Interim Results
September 24 2002 - 1:00PM
UK Regulatory
RNS Number:5859B
Reflex Group PLC
24 September 2002
REFLEX GROUP PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2002
CHAIRMAN'S STATEMENT
RESULTS
The results for the Reflex Group PLC ("Reflex") for the six months ended 30 June
2002 (and comparatives) are shown in # sterling and show a loss attributable to
shareholders of #79,000. This compares with a profit of #8,000 for the
corresponding period ended 30 June 2001.
Turnover in the first six months of 2002 was #2,075,000 which is #1,369,000 more
than the turnover for the first six months of 2001, reflecting the disposal of
First Rental and the acquisition of Fitness & Leisure Group. As previously,
income has been reduced by the deferral of income to future periods, recognising
the annual nature of the majority of membership contracts and there is now
deferred income in the balance sheet of #1,330,000.
The results for the six-month period represent a loss of 0.06 pence per ordinary
share compared to a profit of 0.02 pence per ordinary share for the six month
period ending 30 June 2001.
Consolidated net assets as at 30 June 2002 amounted to #1,989,000 with cash at
bank of #430,000.
We have opened 2 Motorcise Healthy Living Centres so far this year and overall
membership numbers have grown by some 10% from the levels at 31 December 2001.
OUTLOOK
We have now built the Motorcise chain to 32 outlets. Before further expansion we
are concentrating our efforts on growing the membership base and maximising the
potential of these centres.
As stated previously, it is expected that the group will record an operating
loss for the year as a whole.
Tony Kilduff
Chairman
24 September 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2002
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2002 2001 31 December
2001
#000s #000s #000s
Turnover 2,075 706 2,476
Cost of Sales 0 (295) 0
Gross Profit 2,075 411 2,476
Operating expenses, net (2,191) (411) (7,943)
Operating (loss) (116) 0 (5,467)
Exceptional loss on disposal of discontinued operations 0 0 (222)
(Loss) on Ordinary Activities before Interest (116) 0 (5,689)
Interest, net (3) 8 19
(Loss)/Profit on Ordinary Activities before Taxation (119) 8 (5,670)
Taxation 40 0 (45)
(Loss)/Profit Attributable to Group Shareholders (79) 8 (5,715)
(Losses)/Earnings per Ordinary Share (0.06)p 0.02p (8.28)p
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
30 June 30 June 31December
2002 2001 2001
#000s #000s #000s
Fixed Assets
Intangible assets 225 0 181
Tangible assets - Gym fixtures and fittings and 4,027 712 4,162
equipment
4,252 712 4,343
Current Assets
Stock 62 4 50
Debtors 296 619 168
Cash at bank and in hand 430 1,192 428
788 1,815 646
Creditors (Amounts falling due within one year) (2,479) (590) (2,159)
Net Current Liabilities (1,691) 1,225 (1,513)
Creditors (Amounts falling after more than one year) (150) (13) (300)
Provisions for liabilities and charges (422) 0 (462)
Total Assets 1,989 1,924 2,068
Capital and Reserves
Called up share capital 4,932 1,594 4,932
Share premium account 6,074 3,295 6,074
Profit and loss account (9,017) (2,965) (8,938)
Shareholders' Funds - all equity 1,989 1,924 2,068
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2002
Unaudited Unaudited Audited
6 months 6 months ended Year
ended 30 June ended
30 June 2001 31December
2002 2001
#000s #000s #000s
Net Cash Inflow from Operating Activities 85 51 341
Returns on Investments and Servicing of Finance (3) 8 19
Capital expenditure and financial investment (57) 93 (625)
Acquisitions and disposals (20) 0 589
Cash Inflow before Finance 5 152 324
Financing - Capital element of finance payments (13) (22) (1,032)
(Decrease)/Increase in Cash in the Period (8) 130 (708)
Reconciliation of Net Cash Flow to Movement in Net
Funds
(Decrease)/Increase in Cash in the Period (8) 130 (708)
Cash outflow from decrease in debt 13 22 413
5 152 (295)
Change in net funds resulting from cash flows
Loans, finance leases disposed/acquired with
subsidiary 0 0 (683)
Movement in Net Funds in the Period 5 152 (978)
Net Funds, beginning of period 66 1,009 1,044
Net Funds, end of period 71 1,161 66
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE 6 MONTHS ENDED 30 JUNE 2002
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2002 2001 31 December 2001
#000s #000s #000s
(Loss)/profit attributable to Group Shareholders (79) 8 (5,715)
Exchange adjustments 0 66 (78)
__________ __________ __________
(79) 74 (5,793)
========== ========== ==========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE 6 MONTHS ENDED 30 JUNE 2002
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2002 2001 31 December 2001
#000s #000s #000s
At 1 January 2002 2,068 1,850 1,914
Total (losses)/gains for the period (79) 74 (5,793)
Issue of shares 0 0 5,974
__________ __________ __________
At 30 June 2002 1,989 1,924 2,068
========== ========== ==========
TAXATION
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2002 2001 31 December 2001
#000s #000s #000s
Prior year adjustment: overseas deferred tax 40 0 (45)
========== ========== ==========
NOTES TO THE INTERIM RESULTS
1. Accounting policies. The interim results have been prepared on the same basis
and using the same accounting policies as those used in the preparation of
the statutory accounts for the year ended 31 December 2001.
2. Currency. Following the acquisition of Fitness & Leisure Group (trading as
Motorcise) last September, all Group activity has been in pounds sterling
and these unaudited accounts have been prepared in sterling. Comparative
figures for the six months to 30 June 2001 have been restated into sterling.
3. The Interim financial statements do not constitute statutory financial
statements within the meaning of Section 19 of the Companies Act 1986. The
financial information for the year to 31 December 2001 has been extracted
from the statutory accounts for the year then ended which have been filed
with the Registrar of Companies. The audit report on these accounts was
unqualified.
4. Earnings per share. The calculation of earnings per share is based on the
result for the period divided by the weighted average number of shares in
issue, being 130,261,771 (30 June 2001: 41,614,895) ordinary shares of 0.6
Euros each.
5. Additional Information. These results were announced to AIM and posted on 24
September 2002 to all shareholders on the register at 19 September 2002.
Copies of this interim report will be available from the company's
registered office at 19 Elgin Road, Ballsbridge, Dublin 4.
24 September, 2002
This information is provided by RNS
The company news service from the London Stock Exchange
END
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