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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Reflex Grp | LSE:RFI | London | Ordinary Share | IE0007321106 | ORD EUR0.06 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4549D Reflex Group PLC 29 September 2004 REFLEX GROUP PLC ("Reflex" or the "Company") INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2004 CHAIRMAN'S STATEMENT RESULTS The results for the Reflex Group PLC for the six months ended 30 June 2004 (and comparatives) show a loss attributable to shareholders of #406,501. This compares with a loss of #359,000 for the corresponding period ended 30 June 2003. Net operating cash receipts for the 6 months ended 30 June 2004 is #295k compared to decrease in cash of #48k for the corresponding period. The Group's business continues to be the operation of the Motorcise chain of Healthy Living Centres. The Group currently operates 32 outlets. Turnover in the first six months of 2004 was #1,479,887 which is #109,113 lower than the turnover for the first six months of 2003, reflecting the less aggressive accounting policy towards income recognition. The deferred income adjustment for the six months has reduced the declared turnover by #526,674. A comparison of takings before deferred income shows that turnover is up #357,000 for the 6 months ended 30 June 2004. The loss for the six-month period represents a loss of 0.26 pence per ordinary share compared to a loss of 0.28 pence per ordinary share for the six month period ending 30 June 2003. Consolidated net assets as at 30 June 2004 amounted to #411,500 with cash at bank of #312,827. CHANGE OF NAME AND BOARD CHANGES Your Board feels that this is an appropriate juncture to change the name of the Company to better reflect its activities, and so it is proposed to put a resolution to the shareholders at an EGM to rename the Company 'Healthy Living Centres PLC'. The notice of the EGM, to be held at the Shelbourne Hotel, St. Stephen's Green, Dublin 2, Ireland at 10.00 am on 27 October 2004 is enclosed with this document. At the same time I feel it is a suitable time to hand over the Chairmanship to Luke Johnson. He has served as a non-executive director for a number of years, has a substantial stake in the Company, and has significant experience of retail and leisure businesses. This change will take place immediately following the EGM on 27 October 2004. Joe Walsh will step down from his non-executive directorship, and it is proposed that Mark Farrer-Brown join the Board in a non-Executive capacity. Mr Farrer-Brown is a chartered accountant and experienced venture capitalist and has considerable knowledge of the fitness and health sectors. Again it is proposed he is appointed immediately following the EGM. OUTLOOK The market place continues to experience difficult trading conditions, however there is an increase in new members and renewals compared to the corresponding period in 2003, thus improving the outlook for the business. The group is re-considering its opening program as cashflow is being generated. Franchisees are being sought and found and the slimming/cosmetic centres are currently being trialled in a number of centres. Tony Kilduff Chairman 28 September 2004 REFLEX GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 30 JUNE 2004 Unaudited Unaudited Audited 6 months ended 6 months ended Year 30 June 30 June ended 2004 2003 31 December 2003 #000s #000s #000s Turnover 1,480 1,589 2,946 Cost of Sales 0 0 0 Gross Profit 1,480 2,075 2,946 Operating expenses, net (1,877) (1,938) (3,759) Operating (loss) and (397) (349) (813) (Loss) on Ordinary Activities before Interest Interest, net (9) (10) (27) (Loss) on Ordinary (406) (359) (840) Activities before Taxation Taxation 0 0 0 (Loss) Attributable to (406) (359) (840) Group Shareholders (Losses) per Ordinary (0.26)p (0.28)p (0.64)p Share REFLEX GROUP PLC CONSOLIDATED BALANCE SHEET Unaudited Unaudited Audited 30 June 30 June 31 December 2004 2003 2003 #000s #000s #000s Fixed Assets Intangible assets 101 163 122 Tangible assets - Gym 3,293 3,799 3,546 fixtures and fittings and Equipment 3,394 3,962 3,668 Current Assets Stock 57 87 47 Debtors 218 301 168 Cash at bank and in hand 313 174 91 588 562 306 Creditors (Amounts (3,023) (2,288) (2,546) falling due within one year) Net Current Liabilities (2,435) (1,726) (2,240) Creditors(Amounts (103) (311) (166) falling due after more than one year) Provisions for (444) (443) (444) liabilities and charges Total Assets 412 1,482 818 Capital and Reserves Called up share capital 4,932 4,932 4,932 Share premium account 6,062 6,062 6,062 Profit and loss account (10,582) (9,512) (10,176) Shareholders' Funds - 412 1,482 818 all equity REFLEX GROUP PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 30 JUNE 2004 Unaudited Unaudited Audited 6 months 6 months ended Year ended ended 30 June 30 June 31 December 2004 2003 2003 #000s #000s #000s Net Cash 369 78 109 Inflow/(Outflow) from Operating Activities Returns on (9) (10) (27) Investments and Servicing of Finance Taxation 0 (33) (33) Capital expenditure (3) (44) (45) and financial investment Acquisitions and 0 - - disposals Cash (Outflow)/Inflow 357 (9) 4 before Finance Financing (62) (39) (60) Increase / (Decrease) 295 (48) (56) in Cash in the Period Reconciliation of Net Cash Flow to Movement in Net (Debt)/Funds Increase / (Decrease) 295 (48) (56) in Cash in the Period Cash (inflow) from 62 39 60 financing Movement in Net Funds 357 (9) 4 in the Period Net Funds, beginning (423) (427) (427) of period Net Funds, end of (66) (436) (423) period REFLEX GROUP PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE 6 MONTHS ENDED 30 JUNE 2004 Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2004 2003 2003 #000s #000s #000s (Loss) attributable to Group (406) (359) (840) Shareholders Prior year adjustment 0 0 (183) (412) (359) (1,023) RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE 6 MONTHS ENDED 30 JUNE 2004 Unaudited Unaudited Audited 6 months 6 months ended Year ended 30 June ended 30 June 2003 (Restated) 31 December 2004 2003 #000s #000s #000s At 1 January 2004 818 1,841 1,841 Total (losses) (406) (359) (840) for the period Prior year 0 (183) (183) adjustment At 30 June 2004 1,482 1,299 818 REFLEX GROUP PLC TAXATION Unaudited Unaudited Audited 6 months 6 months ended Year ended 30 June ended 30 June 2003 31 December 2003 2004 #000s #000s #000s Prior year adjustment: 0 0 0 current tax Prior year adjustment: 0 - 0 deferred tax 0 0 0 NOTES TO THE INTERIM RESULTS 1. Accounting policies. The interim results have been prepared on the same basis and using the same accounting policies as those used in the preparation of the statutory accounts for the year ended 31 December 2003. 2. Currency. Following the acquisition of Fitness & Leisure Group (trading as Motorcise) in September 2001, all Group activity has been in pounds sterling and these unaudited accounts have been prepared in sterling. Comparative figures for the six months to 30 June 2003 are also in sterling. 3. The Interim financial statements do not constitute statutory financial statements within the meaning of Section 19 of the Companies Act 1986. The financial information for the year to 31 December 2003 has been extracted from the statutory accounts for the year then ended which have been filed with the Registrar of Companies. The audit report on these accounts was unqualified. 4. Earnings per share. The calculation of earnings per share is based on the results for the period divided by the weighted average number of shares in issue, being 155,261,271 ordinary shares of Euro0.06 each. 5. Additional Information. These results were announced to AIM and will be posted on 28 September 2004 to all shareholders on the register at 28 September 2004. Copies of this interim report are available from the company's registered office at 19 Elgin Road, Ballsbridge, Dublin 4. This information is provided by RNS The company news service from the London Stock Exchange END IR UWSWRSBRKUAR
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