Trainline Share Discussion Threads

[riddlerone] 09/1/2004 14:19

Goes ex div on 23rd Jan,payable on 20th Feb.

[big_cat] 09/1/2004 14:08

When is the big dividend due?

[riddlerone] 09/1/2004 09:57

With all this activity with the dollar surely Trio must benefit enormously.Would not surprise me for them to have had a record 2 months on currency speculative trading.

[extrader] 04/1/2004 20:17

Shareprice has flat-lined for a month, despite all sorts of (presumably) price-affecting info (Saddam, gold price, outlook for 2004 etc). What does it take to move this share ?

[tacobumpy] 11/12/2003 13:08

I have been in and out of this a couple of times and made a nice profit from having bought in the early days. I bought back in just before the results hoping for a decent set of results with trading having increased after the end of the Gulf War II and also because Link had disposed of the bulk of its holding and only had less than 3 per cent. What did seem to be holding the price back was the Link disposal, which was slowly leaking into the market.

Unfortunately the reaults were not good and did not produce any rise. There seems to be some hope that the company could be subject to a takeover bid with comments in the results and in the resutls of ICAP, but there have been open invitations for bids in previous results. With Link disposing of its holding any predator could also have spoken with Link to reach an agreement with them over their holding. I cannot see that Trio is any more attractive to a bidder now than it has previosuly been.

There have been questions on this thread about the £10 mill in the bank. This has been there a long time and nothin has been done about it. Is it possibly a regulatory deposit? I do not know, but if anyone can shed any light on it I would be grateful.

I think the company is well run. The management seem to have an eye on costs and are not adverse to returning cash to shareholders as evidenced by previous special dividends. I do not think it is going to fly, but is a steady plodder of a share with apparently little downside risk. Link must surely be out of the way soon and this will help. Maybe one to tuck away and just collect the dividend at the moment.

[riddlerone] 09/12/2003 17:04

Well drago come on spill the beans on the webcast.Anything we should know in there?...regards Micky

[drago] 06/12/2003 10:22

there is a web cast and transcript with the ceo on t1ps, havn't read it yet, but i imagine tw will be enquiring what all that cash will be used for.

[gerdmuller] 05/12/2003 14:00

I believe I am correct in saying that the fall in cash and the negative cash flow is in large part down to the big tax bill from last year. Thus there is a decrease in creditors of about a £1 million for this year.

Results not as bad as at first glance.

[floppyhunter] 03/12/2003 15:44

I have been a holder since 12p and upwards but have taken my profits over the past couple of days hoping to buy them back aound 18.5 / 19. Good luck to you all.

[monty burns] 03/12/2003 09:27

Been away.

Not bad, I think. Saw the contingent liability in the last published accounts, nice to see it go away.

Extracting second 6 months from full twelve months by taking away the first 6 months gives an indicator of where they are - although a bit tricky due to the discontinued ops not being split out for 1st 6 months, hence may be overstating 2nd 6 months profitability a bit:


.................1st 6m.........2nd 6m............12m Cont

Turnover.........15.6............17.1..............32.7
Op Costs.........(15.2).........(15.5)...........(30.7)
Op Profit........0.4..............1.6..............2.0
PBT..............0.5..............1.6..............2.1
PAT..............0.1..............1.2..............1.3


To my mind, the second half Profit after tax is an indicator of the run-rate going forward - it suggests a 12 month ongoing rate of around 2.2-2.4m, say £2.2m given the discontinue ops issue above.

The market cap of £20.2m includes £10.4m of cash - hence an enterprise value (cost to someone buying it) of £9.8m for a business producing profits after tax of £2.2m, so around 4.5 times earnings. Too cheap, happy to hold.

Funny they virtually pleaded 'come and buy us'!

[riddlerone] 30/11/2003 12:16

ICAP tipped in the Sunday telegraph today.It mentions that they have one of the very few credible trading platforms.You get the feeling that there may actually be a reasonable market for the software trio has produced if it is that good.I cant see that it is anything but that as surely they must know what is needed and its good enough for trio to use themselves.Maybe it could produce a handsome revenue stream as most of the costs have already gone through the books.

[badtime] 27/11/2003 17:27

tuppence..lol

[farsight] 27/11/2003 13:43

Bid, anybody?

