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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Targets Trust Xxv With Respect TO The Common Stock of Motorola, Inc. | AMEX:TGM | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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RNS Number:0427Q
Tellings Golden Miller Group PLC
23 September 2003
TELLINGS GOLDEN MILLER GROUP PLC
Interim results for the six months ended 30 June 2003
Tellings Golden Miller ("the Company" or "the Group") is a London-based bus and
coach operator, providing local bus services in South West London and Surrey and
luxury coach hire in Great Britain and Europe. The Group currently operates 17
bus routes for Transport for London ("TfL") in South West London and 20 routes
in Surrey for Surrey County Council ("SCC"). The Company was floated on the
Alternative Investment Market ("AIM") on 1 August 2003.
HIGHLIGHTS
* Turnover and profits growth principally due to success at
winning new contracts from (TfL) and enhancements to existing contracts
* Turnover up 32% to #12.66m (2002: #9.56m)
* Profit before taxation increased by 169% to #1.47m (2002: #548,000)
* Board plans to pay a final dividend for the current year
* Cash balances are currently approximately #1.7 million
Stephen Telling, Chairman & Chief Executive, comments:
"The Board remains confident of achieving a satisfactory level of performance
for the remainder of the financial year. The Group is well placed to make
selective acquisitions in accordance with its strategy and discussions with some
interesting prospects are currently in progress."
23 September 2003
ENQUIRIES:
Tellings Golden Miller Group Tel: 020 8755 7050
Stephen Telling, Chairman and Chief
Executive
City Financial Associates Limited Tel: 020 7090 7800
Tony Rawlinson
College Hill Tel: 020 7457 2020
Gareth David gareth.david@collegehill.com
------------------------------
Crawford Burden crawford.burden@collegehill.com
----------------------------------
TELLING GOLDEN MILLER GROUP PLC
Interim results for the six months ended 30 June 2003
CHAIRMAN'S STATEMENT
Introduction
The Company is a bus and coach operator based in Twickenham, South West London,
which floated on AIM on 1 August 2003. The Company is pleased to present today
its first Interim Report for the six months ended 30 June 2003.
Results
For the six months to 30 June 2003, turnover stood at #12.656m (6 months ended
30 June 2002 - #9.564m) and operating profit at #1.681m (6 months ended 30 June
2002 - #0.889m). Profit on ordinary activities before taxation stood at #1.473m
(6 months ended 30 June 2002 - #0.548m).
The additional funds raised on flotation will finance business development and
enable acquisitions to be made the first of which is outlined in the Current
Trading section below.
At the end of the period net debt, which mainly comprised HP debt on our bus and
coach fleet totalled #6.573m, (30 June 2002 - #7.434m).
Subject to the actual full year profits, it is the intention of the Board to
declare a dividend for 2003 although no dividend is proposed for the period
under review.
The growth in turnover and profits between the first half of 2002 and 2003 is
primarily attributable to the Group winning new bus contracts with Transport for
London (TfL) and on enhancements being built into contracts which have been
renewed resulting in higher contract values.
Bus Division
The Bus Division continues to expand and the notable events were:
* From 11 January we regained route 235 under contract to (TfL) on a much
higher frequency adding #1.5 million in annual turnover.
* On 28 June services to Heathrow Airport commenced under contract to
Surrey County Council ("SCC") adding over #1 million to annual turnover. As with
all of our contracts with SCC, the Company receives a subsidy on these routes
and retains the farebox revenue. Since the service began, patronage has far
exceeded expectations and farebox revenue is up by 20%, an increase of #2,500
per week.
TELLING GOLDEN MILLER GROUP PLC
Interim results for the six months ended 30 June 2003.
CHAIRMAN'S STATEMENT (cont'd)
* On 16 August the bus operations of Crystals Coaches of Dartford were
acquired increasing the number of routes operated under contract to TfL to 17.
Accordingly, the Group's application to increase its operating licence by 15%
was approved by the Traffic Commissioner. As a result of the acquisition,
contract income from TfL increases by #1.3 million to in excess of #14.5
million. In addition to its TfL contracts, Crystals Coaches also has contracts
with Kent County Council, which are now being assigned to the Company. We
believe that there is good potential to increase the volume of profitable
activities in this area.
The Company's bus division is well placed to serve TfL in meeting its objectives
to expand and improve its London bus services.
