Interim Results
September 02 2002 - 4:55AM
UK Regulatory
RNS Number:6144A
Wigmore Group (The) PLC
02 September 2002
Embargoed
0730 HRS 2 SEPTEMBER 2002
The Wigmore Group PLC
("Wigmore," "the Group" or "the Company")
Interim Results for the Six Months ended 30th June 2002
Highlights
* Successful acquisition and integration of Speymill
* 778% increase in turnover due to the acquisition of Speymill
* 48% decrease in operating loss to #175,000
* Significant business opportunities between FNPM and Speymill
* New grounds maintenance contract secured by FNPM
* A number of new contracts won by Speymill
Peter Hewitt, Chairman of Wigmore commented:
"I believe that the Group is now well positioned to take advantage of the
considerable opportunities that exist within the public and private sectors and
the first results of the enlarged Group are encouraging. The acquisition of
Speymill has given us access to a much wider sector that is still enjoying
strong demand as well as having positive synergies with our other operating
subsidiary FNPM. The future is very exciting and I look forward to being able to
report further progress over the next six months."
For further information please contact:
Peter Hewitt Chairman 01293 423301
Adam Reynolds / Takki Sulaiman Hansard Communications 0207 735 9415
07778 419218
Kirsty Campbell Seymour Pierce 0207 648 8700
I am delighted to be writing my first interim statement to you following the
successful admission of the Group's shares to trading on AIM on 2nd January this
year and the subsequent acquisition of Speymill Contracts Limited, the results
of which have been consolidated within the Group from 1st April.
Results
The Group has achieved a satisfactory result for the six month period to 30th
June 2002. Turnover of #6.003m (2001: #684,000) represents an increase of 778%
over the same period last year with a 48% decrease in operating loss to #175,000
(2001: (#336,000)). Shareholders should note that the majority of the turnover
is derived from Speymill, however these results reflect only 3 months trading by
Speymill and include a provision of #138,000 for bad debt as a result of work
undertaken for Fish! Plc which was subsequently placed into Administrative
Receivership. Amortisation of goodwill arising from the acquisition of Speymill
of #39,000 has also been written off during this period. The Board does not
intend to pay an interim dividend.
Speymill Contracts Ltd ("Speymill")
Your Board is delighted at the progress that has been made with the integration
of Speymill into the Group with the key administrative focus being in the areas
of accounting, information technology and human resources, whilst the business
development focus is in developing new business opportunities with existing
clients in facilities management. My thanks go to all of the Directors and
staff for their cooperation in what is usually a difficult process.
The added value of the acquisition, is the ability of both FNPM and Speymill to
assist each other in the generation of new business, and this should start to be
seen over the next year. Speymill continues to have a significant and growing
market presence in the leisure, theme pub and nightclub sector with a healthy
new business level in line with Directors' expectations. New contracts are being
won on a regular basis with the most recent high profile example being the
creation of a 'Walkabout' bar above Temple underground station on Victoria
Embankment on behalf of Regent Inns.
First National Property Maintenance Ltd ("FNPM")
Trading within FNPM has been broadly in line with expectations and a number of
exciting opportunities exist for the future. However, Shareholders should note
that the benefit of the majority of these opportunities will not be seen until
the next financial year. Key areas of achievement this year include winning a
new 3 year grounds maintenance contract with Worthing Homes Ltd, sub contract
work from the direct labour organisation of Crawley Borough Council and
successful inclusion on the select tender list for building and grounds
maintenance with a number of housing associations and Local Authorities, where
the commencement date would be April 2003. FNPM is also in negotiations with a
number of organisations where their existing contractors are in default and
therefore FNPM is exploring the possibility of assuming these contracts.
New corporate image and web sites
It is intended that a re-branding of both the Group and the principal
subsidiaries will take place in the second half of the year in order to present
a more unified and consistent public image. As part of this process, the Group's
website, www.wigmoregroup.com and subsidiary web sites will be updated in due
course.
Prospects
Your Board believes that the Group is well positioned to take advantage of the
considerable opportunities that exist in both the public and private sectors,
not least as a result of the initial investment in establishing an effective
electronic business process for FNPM. This will ensure that the Group has both
the capability and the capacity to handle business growth profitably.
I look forward to the future with confidence.
