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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tellings Gldn | LSE:TGM | London | Ordinary Share | GB0033384180 | ORD 7P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Tellings Golden Miller Group Plc
Preliminary Results to 31 December 2006
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report the results of Tellings Golden Miller Group Plc for the
year ended 31 December 2006. As noted in my report for 2005, following the sale
of our London Bus division, we have drawn together the remaining operations,
focused on areas where improvements are necessary and cut back costs. I am
pleased to say that while this has taken in some cases longer than I would have
wished, our efforts have been rewarded by the achievement of a significantly
improved result for the year.
Enquiries
Name Organisation Telephone
Stephen Telling, Tellings Golden
Chairman and Chief Executive Miller Group 020 8757 4700
Basil Taylor, Tellings Golden
Finance Director Miller Group 020 8757 4700
Tony Rawlinson
Nominated Adviser City Financial Associates 020 7090 7800
Limited
Highlights
Turnover excluding discontinued operations was £27.6 m (2005 : £26.9 m).
Operating profit ( loss) on continuing operations of £0.9 m (2005 : £(0.6) m).
Pre-tax loss £0.3 m (2005: £0.9 m before profit on sale of subsidiaries of £14.8 m).
Net assets £9.9 m (2005: £10.0 m) equating to 43.2 pps.
Continued tender success.
Group now positioned for future growth.
Results
Turnover from operations, including discontinued operations of £3.5m, for the
year was £31.1m (2005:£30.1m including £3.3m from operations discontinued in
2006) reflecting a full year's contribution from acquisitions in 2005 and
tender successes in 2006. The operating profit was £0.6m (2005: loss £0.4m).
The loss before taxation was £0.3m (2005: loss £0.9m before profit on sale of
subsidiaries of £14.8m).
Net assets were £9.9m (2005: £10.0m) and debt, excluding hire purchase debt on
the vehicle fleet of £10.4m (2005:£10.9m), was £6.3m (2005: £5.5m). At the end
of 2006, debt reflects settlement of financial arrangements on assets disposed
of with discontinued operations.
Dividend
No dividend is proposed.
Operational review
In addition to the benefits of the restructuring exercise I referred to above,
during 2006 our Classic operation acquired a small coach operation, Hylton
Castle Motors Limited, with effect from 1 April 2006 and a new National Express
contract effective from 2 December 2006. Unfortunately, Classic lost its Dial a
Ride (U Call and Care Call) services with effect from July 2006.
Elsewhere, our Network Colchester bus operations are working much better and
lost mileage is now consistently less than 1% and on some routes often 0%. We
are being rewarded by higher patronage leading to better revenues.
Linkline, our contract bus operation in West London has continued to perform
well, having successfully renewed the BBC contract which it has operated for
over 10 years and won several new corporate service contracts.
Our National Express business continues to perform satisfactorily and during
the year we were able to negotiate improved rates, the full effect of which
will not be felt until 2007.
The coach market has remained competitive not only from within but also from
external competitors such as low cost airlines, on line booking and changing
travel habits of our potential customers. We have continued to manage our coach
business to meet such changes and have continued our strategy of reducing our
coach fleet in line with demand.
At the same time we purchased some new vehicles so as to upgrade our fleet to
meet the low emission zone requirements to be introduced in the London area in
June 2008. I am pleased to say that the Group is in a very strong position to
meet these standards without significant further capital expenditure. As well
as meeting these emission targets we are also assessing the merits of using
biofuels.
Current trading
We have made an encouraging start to 2007 and remain confident of achieving our
objectives for the year. Cost pressures, including fuel and drivers' payroll,
remain a challenge and we are continuing to manage these as part of our overall
cost base.
The future
Having largely reshaped the Group, the next steps for us are to continue to
improve operating margins and move the Group forward taking advantage of our
considerable skills base and resources. We will continue to look at
opportunities as they arise.