Coach Division
The Coach industry has experienced volume reductions as a result of the war in
Iraq and the perceived terrorism threat to London. To compound this, the SARS
virus also had significant impact on incoming tourism in the early part of the
year. Despite this, we have maintained margins and in those areas relatively
unaffected by tourism, expansion has occurred as follows:
* A new service under contract to National Express between Portsmouth and
Perranporth, Cornwall commenced in April and overall ticket sales on our
National Express services are up by 30% year-on-year.
* On 2 July 2003 the minority interest in Linkline Coaches was acquired.
Performance in this business was boosted significantly in the first half by a
special service for the BBC during the Central Line difficulties between January
and April. Expansion in this Ealing/Brent area of London is high on our business
development agenda.
* The efforts expended over recent years to develop the bus operations of
Burtons Coaches (in which the Company holds a 37.3% interest) have resulted in
that company having the ability to make sustainable contributions to Group
profits for the future.
Board
As announced on 9th September, I am delighted to welcome Gavin Casey onto the
Board as a non-executive director. His extensive City experience (he has held,
among others, the posts of chief executive of the London Stock Exchange and
chief operating officer of Smith New Court) will be invaluable to us as we
commence our existence as an AIM-listed company.
TELLING GOLDEN MILLER GROUP PLC
Interim results for the six months ended 30 June 2003.
CHAIRMAN'S STATEMENT (cont'd)
Outlook
The Group continues to benefit from strong cashflow generation from its bus
contracts.
The Board remains confident of achieving a satisfactory level of performance for
the remainder of the financial year. The Group is well placed to make selective
acquisitions in accordance with its strategy and discussions with some
interesting prospects are currently in progress.
The Board would like to place on record their thanks to all the Company
employees and management for their contributions and efforts during this period.
Without their commitment, the achievements to date would not have been possible.
The Company is now well placed to face the challenges and opportunities which
lie ahead.
STEPHEN TELLING
Chairman
23 September 2003
TELLING GOLDEN MILLER GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Consolidated Profit And Loss Account At 30 June 2003
Six Months to Six Months to Year Ended
30 June 2003 30 June 2002 31 December
(Unaudited) (Unaudited) 2002 (Audited)
# 000's # 000's # 000's
NOTES
TURNOVER OF THE 3 12,656 9,564 21,309
GROUP
Cost of sales (9,434) (7,288) (16,247)
--------- --------- ---------
Gross profit 3,222 2,276 5,062
Other operating - - 6
income
Administrative (1,563) (1,403) (2,965)
expenses
Profit on disposal 22 16 21
of fixed assets
--------- ---------
OPERATING PROFIT 1,681 889 2,124
Share of associates 40 6 (7)
operating profit /
(loss)
Profit before 1,721 895 2,117
interest and
taxation
Interest receivable - - -
and similar income
Interest payable and
similar charges
- Group (245) (347) (606)
- Share of (3) (-) (2)
associates
--------- --------- ---------
PROFIT ON ORDINARY 1,473 548 1,509
ACTIVITIES BEFORE
TAXATION
Taxation (526) (145) (388)
Share of associates - - 1
taxation
--------- --------- ---------
PROFIT AFTER 947 403 1,122
TAXATION
Equity minority (30) (16) (44)
interests
Profit for the 917 387 1,078
period / year
Dividends payable - - (100)
--------- --------- ---------
RETAINED PROFIT 917 387 978
FOR THE PERIOD /
YEAR
========= ========= =========
EARNINGS PER SHARE 4 9.17 3.87 10.78
(#000's per share)
Proforma Earnings 4 4.82 2.03 5.67
per share (pence per
share)
TELLING GOLDEN MILLER GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Consolidated Balance Sheet At 30 June 2003
At 30 At 30 At 31
June June December
2003 2002 2002
# 000's # 000's # 000's
NOTES (Unaudited) (Unaudited) (Audited)
FIXED ASSETS
Tangible assets 11,687 10,064 10,722
Investments 137 114 101
--------- --------- ---------
11,824 10,178 10,823
--------- --------- ---------
CURRENT ASSETS
Stocks 103 67 104
Debtors: amounts due within 2,612 2,996 1,909
one year
Cash at bank and in hand 1,448 304 557
--------- --------- ---------
4,163 3,367 2,570
--------- --------- ---------
CREDITORS: amounts falling (7,995) (8,176) (7,149)
due
within one year
--------- --------- ---------
NET CURRENT LIABILITIES (3,832) (4,809) (4,579)
--------- --------- ---------
