Interim Results
23 9월 2005 - 4:01PM
UK Regulatory
RNS Number:6590R
Bright Futures Group PLC
23 September 2005
Bright Futures Group plc
Interim Results for six months ended 30 June 2005
Chairman's and Chief Executive Officer's Statement
We are pleased to present the interim results for the six month period ended 30
June 2005. For the period under review, Bright Futures Group plc ("the Group")
reported sales of #1.7 million (2004: #2.6 million) and a loss, before goodwill
amortisation, of #334,000 (2004: profit of #83,000).
OVERALL TRADING REVIEW
The Group's vision is to become the largest mobility retailer in the UK. During
the first six months of 2005 the Group exited our remaining wholesale business
which, combined with our previous exit from direct sales activity in 2004,
accounted for the majority of the sales decline.
Despite this sales decline, the Group maintained the central resource level and
focused it on identifying, acquiring, refurbishing and opening 8 more retail
stores. The cost of this activity was borne in the first half of 2005 but only 2
stores were trading at the end of the period under review.
Since the completion of our store opening programme, the Group has significantly
reduced its overhead which, with the 8 new stores trading, will help the Group
rapidly return to a more stable position. This was enabled by the new simplified
business and is supported by previous investments in EPOS technology.
OWNED RETAIL STORES
The owned store (non-franchised) retail business reported sales for the period
of #947,000 (2004: #998,000). Like-for-like sales declined by 21% (2004:
like-for-like sales increase of 16%) in an increasingly competitive mobility
retail environment. Store-based profit contribution was partially protected by a
decrease in advertising costs, as our stores mature. In addition, retail gross
margins increased by 3% points to 55%, despite our policy of continually
decreasing in-store prices to improve our competitive position. As a
consequence, our stores continue to make a significant profit contribution.
The Group acquired 5 retail mobility stores from Shiloh plc ("Shiloh"). Two of
these were reopened in our model store format in June 2005. The remaining 3
Shiloh stores, and an additional 3 new stores, were opened in July 2005, after
the period under review.
We expect these 8 new stores to contribute positively in the second half of
2005.
FRANCHISED RETAIL
Following our exit from the wholesale business, our 16 franchised stores will
now buy direct from UK suppliers, rather than the Group, whilst paying us a
franchise fee. Whilst this change will not materially change the franchise
profitability, it will decrease future sales figures, which will no longer be
reported in our accounts. We opened one European franchise within the period.
INTERNET
Youreable.com Ltd, our internet site for disabled people, is steadily increasing
its contribution to the Group.
OUTLOOK
The Group is now the UK's largest mobility retailer, with 32 owned and
franchised stores, trading across the UK. The Board believes that our lower
overhead costs, combined with our new stores trading, will rapidly return the
business to a more stable position. However, we remain very cautious about short
to medium term growth and trading prospects in a very competitive retail market
for high value discretionary items. In this environment, the Group is conducting
a strategic review, to evaluate any opportunities to significantly increase
shareholder value.
ANTHONY LEON DL FCA
Chairman
STEPHEN HARPIN BSc (Hons) DipM
Chief Executive Officer
Consolidated Profit and Loss Account
Six month Six month Year ended
period to period to 31 December 2004
30 June 2005 30 June 2004 audited
unaudited unaudited
#000 #000 #000
GROUP TURNOVER 1,733 2,569 4,632
Cost of sales 942 1,366 2,688
GROSS PROFIT 791 1,203 1,944
Goodwill amortisation 65 62 123
Operating costs 1,126 1,120 2,030
1,191 1,182 2,153
OPERATING (LOSS)/PROFIT (400) 21 (209)
Interest receivable 1 1 7
(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION (399) 22 (202)
Tax on profit on ordinary activities - 1 (1)
(LOSS)/PROFIT FOR THE FINACIAL PERIOD (399) 21 (203)
(Loss)/profit before goodwill amortisation (334) 83 (80)
(Loss)/earnings per share - basic and diluted (0.83)p 0.06p (0.57)p
Loss per share has been calculated using a loss of #398,872 for the financial
period and a weighted average number of shares in issue during the period of
47,850,020.
Options in existence at the balance sheet date are not considered to be dilutive
as they would not result in the issue of ordinary shares for less than fair
value.
Consolidated Balance Sheet
30 June 2005 30 June 2004 31 December 2004
unaudited unaudited audited
#000 (restated) #000
#000
FIXED ASSETS
Intangible assets 2,197 2,223 2,162
Tangible assets 412 260 354
2,609 2,483 2,516
CURRENT ASSETS
Stocks 966 821 840
Debtors 596 1,016 709
Cash at bank 559 270 1,011
2,121 2,107 2,560
CREDITORS: Amounts falling due within one year (612) (802) (614)
NET CURRENT ASSETS 1,509 1,305 1,946
TOTAL ASSETS LESS CURRENT LIABILITIES 4,118 3,788 4,462
CREDITORS: Amounts falling due after more than one year (118) - (63)
4,000 3,788 4,399
CAPITAL AND RESERVES
Called-up equity share capital 2,393 1,667 2,393
Share premium 148 38 148
Other reserves 2,023 2,023 2,023
Profit and loss account (564) 60 (165)
SHAREHOLDERS' FUNDS 4,000 3,788 4,399
Notes
1 The unaudited interim financial information has been prepared in accordance
with applicable accounting standards and was approved by the Board on
9 September 2005.
2 Copies of this interim report will be sent to all of the Company's
shareholders on or around 23 September 2005. Further copies can be
obtained from the Company's registered office.
3 In its Annual Report and Financial Statements 2004, the Group has taken
advantage of s.131 of the Companies Act 1985 and has credited the share
premium arising on the acquisition of certain companies to a merger reserve
included in other reserves. The comparative figures for 30 June 2004
have been adjusted to take account of this change in accounting policy.
Consolidated Cash Flow Statement
Six month Six month Year ended
period to period to 31 December
30 June 2005 30 June 2004 2004
unaudited unaudited audited
#000 #000 #000
NET CASH FLOW FROM OPERATING ACTIVITIES
Operating (loss)/profit (399) 21 (209)
Amortisation 65 62 123
Depreciation 54 46 92
Increase in stocks (126) (14) (33)
Decrease/(increase) in debtors 113 (254) 52
Increase/(decrease) in creditors 27 4 (203)
(266) (135) (178)
Net cash inflow from returns on investments and servicing 1 1 7
TAXATION - (1) (7)
CAPITAL EXPENDITURE
Payments to acquire intangible fixed assets (100) - -
Payments to acquire tangible fixed assets (111) (79) (132)
Receipts from sale of tangible fixed assets - - 6
NET CASH (OUTFLOW) FROM CAPITAL EXPENDITURE (211) (79) (126)
NET CASH FLOW BEFORE FINANCING (476) (214) (304)
NET CASH INFLOW/(OUTFLOW) FROM FINANCING 24 (4) 827
(DECREASE)/INCREASE IN CASH (452) (218) 523
Analysis of changes in net funds
As at 31 Cash flows Other At 30 June 2005
December non-cash
2004 changes
Cash at bank and in hand 1,011 (452) - 559
Hire purchase agreements (92) 17 (43) (118)
919 (435) (43) 441
This information is provided by RNS
The company news service from the London Stock Exchange
END
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