Interim Results
21 February 2003 - 6:00PM
UK Regulatory
RNS Number:7828H
MV Sports Group PLC
21 February 2003
MV SPORTS GROUP PLC ("MV Sports" or the "Company")
INTERIM RESULTS
MV Sports announces its interim results for the six months to 31 December 2002.
Summarised Consolidated Profit and Loss Account
for the half year ended 31 December 2002
Half year ended Year
31 December ended
2002 2001 30 June 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Turnover - continuing 12,234 15,000 22,659
Cost of sales (10,730) (13,236) (19,974)
Gross profit 1,504 1,764 2,685
Administrative expenses (1,548) (1,364) (3,123)
Operating (loss)/profit - continuing (44) 400 (438)
Interest receivable - - 43
Interest payable (134) (130) (288)
(Loss)/profit on ordinary activities before (178) 270 (683)
taxation
Tax on (loss)/profit on ordinary activities (8) (6) 3
(Loss)/profit on ordinary activities after (186) 264 (680)
taxation
(Loss)/earnings per share (pence)
Basic (0.007p) 0.012p (0.03p)
Diluted (0.007p) 0.011p (0.03p)
Summarised Consolidated Balance Sheet
at 31 December 2002
31 December 30 June
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Fixed assets
Intangible assets 3,231 1,063 3,164
Tangible assets 691 1,002 902
3,922 2,065 4,066
Current assets
Stocks 1,508 1,556 1,901
Debtors 3,723 3,129 3,128
Cash at bank and in hand 484 2,437 626
5,715 7,122 5,655
Creditors: Amounts falling due within one (4,415) (3,497) (4,408)
year
Net current assets 1,300 3,625 1,247
Total assets less current liabilities 5,222 5,690 5,313
Creditors: Amounts falling due after more (193) (44) (197)
than one year
Net assets 5,029 5,646 5,116
Capital and reserves
Called up share capital 2,616 2,388 2,550
Share premium account 11,534 11,173 11,500
Profit and loss account (9,121) (7,915) (8,934)
Equity shareholders' funds 5,029 5,646 5,116
Summarised Consolidated Cash Flow Statement
for the half year ended 31 December 2002
Half year ended Year
31 December ended
2002 2001 June 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Cash inflow/(outflow) from operating activities 47 (53) (753)
_________ _________ _________
Return on investments and servicing of finance
Interest received - 26 43
Interest paid (124) (146) (273)
Interest element of finance lease payments (10) (10) (21)
_________ _________ _________
(134) (130) (251)
_________ _________ _________
Taxation (33) (9) 76
_________ _________ _________
Capital expenditure (134) (265) (470)
_________ _________ _________
Acquisitions and disposals (210) - (1,584)
_________ _________ _________
Cash outflow before financing (464) (457) (2,982)
_________ _________ _________
Financing
Issue of ordinary share capital 100 2029 2030
Issue Costs - - (12)
Receipt of Convertible Loan Stock - - (400)
Repayment of loan - (100) -
Capital element of finance lease rental payments (46) (49) (104)
_________ _________ _________
54 1880 1514
_________ _________ _________
(Decrease)/Increase in cash in the period (410) 1,423 (1,468)
========= ========= =========
Notes to the Interim Results:
1. Basis of Preparation
The interim report for the half year ended 31 December 2002, approved by the
Directors of MV Sports on 20 February 2003 has been prepared on the basis of the
accounting policies set out in the Report and Accounts for the 12 months ended
30 June 2002. The financial information contained herein does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act 1985
and is not audited.
The statutory accounts for the 12 months ended 30 June 2002, which have been
delivered to the Registrar of Companies, carry an unqualified report by the
auditors, and do not contain a statement under Section 237 (2) or section 237
(3) of the Companies Act 1985.
2. Dividend
The board of directors has not declared an interim dividend to shareholders.
3. Earnings Per Share
The calculation of the basic earnings per share is calculated by dividing the
(loss)/earnings attributable to ordinary shareholders by the weighted average
number of shares during the period.
Diluted (loss)/earnings per share is calculated by adjusting the weighted
average number of ordinary shares in issue on the assumption of conversion of
all dilutive potential ordinary shares. The Company has only one category of
dilutive potential ordinary shares, being those share options granted where the
exercise price is less than the average price of the Company's ordinary shares
during the period.
Half year ended Year
31 December ended
2002 2001 30 June 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
(Loss)/Profit for the period after
taxation used in basic and diluted profit
per share calculation (186) 264 (680)
Millions Millions Millions
Weighted average number of shares 2,583 2,248 2,270
Effect of dilutive share options - 174 -
Adjusted weighted average number of 2,583 2,422 2,270
ordinary shares
Basic (loss)/earnings per share (0.007p) 0.012p (0.03p)
Diluted (loss)/earnings per share (0.007p) 0.011p (0.03p)
4. Availability of Interim Results
This interim report is contained in the offer document relating to the
acquisition of MV Sports by Tandem Group plc and is being sent to MV Sports
shareholders today. Copies are available from the offices of Seymour Pierce
Limited, 29/30 Cornhill, London EC3V 3NF.
This information is provided by RNS
The company news service from the London Stock Exchange
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