We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Triad Group Plc | LSE:TRD | London | Ordinary Share | GB0009035741 | 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% | 275.00 | 270.00 | 280.00 | 275.00 | 275.00 | 275.00 | 22,887 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Computer Related Svcs, Nec | 14.86M | -44k | -0.0027 | -1,018.52 | 45.64M |
From May 2019 to May 2024
TIDMTRD
RNS Number : 6782G
Triad Group Plc
27 November 2020
Legal Entity Identifier (LEI) No. 213800MDNBFVEQEN1G84
Triad Group Plc
Half year results for the six months ended 30 September 2020
Financial highlights
-- Revenue for the period ended 30 September 2020: GBP8.7m (2019: GBP9.0m) -- Profit before tax: GBP1k (2019: Loss GBP0.28m) -- Profit after tax: GBP0.05m (2019: Loss GBP0.39m) -- Gross profit: GBP1.49m (2019: GBP1.32m) -- Gross profit as a percentage of revenue: 17.1% (2019:14.6%) -- Cash as at 30 September 2020: GBP4.08m (2019: GBP2.96m)
Chairman's statement
Dr John Rigg
For the period ended 30 September 2020 the Group reports revenue of GBP8.7m (2019: GBP9.0m). The profit before tax was GBP1k (2019 Loss: GBP0.28m), gross profit has increased by 13% to GBP1.49m (2019: GBP1.32m) and gross profit as a percentage of revenue has increased to 17.1% (2019: 14.6%).
The effects of the Covid-19 pandemic have created some strong headwinds in a limited area of the business but profitability has improved during the period. Gross profit has grown at much higher margins than in previous periods, as the business continues to not only build more revenue from key accounts, but also continues to increase the ratio of permanent headcount to contractors on consultant-led engagements. Further, due to changes in working patterns, there is a limited reduction in operating costs and no members of staff were furloughed.
Cash reserves have increased by 38% to GBP4.08m (2019: GBP2.96m) and reflects both the improved profitability and strong cash collection processes. During the period, the Group did not require to utilise the existing lending facility, other external debt or take advantage of the financial assistance schemes offered by the Government due to the pandemic. Further consideration of the impact of Covid-19 is set out in the going concern statement on page 7.
Business Update
The Group has responded magnificently to the challenges of Covid-19. With the support of our key clients, we have been able to operate the business on a fully remote basis since the beginning of the financial year. Immediately lockdown was announced, the Group implemented a new approach to communication and staff engagement which has enabled us to manage a distributed workforce without compromising service to our clients.
Activity levels with our existing major clients were maintained, although new business development was quieter than expected during the period. One of our major contracts with Ministry of Justice was extended until February 2021.
The Group did not furlough any staff, instead utilising all available capacity to support the Group's intention to grow the number of permanent consulting staff. This has resulted in sixteen new hires since the beginning of the year, taking our consultancy headcount to nearly 50 - the highest number for several years.
The Group successfully won places on various frameworks, including Government's Artificial Intelligence framework, a Dynamic Purchasing framework at Ofgem, and version 12 of the G-Cloud framework. Our service offering on G-Cloud has been substantially extended and this is an area where we project future growth.
Delivery successes included being part of the Crime Programme at Ministry of Justice which saw the Common Platform going live during the summer. This was a notable achievement by all concerned given the challenges of remote working. We also launched into full live operation the Greenhouse Gas Emissions system at Department for Transport after a successful service assessment under the Government Digital Services standard.
Our staff delivered a number of thought-provoking public webinars during the period, including "Technology trends through a Covid lens", "The rise of intelligent automation", and "Running software development teams 100% remotely".
Outlook
Going in to the second half of the year consultant utilisation levels are at their highest for several years, in percentage and absolute terms. Our major accounts continue to provide opportunities, whilst significant work is planned to start in the new calendar year with two private sector clients (one from the technology distribution sector and the other from the renewable energy sector). Consultant headcount continues to increase at another central government client, with the recent intention to award a contract to supply multiple resources.
