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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Triad Group Plc | LSE:TRD | London | Ordinary Share | GB0009035741 | 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% | 255.00 | 250.00 | 260.00 | 255.00 | 255.00 | 255.00 | 563 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computer Related Svcs, Nec | 14.86M | -44k | -0.0027 | -944.44 | 42.32M |
From Apr 2019 to Apr 2024
TIDMTRD
RNS Number : 1037X
Triad Group Plc
22 November 2017
Triad Group Plc
Half year results for the six months ended 30 September 2017
Chairman's Statement
Financial Highlights
-- Revenue for the six months ended 30 September 2017: GBP14.24m (2016: GBP14.83m) -- Profit after tax: up to GBP0.76m (2016: GBP0.69m) -- Profit from operations: up to GBP0.74m (2016: GBP0.68m) -- Earnings before interest, tax, amortisation and depreciation: up to GBP0.77m (2016: GBP0.71m) -- Gross profit as a percentage of revenue: 16.8% (2016: 15.6%)
Business Review
I am pleased to report another strong performance for the period to 30 September 2017, continuing the unbroken trend of improved results over recent years. Further to the Group's ongoing drive to strengthen profitability, gross margin as a percentage of revenue has improved to 16.8% (2016: 15.6%) and profit after tax has improved to GBP0.76m (2016: GBP0.69m). Revenue has, as expected, decreased from last year to GBP14.24m (2016: GBP14.83m).
The Group continues to be heavily engaged in providing services across the public sector, including to The Ministry of Justice, The Home Office, and Highways England. In the private sector, we continue to support the operations and infrastructure of a global bank and to provide a significant number of resources to a multi-national engineering firm. New work acquired during the period included the development of a digital platform for a national surveying company, the development of a new platform at Department for Transport, and work at Cabinet Office.
The Group has withstood a number of challenging situations during the period. The start of the financial year coincided with Government's implementation of the new Off Payroll Legislation relating to the tax status of contractors working in the public sector. It was pleasing to note that we experienced minimal attrition due to this, although considerable management time and effort was required to steer through an extremely complex and fast-changing environment.
During the period the Group's largest client, a central Government department, initiated a re-procurement exercise across several major programmes of work on which Triad has been significantly engaged. I am delighted to report that Triad has been successful in winning two of these competitions, one a significant contract for the supply of a business analysis service, the other a large contract for the supply of production support services.
The Group's cash position as at 30 September 2017 has decreased from the previous year end to GBP2.0m (at 31 March 2017: GBP2.2m) further to two large clients being particularly slow in clearing a backlog of payments. I am pleased to say this situation has now been successfully resolved. There have been no bad debts during the period.
Outlook
Plans to further improve profitability are progressing well. Gross margin remains the key focus, achieved through improvements in daily rates and utilisation levels. Strategies to support this include access to new frameworks, an example being the pan-Governmental Management Consultancy Framework on which Triad has just been awarded a place within the ICT & Digital lot. Other plans include further penetration of the private sector, particularly Financial Services, using our extensive delivery credentials combined with some niche technical expertise around emerging technologies.
Recruitment of high calibre consultants remains a priority as we continue to develop our services and capabilities to extend the Group's reach, particularly in the private sector.
Our sales pipeline remains healthy.
Dividend
The Board have declared an interim dividend of 0.5p (2016: GBPnil). See note 4.
Employees
On behalf of the Board I would like to thank our staff for their continued hard work and dedication during the period.
John Rigg
Chairman
21 November 2017
Unaudited condensed consolidated statement of comprehensive income and expense
Hot Features
Premium
Note Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Revenue 14,237 14,834 30,912
Cost of sales (11,839) (12,524) (25,912)
-------------- -------------- --------------
Gross profit 2,398 2,310 5,000
Administrative expenses (1,653) (1,630) (3,453)
-------------- -------------- --------------
Profit from operations 745 680 1,547
Finance expense 5 (9) (17) (31)
Finance income 1 5 5
-------------- -------------- --------------
Profit before tax 737 668 1,521
Tax credit 6 18 24 13
-------------- -------------- --------------
Profit for the period
and total comprehensive
income attributable
to equity holders
of the parent 755 692 1,534
-------------- -------------- --------------
Basic earnings per
share 7 4.87p 4.57p 10.08p
-------------- -------------- --------------
Diluted earnings per
share 7 4.67p 4.38p 9.55p
-------------- -------------- --------------
All amounts relate to continuing activities.
