Reflex Group PLC - Interim Results
August 29 1997 - 11:10AM
UK Regulatory
RNS No 2715q
REFLEX GROUP PLC
29th August 1997
REFLEX GROUP PLC
INTERIM REPORT
for the six months ended 30 June 1997
RESULTS
The results for the six months ended 30 June 1997 show a loss attributable to
Group Shareholders of IR#1,154,000. This compares with a profit of IR#190,000
for the six months ended 30 June 1996.
Net Assets at 30 June 1997 amounted to IR#1,101,000; as compared with
IR#1,833,000 at 31 December 1996.
The result for the six month period represents a loss of IR2.77 pence per
ordinary share in comparison with earnings per ordinary share for the six
month period ended 30 June 1996 of IR0.60 pence.
BUSINESS REVIEW
The result for the period reflects a provision for loss on closure of the
operations of Hands On Limited of IR#908,000. This was announced on 17 July,
1997. Hands On Limited commenced operations during 1996 to develop a chain of
Internet Cafes in the UK, three of which were opened in the last quarter of
that year. The provision includes the write off of IR#257,000 of Goodwill
that arose on the acquisition of Hands On Limited.
The Groups continuing operations principally comprise two subsidiaries in the
United Kingdom. Short Term Rental Systems Limited, based in London, and First
Rental Limited, based near Cambridge, provide fully commissioned data
processing facilities for short periods to users throughout the UK. Both
companies have traded profitably during the period.
Mr T. J. Norris resigned from the Board on 10 July 1997.
The Group continues to seek suitable investment opportunities.
CONSOLIDATED PROFIT & LOSS ACCOUNT
for the six months ended 30 June 1997
Unaudited Unaudited
6 mths Ended 6 mths Ended
30 June 1997 30 June 1996
IR#000 IR#000
TURNOVER
Continuing Operations 1,356 1,330
Discontinued Operations 184 434
------- -------
1,540 1,764
Cost of Sales (538) (536)
------- -------
Gross Profit 1,002 1,228
Operating Expenses, net (1,249) (1,036)
------- -------
Operating Profit/(Loss)
Continuing Operations 101 232
Discontinued Operations (348) (247) (40) 192
------- -------
Provision for Loss on Closure of
Discontinued Operations
(Including Goodwill of IR#257,000) (908) -
------- -------
Profit /(Loss) on Ordinary
Activities before Interest (1,155) 192
Interest, net 1 (2)
------- -------
Profit/(Loss) on Ordinary Activities
before Taxation (1,154) 190
Taxation - -
------- -------
Profit/(Loss) Attributable to Group
Shareholders (1,154) 190
------- -------
Earnings/(Loss) per Ordinary Share IR(2.77p) IR 0.60p
(1) Discontinued operations in 1997 principally reflect the results of
Hands On Ltd. Discontinued operations in 1996 reflect the results of
CPMS Ltd and start up costs relating to Hands On Ltd.
(2) The directors do not recommend the payment of an Interim dividend.
CONSOLIDATED BALANCE SHEET
at 30 June 1997
Unaudited
30 June 1997 31 Dec. 1996
IR#000 IR#000
FIXED ASSETS
Rental Assets 990 956
Other Fixed Assets 318 625
------- -------
1,308 1,581
CURRENT ASSETS
Stocks 25 24
Debtors 535 674
Cash at Bank 663 965
------- -------
1,223 1,663
------- -------
CREDITORS
(Amounts falling due within one year)
Bank overdrafts and loans (14) (41)
Other creditors (1,416) (1,370)
------- -------
(1,430) (1,411)
------- -------
NET CURRENT (LIABILITIES)/ASSETS (207) 252
------- -------
TOTAL ASSETS LESS CURRENT LIABILITIES 1,101 1,833
------- -------
CAPITAL AND RESERVES
Called up share capital 2,081 2,081
Share premium account 4,303 4,303
Goodwill reserve (774) (1,031)
Profit and Loss account (4,509) (3,520)
------- -------
SHAREHOLDERS FUNDS 1,101 1,833
======= =======
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 30 June 1997
Unaudited
IR#000
Loss Attributable to Group Shareholders (1,154)
Exchange Adjustment 165
-------
(989)
=======
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS
for the six months ended 30 June 1997
Unaudited
IR#000
Balance, beginning of period 1,833
Total recognised gains and losses for the period (989)
Goodwill transferred to Profit & Loss Account 257
-------
1,101
=======
END
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