RNS Number:2049Q
Bright Futures Group PLC
26 September 2003
("Bright Futures Group" or the "Company")
Interim Report 2003
Chairman's and CEO's joint statement
Results
We are pleased to present the Company's interim results for the six month period
ended 30 June 2003. The profit for the period under review amounted to #66,888
before goodwill amortisation of #60,510. This figure was in line with our
management expectations.
Review
Bright Futures Group's vision is to be "The UK's Leading Mobility Retailer for
Older People". Specific progress towards achieving this vision in the period
under review includes:
Owned Stores: Our retail sales in the 6 Scootermart Mobility Centres we own
(non-franchised) have increased by 35% versus the same period last year. Of
these, we refurbished three stores as Model Stores in April, May and June 2003
respectively. In the period since refurbishment, like-for-like sales across
these Model Stores have increased by 87% and profit by 73%. The Company is now
intending to expand its estate by a further 6 sites in a managed way throughout
the remaining few months of 2003 and first half of 2004. Simultaneously we will
continue to upgrade our supporting retail disciplines and infrastructure. This
includes an EPOS test, category management implementation, and logistics review.
Should we be successful in replicating our existing Model Stores' success and
upgrading our supporting infrastructure, the Company will review the opportunity
to accelerate our opening programme.
Franchised Stores: Early in 2003 the Company recruited 3 new high quality
franchisees who are now trading successfully. Our priority is now to use the
experience from our owned stores to help current franchisees improve their
retail standards and replicate our own retail results.
Other businesses: Youreable Ltd generated profit and cash in the period under
review and has started to develop a more strategically consistent internet
retailing business. The route2mobility joint venture has launched, but it is not
expected to generate profit or cash in the immediate future.
The directors are unable to recommend the payment of an interim dividend.
Outlook
The Board is delighted that the new Model Stores have delivered successful
financial results. We remain focussed on delivering shareholder value by proving
that the Company can replicate these results in new sites, whilst improving our
supporting infrastructure and retail disciplines.
Anthony Leon DL FCA Stephen Harpin BSc (hons) DipM
Chairman Chief Executive Officer
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Period from
Period ended 19 Nov 2001 to
30 June 2003 31 Dec 2002
unaudited audited
# #
________________________________________________________________________________
GROUP TURNOVER 2,627,759 1,961,475
Cost of sales 1,707,713 1,245,682
________________________________________________________________________________
GROSS PROFIT 920,046 715,793
Administrative expenses
Goodwill amortisation 60,510 50,342
Goodwill impairment - 1,482,899
Finance cost of acquisition - 1,335,223
Other administrative expenses 858,033 680,548
________________________________________________________________________________
918,543 3,549,012
________________________________________________________________________________
OPERATING Profit/LOSS 1,503 (2,833,219)
Interest receivable 4,875 3,941
________________________________________________________________________________
PROFIT/LOSS ON ORDINARY ACTIVITIES BEFORE 6,378 (2,829,278)
TAXATION
Tax on loss on ordinary activities - (567)
________________________________________________________________________________
PROFIT/LOSS FOR THE FINANCIAL PERIOD 6,378 (2,829,845)
________________________________________________________________________________
Operating profit/loss before goodwill 66,888 (2,779,503)
amortisation
Profit/loss per share - basic and diluted 0.19p (22)p
________________________________________________________________________________
Note
Profit per share has been calculated using a profit of #6,378 for the financial
period and a weighted average number of ordinary shares in issue during the
period of 33,350,020.
There are no comparatives available for the period to 30 June 2002 as the
acquisitions of the trading companies took place after 1 July 2002.
CONSOLIDATED BALANCE SHEET
30 June 31 Dec
2003 2002
unaudited audited
________________________________________________________________________________
FIXED ASSETS
Intangible assets 2,309,034 2,373,087
Investments 4,900 -
Tangible assets 136,310 99,786
________________________________________________________________________________
2,450,244 2,472,873
________________________________________________________________________________
CURRENT ASSETS
Stocks 691,238 711,613
Debtors 1,064,702 827,508
Cash at bank 532,571 467,279
________________________________________________________________________________
2,288,511 2,006,400
CREDITORS: Amounts falling due within one year (1,085,620) (827,259)
________________________________________________________________________________
NET CURRENT ASSETS 1,202,891 1,179,141
________________________________________________________________________________
TOTAL ASSETS LESS CURRENT LIABILITIES 3,653,135 3,652,014
CREDITORS: Amounts falling due after more than one - (5,257)
year
________________________________________________________________________________
3,653,135 3,646,757
________________________________________________________________________________
CAPITAL AND RESERVES
Called-up equity share capital 1,667,501 1,667,501
Share premium account 4,809,093 4,809,093
Capital reserve 8 8
Profit and loss account (2,823,467) (2,829,845)
________________________________________________________________________________
SHAREHOLDERS' FUNDS 3,653,135 3,646,757
________________________________________________________________________________
Notes
1 The unaudited interim financial information has been prepared in accordance
with applicable accounting standards and was approved by the Board on 26
September 2003.
2 Copies of this interim report are being sent to all of the Company's
shareholders. Further copies can be obtained from the Company's registered
office.
CONSOLIDATED CASH FLOW STATEMENT
Period from
Period ended 19 Nov 2001 to
30 June 2003 31 Dec 2002
unaudited audited
# #
________________________________________________________________________________
NET CASH inflow/outflow FROM OPERATING
ACTIVITIES
Operating profit/loss 1,503 (2,833,219)
Amortisation 64,053 1,540,240
Finance cost of acquisition - 1,335,223
Depreciation 52,345 26,350
Decrease/increase in stocks 20,375 (79,131)
Increase/decrease in debtors (237,194) 152,952
Increase/decrease in creditors 253,104 (378,547)
Capital reserve - 8
________________________________________________________________________________
154,186 (236,124)
________________________________________________________________________________
RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE
Interest received 4,875 3,941
________________________________________________________________________________
CAPITAL EXPENDITURE
Payments to acquire tangible fixed assets (88,869) (9,303)
________________________________________________________________________________
ACQUISITIONS AND DISPOSALS
Cash acquired with subsidiaries - 572,444
Increase in investments (4,900) -
________________________________________________________________________________
NET CASH FLOW BEFORE FINANCING 65,292 330,958
FINANCING
Issue of equity share capital - 308,968
Professional costs charged to the share premium - (193,400)
account
________________________________________________________________________________
NET CASH FLOW FROM FINANCING - 115,568
________________________________________________________________________________
INCREASE IN CASH 65,292 446,526
________________________________________________________________________________
Contact Details:
Stephen Harpin 01902 866 166
Chief Executive Bright Futures Group PLC
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