Unaudited condensed consolidated statement of changes in equity
Share Share Capital Retained Total
Capital premium redemption earnings
account reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2016 151 562 104 1,239 2,056
Profit for the
period and total
comprehensive
income - - - 692 692
Issue of shares 1 4 - - 5
Share-based
payments - - - 2 2
-------- -------- -------- -------- --------
At 30 September
2016 152 566 104 1,933 2,755
--------- --------- --------- --------- ---------
At 1 April 2017 155 605 104 2,775 3,639
Profit for the
period and total
comprehensive
income - - - 755 755
Dividend paid - - - (77) (77)
Issue of shares - 6 - - 6
Share-based
payments - - - 2 2
-------- -------- -------- -------- --------
At 30 September
2017 155 611 104 3,455 4,325
--------- --------- --------- --------- ---------
At 1 April 2016 151 562 104 1.239 2,056
Profit for the
year and total
comprehensive
income - - - 1,534 1,534
Issue of shares 4 43 - - 47
Share-based
payments - - - 2 2
-------- -------- -------- -------- --------
At 31 March
2017 155 605 104 2,775 3,639
--------- --------- --------- --------- ---------
Unaudited condensed consolidated statement of financial position
Note Unaudited Unaudited Audited
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 6 11 8
Property, plant
and equipment 105 131 134
Deferred tax 379 374 361
-------------- -------------- --------------
490 516 503
-------------- -------------- --------------
Current assets
Trade and other
receivables 5,164 5,743 5,051
Cash and cash equivalents 2,001 901 2,248
-------------- -------------- --------------
7,165 6,644 7,299
-------------- -------------- --------------
Total assets 7,655 7,160 7,802
Current liabilities
Trade and other
payables (2,994) (3,960) (3,702)
Financial liabilities - (6) (11)
Short term provisions (285) (254) (405)
-------------- -------------- --------------
(3,279) (4,220) (4,118)
-------------- -------------- --------------
Non-current liabilities
Financial liabilities - (9) -
Long term provisions (51) (176) (45)
-------------- -------------- --------------
(51) (185) (45)
-------------- -------------- --------------
Total liabilities (3,330) (4,405) (4,163)
-------------- -------------- --------------
Net assets 4,325 2,755 3,639
-------------- -------------- --------------
Shareholders' equity
Share capital 155 152 155
Share premium account 611 566 605
Capital redemption
reserve 104 104 104
Retained earnings 3,455 1,933 2,775
-------------- -------------- --------------
Total shareholders'
equity 4,325 2,755 3,639
-------------- -------------- --------------
Unaudited condensed consolidated statement of cash flows
Note Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Profit for the period
before taxation 737 668 1,521
Adjustments for:
Depreciation of property,
plant and equipment 31 27 60
Amortisation of intangible
assets 2 2 5
Interest expense 2 2 4
Share-based payment
expense 2 2 2
Changes in working
capital
Increase in trade
and other receivables (113) (1,060) (367)
(Decrease)/increase
in trade and other
payables (708) 464 205
Decrease in provisions (114) (121) (101)
-------------- -------------- --------------
Cash (consumed)/generated
by operations (161) (16) 1,329
Interest paid (2) (2) (4)
Tax received - - 2
-------------- -------------- --------------
Net cash flows from
operating activities (163) (18) 1,327
-------------- -------------- --------------
Cash flows from investing
activities
Purchase of intangible - - -
assets
Purchase of property,
plant and equipment (2) (38) (74)
-------------- -------------- --------------
Net cash outflows
from investing activities (2) (38) (74)
-------------- -------------- --------------
Cash flows from financing
activities
Finance lease principal
payments (11) (3) (7)
Proceeds of issue
of shares 6 5 47
Dividend paid 4 (77) - -
-------------- -------------- --------------
Net cash flows from
investing activities (82) 2 40
-------------- -------------- --------------
Net (decrease)/increase
in cash and cash equivalents (247) (54) 1,293
Cash and cash equivalents
at beginning of the
period 2,248 955 955
-------------- -------------- --------------
Cash and cash equivalents
at end of the period 2,001 901 2,248
-------------- -------------- --------------
Notes to the interim report
1. General information
The interim financial information set out above and overleaf does not constitute statutory accounts and has neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board. It has been approved by the Board of Directors on 21 November 2017.
2. Basis of preparation
The comparative figures for the year ended 31 March 2017 are not the Group's statutory accounts for the financial year. Those accounts have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under Section 498(2) or (3) of the Companies Act 2006.
These financial statements have been prepared using accounting policies the Group expects to be applicable at 31 March 2018, in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and with the Disclosure and Transparency Rules of the Financial Services Authority, and in accordance with the requirements of IAS 34, Interim Financial Reporting, and with the accounting policies set out in the statutory accounts of Triad Group Plc for the year ended 31 March 2017.
