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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exail Technologies | EU:EXA | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 1.17% | 21.60 | 21.40 | 21.75 | 21.75 | 21.25 | 21.30 | 3,449 | 16:40:00 |
RNS Number:9231M Excel Airways Group PLC 30 June 2003 For Immediate Release 30 June 2003 EXCEL AIRWAYS GROUP PLC ("EAG") INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 APRIL 2003 EAG, the AIM listed UK charter airline servicing independent tour operators, announces interim results for the six months ended 30 April 2003. Key Points * Turnover increased 56% to #39.8 million (2002: #25.5 million), which includes revenue from Freedom Flights and excelairways.com; * Loss after tax increased to #6.5 million (2002: #3.8 million) due mainly to the investment in promoting summer business and the inclusion of Freedom Flights and excelairways.com administrative costs; * Performance is ahead of management expectations due to leasing out an additional aircraft to an overseas airline during the loss making winter months and by increasing ad-hoc sales; * Adjusted loss per share increased to 6.81p (2002: 3.93p). * Excel Airways summer capacity of 11 aircraft reduced to 5 in the winter, matching winter capacity to market demand; * Excel Aviation increased sales from ad-hoc events such as European football competitions and Gulf activity; * Freedom Flights sold 33% more seats during Winter 2002/03 than previous corresponding period; * Initial response to excelairways.com promotion encouraging with up to 250 seats a day sold online; * Excel Airways was the most punctual charter airline for the fourth season running at main base, Gatwick Airport. Commenting on current trading and prospects, Eamonn Mullaney, Chairman said: "Our tour operator customers are now reporting increased activity following the end of the Iraq war. Assuming this level of activity continues and they maintain their current programmes, we expect to deliver a level of profit in line with market expectations." For further information, please contact: Richard Darby/James Strong Buchanan Communications 020 7466 5000 Chairman's Statement Introduction The charter airline business is seasonal, with losses traditionally being made in the winter months when lower demand for holidays results in lower yields and utilisation. Excel Airways' performance over the first half of 2003 reflects this pattern, but the effects of seasonality have been lessened by our strategy of reducing winter capacity to match market demand by leasing out aircraft to overseas airlines. Results The Group exceeded management's expectations for the Winter 2002/3 period by leasing out an additional aircraft to an overseas airline and by increasing ad hoc sales. The seat only specialist operator Freedom Flights became a Group subsidiary on 12 July 2002. During the winter months an advertising and promotional campaign was undertaken, which was primarily aimed at driving the sale of summer capacity, through both Freedom Flights and the excelairways.com direct sales web-site. The inclusion of the Freedom Flights and excelairways.com revenue during the winter, contributed to the growth in turnover from #25.5 million to #39.8 million, which reduced the gross loss as a percentage of turnover from 16% in the same period last year to 11%. The after tax winter loss increased by #2.7 million to #6.5 million due mainly to the investment in promoting summer business and the inclusion of the Freedom Flights and excelairways.com administrative costs. Excel Airways In seeking to match winter capacity to market demand the airlines summer fleet of 11 aircraft was reduced in the winter to 5. The fleet for Summer 2003 will increase to 14 aircraft, with Excels' core fleet of 7 Boeing 737-800 aircraft, augmented by aircraft leased for the summer from other airlines but flown to Excel standards in Excel livery. Excel Aviation Winter broking activity involves the sales and management of summer contracts. Considerable skill and attention was needed in meeting customers' requirements, which fluctuated with events in the Gulf. The Gulf activity and European football competitions brought increased ad hoc sales during the winter and Excel Aviation have recently concluded a contract to operate long haul charters to the Caribbean during winter 2003/2004. Freedom Flights Freedom Flights provides a seat only product predominantly on Excel Airways' charter flights, which is sold via the UK travel agency network. Although market demand for package holidays was widely reported to be dramatically affected by the uncertainty leading up to the invasion of Iraq, Freedom Flights sold 33% more seats for the winter period than it did for the same period last year. Excelairways.com Winter saw the start of our campaign to advertise online availability of Excel Airways seats. Initial response to our promotion has been encouraging with up to 250 seats a day sold online. Further investment will be made in promoting online access via the web-site. Customer Service We believe that punctual departures, as well as making for an efficient operation, play a major role in building a reputation for good customer service. This has again led to us surpassing our punctuality targets. For the