RNS Number:7228X
Griffin Group PLC
19 April 2004
Embargoed until 7.30 a.m. 19 April 2004
Griffin Group plc
("Griffin" or the "Company")
Interim Statement
For the Six Months to 31 March 2004
(the "Period")
Highlights:
*Turnover up 377% to #1,149,615 (2003: #305,171)
*Pre tax profit of #139,196 (2004: #5,466)
*Earnings per share of 0.45p (2003: 0.03p)
*Cash balances #427,216 (2003: #48,673)
*Excellent results of US-based Research Team
*UK office established
Enquiries:
Stephen Dean, Chairman Tel: 00 34 605 282211
Adrian Stecyk, Chief Executive Tel: 001 646 258 7269
GRIFFIN GROUP PLC
Chairman's Statement
I am delighted to be able to make this maiden interim results announcement on
behalf of our Company. The Company's shares were admitted to trading on the
Alternative Investment Market in December 2003 and in February 2004 the Company
raised #300,000 before expenses to enable the expansion of the New York Office.
In March 2004, the Company agreed to issue #500,000 in Convertible Loan Notes to
enable the support of its business plans in the United Kingdom, and at the date
of this statement, the first projects are nearing fruition.
The fee income for the business has grown substantially in the six months ended
31 March 2004 to #1,149,615 compared to #305,171 in the same period to March
2003. As a result, profit after tax increased from #5,466 to #138,500 and
earnings per share increased from 0.03p to 0.45p. As most of the Company's
operations are US-based, the weakness of the dollar in comparative terms has
held back the Sterling reporting values. As at 31 March 2004, the Company had
cash balances of #427,216 prior to the receipt of the loan note funds referred
to above.
On 26 March 2004 the Board appointed, Mr Vince Nicholls FCA as Finance Director.
While last year started quietly in the US, we ended the Period having completed
$33m of fund raising for our clients during this first six months. A number of
investment banking projects are currently in progress, both in the US and the
UK.
Our research team issued a number of research notes together with stock purchase
recommendations during this six month period as follows:
Bioenvision (BIOV) at $0.90, which now trades at $12.17;
Bone Care International (BCII) at $7.80, which now trades at $23.50;
Cypress Biosciences (CYPB) at $1.77, which now trades at $13.31;
Netsmart Technologies (NTST) at $11.75, which now trades at $13.30 and
Auto Data Network (ADNW) at $2.94, which now trades at $3.18.
The outstanding performance of our research recommendations has helped to build
our value with institutional and individual investors as well as other
companies. Our recent research reports can be viewed at
www.griffinsecurities.com.
Our investment bankers have worked hard to achieve excellent results in the
Period with high standards of professionalism, excellence and integrity, focused
on building long-term relationships with both users and providers of capital.
These relationships continue to fortify our foundation for long-term success.
I am pleased to report continuing high levels of opportunities both in the US
and the UK. The Company is looking to build its Pan European activities further
in the second half-year.
On behalf of the Board I wish to thank the staff and the Company's advisors for
their continued support and advice.
Stephen Dean
Chairman
GRIFFIN GROUP PLC
Group Profit And Loss Account
Six months Six months 12 months
to to to
31 March 31 March 30 September
2004 2003 2003
(Unaudited) (Unaudited) (Audited)
# # #
TURNOVER
Continuing operations -
existing 1,149,615 305,171 657,353
COST OF SALES (519,983) (593) -
GROSS PROFIT 629,632 304,578 657,353
Administrative expenses (436,306) (251,941) (510,031)
Goodwill amortisation (52,874) (47,265) (105,748)
GROUP OPERATING PROFIT 140,452 5,372 41,574
- Existing operations 140,452 5,372 41,574
Interest payable & similar
charges (1,595) - -
Interest receivable &
similar income 339 94 163
PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION 139,196 5,466 41,737
TAXATION (note 2) (696) - -
PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION 138,500 5,466 41,737
Basic earnings per share
(note 3) 0.45p 0.03p 0.19p
Diluted earnings per share
(note 3) 0.45p 0.03p 0.19p
GRIFFIN GROUP PLC
Group Balance Sheet
At 31 March At 31 March At 30 September
2004 2003 2003
(Unaudited) (Unaudited) (Audited)
# # #
FIXED ASSETS
Intangible fixed assets 631,330 742,687 684,204
Tangible fixed assets 32,599 10,636 11,183
Investments - 218,818 -
663,929 972,141 695,387
CURRENT ASSETS
Trade investments 365,245 - 365,245
Debtors 212,916 94,835 82,059
Cash at bank & in hand 427,216 34,741 48,673
CREDITORS: Amounts falling due
within one year (159,466) (518,846) (197,154)
NET CURRENT ASSETS/(LIABILITIES) 845,911 (389,270) 298,823
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,509,840 582,871 994,210
CREDITORS: Amounts falling due
after more than one year - - (42,656)
NET ASSETS 1,509,840 582,871 951,554
CAPITAL & RESERVES
Called up share capital - equity 1,974,181 966,769 1,299,181
Share premium account 566,581 815,010 815,010
Profit & loss account (1,030,922) (1,198,908) (1,162,637)
EQUITY SHAREHOLDERS' FUNDS 1,509,840 582,871 951,554
