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Reflec (Time for a breakout )!!! (REF)
SueHelen
- 04 Nov 2003 15:55
Price 0.70-0.80 pence : 30.11.04
RNS Number:8345F
Reflec PLC
30 November 2004
Reflec plc
("Reflec" or "the Company")
Results for the 6 months ended 31 August 2004
Chairman's Interim Statement
In the first six months of the year, the company generated revenues of #1.313m,
compared to #1.469m for the first half of last year. This resulted in a loss of
#286,000 compared to a loss of #175,000 for the same period last year. At the
half year the Company's net current assets were #1.699m, which included #438,000
of cash.
No dividend is payable.
Reflectives
Reflec USA has a cyclical cash flow pattern. Summer time is the peak period for
illumiNITETM orders which are then fulfilled from September onwards. Its
turnover for the first half of the year was slightly lower compared to the same
period last year. In the first two months of the second half, Reflec USA made
healthy profits with the order book indicating that this trend is likely to
continue.
Evolution
Evolution had a solid first half and continues to service its customers
effectively and profitably. Evolution made a strong start to the second half and
good results for the year are anticipated.
Reflecmedia
Disappointingly, this division made a loss. However the results of attending the
world's two biggest broadcasting conventions and the effects of current
marketing activities are still coming through. Reflecmedia has increased its
sales force. The UK sales team has been strengthened, whilst additional staff in
the USA are working with the US's largest distributor of broadcast production
equipment, ensuring that its Chromatte product range is being constantly
promoted and sold. In Singapore, Reflecmedia has appointed a sales manager to
sell into the important Far East TV market.
During the first half Reflecmedia launched "Mattenee", a chroma key software
plug-in for non-linear editing and compositing applications, including Adobe
Premiere and Apple Final Cut Pro. Mattenee complements the use of ChromatteTM,
the Company's blue screen material. Other new product launches included an
update to our LiteRing, a new LiteRing controller and professional Product Carry
Cases. Initial indications are that these products have been well received in
the market place. Finally, customer service has been enhanced by increased
inventory levels. Overall, Reflecmedia is expected to be profitable in the
second half.
Outlook
Since the AGM actions have been taken to eliminate losses and achieve
profitability in the second half of this financial year, your Board expects
continued good results from Reflectives and Evolution and action has been taken
with Reflecmedia in order to achieve profitability. We therefore expect the
second half to be profitable, together with a stronger cash position.
The Board is now focused on growth, both organically and by acquisition. In
particular, there are expansion opportunities for Evolution which are being
actively pursued. Furthermore, and of importance for Reflectives, there is a
major opportunity to form a manufacturing and distribution partnership with a
Chinese company. This will materially improve our competitiveness and open up
new markets. The principal terms have been agreed and details of the heads of
agreement will be announced shortly. Your Board sees this as an exciting
development.
Board Appointments
At the AGM your Board took note of shareholder concerns on corporate governance.
As a result the Board has been strengthened by the appointment of two
Non-executive Directors, John Kinder and Ian Proud, with effect from 30 November
2004.
John Kinder, FCA, started his career as a merchant banker and then moved into
managing industrial companies. Recently he was a non-executive director with
Tudor Webasto as well as advising businesses in managing strategic turnarounds.
He will bring to the Board some very valuable analytical skills, especially with
regard to the Company's financial performance. Ian Proud works in a City
consultancy and will bring to the Board marketing and business development
skills and experience gained at senior executive level in three blue chip
companies.
Summary
Since the AGM the Company has developed firm foundations from which it can move
into profitability. The second half will be stronger and the cash position will
show a significant improvement helped by the seasonal reduction of Reflectives'
inventory. With these foundations in place, I look forward to reporting further
positive developments with the preliminary results.
Tim Hearley
Chairman
RNS Number:8345F
Reflec PLC
30 November 2004
Reflec plc
("Reflec" or "the Company")
Results for the 6 months ended 31 August 2004
Chairman's Interim Statement
In the first six months of the year, the company generated revenues of #1.313m,
compared to #1.469m for the first half of last year. This resulted in a loss of
#286,000 compared to a loss of #175,000 for the same period last year. At the
half year the Company's net current assets were #1.699m, which included #438,000
of cash.
