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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Spring Grove | LSE:SGV | London | Ordinary Share | GB0004336177 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:8279C
Spring Grove Prop. Maintenance PLC
23 October 2002
Spring Grove Property Maintenance PLC
Interim Results for the six months ended 31 July 2002
Chairman's Statement
I am pleased to report the Interim results for the six months ended 31 July 2002
which show an unaudited profit before taxation of #178,000 (#197,000, 2001) on a
turnover of #5,434,000 (#3,430,000) to produce earnings per share of
1.19p v 2.69p.
At 31 July 2002 the Company's net assets stood at #3,000,000 compared to
#771,000 at 31 July 2001, equivalent to 25 pence per share for 2002, (13 pence).
The reduction in profitability in the six months to 31 July 2002 was due to the
delayed start to the major new contract we have won with Camden Borough Council.
For the year as a whole your board are optimistic that your Company will show
further growth in both turnover and profitability.
Current Trading
We committed substantial resources during the first half of 2002 to ensure the
new contract with Camden Borough Council started successfully. We expect this
contract to generate turnover of #2,000,000 per annum when it is fully
operational.
The Company's existing core business has continued to develop satisfactorily and
to meet this growth we have opened a new Reading branch, which is meeting
expectations.
New operational management and IT structures have also been introduced during
the period to reflect the rapid expansion of the Company and strengthen our
operational management systems.
Future Prospects
During the first half-year we have succeeded in winning new contracts with an
annual turnover of #750,000. Further partnering initiatives are currently being
explored, which we anticipate will lead to further opportunities to expand
the Company and contribute to higher profitability in future years.
Chris Phillips
Chairman
23 October 2002
Spring Grove Property Maintenance PLC
Unaudited Consolidated Profit and Loss Account
for the six months ended 31 July 2002
Six months Six months Year
ended ended ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover 5,434 3,430 7,395
Cost of sales (3,954) (2,387) (5,000)
Gross Profit 1,480 1,043 2,395
Administrative overheads (1,287) (761) (1,811)
Other operating income 2 5 9
Net operating profit 195 287 593
Net interest payable (17) (90) (199)
Profit on ordinary activities before taxation 178 197 394
Tax on profit on ordinary activities (35) (37) (95)
Profit on ordinary activities after taxation 143 160 299
Earnings per share Pence Pence Pence
Basic 1.19 2.69 4.43
There were no recognised gains and losses other than the profit for the period
Spring Grove Property Maintenance PLC
Unaudited Consolidated Balance Sheet
as at 31 July 2002
As at As at As at
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Intangible assets 68 0 68
Tangible assets 1135 790 1077
1203 790 1145
Current assets
Stocks 952 500 1018
Debtors 2332 1431 1670
Cash at bank and in hand 0 127 410
3284 2058 3098
Creditors
Amounts falling due within one year (1256) (1964) (1173)
Net current assets 2028 94 1925
Total assets less current liabilities 3231 884 3070
Creditors
Amounts falling due after more than one year (231) (113) (201)
Net assets 3000 771 2869
Capital and reserves
Called up share capital 120 60 120
Share premium account 2094 207 2106
Profit and loss account 786 504 643
Shareholders' funds 3000 771 2869
Unaudited Consolidated Cash Flow Statement
for the six months ended 31 July 2002
Six months Six months Year
ended ended ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Net cash inflow/(outflow) from operating activities (317) 200 (923)
Returns on investment and servicing of finance
Interest received 2 0 2
Interest paid (19) (84) (185)
Interest element of finance lease (12) (6) (16)
Net cash (outflow) from returns on investment
and servicing of finance (29) (90) (199)
Taxation 0 (48) (108)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (174) (220) (620)
Receipts from sale of fixed assets 0 3 10
Payments to acquire intangible fixed assets 0 0 (4)
Net cash (outflow) from capital expenditure
and financial investment (174) (217) (614)
Acquisitions and disposals
Purchase of subsidiary undertaking 0 0 (64)
Cash outflow before financing (520) (155) (1908)
Financing
Issue of equity share capital 0 0 60
Share premium on issue of equity share capital 0 0 1899
Repayment of bank loans 0 0 23
Capital element of finance lease 40 56 179
Net cash inflow from financing 40 56 2161
Increase/(decrease) in cash (480) (99) 253
Spring Grove Property Maintenance PLC
Notes to the Interim Results
for the six months ended 31 July 2002
1 Basis of preparation
The results for the six months ended 31 July 2002 are unaudited. They have
been prepared on accounting bases and policies that are consistent with
those used in the preparation of the financial statements of the company for
the period ended 31 January 2002 which were audited.
The financial statements contained in this report do not constitute
statutory accounts within the meaning of Section 240 Companies Act 1985. The
results for the period ended 31 January 2002 were reported on by the
auditors and received an unqualified audit report. Full accounts for the
period ended 31 January 2002 have been delivered to Companies House
2 Taxation
Six months Six months Year
ended ended ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Based on profit for the period - UK Corporation Tax 35 37 95
3 Earnings per share
Six months Six months Year
ended ended ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
Pence Pence Pence
Earnings per ordinary share 1.19 2.69 4.43
4 Reconciliation of movements in shareholders' funds
Six months Six months Year
ended ended ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Profit for the period 143 160 299
New equity share capital subscribed 0 0 61
Premium on new equity share capital subscribed (12) 0 1898
Net addition of funds 131 160 2258
Opening shareholders' equity funds 2869 611 611
Closing shareholders' equity funds 3000 771 2869
5 Reconciliation of operating profit to net cash flow from operating profit
Six months Six months Year
ended ended ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Operating profit 195 287 593
Depreciation 116 75 178
Loss on disposal of fixed assets 0 0 3
(Increase)/decrease in stocks 66 (60) (578)
(Increase) in debtors (662) (134) (369)
Increase/(decrease) in creditors (32) 32 (750)
Net cash outflow from operating activities (317) 200 (923)
6 Reconciliation of net cash flow to movement in net debt
Six months Six months Year
ended ended Ended
31-Jul-02 31-Jul-01 31-Jan-02
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Increase/(decrease) in cash in the period (480) (99) 253
Net cash (inflow)/outflow from bank loans 0 0 (23)
Cash outflow in respect of finance lease (40) (56) (179)
Change in net debt (520) (155) 51
Opening net debt (95) (146) (146)
Closing net debt (615) (301) (95)
7 Analysis of changes in net debt
At Cash At
1-Feb-02 Flows 31-Jul-02
#'000 #'000 #'000
Net cash:
Cash at bank and in hand 409 (409) 0
Debt:
Debt due within one year (188) (71) (259)
Finance leases (316) (40) (356)
(504) (111) (615)
Net debt (95) (520) (615)
8 Copies of the interim report
Copies of the interim report are available to the public from Spring Grove
House, Ivy Road, Hounslow, Middlesex, TW3 2DH.
Press Enquiries:
Chris Phillips, Chairman
Spring Grove Property Maintenance PLC
Tel: 020 7935 4499
Alex Borrelli
Shore Capital
Tel: 020 7408 4090
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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