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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bristol&Ldn | LSE:BTL | London | Ordinary Share | GB0033589663 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5683E Bristol & London PLC 27 September 2007 BRISTOL & LONDON INTERIM REPORT FOR THE SIX MONTHS ENDED 31 JULY 2007 CHAIRMAN'S STATEMENT Overview The difficult trading conditions mentioned in my last annual statement have continued into the first half of the current year resulting in a loss before tax for the six months of #0.67m. In my annual statement I mentioned the fact that Bristol & London had incurred substantial costs in increasing the number of exotic vehicles in our fleet such as Aston Martin, Rolls Royce, Bentley, Ferrari and Lamborghini in anticipation of a significant level of new business with a major UK motor insurance company. Despite initial revenues being below expectations, the board was confident that this arrangement would eventually generate significant income. However a formal contract did not materialise and it became apparent that this business was not going to grow as anticipated. In order to reduce costs, the decision was made to dispose of a number of these vehicles, which had been considerably under-utilised, resulting in continuing losses. This decision was vindicated when in July; we were informed that the arrangement to supply exotic vehicles would be terminated with effect from April 2008. Outlook Whilst the current year has continued to prove challenging, we are at least encouraged by the initial success of the fleet management opportunities, which it is believed will provide the potential to develop a substantial revenue stream away from our traditional sources. Bristol & London has also continued to gain new dealership/bodyshop accounts in addition to several new contracts to provide full accident management programmes to fleet owners and operators. In view of the position that the Company now finds itself in, the Directors are of the opinion, following consultation with our advisers that it would be in the Company's best interest for it to de-list from AIM and to offer existing shareholders the opportunity to sell their shares back to the Company. A circular outlining the detailed proposals is being sent to shareholders shortly. The background to the proposal is the substantial reduction in the price at which the Company's shares have been trading on AIM, which has occurred since the announcement in August 2006 that the company's profits for the year ended January 2007 would not reach market expectations. Since that announcement, there have been further announcements concerning difficulties which the Company has encountered, including the failure to enter into arrangements with the major UK insurance company outlined above. The board has formed the view that the market has lost confidence in the Company and that, accordingly, any recovery which may occur in the Company's financial performance is unlikely to be properly reflected in the price at which the Company's shares trade on AIM. The market in the Company's shares is illiquid and the Company's share price has fallen to a low of 8.5 p. Additionally, The Board has reached the conclusion that the advantages which attach to the facility to trade the Company's shares on AIM do not outweigh the costs and other disadvantages. The board is confident that the prospects for the Company remain strong and believe that the business will have greater opportunity in the longer term to develop and expand away from a publicly quoted environment. Post Balance Sheet Event The decision to de-list as mentioned above was taken post period end. Given the results for the half year to 31 July 2007 and to fund the buy back of its shares the board has proposed to sell its head office property at an open market valuation of #1.85m. If shareholder approval is obtained for the above transactions, a loss on the sale of the property of #0.5m will be recognised in the second half of the year. This has not been recognised as an impairment charge during the first half of the year as the decision to sell the property was not taken by the board until after the period end. Dividend In view of the loss incurred in the period, the Board is not recommending the payment of an interim dividend and is of the view that it is unlikely at the present time that any final dividend for the year will be proposed. 27 September 2007 Bob Woods Executive Chairman FINANCE DIRECTOR'S REVIEW Turnover for the half year to 31 July 2007 fell to #3.87 million compared to #3.96 million for the first six months of last year, partly through the failure of certain new initiatives to produce anticipated business levels. Direct costs at #2.65 million (2006 #2.08 million), were however significantly higher than for the same period last year. Costs in the period under review were severely impacted by losses incurred on vehicles acquired surplus to actual requirement, primarily under reciprocal referral arrangements with car dealerships, and the increase in vehicle depreciation from 20 per cent straight line to 25 per cent reducing balance. Administrative costs were also higher in the period with expenditure for the six months to 31 July 2007 amounting to #1.5 million compared to #1.21 million in the corresponding period last year. The increase was primarily due to higher staff costs arising from a combination of higher commission payments, personnel specifically recruited for the newly initiated fleet accident management programmes and redundancy costs incurred as part of cost reduction exercises. Interest charges for the period were higher than in the previous year at #0.39 million (2006 #0.33 million) reflecting the increase in interest rates from last year. As a consequence, this has resulted in a loss before tax amounting to #0.67 million for the half year to 31 July 2007 compared to a profit of #0.34 million in the first half of 2006. Earnings per share for the six months amounted to a negative of 1.9p compared to positive earnings of 1.0p for the six months to 31 July 2006. In view of the loss sustained for the period, the payment of a dividend is not being recommended. 