Recruitment of more permanent consultants continues, as we steadily increase the ratio of permanent staff to non-permanent staff on our consulting engagements. Not only does this improve margins, but it increases the Group's resilience with regard to the impending roll-out of Off Payroll (IR35) legislation in 2021.
The Group has a proven business model that allows for the operation of a remote workforce and we do not envisage needing to make substantial changes to these arrangements during the second half of the year.
Dividend
The continued uncertainty caused by the Covid-19 outbreak has led the Board to decide not to pay an interim dividend (2019 interim dividend: 1p).
Employees
On behalf of the Board of Directors I would like to thank our staff for their hard work last year and for the positive way in which they have continued to deal with the unprecedented challenges thrust upon us and our wider community that commenced in March of this year.
Dr John Rigg
Executive Chairman
26 November 2020
Unaudited condensed consolidated statement of comprehensive income and expense for the six months ended 30 September 2020
Hot Features
Premium
Unaudited Unaudited Audited year ended 31 March
Group and Company Note 2020 2019 2020
GBP'000 GBP'000 GBP'000
Revenue 8,727 9,027 19,354
Cost of sales (7,237) (7,709) (16,500)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Gross profit 1,490 1,318 2,854
Administrative expenses (1,477) (1,586) (3,422)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Profit/(Loss) from operations 13 (268) (568)
Finance income 7 13 20
Finance expense 2 (19) (29) (54)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Profit/(Loss) before tax 1 (284) (602)
Tax Credit/(Charge) 3 49 (106) (159)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Profit/(Loss) for the period and total comprehensive
income attributable to equity holders
of the parent 50 (390) (761)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Basic earnings/(loss) per share 5 0.31p (2.44p) (4.76p)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
Diluted earnings/(loss) per share 5 0.31p (2.44p) (4.76p)
--------------------------------------------------------- ----- ---------- ---------- ----------------------------
All amounts relate to continuing activities.
Unaudited condensed consolidated statement of changes in equity for the six months ended 30 September 2020
Group Share Capital Share premium account Capital redemption Retained earnings Total
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2019 160 659 104 4,843 5,766
Loss for the period
and total
comprehensive income - - - (390) (390)
Dividend paid - - - (319) (319)
Ordinary shares issued - - - - -
Share-based payments - - - 13 13
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 30 September 2019
(unaudited) 160 659 104 4,147 5,070
----------------------- -------------- ---------------------- ----------------------- ------------------ --------
At 1 April 2020 160 660 104 3,631 4,555
Profit for the period
and total
comprehensive income - - - 50 50 Dividend paid - - - - - Ordinary shares issued - 1 - - 1 Share-based payments - - - 14 14 ----------------------- -------------- ---------------------- ----------------------- ------------------ -------- At 30 September 2020 (unaudited) 160 661 104 3,695 4,620 ----------------------- -------------- ---------------------- ----------------------- ------------------ -------- At 1 April 2019 160 659 104 4,843 5,766 Loss for the year and total comprehensive income - - - (761) (761) Dividend paid - - - (479) (479) Ordinary shares issued - 1 - - 1 Share-based payments - - - 28 28 ----------------------- -------------- ---------------------- ----------------------- ------------------ -------- At 31 March 2020 160 660 104 3,631 4,555 ----------------------- -------------- ---------------------- ----------------------- ------------------ --------
Unaudited condensed consolidated statement of financial position as at 30 September 2020
Audited year ended 31 March
Note Unaudited 2020 Unaudited 2019 2020
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 8 12 10
Property, plant and equipment 245 301 275
Right-of-use assets 6 539 705 622
Finance lease receivables 6 245 347 297
Deferred tax 3 81 85 32
------------------------------- ----- --------------- --------------- ----------------------------
1,118 1,450 1,236
------------------------------- ----- --------------- --------------- ----------------------------
Current assets
Trade and other receivables 7 2,193 3,811 2,741
Cash and cash equivalents 4,081 2,955 3,840
------------------------------- ----- --------------- --------------- ----------------------------
6,274 6,766 6,581
