Tolent PLC - Final Results
13 Marzo 2000 - 1:31AM
UK Regulatory
RNS Number:1160H
Tolent PLC
13 March 2000
CHAIRMAN'S STATEMENT
INTRODUCTION
The Tolent Group was demerged from Amco Corporation Plc on 31st August 1999
and simultaneously listed under Tolent PLC on the Alternative Investment
Market.
During 1999 we further concentrated on building our reputation for quality
work delivered on time. A high percentage of turnover represents repeat
business and negotiated work.
Construction work in 1999 ranged from office fit-outs in London to a Multiplex
Cinema and Leisure Club in Bradford to a hotel refurbishment on the Newcastle
Quayside.
FINANCIAL SUMMARY
Total turnover in 1999 increased by 16% from #77m in 1998 to #90m in 1999.
Operating profits showed a slight increase to #1.5m in 1999 from #1.4 in 1998.
The profit before tax remained static at #1.4m. The second half of the year
was very disappointing due to a number of problem contracts in the Central
Region.
The Group had net funds in hand at the end of 1999 of #3.1m compared with a
net debt position of #1.2m at the end of 1998.
DIVIDENDS
As stated in the Prospectus dated 6th August 1999 it is not anticipated that
dividends will be paid for a number of years.
OPERATION HIGHLIGHTS
During 1999 we have successfully completed a wide range of projects for blue
chip clients namely:-
A #17m fit out of new office premises for Goldman Sachs at Carter Lane.
A major refurbishment and new build to provide a #7.5m Nursing Home for the
American company Sunrise Assisted Living.
A 13 screen multiplex and leisure facility for J. J. Gallagher valued at #9m
and a major #5.5m refurbishment of a prominent building on Newcastle Quayside
to provide a new hotel.
At the same time we have continued our involvement in the pharmaceutical and
petro chemical industries with clients such as I.C.I., Dupont, Proctor and
Gamble, Merck Sharp & Dohme.
Going forward into the Year 2000 we have entered into an #80m Joint Venture to
fit out 120 Fleet St. for Goldman Sachs,
We have successfully negotiated a #5.5m contract for the refurbishment of
Seaham Hall to provide a luxury hotel.
Maintenance contracts with I.C.I. and Dupont have been renewed following eight
years of continuous operation, and we are continuing to negotiate several
major industrial and commercial schemes with existing clients that will come
on stream in the first half of the year.
EMPLOYEES
On behalf of the Board of Directors I would like to thank our Subsidiary
Company Directors and all of the Group's employees for their efforts in 1999.
OUTLOOK FOR 2000
The outlook for the industry remains highly competitive with low margins.
However we started 2000 with a substantial forward workload and we hope to
improve margins in 2000. This will depend on how quickly we can recruit and
strengthen management in the Central area. That restructuring has already
commenced with the appointment of a new Regional Manager in Manchester.
Stuart N. Gordon
Chairman
10 March 2000
TOLENT PLC
ANNUAL REPORT & ACCOUNTS 1999
MANAGING DIRECTOR'S REVIEW
INTRODUCTION
Tolent Plc operates across the construction sector providing services in
building, civil engineering and property development. Many of our activities
are in niche markets delivering quality and value for money solutions to
support the business activities of an increasing customer base.
Our policy of providing a flexible and responsive service to meet the needs
and goals of our customers and partners has allowed us to reap the benefits of
consistent repeat and negotiated business opportunities with an ever growing
and satisfied customer base
.
Our future strategy is to continue to grow organically, supported by selective
acquisitions when opportunities arise in niche, sustainable and diverse
markets.
A programme of continuous improvement in Health and Safety management is
sought in all companies and rigorous training initiatives are maintained for
both our operatives and staff.
Our commitment to Training and Development continues with staff development a
priority to achieve the Group's long term business objectives. In-house
training facilities and programmes have been established and are already
proving to be a success.
TOLENT CONSTRUCTION LIMITED
During 1999 we have capitalised on our reputation for quality work delivered
on time to blue chip clients and hence a very high percentage of our work is
derived from repeat business and negotiated work.
We operate throughout the country from regional offices where our local
presence ensures that we remain competitive and have the 'back up' service
that clients demand.
Turnover has grown by 21% with 65% of new orders coming from existing clients.
Typical examples of our client base and geographical spread is demonstrated by
projects completed during the year i.e. #17.0m fit out from Goldman Sachs in
London, a #3m industrial unit at Tameside Manchester, a #9m multiplex cinema
and leisure club in Bradford and a #5.5m hotel refurbishment on Newcastle
Quayside.
