Legal Entity Identifier (LEI) No. 213800MDNBFVEQEN1G84
Triad Group Plc
Half year results for the six months ended 30 September 2024
Financial highlights
| Six months to | Six months to | Change | Audited year ended 31 March 2024 |
Revenue | £10.21m | £6.39m | +£3.82m | £14.0m |
Gross profit | £2.97m | £0.95m | +£2.02m | £2.8m |
Gross profit % | 29.1% | 14.9% | +14.2% | 20.1% |
Profit/(Loss) before tax | £0.75m | (£0.99m) | +£1.74m | (£1.3m) |
Profit/(Loss) after tax | £0.78m | (£1.00m) | +£1.78m | (£1.0m) |
Cash reserves | £2.88m | £2.62m | +£0.26m | £2.1m |
Basic earnings/(loss) per share | 4.66p | (6.03p) | +10.69p | (6.10p) |
Interim/final dividend payable | 2p | 2p | - | 4p |
Chairman's statement
Dr John Rigg
Overview of results
In my Trading Update of 22nd August 2024, I expressed my absolute confidence that investors would not be disappointed by the first half results. These interim accounts demonstrate that my confidence was not misplaced. The six months' results up to 30th September 2024, reported today, reflect a sound and sustainable transformation.
The results have been achieved organically without resorting to a dash for growth at all costs, or compromising in any way our fundamental boutique business model. This is based on value for money, effective delivery, and quality and reliability in our long term support of all our clients. We are building long term relationships which will enable us to provide additional operational and financial benefits to the public sector and thereby support the new Government in its welcome drive to apply the benefits of digital technology to efficiency and cost control.
Our cash balance is strengthening nicely and reflecting the increase in profits with the usual slight lag due to payment terms. We are continuing our recruitment drive and focusing even more closely on the very highest quality of new joiners. This will result in the generation of new business and an ability to reflect specialist focus and skills in areas where we can command higher margins. We are entirely confident of our ability to absorb the effect on profitability and cash flow of the increases to Employer's National Insurance announced in the recent Budget.
In my statement of 22nd August, I also said that "We must be patient and carry on until things settle down.". Clearly the process of settling down is not yet complete; however, I am delighted to report that we are seeing strong signs of acceleration and enthusiasm in decision making from the public sector as a whole.
Business highlights
The Company started the new financial year on the back of a record-breaking series of contract wins which necessitated significant recruitment to satisfy client demand. Having already recruited 18 people in the final quarter of the previous year, in anticipation of increased workload, the Company recruited a further 24 consultants across the period. This resulted in a total headcount of 133 technology specialists at the end of the half-year. The latest cohort of staff brought with them skills and expertise from a wide range of disciplines including enterprise architecture, software engineering, quality assurance, business analysis and cloud technologies.
Activity levels ramped up rapidly during the period, seeing multiple contracts running concurrently with double-digit headcount on each. A broad range of engagements has included helping the Met Office to improve its offering to service users, the Office of Product Safety & Standards to protect consumers from harmful products, the Foreign, Commonwealth & Development Office to support its diplomats globally, and the Department for Transport to improve facilities planning via its Connectivity Tool. Not only have our teams been focused on delivery, but they have also been assisting with uplifting the digital skills of the civil service teams with whom we collaborate. This combination of delivery and upskilling has played a key role in securing the extremely positive feedback from clients which is a hallmark of our service.
The second half looks set to continue in a similar vein, bolstered we anticipate by an increase in opportunities following the settlement of Government's spending plans.
Outlook
We are extremely enthusiastic about the outlook. Our interim results reflect the Company as it currently stands, without being run 'hot' in the pursuit of short-term profit. The level of spare capacity is carefully judged to enable new business to be accommodated quickly, as soon as it is won. We have no hesitation in acquiring the finest new staff and covering their salaries and costs in anticipating future growth.
The internal morale and cohesion of our staff (almost all permanent employees), resulting from many teams having extended experience of working together and a programme of social and cultural interaction, is one of our greatest strengths.
