Final Results
June 28 2002 - 7:43AM
UK Regulatory
RNS Number:9086X
10 Group PLC
28 June 2002
10 Group plc - Final Results
Preliminary results for the year ended 31 December 2001
10 Group plc, an AIM-listed investment, property and leisure company announces its year-end results
CHAIRMAN'S STATEMENT
Results for the year
The results for the year ended 31 December 2001 should be viewed in the light of the economic, political and
financial events of that period.
Early in 2001 we identified the start of an economic downturn in the media sector and as a consequence withdrew from
that business. The alternative would have been to continue to finance it. We decided in the light of falling
advertising revenues that this was not a viable proposition. Accordingly, we sold the magazine titles that we were
able to and placed the remainder of our publications business in receivership. We also announced the sale of CWG, our
advertising agency.
We decided to redirect our activities in less capital intensive directions. We have taken a number of master licences
for franchising established businesses in new territories. 10 Leisure plc, a subsidiary of 10 Group plc, signed an
agreement with Donato Food Corporation of Toronto, Canada, for the master licence for Mrs Vanelli's Pizza and Pasta
outlets and the Teriyaki Experience, sushi and teppanyaki-style food outlets. The master licences are for the
territories of the United Kingdom, Republic of Ireland, Australia and New Zealand.
10i, the investment arm of 10 Group plc, invested approximately £200,000 in Beaufort Group plc which is listed on the
Alternative Investment Market, for some 12 per cent of that company .
The loss for the year was £1.451m on a turnover of £4.593m.A significant amount of this loss was write offs and write
downs in the value of the Group's investments which amounted to £637,000. The directors do not recommend paying a
dividend for the year ended 31 December 2001.
During the year we raised for cash a further £940,000 gross of new capital from investors. We believe this to be a
considerable endorsement of our new strategy. The Group now has a stronger balance sheet than when I became Chairman
in 1998.
Current year and outlook
Simon Cooper, already a board director of 10 Group plc, was appointed Chief Executive in March this year.
In February this year, we acquired New York-based World Franchise Solutions for a consideration of US $100,000
through our subsidiary 10 Leisure plc. This acquisition is already presenting us with other Master Licence
opportunities for UK, Europe and Australia and New Zealand that we are actively pursuing.
In March we carried out a capital reconstruction which was agreed at an Extraordinary General Meeting of the company
on April 10, 2002.
In May and June, we raised a further £399,900 by way of a placing to enhance further our ability to develop our
franchising and leisure investments.
At the time of going to press with this report, we have just announced that 10 Leisure plc, a division of 10 Group
plc, has signed a territory franchise agreement for two territories, greater Birmingham and greater Manchester, with
Onepointfor Ltd to open two One Point sites, one in Birmingham and the other in Manchester, with an option to open a
further 18 sites (9 in each) in the above territories and with the opportunity to develop more sites in these and
other locations.
One Point is a unique new franchise development, providing a stand alone, self-contained unit or in-line unit that
will be located in shopping malls, rail and bus stations and airports containing cashpoint, mobile phone top up
facility, coffee, treats and snacks (see www.onepointfor.com).
Today the Group consists of the following core activities:
- 10i plc - invests in smaller quoted companies and private companies.
- 10 Leisure plc - owner and operator of Master franchising licences including:
o Mrs Vanellis-Quick service Italian food
o Made in Japan-The Teriyaki Experience- Quick service Japanese food
o One point Kiosk with ATM, Mobile phone top up machine, coffee, doughnuts and treats.
- World Franchise Solutions - Franchise consultancy.
- 10 Property - Servicing existing properties that are freehold/leasehold and sub-let to various tenants.
During 2002 your Board has taken all the necessary steps to reduce cash outflow, including staff reductions. In
addition the Directors have deferred part of their salary payments for the immediate future.
Your Board is committed to the protection of your investment and the ultimate success of 10 Group plc. We thank you
for your support and loyalty in these difficult times.
