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Share Name | Share Symbol | Market | Type |
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Orbis | TG:OBS | 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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-0.15 | -2.44% | 6.00 | 6.00 | 6.05 | 6.00 | 6.00 | 6.00 | 850 | 08:16:38 |
RNS Number:8446S Orbis PLC 04 December 2003 Date: 4 December 2003 Contact: Michael Holmes, Chief Executive Orbis PLC 01895 465 500 David Bick/Chris Steele Holborn Public Relations 020 7929 5599 david_bick@holbornpr.co.uk ORBIS PLC UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003 INTERIM STATEMENT Results The group achieved an operating profit on continuing operations of #6,000 (six months to 30 September 2002: operating loss of #677,000) on turnover on continuing operations of #20.0 million (six months to 30 September 2002: #21.3 million). Pre-tax profit for the period, before the amortisation of goodwill and intangibles and non-operating exceptional items, was #0.2 million (six months to 30 September 2002: #0.6 million) and the loss per ordinary share from continuing operations, before amortisation of goodwill and intangibles and non-operating exceptional items, was 2.95 pence (six months to 30 September 2002: 7.31 pence (restated)). The basic loss per share was 17.65 pence (six months to 30 September 2002: 23.78 pence(restated)). The board is not declaring an interim dividend. Strong cash management resulted in the generation of #4.0 million cash inflow from operating activities. The impending introduction of the new International Financial Reporting Standards ("IFRS") will have an impact on the reporting of goodwill in future. The group is currently amortising goodwill at a rate of some #4 million per annum. The new IFRS will use an annual goodwill impairment test. In the absence of any impairment charge, there would be no charge to the profit and loss account for goodwill in the financial year. The group is currently reviewing the potential impact on other areas under the IFRS. Borrowings As previously reported, new long-term banking arrangements were agreed with the senior lenders and approved by shareholders in August 2003. These arrangements included a #15 million reduction in the previous senior facilities, an extension of the maturity date by five years to 31 July 2008, a period of two years during which no principal debt repayments were due and a material reduction in the annual interest payments. Share capital In conjunction with the new banking arrangements, a reorganisation of the company's share capital was approved in August 2003 and #15 million zero coupon convertible preference shares were issued to the senior lenders. The company's listing was transferred to AIM from the Official List in September 2003. Review of Operations As reported in the AGM statement in September, trading during the first months of the year was affected by the uncertainty of the group's financial position prior to the successful restructuring that was achieved in August. Turnover on continuing operations was lower than the comparable period in the previous year, but remained at a similar level to the last six months to March 2003. Progress was made in improving the efficiency and productivity of the business. The focus during the second half of the year will be to develop sales of the broader range of services now provided, aimed at reducing the number of vacant housing units in our customers' estates, and to continue to progress partnering discussions with customers. The strengthening of the management team continues with the appointment of new senior operational and sales executives. After a slowdown in sales progress in Europe during the first half of the year, growth has renewed. Following the strengthening of the management team in France, new branches are being developed in Angers, Toulouse and Metz during the second half of the year. In Germany, sales expansion into Stuttgart and Frankfurt is continuing. Board Following the successful completion of the new finance facility and the share re-organisation, John Leach resigned as a director and chairman at the end of September. The board would like to thank him for the hard work and dedication. Maurice Brooks also retired as a director at the end of September and the board wish him well in his retirement. The recruitment of a new chairman is proceeding. Prospects The group now has a financial platform from which to develop its strategy for the future. The board believes that in the UK continued improvements in the management and efficiency of the business, together with the development of long-term partnering agreements with customers, will provide the basis for future growth. In Europe, geographical expansion and additional services will provide growth for the foreseeable future. Approved by the Board 3 December 2003 Analysis of Unaudited Consolidated Profit & Loss Account For the six months ended 30 September 2003 Before Exceptional Amortisation After exceptional