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Share Name | Share Symbol | Market | Type |
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Cabletel Communications Corp | AMEX:TTV | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:7240I Talent Group PLC 14 March 2003 EMBARGOED - NOT TO BE RELEASED UNTIL 7.00 A.M. 14 March, 2003 Talent Group PLC ("Talent Group" or "the Company") Preliminary Results Chairman's Statement Overview I am presenting the first results of the Group since my appointment as Chairman on 23rd December 2002, the date that the acquisition of The Talent Group Limited ("Talent") was completed. In order to bring into line the year-end of the Company with that of Talent and its subsidiaries, your Board has decided to change the year-end of the Company to 30 September. Accordingly, the period now under review represents the seven months to 30 September 2002, which is a period prior to the acquisition of Talent. The financial period started with a restructuring of the business in March 2002 designed to reduce the cost base to a much lower level and this was successfully achieved within the planned timescale. However, the market for the Company's products continued to be difficult, and although several major projects with potential clients were under advanced discussion, in the view of the then Board the likelihood of these achieving significant sales revenue within an acceptable period was low. As a result in August 2002 the decision was taken by the then directors of the Company to sell the remaining business and exit from the software sector entirely. The transfer of the remaining business to two companies was announced on 10 October 2002 for a nominal consideration and a commission on future sales. The remaining employees left the Company by the end of October 2002 and all the remaining assets were sold. As the decision to close the business was made prior to 30 September 2002 the balance sheet includes accruals for remaining costs and revenues resulting from its implementation. Results The turnover for the seven months to 30 September 2002 was #148,000 (year ended 28th February 2002: #617,000) on which a pre-tax loss of #938,000 was incurred (year ended 28th February 2002: loss of #6.345 million). This loss includes restructuring costs of #219,000 (year ended 28 February 2002: #1.2 million). Included in the accounts for the seven months to 30 September 2002 are research and development tax credits amounting to #322,000. The tax credits have arisen as a result of claims made in February 2003 in respect of the two years ended 28th February 2002 and a claim to be submitted for the period ended 30th September 2002. The cash position at 30th September 2002 was #706,000 compared to a balance of #1.538 million at 28th February 2002. For the seven month period, there was a loss per share of 1.01p (year ended 28 February 2002: loss per share of 11.12p). Board changes Chris Thomas and Gwyn Jones resigned from the Board on 6 March 2002 and Derek Cormack resigned from the Board on 7 October 2002. On 23 December 2002 Edward Carroll resigned from the Board and John Kaye Cooper, Anthony Humphreys, Colin Nicholl and I were appointed to the Board as Deputy Chairman and Creative Director, Managing Director, Finance Director and Chairman respectively. Current trading and outlook Since Talent's reverse takeover of RMR Plc, it has continued to develop its television production business. Following the success of Test The Nation, the National 2002 Test, broadcast on BBC 1 at primetime on 23 December 2002, Talent has continued to work with the BBC on the Test The Nation project, with further shows scheduled for 2003. Annie Miles joined us to establish a new division, Talent Kids, at the beginning of 2003 and the combination of her expertise in children's television with Talent's international entertainment expertise is already leading to some interesting potential developments with a number of other broadcasters. A fourth series of "The Villa" for Sky One has completed production and is due for transmission later in 2003. Your directors were delighted when the quality of Talent's productions was recognised by its nomination for two Broadcast awards during 2002. The next published results of the Group will be the unaudited interim results for the six months to 31 March 2003. These will incorporate the results of Talent for the period since acquisition on 23 December 2002. Enterprise Investment Scheme ("EIS") The Board is aware that certain shareholders of the Company acquired ordinary shares in the Company at the placing and admission of the Company's shares in April 2000 with the benefit of EIS income tax relief. Under EIS legislation, the investment must remain qualifying and be held for three years to qualify for this relief. Following the restructuring and transfer of the business as mentioned above and the acquisition of Talent, the Company has made representations to the Inland Revenue to confirm the continued qualification of the Company as a qualifying trading company. Shareholders will be advised of the outcome of these representations in due course. Robert Benton Chairman 13 March, 2003 Consolidated Profit and Loss Account for the period ended 30 September 2002 Note 7 months to 30 12 months to 28 September February 2002 2002 #'000 #'000 Turnover 148 617 Cost of sales (282) (2,394) Gross Result (134) (1,777) Operating costs (508) (2,932) Goodwill write-off (100) (600) Restructuring costs 1 (219) (1,200) Administrative expenses (827) (4,732) Operating loss (961) (6,509) Net interest 23 164 Loss before taxation (938) (6,345) Taxation 2 322 - Loss for the year (616) (6,345) Basic and diluted loss per