No dividend is payable.
Reflectives
Reflec USA has a cyclical cash flow pattern. Summer time is the peak period for
illumiNITETM orders which are then fulfilled from September onwards. Its
turnover for the first half of the year was slightly lower compared to the same
period last year. In the first two months of the second half, Reflec USA made
healthy profits with the order book indicating that this trend is likely to
continue.
Evolution
Evolution had a solid first half and continues to service its customers
effectively and profitably. Evolution made a strong start to the second half and
good results for the year are anticipated.
Reflecmedia
Disappointingly, this division made a loss. However the results of attending the
world's two biggest broadcasting conventions and the effects of current
marketing activities are still coming through. Reflecmedia has increased its
sales force. The UK sales team has been strengthened, whilst additional staff in
the USA are working with the US's largest distributor of broadcast production
equipment, ensuring that its Chromatte product range is being constantly
promoted and sold. In Singapore, Reflecmedia has appointed a sales manager to
sell into the important Far East TV market.
During the first half Reflecmedia launched "Mattenee", a chroma key software
plug-in for non-linear editing and compositing applications, including Adobe
Premiere and Apple Final Cut Pro. Mattenee complements the use of ChromatteTM,
the Company's blue screen material. Other new product launches included an
update to our LiteRing, a new LiteRing controller and professional Product Carry
Cases. Initial indications are that these products have been well received in
the market place. Finally, customer service has been enhanced by increased
inventory levels. Overall, Reflecmedia is expected to be profitable in the
second half.
Outlook
Since the AGM actions have been taken to eliminate losses and achieve
profitability in the second half of this financial year, your Board expects
continued good results from Reflectives and Evolution and action has been taken
with Reflecmedia in order to achieve profitability. We therefore expect the
second half to be profitable, together with a stronger cash position.
The Board is now focused on growth, both organically and by acquisition. In
particular, there are expansion opportunities for Evolution which are being
actively pursued. Furthermore, and of importance for Reflectives, there is a
major opportunity to form a manufacturing and distribution partnership with a
Chinese company. This will materially improve our competitiveness and open up
new markets. The principal terms have been agreed and details of the heads of
agreement will be announced shortly. Your Board sees this as an exciting
development.
Board Appointments
At the AGM your Board took note of shareholder concerns on corporate governance.
As a result the Board has been strengthened by the appointment of two
Non-executive Directors, John Kinder and Ian Proud, with effect from 30 November
2004.
John Kinder, FCA, started his career as a merchant banker and then moved into
managing industrial companies. Recently he was a non-executive director with
Tudor Webasto as well as advising businesses in managing strategic turnarounds.
He will bring to the Board some very valuable analytical skills, especially with
regard to the Company's financial performance. Ian Proud works in a City
consultancy and will bring to the Board marketing and business development
skills and experience gained at senior executive level in three blue chip
companies.
Summary
Since the AGM the Company has developed firm foundations from which it can move
into profitability. The second half will be stronger and the cash position will
show a significant improvement helped by the seasonal reduction of Reflectives'
inventory. With these foundations in place, I look forward to reporting further
positive developments with the preliminary results.
Tim Hearley
Chairman
zepher - 31 Dec 2003 11:44 - 36 of 51
Hopefully a profit for the company and a rise in the share price for us, just part of hopes for 2004. Happy and prosperous New Year.Cheers Zepher.
gordon geko
- 21 Jan 2004 17:19
- 37 of 51
nice move today expect city equities to flood market if get to 1.20-1.25
not confident enought to buy more and average down any views ???
not confident enought to buy more and average down any views ???
SueHelen
- 21 Jan 2004 21:47
- 38 of 51
Hi,
Personally I am waiting for their next set of results in February before adding more. Will see how the developments are coming along first and prospects for the future.
Personally I am waiting for their next set of results in February before adding more. Will see how the developments are coming along first and prospects for the future.
SueHelen
- 21 Jan 2004 21:47
- 39 of 51
Neutral (Long term) - Jan 21, 2004
Has fallen 97% since the peak on 12 Jan 2000 at 38.75. Has broken through the ceiling of a falling trend channel. This indicates a slower falling rate initially, or the start of a more horizontal development. The stock is testing the resistance at p 1.10. This should give a negative reaction, but an upward breakthough of p 1.10 means a positive signal. Poor liquidity (traded 100% of the days, mean 0.96 mill per day) weakens the analysis.
