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Share Name | Share Symbol | Market | Type |
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Mycronic AB | TG:MLT | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.220001 | -0.63% | 34.98 | 34.92 | 35.04 | 0.00 | 22:50:13 |
RNS Number:9954Q Multi Group PLC 16 October 2003 Preliminary announcement of the audited results for the year ended 31 December 2002 Explanatory Statement For the year ended 31 December 2002 Introduction In view of the current circumstances of the Group, the directors have decided to dispense with the usual statements of the Chairman, Chief Executive and Chief Financial Officer and, instead, provide this Explanatory Statement. The directors believe that this will provide Shareholders with a more useful summary of the Group's current position and the plans proposed by the directors to restore the Group to sustainable long-term growth and profitability. Review of the year, current trading and prospects 2002 was a challenging year for the Group, particularly in the South East where there was a marked decline in the level of construction activity and an increase in the level of competition. Despite this, revenues from depots opened in Manchester, Birmingham and Liverpool, together with revenues from software sales enabled the Group to report turnover for the year of #15.8 million, an increase of 25 per cent. over the previous year. Gross profit also rose by 14 per cent. to #10.3 million. However, non-exceptional operating expenses rose by 35 per cent. to #10.4 million, (including amortisation). These increased costs, when combined with a one-off exceptional operating charge of #2.6 million, to cover the cost of a repudiated insurance claim and an accelerated write off of goodwill and research & development costs led to the Group reporting a loss before taxation for the year of #3.1 million. At 31 December 2002, the Group had net assets of #3.0 million and net indebtedness of #4.0 million. Trading conditions during the first half of the current year did not improve. The results for this period were adversely affected by lost business in the software division as a result of the suspension of the Company's shares and by significant additional costs arising from the refinancing process. The Directors consider the performance of the hire division to have been largely satisfactory given the difficulties faced by the Group with revenue growth from the newer depots continuing to make up for flatter performance from the older depots. However, the software division has continued to trade at a loss. Proposed refinancing and restructuring plans The Company has today announced proposals to raise up to #1.6 million before expenses by way of a Placing and Secondary Placing and up to an additional #0.5 million by way of a non-underwritten open offer. The net proceeds of the Placing, Secondary Placing and Open Offer, estimated to be a minimum of #1.4 million, will be used to strengthen the balance sheet of the Group and provide working capital. In addition, having evaluated the advantages and disadvantages of retaining a full listing on the Official List, the directors have concluded that the interests of the Company and its Shareholders would be better served by moving to the Alternative Investment Market ("AIM"). Accordingly, the directors are applying for the listing of the Company's Ordinary Shares on the Official List to be cancelled and for the New Ordinary Shares to be admitted to trading on AIM. Following the review during the year, the directors have decided that no additional research and development funding will be provided to the software division from the Group's resources and the division is being actively marketed to potential purchasers. On 13 October 2003, the Company agreed to dispose of the assets, software and intellectual property relating to Genesys, the original Unix based program developed by Eurogen, to Toga Sales Limited. The consideration is #75,000 which was paid on completion and either three further payments, comprising #125,000 on 31 October 2003 and #62,500 on each of 31 January 2004 and 31 March 2004, resulting in an aggregate payment of #325,000, or two further payments of #195,000 on 31 October 2003 and #30,000 on 31 March 2004, resulting in an aggregate payment of #300,000. Following completion of the above proposals, the management structure of the Group will be changed to comprise an executive board (being the statutory board of the Company), who will be responsible for corporate matters, and a management board with operational control over the day-to-day running of the business. Russell Bracegirdle will resign as director of the Company and will join the newly formed management board. Keith Ferguson will retire by rotation at the forthcoming Annual General Meeting but will not seek re-election and will also join the newly formed management board. The executive board will therefore comprise Andrew Brundle, as Group Financial Director, and a proposed director, Oliver Cooke, as Executive Chairman. In addition, two new non-executive directors will be appointed to the board of the Company as soon as practicable following the completion of the proposals. Outlook The directors feel confident that the proceeds of the Placing, Secondary Placing and Open Offer and the management restructuring of the Group, together with the disposal of non-core assets and businesses will enable the Group to concentrate on and continue to build its traditionally profitable hire businesses. The Directors feel that the prospects