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Share Name | Share Symbol | Market | Type |
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BF Holding SpA | BIT:BFG | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.09 | 2.30% | 4.00 | 4.00 | 4.05 | 4.04 | 3.87 | 3.88 | 125,200 | 02:01:12 |
RNS Number:5700T Beaufort International Group PLC 22 December 2003 ANNOUNCEMENT BEAUFORT INTERNATIONAL GROUP PLC SIX MONTHS TO 30 SEPTEMBER 2003 CHAIRMAN'S STATEMENT Overview The restructuring of the Group Head Office and consolidation of the resources from the Enterprise Solutions Division into one more clearly focused consultancy team is now complete. This restructuring was aimed at reducing Group overhead costs, adding more appropriate consultancy skills and directing effort into business development and delivery activities. The fruits of these moves are now being seen in terms of a Group cost structure that is in line with the activities we are now undertaking, leading to our ability to gain and deliver more profitable business. Financial Review In the six months to 30th September 2003, the Group generated income of #1.5m (2002: #1.8m) and reduced operating losses to #205,000 (2002: loss #447,000) as it continued to rationalise its operations. Losses before taxation for the period amounted to #696,000 (2002: loss #493,000) after providing #470,000 of exceptional costs arising from restructuring and net interest charges of #21,000. In the same period last year the operating loss of #447,000 was converted to a taxable loss of #493,000 after net interest charges of #17,000 and following the disposal of non-core businesses which generated a loss of #29,000. Outlook We are at last seeing an improvement in the market for our consultancy and project management services. Whilst it would be safe to say this was a modest improvement the outlook for our core skills in the areas of Strategy, Solutions Delivery and Skills enhancement is more positive. The continued focus on recruiting highly skilled consultants to add to our existing strengths, coupled with determined efforts in client relationship management and business development is beginning to show dividends in terms of utilisation levels of our resources and the pipeline of assignments under discussion. We continue to provide services to our longstanding clients such as the Financial Services Authority, The Co-operative Group, Telewest Broadband, Barclaycard and Britvic. We have also added several prestigious new clients during this year, namely BT Global Services, Costain, National Grid Transco, Bradford and Bingley Group and Morley Fund Management. Our strategic partnership with Combitech Systems (a subsidiary of SAAB Aerospace) in the innovative area of Knowledge Development has generated considerable interest and several new assignments for this service are under consideration by existing and prospective clients. A further strategic partnership aimed to deliver solutions to the increasingly onerous task of measuring, diagnosing and addressing the growing impact of stress related absence is in the final stages of completion. Beaufort International will be partnering with a provider of leading edge tools to help individual employees assess their own stress levels and also equip the employer to implement programmes and organisational changes to avoid reoccurrence or escalation of the problem. We firmly believe the formula and organisational structure that is now in place in the Group, allied to continued attention to client relationship management; business development and carefully chosen strategic partnerships will continue to build on the successes outlined above. The Board remain indebted to the shareholders who have continued to support the Group through these trying times. Our staff also merit considerable thanks for their continuing commitment to rebuilding the business and delivering quality assignments to our clients in the face of much uncertainty. Ken Harvey Chairman 22 December 2003 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT 6 months ended 6 months ended 30 September 2003 30 September 2002 Before Exceptional Total Total exceptional items items #000's #000's #'000's #000's Turnover Continuing operations 1,515 - 1,515 1,547 Discontinued operations 219 1,515 - 1,515 1,766 Rechargeable expenses 5 - 5 (8) Fee income 1,520 - 1,520 1,758 Cost of sales (1,349) (59) (1,407) (1,695) Gross (loss) / profit 171 (59) 113 63 Operating overheads Continuing operations (376) (411) (784) (441) Discontinued operations - - - (69) Operating Loss Continuing operations (205) (470) (675) (389) Discontinued operations - - - (58) (205) (470) (675) (447) Loss on disposal of subsidiaries - - - (29) Net interest expense (21) - (21) (17) Loss before taxation (226) (470) (696) (493) Taxation - - - - Loss after taxation (226) (470) (696) (493) Minority interests - - - - Net loss for the period (226) (470) (696) (493) Loss per Share 0.093 0.085 Fully-diluted loss per share 0.093 0.085 UNAUDITED CONSOLIDATED BALANCE SHEET as at 30 September 2003 30 September 2003 30 September 2002 #'000 #'000 Fixed assets Tangible fixed assets 78 134 Intangible fixed assets 796 1,794 847 1,928 Current assets Debtors 623 1,145 Cash at bank 199 176 822 1,321 Creditors: Amounts falling due within one year (1,917) (1,544) Net current liabilities (1,095) (223) Total assets less current liabilities (248) 1,705 Net Liabilities (248) 1,705 Capital and reserves Called up share capital Share premium account 3,466 3,420 Profit and loss account 4,227 3,673 Merger reserve (6,991) (4,616) Other reserve (950) (950) - 178 Shareholders' funds (248) 1,705 (248) 1,705 Notes 1 The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. These statements, which are unaudited, have been prepared under the historical cost convention using the accounting policies set out in the audited statutory accounts or the year ended 31 March 2003. 2 A provision for taxation has not been made. 3 During the period #470k of costs of an exceptional nature were charged to the profit and loss account. These were restructuring costs relating to redundancies (#215k), vacant property commitments (#187k) and legal costs (#66k). 4 In accordance with Accounting Standards 2002, comparative results for discontinued businesses have been consolidated in the balance sheet up to the date of disposal and presented as a discontinued activity in the profit and loss account. The comparatives include an exceptional charge of #29,000 resulting from the withdrawal from operations in Sweden and the sale of a Luxembourg operation. 5 Loss per share. The loss to ordinary shareholders per share is based upon a loss of #696,000 and the weighted average number of shares ranking for dividend during the period of 749,042,451 (2002: 580,282,884). The loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share as the exercise of share options would have the effect of reducing the loss per ordinary share and therefore is not dilutive under the terms of Financial Reporting Standard 14 "Earnings per share". 6 On 8 September 2003, The Group issued 450 million shares, raising approximately #450,000 before expenses, to provide additional working capital. 7 On 11 December 2003, The Group issued 165 million shares, raising approximately #165,000 before expenses, to provide additional working capital. 8 No dividend is proposed. 9 Copies of this announcement are available from: Beaufort International Group PLC's registered office at 152 Buckingham Palace Road, London, SW1W 9TR and the offices of City Financial Associates, Laurence Pountney Hill House, Laurence Pountney Hill, London EC4R OBL. 22 December 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR QLLFLXLBLFBB
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