TOTAL ASSETS LESS CURRENT 7,992 5,369 6,244
LIABILITIES
CREDITORS: amounts falling (4,773) (4,108) (4,139)
due after
more than one year
PROVISION FOR LIABILITIES & (1,300) (909) (1,133)
CHARGES
--------- --------- ---------
NET ASSETS 1,919 352 972
========= ========= =========
SHARE CAPITAL AND RESERVES
Called up share capital 160 160 160
Profit and loss account 1,657 149 740
--------- --------- ---------
SHAREHOLDERS' FUNDS - EQUITY 1,817 309 900
INTEREST
EQUITY MINORITY INTERESTS 102 43 72
--------- --------- ---------
1,919 352 972
========= ========= =========
Equity interests 1,657 149 740
Equity interests in 102 43 72
subsidiaries
Non-equity interests 160 160 160
--------- --------- ---------
1,919 352 972
--------- --------- ---------
TELLING GOLDEN MILLER GROUP PLC
Interim results for the six months ended 30 June 2003
Consolidated Statement of Cash Flows for the Period Ended 30 June 2003
Six months Six months Year Ended
To 30 June To 30 June 31 December
2003 2002 2002
# 000's # 000's # 000's
(Unaudited) (Unaudited) (Audited)
NET CASH (OUTFLOW) / INFLOW FROM 2,435 1,396 3,443
OPERATING ACTIVITIES
--------- --------- ---------
RETURNS ON INVESTMENTS AND SERVICING
OF FINANCE
Bank interest paid (245) (347) (606)
Interest received - -
NET CASH INFLOW / (OUTFLOW) FROM (245) (347) (606)
RETURNS ON INVESTMENTS AND SERVICING
OF FINANCE
--------- --------- ---------
TAX RECEIVED/(PAID - - -
--------- --------- ---------
CAPITAL EXPENDITURE
Payments to acquire tangible fixed (107) (153) (173)
assets
Proceeds from sale of tangible fixed 911 60 26
assets
--------- --------- ---------
NET CASH INFLOW / (OUTFLOW) FROM 804 (93) (147)
CAPITAL EXPENDITURE
--------- --------- ---------
NET CASH INFLOW / (OUTFLOW) BEFORE 2,994 956 2,690
FINANCING
--------- --------- ---------
FINANCING
Repayment of long term bank loan (384) (599) (533)
Repayment of Directors' loans - (500) (500)
Capital element of hire purchase (2,008) (492) (1,625)
contracts
--------- --------- ---------
NET CASH (OUTFLOW)/INFLOW FROM (2,392) (1,591) (2,658)
FINANCING
INCREASE / (DECREASE) IN CASH IN 602 (635) 32
PERIOD
--------- --------- ---------
TELLING GOLDEN MILLER GROUP PLC
NTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
NOTES TO THE INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2003
1. Reconciliation of operating profit / (loss) to net cash
inflow from operating activities:
Six months Six months Year Ended
To 30 June to 30 June 31 December
2003 2002 2002
# 000's # 000's # 000's
(Unaudited) (Unaudited) (Audited)
Operating profit/(loss) of group 1,681 889 2,124
companies
Depreciation 547 476 1,056
Profit on the sale of fixed (22) (16) (21)
assets
Decrease/(increase) in stocks 1 14 (23)
Decrease/(increase) in debtors (701) (925) 153
(Decrease)/increase in creditors 929 958 154
--------- --------- ---------
Net cash inflow from operating 2,435 1,396 3,443
activities
--------- --------- ---------
2. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2003 has not been
audited, nor has the comparative financial information for the six months ended
30 June 2002. However, the interim financial information has been reviewed by
the auditors. Their report appears at the end of this document. The comparative
financial information for the year ended 31 December 2002 does not reflect all
of the information contained in the company's annual accounts. These annual
accounts received an unqualified audit report and has been filed with the
Registrar of Companies.
The interim report was approved by the Board of Directors on 19 September 2003.
There have been no changes in accounting policies since those used in the annual
accounts for the year ended 31 December 2002.
3. TURNOVER
Six months Six months Year Ended
To 30 June to 30 June 31 December
2003 2002 2002
# 000's # 000's # 000's
(Unaudited) (Unaudited) (Audited)
Bus Revenue 9,475 6,498 14,454
Coach Revenue 3,181 3,066 6,855
--------- --------- ---------
12,656 9,564 21,309
--------- --------- ---------
TELLING GOLDEN MILLER GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
NOTES TO THE INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2003
4. EARNINGS PER SHARE
Earnings per ordinary share have been calculated in accordance with FRS 14
"Earnings per Share", by calculating group profit on ordinary activities after
tax divided by the weighted average number of ordinary shares in issue during
the period based on the following: (please note that this has been calculated on
the basis of the share capital in Status Coach Group Limited at 30 June 2003
which was the then name of the Company.)