None of the new standards and amendments that are effective for the first time for periods beginning on or after 1 April 2017 have a material impact on the Group.
The estimates and assumptions applied in the interim financial information were the same as those applied in the last Group statutory accounts for the year ended 31 March 2017.
3. Going Concern
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half year results.
4. Dividend
The Board have declared a dividend of 0.5p for the period to 30 September 2017 (2016: nil).
The Company will pay the dividend on Friday 5 January 2018 to all shareholders on the register of members of the Company at the close of business on 1 December 2017. The ex-dividend date will be on 30 November 2017.
During the period a final dividend for the year ended 31 March 2017 of GBP77,000 was paid.
5. Finance expense
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Bank interest expense 2 1 3
Other interest expense - 1 1
-------------- -------------- --------------
Total interest expense 2 2 4
Unwinding of discount
on provisions 7 15 27
-------------- -------------- --------------
Total finance expense 9 17 31
-------------- -------------- --------------
6. Tax credit
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Current tax
Current tax on profits - - -
for the period
Research and development
tax credit relating to
earlier period - - (2)
Deferred tax
Recognition of previously
unrecognised deferred
tax asset (18) (24) (11)
-------------- -------------- --------------
Total tax credit for the
period (18) (24) (13)
-------------- -------------- --------------
The differences between the actual tax credit for the year and the standard rate of corporation tax in the UK applied to profits for the year are as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Profit before tax 737 668 1,521
Profit before tax multiplied
by standard rate of corporation
tax in the UK of 19%/20%/20% 140 134 304
Research and development
tax credit relating to - - (2)
earlier period
Expenses not deductible
for tax purposes 3 - 8
Brought forward losses
utilised against taxable - (134) -
profits
Recognition of previously
unrecognised deferred
tax asset on losses (161) (24) (323)
-------- -------- --------
Tax credit for the period (18) (24) (13)
--------- --------- ---------
Deferred tax asset
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
The movement is deferred
tax is as follows:
At beginning of period 361 350 350
Utilisation against taxable
profits (143) (134) (312)
Recognition of previously
unrecognised deferred
tax asset on losses 160 158 342
Increase/(decrease) in
relation to timing difference 1 - (15)
Rate change - - (4)
-------- -------- --------
At end of period 379 374 361
--------- --------- ---------
Deferred tax assets have been recognised in respect of tax losses where the Directors believe it is probable that the assets will be recovered. A deferred tax asset amounting to GBP565,000 (2016: GBP922,000) has not been recognised in respect of trading losses, which can be carried forward indefinitely.
7. Earnings per ordinary share
Earnings per share have been calculated on the profit for the period divided by the weighted average number of shares in issue during the period based on the following:
Unaudited Unaudited Audited
30 September 30 September 31 March
2017 2016 2017
Profit for the period GBP755,000 GBP692,000 GBP1,534,000
-------------- -------------- --------------
Average number of shares
in issue 15,507,586 15,153,404 15,219,826
Effect of dilutive options 656,019 646,181 848,437
-------------- -------------- --------------
Average number of shares
in issue plus dilutive
options 16,163,605 15,799,585 16,068,263
-------------- -------------- --------------
Basic earnings per share 4.87p 4.57p 10.08p
-------------- -------------- --------------
Diluted earnings per
share 4.67p 4.38p 9.55p
-------------- -------------- --------------
8. Financial liabilities
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2017 2016 2017
GBP'000 GBP'000 GBP'000
Current
Finance lease obligations - 7 11
-------------- -------------- --------------
Non Current
Finance lease obligations - 8 -
-------------- -------------- --------------
9. Related party transactions
The Group rents two of its offices under contracts expiring in 2018. The current annual rents of GBP395,000 were fixed by independent valuation. JC Rigg, a Director, has notified the Board that he has a 50% beneficial interest in these contracts. The balance owed at the period end was GBPnil (2016: GBPnil).
10. Statement of the directors' responsibilities
The Board confirms to the best of their knowledge;
-- that the condensed consolidated half year financial statements for the six months to 30 September 2017 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU; and
-- that the Half Year Report includes a fair review of the information required by sections 4.2.7R and 4.2.8R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the period and their impact on the condensed consolidated half year financial statements; a description of the principal risks and uncertainties for the remainder of the current financial year; and the disclosure requirements in respect of material related party transactions.
By order of the Board
NE Burrows
Company Secretary
21 November 2017
Names of the current Board of Directors can be found on the company website at www.triad.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UASRRBNAAUAA
(END) Dow Jones Newswires
November 22, 2017 02:00 ET (07:00 GMT)
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