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UCL Universal Coal

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Universal Coal LSE:UCL London Ordinary Share GB00B0704D34 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

1st Quarter Results

01/02/2006 11:46am

UK Regulatory


RNS Number:7565X
United Clearing plc
01 February 2006


            United Clearing Plc ("United Clearing" or "the Company")
                                  
                                  Trading Update

Report of the Chief Executive Officer
For the three months ended 31 December 2005

The Directors have pleasure in presenting the unaudited accounts of United
Clearing Plc for the quarter ended 31 December 2005.

This quarterly report has been prepared and is being issued because the
Directors believe that, inter alia, the information contained herein should be
made available to the Company's shareholders so as to enable the shareholders to
reach a properly informed decision in relation to the recommended offer by
Evolution Securities Limited ("Evolution") on behalf of Billing Services Group
Limited ("BSG") for United Clearing.

Highlights

   *Reported Profit Before Tax on Ordinary Activities up 178% to #450,000
    compared to #162,000 in the same quarterly period last year.

   *Turnover up 68% to #1,034,000 in the first quarter.

   *Reported Basic Earnings Per Share of 1.76p compared to 0.92p in the same
    quarterly period last year.

   *Strong balance sheet with gross Cash and Deposits of #5,593,000.

Financial Review and Outlook

I am pleased to report a robust first quarter performance from United Clearing.
The Company has achieved a substantial increase in turnover (up 67%) on the same
period as last year. As our customer base grows from strength to strength we now
have over 70 mobile networks worldwide using our services.

This increase in customers continued to flow through to higher levels of
profitability as our cost base improved through greater efficiency in processing
of transactions. Operating Profit was up more than 200% compared with the same
period last year. Basic Earnings Per Share of 1.76p also increased by 89% over
the comparable quarterly period.

Operating Review

The existing business continues to perform strongly and the new initiatives
implemented during the last quarter of 2005 continue to progress satisfactorily
and in line with our expectations. The new Consultancy arm is expected to start
contributing revenue to the business in the second quarter and our ACTiNET
clearing service, (providing clearing and settlement for AMPS, CDMA and TDMA
traffic), has now gone live with two customers during the first quarter, namely
CellularONE (East Texas) and Highland Cellular (South West Virginia), with the
third, CaymanOne, expected to go live shortly. The Company also signed O2 UK to
its GSM Financial Clearing service during the quarter which adds to the existing
base of O2 companies already using our services in Germany, Ireland and the Isle
of Man.

Recommended Offer for the Company

On 15th December 2005, it was announced that the Directors of United Clearing
had reached agreement on the terms of a recommended offer to be made by
Evolution on behalf of BSG for the whole of the issued and to be issued ordinary
share capital of United Clearing Plc. Offer documents in this regard have been
posted to shareholders on 20th January 2006.

Dividend

The Directors do not recommend payment of an interim dividend. A final dividend
of 2 pence per ordinary share was recommended by the Directors in the audited
financial statements of the Company for the year ended 30th September 2005 and
subsequently paid on 6th January 2006 to shareholders on the register at the
close of business on 9th December 2005. The Directors expect to maintain a
similar level of dividend for the year ended 30 September 2006.

I would like to take this opportunity to thank all our customers and
shareholders for their continued confidence, and our team for their loyalty and
ongoing contributions to the Company's success.

Atul Devani
Chief Executive Officer
31 January, 2006


PROFIT AND LOSS ACCOUNT
Three months ended 31st December

                                                       2005              2004
                                                      #'000             #'000
                                    Notes       (Unaudited)       (Unaudited)

TURNOVER                                2             1,034               616
Administrative/Operating Expenses                      (645)             (492)
                                                     ______            ______
OPERATING PROFIT                                        389               124

Net Interest Receivable                                  61                38
                                                     ______            ______
PROFIT ON ORDINARY ACTIVITIES                           450               162
BEFORE TAXATION

Taxation                                3              (135)                -
                                                     ______            ______
RETAINED PROFIT FOR THE FINANCIAL
PERIOD                                                  315               162
                                                      =====             =====

Earnings Per Share - Basic              4              1.76p             0.92p
- Diluted                               4              1.69p             0.92p

The operating profit for the year arises from the Company's continuing
operations.

No separate statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.

BALANCE SHEET
As at 31st December

                                                      2005                2004
                                                     #'000               #'000
                                Notes          (Unaudited)         (Unaudited)

FIXED ASSETS

Tangible Assets                                         88                 116

CURRENT ASSETS

Debtors                                                428                 335
Cash and Deposits                                    5,593               4,029
                                                    ______              ______
                                                     6,021               4,364
                                                     ______              ______

CREDITORS: Amounts Falling
Due Within One Year                                 (1,319)               (364)
                                                    ______              ______
NET CURRENT ASSETS                                   4,702               4,000
                                                    ______              ______

TOTAL ASSETS LESS
CURRENT LIABILITIES                                  4,790               4,116
                                                    ______              ______
NET ASSETS                                           4,790               4,115
                                                    ======              ======

CAPITAL AND RESERVES

Called up Share Capital                                179                 176
Share Premium                                        4,290               4,243
Profit and Loss Account                                321                (303)
                                                    ______              ______
SHAREHOLDERS' FUNDS                  5               4,790               4,116
                                                    ======              ======

CASH FLOW STATEMENT
Three months ended 31st December

                                                           2005          2004
                                                          #'000         #'000
                                            Notes    (Unaudited)   (Unaudited)