ordinary share 3 (1.01p) (11.12p) The results relate to continuing activities of the Group during the period. There were no recognised gains or losses other than the loss for the financial year. Consolidated Balance Sheet as at 30 September 2002 30 September 2002 28 February 2002 #'000 #'000 #'000 #'000 Fixed assets Tangible assets - 86 Investments - - - 86 Current assets Debtors 389 188 Cash at bank and in hand 706 1,538 1,095 1,726 Creditors: amounts falling due within one year (348) (470) Net Current assets 747 1,256 Total assets less current liabilities 747 1,342 Creditors: amounts falling due after more than one year (21) - Net assets 726 1,342 Capital and reserves Called up share capital 6,110 6,110 Share premium account 10,650 10,650 Profit and loss account (16,034) (15,418) Shareholders' funds 726 1,342 Consolidated Cash Flow Statement for the period ended 30 September 2002 Note 7 months to 30 12 months to September 28 February 2002 2002 #'000 #'000 Net cash outflow and servicing of finance (a) (906) (4,645) Returns on investments and servicing of finance Interest element of finance lease rentals (1) (6) Interest received 24 170 23 164 Capital expenditure and financial investment Purchase of tangible fixed assets - (92) Sale of tangible fixed assets 51 37 Purchase of investments - (150) 51 (205) Cash outflow before management of liquid resources (832) (4,686) Financing Issue of share capital - - Expenses paid in connection with the issue of share capital - - Capital element of finance lease and hire purchase contracts - (46) Net Cash outflow from financing - (46) Decrease in cash (c) (832) (4,732) (a) Reconciliation of operating loss to net cash outflow from operating activities 30 September 28 February 2002 2002 #'000 #'000 Operating loss (961) (6,509) Depreciation and impairment on tangible fixed assets 65 1,055 Goodwill write-off 100 600 Impairment losses on fixed asset investment - 150 (Profit)/loss on sale of tangible fixed assets (35) 149 Decrease in debtors 127 415 Decrease in creditors (202) (505) Net cash outflow from operating activities (906) (4,645) (b) Analysis of changes in net funds At 1 March Cash flow At 30 September 2002 #'000 2002 #'000 #'000 Cash in hand 1,538 (832) 706 Finance leases (23) 23 - Total 1,515 (809) 706 (c) Reconciliation of net cash flow to movement in net debt 30 September 28 February 2002 2002 #'000 #'000 (Decrease)/increase in cash in the period (832) (4,732) Capital element of finance leases and hire purchase contracts 23 46 Change in net funds resulting from cash flows (809) (4,686) Inception of finance leases - - Movement in net funds in the period (809) (4,686) Net funds at 1 March 2002 1,515 6,201 Net funds at 30 September 2002 706 1,515 Notes to the financial statements 1. Restructuring costs #219,000 (28 February 2002: #1,200,000) was incurred during the period as the business significantly reduced in size and scale. These costs comprise #65,000 (28 February 2002: #708,000) of impairment losses on fixed assets and #154,000 (28 February 2002: #492,000) in relation to staff redundancies. 2. Taxation Factors affecting the tax charge for the period: The tax assessed to the period does not equate to the standard rate of corporation tax in the UK of 30% (28 February 2002: 30%). The differences are explained as follows: 7 months to 30 12 months to September 28 February 2002 2002 #'000 #'000 Loss on ordinary activities before taxation (938) (6,345) Loss on ordinary activities multiplied by the standard rate of (281) (1,904) corporation tax in the UK of 30% Expenses not deductible for tax purposes - 413 Depreciation in excess of capital allowances for the year - 239 Other timing differences - 7 Tax receivable re Research & Development Tax Credit - current period 20 - - previous 302 - Tax losses not utilised 281 1,245 Current tax charge for the period 322 - The tax receivable has arisen as a result of claims for Research & Development Tax Credits in respect of the two years ended 28 February 2002 and the period ended 30 September 2002. 3. Loss/Earnings per share The loss per share is based on a loss of #616,000 (28 February 2002: #6,345,000), being the loss attributable to ordinary shareholders, and a weighted average of 61,102,847 (28 February 2002: 57,042,573) ordinary shares. The figures presented here represent the position as at 30 September 2002, before the acquisition of Talent and the capital reorganisation that occurred on 23 December 2002. 4. Dividends No dividends have been proposed or paid in respect of the seven months ended 30 September, 2002 or the year ended 28 February 2002. 5. Publication of non-statutory accounts The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. 6. The financial information for the year ended 28 February 2002 is extracted from the Group's financial statements to the date which received an unqualified auditor's report and have been filed with the Registrar of Companies. The financial information for the period ended 30 September 2002 is extracted from the Group's financial statements to date which received an unqualified auditor's report and will be filed with the Registrar of Companies. 7. Copies of the Report and Accounts will be sent to shareholders in due course and will be available from the head office of the Company, MWB Business Exchange, 77 Oxford Street, London W1D 2ES. Further Enquiries: Talent Group plc Tel: 020 7659 2017 Tony Humphreys - Managing Director Colin Nicholls - Finance Director John East & Partners Limited Tel: 020 7628 2200 John East David Worlidge This information is provided by RNS The company news service from the London Stock Exchange END FR DXLFFXXBLBBL
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