RNS Number:4549D
Reflex Group PLC
29 September 2004

                  REFLEX GROUP PLC ("Reflex" or the "Company")

                                 INTERIM REPORT

                     FOR THE SIX MONTHS ENDED 30 JUNE 2004

                              CHAIRMAN'S STATEMENT

RESULTS


The results for the Reflex Group PLC for the six months ended 30 June 2004 (and
comparatives) show a loss attributable to shareholders of #406,501. This
compares with a loss of #359,000 for the corresponding period ended 30 June
2003. Net operating cash receipts for the 6 months ended 30 June 2004 is #295k
compared to decrease in cash of #48k for the corresponding period.


The Group's business continues to be the operation of the Motorcise chain of
Healthy Living Centres. The Group currently operates 32 outlets.


Turnover in the first six months of 2004 was #1,479,887 which is #109,113 lower
than the turnover for the first six months of 2003, reflecting the less
aggressive accounting policy towards income recognition. The deferred income
adjustment for the six months has reduced the declared turnover by #526,674. A
comparison of takings before deferred income shows that turnover is up #357,000
for the 6 months ended 30 June 2004.


The loss for the six-month period represents a loss of 0.26 pence per ordinary
share compared to a loss of 0.28 pence per ordinary share for the six month
period ending 30 June 2003.

Consolidated net assets as at 30 June 2004 amounted to #411,500 with cash at
bank of #312,827.


CHANGE OF NAME AND BOARD CHANGES


Your Board feels that this is an appropriate juncture to change the name of the
Company to better reflect its activities, and so it is proposed to put a
resolution to the shareholders at an EGM to rename the Company 'Healthy Living
Centres PLC'.  The notice of the EGM, to be held at the Shelbourne Hotel, St.
Stephen's Green, Dublin 2, Ireland at 10.00 am on 27 October 2004 is enclosed
with this document.


At the same time I feel it is a suitable time to hand over the Chairmanship to
Luke Johnson.  He has served as a non-executive director for a number of years,
has a substantial stake in the Company, and has significant experience of retail
and leisure businesses. This change will take place immediately following the
EGM on 27 October 2004.


Joe Walsh will step down from his non-executive directorship, and it is proposed
that Mark Farrer-Brown join the Board in a non-Executive capacity.   Mr
Farrer-Brown is a chartered accountant and experienced venture capitalist and
has considerable knowledge of the fitness and health sectors.  Again it is
proposed he is appointed immediately following the EGM.


OUTLOOK


The market place continues to experience difficult trading conditions, however
there is an increase in new members and renewals compared to the corresponding
period in 2003, thus improving the outlook for the business. The group is
re-considering its opening program as cashflow is being generated. Franchisees
are being sought and found and the slimming/cosmetic centres are currently being
trialled in a number of centres.

Tony Kilduff

Chairman

28 September 2004


                                   REFLEX GROUP PLC

                          CONSOLIDATED PROFIT AND LOSS ACCOUNT

                           FOR THE PERIOD ENDED 30 JUNE 2004


                                                                               
                                    Unaudited          Unaudited        Audited 
                               6 months ended     6 months ended           Year 
                                      30 June            30 June          ended  
                                         2004               2003    31 December 
                                                                           2003 
                                        #000s              #000s          #000s 

  Turnover                              1,480              1,589          2,946 

  Cost of Sales                             0                  0              0 

  Gross Profit                          1,480              2,075          2,946 

  Operating expenses, net             (1,877)             (1,938)        (3,759) 

  Operating (loss) and                  (397)               (349)          (813) 
  (Loss) on Ordinary                                                            
  Activities before                                                             
  Interest                                                                      

  Interest, net                           (9)               (10)           (27) 

  (Loss) on Ordinary                    (406)              (359)          (840) 
  Activities before                                                             
  Taxation                                                                      

  Taxation                                  0                  0              0 

  (Loss) Attributable to                (406)              (359)          (840) 
  Group Shareholders                                                            

  (Losses) per Ordinary               (0.26)p            (0.28)p        (0.64)p 
  Share                                                                         
 



                                   REFLEX GROUP PLC 

                              CONSOLIDATED BALANCE SHEET 

                                                                                
                                          Unaudited    Unaudited        Audited 
                                            30 June      30 June    31 December 
                                               2004         2003           2003 
                                              #000s        #000s          #000s 
  Fixed Assets                                                                  
  Intangible assets                             101          163            122     
  Tangible assets - Gym                       3,293        3,799          3,546        
  fixtures and fittings                                                         
  and Equipment                                                                     
                                              3,394        3,962          3,668        

  Current Assets                                                                
  Stock                                          57           87             47 
  Debtors                                       218          301            168 
  Cash at bank and in hand                      313          174             91 

                                                588          562            306 
  Creditors (Amounts                         (3,023)      (2,288)        (2,546) 
  falling due within one                                                        
  year)                                                                         

  Net Current Liabilities                    (2,435)      (1,726)        (2,240) 
  Creditors(Amounts                            (103)        (311)          (166) 
  falling due after more                                                        
  than one year)                                                                
  Provisions for                               (444)        (443)          (444) 
  liabilities and charges                                                       