Has fallen 97% since the peak on 12 Jan 2000 at 38.75. Has broken through the ceiling of a falling trend channel. This indicates a slower falling rate initially, or the start of a more horizontal development. The stock is testing the resistance at p 1.10. This should give a negative reaction, but an upward breakthough of p 1.10 means a positive signal. Poor liquidity (traded 100% of the days, mean 0.96 mill per day) weakens the analysis.
SueHelen
- 21 Jan 2004 21:48
- 40 of 51
Neutral (Short term) - Jan 21, 2004
Has risen 40% since the bottom on 10 Dec 2003 at 0.70. Shows a weak development within a falling trend channel. A further negative development is indicated, and there is resistance against the ceiling of the trend channel. The stock is approaching the resistance at p 1.00, which may give a negative reaction. The poor liquidity of the stock (traded 100% of the days, mean 0.96 mill per day) may weaken the analysis.
Has risen 40% since the bottom on 10 Dec 2003 at 0.70. Shows a weak development within a falling trend channel. A further negative development is indicated, and there is resistance against the ceiling of the trend channel. The stock is approaching the resistance at p 1.00, which may give a negative reaction. The poor liquidity of the stock (traded 100% of the days, mean 0.96 mill per day) may weaken the analysis.
SueHelen
- 21 Jan 2004 21:49
- 41 of 51
Neutral (Medium term) - Jan 21, 2004
Has risen 131% since the bottom on 4 Nov 2002 at 0.42. Is within an approximate horizontal trend, which indicates further development in the same direction. The stock has support at p 0.77 and resistance at p 1.12. The poor liquidity of the stock (traded 100% of the days, mean 0.96 mill per day) may weaken the analysis.
Has risen 131% since the bottom on 4 Nov 2002 at 0.42. Is within an approximate horizontal trend, which indicates further development in the same direction. The stock has support at p 0.77 and resistance at p 1.12. The poor liquidity of the stock (traded 100% of the days, mean 0.96 mill per day) may weaken the analysis.
loafers - 22 Jan 2004 09:22 - 42 of 51
A delayed 500,000 buy has just gone through...down as a sell on here...crap.
IanT(MoneyAM)
- 22 Jan 2004 09:31
- 43 of 51
loafers,
With regard to denoting whether a trade is a buy or a sell, please see the disclaimer from the Trades page as shown below.
Ian
Disclaimer
All analysis on this trades page is intended only as a guide and its accuracy is not guaranteed. It should not be used for investment purposes.
It should be noted that all trade declarations made by the market do not include a buy or sell indicator and therefore we have to derive this information ourselves. The policy we have adopted is based on the mid price of the stock at the time of the declaration. For example, a trade declared at a price that is higher than the mid price at the time of declaration would be put in the buy column, a trade lower than the mid price would be put in the sell column. A trade which matches the mid price would be considered unknown. Please also note that the market can delay declaration of the trades for up to an hour in which case we will not make any assumptions and place that trade in the 'unknown' column. Please also note that many investors are able to buy and sell within the spread and also users of level 2 systems will actually be buying at the perceived sell price, these trades might therefore appear to be wrongly categorised.
With regard to denoting whether a trade is a buy or a sell, please see the disclaimer from the Trades page as shown below.
Ian
Disclaimer
All analysis on this trades page is intended only as a guide and its accuracy is not guaranteed. It should not be used for investment purposes.
