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Share Name | Share Symbol | Market | Type |
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Kddi Corp | TG:DIP | 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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0.08 | 0.32% | 24.83 | 24.68 | 24.95 | 24.89 | 24.86 | 24.86 | 107 | 22:50:10 |
RNS Number:8947O Dipford Group PLC 21 August 2003 Dipford Group plc Announcement of Preliminary Results for the Period 19 December 2001 to 30 April 2003 Chairman's Statement Introduction Dipford Group is an AIM listed company set up to exploit the opportunities offered in the business transfer agency (BTA) and the small company broking markets i.e. the preparation and sale of businesses in the sub-#10 million market. We aim to achieve this by consolidating businesses within each of these markets, by providing professional branding, marketing and public relations in each sector and by adding centralised services to a widely dispersed range of offices. Dipford's BTA business operates under the brand name of Redwoods and our company broking business under the brand name of Prism Corporate Broking. The Group has completed its first 16 months as a public company in good shape and in a position to make further progress in achieving its aims. The period, which included all the set-up and initial operating expenses, started with the flotation on AIM for an all-in cost of under #100,000 and with sufficient working capital to begin to implement our buy and build programme. Market Opportunity The BTA market is highly fragmented with very few companies providing national coverage and, of those who do, none have offices throughout the UK. The small company broking market consists, in the main, of small teams often with a local focus and frequently associated with an accountancy firm. Dipford is creating a national network operating under a single brand, free from conflicting ownership and focussing solely on small to medium sized businesses, which will be well placed to attract significant business. Dipford intends to have a dominant presence in each of these markets. Business Philosophy In order to grow a substantial business from a small capital base it is essential to keep a tight control on overheads and avoid the risk of excessive costs. Dipford is achieving this by using an agency structure, whereby each office, whether of Redwoods or of Prism, is an autonomous entity which bears all its own costs. All business is conducted in the name of the parent company which receives 100 per cent. of the revenue. The majority is then remitted to the agent for handling the transaction. Dipford thus has an income stream which is a percentage of its agents' income and thus dependent on their turnover, not their profit. It is the Group's policy to keep central staff to a minimum and utilise the gearing offered by running each business on an agency basis. With controlled costs of a tightly run head office providing central support services, such as marketing, PR and computer services, and with insulation from the operating costs of the regional offices, the Group is able to grow in a rapid, but prudent, manner. Business & Operational Performance Redwoods Five weeks after flotation we approached our first target company - a business transfer agency called Redwoods Business Agents and Valuers Ltd. At the end of September we completed the acquisition of the name and goodwill of Redwoods and appointed all ten of its regional directors as agents, each managing their own territory. This established the template for our business model. The results for the period for Redwoods are as expected, with the original ten regional offices producing results closely in line with forecasts. The Redwoods turnover for the part year (since acquisition on 30 September 2002) was #971,389 and its profit contribution before management charges was #98,064. Prism In September 2002, we set up our first corporate broking office in Bristol under the brand name Prism Corporate Broking and employed two fee earners. A second office was established in Cambridge in April this year. Following a slow start, with several major transactions being delayed, we decided to follow the very successful model used for Redwoods and, with effect from 1 July 2003, converted Prism from a wholly-owned business to a position where it acts on an agency basis. This development has significantly reduced the Group's operational gearing by giving us a minimal and predictable cost basis for running all our fee-generating operations and an income which is, effectively, insulated from the variations in profitability of each territory. Outlook Redwoods' business continues to fulfil our growth expectations and, with the projected addition of eight new regional offices, one of which has already opened, we anticipate a continued rise in revenue. This growth, which we intend should be supplemented with further acquisitions, will continue our progress towards becoming a dominant force in the sector. This has been further enhanced by our presence on the back page of Daltons Weekly, the premier position in the industry for selling small businesses. On the Prism front, we plan to establish another three regional agencies in the next eighteen months. This will give Prism greater coverage and strengthen the brand as well as producing income streams for which we have no direct cost responsibility. Summary Your management team has successfully completed the acquisition and integration of one business, the setting up of another and the restructuring of Prism. It is actively working on plans for future acquisitions. We can look back at our Prospectus and say that we are creating what, initially, we set out to do and are looking forward to continuing that progress and achieving a profitable and growing business in the current year. J J Custance Baker Executive Chairman 20 August 2003 Group Profit and Loss Account Period from 19 December 2001 to 30 April 2003 2003 # Turnover 1,036,889 Cost of sales (820,647) Gross profit 216,242 Net operating expenses (684,358) Other operating income 96 Operating loss (468,020) Interest receivable 6,130 Interest payable (24,116) Loss on ordinary activities before taxation (486,006) Tax on loss on ordinary activities - Loss for the financial period (486,006) Loss per share (19.44)p All of the activities of the group are classified as continuing. There are no other recognised gains or losses other than the loss for the period. Group Balance Sheet 30 April 2003 2003 # Fixed assets Intangible assets 1,328,425 Tangible assets 28,460 1,356,885 Current assets Debtors 134,478 Cash at bank and in hand 121,535 256,013 Creditors Amounts falling due within one year (544,526) Net current liabilities (288,513) Total assets less current liabilities 1,068,372 Creditors Amounts falling due after more than one year (331,049) 737,323 Capital and reserves Called up share capital 174,585 Share premium account 1,048,744 Profit and loss account (486,006) Shareholders' funds 737,323 Group Cash Flow Statement Period from 19 December 2001 to 30 April 2003 2003 # Net cash outflow from operating activities (283,973) Returns on investments and servicing of finance Interest received 6,130 Interest paid (24,116) Net cash outflow from returns on investments and servicing of finance (17,986) Capital expenditure and financial investment Payments to acquire tangible fixed assets (37,936) Payments to acquire goodwill (630,581) Net cash outflow from investing activities (668,517) Net cash outflow before financing (970,476) Financing Issue of ordinary share capital 713,329 Inception of new loans 250,000 Repayment of bank loans (14,737) Net cash inflow from financing 948,592 Decrease in cash (21,884) The financial information set out above does not constitute the Company's financial statements for the period ended 30 April 2003. The financial statements for 2003 have been audited and will be delivered to the Registrar of Companies. The auditors have reported on the 2003 statements; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. A copy of the Company's annual report and accounts for 2003 will be mailed to shareholders shortly and will also be available for collection from the Company's registered office. This information is provided by RNS The company news service from the London Stock Exchange END FR PMMFTMMMTBRJ
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