------------------------------- ----- --------------- --------------- ----------------------------
Total assets 7,392 8,216 7,817
------------------------------- ----- --------------- --------------- ----------------------------
Current liabilities
Trade and other payables 8 (1,770) (1,933) (2,127)
Lease liabilities 6 (281) (214) (272)
------------------------------- ----- --------------- --------------- ----------------------------
(2,051) (2,147) (2,399)
------------------------------- ----- --------------- --------------- ----------------------------
Non-current liabilities
Long term provisions (197) (197) (197)
Lease liabilities 6 (524) (802) (666)
------------------------------- ----- --------------- --------------- ----------------------------
(721) (999) (863)
------------------------------- ----- --------------- --------------- ----------------------------
Total liabilities (2,772) (3,146) (3,262)
------------------------------- ----- --------------- --------------- ----------------------------
Net assets 4,620 5,070 4,555
------------------------------- ----- --------------- --------------- ----------------------------
Shareholders' equity
Share capital 160 160 160
Share premium account 661 659 660
Capital redemption reserve 104 104 104
Retained earnings 3,695 4,147 3,631
------------------------------- ----- --------------- --------------- ----------------------------
Total shareholders' equity 4,620 5,070 4,555
------------------------------- ----- --------------- --------------- ----------------------------
Unaudited condensed consolidated statement of cash flows
for the six months ended 30 September 2020
Audited year ended 31 March
Unaudited 2020 Unaudited 2019 2020
Note GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit/(Loss) for the period before taxation 1 (284) (602)
Adjustments for:
Depreciation of property, plant and
equipment 44 50 97
Amortisation of right of use assets 83 83 166
Amortisation/impairment of intangible assets 2 3 5
Interest received (7) (10) (20)
Finance expense 26 26 60
Share-based payment expense 14 13 28
Changes in working capital
Decrease/(Increase) in trade and other
receivables 548 (478) 593
Decrease in trade and other payables (357) (566) (374)
Increase in provisions - 115 115
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Cash generated/(consumed) by operations 354 (1,048) 68
Finance expense (3) 2 (4)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net cash inflow/(outflow) from operating
activities 351 (1,046) 64
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Investing activities
Finance lease interest received 7 10 20
Finance lease payments received 52 73 123
Purchase of property, plant and equipment (13) (146) (166)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net cash used in investing activities 46 (63) (23)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Financing activities
Lease liabilities principal payments (133) (192) (270)
Lease liabilities interest payments (23) (28) (56)
Finance lease principal payments - (1) -
Dividends paid 4 - (319) (479)
--------------------------------------------- ----- --------------- ----------------- ----------------------------
Net cash outflow from financing activities (156) (540) (805) --------------------------------------------- ----- --------------- ----------------- ---------------------------- Net increase/(decrease) in cash and cash equivalents 241 (1,649) (764) Cash and cash equivalents at beginning of the period 3,840 4,604 4,604 --------------------------------------------- ----- --------------- ----------------- ---------------------------- Cash and cash equivalents at end of the period 4,081 2,955 3,840 --------------------------------------------- ----- --------------- ----------------- ----------------------------
Notes to the financial statements for the six months ended
30 September 2020
1. Principal accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated.
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS and IFRIC interpretations), as adopted by the European Union (EU), issued by the International Accounting Standards Board (IASB) and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRS. The comparative financial information for the year ended 31 March 2020 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2020 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2020 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The financial information for the half years ended 30 September 2020 and 30 September 2019 does not constitute statutory accounts within the meaning of section 434 (3) of the Companies Act 2006 and has been neither audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.
These financial statements have been prepared on a going concern basis.
