Reflex hit with pre-tax losses of €609,000

REFLEX GROUP, the London-quoted former technology company chaired by Irishman Tony Kilduff, is set to change its name in line with its move into healthcare and leisure.

The company yesterday announced pre-tax losses of £406,000 (€609,000) for the first six months of the year, compared with losses of £359,000 the previous year. Turnover fell 7% to £1.5 million (€2.2m), which the company put down to a change in accounting policy.

Mr Kilduff said it was appropriate to change the company’s name to Healthy Living Centres to reflect its new focus. Shareholders will be asked to approve the change at an extraordinary general meeting in Dublin next month.

Mr Kilduff also announced his intention to stand down as chairman after the EGM. He will be replaced by Luke Johnson, who has served on the Reflex board as a non-executive director for some time.

Mr Kilduff said the marketplace continued to be difficult during the first half of 2004 but there was good news in the number of new people signing up to become members of Reflex’s health centres.

Reflex would also seek to open new outlets under a franchise-based model, which would be easier on cashflow than other methods.

Reflex shares were unchanged at 1.75p yesterday. The company is valued at less than £3m (€4.4m).