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Rmr Asia Real Estate Fd | AMEX:RAF | AMEX | Ordinary Share |
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RNS Number:7086T Real Affinity PLC 29 December 2003 REAL AFFINITY PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 This announcement replaces announcement 6986T released at 15:03 on 29 December 2003. The only change to the announcement is that the reference in the Chairman's Statement to pre-tax profit should be a reference to #0.02m, not #0.22m. The rest of the announcement remains unchanged and the full text is set out below. Overview: + *Gross profit up to #1.24m (2002: #1.22m), on turnover of #2.46m (2002: #2.64m). + *26% reduction in operating expenses to #0.94m (2002: #1.27m) + *18% reduction of our central overheads to #0.19m (2002: #0.23m) + *Performance across all divisions has been extremely encouraging + *New contracts won include significant deal with DaimlerChrysler Services + *Organic growth plays a key role in the development of the Company + *Committed to identifying synergistic acquisition opportunities as market conditions improve Real Affinity Chief Executive Mark Richardson said: "The Company is now emerging from a period of difficulty that affected the entire marketing sector as budgets were slashed and projects scrapped. With a more positive sentiment prevailing, we are now seeing increased signs of recovery as companies begin to invest more in accountable marketing, which remains a key tool in promotional activity. Your Company is well placed to benefit from this improvement in confidence, which should enable us to grow organically and take advantage of acquisition opportunities. We remain committed to establishing a leading independent group of autonomous branded companies offering dedicated and cost effective marketing services." Chairman's Statement The last six months has seen a marked improvement both in general confidence within the marketing sector and the performance of Real Affinity. We have focused on our strengths, improved our business proposition and significantly reduced our cost structure, all of which have contributed to an increase in gross margin and a return to profitability. The unaudited interim results for the six-month period ending 30 September 2003, show a gross profit of #1.24m (2002: #1.22m), on turnover of #2.46m (2002: #2.64m). These figures reflect the 26% reduction in operating expenses to #0.94m (2002: #1.27m), and an 18% reduction of our central overheads to #0.19m (2002: #0.23m). Pre-tax profit was #0.02m (2002: loss of #0.49m) while EBITDA improved 162% to #0.14m. Our performance across all divisions has been extremely encouraging mainly because we have stuck to our principles and successfully focused on our core offerings. Ladders, our full service direct marketing division and main subsidiary, has been performing well with client activity running to expectation. Importantly and after a competitive tender, we won a contract with DaimlerChrysler Services, to handle both its direct marketing and customer relationship management (CRM) initiatives. This deal will contribute to our future financial performance and underpins our increased confidence going forward. With strong client retention we have consolidated our business and reported an operating profit of #202,801 against a loss of #248,922 last time. Ecomextra, our new media division, has won a number of contracts in the education and local government sectors. In the six-months to 30 September 2003, it made operating profits of #17,849 (2002: loss of #8,439). As well as expanding our client base we are also increasing the levels of activity with existing clients. Our extensive blue chip list now includes amongst others, Parcelforce Worldwide, Green Flag Motoring Assistance, InterContinental Hotel Group, Rizla and Procter & Gamble Professional. I am also pleased to report that we have had no major client loss since the beginning of the financial year. Real Affinity is positioned to make a significant contribution to improving the profile and effectiveness of its clients. Despite intense competition, we are capitalising on our skills and track record to ensure that we are a preferred provider of marketing services to existing and future clients. Although organic growth plays a key role in the development of the Company, we remain committed to identifying synergistic acquisition opportunities as market conditions improve. We are currently in a number of discussions, which we hope we will be able to report on shortly. We have been through some very lean times in the last two years, but are now optimistic for the future. We remain committed to building a group of entrepreneurial companies who can advise clients on how best to build successful customer relationships and to add value to their brand. I should like to thank all our clients for their continuing support and our employees for their loyalty and hard work, without whom the very real progress which has been made in the past six months, would not have been possible. Tony Douglas Chairman PROFIT AND LOSS ACCOUNT 6 months ended 30 6 months ended 30 September 2003 September 2002 # # Turnover 2,465,206 2,645,086 Costs of sales (1,223,572) (1,417,350) ------------------ ---------------- Gross profit 1,241,634 1,227,736 Other operating expenses (1,210,912) (1,588,213) ------------------ ---------------- Operating profit /(loss) 30,722 (360,477) Cost of reorganisation 0 (120,347) Interest receivable/(payable) (8,261) (13,310) and similar income ------------------ ---------------- Profit on ordinary activities 22,461 (494,134) before taxation Taxation 6,738 0 ----------------- ---------------- Retained profit 15,723 (494,134) ------------------ ---------------- The operating profit for the period 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 30 As at 30 September 2003 September 2002 # # Fixed assets Intangible assets 746,466 847,433 Tangible assets 118,920 277,999 ----------------- ---------------- 865,386 1,125,432 ----------------- ---------------- Current assets Stock 100,283 38,020 Debtors due within one year 683,134 1,089,895 Debtors due after more than one 598,632 0 year Cash at bank and in hand 76,124 1,786 ----------------- ---------------- 1,458,173 1,129,701 Creditors: amounts falling due (1,901,583) (1,510,210) within one year ----------------- ---------------- Net current liabilities (443,410) (380,509) ----------------- ---------------- Total assets less current 421,976 744,923 liabilities Creditors: amounts falling due (126,011) (58,223) after more than one year ----------------- ---------------- Net assets 295,965 686,700 ================= ================ Capital and reserves Called up share capital 54,946 52,946 Share premium 1,418,690 1,370,690 Profit and loss account (1,177,671) (736,936) ----------------- ---------------- Equity shareholders' funds 295,965 686,700 ================= ================ CASH FLOW STATEMENT 6 months ended 6 months ended 30 September 30 September 2003 2002 # # Cash flow from operating (37,498) (123,572) activities Returns on investments and (8,261) (13,310) servicing of finance ---------- ---------- Capital expenditure and financial (1,701) 23,814 investment ----------------- --------- Cash inflow before use of liquid (47,460) (113,068) resources and financing Net cash inflow from financing 22,964 (214,885) ------------------ ---------------- Decrease in cash in period (24,496) (327,953) ------------------ ---------------- Reconciliation of net cash flow to 6 months ended 6 months ended movement in net debt 30 September 30 September 2003 2002 # # Decrease in cash in period (24,496) 327,953 Cash outflow from decrease in debt 27,036 0 and lease financing ------------------ ---------------- Change in net debt resulting from 2,540 (214,885) cash flows ------------------ ---------------- Movement in net debt for period (2,540) 113,068 Opening net debt (580,857) (306,852) ------------------ ---------------- Closing net debt (578,317) (419,920) ------------------ ---------------- Note to the Consolidated 6 months ended 6 months ended cashflow statement 30 September 30 September 2003 2002 # # Operating profit/(loss) 30,722 (360,477) Cost of fundamental 0 (120,347) reorganisation Depreciation and 109,560 137,599 amortisation --------------------- --------- Loss/(profit) on sale of 0 0 fixed assets Decrease/(increase) in 7,072 80,838 stocks Decrease/(increase) in 280,282 292,189 debtors ---------------------- --------- Increase/(decrease) in (465,134) (153,374 creditors ----------------- ----------------- (37,498) (123,572) ========== =========== ----------------- ----------------- This information is provided by RNS The company news service from the London Stock Exchange EN IR BRBDDSDDGGXC
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