It should be noted that all trade declarations made by the market do not include a buy or sell indicator and therefore we have to derive this information ourselves. The policy we have adopted is based on the mid price of the stock at the time of the declaration. For example, a trade declared at a price that is higher than the mid price at the time of declaration would be put in the buy column, a trade lower than the mid price would be put in the sell column. A trade which matches the mid price would be considered unknown. Please also note that the market can delay declaration of the trades for up to an hour in which case we will not make any assumptions and place that trade in the 'unknown' column. Please also note that many investors are able to buy and sell within the spread and also users of level 2 systems will actually be buying at the perceived sell price, these trades might therefore appear to be wrongly categorised.
gordon geko
- 22 Jan 2004 09:39
- 44 of 51
its moving again today this one has a habit of big gains and then big falls
check the graph but it has a following expect city equities to get unloading
shortly which could creat a huge momentum if they find the buyers
quite tempted to average out at this level and hope to get out @ 1.5 ?
check the graph but it has a following expect city equities to get unloading
shortly which could creat a huge momentum if they find the buyers
quite tempted to average out at this level and hope to get out @ 1.5 ?
zepher - 22 Jan 2004 10:54 - 45 of 51
Hopefully a better year for Reflec following more positive news.Relecmedia and The Pixel Farm signed partnership to form solutions and new products in 3D tracking and Chroma Key.The first product to be launched at the NAB2004 in April which should be around the time company results show the expected small profit.
goofyvelcro
- 22 Jan 2004 12:45
- 46 of 51
Hi,been recommended MoneyAM's new "Terminal" feature, anybody using this service yet? if so any thoughts.................GV
zepher - 29 Jan 2004 10:18 - 47 of 51
Recent talk of a Chromatte product for the prosumer with an affordable price to match could be the key for a sustained future rise in the share price.
zepher - 05 Feb 2004 11:01 - 48 of 51
Only 5days to go,anyone going to Wembley to see the latest in Chroma Key Cloth?
SueHelen
- 30 Nov 2004 23:52
- 49 of 51
RNS Number:8345F
Reflec PLC
30 November 2004
Reflec plc
("Reflec" or "the Company")
Results for the 6 months ended 31 August 2004
Chairman's Interim Statement
In the first six months of the year, the company generated revenues of #1.313m,
compared to #1.469m for the first half of last year. This resulted in a loss of
#286,000 compared to a loss of #175,000 for the same period last year. At the
half year the Company's net current assets were #1.699m, which included #438,000
of cash.
No dividend is payable.
Reflectives
Reflec USA has a cyclical cash flow pattern. Summer time is the peak period for
illumiNITETM orders which are then fulfilled from September onwards. Its
turnover for the first half of the year was slightly lower compared to the same
period last year. In the first two months of the second half, Reflec USA made
healthy profits with the order book indicating that this trend is likely to
continue.
Evolution
Evolution had a solid first half and continues to service its customers
effectively and profitably. Evolution made a strong start to the second half and
good results for the year are anticipated.
Reflecmedia
Disappointingly, this division made a loss. However the results of attending the
world's two biggest broadcasting conventions and the effects of current
marketing activities are still coming through. Reflecmedia has increased its
sales force. The UK sales team has been strengthened, whilst additional staff in
the USA are working with the US's largest distributor of broadcast production
equipment, ensuring that its Chromatte product range is being constantly
promoted and sold. In Singapore, Reflecmedia has appointed a sales manager to
sell into the important Far East TV market.
During the first half Reflecmedia launched "Mattenee", a chroma key software
plug-in for non-linear editing and compositing applications, including Adobe
Premiere and Apple Final Cut Pro. Mattenee complements the use of ChromatteTM,
the Company's blue screen material. Other new product launches included an
update to our LiteRing, a new LiteRing controller and professional Product Carry
Cases. Initial indications are that these products have been well received in
the market place. Finally, customer service has been enhanced by increased
inventory levels. Overall, Reflecmedia is expected to be profitable in the
second half.
Outlook
Since the AGM actions have been taken to eliminate losses and achieve
profitability in the second half of this financial year, your Board expects
continued good results from Reflectives and Evolution and action has been taken
with Reflecmedia in order to achieve profitability. We therefore expect the
second half to be profitable, together with a stronger cash position.
The Board is now focused on growth, both organically and by acquisition. In
particular, there are expansion opportunities for Evolution which are being
actively pursued. Furthermore, and of importance for Reflectives, there is a
major opportunity to form a manufacturing and distribution partnership with a
Chinese company. This will materially improve our competitiveness and open up
new markets. The principal terms have been agreed and details of the heads of
agreement will be announced shortly. Your Board sees this as an exciting
development.
Board Appointments
At the AGM your Board took note of shareholder concerns on corporate governance.