Dividend
The Board have carefully considered the level of interim dividend and believe it is prudent, given that things are still settling down, to recommend that the interim dividend be maintained at the same level as the last two years at 2p.
It is of paramount importance to our business strategy that we remain debt free and cash rich, and have the flexibility and agility which this brings.
Employees
I would like to thank all our staff, both our long serving employees and first rate recent recruitees, who have performed excellently.
Dr John Rigg
Executive Chairman
6 November 2024
Unaudited condensed consolidated statement of comprehensive income and expense for the six months ended 30 September 2024
Group and Company | Note | Unaudited 2024 | Unaudited 2023 | Audited year ended 31 March 2024 |
| | £'000 | £'000 | £'000 |
Revenue | 2 | 10,210 | 6,393 | 14,046 |
Cost of sales | | (7,239) | (5,442) | (11,227) |
Gross profit | | 2,971 | 951 | 2,819 |
Administrative expenses | | (2,229) | (1,932) | (4,097) |
Profit/(Loss) from operations | | 742 | (981) | (1,278) |
Finance income | | 28 | 14 | 40 |
Sundry income | 3 | 357 | - | - |
Lease Impairment | 8 | (357) | - | - |
Finance expense | 4 | (23) | (27) | (53) |
Profit/(Loss) before tax | | 747 | (994) | (1,291) |
Tax credit/(charge) | 5 | 30 | (5) | 278 |
Profit/(Loss) for the period and total comprehensive income attributable to equity holders of the parent | | 777 | (999) | (1,013) |
Basic earnings/(loss) per share | 7 | 4.66p | (6.03p) | (6.10p) |
Diluted earnings/(loss) per share | 7 | 4.54p | (6.03p) | (6.10p) |
All amounts relate to continuing activities.
Unaudited condensed consolidated statement of changes in equity for the six months ended 30 September 2024
Group | Share Capital | Share premium account | Capital redemption reserve | Retained earnings | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 |
At 1 April 2023 | 166 | 894 | 104 | 4,030 | 5,194 |
Loss for the period and total comprehensive income | - | - | - | (999) | (999) |
Dividend paid | - | - | - | (664) | (664) |
Ordinary shares issued | - | 7 | - | - | 7 |
Share-based payments | - | - | - | 110 | 110 |
At 30 September 2023 (unaudited) | 166 | 901 | 104 | 2,477 | 3,648 |
|
|
|
|
|
|
At 1 April 2024 | 166 | 906 | 104 | 2,223 | 3,399 |
Profit for the period and total comprehensive income | - | - | - | 777 | 777 |
Dividend paid | - | - | - | (667) | (667) |
Ordinary shares issued | 1 | 13 | - | - | 14 |
Share-based payments | - | - | - | 121 | 121 |
At 30 September 2024 (unaudited) | 167 | 919 | 104 | 2,454 | 3,644 |
|
|
|
|
|
|
At 1 April 2023 | 166 | 894 | 104 | 4,030 | 5,194 |
Loss for the year and total comprehensive income | - | - | - | (1,013) | (1,013) |
Dividend paid | - | - | - | (996) | (996) |
Ordinary shares issued | - | 12 | - | - | 12 |
Share-based payments | - | - | - | 202 | 202 |
At 31 March 2024 | 166 | 906 | 104 | 2,223 | 3,399 |
Unaudited condensed consolidated statement of financial position as at 30 September 2024
| Note | Unaudited 2024 | Unaudited 2023 | Audited year ended 31 March 2024 |
| | £'000 | £'000 | £'000 |
Non-current assets | |
|
|
|
Intangible assets | | - | 1 | - |
Property, plant and equipment | | 177 | 177 | 173 |
Right-of-use assets | 8 | 298 | 481 | 389 |
Finance lease receivables | 8 | - | 348 | 297 |
Deferred tax | 5 | 416 | 103 | 386 |
| | 891 | 1,110 | 1,245 |
Current assets | |
| | |
