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RNS Number:2157Q
Chelford Group PLC
30 September 2003
CHELFORD GROUP PLC
30 September 2003
INTERIM RESULTS for the six months to 30 June 2003
HIGHLIGHTS
* Turnover up 31% to #4.3 million (2002: #3.3 million)
* SSI profitable - EBITDA #116,000 (2002: EBITDA (#156,000))
* Restructure and development of Chelford SAP Solutions
* New "Customer Base" contracts and healthy order book
CHAIRMAN'S STATEMENT
In a challenging market, Chelford Group performance has been in line with
expectations and featured strong growth in turnover, up 31% year on year and a
return to profitability for the SSI Division.
Financial Performance
Revenues in the first half of 2003 were up by 31% on the same period in 2002 at
#4.3 million (2002: #3.3 million).
After including non-recurring charges, Group performance for the half year was
an EBITDA loss of #194,000, (2002: EBITDA loss of #270,000). SSI achieved an
EBITDA profit of #116,000 (2002: EBITDA loss of #156,000), reflecting the
delivery of new contracts signed in Q4 2002 and early in 2003 and a reduction in
the cost base to reflect market conditions. The SAP Division made an EBITDA loss
of #310,000, reflecting investments in sales, marketing, a new SAP Certified
Solution for Wholesale and Distribution and re-organisation costs.
Goodwill amortisation was #366,000, with #24,000 relating to the acquisition of
Chelford SAP Solutions Limited.
SSI
The strong order intake in Q4 2002 is now flowing through the business and
consequently SSI should improve on its 2002 performance. New product investments
in 2002 helped SSI to win new business contracts with a number of new customers
in SSI's target markets of Mills and Metals, Food and Drink, Chemicals and
Pharmaceuticals and Distribution. These successes have strengthened SSI's
credibility in its target markets and continue to reinforce its strong
competitive position. New "Customer Base" contracts were signed with Axminster
Carpets, C&D Foods, Firth Rixson Aurora, Greenwood & Coope carpets, Morrison
Bowmore, Rangemaster, and Farmer's Boy - Morrisons Supermarkets' own-brand food
producer.
In order to support SSI's position as a leading mid-market solution provider in
its target markets, SSI continues to invest in the TROPOS Supply Chain product.
Research and Development costs expensed in the first half remained similar to
last year at #375,000, approximately 11% of SSI revenues. In September, SSI
launched new Application Designer and Application Development tools which will
increase the speed, and reduce the cost, of SSI's own development and offer
customers a complete environment for building portals and customised versions of
TROPOS. These tools are expected to strengthen further the competitiveness of
TROPOS.
Chelford SAP Solutions
On 16 December 2002, the Group, through the purchase of Cleves Solutions
Limited, acquired the assets of the SAP Division of Notability plc (subsequently
re-named Chelford SAP Solutions Limited), SAP's second ranked value-added
reseller. Chelford SAP Solutions Limited has been restructured and we have made
investments in: sales and marketing, in developing a new SAP Certified Solution
for Wholesale and Distribution and re-organisation. SAP Certification brings
with it improved commercial terms from SAP and preferred partner status for the
SME market.
During the period, Howard Rosen, the Managing Director of the SAP Division and
Chief Operating Officer of the Chelford Group, left the company. The SAP
Division is now run by Trevor Lewis, the Chelford Group Chief Executive. Under
his guidance, the Group is committed to building a successful SAP software
sales, consulting, integration and support division.
Outlook for 2003
The Group anticipates a satisfactory outcome for the full year in line with
market expectations. This confidence is underpinned by a healthy order book for
SSI combined with a growing pipeline for Chelford SAP Solutions.
Finally, I would like to extend my thanks to the management team and staff for
their strong commitment and expertise in continuing to take the business forward
successfully in what continues to be a difficult climate.
J W Birkett
Chairman
30 September 2003
Enquiries:
Chelford Group plc
William Birkett, Chairman 01256 685 400
Trevor Lewis, CEO 01256 685 400
Martin Anderson 01256 685 400
CONSOLIDATED PROFIT AND LOSS ACCOUNT (unaudited)
for the six months ended 30 June 2003
30 June 2003 30 June 2002 31 Dec 2002
(Six Months) (Six Months) (Twelve
Months)
#000 #000 #000
TURNOVER 4,339 3,343 7,298
Cost of sales (2,472) (1,712) (4,333)
------- ------- -------
Gross profit 1,867 1,631 2,965
Administration expenses (2,506) (2,315) (4,049)
Operating loss (639) (684) (1,084)
Interest receivable 16 34 64
Interest payable - (6) (5)
Loss on ordinary activities before
taxation (623) (656) (1,025)
Tax on loss on ordinary activities 126 - -
------- ------- -------
LOSS ON ORDINARY ACTIVITIES AFTER
TAXATION (497) (656) (1,025)
======= ======= =======
EARNINGS PER SHARE (NOTE 2) (0.08)p (0.1)p (0.16)p
======= ======= =======
There are no recognised gains or losses other than as stated above.
