Interim Results
September 19 2003 - 12:00PM
UK Regulatory
RNS Number:9836P
Reflex Group PLC
19 September 2003
REFLEX GROUP PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2003
CHAIRMAN'S STATEMENT
RESULTS
The results for the Reflex Group PLC ("Reflex") for the six months ended 30 June
2003 (and comparatives) show a loss attributable to shareholders of #359,000.
This compares with a loss of #79,000 for the corresponding period ended 30 June
2002.
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 2003 was #1,589,000 which is #486,000 less
than the turnover for the first six months of 2002, reflecting the difficult
trading conditions currently being experienced in the sector.
The loss for the six-month period represents a loss of 0.28 pence per ordinary
share compared to a loss of 0.06 pence per ordinary share for the six month
period ending 30 June 2002.
Consolidated net assets as at 30 June 2003 amounted to #1,482,000 with cash at
bank of #174,000.
I wish to thank Ian Salkeld, who is retiring from the Board as of today's date,
for all his support to the Group since he first joined the Board as a
non-executive director in February 1997.
OUTLOOK
The Group continues to experience difficult trading conditions. It has recently
completed a cost reduction program and, for the moment, has put a hold on
opening further centres. Joint venture possibilities are being assessed.
Tony Kilduff
Chairman
19 September 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2003
Unaudited Unaudited 6 Audited
6 months ended months ended Year
30 June 30 June ended
2003 2002 31 December
2002
#000s #000s #000s
Turnover 1,589 2,075 4,066
Cost of Sales 0 0 (53)
Gross Profit 1,589 2,075 4,013
Operating expenses, net (1,938) (2,191) (4,285)
Operating (loss) and (349) (116) (272)
(Loss) on Ordinary Activities before Interest
Interest, net (10) (3) (12)
(Loss) on Ordinary Activities before Taxation (359) (119) (284)
Taxation 0 40 69
(Loss) Attributable to Group Shareholders (359) (79) (215)
(Losses) per Ordinary Share (0.28)p (0.06)p (0.17)p
CONSOLIDATED BALANCE SHEET
Audited
Unaudited Unaudited 31 December
30 June 30 June
2003 2002 2002
#000s #000s #000s
Fixed Assets
Intangible assets 163 225 200
Tangible assets - Gym fixtures and fittings and 3,799 4,027 4,010
equipment
3,962 4,252 4,210
Current Assets
Stock 87 62 87
Debtors 301 296 248
Cash at bank and in hand 174 430 84
562 788 419
Creditors (Amounts falling due within one year) (2,288) (2,479) (2,037)
Net Current Liabilities (1,726) (1,691) (1,618)
Creditors(Amounts falling due after more than one year) (311) (307)
(150)
Provisions for liabilities and charges (443) (422) (444)
Total Assets 1,482 1,989 1,841
Capital and Reserves
Called up share capital 4,932 4,932 4,932
Share premium account 6,062 6,074 6,062
Profit and loss account (9,512) (9,017) (9,153)
Shareholders' Funds - all equity 1,482 1,989 1,841
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2003
Unaudited Unaudited Audited
6 months 6 months ended Year
ended 30 June ended
30 June 2002 31 December 2002
2003
#000s #000s #000s
Net Cash Inflow/(Outflow) from Operating Activities 78 85 (83)
(12)
Returns on Investments and Servicing of Finance (10) (3)
Taxation (33) - (25)
Capital expenditure and financial investment (44) (57) (290)
Acquisitions and disposals 0 (20) (71)
Cash (Outflow)/Inflow before Finance (9) 5 (481)
Financing - Capital element of finance payments (39) (13) 164
(Decrease) in Cash in the Period (48) (8) (317)
Reconciliation of Net Cash Flow to Movement in Net
(Debt)/Funds
(Decrease) in Cash in the Period (48) (8) (317)
Cash (inflow) from financing - - (200)
Cash outflow from finance leases 39 13 24
Movement in Net Funds in the Period (9) 5 (493)
Net Funds, beginning of period (427) 66 66
Net Funds, end of period (436) 71 (427)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE 6 MONTHS ENDED 30 JUNE 2003
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 June ended 30 June 31-Dec
2003 2002 2002
#000s #000s #000s
(Loss) attributable to Group Shareholders (359) (79) (215)
Exchange adjustments 0 0 0
(359) (79) (215)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE 6 MONTHS ENDED 30 JUNE 2003
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 June ended 30 June 31-Dec
2003 2002 2002
#000s #000s #000s
At 1 January 2003 1,841 2,068 2,068
Total (losses) for the period (359) (79) (215)
Issue of shares 0 0 (12)
At 30 June 2003 1,482 1,989 1,841
TAXATION
Unaudited Unaudited Audited
6 months 6 months Year ended
ended 30 June ended 30 June 31-Dec
2003 2002 2002
#000s #000s #000s
Prior year adjustment: current tax 0 40 (29)
Prior year adjustment: deferred tax 0 - (40)
0 40 (69)
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 2002.
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 2002 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 2002 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 130,261,771 ordinary shares of Euro0.06 each.
5. Additional Information. These results were announced to AIM and will be
posted on 24 September 2003 to all shareholders on the register at 19
September 2003. Copies of this interim report are available from the
company's registered office at 19 Elgin Road, Ballsbridge, Dublin 4.
19 September, 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
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