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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Coburg Grp | LSE:CGG | London | Ordinary Share | GB00B66TMM85 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1397R Coburg Group PLC 21 October 2003 CHAIRMAN'S STATEMENT Trading Results Solid progress has been made during the last year in re-establishing the group on a sound financial basis. There was a significant improvement in the group's finances during the year and the loss was substantially reduced from #239,000 (2002) to #33,000 for the year ending April 30th 2003. Group sales increased from #1,836,000 to #1,907,000. All three operating companies Langdons (Coffee & Tea), Citifilter and CK Coffee made a contribution to profits and central overheads were further reduced. The improvement was partly attributable to the acquisition and successful integration of the business of Ashbys Tea & Coffee. The assets of this business were acquired for a total consideration of #103,000 which included a payment of #35,000 in respect of the rights to use the brand name and #13,000 in respect of certain machinery held on a finance lease. The Ashbys business now operates from new premises as the Colchester branch of Langdons (Coffee and Tea) Ltd and continues to make a useful contribution to the group. Current Trading The exceptionally warm summer reduced the demand for hot beverages, thus sales during this period have been disappointing. However, the group has continued to strengthen its financial position with the acquisition of the G & M Rizzi coffee business. A total consideration of #137,000 has been paid and this sum has been financed from internal resources and a term loan of #60,000. Rizzi Coffee has an extremely well established range of Italian style espresso coffees and it is hoped that the group will be able to actively develop a larger market for these products. I am pleased that Mr John Rizzi, the founder of the business, has agreed to work with us to this end. Corporate Matters The introduction of the company's shares to the Alternative Investment Market in October 2002 has been generally well received. In September 2002 the company's shares were converted from the old 0.5p shares into new 5p shares by the consolidation on the basis of one new 5p share for every 10 old 0.5p shares. This has had the effect of substantially reducing the percentage difference between the buying and selling prices in the stock market. In January 2003 the company raised a further #180,000 by placing 2,000,000 new ordinary shares at 9p per share with clients of Fiske plc, the company's brokers. This was done, in part, to finance the acquisition of the purchase of the Ashby's Tea & Coffee business. Management and Board changes In February 2003 Mr Jeremy Maynard joined the Board as a non-executive director. He has since agreed to carry out various consultancy assignments for the group. Jeremy has a very extensive knowledge of the group having been the managing director of Langdons during its successful development in the years 1987-1996. Mr Alistair Summers, who joined the board in August 2002, will take over as group chief executive immediately following the forthcoming Annual General Meeting. It is proposed that I then assume the position of non-executive chairman. Future developments and prospects It is the directors' intention to continue to expand and develop the business by the acquisition of other tea and coffee businesses and, to this end, resolutions are included in the forthcoming Annual General Meeting to give the directors powers to issue further shares for acquisitions and for cash. To support acquisitions of this year and the future the directors propose to substantially upgrade the roasting and packing facilities at the Woolwich factory site to enable a more effective integration of the various businesses within the group. I believe that the present structure of the group and the creation of a young and professional management team, to be led by Alistair Summers, offers good prospects for the development of a serious and successful business. K.P LEGG 21st October 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 30 April 2003 2003 2002 #000 #000 Turnover Continuing operations 1,651 1,585 Acquisitions 256 251 -------- -------- Total Turnover 1,907 1,836 Cost of sales (908) (929) -------- -------- Gross profit 999 907 Distribution and selling costs (325) (393) Administrative costs (698) (644) -------- -------- Operating (loss) / profit Continuing operations (49) (138) Acquisitions 25 8 -------- -------- Group operating (loss) / profit (24) (130) Loss on sale of fixed assets in continuing operations (1) (69) -------- -------- (Loss) / profit on ordinary activities before interest (25) (199) Investment income 2 14 Amounts written off investments (4) (44) Interest payable (6) (7) -------- -------- (Loss) / profit on ordinary activities before taxation (33) (236) Taxation - - -------- -------- (Loss) / profit on ordinary activities after taxation (33) (236) Equity