Trade and other receivables | 9 | 2,884 | 2,529 | 3,105 |
Finance lease receivables | 8 | - | 96 | 99 |
Cash and cash equivalents | | 2,882 | 2,621 | 2,052 |
| | 5,766 | 5,246 | 5,256 |
Total assets | | 6,657 | 6,356 | 6,501 |
Current liabilities | |
| | |
Trade and other payables | 10 | (2,103) | (1,610) | (2,152) |
Short term provisions | | (136) | - | (136) |
Lease liabilities | 8 | (188) | (271) | (215) |
| | (2,427) | (1,881) | (2,503) |
Non-current liabilities | |
| | |
Long term provisions | | (139) | (197) | (61) |
Lease liabilities | 8 | (447) | (630) | (538) |
| | (586) | (827) | (599) |
Total liabilities | | (3,013) | (2,708) | (3,102) |
Net assets | | 3,644 | 3,648 | 3,399 |
Shareholders' equity | |
| | |
Share capital | | 167 | 166 | 166 |
Share premium account | | 919 | 901 | 906 |
Capital redemption reserve | | 104 | 104 | 104 |
Retained earnings | | 2,454 | 2,477 | 2,223 |
Total shareholders' equity | | 3,644 | 3,648 | 3,399 |
Unaudited condensed consolidated statement of cash flows
for the six months ended 30 September 2024
| Note | Unaudited 2024 £'000 |
Unaudited 2023 £'000 | Audited year ended 31 March 2024 £'000 |
Cash flows from operating activities | |
| | |
Profit/(Loss) for the period before taxation |
| 747 | (994) | (1,291) |
Adjustments for: |
|
| | |
Depreciation of property, plant and equipment |
| 35 | 33 | 66 |
Amortisation of right of use assets |
| 91 | 91 | 183 |
Other income received |
| (78) | - | - |
Sundry income received | 3 | (357) | - | - |
Impairment of finance leases | 8 | 357 | | |
Amortisation of intangible assets |
| - | - | 1 |
Interest received |
| (28) | (14) | (40) |
Finance expense | 4 | 23 | 27 | 52 |
Share-based payment expense |
| 121 | 110 | 202 |
Changes in working capital |
|
| | |
Decrease/(Increase) in trade and other receivables |
| 299 | 12 | (564) |
Decrease in trade and other payables |
| (49) | (660) | (117) |
Increase in provisions |
| 78 | - | - |
Cash generated/(used) by operations | | 1,239 | (1,395) | (1,508) |
Deposit interest received | | 23 | - | 17 |
Foreign exchange loss | | (1) | - | (2) |
Net cash inflow/(outflow) from operating activities | | 1,261 | (1,395) | (1,493) |
Investing activities | |
| | |
Finance lease interest received | 8 | 6 | 14 | 24 |
Finance lease payments received | 8 | 396 | 45 | 94 |
Purchase of property, plant and equipment | | (39) | (8) | (40) |
Net cash generated in investing activities | | 363 | 51 | 78 |
Financing activities | |
| | |
Proceeds of issue of shares | | 13 | 6 | 12 |
Lease liabilities principal payments | 8 | (118) | (145) | (293) |
Lease liabilities interest payments | 8 | (22) | (27) | (51) |
Dividends paid | 6 | (667) | (664) | (996) |
Net cash outflow from financing activities | | (794) | (830) | (1,328) |
Net increase/(decrease) in cash and cash equivalents | | 830 | (2,174) | (2,743) |
Cash and cash equivalents at beginning of the period | | 2,052 | 4,795 | 4,795 |
Cash and cash equivalents at end of the period | | 2,882 | 2,621 | 2,052 |
Notes to the financial statements for the six months ended
30 September 2024
1. Principal accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been consistently applied to all the periods presented, unless otherwise stated.
These financial statements have been prepared in accordance with UK adopted International Financial Reporting Standards (IFRSs) and the provisions of the Companies Act 2006.