NET ASSETS PER ORDINARY SHARE 3.82p 3.01p 2.99p
GRIFFIN GROUP PLC
Group Cash Flow Statement
Six months Six months 12 months
to to to
31 March 31 March 30 September
2004 2003 2003
(Unaudited) (Unaudited) (Audited)
# # #
NET CASH (OUTFLOW)/INFLOW
FROM OPERATING ACTIVITIES (20,255) (31,558) 59,852
RETURNS ON INVESTMENTS & SERVICING OF
FINANCE
Interest received 339 94 163
Interest paid (1,595) - -
NET CASH INFLOW / (OUTFLOW)
FROM RETURNS ON INVESTMENTS
& SERVICING OF FINANCE (1,256) 94 163
TAXATION
UK Corporation Tax paid (696) - -
CAPITAL EXPENDITURE & FINANCIAL
INVESTMENT
Purchase of tangible fixed
assets (22,370) - (2,057)
NET CASH OUTFLOW FROM
CAPITAL (22,370) - (2,057)
EXPENDITURE & FINANCIAL INVESTMENT
ACQUISITIONS & DISPOSALS
Disposal of investments - - 2,264
Purchase of investments - (216,680) (365,236)
NET CASH (OUTFLOW) FROM
ACQUISITIONS & DISPOSALS - (216,680) (362,972)
EQUITY DIVIDENDS PAID - - -
NET CASH (OUTFLOW)/INFLOW
BEFORE (44,577) (248,144) (305,014)
FINANCING
FINANCING
Issue of ordinary share
capital 560,000 - 332,412
Cost of shares issued (133,429) - -
Additions to borrowings - 265,061 -
NET CASH INFLOW FROM
FINANCING 426,571 265,061 332,412
INCREASE IN CASH 381,994 16,917 27,398
GRIFFIN GROUP PLC
Notes to the Statement of Cash Flows
(A) RECONCILIATION OF OPERATING PROFIT TO NET CASH
(OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
Six months Six months 12 months
to to to
31 March 31 March 30 September
2004 2003 2003
(Unaudited) (Unaudited) (Audited)
# # #
Operating profit 140,452 5,372 41,574
Depreciation 954 556 2,066
Amortisation 52,874 47,265 105,748
Provision against trade
investments - - (9)
(Increase)/Decrease in
debtors (130,857) 41,535 54,311
(Decrease) in creditors (83,678) (126,286) (143,838)
NET CASH (OUTFLOW)/INFLOW
FROM OPERATING ACTIVITIES (20,255) (31,558) 59,852
(B) RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS
Six months Six months 12 months
to to to
31 March 31 March 30 September
2004 2003 2003
(Unaudited) (Unaudited) (Audited)
# # #
Increase in cash in period 381,994 16,917 27,398
Increase in borrowings - (265,061) -
Movement in net funds in the
period 381,994 (248,144) 27,398
Opening net funds/(debt) 45,222 (121,691) 17,824
Closing net funds/(debt) 427,216 (369,835) 45,222
(C) ANALYSIS OF NET CASH AND DEBT
At 31 March At 31 March At 30 September
2004 2003 2003
(Unaudited) (Unaudited) (Audited)
# # #
Net Cash
Cash at bank 427,216 34,741 48,673
Bank overdrafts - - (3,451)
Other debt - (404,576) -
Net Funds/(Debt) 427,216 (369,835) 45,222
GRIFFIN GROUP PLC
Notes to the Interim Statement
1. The interim financial information has been
prepared on the basis of the accounting policies set out in the Group's
statutory accounts to 30 September 2003. The interim figures have not been
audited. The interim financial statement does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985 (the "Act").
Comparative financial information for the 12 months ended 30 September 2003 has
been extracted from the statutory accounts for the period which have been
delivered to the Registrar of Companies and upon which the auditors gave an
unqualified report, with no statement under Section 237(2) or (3) of the Act.
2. No taxation charge is expected to arise for
the six months, due to the utilisation of losses brought forward, other than
minor US taxes due.
3. The calculation of earnings per share is based
on the profit on ordinary activities after taxation and 31,106,031 (30 September
2003: 21,648,611; 31 March 2003: 19,335,389) ordinary shares being the weighted
average number of shares in issue during the half year.
The calculation of fully diluted earnings per share is based on the loss on
ordinary activities after taxation and 31,106,031 (30 September 2003:
21,648,611; 31 March 2003: 19,335,389) ordinary shares being the weighted
average number of shares in issue during the half year, after allowing for
dilution by share options and warrants.
4. Since the period end #500,000 of convertible loan finance has been raised to
fund the expansion of the trading activities in the UK and US.
5. The Directors have not declared an interim dividend.
6. The interim statement was approved by the
board of Directors on 16 April 2004. Copies of this statement will be available
free of charge, from the Company's registered office, Hilden Park House, 79
Tonbridge Road, Hildenborough, Kent, TN11 9BH.
7. Advisers and bankers
NOMINATED ADVISER PRINCIPAL BANKERS
Beaumont Cornish Limited Bank of Scotland
Georgian House 14 Friar Lane
63 Coleman Street Leicester LE1 5RA
London EC2R 5BB
REGISTRAR SOLICITORS
Capita Registrars plc Beachcroft Wansbroughs
Northern House 100 Fetter Lane
Woodsome Park London
Fenay Bridge EC4 1BN
Huddersfield
Yorkshire HD8 0LA
GRIFFIN GROUP PLC
Registered office: Hilden Park House, 79 Tonbridge Road, Hildenborough, Kent,
TN11 9BH.
Registered No. 03861966
Contacts:
Company
Stephen Dean 00 34 605 282211
Adrian Stecyk 001 646 2587269
Public Relations
Glenda Boswell 00 34 605 248544
This information is provided by RNS
The company news service from the London Stock Exchange
END
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