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Share Name | Share Symbol | Market | Type |
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ParcelPal Logistics Inc | CSE:PKG | CSE | Common Stock |
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% | 0.05 | 0.05 | 0.06 | 0.055 | 0.05 | 0.055 | 55,559 | 20:30:25 |
RNS Number:8992S Park Group PLC 05 December 2003 INTERIM RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2003 5 December 2003 Summary Half Year Half Year Year to to 30.09.03 to 30.09.02 31.03.03 Turnover #26.8m #23.5m #193.7m Operating (loss)/profit before goodwill amortisation #(4.2)m #(3.4)m #1.9m (Loss)/profit before taxation #(3.7)m #(2.8)m #3.1m Dividend per share 0.325p 0.25p 0.75p Earnings per share - - 1.30p * Continued progress in cash savings * Christmas 2004 responses to date comfortably up * Acquisitions spur cash lending * Interim dividend increased Peter Johnson, chairman, states: "Our cash savings and cash lending divisions continue to enjoy healthy growth. Strong cash flow and a recession-resilient business model provide us with a stable platform on which to build these two core activities. Their performance so far in the current year has been such that I am confident of further progress for the full year to next March." Enquiries: Peter Johnson Chairman Park Group plc Tel: 0151 653 1700 Issued on behalf of Park Group plc by Tavistock Communications Limited (Contact Keith Payne, tel: 020 7920 3150). Chairman's Interim Statement - 5 December 2003 I am pleased to report that results for the first half of the current financial year confirm the continued progress of our cash savings and cash lending businesses, with turnover up encouragingly in both divisions. Group turnover was #3.3m higher than a year ago at #26.8m. The higher seasonal loss for the half-year, at #3.7m against #2.8m, was the result of expected losses in our marketing services division. The board has declared an increased interim dividend of 0.325p, against 0.25p last year, payable on 7 April 2004 to shareholders on the register at the close of business on 5 March 2004. Operations Cash Savings Turnover in the cash savings division increased by 26 per cent to #17.1m, reflecting particularly strong growth in sales of The High Street Gift Voucher. Voucher sales to the corporate incentive market have increased during the first half as we grow our presence in this important sector. We have continued to invest in systems development and staff while at the same time expanding our web-based system to provide an improved service to customers. The traditional operating loss incurred by this division in the first half was similar to that reported a year ago at #3.0m. In response to sustained agent recruitment and retention programmes, agent numbers for Christmas 2003 at 70,000 are 8 per cent up on last year while orders, which are now being delivered, are 13 per cent higher. Our 2004 advertising campaign began in late September with the launch of a television commercial and a new catalogue offering the widest ever range of products. Responses to date are up by 21 per cent on the same time last year. Cash Lending Our cash lending division continues to grow, spurred by the acquisition of Cable Cashpoint in July 2002 and of Cheshire Securities in November 2002. Turnover increased by 71 per cent to #5.7m while the operating loss was halved to #0.1m from #0.2m. Expansion of the branch network continues and we are now operating out of 39 branches compared with 29 at the same point last year. Meanwhile customer numbers have increased by 55 per cent to 75,000. Additional investment in systems and staff has been made to support our growing network and product range. Following a successful trial we have rolled out our new Cash Reserve product to all branches. This offers an 'overdraft-style' facility to customers who repay monthly by direct debit. Now fully integrated, the acquisitions made last year have complemented organic growth. Our net loan book has increased by #7.4m, or 75 per cent, to #17.4m. Bad debt ratios continue to improve as we move closer to the industry average. On 18 November we announced the purchase of a #3.5m loan book in the North East and North West of England from Mirfield Financial Services for #2.3m. This acquisition adds 9,000 borrowers to a growing customer base. Marketing Services In marketing services, Link Brand Solutions Limited produced an improved result as the restructuring and repositioning of this business began to take effect. Turnover rose by #0.9m to #2.5m and the operating loss was cut to #0.1m from #0.3m. However, a loss of business at our call centre Consus Contact Management Limited in the second half of last year had an adverse impact on this year's first half result. Turnover in the six months fell to #1.6m from #5.0m a year earlier and the business reported a loss for the period of #1.0m against a profit of #0.1m. Cash and Interest The larger order book achieved by our cash savings business produced a 13 per cent increase in cash balances at the half year to #69.7m, despite continued investment in our home collected credit loan book. Interest receipts were marginally down at #0.6m, reflecting lower average interest rates than a year ago. Looking Ahead The cash savings and cash lending