CONSOLIDATED BALANCE SHEET (unaudited)
as at 30 June 2003
30 June 2003 30 June 2002 31 Dec 2002
#000 #000 #000
FIXED ASSETS
Intangible Assets 5,527 5,624 5,893
Tangible Assets 506 602 565
------- ------- -------
6,033 6,226 6,458
CURRENT ASSETS
Debtors 3,195 2,249 3,219
Cash at Bank 651 1,708 1,066
------- ------- -------
3,846 6,319 4,285
CREDITORS:
Amounts falling due (2,734) (2,307) (3,101)
within one year
NET CURRENT ASSETS 1,112 1,650 1,184
------- ------- -------
NET ASSETS 7,145 7,876 7,642
======= ======= =======
CAPITAL AND RESERVES
Called up share capital 6,622 6,487 6,622
Share premium account 10,879 10,879 10,879
Profit & Loss account (10,356) (9,490) (9,859)
------- ------- -------
SHAREHOLDERS' FUNDS 7,145 7,876 7,642
======= ======= =======
CONSOLIDATED CASH FLOW STATEMENT (unaudited)
for the six months ended 30 June 2003
30 June 30 June 31 Dec
Note 2003 2002 2002
#000 #000 #000
Net cash outflow
from operating
activities 1 (537) (396) (670)
Returns on investments
and servicing of finance
Interest received 16 34 64
Interest element of
finance lease contracts (6) (4)
Other interest paid - - (1)
------- ------- -------
Net cash inflow from
returns on investments
and servicing of finance 16 28 59
Taxation 126 65 66
Capital expenditure and
financial investment
Purchase of fixed assets (20) (35) (48)
Acquisitions
Purchase of subsidiary
undertaking - (348)
------- ------- -------
- (348)
------- ------- -------
Net cash outflow before
financing (415) (338) (941)
Financing
Capital element of finance
lease rental repayments - (54) (93)
------- ------- -------
Net cash outflow from
financing - (54) (93)
------- ------- -------
Decrease in cash and cash
equivalents (415) (392) (1,034)
------- ------- -------
CONSOLIDATED CASH FLOW STATEMENT (unaudited)
for the six months ended 30 June 2003
30 June 30 June 31 Dec
2003 2002 2002
#000 #000 #000
Reconciliation of net cash flow to movement in net debt
Decrease in cash in the period (415) (392) (1,034)
Cash outflow from debt and lease financing 0 54 93
------- ------- -------
Change in net debt resulting from cash flows (415) (338) (941)
Movement in net funds in the period (415) (338) (941)
Net debt at the start of the period 1,066 2,007 2,007
------- ------- -------
Net debt at the end of the period 651 1,669 1,066
======= ======= =======
NOTES
1. Basis of preparation
The interim financial statements have been prepared using accounting policies
stated in the Group's report and accounts for the period ended 31 December 2002
and are unaudited. The summary of results for the period ended 31 December 2002
does not constitute full financial statements within the meaning of the
Companies Act 1985. The report and full financial statements for that period
have been filed with the Registrar of Companies and contain an unqualified audit
report within the meaning of the Companies Act 1985 and the auditors have not
made any statement under section 237(2) or 237(3) of the Companies Act 1985.
2. EARNINGS PER SHARE
Earnings per share have been calculated by dividing the group's loss on ordinary
activities after taxation by 662,166,667 being the number of issued ordinary
shares.
3. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
30 June 2003 30 June 2002 31 Dec 2002
#000 #000 #000
Loss for the period (497) (656) (1,025)
New share capital subscribed - - 135
-------- -------- -------
Net reduction in shareholders'
funds (497) (656) (890)
Opening shareholders' funds 7,642 8,532 8,532
-------- -------- -------
Closing shareholders' funds 7,145 7,876 7,642
======== ======== =======
4. CASH FLOW NOTES
4.1 Analysis of cash flows
30 June 2003 30 June 2002 31 Dec 2001
#000 #000 #000
Reconciliation of operating loss to
net cash flow from operating
activities
Operating loss (639) (684) (1,084)
Depreciation and amortisation
charges 445 412 821
Decrease/(increase) in debtors 24 32 (686)
(Decrease)/increase in creditors (367) (156) 279
------- ------- -------
(537) (396) (670)
------- ------- -------
4.2 Analysis of net debt
At 1 Jan 2003 Cash flow At 30 June 2003
#000 #000 #000
Cash in hand, at bank 1,066 (415) 651
--------- -------- -------
1,066 (415) 651
--------- -------- -------
Total 1,066 (415) 651
========= ======== =======
5. NATURE OF THE FINANCIAL INFORMATION
The interim financial information for the six months ended 30 June 2003, was
approved by the Board on 25 September 2003.
The interim financial statements for the six months ended 30 June 2003 will be
posted to shareholders on 30 September 2003 and copies will be available from
that date from the Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SESFSMSDSEEU
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