[skyracer] 27/11/2003 11:29

These results are awful. When I bought into Trio at 11p they were a much better investment. They are not controlling their costs sufficiently, evident from the increased operating expenses despite turnover dropping. This view is supported by the drop in cash. Still IMO & DYOR (I am not a holder now).

[bluetooth] 27/11/2003 10:40

ADVFN news service is down - here are the results from iii.

I am still holding.

BT.

Trio Holdings PLC - Final Results
RNS Number:5488S
Trio Holdings PLC
27 November 2003

27 November 2003

TRIO HOLDINGS PLC

Preliminary Results - stronger second half performance


TRIO Holdings PLC (TRN.L), a leading London-based money and securities broking
house, today announce a stronger second half performance, to give satisfactory
results in the difficult year to 30 September 2003, blighted in the first half
by uncertainties in the run up to the resolution of events in the Middle East.

Highlights:

* Profit before tax on continuing businesses £2.1 million; net of
discontinued businesses £1.9 million (2002: £5.4 million including
exceptional operating items of £1.3 million)

* Recommended final dividend maintained at 0.5p per share

* Total normal dividends for the year maintained at 0.75p per share

* Net Assets at 30 September 2003 up to £11.6 million (2002: £11.3
million)

* Cash balances stand at £10.4 million

* Significant indirect balance sheet improvement through elimination of
long-standing contingent liability of £600,000

David Hagan, Executive Chairman, said:

"I am pleased to confirm that trading conditions indeed improved in our second
half, enabling us to report profits before tax on continuing businesses of £2.1
million and to recommend maintenance of the normal dividend level at a
historical high.

Furthermore, my colleagues and I are delighted to advise the total elimination
of a significant contingent liability of £0.6 million that has detracted from
our very strong balance sheet since 2000, vindicating the robust position
consistently taken by the board in respect of this matter.

As I reported in my interim statement on 1 May 2003, our first half was
substantially tempered by the restraint of speculative trading by our customers,
the banks, reflecting their prudence in the long run-up to the events in the
Middle East. The second half saw a return to more normal, although moderate,
market conditions. Subsequent refocus on the economic fundamentals of global
markets now perhaps suggests a prognosis of modestly rising interest rates in
most major currencies. In turn, this should imply a continuance of moderately
active markets in our specialist niche areas of expertise."


Enquiries to:

DAVID HAGAN Tel: [phone]
Executive Chairman, TRIO Holdings PLC

PATRICK TOYNE SEWELL Tel: [phone]
Citigate Dewe Rogerson


CHAIRMAN'S STATEMENT


Review of the business

After a difficult first half, it is pleasing to announce a satisfactory out turn
for the full year as a whole with a profit on continuing businesses before
taxation of £2.1 million, becoming £1.3 million after taxation. This,
therefore, enables the board to recommend for approval at the Annual General
Meeting a final dividend at 0.5p per share, which will be payable on 20 February
2004, to shareholders on the register on 23 January 2004. Our historically high
total normal dividend for the year will consequently be maintained at 0.75p.

Net assets have increased to £11.6 million and our very strong balance sheet, in
relationship to the size of the company, continues to include cash balances in
excess of £10 million.

In June 2003 we completed the disposal of The Network Group Limited, an
electronics design and assembly business, the ownership of which had long been
an anachronism within the group and which had become increasingly loss-making.
Its sale at net asset value to Fireco Limited was a happy resolution to our
predicament.

Niche excellence

There has been material consolidation in our very specialist industry sector,
with the continued dynamic acquisitive growth of ICAP plc, as the industry giant
and leader, and the strategically interesting acquisition of Tullett plc by the
listed stockbroking company Collins Stewart plc. Nonetheless TRIO, due to the
long and untarnished history of our principal operating subsidiary Martin
Brokers (UK) plc as the oldest money broking firm in the City, continues to be
acknowledged as the leader in several important niche sectors.

In the authoritative Risk Magazine annual survey published in September 2003, we
achieved the resounding accolade of being voted 'Top Broker' in a total of
eleven market sectors. In Forward Foreign Exchange broking, our superb teams
were 1st in Dollar/Euro, 1st in Dollar/Sterling, 1st in Dollar/Swedish Krona,
and 1st in Dollar/EM Asia. We were voted 'Top Broker' in Overnight Index Swaps
for Swedish Krona, reflecting market acknowledgement of our first class 'Scandi'
team. Also in the complex and cerebral arena of Equity Derivatives, our teams
were voted 1st in all six sectors (telecoms, technology, media, financials,
autos, and others) for European OTC Single Stock Equity Options. My board
colleagues and I congratulate the continuing excellence of our many brokers in
all these teams.