The comparative financial information for the year ended 31 March 2024 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2024 have been filed with the Registrar of Companies. The Independent Auditor's Report on the Annual Report and Financial Statements for 2024 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The financial information for the half years ended 30 September 2024 and 30 September 2023 does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 and has been neither audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.
These financial statements have been prepared on a going concern basis.
These financial statements have been prepared on a historical cost basis and are presented in pounds sterling, generally rounded to the nearest thousand, the functional currency of the Group.
Going Concern
The Group continues to operate an efficient low-cost and cash generative model. For the six months ended 30 September 2024, the Group has not utilised any external debt or lending facilities (2023: nil) with no exposure to bad debts in the period. Cash balances have increased to £2.9m at the balance sheet date (2023: £2.6m), which includes a total dividend paid in the 6 months period of £0.7m (2023 £0.7m). The future cash position remains robust.
The positive going concern assessment made for the year ended 31 March 2024 is still relevant to both current and future trading expectations. This going concern assessment included in particular a reverse stress test model which included the most extreme scenario possible with all current client contracts discontinued at expiry, with no extension or replacement and with no cost mitigation. Following a review of these assessments in light of current trading performance and cash flow forecasts for the next 12 months, the Directors have concluded that the Group would have sufficient headroom and cash balances to continue in operation.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and at least twelve months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the half year accounts.
New standards, interpretations and amendments
The accounting policies applied in these financial statements are as applied in the annual report and accounts for the year ended 31 March 2024.
2. Revenue
The Group operates solely in the UK. All material revenues are generated in the UK.
In accordance with IFRS 15, the Group disaggregates revenue by contract type as management believe this best depicts how the nature, timing and uncertainty of the Group's revenue and cash flows are affected by economic factors. Accordingly, the following table disaggregates the Group's revenue by contract type:
Group and Company | Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Time and materials | 10,020 | 6,161 | 13,344 |
Fixed price | 160 | 234 | 708 |
Licencing | 30 | (2) | (6) |
| 10,210 | 6,393 | 14,046 |
Licence revenue of -£2k (Audited year ended 31 March 2024: -£6k) in the previous year is due to adverse foreign exchange rates differences in the contract period.
The Group also disaggregates revenue by operating sector reflecting the different commercial risks (e.g., credit risk) associated with each.
Group and Company | Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Public sector | 9,400 | 4,994 | 11,385 |
Private sector | 810 | 1,399 | 2,661 |
| 10,210 | 6,393 | 14,046 |
3. Sundry income
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Reinstatement of right-of-use asset | 357 | - | - |
Sundry income | 357 | - | - |
4. Finance expense
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Interest expense on lease liability | 22 | 27 | 51 |
Net foreign exchange loss | 1 | - | 2 |
Total finance expense | 23 | 27 | 53 |
5. Tax (credit)/charge
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Current tax |
| | |
Current tax on profits for the period | - | - | - |
Deferred tax |
| | |
(Increase)/decrease in recognised deferred tax asset | (30) | 5 | (278) |
Total tax (credit)/charge for the period | (30) | 5 | (278) |
The differences between the actual tax charge for the period and the standard rate of corporation tax in the UK applied to profits/(losses) for the period are as follows:
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Profit/(Loss) before tax | 747 | (994) | (1,291) |
Profit/(Loss) before tax multiplied by standard rate of corporation tax in the UK of 25% (2024:25%) | 187 | (249) | (323) |
Expenses not deductible for tax purposes | 43 | 6 | 67 |
Allowances recognised | (25) | (3) | (18) |
Utilisation of losses brought forward | (203) | - | - |
(Recognition)/derecognition of deferred tax on losses | (30) | 251 | (4) |
Temporary differences | (2) | - | - |
Tax (credit)/charge for the period | (30) | 5 | (278) |
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Deferred tax asset |
| | |
The movement in deferred tax is as follows: |
| | |
At beginning of the period | 386 | 108 | 108 |
Reversal of previously unrecognised/(recognised) deferred tax on losses | 34 | (5) | 278 |
Reduction in relation to timing differences | (4) | - | - |
At end of the period | 416 | 103 | 386 |
Deferred tax assets have been recognised in respect of tax losses where the Directors believe it is probable that the assets will be recovered. This expectation of recovery is calculated by modelling estimates of future taxable profits that can be offset with historic trading losses brought forward. In
calculating this taxable profit, probabilities are applied to current forecasts and adjustments to taxable
profits are taken into consideration. A deferred tax asset amounting to £230,142 (2023: £689,022) has not been recognised in respect of trading losses of £920,566 (2023: £2,756,089), which can be carried forward indefinitely.