Six months Six months Year Ended
To 30 June to 30 June 31 December
2003 2002 2002
Basic weighted average share 100 100 100
capital
(number of ordinary shares)
# 000's # 000's # 000's
(Unaudited) (Unaudited) (Audited)
Profit after Taxation and 917 387 1,078
minority interests
(for basic EPS calculation)
Proforma EPS reflecting share capital in issue (18,799,999 shares) as if the
reorganisation on flotation had taken place in the period (pence)
4.8 2.0 5.6
5. POST BALANCE SHEET EVENTS
Issue of Share Capital
On 2 July 2003 the uncalled amount of #1,313,000 on shares allotted by the
Company on 31 December 2000 but not called, was paid up. This was done by way of
the liquidation of loans outstanding to the directors by TGM Logistics Limited
of an equal amount at 31 December 2002, which sums were used to pay up the
amount outstanding on the shares. The directors' loans used for this purpose
arose in the subsidiary company TGM Logistics Limited.
Acquisition of minority interest in Linkline Coaches Limited
On 2 July 2003 the Company entered into a contract to acquire the 40% minority
interest in Linkline Coaches Limited for a consideration of #248,000, to be
satisfied by cash of #98,000 and shares of #150,000.
NOTES TO THE INTERIM REPORT FOR THE PERIOD ENDED 30 JUNE 2003
5. POST BALANCE SHEET EVENTS (cont'd)
Disposal of TGM (Surrey) Limited
On 2 July 2003 the Company sold its share capital in the above wholly owned
subsidiary company for #2 to Stephen Telling and Julian Peddle, directors of the
Company. At 31 December 2002 TGM (Surrey) Limited and its subsidiary companies
had net liabilities of #1.8 million. #1.3 million of these liabilities were in
respect of loans from directors assigned to Tellings Golden Miller Group plc on
2 July 2003. The disposal has the effect of improving the net asset position of
the Group by approximately #600,000 as it has no liability to settle other net
liabilities of TGM (Surrey) Limited and its subsidiary companies at the date of
disposal which relate primarily to amounts owing to Stephen Telling and Julian
Peddle or assignable thereto.
Acquisition of Dartford operation of Crystals Coaches Limited
On 16 August 2003, the Company acquired the Dartford operations and certain
assets of Crystals Coaches Limited which included 22 buses operating four bus
routes and other contracts. The total consideration was #705,000 cash.
Admission to the Alternative Investment Market (AIM)
On 1 August 2003, the Company was floated on the Alternative Investment Market
(AIM) of the London Stock Exchange by the placing of 5,843,184 ordinary shares
of 7p each at 70p per share.
The aggregate proceeds of the placing was approximately #4.1 million before
expenses, of which #1.5 million net of expenses will be receivable by the
Company, with the remainder before expenses going to selling shareholders.
The net proceeds of #1.5 million receivable by the Company will be used
primarily to fund future acquisitions of businesses and new depots. The
enhancement of the group's profile and the ability to fund future acquisitions
through further fundraisings on AIM and through the issue of Ordinary shares are
key to the Company's decision to apply for admission to AIM.
6. ADDITIONAL INFORMATION
The Interim Reports do not constitute Statutory Financial Statements within the
meaning of s.240 of the Companies Act 1985. They have been extracted from a
report prepared by Rothman Pantall & Co. The Financial Information for the year
ended 31 December 2002 has been extracted from the Statutory Accounts for the
year then ended which have been filed with the Registrar of Companies. The Audit
Report on these accounts was unqualified.
7. INTERIM REPORT
Copies of the interim report are available for collection at the offices of the
Company, The Old Tram Garage, Stanley Road, Twickenham, Middlesex, TW2 5NP
during normal office hours.
TELLING GOLDEN MILLER GROUP PLC
Interim results for the six months ended 30 June 2003
INDEPENDENT REVIEW REPORT TO TELLINGS GOLDEN MILLER GROUP PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2003 which comprises the consolidated profit and
loss account, consolidated balance sheet, consolidated cash flow statement and
the related Notes numbered 1 to 16. 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.
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 in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group 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 six months
ended 30 June 2003.
ROTHMAN PANTALL & CO
CHARTERED ACCOUNTANTS
Clareville House
26/27 Oxendon Street
London SW1Y 4EP Dated: 19 September 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
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