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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Harley-Davidson Inc | TG:HAR | 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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| 0.88 | 2.81% | 32.19 | 32.12 | 32.26 | 32.60 | 31.28 | 31.28 | 130 | 22:50:16 |
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Hartford Group PLC
30 June 2003
HARTFORD GROUP PLC
("Hartford" or "the Group")
Interim Results for the 28 weeks ended 12 April 2003
Hartford Group PLC ("Hartford" or "the Group"), the licensed retailer focussed
on London and the Home Counties, announces results for the 28 weeks ended 12
April 2003.
HIGHLIGHTS
* Turnover was up 135% to #7.5 million (2002: #3.2 million)
* EBITDA improved by #615k to #262k (2002: loss of #353k)
* Significant reduction in pre-tax loss to #0.4 million (2002: loss of #5.2
million)
* Positive cash flow has reduced gearing to 23.3%
* Successful integration of former Jamies Bars now complete
* David Pickard appointed to the Board as a Non Executive Director
* Trading in the second half has continued to improve
Stephen Thomas, Chairman of Hartford Group PLC, commented:
"Hartford has made good progress in the first half and I am pleased to report an
improving financial performance."
"This improvement in trading has continued into the initial weeks of the second
half and there are signs that market conditions are beginning to improve in the
City. Hartford remains well placed to move into profitability and the Board
looks forward to implementing its future strategy with confidence."
30 June 2003
ENQUIRIES:
Hartford Group PLC Tel: 020 7269 6370
Stephen Thomas, Chairman
James Kowszun, Chief Executive
College Hill
Justine Warren Tel: 020 7457 2020
Chairman's Statement
Hartford has made good progress in improving financial performance in the first
half of the financial year. Following the acquisition of Jamies Bars plc ("
Jamies"), sales are 135% ahead of the prior period at #7.5m (2002: #3.2m), with
the loss before taxation reduced from #5.2m to #0.4m. For the first time in
Hartford's history EBITDA is positive this period having improved by #615,000 to
#262,000. Excluding fixed asset impairment provisions (2002: #4.4m),
amortisation of goodwill (2003: #116,000) and the costs of reorganisation (2003:
#33,000), the loss before taxation has been reduced by 68.6% to #249,000 (2002:
#794,000).
The first half of the financial year has been a period of consolidation for the
Group and cost reductions have been implemented across most areas of the
business. Overall gross margin has improved to 72.4% from 68.6% in the
comparative period and 70.9% at the last year-end. The drinks margin has been
improved by rationalising the number of suppliers from nearly forty to eight and
using the increased volume and efficiency to reduce costs, without reducing
customer choice or quality. Working with a food purchasing agency has enabled
Hartford to increase control over food costing and sourcing, resulting in an
improvement of 4% in its food margin. However, at the same time, the flexibility
for individual site chefs to tailor menus to specific local requirements has
been enhanced and the City Bars are making food available for longer periods
during opening hours.
Training of Jamies site managers has enabled them to take financial ownership of
the performance of their sites and has resulted in wages and variable overheads
being well controlled in both cash and percentage terms. For Hartford as a
whole, this has resulted in reductions in the total expenditure in both areas.
Central costs are nearly 30% below the combined costs of both businesses for
last year. This reflects the successful integration of Jamies and continues to
be in line with expectations.
As previously announced, management focus has been to conserve cash in the
current trading environment, whilst continuing to invest in necessary capital
projects. Essential refurbishment remains a priority and nineteen sites have
received some capital expenditure in the first half. However, during the period,
the only significant projects were a major refurbishment (at a cost of #250,000)
at Jamies Charlotte Street, which was closed for eight weeks, plus minor
enhancements at Jamies Canary Wharf and The Pavilion at Finsbury Circus (at a
combined cost of #93,000). I am delighted to report significant increases in
takings in all three sites, particularly at Charlotte Street where weekly
takings have risen from their Autumn 2002 average of #10,000 to over #17,000 in
May 2003. This prudent approach to cash control has enabled Hartford to
generate positive cash flow before financing and interest in the first half of
#213,000 and also to reduce net debt to #1.9m, representing gearing of just
23.3%.
Management & Staff
The improvement in performance is a credit to the dedication and motivation of
staff and management at Hartford and I take this opportunity to publicly thank
them for their efforts. I am also pleased that the Board has been strengthened
by the appointment of David Pickard, an independent non-executive director.
Current Trading & Prospects
Improving trading performance has continued into the second half, with
indications in recent weeks that market conditions in the City may have started
to improve as well. As a result, Hartford's management has created a robust
business that is now well positioned to move into profitability and the Board
looks forward to implementing its strategy with confidence.
