RNS Number:6838M
Bright Futures Group PLC
24 June 2003



The following replaces the final results announcement released 23 June 2003 at
17.34pm under RNS number 6620M.

Please note that Note 2 states that the annual report and accounts will be
posted to shareholders on 20 June 2003.  This should read that the accounts
will be posted on to shareholders on or before 30 June 2003.

All other details remain unchanged, and the full amended text appears below.



                            Bright Futures Group plc

           Preliminary results for the period ended 31 December 2002


Highlights

FINANCIAL

   *   Group turnover of #1,961,475

   *   Operating profit (before goodwill amortisation and a finance cost of
       acquisition) of #35,245

   *   Loss on ordinary activities before taxation of #2,829,278

   *   Loss per share (basic and fully diluted) of 22 pence

   *   Cash balance at 31 December 2002 of #467,279


OPERATIONAL

   *   Youreable Limited acquired on 11 July 2002

   *   Company admitted to the Alternative Investment Market on 1 August 2002

   *   The Mobility Group Limited and Cascade Ventures Limited acquired on 1
       August 2002

   *   6 company owned stores in operation

   *   route2mobility Joint Venture has won 6 year agreement to run the
       Motability Wheelchair and Scooter Scheme


Commenting on the results, Anthony Leon, Chairman of Bright Futures Group plc,
said:

"I'm delighted to be able to report on a successful period in which Bright
Futures has established a solid base and is well positioned to become a leading
retailer of mobility equipment"


For further information, please contact:

Stephen Harpin
Chief Executive, Bright Futures Group plc
Tel: 01902 866166


Chairman's statement

RESULTS

I am pleased to report on the period from incorporation to 31 December 2002. On
11 July 2002 the Company acquired the entire share capital of Youreable Limited.
On 1 August 2002 the Company was admitted to trading on the Alternative
Investment Market and acquired the entire issued share capital of The Mobility
Group Limited and Cascade Ventures Limited.

For the period the Group generated operating profits of #35,245 before
amortisation of goodwill and a finance cost of acquisition of Cascade Ventures.
The Group recorded a loss on ordinary activities before taxation of #2,829,278
after a #1,482,899 write-down of goodwill associated with the acquisition of
Youreable Limited and a finance cost of the acquisition of Cascade Ventures
Limited of #1,335,223.

Since admission to the Alternative Investment Market, the Board has reviewed the
Group's core competencies and markets. Following this review, we are optimistic
that we are well positioned to become a leading retailer of mobility equipment.

REVIEW

Much of the market for mobility equipment is dominated by direct retailers who
sell a small range of products at relatively high prices. In addition, the
market is well populated by independent retail mobility companies who sell a
larger range, but often lack retail disciplines and buying power. Our strategy
is to develop more sustainable customer relationships than the competition by
selling a broader range of products at comparatively lower prices. We will do
this by providing high quality channels to market via our retail presence,
direct sales and customer services. We have spent the time since admission
putting in place the plans to execute our strategy. These include:

Owned Stores: Our 6 owned stores are the most profitable part of the Group. One
of our best performing stores has been refurbished as a concept store and will
be traded throughout 2003. We are in the process of identifying and expanding
this test concept into new sites to leverage, roll out economics and our
specialist capabilities. The Group has also implemented a purchasing review to
improve our buying power throughout the chain.

Franchised Stores: The directors believe that our franchise has reached critical
mass following 3 years of investment. A Franchisee Improvement Programme has
been implemented to increase franchisee standards and turnover. We believe that
our improved offering will increase our ability to recruit a small number of
high quality franchisees in 2003. We have also implemented a wealth creation
plan for current successful franchisees to help them expand. Two franchisees
have opened new stores and one has signed up an additional three areas as part
of this plan.

Youreable: Following significant investment in 2001, Youreable cut its costs
throughout 2002. As a consequence, for the period this business recorded a loss
of #26,890 (#748,618 loss in 2001). The performance of Youreable in e-learning
sales and advertising has been disappointing and accordingly, the Board believes
that it is now prudent to write down goodwill associated with Youreable.

Cascade Ventures Limited: Upon admission the Group raised money through the
acquisition of Cascade Ventures Limited with the funds being used to develop the
Group, providing working capital and additional finance to test new retail
concepts.

Operational Efficiency: The Board has closed its Bury St Edmunds office and
consolidated its financial and call centre activities in Wolverhampton.

New Business Development: The Group entered into an agreement with The Enabling
Partnership (a UK registered charity) to establish a joint venture called
route2mobility which has won a six-year contract to run the Motability
Wheelchair and Scooter Scheme. The Scheme enables a person's disability benefit
to be passed directly from the government via Motability to route2mobility.
Prior to our involvement, in 2002, the Scheme entered into approximately #6
million of hire purchase agreements with customers.

OUR PEOPLE

This has been a year of change for the Group as we tested the new retail concept
and positioned ourselves for growth. Our people have demonstrated their
commitment and determination to lead this Company into a leading position in a
growing market. I would like to take this opportunity on behalf of the Board to
thank all of them for their efforts.


OUTLOOK

We remain focused on delivering shareholder value through a combination of
driving out operational inefficiencies in the existing business, and thoroughly
testing our new retail concept and disciplines during the coming year.


ANTHONY LEON DL FCA
Chairman


Consolidated profit and loss account
period from 19 November 2001 to 31 December 2002

                                                                             #
GROUP TURNOVER                                                       1,961,475
Cost of sales                                                        1,245,682

GROSS PROFIT                                                           715,793
Administrative expenses
Goodwill amortisation                                                   50,342
Goodwill impairment                                                  1,482,899
Finance cost of acquisition                                          1,335,223
Other administrative expenses                                          680,548
                                                                     3,549,012

OPERATING LOSS                                                      (2,833,219)
Interest receivable                                                      3,941

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                         (2,829,278)
Tax on loss on ordinary activities                                        (567)

LOSS FOR THE FINANCIAL PERIOD                                       (2,829,845)
Loss per share - basic and diluted                                         (22)p

The Group has no recognised gains or losses other than the results for the
period as set out above.

