COBURG GROUP
UNAUDITED INTERIM
RESULTS FOR THE SIX MONTHS ENDED
31 OCTOBER 2006
CHAIRMAN’S STATEMENT
The figures for the six months to 31st
October 2006 are encouraging with sales up almost 6% and losses reduced by
almost 55% over the comparative period last year.
This increase in sales was achieved in spite of
an extremely hot July, August and September when demand for hot drinks from our
customers dropped substantially. The Group’s
management continue to keep tight control on costs.
I am pleased to say that the Aroma business, which
we bought in March last year, has been integrated successfully
into the Group. It sells coffee mainly into offices and we see good
opportunities for growth in this area. We remain interested in making other acquisitions
that can add value to the Group.
I would like to thank all the staff for their
continued hard work in the business.
I have to report that Anne Higgins has decided
to leave the Board effective from today. Anne has been an important presence in
Langdons and then
Chairman
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COBURG GROUP PLC |
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INTERIM RESULTS 2006 |
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Consolidated
Profit and Loss Account |
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Six months |
Six months |
Year |
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to 31 October |
to 31 October |
to 30 April |
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2006 |
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2005 |
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2006 |
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(unaudited) |
(unaudited) |
(audited) |
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£'000 |
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£'000 |
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£'000 |
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Turnover |
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1,625 |
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1,534 |
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3,175 |
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Operating
Loss |
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(105) |
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(232) |
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(401) |
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Realised & Unrealised Gains & Losses |
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on fixed
assets & fixed asset investments |
- |
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(13) |
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(13) |
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Net
Interest |
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(15) |
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(21) |
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(20) |
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Loss
Before Taxation |
(120) |
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(266) |
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(434) |
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Taxation |
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- |
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- |
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- |
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Minority
Interests |
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- |
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- |
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- |
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Retained
Loss for the Financial |
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Period |
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(120) |
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(266) |
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(434) |
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Loss
per Ordinary Share (pence) |
(0.50) |
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(1.45) |
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(2.06) |
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Notes |
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1
The results for the 6 month period
ended 31 October 2006 and 31 October 2005 are unaudited
and have been prepared in accordance with the accounting policies disclosed in
the Group’s 2005 Annual Report and Accounts. The consolidated financial
information for the 12 months ended 30th April 2005 is derived from
the full audited consolidated accounts (within the meaning of Section 240,
Companies Act 1985), which received an unqualified audit report and have been
filed with the Registrar of Companies.
2
The loss per share for the period
ended 31st October 2006 is calculated on the consolidated loss on
ordinary activities after tax of £120,000, divided by 23,790,914 this being the
weighted average number of ordinary shares in issue during the period.
3
No interim dividend is proposed
4 Further copies of the interim report will be available to the public at the registered office of Coburg Group plc, 3 Harrington Way, Warspite Road, Woolwich London SE18 5NU.
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COBURG GROUP PLC |
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GROUP BALANCE SHEET |
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Consolidated
Balance Sheet |
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As at |
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As at |
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As at |
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31 October |
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31 October |
30 April |
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2006 |
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2005 |
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2006 |
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(unaudited) |
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(unaudited) |
(audited) |
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£'000 |
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£'000 |
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£'000 |
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Fixed
Assets |
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Tangible |
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509 |
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501 |
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508 |
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Intangible |
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182 |
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290 |
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211 |
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691 |
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791 |
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719 |
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Current
Assets |
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Stock |
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239 |
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225 |
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233 |
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Debtors |
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636 |
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544 |
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600 |
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Cash at
Bank and in Hand |
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- |
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77 |
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- |
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875 |
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846 |
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833 |
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Creditors
falling due within one year |
(874) |
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(716) |
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(754) |
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Net
Current Assets |
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1 |
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130 |
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79 |
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Total
Assets less Current Liabilities |
692 |
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921 |
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798 |
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Creditors
falling due after more than |
(144) |
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(87) |
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(131) |
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one
year |
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548 |
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834 |
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667 |
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Minority
Interests |
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(11) |
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(11) |
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(10) |
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Net
Assets |
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537 |
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823 |
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657 |
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Capital
and Reserves |
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Share
Capital |
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1190 |
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1190 |
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1190 |
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Reserves |
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(653) |
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(367) |
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(533) |
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Equity
shareholders' funds |
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537 |
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823 |
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657 |
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COBURG GROUP PLC |
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GROUP CASH FLOW STATEMENT |
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Consolidated
Cash Flow Statement |
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Six months |
Six months |
Year |
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to 31 October |
to 31 October |
to 30 April |
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2006 |
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2005 |
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2006 |
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(unaudited) |
(unaudited) |
(audited) |
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£'000 |
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£'000 |
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£'000 |
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Net
Cash inflow /(outflow) from operating |
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Activities |
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20 |
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(275) |
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(438) |
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Net Cashflow from one-off restructuring |
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- |
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(62) |
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- |
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Returns
on investments and servicing of |
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Finance |
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Interest
paid |
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(15) |
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(21) |
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(20) |
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Capital
expenditure and financial |
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Investment |
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Purchase
of fixed assets |
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(40) |
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(25) |
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(163) |
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- |
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6 |
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32 |
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Net
cash outflow before financing |
(35) |
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(377) |
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(589) |
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Financing |
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Proceeds
of ordinary share issue |
- |
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432 |
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432 |
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New
borrowings |
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43 |
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22 |
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- |
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Repayment
of borrowings |
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(12) |
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- |
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46 |
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Repayments
of finance leases |
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(21) |
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(26) |
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- |
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Net
cash inflow from financing |
10 |
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428 |
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478 |
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(Decrease)/increase in cash during the |
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period |
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(25) |
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51 |
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(111) |
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