Electronic transactional systems

In recent years, several product sectors of our markets have seen the emergence
of electronic transactional systems, many with global reach, which have achieved
varying levels of acceptance and adoption by our customer base. Inherently such
systems can improve market efficiencies, reduce risk, and lend themselves to the
ultimate goal of straight-through processing.

Indeed, many of our competitor companies have embraced such systems, mainly
combining electronic broking with the traditional voice methodology, into a '
hybrid' model. We strategically endorse the hybrid model for the foreseeable
future.

In order to be at the vanguard of these remorseless advances in technology, our
talented team at Trio Internet Systems ('TIS') developed, entirely in-house, a
highly sophisticated secure electronic transactional dealing system. Its first
product area, www.UK-Locals.com, was for Local Authority treasurers, building
societies and banks, and has now completed over 6,500 trades since its inception
over two years ago. The system's take-up and usage by its customer base
continues to grow, and indeed in October we once again achieved another record
month in transaction volumes. An additional benefit has been the enhancement of
our relationships and perception within the Local Authority sector, directly
contributing to improved profitability for that activity.

We have recently formed a new subsidiary, Martin Brokers Transactional Products
Limited, to interface between TIS and the Martin Brokers dealing teams, to
expand in due course our range of hybrid brokered products. Next January, work
will commence on the introduction of the next product area for this technology,
which is planned to go live by April, with additional and potentially more
significant product areas being introduced thereafter.

Software development

Over the last two years, the TIS team developed an all new pricing and analytics
tool branded Trio Vantage. Trio Vantage is a fast and simple to use
multi-instrument pricing tool for the dealing environment, with sophisticated
facilities for monitoring arbitrage opportunities between currencies and
instruments - www.triointernetsystems.com. This product has now been very
successfully rolled out across all our in-house dealing desks and has
substantially replaced the third party software previously used.

Our strategy for possible external commercialisation of this product has
crystallised with the recent establishment of an in-house sales team, whose
early success has been the agreement of two major trading banks and one European
broking firm to trial the product. We are optimistic of the first external sales
of Trio Vantage emerging early in the New Year.

Relocation

Just over one year ago, the group completed a highly successful relocation to
our new office at Cannon Bridge, with the associated re-equipment, providing a
modern, open-plan, totally modular and flexible dealing room environment. The
many advantages of this flexibility continue to be helpful in enabling easy,
nil-cost expansion, contraction, and re-configuration of dealing desks and
brokers, to reflect the ebb and flow of activity levels in different products.

As an example of this expansion, during the year we established a new Credit
division, to create an initial presence in this broad arena focused on the
comparatively new international market in Credit Default Swaps, together with
corporate bonds and bond options. Inherently the establishment period of such a
new activity, bears adversely on the profit and loss account, but we view the
Credit market as a strategically important area for the future and continue to
endorse the professional endeavours of this team.

Summary

Moderately active business has continued to prevail since the year end, although
globally the financial markets are tentative, reflecting political and social
uncertainties, and I remain extremely cautious. There is still a continuing
climate of consolidation amongst our competitors. Our very sound financial base
enables us to look widely at seeking possible corporate developments for TRIO
Holdings PLC in due course, from a position of strength.

This is a fiercely competitive industry, which faces the challenge of embracing
sophisticated advances in software and technology and successfully combining
them with traditional communication methods, to provide hybrid broking of extra
added value to the banks. We will remain an active participant in this
evolution.

In particular there is always competition for good staff. Indeed their
recruitment and retention occasionally borders the absurd, and certainly
challenges the morality and the legal envelope of modern day employment
practice. But we are essentially a 'niche' broker, and the quality, expertise,
loyalty and dedication of our excellent broking, IT and back-office teams
continue to underpin my cautiously confident view of our future.