minority interests (-) (3) (Loss) / profit retained for the financial year (33) (239) -------- -------- (Loss) / earnings per share in pence - basic and diluted (0.30) (2.26) There are no recognised gains or losses in either the current or previous financial years other than the profits and losses disclosed in the profit and loss account. Accordingly no statement of total recognised gains and losses has been prepared. CONSOLIDATED BALANCE SHEET As at 30 April 2003 2003 2002 Note #000 #000 #000 #000 Fixed assets Tangible assets 357 391 Intangible assets 223 148 Investments - 16 -------- -------- 580 555 Current assets Stocks 164 150 Debtors 414 279 Cash at bank and in hand 72 6 -------- -------- 650 435 Creditors: amounts falling due within one year (421) (322) -------- -------- Net current assets 229 112 -------- -------- Total assets less current liabilities 809 668 Creditors: amounts falling due after more than one year (14) (20) Minority Interests Equity minority interests (10) (10) -------- -------- Net assets 785 638 -------- -------- Capital and reserves Called up share capital 630 530 Share premium account 226 146 Other reserves 428 428 Profit and loss account (499) (466) -------- -------- Equity shareholders' funds 785 638 -------- -------- CONSOLIDATED CASH FLOW STATEMENT For the year ended 30 April 2003 2003 2002 Note #000 #000 #000 #000 Net cash inflow from Operating activities 1 30 23 Returns on investment and servicing of finance Interest paid (6) (7) Investment income 2 14 -------- -------- (4) 7 Capital expenditure and financial investment Purchase of tangible assets (41) (44) Purchase of fixed asset investments - (18) Sale of fixed asset investments 12 108 Sale of tangible fixed assets 7 - -------- -------- (22) 46 Acquisitions and disposals Purchase of business undertaking 4 (103) (102) Net (debt) / cash acquired with subsidiary - (15) -------- -------- (103) (117) -------- -------- Net cash outflow before financing (99) (41) Financing Proceeds of ordinary share issue 180 - Repayments on finance leases (5) (13) -------- -------- Net cash inflow from financing 175 (13) -------- -------- Increase / (decrease) in cash during the year 3 76 (54) -------- -------- NOTES TO CONSOLIDATED CASH FLOW STATEMENT 1. Reconciliation of operating (loss) to net cash outflow from operating activities 2003 2002 #000 #000 Operating (loss) (24) (130) Depreciation 76 88 Amortisation and impairment of goodwill 19 15 (Increase) / Decrease in stocks (14) 46 (Increase) / Decrease in debtors (135) 93 Increase in creditors 108 (89) -------- -------- Net cash inflow from operating activities 30 23 -------- -------- 2. Analysis of net funds At 1 May Other non At 30 April 2002 Cash Flow cash changes 2003 #000 #000 #000 #000 Cash at bank and in hand 6 66 - 72 Bank overdraft (22) 10 - (12) Net obligations under finance leases And hire purchase agreements (35) 15 (10) (30) -------- -------- -------- -------- (51) 91 (10) 30 -------- -------- -------- -------- 3. Reconciliation of net cash flow to movement in net debt 2003 2002 #000 #000 Increase / (decrease) in cash in the period 76 (54) Cash outflow from decrease in debt and lease financing 15 13 -------- -------- Change in net debt / funds resulting from cash flows 91 (41) New finance lease and hire purchase obligations (10) (29) -------- -------- Movement in net debt / funds in the period 81 (70) Opening net funds (51) 19 -------- -------- Closing net debt / funds 30 (51) -------- -------- 4. Purchase of business undertaking #000 Net assets acquired; Fixed Assets 9 ------- 9 Goodwill 94 -------- Satisfied by: Cash consideration 103 --------- FURTHER NOTES For the year ended 30 April 2003 1. Earnings / (loss) per share Loss per share for the year ended 30 April 2003 is calculated on the consolidated loss on ordinary activities after tax of #33,000, divided by 11,095,023 this being the weighted average number of ordinary shares in issue during the year. The earnings per share for the year ended 30th April 2002 is calculated on the consolidated loss on ordinary activities after tax of #239,000 divided by 10,590,913 being the weighted average number of shares in issue during the year as adjusted for the consolidation on the basis of ten Ordinary 0.5p shares for every Ordinary 5p share. 2. Accounting Policies The preliminary results have been prepared on the basis of the accounting policies as stated in the previous year's financial statements except that any provision for deferred tax has been calculated under the provisions of FRS 19. 3. Financial Information The financial information set out in the preliminary announcement does not constitute the Company's statutory accounts for the year ended 30th April 2003 or 30th April 2002, but this is derived from those accounts. Statutory accounts for the year ended 30th April 2002 have been delivered to the Registrar of Companies and those for the year ended 30th April 2003 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 FEAFLFSDSEIS
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