Going Concern
The unprecedented effects of the Covid-19 pandemic upon the UK economy have been weathered well by the Group. During the period to September 2020, trading continued almost as normal as the workforce and the vast majority of clients have been able to work effectively on a remote basis. Profitability has improved during this period, with a strong focus on both quality, efficiency and building upon strong relationships with existing and new clients. No advantage has been taken of the financial assistance schemes offered by the Government during this period, and the Group continues to grow fee earning consultant numbers, with no staff having been furloughed.
The Group continues to operate an efficient low-cost and cash generative model. For the six months ended 30 September 2020, the Group has not utilised any external debt or lending facilities (2019: nil) with no exposure to bad debts in the period. Cash balances have grown to GBP4.08m at the balance sheet date (2019: GBP2.96m) and the future cash position remains strong.
The going concern assessment made at the year ended 31 March 2020 is still intact and has shown only increased optimism as we look towards future trading prospects. This going concern assessment included in particular a reverse stress test model which assumed that the effects of the pandemic would worsen with all current client contracts discontinued at expiry, with no extension or replacement and with no cost mitigation. Following a review of these assessments in light of current trading performance and cash flow forecasts for the next 12 months, the Directors have concluded that the Group would have sufficient headroom and cash balances to continue in operation.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and at least twelve months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the half year accounts.
New standards, interpretations and amendments
The accounting policies applied in these financial statements are as applied in the annual report and accounts for the year ended 31 March 2020. In this annual report, the Group revised its policy with respect to IFRS16 and the recognition of a financial lease receivable, representing rentals payable to the Group for a rental of a proportion of a leased property.
The 30 September 2019 income statement and balance sheet have been restated to reflect this change in policy and the corrections made to the balance sheet were an increase of GBP103k to property, plant and equipment, a decrease of GBP539k to right-of-use assets, a recognition of the finance lease receivable of GBP347k, a reduction to trade and other payables of GBP30k related to rental payments received in the period, and a reduction to current leased liabilities of GBP76k.
2. Finance expense
Unaudited six months ended Unaudited six months ended 30 Audited year ended
30 September September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Other interest payable - - 1
Interest expense on lease
liability 23 29 56
Net foreign exchange gain (4) - (3)
--------------------------------- ---------------------------- -------------------------------- -------------------
Total finance expense 19 29 54
--------------------------------- ---------------------------- -------------------------------- -------------------
3. Tax (credit)/charge
Unaudited six months ended 30 Unaudited six months ended 30 Audited year ended
September 2020 September 31 March
2019 2020
GBP'000 GBP'000 GBP'000
Current tax
Current tax on profits for the - - -
period
Deferred tax
(Increase)/Decrease in
recognised deferred tax asset (49) 106 159
------------------------------- ------------------------------- ------------------------------- -------------------
Total tax (credit)/charge for
the period (49) 106 159
------------------------------- ------------------------------- ------------------------------- -------------------
The differences between the actual tax charge for the period and the standard rate of corporation tax in the UK applied to profits for the period are as follows:
Unaudited Unaudited
six months six months Audited
ended 30 ended 30 year ended
September September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Profit/(Loss) before tax 1 (302) (602)
Profit/(Loss) before tax multiplied
by standard rate of corporation
tax in the UK of 19% (2019:19%) - (57) (114)
Expenses not deductible for tax
purposes 10 8 13
(Increase)/Decrease in unrecognised
deferred tax asset (59) 155 -
Reversal of previously recognised
deferred tax on losses - - 156
Movement in deferred tax not
recognised for current year losses - - 101
Prior year adjustments - - 3
------------------------------------- ------------ ------------ ------------
Tax (credit)/charge for the period (49) 106 159
------------------------------------- ------------ ------------ ------------
Unaudited six months ended 30 Unaudited six months ended 30 Audited year ended
September 2020 September 2019 31 March
2020
GBP'000 GBP'000 GBP'000
Deferred tax asset
The movement in deferred tax is as follows: At beginning of the period 32 191 191 Utilisation against taxable - - - profits Recognition/(reversal) of previously unrecognised deferred tax on losses 48 (116) (149) Increase/(Decrease) in relation to timing differences 1 10 (10) ------------------------------- ------------------------------- ------------------------------- ------------------- At end of the period 81 85 32 ------------------------------- ------------------------------- ------------------------------- -------------------
Deferred tax assets have been recognised in respect of tax losses where the Directors believe it is probable that the assets will be recovered. A deferred tax asset amounting to GBP662,000 (2019: GBP608,000) has not been recognised in respect of trading losses which can be carried forward indefinitely.
