TIDMCMG
RNS Number : 5768P
Croma Group PLC
27 March 2009
Croma Group PLC
Interim results for the six months to 31 December 2008
Croma Group PLC ("Croma", the "Group", or "the Company") the AIM listed
avionics, biometrics and asset protection specialist, announces its interim
results for the six months to 31 December 2008.
Highlights:
* Strong performance despite the economic climate
* Revenues only marginally down at GBP3.25m (2007 - GBP3.32m)
* Maiden retained profit before tax of GBP16,876 (2007: loss GBP18,733)
* Important and strategic new contracts won during and after the period
Chairman's Statement
I am pleased to be able to report that the financial results to 31 December 2008
demonstrate a promising performance by the Group despite the effects of the
global economic crisis.
During the six months Group turnover dropped only slightly to GBP3.25m (2007:
GBP3.32m) and it is pleasing to be able to report the first net profit
attributable to shareholders in the history of the business at GBP16,876 (2007:
loss GBP18,733) due largely to the end of the process of restructuring the
Group.
Sales were down marginally due largely to the restructuring of the biometric
access business and the Board continues to believe that this business will turn
the corner under the new management introduced during the period.
The Group's avionics and asset protection subsidiaries performed well given the
circumstances, although margin was lost in the avionics business due to delays
in order fulfilment which will be rectified in the second half. The businesses
have nevertheless won some profitable and strategically important new contracts,
with both the UK and European defence industries, amongst others.
Given the strength of current order books, the continuing review of the cost
base of the businesses and the availability of finance sufficient for its
purposes, the Board expects sustained growth in the avionics and asset
protection subsidiaries and some level of recovery in the biometrics business.
Finally, I would like to thank the directors and staff of the Group for their
continued efforts in these difficult markets.
Nicholas Hewson
Non-executive Chairman
26th March 2009
CROMA GROUP PLC
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 (UNAUDITED)
+------------------------------+--------+----------------+---------------+-------------+
| | Notes | 6 Months ended | 6 Months | Year ended |
| | | 31 December | ended | 30 June |
| | | 2008 | 31 December | 2008 |
| | | GBP | 2007 | GBP |
| | | | GBP | |
+------------------------------+--------+----------------+---------------+-------------+
| | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Revenue | | 3,253,174 | 3,318,014 | 7,108,051 |
+------------------------------+--------+----------------+---------------+-------------+
| Cost of Sales | | (2,248,521) | (2,006,771) | (4,674,306) |
+------------------------------+--------+----------------+---------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+--------+----------------+---------------+-------------+
| Gross profit | | 1,004,653 | 1,311,243 | 2,433,745 |
+------------------------------+--------+----------------+---------------+-------------+
| | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Goodwill impairment | | - | - | (445,486) |
+------------------------------+--------+----------------+---------------+-------------+
| Other administrative | | (920,328) | (1,056,873) | (2,252,017) |
| expenses | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Administrative expenses | | (920,328) | (1,056,873) | (2,697,503) |
+------------------------------+--------+----------------+---------------+-------------+
| | | __________ | __________ | __________ |
+------------------------------+--------+----------------+---------------+-------------+
| | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Profit/(loss) from | | 84,325 | 254,370 | (263,758) |
| operations | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Financial income | | 1,044 | 1,423 | 4,635 |
+------------------------------+--------+----------------+---------------+-------------+
| Financial expenses | | (68,493) | (57,681) | (235,199) |
+------------------------------+--------+----------------+---------------+-------------+
| | | __________ | _________ | _________ |
+------------------------------+--------+----------------+---------------+-------------+
| Profit/(Loss) before | | 16,876 | 198,112 | (494,322) |
| taxation | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Taxation expense | 2 | - | - | - |
+------------------------------+--------+----------------+---------------+-------------+
| | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Profit/(Loss) from | | 16,876 | 198,112 | (494,322) |
| continuing operations | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Loss from discontinued | | - | (216,845) | (174,767) |
| operations net of tax | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| | | _________ | _________ | _________ |
+------------------------------+--------+----------------+---------------+-------------+
| Profit/(Loss) attributable | | 16,876 | (18,733) | (669,089) |
| to equity shareholders | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| | | ========= | ========= | ========= |