Peter Hewitt
Chairman
2nd September 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
6 MONTHS ENDED 30 JUNE 2002
6 months ended 30 June 6 months ended 30 Year ended 31
2002 June 2001 December 2001
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
TURNOVER -
acquisitions 5,715 - -
continuing activities 288 446 26
discontinued activities - 238 913
6,003 684 939
Cost of sales -
acquisitions (4,850) - -
continuing activities (227) (425) (15)
discontinued activities - (365) (1,004)
(5,077) (790) (1,019)
GROSS PROFIT/(LOSS) 926 (106) (80)
Administrative expenses (989) (365) (627)
Administrative expenses - provision for bad debt (138) -
Exceptional item arising from liquidation of a 26 135 135
subsidiary
Other operating income - - 8
OPERATING (LOSS)/PROFIT-
acquisitions 118 -
continuing activities (293) (103) (346)
discontinued activities - (233) (218)
(175) (336) (564)
Loss on disposal of fixed asset properties - (5) (7)
Interest receivable - 3 4
Interest payable and similar charges (18) (14) (17)
LOSS ON ORDINARY ACTIVITIES RETAINED FOR THE PERIOD (193) (352) (584)
Pence Pence Pence
LOSS PER SHARE (0.3) (3.3) (0.9)
ALTERNATIVE MEASURE OF LOSS PER SHARE
Loss per ordinary share of 1 pence (0.3) (2.9) (2.5)
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
6 MONTHS ENDED 30 JUNE 2002
6 months ended 30 6 months ended 30 Year ended 31
June 2002 June 2001 December 2001
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
LOSS FOR THE PERIOD (193) (352) (584)
Deferred taxation effect on the revaluation of stocks and - 32 54
properties to current cost
TOTAL LOSSES RECOGNISED IN PERIOD (193) (320) (530)
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2002
30 June 30 June 31 December
2002 2001 2001
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
FIXED ASSETS
Intangible fixed assets - goodwill 3,019 - -
Tangible fixed assets 264 48 62
3,283 48 62
CURRENT ASSETS
Stocks and work in progress 33 236 -
Debtors 4,003 15 895
Cash at bank and in hand - 35 1
4,036 286 896
CREDITORS: amounts falling due within one year (5,368) (217) (402)
NET CURRENT (LIABILITIES)/ASSETS (1,332) 69 494
TOTAL ASSETS LESS CURRENT LIABILITIES 1,951 117 556
CREDITORS: amounts falling due after more than one year (1,043) - -
PROVISIONS FOR LIABILITIES AND CHARGES - (23) -
908 94 556
CAPITAL AND RESERVES
Called up share capital 1,833 1,065 1,554
Share premium account 1,426 957 1,160
Revaluation reserve - 20 -
Profit and loss account (2,351) (1,948) (2,158)
908 94 556
CONSOLIDATED CASH FLOW STATEMENT
6 MONTHS ENDED 30 JUNE 2002
6 months ended 30 6 months ended 30 Year ended 31
June 2002 June 2001 December 2001
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 432 (32) 68
Returns on investment and servicing of finance (18) (11) (13)
Taxation (221) - -
Capital expenditure and financial investment (44) 102 114
Acquisitions and disposals (1,163) (6) (6)
CASH INFLOW BEFORE FINANCING (1,014) 53 163
Financing 523 (348) (531)
INCREASE/(DECREASE) IN CASH IN THE PERIOD 491 (295) (368)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
6 months ended 30 6 months ended 30 Year ended 31
June 2002 June 2001 December 2001
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
(DECREASE)/INCREASE IN CASH IN THE PERIOD (491) (295) (368)
Cash outflow from decrease in debt 396 531
23
CHANGE IN NET DEBT RESULTING FROM CASH FLOWS (468) 101 163
Finance lease liability written off following liquidation of (58) - 47
subsidiary
Loan to fund acquisition of subsidiary (1,000)
New finance leases (21) - (35)
(1,547) 101 175
Opening net debt (51) (226) (226)
CLOSING NET DEBT (1,598) (125) (51)
NOTES TO THE INTERIM REPORT
1 The interim results are unaudited and do not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. The
figures for the year ended 31 December 2001 have been extracted from the
statutory accounts, which have been reported on by the company's auditors and
have been delivered to the Registrar of Companies. The auditors' report did not
contain any statement under Section 237(2),(3) or (4) of the Companies Act 1985.
2 The interim financial statements have been prepared using the
accounting policies set out in the 2001 accounts.
3 Earnings per ordinary share have been calculated using the weighted
average number of shares in issue during the relevant financial periods.
The alternative measure of earnings per share is calculated with respect
only to the weighted average number of ordinary shares of 1 pence in issue,
disregarding the deferred shares.
4 The Directors do not propose to pay a dividend for the period.
Further copies of the interim report may be obtained from the Company Secretary
at The Wigmore Group plc, Bodiam House, Amberley Court, County Oak Way, Crawley,
Sussex RH11 7XL.
For further information please contact:
Peter Hewitt Chairman 01293 423301
Adam Reynolds / Takki Sulaiman Hansard Communications 0207 735 9415
07778 419218
Kirsty Campbell Seymour Pierce 0207 648 8700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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