By the end of April we shall have completed the integration of our London
engineering base with recently acquired OFJ Ground Services and will have moved
our London coach operations and head office into our new premises at Heathrow
airport. Operating efficiencies and resultant cost savings are expected.
2006 saw continued merger and acquisition activity within the industry.
Nevertheless, opportunities for growth by acquisition within bus, coach or
related industries remain.
I would like to thank all of our employees and board members for their efforts
in 2006 and look forward to their continued support in the current year.
Stephen R Telling,
Chairman
30 March 2007
Tellings Golden Miller Group Plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the financial year ended 31 December 2006
Year ended Year ended
31 December 31 December
2006 2005
Notes £000's £000's
Group Turnover
Continuing operations 2 27,584 26,872
- Acquisitions 2 103 -
Discontinued Operations 2 3,452 14,661
________ _________
31,139 41,533
Cost of sales (27,212) (37,545)
________ _________
Gross Profit 3,927 3,988
Administration costs (3,287) (4,385)
________ _________
Group operating profit (loss) 640 (397)
________ _________
Continuing operations 858 (623)
- Acquisitions 26 -
________ ________
884 (623)
Discontinued Operations (244) 226
________ ________
Group operating profit 640 (397)
Profit on sale of subsidiaries - 14,835
Loss on disposal of assets (247) -
________ ________
Profit on ordinary activities 393 14,438
Finance charges
Net Interest (685) (459)
________ ________
(Loss) Profit on ordinary activites 4 (292) 13,979
before taxation
Tax on Profit on ordinary 175 (63)
activities
________ ________
(Loss) Profit for the financial (117) 13,916
year
________ ________
Profit and loss reserve brought 5,350 5,196
forward
________ ________
5,233 19,112
Dividends paid 3 - (13,762)
________ ________
Profit and loss reserve carried 5,233 5,350
forward
________ ________
Basic and diluted earnings per 5 (0.51)p 60.66p
share
There are no recognised gains and losses other than those passing through the
profit and loss account
Tellings Golden Miller Group Plc
CONSOLIDATED BALANCE SHEET
As at 31 December 2006
31 December 31 December
2006 2005
Notes £000's £000's
Fixed Assets
Intangible assets 719 829
Tangible assets 19,625 20,586
Investments - -
__________ __________
20,344 21,415
__________ __________
Current Assets
Tangible assets 494 -
Stocks 355 364
Debtors 6,279 5,525
Cash at bank and in hand 188 352
________ ________
7,316 6,241
CREDITORS: amounts falling
due within one year (9,063) (8,327)
________ ________
Net current (liabilities) (1,747) (2,086)
________ ________
Total assets less current 18,597 19,329
liabilities
CREDITORS: amounts falling
due after more than one year (7,359) (7,695)
Provision for liabilities (1,378) (1,657)
________ ________
Net Assets 9,860 9,977
________ ________
Capital and Reserves
Called up share capital 1,763 1,763
Share premium account 2,864 2,864
Profit and loss account 5,233 5,350
________ ________
Shareholders' funds 6 9,860 9,977
________ ________
Total capital employed 9,860 9,977
________ ________
Shareholders' funds may be analysed
as:
Shareholders' funds - equity 9,703 9,820
Shareholders' funds - non-equity 157 157
________ ________
9,860 9,977
________ ________
Tellings Golden Miller Group Plc
CONSOLIDATED CASH FLOW STATEMENT
As at 31 December 2006
Year ended Year ended
31 December 31 December
2006 2005
Notes £000's £000's
Net cash flow from operating 2,964 2,009
activities
Returns on investments and servicing (684) (481)
of finance
Taxation - Corporation tax paid - (112)
Capital expenditure and financial 1,136 (1,346)
investment
Acquisitions and disposals (55) 19,673
Equity dividends paid - (13,762)
Financing (4,875) (5,562)
----------- -----------
Increase/(Decrease) in cash in the 7 (1,514) 419
year ___________ ___________
Reconciliation of net cash flow to
movement in net debt
Increase/(Decrease) in cash in the (1,514) 419
year
Cash outflow (inflow) from decrease 4,875 5,562
(increase) in debt and lease financing
Loans and finance leases (acquired)/ 338 2,102
disposed with subsidiary undertakings
and operations
Other non - cash changes (4,690) (4,634)
----------- -----------
Movement in the year (991) 3,449
Net funds / (debt) at the start of the (12,945) (16,394)
year
----------- -----------
Net funds / (debt) at the end of the (13,936) (12,945)
year ___________ ___________
Tellings Golden Miller Group Plc
1. Basis of preparation and consolidation
The financial statements have been prepared under the historical cost basis of
accounting and in accordance with applicable Accounting Standards in the United
Kingdom.