Net Cash Inflow From
Operating Activities                            6           224           218
                                                         ______        ______
Returns on Investments and Servicing of
Finance
Interest Received                                            58            38
                                                         ______        ______
Net Cash Inflow from Returns on
Investments                                                  58            38

Capital Expenditure and Financial
Investment
Payments to Acquire Tangible Fixed
Assets                                                      (13)          (22)
                                                         ______        ______
Net Cash Outflow before use of
Liquid Resources and Financing                              (13)          (22)

Management of Liquid Resources
Cash placed upon Deposit                                   (341)         (195)
                                                         ______        ______

(DECREASE) / INCREASE IN CASH
FOR THE THREE MONTHS                            8           (72)           39
                                                         ======        ======


1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial information contained herein does not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. The
unaudited interim financial information has been prepared on the basis of the
accounting policies set out in the accounts for the year ended 30th September
2005. The Company's auditors, Chapman Davis LLP, have reviewed the interim
financial information for the three months ended 31st December 2005 and their
report is set out below.

The financial information for the 3 months ended 31st December 2005 is
unaudited.
In the opinion of the Directors the financial information for this period fairly
presents
the financial position, results of operations and cash flows for this period and
conforms with generally accepted accounting principles.

2. TURNOVER

Turnover is the amount receivable, stated net of VAT, in the ordinary course of
business for services supplied for the principal activity of the Company, which
arise predominantly in the United Kingdom, supplying the world-wide mobile
telecommunications market.

3 TAXATION

The taxation charge on profit for the three months ended 31st December 2005 is
based on the estimated effective rate of tax for the full year ending on 30th
September 2006.

                        3 months to 31st December    3 months to 31st December
                                             2005                         2004
                                            #'000                        #'000
                                      (Unaudited)                  (Unaudited)
UK Corporation
Tax at 30%                                    135                            -
                                           ======                       ======

No taxation charge arose for the 3 months to 31st December 2004 due to the
availability of tax losses carried forward.

4. EARNINGS PER ORDINARY SHARE

                              3 months to 31st December            3 months to
                                                   2005     31st December 2004
                                                  #'000                  #'000
                                            (Unaudited)            (Unaudited)

Profit for the financial
period                                              315                    162
                                                 ======                 ======

                                                 No. of                  No. of
                                                 shares                  shares
                                              (millions)              (millions)

Weighted average number of
ordinary shares in issue                          17.86                  17.62
                                                 ______                 ______
Diluted number of ordinary
shares in issue                                   18.61                  17.62
                                                 ______                 ______
          
                                                  Pence                  Pence

Basic Earnings per share                           1.76                   0.92

Effect of dilutive options                        (0.07)                 (0.00)
                                                 ______                 ______
Diluted Earnings per share                         1.69                   0.92
                                                 ______                 ______

5. RECONCILIATION OF MOVEMENTS IN
SHAREHOLDERS' FUNDS

                                          3 months to             3 months to
                                   31st December 2005      31st December 2004
                                                #'000                   #'000
                                          (Unaudited)             (Unaudited)

Profit for Period                                 315                     162

Opening shareholders' funds                     4,475                   3,954
                                               ______                  ______
Closing shareholders' funds                     4,790                   4,116
                                               ======                  ======



6. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES

                                3 months to 31st December          3 months to
                                                     2005   31st December 2004
                                                    #'000                #'000
                                              (Unaudited)          (Unaudited)

Operating Profit                                      389                  124
Depreciation                                           15                   16
(Increase)/Decrease in                               (105)                  50
Debtors
(Decrease)/Increase in
Creditors                                             (75)                  28
                                                   ______               ______
NET CASH INFLOW FROM                                  224                  218
OPERATING ACTIVITIES                               ======               ======

7. ANALYSIS OF NET FUNDS
                           
                               At 1/10/05        Cash Flow         At 31/12/05
                                    #'000            #'000               #'000
                                 ----------       ----------          ----------

Cash at Bank and in Hand              477              (72)                405
Money Market Deposit                4,847              341               5,188
                                 ----------       ----------          ----------
Total Net Funds                     5,324              269               5,593

8. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

                                3 months to 31st December          3 months to
                                                     2005   31st December 2004
                                                    #'000                #'000
                                              (Unaudited)          (Unaudited)

(Decrease)/Increase in
Cash in the Period                                    (72)                  39

Increase in Money Market
Deposits                                              341                  195
                                                   ______               ______
Increase in Net Funds in
the Period                                            269                  234
Net Funds at beginning of
period                                              5,324                3,795
                                                   ______               ______
CLOSING NET FUNDS                                   5,593                4,029
                                                   ======               ======

Independent Review Report to United Clearing Plc

Introduction

We have been instructed by the Company to review the financial information for
the three months ended 31st December 2005 which comprises Profit and Loss
Account, Balance Sheet, Cash Flow Statement, Reconciliation of Movements in
Shareholders' Funds and the related notes 1 to 8. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.

This report is made solely to the Company having regard to guidance contained in
Bulletin 1999/4 'Review of interim financial information' issued by the Auditing
Practices Board. To the fullest extent permitted by the law, we do not accept or
assume responsibility to anyone other than the Company, for our work, for this
report, or for the conclusions we have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the interim report.

Review work performed

We conducted our review having regard to the guidance contained in Bulletin 1999
/4 'Review of interim financial information' issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of management and applying analytical procedures to the financial
information and underlying financial data, and based thereon, assessing whether
the accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the three months
ended 31st December 2005.


Chapman Davis LLP
Chartered Accountants
London

31 January 2006



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

END
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