Deferred tax assets have not been recognised for potential temporary differences arising from unexercised share options and restricted stock units of £436k (2023: £114k) and general provisions of £27k (2023: £27k) as the Directors believe it is not certain these assets will be recovered.
6. Dividends
The Directors propose an interim dividend for the period to 30 September 2024 of 2p per share (2023 interim dividend: 2p per share).
The Company will pay the dividend on 20 December 2024 to all shareholders on the register of members of the Company at the close of business on 22 November 2024. The ex-dividend date will be on 21 November 2024.
7. Earnings per ordinary share
Earnings/(losses) per share have been calculated on the profit/(loss) for the year divided by the weighted average number of shares in issue during the period based on the following:
| Unaudited 30 September 2024 | Unaudited 30 September 2023 | Audited 31 March 2024 |
Profit/(loss) for the period | £777,000 | (£999,000) | (£1,013,000) |
Average number of shares in issue | 16,661,391 | 16,571,366 | 16,600,680 |
Effect of dilutive options | 468,551 | - | - |
Average number of shares in issue plus dilutive options | 17,129,942 | 16,571,366 | 16,600,680 |
Basic earnings/(loss) per share | 4.66p | (6.03p) | (6.10p) |
Diluted earnings/(loss) per share | 4.54p | (6.03p) | (6.10p) |
8. Leases
The carrying amounts of the right-of-use assets recognised and the movements during the period are outlined below:
| Land and buildings | Total |
| £'000 | £'000 |
At 31 March 2023 |
|
|
Opening position | 572 | 572 |
Amortisation | (91) | (91) |
At 30 September 2023 | 481 | 481 |
At 31 March 2024 | | |
Opening position | 389 | 389 |
Reinstatement | 357 | 357 |
Impairment | (357) | (357) |
Amortisation | (91) | (91) |
At 30 September 2024 | 298 | 298 |
During the period, the Company entered into a settlement agreement to terminate the leasing arrangement with its tenant. A right-of-use asset of £357k has been reinstated that has been impaired by the same amount until a new tenant is established.
Lease Liabilities
The carrying amounts of the lease liabilities recognised are as follows:
| Land and buildings | Total |
| £'000 | £'000 |
At 31 March 2023 |
|
|
Opening position | 1,046 | 1,046 |
Interest expense | 27 | 27 |
Lease payments | (172) | (172) |
At 30 September 2023 | 901 | 901 |
At 31 March 2024 | | |
Opening position | 753 | 753 |
Interest expense | 22 | 22 |
Lease payments | (140) | (140) |
At 30 September 2024 | 635 | 635 |
At the balance sheet date, the Group had outstanding commitments for future lease payments as follows:
At 30 September 2023 | Up to 3 months | Between 3 and 12 months | Between 1 and 2 years | Between 2 and 5 years |
| £'000 | £'000 | £'000 | £'000 |
Discounted lease liabilities | 74 | 197 | 184 | 446 |
Undiscounted lease liabilities | 86 | 231 | 215 | 484 |
At 30 September 2024 | Up to 3 months | Between 3 and 12 months | Between 1 and 2 years | Between 2 and 5 years |
| £'000 | £'000 | £'000 | £'000 |
Discounted lease liabilities | 51 | 137 | 193 | 254 |
Undiscounted lease liabilities | 59 | 161 | 215 | 269 |
Finance lease receivables
During the period, the lease pertaining to the finance lease receivable was terminated and the total finance lease receivable asset of £402k was derecognised.