For more information on TRIO and its operating businesses please visit:

www.trio.co.uk
www.uk-Locals.com
www.martin-brokers.com
www.triointernetsystems.com

TRIO HOLDINGS PLC

UNAUDITED PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 30 SEPTEMBER 2003

2003 2003 2003 2002
Continuing Discontinued Total Total
£000's £000's £000's £000's

Turnover 32,674 186 32,860 34,426
Operating expenses (30,678) (481) (31,159) (30,596)
______ ______ _______ _______

Operating profit/(loss) before exceptional items 1,996 (295) 1,701 3,830
Exceptional operating items - - - 1,270
______ ______ _______ _______

Operating profit/(loss) 1,996 (295) 1,701 5,100
Profit on sale of investments - - - 77
Share of loss of associate (94) - (94) (81)
Net interest receivable less payable 246 - 246 267
______ ______ _______ _______


Profit/(loss) on ordinary activities before taxation 2,148 (295) 1,853 5,363

Taxation -UK (834) - (834) (2,211)
-Overseas - - - (77)
______ ______ _______ _______


Profit/(loss) on ordinary activities after taxation 1,314 (295) 1,019 3,075

Dividends paid and proposed (626) - (626) (835)
______ ______ _______ _______


Retained profit/(loss) for the year transferred to reserves 688 (295) 393 2,240
====== ====== ====== ======


Earnings per share 1.22p 3.68p
===== =====

Dividends per share - normal 0.75p 0.75p
- special - 0.25p
===== =====

TRIO HOLDINGS PLC

UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


2003 2002
£000's £000's

Profit for the year 1,019 3,075

Foreign exchange translation differences
on foreign currency investment in subsidiaries 2 -
_______ _______

Total recognised gains and losses 1,021 3,075
====== ======



UNAUDITED RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

2003 2002
£000's £000's

Profit for the year 1,019 3,075
Dividends paid and proposed (626) (835)
_______ _______

393 2,240

Other recognised gains and losses 2 -
_______ _______

Net addition to equity shareholders' funds 395 2,240
Opening equity shareholders' funds 11,253 9,013
_______ _______

Closing equity shareholders' funds 11,648 11,253
====== ======


TRIO HOLDINGS PLC

UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2003

2003 2002
£000's £000's

FIXED ASSETS

Tangible assets 1,993 2,422
Investments 71 165
_______ _______

2,064 2,587

CURRENT ASSETS


Stocks - 92
Investments 277 -
Debtors 5,062 5,176
Cash 10,376 11,463
_______ _______

15,715 16,731

Creditors: due within one year (5,449) (6,885)
_______ _______


NET CURRENT ASSETS 10,266 9,846


Creditors: due after more than one year (681) (1,179)

Equity minority interests (1) (1)
_______ _______

NET ASSETS 11,648 11,253
====== ======

CAPITAL AND RESERVES

Share capital 4,174 4,174
Capital reserve 2,474 2,474
Profit and loss account 5,000 4,605
_______ _______

EQUITY SHAREHOLDERS' FUNDS 11,648 11,253
====== ======


TRIO HOLDINGS PLC


UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2003

2003 2002
£000's £000's

Net cash inflow from operating activities 1,917 7,620
Returns on investments and servicing of finance 246 267
Taxation paid (1,770) (1,873)
Capital expenditure and financial investment (69) (830)
Acquisitions and disposals (141) (93)
Dividends paid (835) (376)
_______ _______

Net cash (outflow)/inflow before financing (652) 4,715
Financing (435) (1,362)
_______ _______

(Decrease)/increase in cash in the year (1,087) 3,353
====== ======

Reconciliation of net cash flow to movement in net funds

2003 2002
£000's £000's

(Decrease)/increase in cash in the year (1,087) 3,353
Cash inflow from the decrease in debt and lease financing 435 1,362
_______ _______

Change in net funds resulting from cash flows (652) 4,715
New finance leases - (1,501)
_______ _______

Movement in net funds in the year (652) 3,214

Net funds at 1 October 2002 10,179 6,965
_______ _______

Net funds at 30 September 2003 9,527 10,179
====== ======

Reconciliation of operating profit to net cash inflow from operating activities

2003 2002
£000's £000's

Operating profit 1,701 5,100
Depreciation charges 483 304
Loss on disposal of fixed assets - 122
Decrease in debtors 167 1,057
(Decrease)/increase in creditors (449) 1,055
Decrease/(increase) in stock 13 (18)
Exchange rate movements 2 -
_______ _______

Net cash inflow from operating activities 1,917 7,620
====== ======


TRIO HOLDINGS PLC

NOTES


1. Profit and Loss Account

The results in foreign currencies are translated into Sterling at
the average exchange rates ruling in the year in which the results accrued.