exceptional items of goodwill items and items and and amortisation amortisation (Note 3) intangibles #000 #000 #000 #000 Turnover (note 2) Continuing operations 20,029 - - 20,029 20,029 - - 20,029 Operating profit Continuing operations 2,058 - (2,052) 6 Discontinued operations 1 - - 1 Profit on ordinary activities before 2,059 - (2,052) 7 interest Amounts written off investments (2) - - (2) Interest payable (1,854) (98) - (1,952) (Loss)/profit on ordinary activities 203 (98) (2,052) (1,947) before taxation Taxation (note 4) (474) - - (474) Loss on ordinary activities after (271) (98) (2,052) (2,421) taxation Dividends - - - - Additional finance costs of non-equity (41) - - (41) shares Retained loss for the period (312) (98) (2,052) (2,462) Summary of Unaudited Consolidated Profit & Loss Account Six months ended 30 September 2003 Six months ended Six months ended Year ended 30 September 30 September 2003 2002 31 March 2003 #000 #000 #000 Turnover (note 2) Continuing operations 20,029 21,274 41,943 Discontinued operations - 1,030 1,141 20,029 22,304 43,084 Operating profit/(loss) Continuing operations 6 (677) (1,346) Discontinued operations 1 (86) (1,713) Profit/(loss) on ordinary activities before interest 7 (763) (3,059) Amounts written off investments (2) (20) (20) Interest payable (1,952) (2,363) (4,247) Loss on ordinary activities before taxation (1,947) (3,146) (7,326) Taxation (note 4) (474) (172) (134) Loss on ordinary activities after taxation (2,421) (3,318) (7,460) Dividends - - - Additional finance costs of non-equity shares (41) - - Retained loss for the period (2,462) (3,318) (7,460) pence pence pence (restated) (restated) Basic loss per ordinary share (note 5) (17.65) (23.78) (53.48) Loss per ordinary share from continuing operations (2.95) (7.31) (8.61) before the amortisation of goodwill and intangibles and non-operating exceptional items (note 5) Diluted loss per ordinary shares (note 5) (17.65) (23.78) (53.48) Unaudited Consolidated Balance Sheet At 30 September At 30 September As at 2003 2002 31 March 2003 #000 #000 #000 Fixed assets Goodwill 62,998 66,820 64,911 Intangible asset - 207 - Tangible assets 8,748 12,741 10,658 Investments 7 9 9 71,753 79,777 75,578 Current assets Stocks 218 240 288 Debtors 10,186 12,717 11,433 Cash at bank 770 - 519 11,174 12,957 12,240 Creditors - amounts falling due within one year Bank loans - (57,738) (59,941) Other (10,824) (15,266) (12,048) Net current assets/(liabilities) 350 (60,047) (59,749) Total assets less current liabilities 72,103 19,730 15,829 Creditors - amounts falling due after more than one year Bank loans (44,436) - - Other (1,325) (645) (698) Provisions for liabilities and charges - - (150) 26,342 19,085 14,981 Capital and reserves Called up share capital 16,398 17,482 17,482 Share premium 31,193 32,436 32,436 Merger reserve 12,144 12,144 12,144 Capital redemption reserve 16,084 - - Profit and loss account (49,477) (42,977) (47,081) 26,342 19,085 14,981 Equity 12,544 19,085 14,981 Non-equity 13,798 - - Total shareholders' funds 26,342 19,085 14,981 Unaudited Consolidated Cash Flow Statement Six months Six months Year ended ended 30 ended 30 September 2003 September 2002 31 March 2003 #000 #000 #000 Net cash inflow from operating activities (note 6) 3,976 4,640 9,840 Refinancing fees (530) - - Interest and other charges (144) (1,022) (5,267) Returns on investment and servicing of finance (674) (1,022) (5,267) Tax paid (477) (1,187) (1,932) Capital expenditure and financial investment (288) (1,239) (1,620) Acquisitions and disposals - (50) (50) Net cash inflow before financing 2,537 1,142 971 Issue costs of preference share capital (1,243) - - New loans - 1,601 2,775 Capital element of finance lease plans (17) - (47) Repayment of loan stock (100) (1,601) (2,775) Net cash (outflow)/inflow from financing (1,360) - (47) Increase in cash 1,177 1,142 924 Unaudited Consolidated Statement of Total Recognised Gains and Losses Six months Six months Year ended ended 30 ended 30 September 2003 September 2002 31 March 2003 #000 #000 #000 Loss for the financial year (2,421) (3,318) (7,460) Exchange difference on retranslation of subsidiary net 205 302 1,369 assets Exchange difference on loan (180) (301) (1,330) Total recognised losses relating to the financial year (2,396) (3,317) (7,421) Unaudited Reconciliation of Movements in Shareholders' Funds Six months Six months Year ended ended 30 ended 30 September 2003 September 2002 31 March 2003 #000 #000 #000 Total recognised losses for the year (2,396) (3,317) (7,421) 13,757 - - Issue of share capital (net) Net increase/(decrease) in shareholders' funds 11,361 (3,317) (7,421) Opening shareholders' funds 14,981 22,402 22,402 Closing shareholders' funds 26,342 19,085 14,981 NOTES 1. BASIS OF PREPARATION The interim financial statement has been prepared on a basis consistent with the accounting policies disclosed in the Annual Report and Accounts for the year ended 31 March 2003. The consolidated results for the year ended 31 March 2003 have been extracted from the financial statements for that year and do not constitute full statutory accounts for the group. The group accounts for the year ended 31 March 2003 received an unqualified audit report and did not include a statement under section 237 (2) or (3) of the Companies Act 1985 and have been filed with the Registrar of Companies. 