All of the activities of the Group are classed as continuing.


Consolidated balance sheet
31 December 2002
                                                                             #
FIXED ASSETS
Intangible assets                                                    2,373,087
Tangible assets                                                         99,786
                                                                     2,472,873
CURRENT ASSETS
Stocks                                                                 711,613
Debtors                                                                827,508
Cash at bank                                                           467,279
                                                                     2,006,400
CREDITORS: Amounts falling due within one year                        (827,259)

NET CURRENT ASSETS                                                   1,179,141

TOTAL ASSETS LESS CURRENT LIABILITIES                                3,652,014

CREDITORS: Amounts falling due after more than one year                 (5,257)
                                                                     3,646,757
CAPITAL AND RESERVES
Called-up equity share capital                                       1,667,501
Share premium account                                                4,809,093
Capital reserve                                                              8
Profit and loss account                                             (2,829,845)
SHAREHOLDERS' FUNDS                                                  3,646,757


Company balance sheet
31 December 2002
                                                                             #
FIXED ASSETS
Investments                                                          3,540,923

CURRENT ASSETS
Debtors                                                                178,191
Cash at bank                                                           311,457
                                                                       489,648
CREDITORS: Amounts falling due within one year                        (409,909)

NET CURRENT ASSETS                                                      79,739

TOTAL ASSETS LESS CURRENT LIABILITIES                                3,620,662

CAPITAL AND RESERVES
Called-up equity share capital                                       1,667,501
Share premium account                                                4,809,093
Profit and loss account                                             (2,855,932)

SHAREHOLDERS' FUNDS                                                  3,620,662


Consolidated cash flow statement
period from 19 November 2001 to 31 December 2002
                                                                             #

NET CASH OUTFLOW FROM OPERATING ACTIVITIES                            (236,124)

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received                                             3,941

NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE                                                     3,941

CAPITAL EXPENDITURE
Payments to acquire tangible fixed assets                               (9,303)

NET CASH OUTFLOW FROM CAPITAL EXPENDITURE                               (9,303)

ACQUISITIONS AND DISPOSALS
Cash acquired with subsidiaries                             572,444

NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS                       572,444

CASH INFLOW BEFORE FINANCING                                           330,958

FINANCING
Issue of equity share capital                               308,968
Professional costs charged to the share premium account    (193,400)

NET CASH INFLOW FROM FINANCING                                         115,568

INCREASE IN CASH                                                       446,526


RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM
OPERATING ACTIVITIES
                                                                   Period from
                                                                 19 Nov 2001 to
                                                                   31 Dec 2002
                                                                             #

Operating loss                                                      (2,833,219)
Amortisation                                                         1,540,240
Finance cost of acquisition                                          1,335,223
Depreciation                                                            26,350
Increase in stocks                                                     (79,131)
Decrease in debtors                                                    152,952
Decrease in creditors                                                 (378,547)
Capital reserve                                                              8

Net cash outflow from operating activities                            (236,124)



RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
                                                                  #          #
Increase in cash in the period                              467,279
Cash outflow in respect of hire purchase                    (20,753)
                                                                       446,526
Change in net funds                                                    446,526
Net funds at 19 November 2001                                                -
Net funds at 31 December 2002                                          446,526


ANALYSIS OF CHANGES IN NET FUNDS
                                                 At
                                        19 Nov 2001   Cash flows  31 Dec 2002
                                                  #            #            #

Net cash:                                         
Cash in hand and at bank                          -      467,279      467,279
Debt:                                             
Hire purchase agreements                          -      (20,753)     (20,753)
Net funds                                         -      446,526      446,526


ACQUISITIONS AND DISPOSALS
                                            Cascade     Mobility
                                           Ventures        Group    Youreable
                                            Limited      Limited      Limited
                                                  #            #            #

Intangible fixed assets                           -            -       14,007
Tangible fixed assets                             -       85,031       31,802
Stock                                             -      628,294        4,188
Trade debtors                                     -      846,430       65,505
Prepayments and other debtors                     -       68,527            -
Cash at bank                                390,803      106,824       74,817
Trade creditors                                   -     (629,299)     (79,002)
Loans                                             -       (5,745)     (17,339)
Taxation                                          -      (16,939)     (31,877)
Accruals and deferred income                      -     (409,544)           -

Net assets acquired                         390,803      673,579       62,101
Finance cost of acquisition/goodwill      1,335,223    2,416,421    1,482,899
                                          1,726,026    3,090,000    1,545,000
Satisfied by:
Shares allotted                           1,726,026    3,090,000    1,545,000


The net assets acquired above represent both the book value and fair value of
those assets.

Notes
    
1.  LOSS PER SHARE

    The calculation of loss per share is based on the loss of #2,829,845 and a
    weighted average number of ordinary shares in issue during the period of
    12,853,657.

2.  This preliminary announcement does not consist of a full set of statutory
    accounts within the meaning of Section 240 Companies Act 1985.

    The full statutory accounts, upon which the auditors have expressed an
    unqualified opinion, will be filed with the Registrar of Companies before 31
    July 2003.

    The annual report and accounts will be posted to shareholders on or before
    30 June 2003 and will be available upon application from the company's 
    registered office at 21 Planetary Road, Wednesfield, Wolverhampton, WV13 3XA.







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

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