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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Meriden Grp | LSE:MRD | London | Ordinary Share | GB0032888470 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.04 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1384C Meriden Group PLC 28 April 2006 28 April 2006 Enquiries: Russell Stevens 07860 562621 Chief Executive Russell@meriden-group.co.uk Jonathan Wright 020 7107 8000 Seymour Pierce Limited Meriden Group Plc (the "Company" or "the Group") Interim results for the six months ended 31 January 2006 Strategic Highlights * The Group continues to review exit opportunities with regards to its Logistics division * Following the Chancellors decision on 6 April to remove the tax efficient benefits on the Home Computer Initiative it appears that there will be a significant loss of future revenue streams. * The Group continues to fulfil its commitments under pre budget contracted HCI schemes Financial Highlights * The Group losses totalled #424,024 for the six month period * The Logistics division impacted significantly on the Groups losses * No interim dividend is recommended * Loss per share of 0.12 pence (2005: loss 0.29) Commenting Russell Stevens, Chief Executive said: 'The board has spent significant time over the last six months attempting to invoke a turnaround strategy with respect to its Logistics division whilst looking at all possible exit routes. Currently no final exit route has been decided upon. However, strategies are in place to resolve this matter in the near future, in addition the monthly losses have begun reducing and consequently the Logistics division is moving towards a break-even position. The Chancellor's decision to remove the tax efficient benefits on the HCI schemes was extremely disappointing given the investment on both people and technology which Meriden had undertaken in the last two years. Meriden is continuing to work with its IT suppliers to see what opportunities there may be in the new environment and we will inform our shareholders as soon as this is concluded. As a board we remain convinced that once a resolution has been found to the issues over the divestment of the Logistics division then a return to profitability will be imminent.' Chairman's Statement I am pleased to present my Chairman's report for Meriden Group Plc for the six months ended 31 January 2006. During the period the Group made pre tax losses of #424,024 (2005: profit #219,555) on a turnover of #7,674,835 (2005: #4,400,692). For the first time, the Directors are recommending that no dividend be paid In my 2006 year end Statement I referred to the Board's intention to divest non-core activities. As previously noted during the 2005 financial year, we closed the Publishing Division and the Scottish Branch of the Logistics division. During the first half of the financial year, the Group has been unable to divest the French Logistics division, which has continued to make significant losses and the results for the Group have consequently again been depressed. It is still the Company's objective secure an exit from the logistics business during the second half of 2006. The Employee Benefits Division, which was launched in 2004, has won a large number of prestige clients wishing to implement Home Computer Schemes (HCI's). These schemes enable their employees to acquire computers in a tax efficient manner. The Chancellor's recent budget statement removed these benefits from 6th April 2006. Meriden is continuing to fulfil its commitments under pre-existing contracts and is working with the industry and government to see if an approved 'son of HCI' scheme can be delivered. The remaining core divisions of Marketing & Communications and Management Consultancy have continued to deliver acceptable but unspectacular results during the first half of this year. The IT solutions division has suffered a poor first half and significant efforts are being expended on this division to restructure and reduce the cost base. Following its floatation on Aim in 2001 the Group had been profitable until 2005. Since then the losses sustained by the Logistics business have severely strained Meriden's resources and the probable loss of the HCI-related business removes a significant revenue and profit stream from the immediate future. The Directors are confident that the Group can return to profitability immediately following the exit of the Logistics business, that shareholder value can be enhanced by further acquisitions and that a dividend will be restored from the 2006 year-end. The Board is delighted to welcome newcomers to the Meriden family and as always we thank all of our staff for their hard work. The Board would also thank its shareholders for their loyalty during these very difficult times for the Group. Derek Hall 28 April 2006 Consolidated Profit and Loss Account for the 6 months ended 31 January 2006 Note 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2006 2005 2005 (unaudited) (unaudited) (audited) # # # Turnover 7,674,835 4,400,692 8,891,713 Cost of sales (7,227,697) (3,317,327) (7,718,875) ----------- ----------- ----------- Gross profit 447,138 1,083,365 1,172,838 Administrative expenses (826,405) (867,507) (1,950,583) ----------- ----------- ----------- Operating (loss)/profit (379,267) 215,858 (777,745) Profit on disposal of fixed assets 886 - - Interest receivable 8,163 5,093 712 Interest payable (53,806) (1,396) (95,972) ----------- ----------- ----------- (Loss)/profit on ordinary activities before taxation (424,024) 219,555 (873,005) Taxation - (70,000) (12,805) ----------- ----------- ----------- (Loss)/profit for the financial period (424,024) 149,555 (885,810) Dividends - (29,000) (49,700) ----------- ----------- ----------- Retained (loss)/profit for the period (424,024) 120,555 (935,510) ----------- ----------- ----------- Basic and diluted (loss)/ earnings per share (pence) 3 (0.12) 0.052 (0.29) Dividend per share for the period (pence) - 0.010 0.016 ----------- ----------- ----------- The company has no recognised gains or losses other than the profit for the period, which has been derived from continuing operations. Consolidated Balance Sheet as at 31 January 2006 Note As at As at As at 31 January 31 January 31 July 2006 2005 2005 (unaudited) (unaudited) (audited) # # # Fixed assets Tangible assets 1,241,140 1,173,632 1,344,842 Fixed asset investments 177,853 177,853 