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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tellings Gldn | LSE:TGM | London | Ordinary Share | GB0033384180 | ORD 7P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Tellings Golden Miller Group Plc
Interim Report for the Six Months Ended 30 June 2006
CHAIRMAN'S STATEMENT
Tellings Golden Miller (TGM) is a bus and coach operator providing scheduled
and private hire services to a broad customer base. Operations are throughout
the UK from bases in North West London, Heathrow Airport, East Anglia,
Portsmouth and Durham.
The principal businesses of the Group comprise:
* Tellings Golden Miller Coaches which operates thirty luxury coaches from
our Heathrow base,
* Tellings Golden Miller Crew Operation operating out of Heathrow and
providing transport for aircrews to and from the airport;
* National Express Coach operations where TGM acts as a contractor to
National Express out of our Portsmouth and Cambridge depots;
* Burtons in Essex and East Anglia which operates scheduled and non-scheduled
bus and coach services throughout the region;
* Classic Coaches, a national coach and bus operator based in Newcastle;
* Linkline, based in North West London which provides bus services to the BBC
and other as well as private hire.
Overview
I am pleased to report the interim results of the Group for the six months
ended 30 June 2006. As reported in our Annual Report and Accounts 2005,
following the disposal of our bus division, the declared attention of
management has been towards drawing together the remaining operations into a
tightly run group with a clear growth plan, making improvements where necessary
and controlling costs.
During this period management has worked hard to achieve these goals and by 30
June 2006, we had reviewed all divisions and begun to implement our
improvements. This is reflected in our trading results with turnover up 3% and
a group operating profit of £0.22m (2005: £0.56m) and compared to a loss of £
0.4m for the whole of 2005.
Results
A comparison of the six months to 30 June 2006 with the same period last year
shows that we have grown our turnover to £15.99 million from £15.46 million in
the first half of 2005. Our gross profit margin on continuing businesses is
11.6% (2005: 12.4%) which compares to our result for the whole year of 8.2%.
These results have been achieved during significant internal change, a
competitive market and rising operational costs.
Our efforts to control costs have reduced administration expenses by £0.14m The
first half of 2005 Group operating profit is £0.22m (2005:£0.56m). There was a
loss of £0.40m for the whole year 2005. After interest and tax, a retained loss
of £0.12m is reported (2005: £15.08m profit or £0.12m loss, excluding profits
on sale of the bus division). This represents a loss of 0.51pence per share
(2005: profit of 65.73pps).
The balance sheet remains strong with net assets of £9.86m (31 December 2005 £
9.98m). The business has been a net cash generator from Operations which
together with additional financing has been invested in capital expenditure and
re-organisation costs. Net debt at 30 June 2006 is £13.37m compared to a net
cash position at 30 June 2005 of £2.59m. #The Group paid a dividend of £13,76m
on 31 August 2005. The Group has unused credit lines exceeding £6.0m which are
considered adequate for foreseeable trading needs.
Operational Review
Increasing fuel, engineering and driver's payroll costs have been major
challenges to overcome and where necessary we have been reluctantly forced to
pass costs onto customers. Wherever possible, costs have been controlled
through more efficient work practices and the restructuring of operations where
we believed we would have been unable to achieve acceptable levels of
profitability.
We are delighted to have retained our contract to provide bus services to the
BBC and to Thames Valley University and also to have won two new substantial
bus contracts at our Linkline operation. We have also been awarded additional
National Express services at our Portsmouth depot.
In the North East, our subsidiary, Classic, was unsuccessful in the
re-tendering process of the Social Care bus operations for Tyne and Wear losing
to a competitor offering a daily rate substantially below that which we
considered economically viable. As part of the handover procedure at the end of
July 2006, all direct costs were transferred to the new operator. Management is
working hard to replace this lost revenue and some new bus contracts have
already been won.
Classic also acquired, Hylton Castle, a small local coach operator, during the
period. This acquisition, which is now contributing to the Group's profit, is
in line with our policy of acquiring businesses that can be integrated into our
existing businesses, releasing synergies and improving profitability.
Dividend
No interim dividend is proposed.
Continuing operations
Management continues to implement our restructuring programme. We are now in a
position to grow the business. We shall continue our strategy of selective
acquisitions where a clearly definable benefit to the existing Group can be
identified. In addition to this, the growth of business organically will be a
constant objective.