+------------------------------+--------+----------------+---------------+-------------+
| Profit/(Loss) per share | 3 | 0.01p | (0.01p) | (0.39p) |
| - basic | | | | |
+------------------------------+--------+----------------+---------------+-------------+
| Profit/(Loss) per share | | 0.01p | (0.01p) | (0.39p) |
| - diluted | | | | |
+------------------------------+--------+----------------+---------------+-------------+
CROMA GROUP PLC
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2008 (UNAUDITED)
+---------------------------------------+---------------+----------------+-------------+
| | 31 December | 31 December | 30 June |
| | 2008 | 2007 | 2008 |
| | GBP | GBP | GBP |
+---------------------------------------+---------------+----------------+-------------+
| Assets | | | |
+---------------------------------------+---------------+----------------+-------------+
| Non-current assets | | | |
+---------------------------------------+---------------+----------------+-------------+
| Goodwill | 2,148,650 | 2,594,136 | 2,148,650 |
+---------------------------------------+---------------+----------------+-------------+
| Property, plant and equipment | 239,940 | 200,619 | 234,560 |
+---------------------------------------+---------------+----------------+-------------+
| | _________ | __________ | _________ |
+---------------------------------------+---------------+----------------+-------------+
| Total non-current assets | 2,388,590 | 2,794,755 | 2,383,210 |
+---------------------------------------+---------------+----------------+-------------+
| | _________ | __________ | _________ |
+---------------------------------------+---------------+----------------+-------------+
| Current assets | | | |
+---------------------------------------+---------------+----------------+-------------+
| Inventories | 347,114 | 253,558 | 299,319 |
+---------------------------------------+---------------+----------------+-------------+
| Trade and other receivables | 1,354,276 | 1,507,942 | 1,484,404 |
+---------------------------------------+---------------+----------------+-------------+
| Cash | 3,606 | 145,681 | 62,375 |
+---------------------------------------+---------------+----------------+-------------+
| | __________ | _________ | _________ |
+---------------------------------------+---------------+----------------+-------------+
| Total current assets | 1,704,996 | 1,907,181 | 1,846,098 |
+---------------------------------------+---------------+----------------+-------------+
| | __________ | _________ | _________ |
+---------------------------------------+---------------+----------------+-------------+
| Total assets | 4,093,586 | 4,701,936 | 4,229,308 |
+---------------------------------------+---------------+----------------+-------------+
| Liabilities | | | |
+---------------------------------------+---------------+----------------+-------------+
| Non-current liabilities | | - | |
+---------------------------------------+---------------+----------------+-------------+
| Long term borrowings | (1,301,246) | (1,186,544) | (1,295,848) |
+---------------------------------------+---------------+----------------+-------------+
| Deferred tax | (2,828) | (2,828) | (2,828) |
+---------------------------------------+---------------+----------------+-------------+
| | __________ | _________ | _________ |
+---------------------------------------+---------------+----------------+-------------+
| Total non current liabilities | (1,304,074) | (1,189,372) | (1,298,676) |
+---------------------------------------+---------------+----------------+-------------+
| | | | |
+---------------------------------------+---------------+----------------+-------------+
| Current liabilities | | | |
+---------------------------------------+---------------+----------------+-------------+
| Trade and other payables | (291,318) | (803,315) | (212,281) |
+---------------------------------------+---------------+----------------+-------------+
| Tax | (261,271) | (127,659) | (446,556) |
+---------------------------------------+---------------+----------------+-------------+
| Accruals and deferred income | (221,660) | (257,040) | (498,850) |
+---------------------------------------+---------------+----------------+-------------+
| Bank overdrafts and loans | (512,979) | (561,842) | (309,007) |
+---------------------------------------+---------------+----------------+-------------+
| | __________ | _________ | ________ |
+---------------------------------------+---------------+----------------+-------------+
| Total current liabilities | (1,287,228) | (1,749,856) | (1,466,694) |
+---------------------------------------+---------------+----------------+-------------+
| Total liabilities | (2,591,303) | (2,939,228) | (2,765,370) |
+---------------------------------------+---------------+----------------+-------------+
| | | | |
+---------------------------------------+---------------+----------------+-------------+
| Net assets | 1,502,284 | 1,762,708 | 1,463,938 |
+---------------------------------------+---------------+----------------+-------------+
| | ============ | =========== | ========== |
+---------------------------------------+---------------+----------------+-------------+
| | | | |