As a result the Board has been strengthened by the appointment of two
Non-executive Directors, John Kinder and Ian Proud, with effect from 30 November
2004.
John Kinder, FCA, started his career as a merchant banker and then moved into
managing industrial companies. Recently he was a non-executive director with
Tudor Webasto as well as advising businesses in managing strategic turnarounds.
He will bring to the Board some very valuable analytical skills, especially with
regard to the Company's financial performance. Ian Proud works in a City
consultancy and will bring to the Board marketing and business development
skills and experience gained at senior executive level in three blue chip
companies.
Summary
Since the AGM the Company has developed firm foundations from which it can move
into profitability. The second half will be stronger and the cash position will
show a significant improvement helped by the seasonal reduction of Reflectives'
inventory. With these foundations in place, I look forward to reporting further
positive developments with the preliminary results.
Tim Hearley
Chairman
Reflec plc
Group Profit and Loss Account
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Turnover 1,313 3,238 1,469
--------- -------- --------
Operating loss (294) (381) (181)
Profit on disposal of
subsidiary undertakings - 44 -
Net interest 8 13 6
receivable --------- -------- --------
Loss on ordinary activities before
taxation (286) (324) (175)
--------- -------- --------
Taxation - 20 -
--------- -------- --------
Loss for the period (286) (304) (175)
--------- -------- --------
Basic loss per share (0.05p) (0.07p) (0.04p)
--------- -------- --------
Diluted loss per (0.05p) (0.07p) (0.04p)
share --------- -------- --------
Reflec plc
Group statement of total recognised gains and losses
As at As at As at
31-Aug 28-Feb 31-Aug
2004 2004 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Loss for the half year
after taxation (286) (304) (175)
Currency translation
differences on foreign currency 22 (328) 36
net investment
--------- -------- --------
Total recognised gains and losses (264) (632) (139)
--------- -------- --------
Reflec plc
Group balance sheet
As at As at As at
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Fixed assets
Intangible assets 619 583 698
Tangible assets 1,218 1,197 1,292
--------- -------- --------
1,837 1,780 1,990
--------- -------- --------
Current assets
Stocks 894 519 552
Debtors-amounts falling
due within one year 822 666 1,124
Debtors-amounts falling
due after one year 90 113 -
Cash at bank and in
hand 438 1,203 146
--------- -------- --------
2,244 2,501 1,822
--------- -------- --------
Creditors : amounts
falling due within one year 545 479 474
Net current assets 1,699 2,022 1,348
--------- -------- --------
Total assets less
current liabilities 3,536 3,802 3,338
--------- -------- --------
Creditors : amounts
falling due after one year - 2 12
--------- -------- --------
3,536 3,800 3,326
--------- -------- --------
Capital and reserves
Called up share capital 558 558 425
Share premium account 13,749 13,749 12,915
Profit and loss account (10,771) (10,507) (10,014)
--------- -------- --------
Shareholders' funds 3,536 3,800 3,326
--------- -------- --------
Reflec plc
Group cash flow statement
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Net outflow from
operating activities (623) (310) (386)
Returns on investments
and servicing of finance 8 13 6
Taxation - 20 -
Capital expenditure (139) (3) (6)
Disposals - (6) -
--------- -------- --------
(754) (286) (386)
Management of liquid resources - (820) 80
Financing (4) 941 (17)
--------- -------- --------
(Decrease) in cash (758) (165) (323)
--------- -------- --------
Reconciliation of net cash flow to funds
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s 000s
(Decrease) in cash in
the period (758) (165) (323)
Cash outflow from
decrease in debt and lease finance 17 26 17
Cash outflow/(inflow)
from decrease in liquid resources - 820 (80)
--------- -------- --------
Change in net funds
resulting from cash flow (741) 681 (386)
Translation differences 7 (14) -
Change in net funds (734) 667 (386)
Net funds at start of period 1,168 501 501
--------- -------- --------
Net funds at end of period 434 1,168 115
--------- -------- --------
Reflec plc
Notes to the interim statement
Notes to the interim
statement
1 The interim statement for Reflec plc relates to the consolidated results for
the six months ended 31 August 2004 and the comparative results for the year
ended 29 February 2004 and the six months ended 31 August 2003. These interim
results are not the Company's statutory accounts. The information for the year
ended 28 February 2004 has been extracted from the statutory accounts for the
year then ended filed with the Registrar of Companies. The auditor's report on
those statutory accounts was unqualified.