27 September 2007 Lewis Ross Finance Director PROFIT AND LOSS ACCOUNT for the six months ended 31 July 2007 Notes Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 #'000 #'000 #'000 Turnover - continuing 3,865 3,961 8,634 Cost of sales (2,651) (2,076) (4,900) Gross profit 1,214 1,885 3,734 Administrative expenses (1,496) (1,215) (2,520) Operating (loss)/profit (282) 670 1,214 Other interest receivable and similar income - 2 2 Interest payable and similar charges (389) (333) (710) (Loss)/profit on ordinary activities before taxation (671) 339 506 Tax on profit on ordinary activities 2 211 (99) (185) (Loss)/profit on ordinary activities after taxation (460) 240 321 (Loss)/earnings per share 4 Basic (1.9)p 1.0p 1.3p Diluted (1.9)p 1.0p 1.3p There were no recognised gains or losses other than included above. BALANCE SHEET at 31 July 2007 Unaudited Unaudited Audited six months six months Year ended ended ended 31 July 2007 31 July 2006 31 January 2007 #'000 #'000 #'000 #'000 #'000 #'000 Fixed assets Tangible assets 7,701 10,101 10,218 Current assets Debtors 5,098 3,995 5,203 Cash at bank and in hand 11 8 12 5,109 4,003 5,215 Creditors Amounts falling due within one year (4,771) (4,658) (4,579) Net current assets/(liabilities) 338 (655) 636 Total assets less current liabilities 8,039 9,446 10,854 Creditors Amounts falling due after more than one year (5,559) (7,177) (7,865) Provision for liabilities and charges Deferred tax (446) (483) (446) Net assets 2,034 1,786 2,543 Capital and reserves Called up share capital 242 242 242 Share premium account 726 726 726 Profit and loss account 1,066 1,653 1,575 Equity shareholders' funds 2,034 2,621 2,543 RECONCILIATON OF MOVEMENTS IN SHAREHOLDERS FUNDS for the six months ended 31 July 2007 Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 (Loss)/profit for the period (460) 240 321 Dividends (60) (278) (457) Retained loss for the period (520) (38) (136) Credit in relation to share based payments 11 3 23 Net reduction to shareholders' funds (509) (35) (113) Opening shareholders funds 2,543 2,656 2,656 Closing shareholders funds 2,034 2,621 2,543 CASH FLOW STATEMENT for the six months ended 31 July 2007 Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 #'000 #'000 #'000 Net cash inflow from operating activities 1,400 1,669 3,377 Returns on investments and servicing of finance (389) (331) (708) Taxation paid (102) (287) (415) Receipts from sales of tangible fixed assets 2,954 1,905 3,028 Equity dividends paid (60) (278) (457) Financing (4,275) (3,133) (5,448) Decrease in cash in period (472) (455) (623) NOTES TO THE CASH FLOW STATEMENT RECONCILIATION OF NET CASH FLOWS TO MOVEMENTS IN NET DEBT for the six months ended 31 July 2007 Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 #'000 #'000 #'000 Decrease in cash in period (472) (455) (623) Cashflow from decrease in debt less finance lease repayments 4,275 3,133 5,448) New finance leases (1,575) (3,437) (5,896) Movement in net debt in the period 2,228 (759) (1,071) Net debt at start of period (10,561) (9,490) (9,490) Net debt at end of period (8,333) (10,249) (10,561) RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES for the six months ended 31 July 2007 Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 #'000 #'000 #'000 Operating (loss)/profit (282) 670 1,214 Depreciation charges 962 922 2,005 Share based payment charge 11 3 23 Decrease/(increase) in debtors 316 (23) (397) Increase/(decrease) in creditors 217 (81) 217 Loss on disposal of fixed assets 176 178 315 Net cash inflow from operating activities 1,400 1,669 3,377 NOTES TO THE FINANCIAL INFORMATION 1 Basis of Preparation The unaudited profit and loss account, balance sheet and cashflow statement have been prepared on a basis consistent with the accounts for the year ended 31 January 2007. The figures for the full year ended 31 January 2007 have been extracted from the audited accounts approved at the Annual General Meeting. These accounts included an unqualified audit report which did not contain a statement under section 237 (2) or section 237(3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. This interim report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. 2 Taxation The tax charge provided for the period is based on the estimated effective tax rate applied to the taxable profits for the period. 3 Dividends Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 #'000 #'000 #'000 Dividend on equity shares - final paid 60 278 278 - interim paid - - 179 60 278 457 4 Earnings Per Share Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. Unaudited Unaudited Audited six months six months year ended ended ended 31 July 31 July 31 January 2007 2006 2007 #'000 #'000 #'000 (Loss)/profit for the period (460) 240 321 31 July 31 July 31 January 2007 2006 2007 No No No Basic weighted average number of shares 24,197,352 24,197,352 24,197,352 Dilutive potential ordinary shares Employee share options 858,967 910,540 882,749 25,056,319 25,107,892 25,080,101 Diluted earnings per share can not be less than basic earnings per share due to a loss being reported. For this reason diluted earnings per share for the six months ended 31 July 2007 is quoted as a negative 1.9p per share. 5 Post Balance Sheet Event Subsequent to the period end, the board has proposed that the Company should de-list from AIM and allow shareholders to sell their shares back to the Company. Given the results for the half year to 31 July 2007 and in order to fund the potential buyback of shares, the board has also proposed to sell the head office property at an open market value of #1.85 million. If shareholder approval is obtained for the above transactions, a loss on sale of the property of #0.5 million will be recognised within the second half of the year. This has not been recognised as an impairment charge during the first half of the year as the decision to sell the property was not taken by the board until after the period end. INDEPENDENT REVIEW REPORT TO BRISTOL & LONDON PLC Introduction We have been engaged by the company to review the condensed set of financial statements in the half-yearly report for the six months ended 31 July 2007 which comprises of the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 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 half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM rules. As disclosed in note 1, the annual financial statements of the company are prepared in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). The condensed set of financial statements included in this half-yearly report has been prepared in accordance with the Statement Half-Yearly Financial Reports as issued by the UK Accounting Standards Board. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 31 July 2007 is not prepared, in all material respects, in accordance with the Statement Half-Yearly Financial Reports as issued by the UK Accounting Standards Board and the AIM Rules for Companies. Emphasis of matter - prior period financial information In forming our review opinion, which is not qualified, we note that whilst the company has previously produced an interim review report, that report has not previously been subject to an interim review. As a consequence, the review procedures set out above have not been performed in respect of the comparative period for the six months ended 31 July 2006. 27 September 2007 KPMG Audit Plc Chartered Accountants Registered Auditor 100 Temple Street Bristol BS1 6AG This information is provided by RNS The company news service from the London Stock Exchange END IR DQLFLDKBBBBD
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