+---------------------------------------+---------------+----------------+-------------+
| Capital and reserves attributable to | | | |
| equity holders of the company | | | |
+---------------------------------------+---------------+----------------+-------------+
| Share capital | 9,161,453 | 8,841,413 | 9,161,453 |
+---------------------------------------+---------------+----------------+-------------+
| Share Premium | 1,388,522 | 1,388,522 | 1,388,522 |
+---------------------------------------+---------------+----------------+-------------+
| Other reserves | 513,653 | 460,636 | 492,182 |
+---------------------------------------+---------------+----------------+-------------+
| Retained earnings | (9,561,344) | (8,927,863) | (9,578,219) |
+---------------------------------------+---------------+----------------+-------------+
| | __________ | _________ | _________ |
+---------------------------------------+---------------+----------------+-------------+
| | 1,502,284 | 1,762,708 | 1,463,938 |
+---------------------------------------+---------------+----------------+-------------+
| | ============ | =========== | =========== |
+---------------------------------------+---------------+----------------+-------------+
This interim financial information was approved by the Board of Directors on
26th March 2009
G M McGill
Director
CROMA GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 (UNAUDITED)
+----------------------------------+--------+--------------+--------------+------------+
| | Notes | 6 Months | 6 Months | Year ended |
| | | ended | ended | 30 June |
| | | 31 December | 31 December | 2008 |
| | | 2008 | 2007 | GBP |
| | | GBP | GBP | |
+----------------------------------+--------+--------------+--------------+------------+
| | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Cashflow from operating | | | | |
| activities | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Profit/(Loss) before taxation | | 16,876 | (18,733) | (669,089) |
+----------------------------------+--------+--------------+--------------+------------+
| Adjustments for: | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Depreciation | | 18,119 | 13,259 | 37,412 |
+----------------------------------+--------+--------------+--------------+------------+
| Impairment of Goodwill | | - | - | 445,486 |
+----------------------------------+--------+--------------+--------------+------------+
| Gain on sale of property, plant | | - | - | (1,325) |
| and equipment | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Add back of the share based | | 21,381 | 73,122 | 101,306 |
| payment expense | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Financial Income | | (1,044) | (1,423) | (4,635) |
+----------------------------------+--------+--------------+--------------+------------+
| Financial expenses | | 68,493 | 57,681 | 235,199 |
+----------------------------------+--------+--------------+--------------+------------+
| Cashflows from operating | | 123,825 | | 144,354 |
| activities before changes in | | | | |
| working capital and provisions | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| (Increase)/Decrease in | | (47,795) | 57,657 | 11,893 |
| inventories | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| (Increase)/Decrease in trade and | | 130,128 | (80,614) | (57,076) |
| other receivables | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| (Decrease)/Increase in trade and | | (424,378) | (604,387) | (536,828) |
| other payables | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Cash generated from operations | | (218,220) | (503,438) | (437,657) |
+----------------------------------+--------+--------------+--------------+------------+
| Interest received | | 1,044 | 1,423 | 4,635 |
+----------------------------------+--------+--------------+--------------+------------+
| Interest paid | | (63,095) | (57,681) | (137,441) |
+----------------------------------+--------+--------------+--------------+------------+
| Income taxes | | - | - | (20,721) |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Net cash from operating | | (280,271) | (559,696) | (591,184) |
| activities | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Cash Flows from investing | | | | |
| activities | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Purchase of property, plant and | | (23,192) | (22,772) | (83,347) |
| equipment | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Proceeds on disposal of | | - | - | 3,809 |
| property, plant and equipment | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Net cash used in investing | | (23,192) | (22,772) | (79,538) |
| activities | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Cash flows from financing | | | | |
| activities | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| Issue of Loan Notes | | - | 120,000 | 420,000 |
+----------------------------------+--------+--------------+--------------+------------+
| Repayment of borrowings | | - | (3,156) | (50,024) |
+----------------------------------+--------+--------------+--------------+------------+
| Issue of Share Capital - cash | | - | 400,000 | 400,000 |
| issue | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Net cash from financing | | - | 516,844 | 769,976 |
