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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Clearside Biomedical Inc | TG:CLM | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.02 | 1.90% | 1.07 | 1.04 | 1.10 | 0.00 | 22:50:15 |
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RNS Number:2833I
Claims People Group PLC
05 March 2003
PRELIMINARY RESULTS
YEAR ENDED 31 DECEMBER 2002
CHAIRMAN'S STATEMENT
The Board of The Claims People Group plc announces the preliminary results for
the year ended 31 December 2002. Turnover for the year has increased by over
240% from #302,985 to #1,035,024 with losses reduced from #934,186 to #304,032.
The Group's penetration of the market has continued to progress. The close
working relationship with Norwich Union is well established and further
important sources of new business were added during 2002 including HSBC, British
Telecom, Heath Lambert and Zenith. Most encouragingly, following a tender
process in the final quarter of 2002, the Group secured a place as one of two
adjusters on the panel of Liverpool Victoria Insurance Company Limited. The
contract is for a three year term which commenced on 1 January 2003 and
improves the Group's visibility of earnings in 2003 and beyond.
During 2002 we successfully achieved a further issue of shares securing net new
funding of #403,224, providing improved working capital and an enhanced balance
sheet asset base.
The Group enters 2003 with a broader client base and new business opportunities.
The Board believes that it is in a strong position to take advantage of the
market opportunities arising.
John French
Chairman
5th March 2003
Note for editors
The Claims People Group plc provides claims handling, consultancy and website
facilities to the insurance industry. The Group employs leading edge technology
with a unique web-based claims notification and monitoring system and utilises a
low cost centralised operating model.
The Group listed on AIM in October 2000. It entered into a joint venture
software development programme with New Planet Solutions (now part of The
Innovation Group) and successfully tendered to Norwich Union for the supply of
loss adjusting services, commencing October 2001. More recently it secured a
place as only one of two loss adjusting firms on the Liverpool Victoria panel.
It is currently involved in various further tender opportunities.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2002
Notes 2002 2001
Unaudited Audited
# #
Turnover 1,035,024 302,985
Administrative expenses (1,337,462) (1,264,176)
Operating loss (302,438) (961,191)
Interest receivable 2,704 29,129
Interest payable (4,298) (2,124)
Loss on ordinary activities before taxation (304,032) (934,186)
Taxation 2 - -
Retained loss (304,032) (934,186)
Loss per share - ordinary 3 (0.52)p (1.82)p
- fully diluted 3 (0.52)p (1.82)p
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
There are no recognised gains and losses other than those passing through the
profit and loss account.
CONSOLIDATED BALANCE SHEET
31 DECEMBER 2002
Notes 2002 2001
Unaudited Audited
# #
Fixed assets
Tangible assets 219,007 304,380
Current assets
Work in progress 128,068 64,954
Debtors 232,695 135,674
Cash 100,979 191,031
461,742 391,659
Creditors: Amounts falling due
within one year (375,954) (465,610)
Net current assets/(liabilities) 85,788 (73,951)
Total assets less current
liabilities 304,795 230,429
Creditors: Amounts falling due
after one year (10,766) (35,592)
294,029 194,837
Share capital and reserves
Called up share capital 1,123,780 771,280
Share premium account 832,123 781,399
Profit and loss account (1,661,874) (1,357,842)
Equity shareholders' funds 4 294,029 194,837
This preliminary announcement was approved by the board of directors on 5 March
2003.
P M Morgan
Director
CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
2002 2001
Unaudited Audited
# #
Operating loss (302,438) (961,191)
Depreciation of tangible fixed assets 108,228 69,713
(Increase) in work in progress (63,114) (64,194)
(Increase) in debtors (97,021) (93,152)
(Decrease)/increase in creditors (124,438) 354,859
Net cash out flow from operating activities (478,783) (693,965)
CASH FLOW STATEMENT
2002 2001
Unaudited Audited
# #
Net cash out flow from operating activities (478,783) (693,965)
Returns on investment and servicing of finance (1,594) 27,005
Capital expenditure (22,855) (199,087)
Cash out flow before use of liquid resources and financing (503,232) (866,047)
Financing 379,749 (18,532)
Decrease in cash (123,483) (884,579)
RECONCILATION OF CASH FLOW TO MOVEMENT IN NET FUNDS
2002 2001
Unaudited Audited
# #
Decrease in case in the year (123,483) (884,579)
Cashflow from decrease in debt and lease financing 23,475 18,532
Change in net funds from cash flows (100,008) (866,047)
New finance leases - (31,211)
Opening net funds 131,922 1,029,180
Closing net funds 31,914 131,922
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
1 Financial information
1. The financial information included in the above statement is
an abridged version of the Group's accounts for the period ended 31 December
2002, and does not constitute statutory accounts within the meaning of Section
240 of the Companies Act 1985.
The Group's statutory accounts for the period ended 31 December 2002 have not
been signed and have not been reported on by the Company's auditors.
2. Taxation
There is no liability to taxation in the period due to the loss incurred.
3. Loss per share
The calculation of loss per share is based on the results for the period and on
the weighted average number of ordinary shares in issue and ranking for dividend
in the period.
2002 2001
Unaudited Audited
# #
Loss for the year (304,032) (934,186)
Weighted average number of shares 58,550,174 51,418,667
There is no difference between the basic earnings per share and the fully
diluted earnings per share as the options in existence are not considered
dilutive.
4. Reconciliation of movement in shareholders' funds
2002 2001
Unaudited Audited
# #
Loss for the financial year (304,032) (934,186)
Issue of ordinary share capital 411,250 -
Issue costs (8,026) -
99,192 (934,186)
Opening shareholders' funds 194,837 1,129,023
Closing shareholders' funds 294,029 194,837
This information is provided by RNS
The company news service from the London Stock Exchange
END
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