Interim Results
September 29 2000 - 3:00AM
UK Regulatory
RNS Number:7289R
10 Group PLC
29 September 2000
10 Group plc
Interim Results
10 Group plc, the AIM-listed e-commerce, media and publishing company,
announces its interim results for the half year ended 30 June 2000. Key
features are:
* Gross Profit up 50% compared to same period last year
* Development continuing at a fast pace as the Group transforms itself into a
focused mini conglomerate, aimed at maximising shareholder value
* Group building on core businesses in Publishing, Internet, Advertising, &
Marketing
* Investment in both Online and Offline ventures.
* Management ambitious for further growth - with individual divisions built
on the prospect of sale or flotation in due course
* Balance sheet includes over #4m in cash
"As a focused mini conglomerate, 10 Group faces the future with considerable
potential for future growth. The Board's five year plan has established a
solid platform from which the Group will continue to develop through both
organic growth and strategic acquisition.
"We are on course to create a highly skilled entrepreneurial enterprise.
Despite continuing to invest heavily in acquiring and starting new
businesses, we have strengthened our cash resources and reduced our net
losses in line with our philosophy of maximising shareholder value.
"One of the strategic aims is to develop a number of specialist divisions
which could then either be floated off in their own right, or sold at a
profit."
Andy Moore, Chairman
FULL STATEMENT ATTACHED
Enquiries:
Andy Moore Keith Gabriel
Chairman Citigate Dewe Rogerson
10 Group plc Tel: 0121 631 2299
Tel: 0121 234 1310 Mobile: 0958 985395
Mobile: 07836-722840
10 Group plc
Interim Results
for the half year ended 30 June 2000
STATEMENT BY THE CHAIRMAN, ANDY MOORE
Since taking over as Chairman in the second half of 1998, and strengthening
the management team of 10 Group plc, I am pleased to report that the Company
is successfully pushing ahead with its five year plan. We are actively
building on our core businesses in Publishing, Internet, Advertising and
Marketing to grow as a focused mini conglomerate with both Online and Offline
interests. Our aim is to develop a number of individual divisions which, in the
longer-term, may be floated as public companies in their own right, or sold
at a profit.
To date, we have created:
* 10 Publishing - traditional media with a powerful online future
* 10 Design - Online and Offline Advertising and Marketing services.
* 10 Property - building a traditional asset base.
* 10 Internet - our own Internet Service Provider, 10.co.uk, plus a portfolio
of over 3,000 Internet Gimme brands including GimmeMusic and GimmeJobs
* 10i - investment in the next exciting wave of entrepreneurs
I firmly believe that 10 Group is on course to create a rapidly-expanding,
highly skilled, entrepreneurial enterprise that will flourish in today's
hi-tech environment.
Last December marked the completion of 10 Group's first full financial year
under our new management, with a #1.398 m loss being recorded on a turnover
of #9.241m. Since then, we have continued to invest in both acquiring and
starting new businesses, while working to move the Group towards
profitability. We have built our Gross Profit to #1,905,000; up 50% on the
same period last year (#1,264,000 to 30.6.99).
We are committed to building value for our 10,000 shareholders. While focused
on our core businesses, we recognise that new opportunities come and go very
quickly in today's business climate. Therefore we shall continue to allocate
funds to take advantage of these opportunities as they arise.
10 Group plc
Interim Results
CONSOLIDATED PROFIT AND LOSS ACCOUNT
six months to 30 June 2000
6 months ended 6 months ended Year ended
30 June 2000 30 June 1999 31 December 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover 3,857 4,877 9,241
Cost of sales (1,952) (3,613) (5,606)
Gross profit 1,905 1,264 3,635
Administrative (2,275) (1,564) (4,788)
expenses
Operating (loss) (370) (300) (1,153)
Amortisation of (43) (62) (1,148)
goodwill
Other (90)
(413) (452) (2,301)
Profit on disposal 27 903
of subsidiaries
(Loss) on ordinary (385) (452) (1,398)
activities before
interest
Interest & similar 47 10 0
charges
Loss on ordinary (338) (442) (1,398)
activities before
taxation
Taxation 0
Loss on ordinary (338) (442) (1,398)
activities after
taxation
Loss per ordinary 0.06p 0.18p 0.43p
share
10 Group plc
Interim Results
CONSOLIDATED BALANCE SHEET
six months to 30 June 2000
30 June 2000 30 June 1999 31 December 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000 #'000 #'000 #'000
Fixed assets
Goodwill 889 1,320 720
Tangible assets 1,345 475 360
Intangible assets 358
Investments 125
2,716 1,795 1,080
Current assets
Stock 910 69 79
Debtors 1,986 2,319 1,576
Cash 4,122 475 2,993
7,019 2,863 4,648
Creditors: (3,068) (3,668) (2,381)
amounts falling
due within one
year
Net current 3,950 (805) 2,267
assets/(liabilities)
Total assets 6,667 990 3,347
Creditors: (429) (787) (173)
amounts falling
due after more
than one year
Net assets 6,238 203 3,174
Capital and
reserves
Called up share 8,275 7,241 8,004
capital
Share premium 6,616 964 3,915
account
Capital 3,564 3,564 3,564
redemption
reserve
Merger reserve 642 213
Profit and loss (12,859) (11,566) (12,522)
account
Equity 6,238 203 3,174
shareholders'
funds
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