Stephen Thomas
Chairman
30 June 2003
Interim Results for the 28 weeks ended 12 April 2003
Unaudited Consolidated Profit & Loss Account
For the period from 29 September 2002 to 12 April 2003
28 Weeks to 28 Weeks to Nine months to
12 April 2003 21 April 2002 28 Sept 2002
Unaudited Unaudited Audited
#000 #000 #000
Turnover 7,521 3,197 4,893
Cost of sales 2,077 1,004 1,426
Gross profit 5,444 2,193 3,467
Gross profit percentage 72.4% 68.6% 70.9%
Administrative expenses
excluding exceptional
expenses, depreciation and
amortisation (5,182) (2,546) (3,760)
Earnings before interest,
tax, depreciation and
amortisation 262 (353) (293)
Depreciation (409) (459) (327)
Amortisation of goodwill (116) - (8)
Exceptional reorganisation
costs (33) - (62)
Exceptional provision for
impairment in value of
tangible fixed assets - (4,421) -
Total administrative
expenses (5,740) (7,426) (4,157)
Operating loss (296) (5,233) (690)
Loss on sale of tangible
fixed assets (2) - (34)
Loss on ordinary activities
before interest and
taxation (298) (5,233) (724)
Interest receivable and
similar income 5 21 16
Interest payable and similar
charges (105) (3) (20)
Loss on ordinary activities
before and after taxation (398) (5,215) (728)
Loss per share (0.07p) (2.65p) (0.27p)
Interim Results for the 28 weeks ended 12 April 2003
Unaudited Consolidated Balance Sheet
12 April 2003 21 April 2002 28 Sept 2002
Unaudited Unaudited Audited
#000 #000 #000
Fixed assets
Intangible 3,788 - 3,904
Tangible 7,551 3,543 7,563
11,339 3,543 11,467
Current assets
Stocks 234 123 248
Debtors and prepayments 1,395 925 1,783
Cash 121 934 368
1,750 1,982 2,399
Creditors: amounts falling due
within one year (3,617) (1,455) (4,161)
Net current liabilities (1,867) 527 (1,762)
Total assets less current
liabilities 9,472 4,070 9,705
Creditors: amounts falling due
after more than one year (1,450) (17) (1,285)
8,022 4,053 8,420
Capital and reserves
Share capital 7,072 2,620 3,306
Unissued share capital - - 3,766
Share premium 6,489 6,145 6,489
Merger reserve 2,060 2,060 2,060
Capital redemption reserve 5,440 5,440 5,440
Other reserve (54) (54) (54)
Profit and loss account (12,985) (12,158) (12,587)
Shareholders' funds 8,022 4,053 8,420
Interim Results for the 28 weeks ended 12 April 2003
Unaudited Consolidated Cash Flow Statement
For the period from 29 September 2002 to 12 April 2003
12 April 2003 21 April 2002 28 Sept 2002
Unaudited Unaudited Audited
#000 #000 #000
Net cash inflow/(outflow) from
operating activities 610 (177) (148)
Return on investments and
servicing of finance
Interest received 5 21 16
Interest paid (105) (3) (16)
Interest element of finance
lease rental payments - - (4)
(100) 18 (4)
Capital expenditure and
financial investment
Purchase of tangible fixed
assets (397) (691) (935)
Sale of tangible fixed
assets - 10 166
(397) (681) (769)
Acquisition
Cash expenses of purchase of
subsidiary undertaking - - (958)
Net overdraft acquired with
subsidiary - - (186)
- - (1,144)
Cash inflow/(outflow) before
management of liquid funds and
financing 113 (840) (840)
Financing
Repayment of bank loans (360) - -
Net proceeds of share issues - 1,577 2,607
Capital element of finance
lease rental payments - - (44)
(360) 1,577 2,563
(Decrease)/increase in cash (247) 737 498
Interim Results for the 28 weeks ended 12 April 2003
Notes to the Interim Results
1. The interim statements have been prepared under the same accounting policies
as the statutory accounts for the period ending 28 September 2002.
2. Based upon the results of the Group there is no tax charge / (credit) for
the period.
3. The calculation of basic and diluted earnings per share is based upon a loss
after taxation for the period of #398,000 (2002: loss #5,215,000; 9 months
to 28 September 2002: #728,000) and the weighted number of ordinary shares
in issue during the period was 545,725,290 (2002: 196,438,710; 9 months to
28 September 2002: 272,008,996).
4. No interim dividend is proposed.
5. The financial information is unaudited and does not amount to full accounts,
within the meaning of Section 240 of the Companies Act, 1985. Accounts for
Hartford Group plc for the period to 28 September 2002, have been filed with
the Registrar of Companies, and received an unqualified audit report.
6. Jamies Bars plc was acquired on 11 September 2002. If the Jamies results
were included in the comparative figures the Group's operating losses before
reorganisation costs, amortisation of goodwill and impairment provision
improved from #494,000 in 2002 to #149,000 in 2003.
7. The company shortened its last year end from 31 December 2002 to 28
September 2002. Consequently the interim results are shown for the 28 week
period from 29 September 2002 to 12 April 2003 and the prior period
comparative results have been shown for the equivalent period in the prior
year rather than for the 28 weeks to 14 July 2002 previously announced.
8. Other operating income relating to suppliers' retrospective discounts
and entrance receipts for our late night bar have been included in cost of
sales and turnover respectively. This income was shown separately in
previous years' accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEFFAWSDSESM
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