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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Garner | LSE:GAR | London | Ordinary Share | GB00B16NPJ35 | 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% | 3.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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GARNER PLC
(FORMERLY CONSTELLATION CORPORATION PLC)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2006
Chairman's Statement
You may recall in my statement accompanying our 2005 results I remarked that
2005 in many respects had been a turnaround year. I am delighted to report, as
you will see from the results for the half year, that the improvement has
continued. Pre-tax profits of £200,000 compares with losses in the same period
last year of £36,000.
Turnover is up by 60%, from £685,000 to £1.104 million. More importantly, we
can see from current contracted income that this upward trend is continuing
through the third quarter. Credit for this lies squarely with my colleagues,
all of whom are performing well. We have another consultant and a researcher
joining in August. Our headcount then will be seven consultants and four in
research.
You are all aware of the important changes to our balance sheet that were
approved at the recent Annual General Meeting. However, we will continue to
focus on cash generation and cash management and further debt reduction. The
symbolism of the Company's name change and the substantial improvement in our
performance in the first half is intended to make clear to all our shareholders
that we have drawn a clear line under our challenging past and the Board
remains cautiously confident regarding the full year performance of the
Company. We already have two FTSE 10 volume clients, and serve eight FTSE 100
companies on regular and long term contracts together with a select group of
unlisted businesses and multi-nationals and, therefore, have a sound and
attractive platform to build on.
J Bartle
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Note Six months Six months Year ended
ended
ended 31 December
30 June 2006 2005
30 June
2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Turnover 1,104 688 1,579
Administrative expenses (852) (666) (1,425)
-------- --------- ---------
Total operating profit 252 22 154
Interest payable and similar (52) (58) (108)
charges
-------- -------- ---------
Profit on ordinary activities 200 (36) 46
before taxation
Taxation - - -
-------- -------- ---------
Profit for the financial period 200 (36) 46
Dividends - (25) -
-------- -------- ---------
Retained profit for the financial 200 (61) 46
period
-------- -------- ---------
Earnings per share (pence) - Basic 2 0.04p (0.01)p 0.00p
and diluted
-------- -------- ---------
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2006
At 30 June 2006 At 30 June 2005 At 31 December
2005
(unaudited) (unaudited) (audited)
£'000 £'000 £'000 £'000 £'000 £'000
Fixed assets
Tangible assets 1 2 -
Investments 925 992 959
-------- -------- --------
926 994 959
Current assets
Debtors 573 309 303
Cash at bank and in hand - - 4
-------- -------- --------
573 309 307
Creditors: amounts (3,243) (3,146) (3,105)
falling due within one
year
-------- -------- --------
Net current liabilities (2,670) (2,837) (2,798)
--------- --------- ---------
Total assets less current (1,744) (1,843) (1,839)
liabilities
Creditors: amounts (593) (756) (678)
falling due after more
than one year
Provisions for - - -
liabilities and charges
--------- --------- ---------
Total assets less current (2,337) (2,599) (2,517)
liabilities
====== ===== =====
Capital and reserves
Called up share capital 4,795 4,795 4,795
Share premium account 3,523 3,543 3,543
Other reserve - - -
Profit and loss account (10,655) (10,937) (10,855)
---------- --------- --------
Shareholders' funds (2,337) (2,599) (2,517)
====== ===== =====
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2006
Note Six months Six months Year ended
ended 30 31
ended 30 June 2005 December
2005
June 2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash (outflow) / inflow from i (36) 34 148
operating activities
Returns on investments and servicing of (52) (58) (108)
finance
Taxation - - -
Capital expenditure and financial - - -
investment
Acquisitions and disposals - - -
---------- ---------- ----------
Net cash flow before use of liquid (88) (24) 40
resources and financing
Financing 58 (30) (66)
---------- ---------- ----------
Decrease in cash ii (30) (54) (26)
====== ====== ======
NOTES TO THE CASH FLOW STATEMENT
i reconciliation of operating profit to net cash FLOW
Six months Six months Year ended
ended 30 31 December
ended 30 June 2005 2005
June 2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating profit for the period 252 22 154
Depreciation of tangible fixed assets - 4 6
Amortisation of goodwill 34 33 69
(Increase) in debtors (270) (134) (128)
(Decrease) / increase in creditors (52) 109 47
--------- --------- ---------
Net cash (outflow) / inflow from operating (36) 34 148
activities
====== ====== ======
ii Reconciliation of net cash flow to movement in net DEBT
Six months Six months Year ended
ended 30 31
ended 30 June 2005 December
2005
June 2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
(Decrease) in cash in the period (30) (54) (26)
Directors' loan advance (82) - (80)
Net movement on secured loans 101 30 144
---------- ---------- ----------
Change in net debt resulting from cash flows (11) (24) 38
Net debt at the beginning of the period (1,683) (1,721) (1,721)
---------- ---------- ----------
Net debt at the end of the period (1,694) (1,745) (1,683)
====== ====== ======
iii Analysis of changes in net debt
At 31 December Cash flow At 30 June
2005 2006
£'000 £'000 £'000
Cash at bank and in hand 4 (4) -
Bank overdraft (50) (26) (76)
----------- ---------- -----------
Total for cash at bank and in hand (46) (30) (76)
Debt due within one year (564) 16 (548)
Debt due after more than one year (678) 85 (593)
Directors loan account (395) (82) (477)
------------ ---------- ------------
(1,683) (11) (1,694)
======= ====== =======
NOTES TO THE UNAUDITED INTERIM REPORT
1. BASIS OF PREPARATION
The results for the six months ended 30 June 2006, which are unaudited, have
been prepared in accordance with the Company's accounting policies as set out
in its Annual Report and Accounts to 31 December 2005 and under the historical
cost convention.
The financial information set out in this document which has been neither
audited nor reviewed does not comprise the statutory accounts of the Company
within the meaning of section 240(5) of the Companies Act 1985.
BASIS OF CONSOLIDATION
The group financial statements consolidate those of the Company and of its
subsidiary undertaking Garner International Limited, a company incorporated in
England and Wales. Profits or losses on intra-group transactions are eliminated
in full.
2. earnings PER ORDINARY SHARE
The calculation of the earnings per share is based on the profit attributable
to ordinary shareholders of £200,000 (2005: £61,000) and the weighted average
number of ordinary shares in issue during the period, being 1,167,118,360
(2005: 1,167,118,360).
3. RESTATEMENT OF JUNE 2005 BALANCE SHEET
Following receipt of Counsel's opinion relating to the preference shares as
noted in the Annual Report and Financial Statements for the year ended 31
December 2005, the balance sheet as at 30 June 2005 has been restated. The
effect of this restatement is to decrease shareholders' funds by £1,228,000 and
increase current liabilities by the same amount.
4. COPIES OF THE UNAUDITED INTERIM REPORT
Copies of this report are available on request from the Company's registered
office at 6 Derby Street, London, W1J 7AD.
Contact details:
Garner Plc
Andrew Garner
Tel: 020 7629 8822
City Financial Associates Limited
Ross Andrews
Tel: 020 7090 7800
END
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