2. Earnings per Share

Earnings per share is based on the net profit after taxation
attributable to ordinary shareholders and on a weighted average of the
number of ordinary shares in issue in the year: 83,484,325 (2002:
83,484,325).

The earnings per share excluding exceptional operating items after
taxation in 2002 was 2.66p per share.

3. Announcement based on draft accounts (unqualified audit report)

The financial information set out in the announcement does not
constitute the group's statutory accounts for the years ended 30 September
2003 or 2002. The financial information for the year ended 30 September 2002
is derived from the statutory accounts for that year which have been
delivered to the Registrar of Companies. The auditors reported on those
accounts; their report was unqualified and did not contain a statement
under s237(2) or (3) Companies Act 1985. The statutory accounts for the year
ended 30 September 2003 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and
will be delivered to the Registrar of Companies following the group's annual
general meeting.


Copies of this announcement are available to members of the public at the
Company's registered office, Cannon Bridge, 25 Dowgate Hill, London EC4R 2BB.


This information is provided by RNS
The company news service from the London Stock Exchange
END

[loafofbread] 27/11/2003 10:13

My take on the results is most of the profit came from the second half so next year are we expecting circa £4M? M.Cap of £22M with cash of £11M makes good value for me.
The other major pointers in the statement were the in house software which is in trials and close to a deal. Massive potential, and as Trio developed and use it we know it works well.
They mention ICAP and how the sector is changing.In my view he was almost waving a flag saying here we are, come and look. I think TRN are to small to be the buyer. I believe that the 50% shareholder is sitting on a dead asset.
Noone follows this share so a major rerating won't happen and they can't be happy with it as an investment because its standing still.
I would expect a buyer within 6 months at at least double the current price.
Look at the £400M deal Mann did a few days ago. Small, smart outfits that make money are highly sought after.
Happy to continue building a stake at these levels.
Interesting to see if any Dir buying happens.
Good luck.

[gay] 27/11/2003 08:20

Decent result. I am happy to continue to hold and add on dips :) Floppyhunter on Gay's PC.

[loafofbread] 27/11/2003 07:52

Wake up guys. Results out.

[monty burns] 25/11/2003 14:18

This was ICAP's (IAP) Outlook blurb accompanying the results - don't suppose anyone has the CEO's phone number so that we can recommend he addresses the 'disappointing' consolidation process in the industry by buying TRN?

More seriously, if the general medium term interest rate market has been volatile, that should reflect well in TRN's results. Having said that, if it doesn't and they can't make good money in the good times, that wouldn't bode well.

Still holding a lot indefinitely. Still can't tpye.......


"Outlook

Our strategy has been consistent over the past several years and will remain on
the same path; growing our business - both voice and electronic - organically
and through selective acquisition. We believe that there is still a significant
opportunity to increase our global market share, currently 26%, to more than
30%.

Other than ICAP's acquisition of BrokerTec, the pace of industry consolidation
elsewhere has been slightly disappointing. We expect that further mergers will
occur as the potential of scale economies become more widely appreciated.
Market conditions remain good for ICAP and our overall position is very strong.
Medium term interest rate volatility may not return to the very high levels seen
in mid 2003 but we have seen a turning point in the interest rate cycle in most
countries, which is good for our activity levels. The high levels of bond
issuance also seem set to continue, both corporate as well as government. Credit
derivatives volumes continue to grow further and energy related activity is also
strong."

[ccullinane] 25/11/2003 13:50

ICAP today posted a 47% increase in profits. Lets hope this is some pointer as to how well Trio might have done this year.

[kenbachelor] 21/11/2003 20:26

Monty - Last year it was 2nd December. We probably won't know until they are published.

[crapcrap] 21/11/2003 16:22

hears a pointless comment, why does a tiddler like trio have a full
stock exchange listing that must cost 1mill a year to service?
market cap of 100mill would be about right.
now that would be nice.

[monty burns] 20/11/2003 12:48

Been quite a volume of selling last few days, but no price drop (yet)

More pointless comments to come as I think of them......


Anyone know when the full year results to September 30th are due out?