RNS Number:5499M
Cater Barnard PLC
19 June 2003
FOR IMMEDIATE RELEASE 19 June 2003
Cater Barnard plc ("Cater Barnard" or the "Company")
Interim Statement for the six months to 31 March 2003
Chairman's Statement: Interim Results
The six months under review have seen a continuation of the Board's strategy to
realise the balance of its investments, and in the meantime to continue to
support its investments in other than financial terms. Latterly, the UK and US
stock markets have been more sympathetic to investors - a positive sign for the
future.
As at 31 March 2003, the Company's net asset value stood at #4,710,441 or 0.60p
per share. The exceptional losses shown in the profit and loss account and
balance sheet are as a result of reducing asset carrying costs, directly in line
with current market conditions and the requirements of the appropriate
accounting standards.
The Company announced on 16 June 2003 the sale of its remaining investment in
Envesta plc. This disposal will completely repay the Company's bank borrowings
and leave surplus cash deposits.
The Company has further options in Healthcare Medisys which will be exercised 1
July and expected to raise a further #100,000 to add to cash deposits.
The proceeds of the above sales will ensure the complete repayment of the
Company's bank overdraft and leave circa #700,000 on deposit.
Our remaining investment, in Dialog Group, Inc, continues to do well, although
the market has yet to re-rate the share prices of this investment. They are
carried in the Company's balance sheet at 31 March 2003 at $7.9million US
dollars (#4.9 million) based on a price of 47 cents per share.
The Board has had a number of early stage discussions in connection with various
acquisition or merger opportunities, and, as previously reported, will revert to
shareholders when appropriate.
I would like to take this opportunity of thanking the Company's shareholders and
advisers for their continued patience and support.
Stephen Dean
Chairman
Cater Barnard plc
Consolidated Profit And Loss Account
Six months ended 31 March 2003
Six months to Six months to 12 months to
31 March 31 March 30 September
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
# # #
TURNOVER
Continuing operations - 455,089 427,276 783,494
continuing
GROUP TURNOVER 455,089 427,276 783,494
COST OF SALES (69,783) (24,054) (96,735)
GROSS PROFIT 385,306 403,222 686,759
Administrative (450,019) (521,062) (1,506,793)
expenses
Goodwill impairment - - (1,056,848)
write off
GROUP OPERATING LOSS (64,713) (117,840) (1,876,882)
- Continuing (64,713) (117,840) (1,876,882)
operations
(Loss)/Profit on (2,454,367) (2,729,898) (11,362,440)
disposal of fixed asset
investments
Profit on disposal of 8,240 - -
fixed assets
Interest payable & (15,252) (101,813) (133,555)
similar charges
Interest receivable & 94 9,259 85,362
similar income
LOSS ON ORDINARY
ACTIVITIES BEFORE (2,525,998) (2,940,292) (13,287,515)
TAXATION
TAXATION - - 305,825
LOSS ON ORDINARY
ACTIVITIES AFTER (2,525,998) (2,940,292) (12,981,690)
TAXATION
Equity minority (1,327) 65,802 209,869
interest
RETAINED LOSS FOR THE (2,527,325) (2,874,490) (12,771,821)
FINANCIAL PERIOD
Earnings per ordinary (0.32)p (1.03)p (2.45)p
share
Diluted earnings per (0.32)p (1.03)p (2.45)p
share
Cater Barnard plc
Consolidated Balance Sheet
Six months ended 31 March 2003
Six months to Six months to 12 months to
31 March 31 March 30 September
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
# # #
FIXED ASSETS
Intangible fixed assets - 1,227,510 -
Tangible fixed assets 13,961 68,146 35,020
Investments 6,123,614 16,787,562 8,629,307
6,137,575 18,083,218 8,664,327
CURRENT ASSETS
Debtors 346,558 553,152 364,906
Cash at bank & in hand 34,807 243,811 18,678
381,365 796,963 383,584
CREDITORS: Amounts (1,666,949) (1,540,086) (1,578,912)
falling due within one
year
NET CURRENT LIABILITIES (1,285,584) (743,123) (1,195,328)
TOTAL ASSETS LESS CURRENT 4,851,991 17,340,095 7,468,999
LIABILITIES
CREDITORS: Amounts - - (139,515)
falling due after more
than one year
Equity minority (141,550) (171,845) (81,815)
interest
NET ASSETS 4,710,441 17,168,250 7,247,669
CAPITAL & RESERVES
Called up share capital - 7,862,386 7,852,786 7,862,386
equity
Share premium account - 13,126,035 13,103,185
Other undistributable 156,953 10,000 -
reserve
Profit & loss account (3,308,898) (3,820,571) (13,717,902)
EQUITY SHAREHOLDERS' 4,710,441 17,168,250 7,247,669
FUNDS
NET ASSETS PER ORDINARY 0.60p 2.19p 0.92p
SHARE
Cater Barnard plc
Consolidated Cash Flow
Six months ended 31 March 2003
Six months to Six months to 12 months to
31 March 31 March 30 September
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
# # #
NET CASH OUTFLOW