divisions continue to enjoy healthy growth as we expand both our customer base and the range of products on offer. Strong cash flow and a recession-resilient business model provide us with a stable platform on which to build these two core activities. Their performance so far in the current year has been such that I am confident of further progress for the full year to next March. Peter Johnson Chairman 5 December 2003 RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2003 Half Year Half Year Year to to 30.09.03 to 30.09.02 31.03.03 #'000 #'000 #'000 Turnover Continuing operations 26,765 23,497 192,876 Continuing operations - acquisitions - - 844 26,765 23,497 193,720 Operating (loss)/profit Continuing operations (4,279) (3,408) 1,631 - before amortisation of goodwill (4,225) (3,384) 1,680 - amortisation of goodwill (54) (24) (49) Acquisitions - (3) 180 - before amortisation of goodwill - - 208 - amortisation of goodwill - (3) (28) (Loss)/profit on ordinary activities before interest (4,279) (3,411) 1,811 Investment income 629 651 1,331 Interest payable - - (30) (Loss)/profit on ordinary activities before taxation (3,650) (2,760) 3,112 Taxation - - (1,007) (Loss)/profit attributable to shareholders (3,650) (2,760) 2,105 Earnings per share - basic - - 1.30p - diluted - - 1.27p Dividend per share 0.325p 0.25p 0.75p Cost of dividend #530,825 #406,290 #1,219,293 SEGMENTAL ANALYSIS FOR THE HALF YEAR TO 30 SEPTEMBER 2003 Half Year Half Year Year to to 30.09.03 to 30.09.02 31.03.03 #'000 #'000 #'000 Turnover Financial services - cash savings 17,058 13,560 172,591 Financial services - cash lending 5,669 3,323 8,077 Financial services - cash lending acquisitions - - 844 Marketing services 4,038 6,614 12,208 Sales to third parties 26,765 23,497 193,720 Operating (loss)/profit Financial services - cash savings (3,013) (3,008) 2,222 - before amortisation of goodwill (2,988) (2,984) 2,271 - amortisation of goodwill (25) (24) (49) Financial services - cash lending (129) (197) 140 - before amortisation of goodwill (100) (197) 140 - amortisation of goodwill (29) - - Financial services - cash lending acquisitions - (3) 180 - before amortisation of goodwill - - 208 - amortisation of goodwill - (3) (28) Marketing services (1,137) (203) (731) (Loss)/profit on ordinary activities before interest (4,279) (3,411) 1,811 GROUP BALANCE SHEETS 30.09.03 30.09.02 31.03.03 #'000 #'000 #'000 Fixed assets Intangible assets 1,477 748 1,530 Tangible assets 9,494 9,972 10,220 Investments 2 2 2 10,973 10,722 11,752 Current assets Stocks 6,141 4,925 1,768 Debtors - due within one year 28,731 22,594 22,020 - due in more than one year 50 276 50 Cash and bank balances 69,703 61,855 7,894 104,625 89,650 31,732 Creditors - amounts falling due within one year (123,748) (108,534) (47,994) Net current liabilities (19,123) (18,884) (16,262) Net liabilities (8,150) (8,162) (4,510) Capital and reserves Called up share capital 3,253 3,250 3,251 Share premium account 823 810 815 Profit and loss account (12,226) (12,222) (8,576) Shareholders' deficits (8,150) (8,162) (4,510) GROUP CASH FLOW STATEMENTS Half Year Half Year Year to to 30.09.03 to 30.09.02 31.03.03 #'000 #'000 #'000 Net cash inflow from operating activities 62,236 57,334 5,223 Returns from investments and servicing of finance Interest received 351 411 1,331 Interest paid - - (30) Net cash inflow from investments and servicing of finance 351 411 1,301 Corporation tax (paid)/recovered (282) 129 (443) Capital expenditure and financial investment Purchase of tangible fixed assets (421) (592) (1,619) Sale of tangible fixed assets 321 116 192 Net cash outflow for capital expenditure (100) (476) (1,427) Acquisitions and disposals - (700) (1,924) Equity dividends paid (406) - - Net cash inflow before financing 61,799 56,698 2,730 Financing Issue of ordinary share capital 10 1 7 Increase in cash 61,809 56,699 2,737 Notes (1) As in previous years, the board considers it misleading, in the light of results expectations for the full year, to include in the half-year statement notional tax credit and earnings per share information. (2) The results are not the company's statutory accounts, a copy of which for the year ended 31 March 2003 has been delivered to the Registrar. The unqualified audit report on those accounts contained no statement under Section 237 of the Companies Act, 1985. (3) This statement was approved by the board on 5 December 2003. (4) A copy of this announcement will be mailed to shareholders on 8 December 2003 and copies will be available for members of the public at the company's registered office - Valley Road, Birkenhead, Merseyside CH41 7ED and also at the offices of the company's registrars, Computershare Services plc, P.O. Box 82, The Pavilions, Bridgwater Road, Bristol BS99 7NH. Independent Review Report by KPMG Audit Plc to Park Group plc Introduction We have been instructed by the company to review the financial information for the six months ended 30 September 2003 which comprises a profit and loss account, balance sheet and cash flow statement. 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 September 2003. KPMG Audit Plc Chartered Accountants Liverpool 5 December 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR EAXALEDFDFFE
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