Interim Results
August 27 2003 - 2:00AM
UK Regulatory
RNS Number:0512P
Constellation Corporation PLC
27 August 2003
EMBARGOED - NOT TO BE RELEASED UNTIL 7.00 A.M. ON
27th August, 2003
CONSTELLATION CORPORATION PLC
("Constellation" or "the Company")
Interim Results for the six months ended
30 June, 2003
Chairman's Statement
I am pleased to present the interim results of the Company for the six month
period ended 30 June 2003. As previously reported to you, trading has improved
in this period and I am delighted to be able to report a small profit on
ordinary activities before taxation of #56,000 (2002: loss of #586,000) for the
period under review on turnover of #690,000 (2002: #578,000 which includes
#273,000 relating to discontinued activities). This is a significant achievement
given the continuing difficulties faced by our sector.
The Company is continuing to explore ways to secure its income stream and is
seeking to enter into longer term 'retainer' contracts with certain clients to
provide such security, having already secured a retainer agreement with a
leading FTSE 100 company. In the light of this, the Board is hopeful of
continuing to generate profits, albeit small, for the remainder of this
financial year.
J Bartle
Chairman
Consolidated Profit and Loss Account
Six months ended 30 June, 2003
Note Six months Six months Year
ended ended ended
30 June 2003 30 June 2002 31 December
2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover
Continuing operations 690 305 1,070
Discontinued operations - 273 273
----------- ----------- ----------
690 578 1,343
Cost of sales (45) (64) (108)
----------- ----------- ----------
Gross profit 645 514 1,235
Administrative expenses (586) (1,060) (1,790)
Abortive costs on
potential acquisition 53 - (338)
----------- ----------- ----------
Total operating profit/
(loss)
Continuing operations 112 (327) (674)
Discontinued operations - (219) (219)
----------- ----------- ----------
112 (546) (893)
Profit on disposal of
discontinued operations - - 134
Interest payable and (56) (40) (99)
similar charges ----------- ----------- ----------
Profit/(Loss) on ordinary
activities after
taxation 56 (586) (858)
Taxation - - (4)
----------- ----------- ----------
Profit/(loss)on ordinary
activities after
taxation 56 (586) (862)
Minority interests - - (1)
----------- ----------- ----------
Profit /(loss) for the
financial period 56 (586) (863)
Dividends 4 (25) (25) (50)
----------- ----------- ----------
Retained profit/(loss) for 31 (611) (913)
the financial period ----------- ----------- ----------
Earnings/(loss) per share
(pence) - Basic and
diluted 3 0.003p (0.07)p (0.10)p
=========== =========== ==========
Consolidated Balance Sheet
As at 30 June, 2003
30 June 2003 30 June 2002 31 December
2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed Assets
Tangible assets 35 151 46
Investments 1,125 1,692 1,158
------- ------- -------
1,160 1,843 1,204
Current Assets
Debtors 247 421 211
Cash at bank and
in hand - 28 6
------- ------- -------
247 449 217
------- ------- -------
Creditors:
amounts falling
due within one
year (1,776) (2,329) (2,317)
------- ------- -------
Net current
liabilities (1,529) (1,880) (2,100)
------- ------- -------
Total assets less
current
liabilities (369) (37) (896)
Creditors:
amounts falling
due after more
than one year (1,064) (1,120) (593)
------- ------- -------
Provisions for
liabilities and
charges - (56) -
------- ------- -------
Total assets less
current
liabilities (1,433) (1,213) (1,489)
======= ======= =======
Capital and
reserves
Called up share
capital 5,066 5,066 5,066
Share premium
account 4,007 4,007 4,007
Other reserves 614 564 589
Profit and loss
account (11,120) (10,850) (11,151)
------- ------- -------
Shareholders' (1,433) (1,213) (1,489)
funds ======== ======== ========
Consolidated Cash Flow Statement
Six months ended 30 June, 2003
Notes Six months Six months Year ended 31
ended 30 June ended 30 June December 2002
2003 2002
(unaudited) (unaudited) (Audited)
#'000 #'000 #'000
Net cash inflow/
(outflow) from operating
activities I 47 38 (104)
Returns on investment
and servicing of
finance (56) (42) (99)
Taxation - (77) (29)
Capital expenditure and
financial investment - (57) -
Acquisitions and
disposals - - (5)
---------- ---------- ----------
Net Cash outflow before
use of liquid resources
and financing (9) (138) (237)
Financing 344 92 147
---------- ---------- ----------
Increase/(decrease) in
cash II 335 (46) (90)
========== ========== ==========
Notes to the Cash Flow Statement
i RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH FLOW
Six months Six months Year ended 31
ended 30 June ended 30 June December 2002
2003 2002
(unaudited) (unaudited) (Audited)
#'000 #'000 #'000
Operating profit/(loss) for the
period 112 (546) (893)
Depreciation of tangible fixed
assets 11 27 39
Amortisation of goodwill 33 33 74
(Increase)/decrease in debtors (36) 229 353
(Decrease)/increase in
creditors (73) 295 323
---------- --------- ---------
Net cash inflow/(outflow) from
operating activities 47 38 (104)
========== ========= =========
ii RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Six months Six months Year ended 31
ended 30 June ended 30 June December 2002
2003 2002
(unaudited) (unaudited) (Audited)
#'000 #'000 #'000
Increase / (decrease) in cash in
the period 335 (46) (90)
Cash outflow from decrease in
debt and lease financing 6 (45) 10
Net movement on secured loans (352) - (18)
Directors' loan advance - - (139)
---------- --------- ---------
Change in net debt resulting from
cash flows (11) (91) (237)
Net debt at the beginning of the
period (2,028) (1,791) (1,791)
---------- --------- ---------
Net debt at the end of the
period (2,039) (1,882) (2,028)
========== ========= =========
iii ANALYSIS OF CHANGES IN NET DEBT
At 31 December Cash flow At 30 June 2003
2002
#'000 #'000 #'000
Cash at bank and in hand 6 (15) (9)
Bank overdraft (500) 350 (150)
---------- -------- ---------
Total for cash at bank and in hand (494) 335 (159)
Debt due within one year (600) 119 (481)
Debt due after more than one year (593) (471) (1,064)
Finance leases (26) (5) (21)
Directors loan account (315) - (315)
---------- -------- ---------
(2,028) (11) (2,039)
========== ======== =========
Notes to the Unaudited Interim Report
1. BASIS OF PREPARATION
The results for the six months ended 30 June 2003, which are unaudited, have
been prepared in accordance with applicable accounting standards and under the
historical cost convention.
The financial information set out in this document does not comprise the
statutory accounts of the Company within the meaning of section 240(5) of the
Companies Act 1985.
2. BASIS OF CONSOLIDATION
The group financial statements consolidate those of the Company and of its
subsidiary undertaking Garner International Limited, a company incorporated in
England and Wales. Profits or losses on intra-group transactions are eliminated
in full.
3. EARNINGS PER ORDINARY SHARE
The calculation of the earnings per share is based on the profit attributable to
ordinary shareholders of #31,000 (2002: loss of #611,000) and the weighted
average number of ordinary shares in issue during the period, being 906,698,353
(2002: 906,308,891).
4. DIVIDENDS
The dividend accrual represents the dividend due to the preference shareholders
for the period to 30 June 2003.
5. COPIES OF THE UNAUDITED INTERIM REPORT
Copies of this report will be sent to shareholders shortly and will be available
on request from the Company's registered office at 6 Derby Street, London, W1J
7AD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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