4. Dividends
The Directors do not propose a dividend for the period to 30 September 2020 (2019 interim dividend: 1.0p per share).
5. Earnings per ordinary share
Earnings per share have been calculated on the profit/(loss) for the year divided by the weighted average number of shares in issue during the period based on the following:
Unaudited 30 Unaudited 30 Audited 31 March
September 2020 September 2019 2020
Profit/(Loss) for the GBP50,000 GBP(390,000) GBP(761,000)
period
---------------------------- ---------------------------- ---------------------------- ----------------------------
Average number of shares in
issue 15,981,400 15,968,979 15,972,842
Effect of dilutive options 281,274 - -
---------------------------- ---------------------------- ---------------------------- ----------------------------
Average number of shares in
issue plus dilutive
options 16,262,674 15,968,979 15,972,842
---------------------------- ---------------------------- ---------------------------- ----------------------------
Basic earnings/(loss) per
share 0.31p (2.44)p (4.76)p
---------------------------- ---------------------------- ---------------------------- ----------------------------
Diluted earnings/(loss) per
share 0.31p (2.44)p (4.76)p
---------------------------- ---------------------------- ---------------------------- ----------------------------
6. Leases
Right-of-use Assets
The carrying amounts of the right-of-use assets recognised and the movements during the period are outlined below:
Land and buildings Total
GBP'000 GBP'000
At 31 March 2019
Opening position 788 788
Amortisation (83) (83)
---------------------- ------------------- --------
At 30 September 2019 705 705
---------------------- ------------------- --------
At 31 March 2020
Opening position 622 622
Amortisation (83) (83)
---------------------- ------------------- --------
At 30 September 2020 539 539
---------------------- ------------------- --------
Lease Liabilities
The carrying amounts of the lease liabilities recognised are as follows:
Land and buildings Total
GBP'000 GBP'000
At 31 March 2019
Opening position 1,128 1,128
Interest expense 28 28
Lease payments (140) (140)
---------------------- ------------------- --------
At 30 September 2019 1,016 1,016
---------------------- ------------------- --------
At 31 March 2020
Opening position 938 938
Interest expense 23 23
Lease payments (156) (156)
---------------------- ------------------- --------
At 30 September 2020 805 805
---------------------- ------------------- --------
At the balance sheet date, the Group had outstanding commitments for future lease payments as follows:
At 30 September 2019 Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years
GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------------- ------------------------ ---------------------- ----------------------
Lease Liabilities 34 180 322 480
---------------------- --------------- ------------------------ ---------------------- ----------------------
At 30 September 2020 Up to 3 months Between 3 and 12 months Between 1 and 2 years Between 2 and 5 years
GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------------- ------------------------ ---------------------- ----------------------
Lease Liabilities 69 212 295 229
---------------------- --------------- ------------------------ ---------------------- ----------------------
Finance lease receivables
The carrying amounts of the lease receivable asset are as follows:
Land and buildings Total
GBP'000 GBP'000
At 31 March 2019
Opening position 420 420
Interest received 10 10
Payments received (83) (83)
---------------------- ------------------- --------
At 30 September 2019 347 347
---------------------- ------------------- --------
At 31 March 2020
Opening position 297 297
Interest received 7 7
Payments received (59) (59)
---------------------- ------------------- --------
At 30 September 2020 245 245
---------------------- ------------------- --------
7. Trade and other receivables
Audited year ended
Unaudited six months ended 30 Unaudited six months ended 30 31 March
September 2020 September 2019 2020
GBP'000 GBP'000 GBP'000
Trade receivables 1,660 3,336 2,526
Less: provision for expected
credit losses (17) (20) (26)
-------------------------------- ------------------------------ ------------------------------- -------------------
Trade receivables-net 1,643 3,316 2,500
Contract assets 192 241 68
Other debtors 201 95 17
-------------------------------- ------------------------------ ------------------------------- -------------------
Trade and other receivables 2,036 3,652 2,585
Prepayments 157 159 156
-------------------------------- ------------------------------ ------------------------------- -------------------
2,193 3,811 2,741
-------------------------------- ------------------------------ ------------------------------- -------------------
The fair value of trade and other receivables approximates closely to their book value.