FROM OPERATING (619,861) (425,488) (1,030,326)
ACTIVITIES
RETURNS ON INVESTMENTS
& SERVICING
OF FINANCE
Interest received 94 9,259 85,362
Interest paid (15,252) (101,813) (133,555)
NET CASH OUTFLOW FROM (15,158) (92,554) (48,193)
RETURNS
ON INVESTMENTS &
SERVICING OF
FINANCE
TAXATION
UK Corporation Tax - - -
paid
CAPITAL EXPENDITURE &
FINANCIAL INVESTMENT
Purchase of tangible (1,590) (27,076) (33,287)
fixed assets
Sale of tangible fixed 28,296 - 34,678
assets
Purchase of (371,239) (980,777) (3,296,817)
investments
Sale of investments 380,978 - 1,831,753
NET CASH ONFLOW/ 36,445 (1,007,853) (1,463,673)
(OUTFLOW) FROM
CAPITAL
EXPENDITURE &
FINANCIAL INVESTMENT
ACQUISITIONS &
DISPOSALS
Purchase of additional - (161,420) -
holding in subsidiary
undertakings
Cash acquired with - - -
subsidiary
undertakings
Part disposal of 99,995 - -
subsidiary
undertakings
NET CASH INFLOW/ 99,995 (161,420) -
(OUTFLOW) FROM
ACQUISITIONS &
DISPOSALS
EQUITY DIVIDENDS - - -
PAID
NET CASH (OUTFLOW) (498,579) (1,687,315) (2,542,192)
BEFORE FINANCING
FINANCING
Proceeds from issue of - 6,189,329 6,198,929
shares
Cost of share issues (9,903) (220,801) (4,060,485)
Debt finance raised/ 507,866 (4,200,000) (243,651)
(repaid)
NET CASH INFLOW FROM 497,963 1,768,528 1,894,793
FINANCING
(DECREASE)/INCREASE IN (616) 81,213 (647,399)
CASH
Cater Barnard plc
Notes to the Statement of Cash Flows
(A) RECONCILIATION OF OPERATING PROFIT TO
NET CASH OUTFLOW FROM OPERATING
ACTIVITIES
Six months to Six months to 12 months to
31 March 31 March 30 September
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
# # #
Operating loss (64,713) (117,840) (1,876,882)
Depreciation (2,593) 13,542 18,201
Amortisation - 32,339 105,748
Goodwill impairment - - 1,056,848
Decrease in debtors 18,348 591,272 779,518
(Decrease) in (576,089) (944,801) (1,113,759)
creditors
NET CASH OUTFLOW FROM (619,861) (425,488) (1,030,326)
OPERATING ACTIVITIES
(B) RECONCILIATION OF
NET CASH FLOW TO
MOVEMENT IN NET
DEBT
Six months to Six months to 12 months to
31 March 31 March 30 September
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
# # #
Increase/(decrease) (616) 81,213 (647,399)
in cash in period
(Increase)/decrease (507,866) 4,200,000 3,858,719
in debt in the
period
Movement in net funds (508,482) 4,281,213 3,211,320
in the period
Opening net debt (826,082) (4,037,402) (4,037,402)
Closing net funds/ (1,334,564) 243,811 (826,082)
(debt)
(C) ANALYSIS OF NET
CASH AND DEBT
At 31.03.03 At 31.03.02 At 30.9.02
# # #
Net Cash
Cash at bank 34,807 16,129 18,678
Bank overdrafts (520,224) (16,745) (503,479)
(485,417) (616) (484,801)
Debt due within one (849,147) (647,381) (201,766)
year
Debt due after more - 139,515 (139,515)
than one year
Net Debt (1,334,564) (508,482) (826,082)
Cater Barnard 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 2002 statutory accounts to 30
September 2002. 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 2002 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 arises due to the tax losses available.
3. The calculation of earnings per share is based on the profit on ordinary
activities after taxation and 786,238,648 (30 September 2002: 786,238,648;
31 March 2002: 278,550,686) 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 786,238,648 (30
September 2002: 786,238,648; 31 March 2002: 278,550,686) ordinary
shares being the weighted average number of shares in issue during
the half year, after allowing for dilutive share options and
warrants.
4. The Directors have not declared an interim dividend.
5. The interim statement was approved by the board of Directors on
18 June 2003. Copies are being sent to all shareholders. Copies of
this statement will be available to members of the public, free of
charge, from the Company's registered office, Hilden Park House, 79
Tonbridge Road, Hildenborough, Kent, TN11 9BH.
_______________________________________________________________________
NOMINATED ADVISER PRINCIPAL BANKERS
Beaumont Cornish Limited Bank of Scotland
Georgian House 14 Friar Lane
63 Coleman Street Leicester LE1 5RA
London EC2R 5BB
STOCKBROKER SOLICITORS
Seymour Pierce Limited Philip Speer & Co
29-30 Cornhill 51 Cambridge Place
London EC3V 3NF Cambridge CB2 1NS
AUDITORS REGISTRAR
Spokes & Company Northern Registrars
Hilden Park House Northern House
79 Tonbridge Road Woodsome Park
Hildenborough TN11 9BH Fenay Bridge
Huddersfield HD8 0LA
Cater Barnard plc
Registered office: Hilden Park House, 79 Tonbridge Road
Hildenborough, Kent, TN11 9BH
Telephone 0034 605 282 211
Registered No. 03826434
This information is provided by RNS
The company news service from the London Stock Exchange
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