2 The interim statement has been prepared on the basis of the accounting
policies set out in the statutory financial statements for the year ended 28
February 2004.The interim statement was approved by the Board of Directors on
the 30th November 2004.The balance sheet at 28 February 2004 and the result for
the year then ended have been abridged from the audited accounts for the year
ended 29 February 2004.
3 The calculation of loss per share for the period to 31 August 2004 is based
upon losses of #286,265 and on the weighted average number of ordinary shares in
issue during the period of 558,033,110. The calculation of loss for the period
ended 31 August 2003 is based on a loss of #175,700 and on the weighted average
number of ordinary in issue during the period of 424,699,774.
4 Copies of the interim statement will be posted on the Reflec.com web site and
are available from the Company Secretary at the Registered Office ,Road One,
Winsford Industrial Estate, Winsford, Cheshire, CW7 3QQ.
5 Reconciliation of operating profit to net cash outflow from operating
activities :
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Operating (loss) (294) (381) (181)
Depreciation and
amortisation of fixed assets 88 266 85
Decrease/(increase) in
stocks) (365) 126 162
Decrease/(increase) in
debtors (127) (348) (118)
(Decrease)/increase in
creditors 75 27 (334)
--------- -------- --------
Net cash outflow from
operating activities (623) (310) (386)
--------- -------- --------
Independent review report to Reflec Plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 August 2004. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of rules of the London Stock
Exchange for companies trading securities on the Alternative Investment Market
and for no other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by virtue of and for
the purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in the company's
annual accounts having regard to the accounting standards applicable to such
annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom by auditors
of fully listed companies. A review consists principally of making enquiries of
(group) management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 August 2004.
BDO STOY HAYWARD LLP
Chartered Accountants
Manchester
30 November 2004
For further information, please contact:
Peter Smith, Chief Executive, Reflec plc
Tel: 01606 593911
or
Tim Hearley, Chairman, Reflec plc
Tel: 020 7240 6090
This information is provided by RNS
The company news service from the London Stock Exchange
END
Reflec PLC
30 November 2004
Reflec plc
("Reflec" or "the Company")
Results for the 6 months ended 31 August 2004
Chairman's Interim Statement
In the first six months of the year, the company generated revenues of #1.313m,
compared to #1.469m for the first half of last year. This resulted in a loss of
#286,000 compared to a loss of #175,000 for the same period last year. At the
half year the Company's net current assets were #1.699m, which included #438,000
of cash.
No dividend is payable.
Reflectives
Reflec USA has a cyclical cash flow pattern. Summer time is the peak period for
illumiNITETM orders which are then fulfilled from September onwards. Its
turnover for the first half of the year was slightly lower compared to the same
period last year. In the first two months of the second half, Reflec USA made
healthy profits with the order book indicating that this trend is likely to
continue.
Evolution
Evolution had a solid first half and continues to service its customers
effectively and profitably. Evolution made a strong start to the second half and
good results for the year are anticipated.
Reflecmedia
Disappointingly, this division made a loss. However the results of attending the
world's two biggest broadcasting conventions and the effects of current
marketing activities are still coming through. Reflecmedia has increased its
sales force. The UK sales team has been strengthened, whilst additional staff in
the USA are working with the US's largest distributor of broadcast production
equipment, ensuring that its Chromatte product range is being constantly
promoted and sold. In Singapore, Reflecmedia has appointed a sales manager to
sell into the important Far East TV market.
During the first half Reflecmedia launched "Mattenee", a chroma key software
plug-in for non-linear editing and compositing applications, including Adobe
Premiere and Apple Final Cut Pro. Mattenee complements the use of ChromatteTM,
the Company's blue screen material. Other new product launches included an
update to our LiteRing, a new LiteRing controller and professional Product Carry
Cases. Initial indications are that these products have been well received in
the market place. Finally, customer service has been enhanced by increased
inventory levels. Overall, Reflecmedia is expected to be profitable in the
second half.
