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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Heritage Global Inc | CSE:HGP | CSE | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.60 | 4.45 | 4.90 | 0 | 00:00:00 |
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RNS Number:6112T
Harrogate Group PLC
23 December 2003
FOR IMMEDIATE RELEASE
HARROGATE GROUP PLC ("HARROGATE" OR "THE COMPANY")
PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30
SEPTEMBER 2003
The Board of Harrogate announces the results of the Company for the six months
ended 30 September 2003.
Chairman's Statement for the six months ended 30 September 2003
I am pleased to report the unaudited results for the half-year ended 30
September 2003, which show a material financial improvement. Sales have
increased to #369K (2002: #186K) and losses reduced to #93K (2002: #466K).
Our existing distributors in Brazil and China have renewed their contracts for
2003/4 and will continue to sell Discus products using the Portuguese and
Chinese translations. (Discus is a professional behavioural profiling package
that provides all the tools needed to construct, analyse and understand
behavioural profiles).
As I stated in the report and accounts for the year ended 31 March 2003, we had
decided to expand Axiom Software's marketing efforts overseas. The company is
now doing new business in Canada, USA and Australia and we are anticipating that
our efforts will be rewarded in the coming calendar year.
In February, following visits by our CEO in October 2002, senior management will
be following up prospective business with major US & Canadian corporations and
we are hopeful of securing a number of important accounts.
We have this month successfully concluded the signing of our South African
distributorship and senior management will be initiating full sales and training
programmes for the distributor in January 2004. We look forward to gaining new
business next year.
We are presently exploring the possibility of selling a Spanish version of
Discus. The Department of Trade and Industry in conjunction with the British
Embassy in Spain are assisting us in researching this market.
In September 2003 I reported our 50% interest in Realtimetext Ltd. The
realtimetext product is a collaborative and instantaneous document creation,
amendment, distribution and storage facility. We have developed the product
over the last two years and our co-shareholders, who are experienced lawyers,
have commenced marketing; in fact, two major law firms are in the process of
beta testing the product.
Whilst your Board's efforts have resulted in the company making steady progress
we have yet to turn the corner into profit. The group had retained cash of over
#330K at the end of November 2003 but still has retained losses and therefore
cannot pay a dividend. However we have been able to deliver the material
improvement we looked forward to in my 30 September 2002 interim report and are
cautiously optimistic in maintaining this progress into the future.
B K Chadwick
CHAIRMAN
22 December 2003
Unaudited Consolidated Profit and Loss Account
For the six months ended 30 September 2003
Note Six months to Six months to Year to
30 September 2003 30 September 31 March
2002 2003
# # #
Turnover
Continuing 369,115 185,953 735,405
Acquisitions - - 2,080
369,115 185,953 737,485
Cost of sales - Continuing (70,051) (78,148) (84,630)
Gross profit 299,064 107,805 652,855
Administrative expenses
Continuing (400,095) (600,185) (1,213,081)
Acquisitions - - (17,893)
Other income 6,243 10,205 12,488
Operating loss
Continuing (94,788) (482,175) (549,818)
Acquisitions - - (15,813)
(94,788) (482,175) (565,631)
Share of operating loss in joint venture (5,063) - (29,906)
Group operating loss (99,851) (482,175) (595,537)
Net interest 6,554 16,425 27,556
Loss on ordinary activities (93,297) (465,750) (567,981)
before taxation
Tax on loss on ordinary activities 1 10,000 - 23,318
Loss on ordinary activities
after taxation (83,297) (465,750) (544,663)
Earnings per share 2 (0.02)p (0.10)p (0.12)p
Unaudited Consolidated Balance Sheet
As at 30 September 2003
Note As at As at As at
30 September 30 September 31 March
2003 2002 2003
# # #
Fixed assets
Intangible assets - goodwill 3 - 85,559 -
- other 13,902 15,994 15,978