Movements on the provision for expected credit loss are as follows:
Audited year ended
Unaudited six months ended 30 Unaudited six months ended 30 31 March
September 2020 September 2019 2020
GBP'000 GBP'000 GBP'000
At beginning of the period 26 20 20
Charged to income statement - - 6
Credited to income statement (4) - -
Written-back during the period (5) - -
------------------------------- ------------------------------- ------------------------------- -------------------
At end of the period (credit
loss allowance) 17 20 26
------------------------------- ------------------------------- ------------------------------- -------------------
The carrying amount of the Group's trade and other receivables are denominated in the following currencies:
Audited year ended
Unaudited six months ended 30 September Unaudited six months ended 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Sterling 2,036 3,634 2,566
Euros - 18 19
---------- ----------------------------------------- ------------------------------------------ -------------------
2,036 3,652 2,585
---------- ----------------------------------------- ------------------------------------------ -------------------
8. Trade and other payables
Audited year ended
Unaudited six months ended 30 Unaudited six months ended 30 31 March
September 2020 September 2019 2020
GBP'000 GBP'000 GBP'000
Trade payables 865 1,186 1,205
Accruals 402 262 312
1,267 1,448 1,517
Contract liabilities 39 50 41
Other taxation and social
security 464 435 569
-------------------------------- ------------------------------ ------------------------------- -------------------
1,770 1,933 2,127
-------------------------------- ------------------------------ ------------------------------- -------------------
The majority of trade and other payables are settled within three months from the period end.
The fair value of trade and other payables approximates closely to their book value.
The carrying amount of trade and other payables is denominated in the following currencies:
Audited year ended
Unaudited six months ended 30 September Unaudited six months ended 30 September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Sterling 1,257 1,422 1,492
Euros 10 26 25
---------- ----------------------------------------- ------------------------------------------ -------------------
1,267 1,448 1,517
---------- ----------------------------------------- ------------------------------------------ -------------------
9. Related party transactions
The Group and Company rents one of its offices under a lease expiring in 2028, with a break clause in 2023. The current annual rent of GBP215,000 was fixed, by independent valuation, at the last rent review in 2008. JC Rigg, a Director, has notified the Board that he has a 50% beneficial interest in this contract. The balance owed at the period end was GBPnil (2019: GBPnil).
10. Statement of the directors' responsibilities
The Board confirms to the best of their knowledge;
-- that the condensed consolidated half year financial statements for the six months to 30 September 2020 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU; and
-- that the Half Year Report includes a fair review of the information required by sections 4.2.7R and 4.2.8R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the period and their impact on the condensed consolidated half year financial statements; a description of the principal risks and uncertainties for the remainder of the current financial year; and the disclosure requirements in respect of material related party transactions.
By order of the Board
J V McDonald
Company Secretary
26 November 2020
Names of the current Board of Directors can be found on the company website at www.triad.co.uk .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR UNVVRRKUAUAA
(END) Dow Jones Newswires
November 27, 2020 02:00 ET (07:00 GMT)
1 Year Triad Chart |
1 Month Triad Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
