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Share Name | Share Symbol | Market | Type |
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AMEX:TLT | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 126.67 | 0 | 01:00:00 |
RNS Number:3101P Tolent PLC 03 September 2003 TOLENT PLC UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2003 CHAIRMAN'S STATEMENT RESULTS I am again pleased to announce improved results. Operating profit for the first half of 2003 was 11.4% up on the first half of 2002 at #1,209,000 compared with #1,085,000. Turnover was lower at #55.7 million compared with #64.6 million but margins again improved. Earnings per share were 6.7 pence compared with 6.1 pence, an increase of 9.8%. Major projects completed in the first half of 2003 included The Cube for Terrace Hill in Newcastle, a power generating plant for ABB in London, a leisure club in Dartford, a distribution and industrial development in Tameside, Manchester and a major distribution depot in Doncaster. DIVIDEND I am delighted to announce a 12.5% increase in the interim dividend from 2 pence to 2.25 pence per share payable on 30 September 2003 to shareholders on the register on 12 September 2003. LIQUIDITY AND CAPITAL RESOURCES There was an inflow of cash of #425,000 in the first half of 2003 and we had funds on hand at 30 June 2003 of #15.6 million as compared with #12.1 million at 30 June 2002 and #15.2 million at 31 December 2002. Shareholders' funds improved from #3.3 million at 31 December 2002 to #3.6 million at 30 June 2003. PROSPECTS We anticipate a satisfactory second half based on the forward workload and anticipated margins on work to be completed in the second half. Overall we look for improved results in 2003 compared with 2002 and expect to pay a final dividend for the year. Stuart N. Gordon 3 September 2003 Consolidated profit and loss account (Unaudited) Six months ended 30 Six months ended 30 Twelve months ended June 2003 June 2002 31 December 2002 #000 #000 #000 Turnover 55,717 64,559 125,828 Raw materials and consumables (3,595) (4,611) (9,231) Other external charges (41,990) (50,418) (96,588) Staff costs (7,299) (6,929) (14,687) Depreciation (54) (69) (131) Other operating charges (1,570) (1,447) (2,704) Operating profit 1,209 1,085 2,487 Net interest 39 36 91 Profit on ordinary activities before taxation 1,248 1,121 2,578 Taxation on profit on ordinary activities (384) (344) (836) Profit on ordinary activities after taxation 864 777 1,742 Dividends (610) (256) (256) Retained profit for the period 254 521 1,486 Earnings per share 6.7p 6.1p 13.6p Dividends in respect of period per share 2.25p 2.0p 4.5p Consolidated balance sheet (Unaudited) As at As at As at 30 June 2003 30 June 2002 31 December 2002 #000 #000 #000 Fixed assets Tangible assets 5,784 4,855 5,819 Investments 118 0 0 5,902 4,855 5,819 Current assets Stock 83 46 82 Amounts recoverable on contracts 10,565 13,211 9,690 Debtors 13,489 13,689 13,165 Cash at bank and in hand 15,603 12,081 15,178 39,740 39,027 38,115 Creditors: amounts falling due within one year (38,797) (38,116) (37,297) Net current assets 943 911 818 Total assets less current liabilities 6,845 5,766 6,637 Creditors: amounts falling due after more than one year (2,703) (2,861) (2,759) Provisions for liabilities and charges (560) (542) (550) 3,582 2,363 3,328 Capital and reserves Called up share capital 1,296 1,296 1,296 Property revaluation reserve 902 902 902 Profit and loss account 1,384 165 1,130 Shareholders' funds 3,582 2,363 3,328 Summary consolidated cashflow statement (Unaudited) Six months to 30 Six months to 30 Twelve months to 31 June 2003 June 2002 December 2002 #000 #000 #000 Operating profit 1,209 1,085 2,487 Depreciation on tangible fixed assets 54 69 133 Movement in working capital (2) (7,962) (4,608) Net cashflow from operating activities 1,261 (6,808) (1,988) Net cashflow from returns on investments and 39 36 91 servicing of finance Taxation (361) (644) (1,077) Net cashflow from capital expenditure and financial investment (137) (41) (1,069) Equity dividends paid (321) 0 (256) Net cashflow before financing 481 (7,457) (4,299) Net cashflow from financing (56) (51) (112) Increase/(decrease) in cash 425 (7,508) (4,411) Notes Reconciliation of net cashflow to movement in net funds Increase/(decrease) in cash in the period 425 (7,508) (4,411) Net cashflow on bank loans 56 51 112 Change in net funds resulting from cashflows 481 (7,457) (4,299) Net funds at start of period 12,299 16,598 16,598 Net funds at end of period 12,780 9,141 12,299 Analysis of net funds/(debt) Cash at bank and in hand 15,603 12,081 15,178 Short term debt (120) (79) (120) Bank loans (2,703) (2,861) (2,759) Net funds 12,780 9,141 12,299 Notes: 1. The financial information for the six months ended 30 June 2003 and the comparative figures for the six months ended 30 June 2002 are unaudited and have been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 December 2002 and have been approved by the Board. This financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial statements for the year ended 31 December 2002 received an unqualified audit report have been delivered to the Registrar of Companies. 2. Earnings per ordinary share have been calculated on the basis of profit for the period after tax, divided by the weighted average of ordinary shares in issue in the period of 12,832,626. The comparatives are calculated by reference to the weighted average of shares in issue which was 12,832,626 for both the period to 30 June 2002 and for the year ended 31 December 2002. 3. This statement is being sent to the shareholders of the Company and will be available at the Company's Registered Office at 25 Moorgate Road, Rotherham, South Yorkshire, S60 2AD. This information is provided by RNS The company news service from the London Stock Exchange END IR QLLFBXKBEBBD
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