177,853 ----------- ----------- ----------- 1,418,993 1,351,485 1,522,695 Current assets Stocks and work in progress 136,109 273,721 134,220 Debtors 4,138,970 4,380,292 3,884,527 Cash at bank and in hand 198,790 241,125 400,049 ----------- ----------- ----------- 4,473,869 4,895,138 4,418,796 Current liabilities falling due within one year (3,922,893) (3,404,967) (3,406,918) ----------- ----------- ----------- Net current assets 550,976 1,490,171 1,011,878 ----------- ----------- ----------- Total assets less current liabilities 1,969,969 2,841,656 2,534,573 Creditors: Amounts falling due after one year (798,482) (770,880) (939,062) Provisions for liabilities and charges (5,977) (5,977) (5,977) ----------- ----------- ----------- Net assets 1,165,510 2,064,799 1,589,534 ----------- ----------- ----------- Capital and reserves Called up share capital 345,000 290,000 345,000 Share premium 1,049,155 523,355 1,049,155 Profit and loss account (228,645) 1,251,444 195,379 ----------- ----------- ----------- Equity shareholders' funds 5 1,165,510 2,064,799 1,589,534 ----------- ----------- ----------- Consolidated Cash Flow Statement for the 6 months ended 31 January 2006 Note 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2006 2005 2005 (unaudited) (unaudited) (audited) # # # Net cash (outflow)/inflow from operating activities 6 (74,511) 74,881 (394,329) Return on investments Interest received 8,163 5,093 712 Interest payable (53,806) (1,396) (95,972) ----------- ----------- ----------- Net cash (outflow)/inflow from returns on investment and servicing of finance (45,643) 3,697 (95,260) Tax paid (47,497) (80,702) (74,138) Capital expenditure and financial investment Payments to acquire tangible fixed assets (32,600) (1,006,168) (1,349,925) Receipts from the sale of tangible fixed assets 13,988 - - ----------- ----------- ----------- Net cash (outflow)/inflow from capital expenditure and financial investments (18,612) (1,006,168) (1,349,925) Dividend paid (112) (58) (66,421) ----------- ----------- ----------- Net cash (outflow)/inflow before financing (186,375) (1,008,350) (1,980,073) Financing Issue of ordinary shares for cash - - 580,800 Bank loan drawdowns - 963,600 1,272,507 Repayment/other movements in bank loans (9,231) - - Increase in invoice discounting facilities 42,994 13,598 149,079 Capital element of finance lease rentals (1,141) - (964) ----------- ----------- ----------- Net cash inflow from financing 32,622 977,198 2,001,422 ----------- ----------- ----------- (Decrease)/Increase in cash 7 (153,753) (31,152) 21,349 ----------- ----------- ----------- Notes to the Interim Results for the period ended 31 January 2006 1 Basis of preparation The interim report does not represent statutory accounts within the meaning of section 240 Companies Act 1985. Comparative figures for the year ended 31 July 2005 are an abridged version of the Group's full accounts which carries an unqualified audit report and have been delivered to the Registrar. The interim report has not been audited or reviewed but was approved by the Board on 28 April 2006. 2 Basis of consolidation The Consolidated Profit and Loss Account, Balance Sheet and Cash Flow Statement consolidate those of the Company and its subsidiary undertakings as at 31 January 2006. Intra-group transactions have been eliminated in full. 3 Basic earnings per share The calculation of the basic earnings per share is based on the profit on ordinary activities after taxation and on the weighted average number of shares in issue during the period. The profit and weighted average number of shares used in the calculations are set out below: Weighted Basic (Loss)/ average (loss)/ profit number earnings # of shares per share (pence) 6 months ended 31 January 2006 (424,024) 345,000,000 (0.12) 6 months ended 31 January 2005 149,555 290,000,000 0.052 Year ended 31 July 2005 (885,810) 301,000,000 (0.29) ----------- --------------- ----------- 4 Debtors The Debtors figure on the Consolidated Balance Sheet at 31 January 2006 includes an amount which has been reclassified as falling due after one year of #576,440. As at 31 July 2005 this amount was previously classified as being recoverable within one year. 5 Reconciliation of movements in shareholders' funds 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2006 2005 2005 (unaudited) (unaudited) (audited) # # # (Loss)/profit on ordinary activities after taxation (424,024) 149,555 (885,810) Dividend - (29,000) (49,700) Share subscription - - 605,000 Share subscription costs - - (24,200) ----------- ----------- ----------- (Loss)/profit on ordinary activities after taxation and dividends (424,024) 120,555 (354,710) Opening shareholders' funds 1,589,534 1,944,244 1,944,244 ----------- ----------- ----------- Closing shareholders' funds 1,165,510 2,064,799 1,589,534 ----------- ----------- ----------- 6 Reconciliation of operating profit with net cash flow from operating activities 6 months 6 months Year ended ended ended 31 January 31 January 31 July 2006 2005 2005 (unaudited) (unaudited) (audited) # # # Operating (loss)/profit (379,267) 215,858 (777,745) Depreciation 123,200 46,983 231,561 (Increase)/decrease in stocks and work in progress (1,889) (10,689) 128,812 (Increase)/decrease in debtors (254,443) 153,654 649,419 (Decrease)/increase in creditors 437,888 (330,925) (626,376) ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (74,511) 74,881 (394,329) ----------- ----------- ----------- 7 Analysis of changes in net debt As at 1 August Cash flow 31 January 2005 in period 2006 # # # Cash at bank and in hand 400,049 (201,259) 198,790 Bank overdraft (106,423) 47,506 (58,917) ----------- (153,753) Bank loans (1,272,507) 9,231 (1,263,276) Invoice discounting facilities (862,883) (42,994) (905,877) Finance lease And hire purchase contracts (11,067) 1,141 (9,926) ----------- ----------- ----------- (1,852,831) (186,375) (2,039,206) ----------- ----------- ----------- 8 Interim Dividend The directors do not recommend payment of an interim dividend. 9 Notification of Results Copies of the Interim Results will be available for download from the Company's website at www.meriden-group.co.uk from 1 May 2006 or by request from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West Midlands B63 3AB. This information is provided by RNS The company news service from the London Stock Exchange END IR AKOKQABKDPQB
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