Interim Results
29 Septiembre 2004 - 2:01AM
UK Regulatory
RNS Number:4549D
Reflex Group PLC
29 September 2004
REFLEX GROUP PLC ("Reflex" or the "Company")
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2004
CHAIRMAN'S STATEMENT
RESULTS
The results for the Reflex Group PLC for the six months ended 30 June 2004 (and
comparatives) show a loss attributable to shareholders of #406,501. This
compares with a loss of #359,000 for the corresponding period ended 30 June
2003. Net operating cash receipts for the 6 months ended 30 June 2004 is #295k
compared to decrease in cash of #48k for the corresponding period.
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 first six months of 2004 was #1,479,887 which is #109,113 lower
than the turnover for the first six months of 2003, reflecting the less
aggressive accounting policy towards income recognition. The deferred income
adjustment for the six months has reduced the declared turnover by #526,674. A
comparison of takings before deferred income shows that turnover is up #357,000
for the 6 months ended 30 June 2004.
The loss for the six-month period represents a loss of 0.26 pence per ordinary
share compared to a loss of 0.28 pence per ordinary share for the six month
period ending 30 June 2003.
Consolidated net assets as at 30 June 2004 amounted to #411,500 with cash at
bank of #312,827.
CHANGE OF NAME AND BOARD CHANGES
Your Board feels that this is an appropriate juncture to change the name of the
Company to better reflect its activities, and so it is proposed to put a
resolution to the shareholders at an EGM to rename the Company 'Healthy Living
Centres PLC'. The notice of the EGM, to be held at the Shelbourne Hotel, St.
Stephen's Green, Dublin 2, Ireland at 10.00 am on 27 October 2004 is enclosed
with this document.
At the same time I feel it is a suitable time to hand over the Chairmanship to
Luke Johnson. He has served as a non-executive director for a number of years,
has a substantial stake in the Company, and has significant experience of retail
and leisure businesses. This change will take place immediately following the
EGM on 27 October 2004.
Joe Walsh will step down from his non-executive directorship, and it is proposed
that Mark Farrer-Brown join the Board in a non-Executive capacity. Mr
Farrer-Brown is a chartered accountant and experienced venture capitalist and
has considerable knowledge of the fitness and health sectors. Again it is
proposed he is appointed immediately following the EGM.
OUTLOOK
The market place continues to experience difficult trading conditions, however
there is an increase in new members and renewals compared to the corresponding
period in 2003, thus improving the outlook for the business. The group is
re-considering its opening program as cashflow is being generated. Franchisees
are being sought and found and the slimming/cosmetic centres are currently being
trialled in a number of centres.
Tony Kilduff
Chairman
28 September 2004
REFLEX GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2004
Unaudited Unaudited Audited
6 months ended 6 months ended Year
30 June 30 June ended
2004 2003 31 December
2003
#000s #000s #000s
Turnover 1,480 1,589 2,946
Cost of Sales 0 0 0
Gross Profit 1,480 2,075 2,946
Operating expenses, net (1,877) (1,938) (3,759)
Operating (loss) and (397) (349) (813)
(Loss) on Ordinary
Activities before
Interest
Interest, net (9) (10) (27)
(Loss) on Ordinary (406) (359) (840)
Activities before
Taxation
Taxation 0 0 0
(Loss) Attributable to (406) (359) (840)
Group Shareholders
(Losses) per Ordinary (0.26)p (0.28)p (0.64)p
Share
REFLEX GROUP PLC
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
30 June 30 June 31 December
2004 2003 2003
#000s #000s #000s
Fixed Assets
Intangible assets 101 163 122
Tangible assets - Gym 3,293 3,799 3,546
fixtures and fittings
and Equipment
3,394 3,962 3,668
Current Assets
Stock 57 87 47
Debtors 218 301 168
Cash at bank and in hand 313 174 91
588 562 306
Creditors (Amounts (3,023) (2,288) (2,546)
falling due within one
year)
Net Current Liabilities (2,435) (1,726) (2,240)
Creditors(Amounts (103) (311) (166)
falling due after more
than one year)
Provisions for (444) (443) (444)
liabilities and charges
Total Assets 412 1,482 818
Capital and Reserves
Called up share capital 4,932 4,932 4,932
Share premium account 6,062 6,062 6,062
Profit and loss account (10,582) (9,512) (10,176)
Shareholders' Funds - 412 1,482 818
all equity
REFLEX GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2004
Unaudited Unaudited Audited
6 months 6 months ended Year
ended ended
30 June 30 June 31 December
2004 2003 2003
#000s #000s #000s
Net Cash 369 78 109
Inflow/(Outflow) from
Operating Activities
Returns on (9) (10) (27)
Investments and
Servicing of Finance
Taxation 0 (33) (33)
Capital expenditure (3) (44) (45)
and financial
investment
Acquisitions and 0 - -
disposals
Cash (Outflow)/Inflow 357 (9) 4
before Finance
Financing (62) (39) (60)
Increase / (Decrease) 295 (48) (56)
in Cash in the Period
Reconciliation of Net
Cash Flow to Movement
in Net (Debt)/Funds
Increase / (Decrease) 295 (48) (56)
in Cash in the Period
Cash (inflow) from 62 39 60
financing
Movement in Net Funds 357 (9) 4
in the Period
Net Funds, beginning (423) (427) (427)
of period
Net Funds, end of (66) (436) (423)
period
REFLEX GROUP PLC
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE 6 MONTHS ENDED 30 JUNE 2004
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2004 2003 2003
#000s #000s #000s
(Loss) attributable to Group (406) (359) (840)
Shareholders
Prior year adjustment 0 0 (183)
(412) (359) (1,023)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE 6 MONTHS ENDED 30 JUNE 2004
Unaudited Unaudited Audited
6 months 6 months ended Year
ended 30 June ended
30 June 2003 (Restated) 31 December
2004 2003
#000s #000s #000s
At 1 January 2004 818 1,841 1,841
Total (losses) (406) (359) (840)
for the period
Prior year 0 (183) (183)
adjustment
At 30 June 2004 1,482 1,299 818
REFLEX GROUP PLC
TAXATION
Unaudited Unaudited Audited
6 months 6 months ended Year
ended 30 June ended
30 June 2003 31 December 2003
2004
#000s #000s #000s
Prior year adjustment: 0 0 0
current tax
Prior year adjustment: 0 - 0
deferred tax
0 0 0
NOTES TO THE INTERIM RESULTS
1. Accounting policies. The interim results have been prepared on the same basis
and using the same accounting policies as those used in the preparation of
the statutory accounts for the year ended 31 December 2003.
2. Currency. Following the acquisition of Fitness & Leisure Group (trading as
Motorcise) in September 2001, all Group activity has been in pounds sterling
and these unaudited accounts have been prepared in sterling. Comparative
figures for the six months to 30 June 2003 are also in sterling.
3. The Interim financial statements do not constitute statutory financial
statements within the meaning of Section 19 of the Companies Act 1986. The
financial information for the year to 31 December 2003 has been extracted
from the statutory accounts for the year then ended which have been filed
with the Registrar of Companies. The audit report on these accounts was
unqualified.
4. Earnings per share. The calculation of earnings per share is based on the
results for the period divided by the weighted average number of shares in
issue, being 155,261,271 ordinary shares of Euro0.06 each.
5. Additional Information. These results were announced to AIM and will be
posted on 28 September 2004 to all shareholders on the register at 28
September 2004. Copies of this interim report are available from the
company's registered office at 19 Elgin Road, Ballsbridge, Dublin 4.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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