Interim Results
29 8월 2003 - 10:45PM
UK Regulatory
RNS Number:1811P
Glow Communications PLC
29 August 2003
GLOW COMMUNICATIONS PLC
INTERIM RESULTS
6 MONTHS ENDED 31 MAY 2003
29 August 2003
Results
The turnover during the period was #5.14 million (2002: #3.79 million) an
increase of 36% and the loss before tax was #1.51 million (2002: #1.65 million).
Earnings and dividend
The loss per share for the period was 0.30p (2002: loss 0.35p). In line with the
group strategy, the board have not recommended the payment of a dividend.
Current trading
Revenues and customer numbers continue to grow. Since the half year this trend
has continued and in July the group recorded a record month for customer
billing. Over 80% of revenues are now derived from business customers with this
percentage continuing to increase.
The board continues to explore opportunities to develop the group and looks
forward to making further announcements in the coming months.
For further information, please contact:
Derek Griffiths, Chairman John West
Terry Boland, Chief Executive Justin Griffiths
Glow Communications plc Tavistock Communications
Tel: 020 7385 2340 Tel: 020 7600 2288
Consolidated Profit and Loss Account for the six months ended 31 May 2003
Unaudited Unaudited Audited
6 months to 6 months to Year to
31 May 31 May 30 November
2003 2002 2002
#'000 #'000 #'000
Turnover
Continuing 5,141 3,788 8,350
operations
Cost of Sales (4,228) (2,784) (6,900)
Exceptional cost of - - (426)
sales
Gross profit 913 1,004 1,024
Distribution (271) (649) (731)
expenses
Administrative (2,124) (1,731) (4,231)
expenses
Exceptional - (295) (210)
administrative
expenses
Loss on ordinary (1,482) (1,671) (4,148)
activities before
interest
Interest receivable - 19 21
Interest payable (32) (2) (5)
Loss before taxation (1,514) (1,654) (4,132)
Tax - (37) (37)
Loss after tax (1,514) (1,691) (4,169)
Loss per share (0.30)p (0.35)p (0.84)p
Consolidated Balance Sheet
Unaudited Unaudited Audited
31 May 31 May 30 November
2003 2002 2002
#'000 #'000 #'000
Fixed assets
Tangible 494 575 570
Intangible 2,408 2,705 2,574
2,902 3,280 3,144
Current assets
Stocks 448 996 470
Debtors 1,746 2,694 2,352
Cash at bank and in hand 251 229 -
2,445 3,919 2,822
Creditors due within one (4,619) (2,467) (3,724)
year
Net current (2,174) 1,452 (902)
(liabilities)/assets
Total assets less 728 4,732 2,242
current liabilities
Creditors due after more - (11) -
than one year
Net assets 728 4,721 2,242
Capital and reserves
Called-up share capital 8,317 8,317 8,317
Share premium account 7,002 7,002 7,002
Merger reserve 1,400 1,400 1,400
Profit and loss account (15,991) (11,998) (14,477)
Shareholders' funds 728 4,721 2,242
Shareholders funds may
be analysed as:
Equity interests (2,495) 1,498 (981)
Non-equity interests 3,223 3,223 3,223
728 4,721 2,242
Reconciliation of
movements in
shareholders' funds
Loss for the financial (1,514) (1,691) (4,169)
period
Issue of ordinary share - 426 425
capital
Net addition to (1,514) (1,265) (3,744)
shareholders' funds
Opening shareholders' 2,242 5,986 5,986
funds
Closing shareholders' 728 4,721 2,242
funds
Consolidated Cash Flow Statement for the six months ended 31 May
2003
Unaudited Unaudited Audited
6 months to 6 months to Year to
31 May 31 May 30 November
2003 2002 2002
#'000 #'000 #'000
Net cash outflow from
operating activites (280) (1,699) (2,178)
Returns on
investments and
servicing of finance
Interest received - 19 21
Interest paid (32) (3) (6)
(32) 16 15
Taxation paid - - -
Taxation - - (3)
Capital expenditure
and
financial investment
Purchase of tangible (8) (431) (170)
fixed assets
Purchase of - - (381)
intangible fixed
assets
Sale of tangible 3 9 9
fixed assets
(5) (422) (542)
Acquisitions and
disposals
Purchase of - - -
subsidiary
undertaking
- - -
Equity dividends - - -
Cash outflow before (317) (2,105) (2,708)
financing
Financing
Issue of ordinary - 456 456
share capital
Expenses in - (30) (31)
connection with share
issue
Repayment of secured (14) (13) (27)
loan
Secured loan 971 -
957 413 398
Increase/(decrease) 640 (1,692) (2,310)
in cash in the year
Reconciliation of operating loss to cash outflow from operating
activities
Unaudited Unaudited Audited
6 months to 6 months to Year to
31 May 31 May 30 November
2003 2002 2002
#'000 #'000 #'000
Operating loss (1,482) (1,671) (4,148)
Depreciation 84 105 199
Profit on disposal of (3) (5) (5)
fixed assets
Amortisation of 166 153 315
goodwill
Decrease in stock 22 20 547
Decrease/(Increase) 606 (1,505) (1,161)
in debtors
Increase in creditors 327 1,204 2,075
Net cash outflow from (280) (1,699) (2,178)
operating activities
Notes to the interim results:
1. The financial information set out in this interim report does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
figures for the year ended 30 November 2002 have been extracted from the
statutory financial statements which have been filed with the Registrar of
Companies. The auditors' report on those financial statements was
unqualified and did not contain a statement under Section 237(2) of the
Companies Act 1985.
2. Copies of this report will be available until 30 September 2003 at the
Company's registered office, Unit 9, Hortonwood 7, Telford, Shropshire TF1
7YY.
This information is provided by RNS
The company news service from the London Stock Exchange
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