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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 |
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 QRFUUUPCPUPQGGG
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