The results for the year were disappointing due to a number of problem
contracts in Central Region in the second half of the year.
We have now restructured the region with the introduction of an additional
Regional Manager for the North West and the workload will in future be split
approximately east and west of the Pennines.
The outlook for the construction industry remains highly competitive in spite
of reasonable workload therefore we will continue to rigorously control
overheads and costs in general whilst at the same time developing procedures
that highlight risk, reward and commercial opportunity.
RAVENSWORTH PROPERTIES
Favourable interest rates ensured a creditable performance for 1999. We now
have 100% occupancy with good quality tenants which should ensure further
improvement in the coming year.
INTERIOR TOLENT JOINT VENTURE
During 1999 we entered into a joint venture agreement with Interior PLC to
tender for the fitting out of Goldman Sachs new offices in Fleet Street,
London worth circa #80m. We were successful in winning this contract which
commenced on site in November and is due for completion in Spring 2001.
Tolent have a 35% share of this joint venture which was set up as a separate
limited company.
CHECKHIRE
Is a 50/50 joint venture company established by Tolent and S. Best - The
company holds options on 14 acres of land immediately adjacent to the new A1-
M1 link road at the junction with the A63 to the south east of Leeds.
The location is now established as a commercial office location and it is
proposed to develop approximately 125,000 sq. ft. on a phased basis.
J. G. Wood
Managing Director
10 March 2000
TOLENT PLC
Profit and loss account and statement of total recognised gains and losses for
the year ended 31st December 1999.
1999 1998
#000 #000 #000 #000
Turnover
Continuing operations 89,899 77,537
Own work capitalised 100 0
-------- --------
89,999 77,537
Raw materials and 8,222 8,579
consumables
Other external charges 65,760 56,434
-------- --------
(73,982) (65,013)
-------- --------
16,017 12,524
Staff costs 11,332 9,282
Depreciation 89 52
Other operating charges 3,048 1,743
-------- --------
(14,469) (11,077)
-------- --------
Operating profit 1,548 1,447
Net interest (195) (83)
-------- --------
Profit on ordinary activities 1,353 1,364
before taxation
Taxation on profit on (437) (372)
ordinary activities
-------- --------
Profit for the financial 916 992
year transferred to
reserves
--------- --------
Earnings per share 7.1p 7.7p
-------- --------
Statement of total
recognised gains and losses
1999 1998
#000 #000
Profit for the financial 916 992
year
Unrealised surplus on 205 0
revaluation of investment
properties
-------- --------
Total recognised gains and 1,121 992
losses for the year -------- --------
CONSOLIDATED BALANCE SHEET
AT 31ST DECEMBER 1999
1999 1998
#000 #000 #000 #000
Fixed assets
Tangible assets 4,200 3,892
Current assets
Stock and work in progress 169 880
Amounts recoverable on 12,560 5,830
contracts
Debtors 8,345 8,058
Cash at bank and in hand 5,358 1,234
-------- --------
26,432 16,002
Creditors: amounts falling (29,553) (19,703)
due within one year
-------- --------
Net current liabilities (3,121) (3,701)
-------- --------
Total assets less current 1,079 191
liabilities
Creditors: amounts falling (1,999) (2,232)
due after more than one year
-------- --------
(920) (2,041)
Capital and reserves
Called up share capital
Equity 1,283 1,283
Non-equity 13 13
-------- --------
1,296 1,296
Property revaluation reserve 205 0
Merger reserve 528 528
Profit and loss account (2,949) (3,865)
-------- --------
Shareholders' funds (920) (2,041)
-------- --------
CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 1999
1999 1998
#000 #000 #000 #000
Net cash inflow/(outflow) 5,012 (3,430)
from operating activities
Returns on investments and
servicing of finance
Interest received 13 215
Interest paid (208) (298)
-------- --------
Net cash outflow from (195) (83)
returns on investments
and servicing of finance
Taxation (287) (104)
Capital expenditure and
financial investment
Purchase of tangible fixed (192) (104)
assets
Sale of tangible fixed 0 4
assets -------- --------
Net cash outflow from (192) (100)
capital expenditure and
financial investment
-------- --------
Net cashflow before 4,338 (3,717)
financing
Financing
Bank loans (214) (257)
-------- --------
Net cashflow from financing (214) (257)
-------- --------
Increase/(decrease) in cash 4,124 (3,974)
-------- --------
END
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