We shall continue our efforts to grow margins. Loss making operations or those
returning inadequate returns with little prospect of improvement, will be
critically reviewed as to their future within the Group.
This approach will require us to concentrate closely on achieving the most
effective vehicle fleet strength and we have already started to review, in the
process of preparing our 2007 budgets, the appropriate number of vehicles to
take us forward. An increase in revenue per vehicle will be our objective.
Prospects
Much has been achieved but more remains to be done. We have a good core
business and a strong, recognisable brand with emphasis on quality. I believe
that this will provided us with opportunities for growth both by acquisition
and expansion of current operations.
As the transport market undergoes change, our excellent reputation will put us
in a competitive position to take advantage of the many new opportunities
developing, several of which we are currently actively pursuing. We also have
the team in place to ensure that we can succeed.
Stephen Telling
Chairman
27 September 2006
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2006
Six Months Six Months Year Ended
to 30 June to 30 June
2006 2005 31 December
(Unaudited) (Unaudited) 2005
(Audited)
£000's £000's
£000's
GROUP TURNOVER NOTES
Continuing operations 15,992 15,461
30,109
Acquisitions 44 -
-
Discontinued operations - 11,424
11,424
_______ _______
16,036 26,885 41,533
Cost of sales 4 (14,178) (23,449) (37,545)
_______ _______ _______
GROSS PROFIT 1,858 3,436 3,988
Administrative expenses 4 (1,642) (2,881) (4,385)
_______ _______ _______
Continuing operations 197 135 (817)
Acquisitions 19 - -
Discontinued operations - 420 420
_______ _______ _______
GROUP OPERATING PROFIT (LOSS) 216 555 (397)
Profit on sale of subsidiaries - 15,193 14,835
Net Interest (315) (386) (459)
_______ _______ _______
PROFIT (LOSS) ON ORDINARY (99) 15,362 13,979
ACTIVITIES BEFORE TAXATION
Tax on ordinary activities (19) (285) (63)
_______ _______ _______
RETAINED PROFIT (LOSS) (118) 15,077 13,916
FOR THE PERIOD/YEAR _______ _______ _______
BASIC AND DILUTED EARNINGS PER 3 (0.51) 65.73 60.66
SHARE (pence per Share)
There are no recognised gains and losses other than those passing through the
profit and loss account shown above
CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2006
At 30 June At 30 June At 31 December
2006 2005 2005
(Unaudited) (Unaudited)
(Audited)
£000's £000's
£000's
NOTES
FIXED ASSETS
Intangible assets 812 840 829
Tangible assets 21,341 20,527 20,586
_______ _______ _______
22,153 21,367 21,415
_______ _______ _______
CURRENT ASSETS
Stocks 322 325 364
Debtors: amounts due within one 5,990 7,192 5,525
year
Cash at bank and in hand 615 16,250 352
_______ _______ _______
6,927 23,767 6,241
CREDITORS: amounts falling due (9,775) (9,752) (8,327)
within one year _______ _______ _______
NET CURRENT ASSETS (2,848) 14,015 (2,086)
(LIABILITIES)
_______ _______ _______
TOTAL ASSETS LESS CURRENT 19,305 35,382 19,329
LIABILITIES
CREDITORS: amounts falling due (7,825) (8,606) (7,695)
after more than one year
PROVISION FOR LIABILITIES (1,621) (1,876) (1,657)
_______ _______ _______
NET ASSETS 9,859 24,900 9,977
_______ _______ _______
SHARE CAPITAL AND RESERVES
Called up share capital 1,763 1,763 1,763
Share Premium account 2,864 2,864 2,864
Profit and loss account 5,232 20,273 5,350
_______ _______ ______
SHAREHOLDERS' FUNDS - EQUITY 9,859 24,900 9,977
INTEREST
_______ _______ _______
Equity interests 9,702 24,743 9,820
Equity interests in - - -
subsidiaries
Non-equity interest 157 157 157
_______ _______ _______
9,859 24,900 9,977
_______ _______ _______
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2006
Six Months Six Months Year Ended 31
to 30 June to 30 June December 2005
2006 2005 (Audited)
(Unaudited) (Unaudited)
£000's
£000's £000's
NOTES
NET CASH INFLOW
FROM OPERATING ACTIVITIES 1 1,519 657 2,009
RETURNS ON INVESTMENTS AND (315) (386) (481)
SERVICING OF FINANCE
TAXATION - (112) (112)
CAPITAL EXPENDITURE AND (1,579) (778) (1,346)
FINANCIAL INVESTMENT
ACQUISITIONS AND DISPOSALS (55) 19,375 19,673
