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Share Name | Share Symbol | Market | Type |
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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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0.00 | 0.00% | 0.00 | - |
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 IR LTMPTMMJTBFJ
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