  Total Assets                                  412        1,482            818 

  Capital and Reserves                                                          
  Called up share capital                     4,932        4,932          4,932 
  Share premium account                       6,062        6,062          6,062 
  Profit and loss account                  (10,582)      (9,512)       (10,176) 

  Shareholders' Funds -                         412        1,482            818 
  all equity                                                                    
 
 
 
 
 
                                 REFLEX GROUP PLC 

                        CONSOLIDATED CASH FLOW STATEMENT 

                       FOR THE PERIOD ENDED 30 JUNE 2004 

                                                                                
                                     Unaudited        Unaudited         Audited  
                                      6 months   6 months ended            Year 
                                         ended                            ended  
                                       30 June          30 June     31 December
                                          2004             2003            2003 
                                         #000s            #000s           #000s 

  Net Cash                                 369               78             109 
  Inflow/(Outflow) from                                                         
  Operating Activities                                                          

  Returns on                               (9)             (10)            (27) 
  Investments and                                                               
  Servicing of Finance                                                          
  Taxation                                   0             (33)            (33) 
  Capital expenditure                      (3)             (44)            (45) 
  and financial                                                                 
  investment                                                                    
  Acquisitions and                           0                -               - 
  disposals                                                                     

  Cash (Outflow)/Inflow                    357              (9)               4 
  before Finance                                                                
  Financing                               (62)             (39)            (60) 

  Increase / (Decrease)                    295             (48)            (56) 
  in Cash in the Period                                                         

  Reconciliation of Net                                                         
  Cash Flow to Movement                                                         
  in Net (Debt)/Funds                                                           
  Increase / (Decrease)                    295             (48)            (56) 
  in Cash in the Period                                                         
  Cash (inflow) from                        62               39              60 
  financing                                                                     

  Movement in Net Funds                    357              (9)               4 
  in the Period                                                                 
  Net Funds, beginning                   (423)            (427)           (427) 
  of period                                                                     

  Net Funds, end of                       (66)            (436)           (423) 
  period                                                                        



                            REFLEX GROUP PLC 

            STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 

                   FOR THE 6 MONTHS ENDED 30 JUNE 2004 

                                                                                
                                                  Unaudited    Unaudited       Audited  
                                                   6 months     6 months          Year  
                                                      ended        ended         ended 
                                                    30 June      30 June   31 December  
                                                       2004         2003          2003                                  
                                                      #000s        #000s         #000s 

  (Loss) attributable to Group                        (406)        (359)         (840)    
  Shareholders                                                                  

  Prior year adjustment                                   0            0         (183) 

                                                      (412)        (359)       (1,023) 
 


               RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 

                      FOR THE 6 MONTHS ENDED 30 JUNE 2004 

                                                                                
                                 Unaudited          Unaudited          Audited  
                                  6 months     6 months ended             Year  
                                     ended            30 June            ended  
                                   30 June     2003 (Restated)      31 December
                                      2004                                2003 
                                     #000s              #000s            #000s 

  At 1 January 2004                    818              1,841            1,841 

  Total (losses)                     (406)              (359)            (840) 
  for the period                                                                

  Prior year                             0              (183)            (183) 
  adjustment                                                                    

  At 30 June 2004                    1,482              1,299             818 
 
 
 
 

                               REFLEX GROUP PLC 

                                   TAXATION 

                                                                                
                               Unaudited          Unaudited             Audited  
                                6 months     6 months ended                Year  
                                   ended            30 June               ended  
                                 30 June               2003    31 December 2003 
                                    2004                                        
                                   #000s              #000s               #000s 

  Prior year adjustment:               0                  0                   0 
  current tax                                                                   

  Prior year adjustment:               0                  -                   0 
  deferred tax                                                                  

                                       0                  0                   0 
 
 



                        NOTES TO THE INTERIM RESULTS

 1. Accounting policies. The interim results have been prepared on the same basis
    and using the same accounting policies as those used in the preparation of
    the statutory accounts for the year ended 31 December 2003.

 2. Currency. Following the acquisition of Fitness & Leisure Group (trading as
    Motorcise) in September 2001, all Group activity has been in pounds sterling
    and these unaudited accounts have been prepared in sterling. Comparative
    figures for the six months to 30 June 2003 are also in sterling.

 3. The Interim financial statements do not constitute statutory financial
    statements within the meaning of Section 19 of the Companies Act 1986. The
    financial information for the year to 31 December 2003 has been extracted
    from the statutory accounts for the year then ended which have been filed
    with the Registrar of Companies. The audit report on these accounts was
    unqualified.

 4. Earnings per share. The calculation of earnings per share is based on the
    results for the period divided by the weighted average number of shares in
    issue, being 155,261,271 ordinary shares of Euro0.06 each.

 5. Additional Information. These results were announced to AIM and will be
    posted on 28 September 2004 to all shareholders on the register at 28
    September 2004. Copies of this interim report are available from the
    company's registered office at 19 Elgin Road, Ballsbridge, Dublin 4.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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