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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Marksmen Energy Inc | TSXV:MAH | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.01 | 0.005 | 0.01 | 0 | 00:00:00 |
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RNS Number:6336M
Matrix Healthcare PLC
23 June 2003
Matrix Healthcare plc
Interim Report 2003
Chairman's Statement
Your company is reporting a profit before taxation of #15,000 for the six months
ended 31st March 2003 compared to a loss of #17,000 in the same period last
year. On a reduced bed basis, occupancy for the first half of this financial
year averaged 83.8 per cent. (79.7 per cent. six months to 31 March 2002) and
has increased to an average 86.6 per cent. so far in the third quarter. Gross
margins and operating margins have both improved mainly due to continued
vigilant cost controls.
The changes we have made in our bed mix from nursing to residential care are
beginning to have a positive effect on our trading and for the time-being we
have decided not to proceed with the further works at Morton Close.
The Care Standards Act has been operating for over a year now and this
regulatory regime is settling down resulting in less operational uncertainty for
the Company. Also, in March 2003, the Government decided not to implement larger
room size requirements for existing homes, because the resulting reduction in
beds would not meet national demand. As a consequence some of the uncertainties
surrounding home valuations have reduced, though many issues are still
unresolved. Meanwhile your directors will continue to focus on seeking a buyer
for the Company's assets at the appropriate time.
Peter Dewe-Mathews
Chairman
23 June 2003
Group Profit and Loss Account 6 months 6 months Year
ended ended ended
31-Mar-03 31-Mar-02 30-Sep-02
Unaudited Unaudited Audited
#'000 #'000 #'000
Turnover
- Continuing activities 1,134 1,276 2,559
Cost of sales (872) (1,009) (1,994)
--------- --------- ---------
Gross profit 262 267 565
Administrative expenses - ordinary (86) (94) (183)
Depreciation (44) (45) (83)
Administrative expenses - exceptional - - (539)
--------- --------- ---------
(130) (139) (805)
Operating profit/(loss) 132 128 (240)
Interest payable and similar charges (117) (145) (278)
--------- --------- ---------
Profit/(loss) on ordinary activities 15 (17) (518)
before taxation
Corporation tax (4) (1) (2)
--------- --------- ---------
Profit/(loss) on ordinary activities
after taxation
and retained for the period 11 (18) (520)
========= ========= =========
Earnings per share 0.5 p (0.8) p (22.7) p
========= ========= =========
Dividend per share
-Interim Nil Nil Nil
========= ========= =========
-Final Nil
=========
The calculation of earnings per share is based on an average number of 2,283,422
shares in issue during the six months to 31st March 2003 (2002: 2,283,422
shares).
Group Balance Sheet 31-Mar-03 31-Mar-02 30-Sep-02
Unaudited Unaudited Audited
#'000 #'000 #'000
Fixed assets
Tangible assets 3,469 4,088 3,500
Current assets
Stocks 6 9 6
Debtors 108 135 128
Cash at bank and in hand 1 1 1
--------- --------- ---------
115 145 135
Creditors: amounts falling due within one (882) (869) (892)
year
10% Convertible loan stock (892) (870) (890)
--------- --------- ---------
Net current liabilities (1,659) (1,594) (1,647)
--------- --------- ---------
Total assets less current liabilities 1,810 2,494 1,853
Creditors: amounts falling due after more (1,192) (1,354) (1,246)
than one year
--------- --------- ---------
Net assets 618 1,140 607
========= ========= =========
Capital and reserves
Called up share capital 1,142 1,142 1,142
Share premium account 1,242 1,242 1,242
Revaluation reserve - 32 -
Profit and loss account (1,766) (1,276) (1,777)
--------- --------- ---------
Equity shareholders' funds 618 1,140 607
========= ========= =========
Group Cash Flow Statement 6 months 6 months Year
ended ended ended
31-Mar-03 31-Mar-02 30-Sep-02
Unaudited Unaudited Audited
#'000 #'000 #'000
Net cash inflow from operating 156 163 400
activities
Returns on investment and servicing of (106) (145) (238)
finance
Capital expenditure and financial
investment
Purchase of tangible fixed assets (13) (27) (47)
--------- --------- ---------
Net cash inflow/(outflow) before 37 (9) 115
financing
Financing
Repayment of existing loans (182) (155) (330)
Hire purchase creditor - (2) (3)
--------- --------- ---------
Decrease in cash during the period (145) (166) (218)
========= ========= =========
Reconciliation of net cash flow to
movement in net debt
Decrease in cash during the period (145) (166) (218)
Cash outflow from decrease in debt 182 157 333
--------- --------- ---------
Change in net debt resulting from 37 (9) 115
cashflows
Amortisation of issue costs on unsecured (11) (20) (40)
loan stock --------- --------- ---------
Movement in net debt during the period 26 (29) 75
Net debt at beginning of period (2,785) (2,860) (2,860)
--------- --------- ---------
Net debt at end of period (2,759) (2,889) (2,785)
========= ========= =========
Group Cash Flow Statement
Continued 6 months 6 months Year
ended ended ended
31-Mar-03 31-Mar-02 31-Sep-02
Unaudited Unaudited Audited
#'000 #'000 #'000
Reconciliation of operating profit to
operating cashflow
Operating profit/(loss) 132 128 (240)
Exceptional item - impairment of fixed - - 539
assets
Depreciation 44 45 83
Decrease in stocks - - 3
Decrease/(increase) in debtors 20 (25) 33
(Decrease)/increase in creditors (40) 15 (18)
--------- --------- ---------
Net cash inflow from operating 156 163 400
activities ========= ========= =========
Reconciliation of movements in equity shareholders' funds
6 months 6 months Year
ended ended ended
31-Mar-03 31-Mar-02 31-Sep-02
Unaudited Unaudited Audited
#'000 #'000 #'000
Profit/(loss) on ordinary 11 (18) (520)
activities after taxation
and retained for the period
Reduction in revaluation reserve - - (31)
--------- --------- ---------
11 (18) (551)
Opening equity shareholders' 607 1,158 1,158
funds --------- --------- ---------
Closing equity shareholders' 618 1,140 607
funds ========= ========= =========
The financial information set out above does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. It has been
prepared on the basis of the accounting policies set out in the Group's 2002
statutory accounts. The results for the year ended 30 September 2002 have been
extracted from the Group's published accounts for that year, which have been
filed with the Registrar of Companies. The auditors' report on the full
statutory accounts of the Group for the year ended 30 September 2002 was
unqualified and did not contain a statement under either section 237(2)
(accounting records or returns inadequate or accounts not agreeing with records
and returns) or section 237(3) (failure to obtain necessary information and
explanations) of the Companies Act 1985.
This announcement is being sent to all shareholders on the register at 23 June
2003 and copies are available to the general public free of charge during office
hours for one month from the date of this announcement at 7-8 Savile Row, London
W1S 3PE (the registered office).
Enquiries:
Peter Dewe-Mathews 01635 247400 or 07768 847947
This information is provided by RNS
The company news service from the London Stock Exchange
END
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