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Share Name | Share Symbol | Market | Type |
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Conduit Holdings Limited | TG:CHO | Tradegate | 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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0.04 | 0.87% | 4.64 | 4.62 | 4.66 | 4.66 | 4.64 | 4.66 | 1,700 | 20:59:41 |
RNS Number:7922P Charterhouse Communications PLC 16 September 2003 CHARTERHOUSE COMMUNICATIONS PLC 16 SEPTEMBER 2003 CHARTERHOUSE COMMUNICATIONS PLC ("Charterhouse" or the "Company") PRELIMINARY RESULTS FOR THE YEAR TO 31 MAY 2003 CHAIRMAN'S STATEMENT Salient points of the year's results, before amortisation of goodwill and intangible assets, are: * Operating profit #1,026,000 (2002 - #57,000). * Profit before tax #619,000 (2002 - loss #356,000) * Operating cash flow #966,000 (2002 - #499,000). * Cost of sales and administrative expenses reduced by 28%. Our publications in the mortgage market in which we have a commanding position serving the consumer, the intermediary and the lender showed a further increased contribution as lenders maintained advertising in the current housing market. In contrast our personal investment titles remained depressed with the background of stock markets performing poorly in an uncertain economic climate compounded by the run-up to and the Iraq war itself. Against such a challenging background and revenue decline, every expense has been under continuous scrutiny resulting in the cost of sales - comprising both internal operating costs and bought-in supplies - and administrative costs being reduced by 28% compared to the previous year. 94% of operating profit was converted to cash. HS Publications made a reduced but significant contribution. Lower subscription and advertisement revenues reflected the fewer staff employed by City firms and the fewer active investors using our reference books - Company REFS, Pinsents Company Guide, and the Corporate Register. Treasury Management International was also affected by the international economic climate and its Asian edition by the SARS epidemic. The Successful Personal Investing course continued to be published to service existing subscribers and to provide an update service to past users. As we ceased promoting the course last year, the elimination of sales costs and lower overheads resulted in a turnaround from loss to profit - albeit a short-term benefit as subscriptions expire on completion of the course. Brand and Co - our distributor of professional books and government publications - had a good year benefiting from the volume of legislative publications. RESULTS Group turnover reduced by 20% due to the run-off of Successful Personal Investing and to our investment magazines and reference directories. Operating profit before goodwill amortisation improved to #1,026,000 from #57,000 last year due to the strict cost controls referred to above. After goodwill amortisation operating profit was #141,000 compared to a loss of #8,927,000 last year (after the exceptional amortisation charge). After interest but before tax and amortisation, profit on ordinary activities was #619,000 but a loss of #266,000 after amortisation. Earnings per share before amortisation of goodwill was 0.39p (2002 - loss 0.27p) and the loss per share after amortisation was 0.33p (2002 - loss 7.56p). No dividend is recommended for the year. FINANCING Conversion of operating profit to cash was 94% which was good as subscription revenues are deferred over the period to which the receipts relate, and reduce in times of lower reader interest. We have the continuing support of our bankers. We have restarted to repay the bank loan and have agreed new covenants appropriate to the current level of business. In place of a commitment fee, the bank has asked for and is to be issued with an option to subscribe for 1.23 million shares. STAFF The staff has endured another year of difficult market conditions against which to compete and to maintain our publications. They deserve our thanks and respect for their resilience in such a climate which would demoralise others. CURRENT PERIOD The mortgage market remains buoyant whilst interest rates are low and lenders compete for borrowers by advertising in our magazines. It is encouraging to note that we are currently experiencing higher than expected levels of interest in our products for the more expert investor, such as Company REFS and the newsletter Investing For Growth. The increased sales of unit trusts and ISAs also are reassuring as personal investors recognise the recovery in equities after three years of bear markets. Until the market improvement filters through to increased advertiser and reader income on our personal investment titles, we continue to be focused on the strictest cost controls and the competitive marketing of our publications. BRIAN W ROWBOTHAM CHAIRMAN 16 September 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 May 2003 2003 2002 #'000 #'000 TURNOVER 10,235 12,858 Cost of sales (6,629) (9,251) --------- -------- GROSS PROFIT 3,606 3,607 ADMINISTRATIVE EXPENSES Amortisation of goodwill and intangible assets (885) (1,144) Exceptional amortisation - (7,840) Other administrative expenses (2,580) (3,550) --------- -------- (3,465) (12,534) OPERATING PROFIT/(LOSS) 141 (8,927) Share of loss in associate - (43) Interest receivable 2 10 Interest payable (409) (380) --------- -------- (LOSS)ON ORDINARY ACTIVITIES BEFORE TAXATION (266) (9,340) Taxation (144) 18 --------- ------- (Loss)on ordinary activities after taxation (410) (9,322) Dividends - - --------- ------- (LOSS) FOR THE FINANCIAL YEAR (410) (9,322) ========= ======= Basic (loss) per share (0.33p) (7.56p) Diluted (loss) per share (0.33p) (7.56p) All transactions arise from continuing operations. There were no gains or losses during the period other than those disclosed above. The accompanying accounting policies and notes form an integral part