fourth season running we were the most punctual charter airline at our main base Gatwick. Current Trading Prospects Our tour operator customers are now reporting increased activity following the end of the Iraq war. Assuming this level of activity continues and they maintain their current programmes, we expect to deliver a level of profit in line with management expectations. Eamonn Mullaney Chairman 30 June 2003 Unaudited consolidated profit and loss account for the six months ended 30 April 2003 ADVANCE /Y 97.20 Six Six months months Year Note ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Turnover 39,795 25,512 182,338 Cost of sales (44,132) (29,486) (161,643) Gross (loss)/ profit (4,337) (3,974) 20,695 Distribution costs (1,981) - (1,132) Administrative expenses (3,114) (2,052) (16,398) Operating (loss)/profit before goodwill amortisation and exceptional items (9,423) (6,026) 11,704 Exceptional administrative expenses 2 - - (8,511) Goodwill amortisation (9) - (28) Group operating (loss)/profit (9,432) (6,026) 3,165 Share of operating loss in associated undertaking - (56) (138) (Loss)/profit on ordinary activities before interest and other income (9,432) (6,082) 3,027 Interest receivable and similar income 165 144 447 Interest payable and similar charges (34) (45) (95) (Loss)/profit on ordinary activities before taxation (9,301) (5,983) 3,379 Taxation credit/(charge) on (loss)/profit on ordinary activities 3 2,759 2,214 (796) (Loss)/profit on ordinary activities after taxation (6,542) (3,769) 2,583 Dividends 4 - - (6,000) Retained loss for the financial period (6,542) (3,769) (3,417) (Loss)/earnings per share - basic 5 (6.81p) (3.93p) 2.69p - diluted 5 (6.81p) (3.93p) 2.69p (Loss)/earnings per share before goodwill amortisation and exceptional items - basic 5 (6.80p) (3.93p) 9.28p - diluted 5 (6.80p) (3.93p) 9.28p All recognised gains and losses are included in the profit and loss account. Unaudited consolidated balance sheet at 30 April 2003 As at As at As at 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Fixed assets Intangible assets 428 - 437 Tangible assets 3,794 3,331 3,604 Investment in associated undertaking - 251 - 4,222 3,582 4,041 Current assets Stocks 150 150 150 Debtors - due within one year 14,696 12,694 13,971 - due after more than one year 3,712 3,551 3,918 18,408 16,245 17,889 Cash at bank and in hand 12,352 6,779 20,420 30,910 23,174 38,459 Creditors: amounts falling due within one year (34,152) (19,991) (35,318) Net current (liabilities)/assets (3,242) 3,183 3,141 Total assets less current liabilities 980 6,765 7,182 Creditors: amounts falling due after more than one year (1,207) (1,268) (1,238) Provisions for liabilities and charges (510) (129) (139) (1,717) (1,397) (1,377) Net (liabilities)/assets (737) 5,368 5,805 Capital and reserves Called up share capital 4,800 4,800 4,800 Merger reserve 1,275 1,275 1,275 Profit and loss account (6,812) (707) (270) Shareholders' (deficit)/funds - equity (737) 5,368 5,805 Unaudited consolidated cash flow statement for the six months ended 30 April 2003 Note Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Net cash (outflow)/inflow from operating activities 6 (7,750) (5,549) 13,578 Returns on investments and servicing of finance 131 99 352 Taxation recovered/(paid) 132 (197) (1,195) Capital expenditure (430) (2,018) (2,465) Acquisitions and disposals - (1) 1,613 Equity dividends paid - - (6,000) Net cash (outflow)/inflow before use of liquid resources and financing (7,917) (7,666) 5,883 Management of liquid resources 7,984 10,335 (2,004) Financing (35) 1,310 1,292 Increase in cash in the period 32 3,979 5,171 Reconciliation of net cash flow to movement in net funds Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Increase in cash in the period 32 3,979 5,171 Cash outflow/(inflow) from decrease/(increase) in net debt and lease financing 35 (1,310) (1,292) Cash (inflow)/outflow from (decrease)/increase in liquid resources (7,984) (10,335) 2,004 (Decrease)/increase in net funds resulting from cash flows (7,917) (7,666) 5,883 Movement in net funds in period (7,917) (7,666) 5,883 Net funds at beginning of period 18,955 13,072 13,072 Net funds at end of period 7 11,038 5,406 18,955 Notes forming part of the interim accounts for the six months ended 30 April 2003 1 Reporting on financial information Excel Airways Group plc was incorporated on 16 August 2002 and, following a group reorganisation effected on 11 November 2002, it acquired its interests in Excel Airways Limited and Excel Aviation Limited (including its principal subsidiary undertakings, Freedom Flights Limited and Freedom Flights (Aviation) Limited) in consideration for the issue of shares. The financial information for the year ended 31 October 2002 is an extract from the group's first consolidated accounts. These group accounts, which did not constitute statutory annual financial statements, were prepared voluntarily under the group reconstruction principles of FRS6 'Acquisitions and Mergers', using the merger accounting method for the combination of the group. The accounts received an unqualified auditor's report. The interim financial information has been prepared on the basis of the accounting policies set out in the group accounts for the year ended 31 October 2002. The financial