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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rethink Grp | LSE:RTG | London | Ordinary Share | GB00B39QB067 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.875 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2993J
Rapid Technology Group PLC
28 March 2003
Chairman's Statement
Six months ended 31 December 2002
In the first half-year to December 2002 the Group's operations had revenues of
Euro1,239,171 down from Euro1,713,734 in 2001. The overall order book remained level
year-on-year with the weakening dollar and a shipment delay accounting for the
revenue decline. Gross margins improved to 34% (2001: 29%) and net operating
expenses reduced by 23% to Euro934,000 (2001: Euro1,213,340). As part of the planned
restructuring, the Group accrued an exceptional item of Euro229,000 for planned
redundancies. This increased the operating loss to Euro743,907 (2001: Euro691,833).
The Group has continued to pursue its strategic plan to rebuild Rapid Technology
as outlined in the Annual Report 2002. The first key phase has been completed
with the proposed acquisition of Electric Paper Company Limited, and the
Screenkey technology licence agreement with SK Interfaces, details of which were
announced by the Group on 10 March 2003 and a circular has been sent to each
shareholder. To reflect the new direction of the Group, the proposals include
the changing of the Company's name to ThirdForce plc.
Electric Paper develops and supplies educational products focused on the
computer literacy market. It has achieved considerable growth in revenues and
profits over the past three years and is generating operating cashflows that
will provide financial stability and funding for the future development of the
Group. The Directors believe that the size of the potential market for Electric
Paper's products and the international recognition afforded to its course
qualifications will provide opportunities for the future growth of the Group.
The other major initiative, the licensing of the Screenkey technology to SK
Interfaces, will enable the Company to generate license fee income from its
existing technology and eliminate substantially all of the current costs
associated with Screenkey sales, distribution, development and administration.
This year will be one of change for the Rapid Technology Group, a change that
has already begun. All shareholders have been notified of an Extraordinary
General Meeting to be held on Monday 31 March 2003 at which the Board will
outline the changes in detail and seek shareholder approval. The Board looks
forward to the successful development and redirection of the Group.
Pat McDonagh
Chairman
28 March 2003
Rapid Technology Group plc
Consolidated Unaudited Profit & Loss Account
6 months to 6 months to Year to
31 December 31 December 30 June 2002
2002 2001 Audited
Notes Euro'000 Euro'000 Euro'000
Turnover 1,239 1,713 3,337
Cost of sales (820) (1,220) (2,214)
________ ________ ________
Gross profit 419 493 1,123
License Income - 28 37
Net operating expenses (934) (1,213) (2,545)
Exceptional Item (229) - -
________ ________ ________
Operating loss (744) (692) (1,385)
Interest payable and
similar charges (176) (219) (373)
________ ________ ________
Loss on ordinary activities
before and after taxation (920) (911) (1,758)
________ ________ ________
Loss per share - basic 1 (3.98c) (3.94c) (7.60c)
- fully 1 (3.98c) (3.88c) (7.48c)
diluted
_______ ________ ________
Notes:
1. The calculation of earnings per ordinary share is based on
the loss for the financial period divided by the weighted average number of
ordinary shares in issue during the period for basic of 23.1million (31 December
2001: 23.1 million and 30 June 2002: 23.1 million) and for fully diluted of
million 23.1 (31 December 2001:23.5 million and 30 June 2002: 23.5 million).
The difference between the calculations is due to the possible dilution effect
of potential ordinary shares (share options).
Rapid Technology Group plc
Consolidated Unaudited Balance Sheet
As at As at As at
31 December 31 December 2001 30 June 2002
2002 Euro'000 Audited
Euro'000 Euro'000
Fixed assets
Intangible assets 81 147 96
Tangible assets 130 238 164
____ ___ ___
211 385 260
____ ___ ___
Current assets
Stocks 474 476 225
Debtors and prepayments 821 1,438 594
_____ _____ _____
1,295 1,914 819
Creditors
Amounts falling due
within one year (7,295) (6,321) (5,948)
_____ _____ _____
Net current liabilities (6,000) (4,407) (5,129)
Total assets less current _____ _____ _____
Liabilities (5,789) (4,022) (4,869)
Creditors
Amount falling due
after one year - - -
______ ______ ______
(5,789) (4,022) (4,869)
===== ===== =====
Capital and reserves
Called up share capital 2,891 2,891 2,891
Capital conversion reserve 46 46 46
Share premium account 5,568 5,568 5,568
Capital reserve 2,037 2,037 2,037
Profit and loss account (16,331) (14,564) (15,411)
______ _____ _____
Equity shareholders deficit (5,789) (4,022) (4,869)
====== ===== =====
Rapid Technology Group plc
Consolidated Unaudited Cashflow Statement
6 months to 6 months to Year to
31 December 31 December 30 June 2002
2002 2001 Audited
Notes Euro'000 Euro'000 Euro'000
Net cash outflow from
operating activities 1 (347) (859) (462)
Returns on investment
and servicing of finance (176) (219) (373)
Capital expenditure
and financial investment - - (12)
Financing - - -
____ ______ ______
Decrease in cash (523) (1,078) (847)
==== ===== =====
Reconciliation of net cash flow to movement in net debt
6 months to 6 months to Year to
31 December 31 December 30 June 2002
2002 2001 Audited
Notes Euro'000 Euro'000 Euro'000
Decrease in cash (523) (1,078) (847)
Change in net funds
resulting from cash flows (523) (1,078) (847)
Net at start of period (5,343) (4,496) (4,496)
Net debt at end of period 2 (5,866) (5,574) (5,343)
==== ==== ====
Notes:
1. Reconciliation of operating loss to net cash outflow
from operating activities
6 months to 6 months to Year to
31 December 31 December 30 June 2002
2002 2001 Audited
Euro'000 Euro'000 Euro'000
Operating loss (744) (692) (1,385)
Depreciation 34 86 172
Amortisation of intangible assets 15 51 102
Decrease/(Increase) in stocks (249) 944 1,195
Decrease/(Increase) in debtors (227) (917) (73)
(Decrease)/Increase in creditors 824 (331) (473)
Net cash outflow from operating _____ ______ ______
activities
(347) (859) (462)
2. Analysis of net debt
The increase in net debt of Euro523,000 is funded from the Group's
bank overdraft facility.
INDEPENDENT REVIEW REPORT TO RAPID TECHNOLOGY GROUP PLC
Introduction
We have been instructed by the company to review the financial information set
out on pages 2 to 4 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report in accordance with the Rules of
the Irish Stock Exchange and the Listing Rules of the UK Financial Services
Authority for DCM and AIM quoted companies which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and based thereon, assessing
whether the accounting policies and presentation have been consistently applied
unless otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with Auditing
Standards and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 December 2002.
PricewaterhouseCoopers
Chartered Accountants
Dublin
28 March 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EDLFLXXBXBBQ
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