of these financial statements. ADDITIONAL INFORMATION The following are the results before amortisation of goodwill and intangible assets. This amortisation has no effect on cash flows or corporation tax payable. Profit before interest, tax and amortisation 1,026 57 Profit/(loss) before tax and amortisation 619 (356) Retained profit/(loss) before amortisation 475 (338) Earnings/(loss) per share before amoritisation and impairment of goodwill and intangible assets Basic 0.39p (0.27p) Diluted 0.38p (0.27p) CONSOLIDATED BALANCE SHEET as at 31 May 2003 Group Group 2003 2002 #'000 #'000 FIXED ASSETS Intangible assets 9,813 11,098 Tangible assets 204 332 ------- ------- 10,017 11,430 ======= ======= CURRENT ASSETS Stocks 116 201 Debtors: amounts due within one year 1,703 2,288 Debtors: amounts due after one year: Deferred taxation 428 527 Cash at bank and in hand 133 183 ------- ------- 2,380 3,199 CREDITORS: amounts due within one year (5,853) (6,645) ------- ------- NET CURRENT LIABILITIES (3,473) (3,446) ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 6,544 7,984 CREDITORS: amounts due after more than one year (4,188) (5,218) -------- -------- NET ASSETS 2,356 2,766 ======== ======== CAPITAL AND RESERVES Called up share capital 1,233 1,233 Share premium account - 6,757 Merger reserve - 1,650 Special reserve 589 - Profit and loss account 534 (6,874) ------- ------- EQUITY SHAREHOLDERS' FUNDS 2,356 2,766 ======== ======== CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 May 2003 2003 2002 #'000 #'000 Cash flow from operating activities 966 499 Returns on investments and servicing of finance (407) (370) Taxation (70) (1) Capital expenditure and financial investment (22) (136) Equity dividends paid - (284) --------- -------- CASH FLOW BEFORE FINANCING 467 (292) Financing (239) (1,163) --------- -------- INCREASE/(DECREASE) IN CASH IN THE YEAR 228 (1,455) ========= ======== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT INCREASE/(DECREASE) IN CASH IN THE YEAR 228 (1,455) Cash flow from changes in debt 239 1,163 Other non-cash items 400 550 --------- ---------- MOVEMENT IN NET DEBT IN THE YEAR 867 258 Net debt at 1 June 2002 (7,103) (7,361) -------- ------- NET DEBT AT 31 MAY 2003 (6,236) (7,103) ======== ======= NOTES TO THE PRELIMINARY ANNOUNCEMENT 1. Nature Of Financial Information This preliminary results statement has been prepared on the basis of the same accounting policies as those set out in the financial statements for the year ended 31 May 2002. The financial information contained in this statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The summarised balance sheet at 31 May 2003 and the summarised profit and loss account, summarised cash flow statement and associated notes for the year then ended have been extracted from the Group's 2003 financial statements. Those financial statements have not yet been delivered to the Registrar, nor have the auditors reported on them. The financial information for the year ended 31 May 2002 is an abridged version of the group's published financial statements for that year which contained an unqualified audit report and which have been filed with the Registrar of Companies. 2. Basis of preparation - going concern Following a twelve-month capital repayment holiday, the Group recommenced repayments of its bank loan in June 2003. Subject to completion of the necessary documentation, the loan facility of #5.029 million is now repayable over a six-year term ending in May 2009. Payments of interest continued to be made when due. The overdraft facility was reduced to #1.6 million in June 2003. The Group has prepared profit and cash flow forecasts which are necessarily dependent on the trading performance of the business. Such is the level of uncertainty inherent in predicting future trading that in the opinion of the directors the group may periodically breach its overdraft limit. The ability of the Group to continue to trade is dependent upon the bank's willingness to maintain its support in such circumstances and to renew the facility in May 2004. The directors consider that despite these uncertainties the Group has the support of the bank and it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the Group's bankers. 3. Earnings per Share Basic earnings per share is calculated by dividing the profit after tax for the year by the weighted average number of shares in issue during the year. In order to calculate diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to reflect the assumed conversion at the beginning of the year, or at the date of grant where later, of all dilutive share options outstanding at the end of the year. An adjusted earnings per share figure which removes the effect of the amortisation of goodwill and intangible assets, which have no cash effect, is also shown. 2003 2002 #'000 #'000 (Loss) after tax, after (410) (9,322) amortisation Amortisation (885) (8,984) ---------- ---------- Profit/(Loss) after tax, before 475 (338) amortisation ========== ======== million million Weighted average number of shares 123.3 123.3 Dilutive options outstanding 2.8 0.1 ---------- -------- Diluted average number of shares 126.1 123.4 ========== ======== 2003 2002 pence Pence Basic earnings per share Standard (0.33) (7.56) Adjusted for amortisation 0.39 (0.27) Diluted earnings per share Standard (0.33) (7.56) Adjusted for amortisation 0.38 (0.27) 4. No dividend is being declared (2002: nil) 5. The annual report and accounts will be posted to shareholders on 23 September 2003 and will also be available on request from the Company's registered office at Arnold House, 36-41 Holywell Lane, London EC2A 3SF. 6. The Annual General Meeting will be held at The Tavistock Institute, 30 Tabernacle Street, London, EC2A 4DD on Tuesday 28 October 2003 at 11am. END This information is provided by RNS The company news service from the London Stock Exchange END FR LAMPTMMTBBAJ
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