information for the periods ended 30 April 2003 and 2002 is unaudited. The interim financial information does not comprise statutory accounts as defined in Section 240 of the Companies Act 1985. Copies of this interim report are being posted to shareholders and are available from the Company Secretary at Mitre Court, Fleming Way, Crawley, West Sussex, RH10 9NJ. 2 Exceptional administrative expenses Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Contributions to employee benefit trust - - 7,404 Costs of reorganisation and introduction to AIM - - 1,107 - - 8,511 Contributions to employee benefit trust The contributions to the employee benefit trust in the year ended 31 October 2002 represented the provision for payments in respect of that year, by Excel Airways Limited, Excel Aviation Limited and Freedom Flights Limited to the Excel Airways Group plc employee benefit trust. On 11 November 2002, the employee benefit trust used the contributions to acquire 7,312,446 ordinary shares in the company from Libra Holidays Group Limited, the ultimate parent company, at #1.0125 per share. Subsequent to the above, and also on 11 November 2002, the 7,312,446 ordinary shares in the company were allocated, by the trustees, to sub-trusts for the benefit of specified key employees and directors of the group. Costs of reorganisation and introduction to AIM The reorganisation costs and introduction to AIM costs related to the fees and expenses incurred in establishing the group structure, as detailed in note 1, and in obtaining admission to trading on AIM from 20 November 2002 respectively. 3 Taxation on (loss)/profit from ordinary activities Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Current tax UK corporation tax on result for the period - (113) (670) Adjustments in respect of prior periods (1) - - Payments to be made for group relief received - - (773) (1) (113) (1,443) Deferred tax Origination and reversal of timing differences 2,760 2,327 647 Taxation credit/(charge) on (loss)/profit on ordinary activities 2,759 2,214 (796) 4 Dividends Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Special final dividends paid - - 6,000 In the year ended 31 October 2002, special dividends amounting to #3,550,000 and #2,450,000 were paid to shareholders by Excel Aviation Limited and Excel Airways Limited respectively. The total amount of #6,000,000 was ultimately received by Libra Holidays Group Limited. No interim dividend has been paid or proposed for the period ended 30 April 2003. 5 (Loss)/earnings per share The calculation of (loss)/earnings per share for the six months ended 30 April 2003 is based on the loss after taxation of #6,542,000 (30 April 2002 loss of: #3,769,000; 31 October 2002 profit of: #2,583,000). The calculation of basic (loss)/earnings per share and diluted (loss)/earnings per share is based on a weighted average number of shares in issue during the year. The basic and diluted loss per share figures for each period are the same, as the effect of all potential ordinary shares to be issued is anti-dilutive. The number of shares used in these calculations and the reconciliation of denominators used for basic and diluted (loss)/earnings per share calculations are set out in the table below: Dilutive effect of Basic share Diluted number options number Period ended 30 April 2003 96,000,000 - 96,000,000 Period ended 30 April 2002 96,000,000 - 96,000,000 Year ended 31 October 2002 96,000,000 - 96,000,000 Additional disclosure is provided below in respect of (loss)/ earnings per share, before amortisation of goodwill and exceptional items, as the directors believe this gives a better view of ongoing comparable earnings. Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 pence pence pence Basic (loss)/earnings per share (6.81) (3.93) 2.69 Effect of add back of: Amortisation of goodwill 0.01 - 0.03 Exceptional items (see note 2) - - 8.87 Taxation adjustment on allowable exceptional items at 30% - - (2.31) Adjusted (loss)/earnings per share before amortisation of goodwill and exceptional items (6.80) (3.93) 9.28 6 Reconciliation of operating (loss)/profit to net cash (outflow)/ inflow from operating activities Six months Six months Year ended ended ended 30 April 30 April 31 October 2003 2002 2002 #'000 #'000 #'000 Operating (loss)/profit (9,432) (6,026) 3,165 Amortisation of goodwill 9 - 28 Depreciation 240 224 410 Decrease/(increase) in debtors 2,029 (4,032) (5,838) (Decrease)/ increase in creditors (1,046) 4,288 15,792 Increase in provisions 450 - - (Profit)/loss on disposal of fixed assets - (3) 21 Net cash (outflow)/inflow from operating activities (7,750) (5,549) 13,578 7 Analysis of net funds At At 1 November Cash Other non- 30 April 2002 flow cash changes 2003 #'000 #'000 #'000 #'000 Short term bank deposits 18,472 (7,984) - 10,488 Cash at bank and in hand 1,948 (84) - 1,864 Overdrafts (116) 116 - - Net cash 1,832 32 - 1,864 Liquid resources 18,472 (7,984) - 10,488 Debt due after one year (1,238) - 31 (1,207) Debt due within one year (90) 31 (31) (90) Finance leases (21) 4 - (17) Financing (1,349) 35 - (1,314) Total 18,955 (7,917) - 11,038 This information is provided by RNS The company news service from the London Stock Exchange END IR DBLBXXQBXBBE
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