EQUITY DIVIDENDS PAID - - (13,762)
_______ _______ _______
NET CASH INFLOW (430) 18,756 5,981
BEFORE FINANCING
FINANCING 435 (1,889) (5,562)
_______ _______ _______
INCREASE / (DECREASE) IN CASH IN 5 16,867 419
THE PERIOD
_______ _______ _______
NOTES TO THE INTERIM REPORT
FOR THE PERIOD ENDED 30 JUNE 2006
1. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM
OPERATING ACTIVITIES:
Six Months Six Months to Year Ended 31
to 30 June 30 June 2005 December 2005
2006 (Unaudited) (Audited)
(Unaudited)
£000's £000's
£000's
Operating profit (loss) of group 216 555 (397)
companies
Depreciation 971 785 2,068
Profit on the sale of fixed assets (108) (3) (18)
Decrease/(increase) in stocks 42 (34) (25)
Decrease/(increase) in debtors (464) 1,046 (116)
(Decrease)/increase in creditors 862 (1,692) 497
_______ _______ _______
Net cash inflow from operating 1,519 657 2,009
activities
_______ _______ _______
2. BASIS OF PREPARATION
The financial information for the six months ended 30 June 2006 has not been
audited, nor has the comparative financial information for the six months ended
30 June 2005. However, the auditors have reviewed the interim financial
information. Their report appears at the end of this document. The comparative
financial information for the year ended 31 December 2005 does not reflect all
of the information contained in the company's annual accounts. These annual
accounts received an unqualified audit report and have been filed with the
Registrar of Companies.
The interim report was approved by the Board of Directors on 26 September 2006.
There have been no changes in accounting policies since those used in the
annual accounts for the year ended 31 December 2005.
3. EARNINGS PER SHARE
Earnings per ordinary share have been calculated in accordance with FRS 22
"Earnings per Share", by calculating group profit on ordinary activities after
tax divided by the weighted average number of ordinary shares in issue during
the period based on the following:
Six Months to Six Months to Year Ended 31
30 June 2006 30 June 2005 December 2005
Basic weighted average share capital 22,937,499 22,937,499 22,937,499
(number of ordinary shares)
(Unaudited) (Unaudited) (Audited)
£000's £000's £000's
Profit (loss) after taxation and (118) 15,077 13,916
minority interests (for basic EPS
calculation)
Basic and Diluted Earnings per share (0.51) 65.73 60.66
(pence)
4. COST OF SALES AND ADMINISTRATIVE EXPENSES
Six Months Six Months Year Ended 31
to 30 June to 30 June December 2005
2006 2005
(Unaudited)
(Unaudited) (Unaudited)
£000s
£000s £000s
Cost of Sales
Continuing operations 14,178 13,543 27,639
Discontinued operations - 9,906 9,906
14,178 23,449 37,545
Administrative expenses
Continuing operations 1,642 1,783 3,287
Discontinued operations - 1,098 1,098
1,642 2,881 4,385
5. POST BALANCE SHEET EVENTS
There are no material post balance sheet date events
6. ADDITIONAL INFORMATION
The Interim Reports do not constitute Statutory Financial Statements within the
meaning of s.240 of the Companies Act 1985. The Financial Information for the
year ended 31 December 2005 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.
7. INTERIM REPORT
Copies of the Interim Report are available for collection at the offices of the
Company, during normal office hours.
Tellings Golden Miller Group Plc - Interim Report for the Six Months Ended 30
June 2006
INDEPENDENT REVIEW REPORT TO
TELLINGS GOLDEN MIILER GROUP PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2006 which comprises the consolidated profit and
loss account, consolidated balance sheet, consolidated cash flow statement and
the related notes numbered 1 to 7. 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 Listing
Rules of the Financial Services Authority 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 for use in the United Kingdom. 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 United Kingdom 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 30 June 2006.
ROTHMAN PANTALL & CO
Chartered Accountants
Clareville House
26/27 Oxendon Street
London SW1Y 4EP Dated: 26 September 2006
END
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