RNS Number:0108Y
Reflex Group PLC
27 April 2004


                   REFLEX GROUP PLC ("Reflex" or the "Group")

             PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED
                                31 DECEMBER 2003


CHAIRMAN'S STATEMENT


Results

The results for the Reflex Group PLC ("Reflex") for the year ended 31 December
2003 show a loss attributable to shareholders of #840,000. This compares with a
loss of #398,000 for the corresponding year ended 31 December 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 year of 2003 was #2,946,000 which is #937,000 less than the
turnover for the year of 2002, reflecting the difficult trading conditions
across the sector.

The loss for the year represents a loss of 0.64 pence per ordinary share
compared to a loss of 0.31 pence per ordinary share for the year ended 31
December 2002.

Consolidated net assets as at 31 December 2003 amounted to #818,000 with cash at
bank of #91,000.


Events during the year

The business experienced a difficult year and consequently no new outlets were
opened.

During the year the Group's Finance Director Ian Salkeld resigned from the
company and we thank him for all his assistance. We are pleased to announce
Chris Marsh as the new Finance Director of the Group.


Outlook

The market place continues to be tough but turnover is showing a gradual
improvement. Every outlet has recently completed a cost reduction program and
currently the business is generating positive cashflow. The opening of further
centres is still on hold. Other opportunities have been investigated. A joint
venture is in place with National Slimming centres to put slimming outlets into
some of the centres. Two franchises have been put in place in 2004.


Tony Kilduff

Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2003 

                                                                              
                                                           2003          2002 
                                                                   (restated) 
                                                         #000's        #000's 

  Turnover                                                2,946         3,883 

  Cost of sales                                               -          (53) 

  Gross profit                                            2,946         3,830 

  Administrative expenses                               (3,759)       (4,285) 

  Operating loss and loss on ordinary activities          (813)         (455) 
  before interest                                                             

  Interest, net                                            (27)          (12) 

  Loss on ordinary activities before taxation             (840)         (467) 

  Taxation                                                    -            69 

  Loss attributable to group shareholders                 (840)         (398) 

  Losses per ordinary share                             (0.64)p       (0.31)p 


All operations are classed as continuing.

There were no recognised gains or losses other than the loss for the financial
year.


                   CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2003

                                                                              
                                                           2003          2002 
                                                                   (restated) 
                                                         #000's        #000's 
  Fixed assets                                                                
  Intangible assets                                         122           200 
  Tangible assets                                         3,546         4,010 

                                                          3,668         4,210 

  Current assets                                                              
  Stock                                                      47            87 
  Debtors                                                   168           248 
  Cash at bank and in hand                                   91            84 

                                                            306           419 

  Creditors (amounts falling due within one year)       (2,546)       (2,220) 

  Net current liabilities                               (2,240)       (1,801) 

  Creditors (amounts falling due after more than          (166)         (307) 
  one year)                                                                   

  Provisions for liabilities and charges                  (444)         (444) 

  Net assets                                                818         1,658 

  Capital and reserves                                                        
  Called up share capital                                 4,932         4,932 
  Share premium account                                   6,062         6,062 
  Profit and loss account                              (10,176)       (9,336) 

  Shareholders' funds - all equity                          818         1,658 
 
 

     CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2003 
                                                                              
                                                           2003          2002 
                                                                   (restated) 
                                                         #000's        #000's 

  Net cash inflow/(outflow) from operating activities       109          (83) 

  Returns on investments and servicing of finance          (27)          (12) 

  Taxation                                                 (33)          (25) 

  Capital expenditure and financial investment             (45)         (290) 

  Acquisitions and disposals                                  -          (71) 

  Cash inflow/(outflow) before finance                        4         (481) 

  Financing                                                (60)           164 

  Decrease in cash in the year                             (56)         (317) 
 

                                                                          
                                                           2003          2002 
                                                                   (restated) 
                                                         #000's        #000's 

  Reconciliation of net cash flow to movement in net debt                                                               
        
  Decrease in cash in year                                 (56)         (317) 
  Cash outflow/(inflow) from financing                       60         (200) 
  Cash outflow from finance leases                            -            24 

  Change in net debt resulting from cash flows                4         (493) 

  Net (debt)/funds, beginning of year                     (427)            66 

  Net debt, end of year                                   (423)         (427) 
 
 
             RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS  
                    FOR THE YEAR ENDED 31 DECEMBER 2003 
                                                                                  
                                                  2003          2002 
                                                          (restated) 
                                                #000's        #000's 

           At 1 January 2003                     1,841         2,068 
           Prior year adjustment                 (183)             - 

           Restated balance brought forward      1,658         2,068 

           Total losses for the year             (840)         (398) 
           Issue of shares                           -          (12) 

           At 31 December 2003                     818         1,658 

Reflex is also pleased to announce the appointment of Christopher Marsh as
Finance Director of the Group with immediate effect. Mr. Marsh, aged 29, is
currently a director of AMI Associates Limited, Hemel Secretarial Services
Limited and is a partner in AMI Associates Chartered Accountants. There are no
further disclosures with respect to Schedule 2 of the AIM rules.

27 April, 2004



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