Interim Results
21 Juin 2002 - 9:00AM
UK Regulatory
RNS Number:5668X
Park Row Group PLC
21 June 2002
Park Row Group plc
(formerly Birchin International plc)
("Park Row" or "the Group" or "the Company")
The attached results are for the business of Birchin International plc to 31
March 2002. Birchin International plc acquired the business of Park Row Group
Limited in May 2002 and subsequently changed its name to Park Row Group plc. The
results show a loss on ordinary activities before taxation and minority interest
of £3,699,000, compared with a loss for the year to 30 September 2001 of
£5,379,000.
The nature and focus of the Group has changed significantly since reporting at
31 March 2001 which does not now provide a useful comparison. The figures used
for comparative purposes are the year end to 30 September 2001 only.
The loss for the half-year to 31 March 2002 reflects a combination of operating
losses in continuing businesses as well as the Group's share of operating losses
in associates together with value adjustments to associates, subsidiaries and
other investments.
During the half year under review, the Company subscribed for additional shares
in Intellexis plc and now holds approximately 29.5% of the entire issued share
capital of that company. The Company also acquired the remaining 39% of the
issued share capital of Global Risk Management Services Limited for a nominal
consideration and a further 33% of Birchin Wealth Management Group Limited for a
nominal consideration. As a result of these transactions the Company owns 100%
of the issued share capital of Global Risk Management Services Limited and 98%
of Birchin Wealth Management Group Limited.
As a result of the merger with Park Row Group Limited, which was approved by
shareholders at the EGM on 7 May 2002, the Company is now well-placed to move
away from its historical asset base and focus on developing a national IFA
distribution business. Park Row is well positioned to take advantage of changing
conditions in the IFA sector and this will form the core strategic activity of
the Group for the foreseeable future.
As a result of this repositioning, the Company is planning the orderly disposal
of all of its non-core assets. The directors have therefore valued these assets
in these accounts appropriately. The outcome of these disposals, some of which
we hope to complete by the end of the year, will be reported to shareholders in
due course.
In summary, I remain confident that the Company's strategic focus on developing
its IFA franchise, coupled with its asset disposal programme, is in the best
interests of shareholders in the medium term.
Colyn Gardner
Chairman
21 June 2002
Consolidated Profit & Loss Account
for the six months ended 31 March 2002
Unaudited Audited
6 months ended Year ended
31 March 30 September
2002 2001
£'000 £'000
TURNOVER
Continuing 279 874
Discontinued 102 -
381 874
Cost of sales
Continuing - (480)
Discontinued (74) -
(74) (480)
GROSS PROFIT 307 394
Administrative expenses
Continuing (2,258) (4,873)
Discontinued (555) -
(2,813) (4,873)
Other income 162 121
(2,651) (4,752)
OPERATING LOSS
Continuing (1,817) (4,358)
Discontinued (527) -
(2,344) (4,358)
Share of operating loss of associates (410) (421)
Amortisation of goodwill on associates (35) (70)
Loss on disposal of investments (54) (123)
Profit on deemed disposal of minority interest in subsidiary - 1,326
Profit on disposal of discontinued operations 416 -
Amounts written off investments (1,372) (1,846)
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST (3,799) (5,492)
Interest receivable 116 440
Interest payable (16) (327)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (3,699) (5,379)
Taxation - -
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (3,699) (5,379)
Minority interest 321 645
LOSS FOR THE PERIOD/YEAR (3,378) (4,734)
Earnings per share - basic (0.28p) (0.40p)
- fully diluted (0.28p) (0.40p)
Consolidated Balance Sheet
at 31 March 2002
2002 2001
£'000 £'000
FIXED ASSETS
Intangible assets 344 1,446
Tangible assets 3,070 3,523
Investments 4,348 3,549
7,762 8,518
CURRENT ASSETS
Stock - 64
Debtors due within one year 931 1,180
Debtors due after more than one year 200 200
Cash at bank and in hand 725 3,310
1,856 4,754
CREDITORS: Amounts falling due within one year (924) (974)
NET CURRENT ASSETS 932 3,780
TOTAL ASSETS LESS CURRENT LIABILITIES 8,694 12,298
CREDITORS: Amounts falling due after more than one year (1,256) (1,082)
7,438 11,216
CAPITAL AND RESERVES
Called up share capital 10,539 10,539
Share premium 3,069 3,069
Revaluation reserve (258) (258)
Profit and loss account (5,912) (2,534)
SHAREHOLDERS' FUNDS - Equity 6,306 9,684
- Non-equity 1,132 1,132
SHAREHOLDERS' FUNDS 7,438 10,816
Minority interest - 400
7,438 11,216
Consolidated Cash Flow Statement
for the six months ended 31 March 2002
2002 2001
£'000 £'000
Cash flow from operating activities (1,569) (5,520)
Returns on investments and servicing of finance 100 113
Taxation (8) (316)
Capital expenditure and financial investment (1,044) (2,862)
(2,521) (8,585)
Acquisitions and disposals - 531
Management of liquid resources 2,569 6,961
Net cash inflow/(outflow) before financing 48 (1,093)
Financing (64) 230
DECREASE IN CASH IN THE PERIOD/YEAR (16) (863)
2002 2001
£'000 £'000
Decrease in cash in the period/year (16) (863)
Decrease in liquid resources (2,569) (6,961)
Change in net debt resulting from cash flows 8 (4)
New finance leases 19 (226)
MOVEMENT IN NET DEBT IN PERIOD/YEAR (2,558) (8,054)
NET FUNDS AT 1 OCTOBER 2001 2,060 10,114
NET (DEBT)/FUNDS AT 31 MARCH 2002 (498) 2,060
Notes
1. The financial information contained in this unaudited interim report does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.
2. The calculation of loss per share is based on a half year return of £
(3,378,000) (year to 30 September 2001 £(4,734,000) ) and on the weighted
average number of shares in issue during the period of 1,175,848,630 (year
to 30 September 2001 1,175,848,630).
3. No interim dividend is proposed.
4. Copies of this interim report are being sent to all shareholders and are
available from the Group's head office at 5th Floor, 80 Cannon Street,
London EC4N 6HL.
This information is provided by RNS
The company news service from the London Stock Exchange
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