Under section 230(4) of the Companies Act 1985, the Company is exempt from the
requirement to present its own profit and loss account.
2. Turnover
Turnover represents the amounts (excluding value added tax) derived from the
provision of services to customers.
3. Dividends
Year ended Year ended
31 December 31 December
2006 2005
£000's £000's
Equity shares
Dividends paid in the year - 13,762
________ ________
- 13,762
________ ________
4. Profits attributable to Tellings Golden Miller Group Plc
The profit for the year before tax and dividends dealt with in the accounts of
the parent company was £71,000 (2005 Profit: £20,017,000). As permitted by
Section 230(4) of the Companies Act 1985, no separate profit and loss account
is presented in respect of the parent company.
5. Earnings per share
Earnings per ordinary share have been calculated in accordance with FRS 14
"Earnings per share", by calculating group profit on ordinary activities after
tax divided by the weighted average number of ordinary shares in issue during
the period.
The calculation of basic and diluted earnings per ordinary share is based on
the profit for the financial year as follows together with the weighted average
number of equity voting shares in issue.
Year ended Year ended
31 December 31 December
2006 2005
Basic weighted average share capital 22,937,499 22,937,499
(number of ordinary shares)
£000's £000's
Profit (loss) after taxation and minority
interests
(for basic and diluted EPS calculation) (117) 13,916
Earnings per share (basic and diluted) (0.51)p 60.66p
Tellings Golden Miller Group Plc
6. Reconciliation of movements in shareholders' funds
Group Year ended Year ended
31 December 31 December
2006 2005
£000's £000's
At 1 January 2006 9,977 9,823
(Loss)/profit for the year (117) 13,916
New share capital subscribed (net of issue - -
price)
Share premium arising - -
Dividends paid - (13,762)
________ ________
At 31 December 2006 9,860 9,977
________ ________
7. Reconciliation of operating profit to net cash inflow from operating
activities:
Group Year ended Year ended
31 December 31 December
2006 2005
£000's £000's
Operating profit (loss) 640 (397)
Depreciation charges 1,996 2,068
Profit on the sale of fixed assets (82) (18)
Decrease/(increase) in stocks 9 (25)
Decrease/(increase) in debtors 929 (116)
(Decrease)/increase in creditors (528) 497
________ ________
Net cash inflow from operating activities 2,964 2,009
________ ________
8. Financial Information
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2006 or 2005 (but is derived
from those accounts).
Statutory accounts for 2005 have been delivered to the Registrar of Companies
and those for 2006 will be delivered following the Company's Annual General
Meeting. The auditors have reported on those accounts; their reports were
unqualified and did not contain statements under section 237 (2) or (3) of the
Companies Act 1985.
9. Annual General Meeting
The Annual General Meeting will be held at 9.30am on Thursday 10th May 2007 at
the offices of Field Fisher Waterhouse, 35 Vine Street, London EC3N 2AA.
10. Report and Accounts
Copies of the Report and Accounts for the year ended 31 December 2006 will be
sent to shareholders in due course. Further copies will be available from the
Company's website at www.tellingsgoldenmiller.co.uk or at the Company's
registered office at Building 16300 MT2, Electra Avenue, London Heathrow
Airport, Hounslow, Middlesex TW6 2DN.
END
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