Reflex Group PLC - Final Results
May 31 2000 - 1:00PM
UK Regulatory
RNS Number:4815L
Reflex Group PLC
31 May 2000
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 1999
The Group recorded a profit attributable to Group Shareholders of IR#227,000
(EUR289,000) in 1999. This compares to a profit of IR#415,000 (EUR527,000) in
1998.
Turnover increased by 15% from IR#2,867k (EUR3,640k) in 1998 to IR#3,303k
(EUR4,194k) in 1999, largely arising from the positive impact of sterling
strengthening against the Irish pound and euro.
The consolidated balance sheet of the Group shows Shareholders' funds of
IR#2,163,000 (EUR2,746,000). The fixed assets held by the Group are mainly the
rental asset portfolios of current computer products. It is Group policy to
fully write off these assets over a 3 year period and, at the end of the
product's useful rental life, to sell the products on to unrelated third
parties.
The cash situation of the Group has improved - increasing from IR#428,000
(EUR543,000) in 1998 to IR#642,000 (EUR815,000) in 1999.
The Board will continue to focus its attention on the rental business in the
UK. From the beginning of this year the Group operates its rental business in
one entity, First Rental Limited, which we expect will bring an improved
profit performance.
The Group will continue to pursue opportunities to enhance its growth by
looking at investments in the information technology field which have the
potential to add value for our shareholders.
In conclusion I would like to thank the executives and staff of the Group for
their efforts and commitment during the year.
TONY KILDUFF
CHAIRMAN
31 May 2000
REFLEX GROUP Plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 1999
1999 1998
IR#000's EUR000's IR#000's EUR000's
Turnover 3,303 4,194 2,867 3,640
Cost of Sales (1,436) (1,823) (1,135) (1.441)
--------------------------------------------
Gross Profit 1,867 2,371 1,732 2,199
Administrative Expenses (1,714) (2,176) (1,431) (1,817)
--------------------------------------------
Operating Profit - Continuing
Operations 153 195 301 382
Write Back of Provision for
Losses on Discontinued Operations 18 23 125 159
Profit on Ordinary Activities
before Interest 171 218 426 541
Interest, net (17) (22) (11) (14)
--------------------------------------------
Profit on Ordinary Activities
before Taxation 154 196 415 527
Taxation 73 93 - -
--------------------------------------------
Profit Attributable to Group
Shareholders 227 289 415 527
--------------------------------------------
Earnings per Ordinary Share IR0.55p 0.69c IR1.00p 1.27c
============================================
REFLEX GROUP Plc
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 1999
1999 1998
IR#000's EUR000's IR#000's EUR000's
Fixed Assets
Tangible assets - Lease and
rental equipment 1,314 1,668 1,139 1,446
- Other 328 417 287 364
--------------------------------------------
1,642 2,085 1,426 1,810
Current Assets
Stock 24 30 35 44
Debtors 546 693 543 689
Cash at bank and in hand 637 809 428 543
--------------------------------------------
1,207 1,532 1,006 1,276
Creditors (Amounts falling
due within one year) (642) (815) (647) (822)
--------------------------------------------
Net Current Assets 565 717 359 456
Creditors (Amounts falling
after more than one year) (44) (56) (71) (90)
--------------------------------------------
Total Assets 2,163 2,746 1,714 2,176
============================================
Capital and Reserves
Called up share capital 2,081 2,642 2,081 2,642
Share premium account 4,303 5,464 4,303 5,464
Profit and loss account (4,221) (5,360) (4,670) (5,930)
--------------------------------------------
Shareholders' Funds - all
equity 2,163 2,746 1,714 2,176
============================================
REFLEX GROUP Plc
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 1999
1999 1998
IR#000's EUR000's IR#000's EUR000's
Profit attributable to Group
Shareholders 227 289 415 527
Exchange adjustments 222 281 2 2
--------------------------------------------
Total recognised gains for the
year 449 570 417 529
============================================
REFLEX GROUP Plc
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 31 DECEMBER 1999
1999 1998
IR#000's EUR000's IR#000's EUR000's
At 1 January 1999 1,714 2,176 1,297 1,647
Total gains for the year 449 570 417 529
--------------------------------------------
At 31 December 1999 2,163 2,746 1,714 2,176
============================================
END
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