for the Group as refined by these proposals are good and they are optimistic about the future. At the time of approving the financial statements, the above proposals for the refinancing and restructuring of the Group remain subject to shareholder approval. Should shareholder approval not be obtained and the proposals not proceed, it is likely that the Group will cease to trade. Should shareholder approval be obtained and the proposals proceed, the directors have formed a judgement, at the time of approving the financial statements, that the Group has adequate resources to continue in operational existence for the foreseeable future. The directors are confident that shareholder approval will be obtained and for this reason they have continued to adopt the going concern basis in preparing the financial statements. F R Bracegirdle Chief Executive Officer 16 October 2003 Consolidated profit and loss account For the year ended 31 December 2002 2002 2002 2002 2001 Continuing Acquisitions Total Total Note #'000 #'000 #'000 #'000 Turnover 15,134 714 15,848 12,685 Cost of sales 5,376 151 5,527 3,630 Gross profit 9,758 563 10,321 9,055 Other operating expenses 11,908 1,127 13,035 7,714 Operating profit/(loss) before goodwill amortisation and exceptional charges 1 137 (38) 99 1,546 Goodwill amortisation charges 198 11 209 205 Exceptional charges 2,089 515 2,604 - Operating (loss)/profit 1 (2,150) (564) (2,714) 1,341 Interest payable and similar charges (343) (206) (Loss)/profit on ordinary activities before taxation (3,057) 1,135 Taxation 131 (360) (Loss)/profit on ordinary activities after taxation (2,926) 775 Dividends (63) (136) Retained (loss)/profit for the financial year (2,989) 639 Pence Pence (Loss)/earnings per share: - Basic (6.56) 1.92 - Diluted (6.56) 1.90 (Loss)/earnings per share before goodwill amortisation & exceptional charges - Basic (0.86) 2.43 - Diluted (0.86) 2.40 Consolidated balance sheet At 31 December 2002 2002 2002 2001 2001 #'000 #'000 #'000 #'000 Fixed assets Intangible assets - 1,805 Tangible assets 7,412 7,365 7,412 9,170 Current assets Stock 295 308 Debtors 5,660 4,152 Cash at bank and in hand 12 21 5,967 4,481 Creditors: amounts falling due within one year (9,384) (6,721) Net current liabilities (3,417) (2,240) Total assets less current liabilities 3,995 6,930 Creditors: amounts falling due after more than one year (392) (815) Provisions for liabilities and charges Deferred taxation (486) (624) Net assets 3,117 5,491 Capital and reserves Called up share capital 2,244 2,031 Share premium account 1,414 1,041 Shares to be issued 329 300 Profit and loss account (870) 2,119 Shareholders' funds - equity 3,117 5,491 Consolidated cash flow statement For the year ended 31 December 2002 2002 2001 #'000 #'000 Reconciliation of operating (loss)/profit to net cash inflow from operating activities Operating (loss)/profit (2,714) 1,341 Depreciation charges 1,680 1,487 Loss on disposal of fixed assets 485 - Amortisation of goodwill 209 205 Development costs amortised 93 23 Impairment losses - goodwill 1,692 - Impairment losses - research and development 572 - Decrease/(increase) in stocks 13 (60) Increase in debtors (1,508) (1,261) Increase in creditors 2,107 905 Net cash inflow from operating activities 2,629 2,640 Cash flow statement Net cash inflow from operating activities 2,629 2,640 Returns on investments and servicing of finance (343) (206) Taxation paid (147) (14) Capital expenditure (1,777) (1,705) Acquisitions (492) (93) (130) 622 Equity dividends paid (143) (124) Cash (outflow)/inflow before financing (273) 498 Financing (1,276) (1,471) Decrease in cash in the year (1,549) (973) Reconciliation of net cash outflow to movement in net debt Decrease in cash in the year (1,549) (973) Cash outflow from decrease in debt and lease financing 1,813 1,471 Change in net debt resulting from cash flows 264 498 New finance leases (605) (2,313) Movement in net debt in the year (341) (1,815) Net debt at start of the year (3,697) (1,882) Net debt at 31 December 2002 (4,038) (3,697) Notes forming part of the preliminary announcement For the year ended 31 December 2002 1 Operating (loss)/profit 2002 2001 #'000 #'000 Operating (loss)/profit is stated after charging: Depreciation of tangible assets: 1,680 1,487 Loss on disposal of fixed assets 485 - Invoice discounting administration charge 7 - Amortisation of goodwill 209 205 Development costs amortised 93 23 Exceptional impairment losses - goodwill 1,692 - Exceptional impairment losses - research and development 572 - Other exceptional charge 340 - Operating lease rentals 698 423 Exceptional impairment losses - having reviewed the carrying value of goodwill and capitalised research and development expenditure in the light of the expected future cashflows from the businesses concerned, the directors have concluded that these assets are fully impaired. Other exceptional charge - this arises as a result of a repudiated insurance claim. The Group has agreed to a full and final settlement of #340,000 with its former motor vehicle insurer. The liability is fully reflected in the results for the year. 2 Basis of preparation The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2002 or 2001, but is derived from those accounts. Statutory accounts for 2001 have been delivered to the Registrar of Companies and those for 2002 will be delivered following the Company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under s237 (2) or (3) Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR GUGGAUUPWGAQ
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