The carrying amounts of the lease receivable asset are as follows:
| Land and buildings | Total |
| £'000 | £'000 |
At 31 March 2023 |
|
|
Opening position | 490 | 490 |
Interest received | 13 | 13 |
Payments received | (59) | (59) |
At 30 September 2023 | 444 | 444 |
At 31 March 2024 | | |
Opening position | 396 | 396 |
Interest received | 6 | 6 |
Disposals | (402) | (402) |
At 30 September 2024 | - | - |
At the balance sheet date, the Group had no future finance lease receivables. The prior year was as follows:
At 30 September 2023 | Up to 3 months | Between 3 and 12 months | Between 1 and 2 years | Between 2 and 5 years |
| £'000 | £'000 | £'000 | £'000 |
Discounted lease receivables | 24 | 72 | 101 | 247 |
Undiscounted lease receivables | 30 | 89 | 119 | 267 |
9. Trade and other receivables
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Trade receivables | 2,453 | 1,643 | 2,734 |
Less: provision for expected credit losses | (5) | (5) | (5) |
Trade receivables-net | 2,448 | 1,638 | 2,729 |
Contract assets | 147 | 603 | 203 |
Unbilled income | - | 1 | - |
Other debtors | 6 | 5 | - |
Trade and other receivables | 2,601 | 2,247 | 2,932 |
Prepayments | 283 | 282 | 173 |
| 2,884 | 2,529 | 3,105 |
Analysed as: |
| | |
Current asset | 2,884 | 2,529 | 3,105 |
Total | 2,884 | 2,529 | 3,105 |
The fair value of trade and other receivables approximates closely to their book value.
Unbilled income is in respect to the billing profile of a licence agreement.
Movements on the provision for expected credit loss are as follows:
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
At beginning of the period | 5 | 5 | 5 |
Credited to income statement | - | - | - |
At end of the period (credit loss allowance) | 5 | 5 | 5 |
The carrying amount of the Group's trade and other receivables are denominated in the following currencies:
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Sterling | 2,600 | 2,222 | 2,931 |
Euros | 1 | 25 | 1 |
| 2,601 | 2,247 | 2,932 |
10. Trade and other payables
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Trade payables | 443 | 606 | 419 |
Accruals | 276 | 165 | 506 |
| 719 | 771 | 925 |
Contract liabilities | 39 | 33 | 68 |
Other taxation and social security | 1,345 | 806 | 1,159 |
| 2,103 | 1,610 | 2,152 |
Analysed as: |
| | |
Current liability | 2,103 | 1,610 | 2,152 |
Total | 2,103 | 1,610 | 2,152 |
The majority of trade and other payables are settled within three months from the period end.
The fair value of trade and other payables approximates closely to their book value.
The carrying amount of trade and other payables is denominated in the following currencies:
| Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | Audited year ended 31 March 2024 |
| £'000 | £'000 | £'000 |
Sterling | 719 | 641 | 920 |
Euros | - | 130 | 5 |
| 719 | 771 | 925 |
11. Related party transactions and ultimate control
The Group and Company rents one of its offices under a lease. The current annual rent of £215,000 was fixed, by independent valuation, at the last rent review in 2008. J C Rigg, a Director, has notified the Board that he has a 50% beneficial interest in this contract. The balance owed at the period end was £nil (2023: £nil). There is no ultimate controlling party.
12. Statement of the directors' responsibilities
The Board confirms to the best of their knowledge:
· that the condensed consolidated half year financial statements for the six months to 30 September 2024 have been prepared in accordance with IAS 34 'Interim Financial Reporting' as per UK adopted international accounting standards; and
· that the Half Year Report includes a fair review of the information required by sections 4.2.7R and 4.2.8R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the period and their impact on the condensed consolidated half year financial statements; a description of the principal risks and uncertainties for the remainder of the current financial year; and the disclosure requirements in respect of material related party transactions.
By order of the Board
James McDonald
Company Secretary
6 November 2024
Names of the current Board of Directors can be found on the Company website at www.triad.co.uk.
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