Andy Moore
Chairman
28th June 2002
10 GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED
31st DECEMBER 2001
2001 As restated 2000
Before Before Total Before Before Total
charging charging Goodwill charging charging Goodwill
goodwill goodwill Amortisati- goodwill goodwill Amortisati-
and and on and and on
exceptional exceptional and exceptional exceptional and
items exceptional £'000 exceptional £'000
items items items items items
Contin-uing Discon-
£'000 tinued
£'000 Continuing Discon- £'000
£'000 £'000 tinued
£'000
Turnover
- Existing 1556 - - 156 2105 - - 2105
operations
- Discontinued - 3037 - 3037 - 5614 - 5614
operations _______ ______ _______ ______ ______ _______ ______ _____
1556 3037 - 4593 2105 5614 - 7719
Cost of sales (1276) (1715) - (2991) (1472) (3536) - (5008)
_______ ______ _______ ______ ______ _______ ______ _____
Gross profit 280 1322 - 1602 633 2078 - 2711
Administrative (1220) (1771) (48) (3039) (1430) (3530) (1538) (6498)
expenses - - (293) (293) - - - -
Exceptional
Items ______ ______ _______ ______ ______ _______ ______ _____
Operating
loss
-Existing (940) - (141) (1081) (797) - (416) (1213)
operations
-Discontinued - (449) (200) (649) - (1452) (1122) (2574)
______ ______ _______ ______ ______ _______ ______ _____
operations
(940) (449) (341) (1730) (797) (1452) (1538) (3787)
______ ______ _______ ______ _______ ______
Profit/(loss) 272 206
on
disposal and
closure of
business
Net interest (41) 57
(payable)/ ______ _____
receivable
Loss on ordinary (1499) (3524)
activities before
taxation
Taxation - -
______ _____
Loss on ordinary (1499) (3524)
activities after
taxation
Minority interests 48 -
______ _____
Loss for the financial year (1451) (3524)
______ _____
Loss per ordinary 0.16p 0.55p
share
Basic
A Statement of total recognised gains and losses is not provided as all such items are included within the above
profit and loss account.
10 GROUP PLC
CONSOLIDATED BALANCE SHEET
31st DECEMBER 2001
2001 2000
£'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 253 970
Tangible assets 886 660
Investments 70 121
_______ _______
1209 1751
CURRENT ASSETS
Stock - 536
Freehold property for sale
Investments - 677
Debtors 749 217
Cash at bank and in hand 1315 2353
753 2629
______ _______
2817 6412
CREDITORS: AMOUNTS FALLING DUE (501) (4000)
WITHIN ONE YEAR ______ _______
NET CURRENT ASSETS 2316 2412
______ _______
TOTAL ASSETS LESS CURRENT 3525 4163
LIABILITIES
CREDITORS: AMOUNTS FALLING DUE (620) (609)
AFTER MORE THAN ONE YEAR ______ _______
NET ASSETS 2905 3554
______ _______
CAPITAL AND RESERVES
Called up share capital 9362 8327
Share premium account
Capital redemption reserve 19 6816 6808
Merger reserve
Profit and loss account 3564 3564
- 213
(16809) (15358)
_______ _______
Equity shareholders' funds 2933 3554
Minority interests (28) -
_______ _______
2905 3554
_______ _______
These financial statements were approved by the board of directors on 25th June 2002.
A. MOORE DIRECTOR
S.P. COOPER DIRECTOR
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED
31st DECEMBER 2001
2001 2000
£'000 £'000
OPERATING ACTIVITIES (1778) (3074)
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE (41) 57
CAPITAL EXPENDITURE (59) (422)
ACQUISITIONS AND DISPOSALS 308 (192)
_______ ______
NET CASH OUTFLOW BEFORE FINANCING (1570) (3631)
MANAGEMENT OF LIQUID RESOURCES (884) (227)
FINANCING 984 3203
_______ ______
DECREASE IN CASH (1470) (655)
______ _______
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
FOR THE YEAR ENDED
31st DECEMBER 2001
2001 2000
£'000 £'000
DECREASE IN CASH IN THE YEAR (1470) (655)
Cash inflow/(outflow) from changes in debt and leasing 59 (405)
______ ______
CHANGE IN NET DEBT RESULTING FROM (1411) (1060)
CASH FLOWS
New finance leases (61) (167)
Finance leases acquired - (106)
Finance leases disposed 180 -
Loan notes converted to share capital - 160
Cash outflow from increase in liquid resources 884 227
Market value provision on current asset investments (252) (10)
Reclassification of current asset investments (100) -
_______ ______
MOVEMENT IN NET DEBT IN THE YEAR (760) (956)
Net funds at 31st December 2000 1532 2488
_______ ______
NET FUNDS AT 31st DECEMBER 2001 772 1532
_______ ______
The full report and accounts for the year ended 31st December, 2001 are being posted to shareholders and are
available from the offices of the company at 10 Clement Street, Birmingham, B1 2SL.
Enquiries
Andy Moore - Chairman,
10 Group plc,
10 Clement Street,
Birmingham B1 2SL
Tel: 0121 233 1122
See also www.10group.co.uk
OR
Andy Skinner,
Marketing Management
Tel: 01527 892004
Mobile: 07990 978257
END
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