,512
----- ----- -----
CURRENT ASSETS
Stocks 821 691 807
Debtors 1,016 1,065 762
Cash at bank 270 533 488
----- ----- -----
2,107 2,289 2,057
CREDITORS: Amounts falling due within one year (802) (1,086) (800)
NET CURRENT ASSETS 1,305 1,203 1,257
----- ----- -----
TOTAL ASSETS LESS CURRENT LIABILITIES 3,788 3,653 3,769
CREDITORS: Amounts falling due after more than one year - - (2)
3,788 3,653 3,767
----- ----- -----
CAPITAL AND RESERVES
Called-up equity share capital 1,667 1,667 1,667
Share premium 4,809 4,809 4,809
Profit and loss account (2,688) (2,823) (2,709)
SHAREHOLDERS' FUNDS 3,788 3,653 3,767
----- ----- -----
Consolidated Cash Flow Statement
Six month Six month Year ended
period to period to 31 December
30 June 2004 30 June 2003 2003
unaudited unaudited audited
#'000 #'000 #'000
NET CASH flow FROM OPERATING ACTIVITIES
Operating profit 21 1 119
Amortisation 62 64 128
Depreciation 46 52 76
Loss on disposal of fixed assets - - 1
(Increase)/decrease in stocks (14) 21 (95)
(Increase)/decrease in debtors (254) (237) 66
Increase/(decrease) in creditors 4 253 (62)
----- ----- -----
(135) 154 233
Net cash inflow from returns on investments and servicing
of finance 1 5 9
TAXATION (1) - (2)
CAPITAL EXPENDITURE
Payments to acquire tangible fixed assets (79) (89) (205)
ACQUISITIONS AND DISPOSALS
Increase in investments - (5) -
----- ----- -----
NET CASH FLOW BEFORE FINANCING (214) 65 35
NET CASH (OUTFLOW)/INFLOW FROM FINANCING (4) - (14)
(DECREASE)/INCREASE IN CASH (218) 65 21
----- ----- -----
Analysis of changes in net funds At 31 December Cash At 30 June
2003 flows 2004
Cash at bank and in hand 488 (218) 270
Hire purchase agreements (7) 4 (3)
481 (214) 267
----- ----- -----
Notes
1 The unaudited interim financial information has been prepared in accordance
with applicable accounting standards and was approved by the Board on 6
September 2004.
2 Copies of this interim report will be sent to all of the Company's
shareholders on or around 17 September 2004. Further
copies can be obtained from the Company's registered office.
Enquiries, please contact:
Stephen Harpin 01902 866 166
Chief Executive
Bright Futures Group Plc
Luke Ahern 020 7645 5440
Director
Corporate Synergy Plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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