Outlook
Since the AGM actions have been taken to eliminate losses and achieve
profitability in the second half of this financial year, your Board expects
continued good results from Reflectives and Evolution and action has been taken
with Reflecmedia in order to achieve profitability. We therefore expect the
second half to be profitable, together with a stronger cash position.
The Board is now focused on growth, both organically and by acquisition. In
particular, there are expansion opportunities for Evolution which are being
actively pursued. Furthermore, and of importance for Reflectives, there is a
major opportunity to form a manufacturing and distribution partnership with a
Chinese company. This will materially improve our competitiveness and open up
new markets. The principal terms have been agreed and details of the heads of
agreement will be announced shortly. Your Board sees this as an exciting
development.
Board Appointments
At the AGM your Board took note of shareholder concerns on corporate governance.
As a result the Board has been strengthened by the appointment of two
Non-executive Directors, John Kinder and Ian Proud, with effect from 30 November
2004.
John Kinder, FCA, started his career as a merchant banker and then moved into
managing industrial companies. Recently he was a non-executive director with
Tudor Webasto as well as advising businesses in managing strategic turnarounds.
He will bring to the Board some very valuable analytical skills, especially with
regard to the Company's financial performance. Ian Proud works in a City
consultancy and will bring to the Board marketing and business development
skills and experience gained at senior executive level in three blue chip
companies.
Summary
Since the AGM the Company has developed firm foundations from which it can move
into profitability. The second half will be stronger and the cash position will
show a significant improvement helped by the seasonal reduction of Reflectives'
inventory. With these foundations in place, I look forward to reporting further
positive developments with the preliminary results.
Tim Hearley
Chairman
Reflec plc
Group Profit and Loss Account
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Turnover 1,313 3,238 1,469
--------- -------- --------
Operating loss (294) (381) (181)
Profit on disposal of
subsidiary undertakings - 44 -
Net interest 8 13 6
receivable --------- -------- --------
Loss on ordinary activities before
taxation (286) (324) (175)
--------- -------- --------
Taxation - 20 -
--------- -------- --------
Loss for the period (286) (304) (175)
--------- -------- --------
Basic loss per share (0.05p) (0.07p) (0.04p)
--------- -------- --------
Diluted loss per (0.05p) (0.07p) (0.04p)
share --------- -------- --------
Reflec plc
Group statement of total recognised gains and losses
As at As at As at
31-Aug 28-Feb 31-Aug
2004 2004 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Loss for the half year
after taxation (286) (304) (175)
Currency translation
differences on foreign currency 22 (328) 36
net investment
--------- -------- --------
Total recognised gains and losses (264) (632) (139)
--------- -------- --------
Reflec plc
Group balance sheet
As at As at As at
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Fixed assets
Intangible assets 619 583 698
Tangible assets 1,218 1,197 1,292
--------- -------- --------
1,837 1,780 1,990
--------- -------- --------
Current assets
Stocks 894 519 552
Debtors-amounts falling
due within one year 822 666 1,124
Debtors-amounts falling
due after one year 90 113 -
Cash at bank and in
hand 438 1,203 146
--------- -------- --------
2,244 2,501 1,822
--------- -------- --------
Creditors : amounts
falling due within one year 545 479 474
Net current assets 1,699 2,022 1,348
--------- -------- --------
Total assets less
current liabilities 3,536 3,802 3,338
--------- -------- --------
Creditors : amounts
falling due after one year - 2 12
--------- -------- --------
3,536 3,800 3,326
--------- -------- --------
Capital and reserves
Called up share capital 558 558 425
Share premium account 13,749 13,749 12,915
Profit and loss account (10,771) (10,507) (10,014)
--------- -------- --------
Shareholders' funds 3,536 3,800 3,326
--------- -------- --------
Reflec plc
Group cash flow statement
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Net outflow from
operating activities (623) (310) (386)
Returns on investments
and servicing of finance 8 13 6
Taxation - 20 -
Capital expenditure (139) (3) (6)
Disposals - (6) -
--------- -------- --------
(754) (286) (386)
Management of liquid resources - (820) 80
Financing (4) 941 (17)
--------- -------- --------
(Decrease) in cash (758) (165) (323)
--------- -------- --------
Reconciliation of net cash flow to funds
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s 000s
(Decrease) in cash in
the period (758) (165) (323)
Cash outflow from
decrease in debt and lease finance 17 26 17
Cash outflow/(inflow)
from decrease in liquid resources - 820 (80)
--------- -------- --------
Change in net funds
resulting from cash flow (741) 681 (386)
Translation differences 7 (14) -
Change in net funds (734) 667 (386)
Net funds at start of period 1,168 501 501
--------- -------- --------
Net funds at end of period 434 1,168 115
--------- -------- --------
Reflec plc
Notes to the interim statement
Notes to the interim
statement
1 The interim statement for Reflec plc relates to the consolidated results for
the six months ended 31 August 2004 and the comparative results for the year
ended 29 February 2004 and the six months ended 31 August 2003. These interim
results are not the Company's statutory accounts. The information for the year
ended 28 February 2004 has been extracted from the statutory accounts for the
year then ended filed with the Registrar of Companies. The auditor's report on
those statutory accounts was unqualified.