Tangible assets 191,122 184,981 178,718
Investments - 20,000 -
205,024 306,534 194,696
Current assets
Debtors 580,238 455,792 576,778
Cash at bank and in hand 396,651 667,428 582,394
976,889 1,123,220 1,159,172
Creditors: amounts falling due
within one year (115,312) (206,829) (212,812)
Net current assets 861,577 916,391 946,360
Total assets less current liabilities 1,066,601 1,222,925 1,141,056
Provisions for liabilities and charges
Investment in joint ventures
- Goodwill on acquisition 147,383 - 151,162
- Share of gross assets 2,351 - 8,045
- Share of gross liabilities (168,480) - (169,111)
Share of net liabilities (18,746) - (9,904)
Net assets 1,047,855 1,222,925 1,131,152
Capital and reserves
Called up share capital 4,760,000 4,760,000 4,760,000
Share premium account 6,047,701 6,047,701 6,047,701
Other reserve (274,998) (274,998) (274,998)
Profit and loss account (9,484,848) (9,322,638) (9,401,551)
Equity shareholders' funds 1,047,855 1,210,065 1,131,152
Minority interests (equity) - 12,860 -
1,047,855 1,222,925 1,131,152
Unaudited Consolidated Cash Flow Statement
For the six months ended 30 September 2003
Note Six months to Six months to Year to
30 September 30 September 31 March
2003 2002 2003
# # #
Net cash outflow from operating
activities 4 (136,235) (407,849) (591,543)
Returns on investments and servicing
of finance
Interest received 6,554 16,425 27,703
Interest paid - - (147)
Net cash inflow from returns on
investments and servicing of finance 6,554 16,425 27,556
Taxation - - 99,477
Capital expenditure
Purchase of intangible fixed assets - (2,398) (7,158)
Purchase of tangible fixed assets (37,700) (5,640) (73,172)
Sale of tangible fixed assets - - 48,500
(37,700) (8,038) (31,830)
Acquisitions and disposals
Purchase of subsidiary undertakings - (7,000) -
Net cash acquired with subsidiary - 14,604 -
undertakings
Purchase of investments - (20,000) (27,002)
Sale of investments - - 7,000
Net cash outflow from acquisitions - (12,396) (20,002)
Decrease in cash 5 (167,381) (411,858) (516,342)
Notes to the Unaudited Accounts
For the six months ended 30 September 2003
1 TAXATION
The tax charge for the six months ended 30 September 2003 has been based on the
estimated tax rate for the full year.
2 EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the earnings
attributable to the ordinary shareholders divided by the weighted average number
of shares in issue during the period.
3 INTANGIBLE ASSETS
Goodwill is capitalised and is amortised on a straight line basis over its
estimated useful economic life of 20 years.
4 NET CASH OUTFLOW FROM OPERATING ACTIVITIES
Six months to Six months to Year to
30 September 30 September 31 March
2003 2002 2003
# # #
Operating loss (94,788) (482,175) (565,631)
Depreciation and amortisation of goodwill 31,151 25,387 52,284
Loss on sale of fixed assets - - 91,890
(Decrease)/increase in debtors 6,540 38,937 (243,054)
Increase/(decrease) in creditors (79,138) 10,002 72,968
Net cash outflow from operating activities (136,235) (407,849) (591,543)
5 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH
Six months to Six months to Year to
30 September 30 September 31 March
2003 2002 2003
# # #
Net cash at beginning of period 562,944 1,079,286 1,079,286
Decrease in cash in the period (167,381) (411,858) (516,342)
Net cash at the end of period 395,563 667,428 562,944
6 PREPARATION OF INTERIM FINANCIAL INFORMATION
The financial information has been prepared in accordance with applicable
accounting standards and under the historical cost convention.
The financial information for the year to 31 March 2003 is an abridged version
of the full accounts for that period, which have received an unqualified audit
report and have been filed with the Registrar of Companies.
7 PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in the report does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985.
8 INTERIM FINANCIAL STATEMENTS
Further copies of the interim statements are available from the company at
Empress Buildings, 380 Chester Road, Manchester, M16 9EA.
Enquiries:
Keith Chadwick, Harrogate Group PLC 01772 550600
Robert Lo, Nabarro Wells & Co. Limited 020 7710 7407
This information is provided by RNS
The company news service from the London Stock Exchange
END
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