2. SEGMENTAL INFORMATION Turnover Net assets Six months Six months Year ended Six months Six months Year ended ended 30 ended 30 ended 30 ended 30 31 March September September 31 March September September 2003 2002 2003 2002 2003 2003 #000 #000 #000 #000 #000 #000 Void property protection Continuing 20,029 21,274 41,943 26,342 19,264 16,217 operations Discontinued - 1,030 1,141 - (179) (1,236) operations 20,029 22,304 43,084 26,342 19,085 14,981 Turnover Six months Six months Year ended ended 30 ended 30 September September 31 March 2003 2002 2003 #000 #000 #000 Turnover by destination and origin United Kingdom 13,596 16,544 30,365 Continental Europe 6,433 5,760 12,719 20,029 22,304 43,084 3. EXCEPTIONAL ITEMS Exceptional items of #98,000 in interest payable relate to corporate restructuring and refinancing of the company, including professional fees in respect of the negotiation of the company's banking arrangements which, in accordance with FRS4, are being charged to the profit and loss account over the period of the loan facility. 4. TAXATION The taxation charge for the period is the net result of tax charged in respect of profits earned overseas and the repayment of tax in respect of earlier periods. 5. LOSS PER SHARE Basic loss per share has been calculated on the loss after tax for the year and the weighted average number of ordinary shares (excluding shares owned by the company's share ownership trust) in issue during the year as follows: Six months ended Six months ended Year ended 31 30 September 2003 30 September 2002 March 2003 (restated) (restated) Loss #000 (2,462) (3,318) (7,460) Weighted average equity in issue (million) 13.95 13.95 13.95 Basic loss per ordinary share (pence) (17.65) (23.78) (53.48) Losses per share from continuing operations before amortisation of goodwill and intangible and before non-operating exceptional items have been presented in addition to basic earnings per share as defined by FRS 14 since, in the opinion of the directors, this provides shareholders with a more appropriate representation of the earnings derived from the group's present businesses. It can be reconciled to basic loss per share as follows: Six months ended Six months ended Year ended 31 30 September 2003 30 September 2002 March 2003 (restated) (restated) pence pence pence Basic loss per ordinary share (17.65) (23.78) (53.48) Amortisation of goodwill and intangible 14.71 15.85 32.59 Profit/(loss) per ordinary share from (0.01) 0.62 12.28 discontinued operations Loss per ordinary share from continuing (2.95) (7.31) (8.61) operations before the amortisation of goodwill and intangible and non-operating exceptional items The diluted loss per share, as defined in FRS 14, has been calculated on the following basis: Six months Six months ended Year ended 31 ended 30 30 September March 2003 September 2002 (restated) 2003 (restated) Diluted losses on ordinary shares #000 (2,462) (3,318) (7,460) Weighted average number of ordinary shares (million) 13.95 13.95 13.95 in issue Share options (million) - - - Diluted weighted average number of ordinary (million) 13.95 13.95 13.95 shares in issue Diluted loss per share (pence) (17.65) (23.78) (53.48) 6. RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH INFLOW FROM OPERATING ACTIVITIES Six months ended Six months ended Year ended 31 30 September 2003 30 September 2002 March 2003 #000 #000 #000 Operating profit/(loss) 7 (763) (3,059) Depreciation and loss on disposal of fixed 2,253 3,015 5,735 assets Amortisation of goodwill and intangibles 2,052 2,256 5,118 EBITDA 4,312 4,508 7,794 Decrease in stocks 70 87 39 Decrease/(increase) in debtors 714 (75) 1,817 (Decrease)/increase in creditors (1,120) 120 190 Net cash inflow from operating activities 3,976 4,640 9,840 7. ANALYSIS OF CHANGES IN NET DEBT At 31 March Cash flow Exchange Other At 30 2003 movement non-cash September changes 2003 #000 #000 #000 #000 #000 Cash at bank and in hand 519 251 - - 770 Bank overdrafts (2,743) 926 - - (1,817) (2,224) 1,177 - - (1,047) Bank loans due after one year - 530 (180) (44,786) (44,436) Bank loans due within one year (59,941) - - 59,941 - Other loans (600) 100 - - (500) Finance leases (45) 17 - - (28) (62,810) 1,824 (180) 15,155 (46,011) INDEPENDENT REVIEW REPORT BY KPMG AUDIT PLC TO ORBIS PLC Introduction We have been engaged by the company to review the financial information set out on pages 4 to 9 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4: Review of interim financial information issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2003. KPMG Audit Plc Chartered Accountants London 3 December 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFVTFLLVIIV
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