2 The interim statement has been prepared on the basis of the accounting
policies set out in the statutory financial statements for the year ended 28
February 2004.The interim statement was approved by the Board of Directors on
the 30th November 2004.The balance sheet at 28 February 2004 and the result for
the year then ended have been abridged from the audited accounts for the year
ended 29 February 2004.
3 The calculation of loss per share for the period to 31 August 2004 is based
upon losses of #286,265 and on the weighted average number of ordinary shares in
issue during the period of 558,033,110. The calculation of loss for the period
ended 31 August 2003 is based on a loss of #175,700 and on the weighted average
number of ordinary in issue during the period of 424,699,774.
4 Copies of the interim statement will be posted on the Reflec.com web site and
are available from the Company Secretary at the Registered Office ,Road One,
Winsford Industrial Estate, Winsford, Cheshire, CW7 3QQ.
5 Reconciliation of operating profit to net cash outflow from operating
activities :
1 March to Year ended 1 March to
31-Aug 2004 28-Feb 2004 31-Aug 2003
(unaudited) (audited) (unaudited)
#000s #000s #000s
Operating (loss) (294) (381) (181)
Depreciation and
amortisation of fixed assets 88 266 85
Decrease/(increase) in
stocks) (365) 126 162
Decrease/(increase) in
debtors (127) (348) (118)
(Decrease)/increase in
creditors 75 27 (334)
--------- -------- --------
Net cash outflow from
operating activities (623) (310) (386)
--------- -------- --------
Independent review report to Reflec Plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 31 August 2004. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of rules of the London Stock
Exchange for companies trading securities on the Alternative Investment Market
and for no other purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report by virtue of and for
the purpose of our terms of engagement or has been expressly authorised to do so
by our prior written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we hereby expressly
disclaim any and all such liability.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the rules of the
London Stock Exchange for companies trading securities on the Alternative
Investment Market which require that the half-yearly report be presented and
prepared in a form consistent with that which will be adopted in the company's
annual accounts having regard to the accounting standards applicable to such
annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom by auditors
of fully listed companies. A review consists principally of making enquiries of
(group) management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether
the accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 August 2004.
BDO STOY HAYWARD LLP
Chartered Accountants
Manchester
30 November 2004
For further information, please contact:
Peter Smith, Chief Executive, Reflec plc
Tel: 01606 593911
or
Tim Hearley, Chairman, Reflec plc
Tel: 020 7240 6090
This information is provided by RNS
The company news service from the London Stock Exchange
END
SueHelen
- 30 Nov 2004 23:54
- 50 of 51
LONDON (AFX) - Reflec PLC posted wider interim losses but said the second
half should be stronger.
For the six months to Aug 31, 2004, the company recorded a pretax loss of
286,000 stg against a loss of 175,000 stg a year earlier on sales of 1.3 mln
stg, down from 1.47 mln last time.
bam
half should be stronger.
For the six months to Aug 31, 2004, the company recorded a pretax loss of
286,000 stg against a loss of 175,000 stg a year earlier on sales of 1.3 mln
stg, down from 1.47 mln last time.
bam
gordon geko
- 01 Dec 2004 13:09
- 51 of 51
still waiting for some good news ??
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