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RNS Number:7024U
Coburg Group PLC
28 January 2004
Directors' Report
The Directors are pleased to announce a profit of #5,000 for the first six
months of the financial year, this is compared to a loss of #33,000 in the
corresponding period.
As Konrad Legg, the Group's Chairman, mentioned in his statement in the annual
report in October 2003, trading proved difficult as a result of the
exceptionally warm summer. Nevertheless, despite the challenging summer we were
able to return to profitability as a result of significant contributions from
last year's acquisitions of Ashby's and Rizzi.
We continue to look for acquisitions in the coffee, tea and beverage industry in
order to strengthen our portfolio of brands. We have completed the outright
purchase of the one hundred and fifty year old "Ashby's" name for use on coffee
to the food service sector and are developing it as a franchise brand, which we
believe has considerable potential for growth. We feel that "Rizzi" offers great
potential as a genuine Italian brand and will be investing over the next six
months to develop and raise its profile. We intend to establish the "Langdons"
brand through further investment as a premium beverage name with an emphasis on
quality and service.
Last month, the Group raised #320,000 by a private placing of 4,000,000 shares
at 8p through the Group's brokers Fiske plc. All of the Group's Directors
participated in the placing.
This money has allowed us to begin a strategy of investing in our factory in
Woolwich in order to create a modern, efficient and low cost operation. We have
concluded a contract to purchase a new coffee roaster that is due to be
installed in March/April 2004. This will increase the Group's coffee roasting
capacity, and provide greater flexibility and economy of operation.
We have seen steady demand in October, November and December but are aware that
conditions in the high street remain challenging for many cafes, bars and
restaurants.
The Board are delighted to welcome Rory Forrester, 62, as a non-Executive
Director of the Group. He has wide experience of growing businesses in the City
and industry and has been involved in franchising for a number of years.
Directors
COBURG GROUP PLC
-----------------------------------------
GROUP BALANCE SHEET
-----------------------------------------
Consolidated Balance Sheet As at As at As at
31 October 31 October 30 April
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed Assets
Tangible 451 368 357
Intangible 315 140 223
Investments 0 16 0
----------- -------- --------
766 524 580
----------- -------- --------
Current Assets
Stock 239 148 164
Debtors 697 278 414
Cash at Bank and in Hand 18 24 72
----------- -------- --------
954 450 650
Creditors falling due within one
year (905) (336) (421)
----------- -------- --------
Net Current Assets 49 114 229
----------- -------- --------
Total Assets less Current
Liabilities 815 638 809
Creditors falling due after more
than one year (16) (14) (14)
----------- -------- --------
799 624 795
Minority Interests (9) (11) (10)
----------- -------- --------
Net Assets 790 613 785
----------- -------- --------
Capital and Reserves
Share Capital 630 530 630
Reserves 160 83 155
----------- -------- --------
Equity shareholders' funds 790 613 785
----------- -------- --------
COBURG GROUP PLC
--------------------------------------------
Group Profit and Loss Account
--------------------------------------------
Consolidated Profit and Loss Account
Six months Six months Year
to 31 October to 31 October to 30 April
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Turnover 1249 865 1907
--------- --------- --------
Operating profit / (loss) 7 (23) (24)
Realised & unrealised gains & losses
on fixed assets & fixed asset
investments - - (1)
Investment Income - 1 2
Amounts written off investments - - (4)
Net Interest (3) (2) (6)
--------- --------- --------
Profit / (Loss) Before Taxation 4 (24) (33)
Taxation - - -
Minority Interests 1 (1) -
Retained Profit / (Loss) for the financial --------- --------- --------
period 5 (25) (33)
--------- --------- --------
Profit/(Loss) per Ordinary Share
(pence) 0.04 (0.24) (0.30)
--------- --------- --------
Notes
1 The results for the 6 month period ended 31 October 2003 and 31 October
2002 are unaudited and have been prepared in accordance with the
accounting policies disclosed in the Group's 2003 Annual Report and Accounts.
The consolidated financial information for the 12 months ended 30th April
2003 is derived from the full audited consolidated accounts (within the
meaning of Section 240, Companies Act 1985), which received an unqualified
audit report and have been filed with the Registrar of Companies.
2 The profit per share for the period ended 31st October 2003 is calculated on
the consolidated profit on ordinary activities after tax of #4,994, divided
by 12,590,914 this being the weighted average number of ordinary shares in
issue during the period.
3 No interim dividend is proposed
4 Further copies of the interim report will be available to the public at the
registered office of Coburg Group plc, 3 Harrington Way, Warspite Road,
Woolwich London SE18 5NU.
COBURG GROUP PLC
-----------------------------------------
GROUP CASH FLOW STATEMENT
-----------------------------------------
Consolidated Cash Flow Statement
Six months Six months Year
to 31 October to 31 October to 30 April
2003 2002 2003
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Net Cash inflow/(outflow) from operating
activities 103 44 30
Returns on investments and servicing of
finance
Interest paid (3) (2) (6)
Investment Income - 1 2
Capital expenditure and financial
investment
Purchase of fixed assets (70) (17) (41)
New finance leases 4 - -
Sale of fixed assets
Purchase of fixed asset
investments - - 7
Sale of fixed asset investments - - 12
Acquisition and Disposals
Purchase of subsidiary
undertaking (173) - (103)
Net (overdraft)/cash acquired with subsidiary - - -
--------- --------- -------
Net cash (outflow)/inflow before
financing (139) 26 (99)
--------- --------- -------
Financing
Proceeds of ordinary share issue - - 180
New borrowings 60 - -
Repayment of borrowings (7) - -
Repayments of finance leases (4) (6) (5)
--------- --------- -------
Net cash (outflow)/inflow from
financing 49 (6) 175
--------- --------- -------
Increase/(decrease) in cash during the --------- --------- -------
period (90) 20 76
========= ========= =======
This information is provided by RNS
The company news service from the London Stock Exchange
END
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