| activities | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Net (decrease)/increase in cash | | (303,463) | (65,624) | 99,254 |
| and cash equivalents | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Cash and cash equivalents at | | (205,910) | (350,537) | (305,164) |
| beginning of period | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | | __________ | __________ | __________ |
+----------------------------------+--------+--------------+--------------+------------+
| Cash and cash equivalents at end | 4 | (509,373) | (416,161) | (205,910) |
| of period | | | | |
+----------------------------------+--------+--------------+--------------+------------+
| | ========== | ========== | ========== |
+----------------------------------+--------+--------------+--------------+------------+
NOTES TO THE INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 31 DECEMBER 2008
1.Accounting policies
The financial information in the half yearly report has been prepared using the
recognition and measurement principles of International Accounting Standards,
International Financial Reporting Standards and Interpretations adopted for use
in the European Union (collectively Adopted IFRSs). The principle accounting
policies used in preparing the half yearly report are those the group expects to
apply in its financial statements for the year ended 30 June 2009 and are
unchanged from those disclosed in the Group's Directors report and consolidated
financial statements for the year ended 30 June 2008. The financial information
for the six months ended 31 December 2008 and the six months ended 31 December
2007 is unaudited and does not constitute the group's statutory financial
statements for those periods. The comparative financial information for the full
year ended 30 June 2008 has, however, been derived from the audited statutory
financial statements for that period. A copy of these statutory financial
statements has been delivered to the Registrar of Companies. The auditors'
report on these accounts was unqualified, did not include references to any
matters to which the auditors drew attention by way of emphasis without
qualifying their report and did not contain a statement under section 237(2)-(3)
of the Companies Act 1985.
While the financial figures included in this half-yearly report have been
computed in accordance with IFRSs applicable to interim periods, this
half-yearly report does not contain sufficient information to constitute an
interim financial report as that term is derived in IAS34.
2. Taxation
Taxation has been provided for at 28% (2007: 30%) although no taxation has been
charged due to the availability of tax losses brought forward.
3. Earnings per share
The earnings per share is based on the profit/(loss) for the period and the
weighted average number of ordinary shares in issue and ranking for dividend.
+------------------------------+---------------+---------------+--------------+
| | 6 Months | 6 Months | Year ended |
| | ended | ended | 30 June |
| | 31 December | 31 December | 2008 |
| | 2008 | 2007 | GBP |
| | | GBP | |
| | GBP | | |
+------------------------------+---------------+---------------+--------------+
| Profit/(Loss) for the period | 16,876 | (18,733) | (669,089) |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
| Weighted average number of | 177,383,964 | 170,983,164 | 171,180,961 |
| shares | | | |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
| Profit/(Loss) per share | 0.01p | (0.01p) | (0.39p) |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
| Fully diluted profit/(loss) | 0.01p | (0.01p) | (0.39p) |
| per share | | | |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
4. Cash and cash equivalents
+------------------------------+---------------+---------------+--------------+
| | 6 Months | 6 Months | Year ended |
| | ended | ended | 30 June |
| | 31 December | 31 December | 2008 |
| | 2008 | 2007 | GBP |
| | GBP | GBP | |
+------------------------------+---------------+---------------+--------------+
| Cash at bank and in hand | 3,606 | 146,551 | 62,375 |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
| Invoice discounting | (477,033) | (465,057) | (268,285) |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
| Bank overdraft | (35,946) | (97,655) | - |
+------------------------------+---------------+---------------+--------------+
| | ========== | ========== | ========== |
+------------------------------+---------------+---------------+--------------+
5. Financial information
The Board of Directors approved the interim report on 26th March 2009. The
financial information in respect of the six months to 31 December 2008 has
neither been audited nor reviewed pursuant to guidance issued by the Auditing
Practices Board. A copy of this report can be obtained from our registered
office at Emerald House, East Street, Epsom, Surrey, KT17 1HS or is available on
our website at www.cromagroup.co.uk.
Enquiries:
+---------------------------------------------------------+------+--------------------------------+
| Croma Group plc | | |
+---------------------------------------------------------+------+--------------------------------+
| Sebastian Morley, CEO | | 07768 006909 |
+---------------------------------------------------------+------+--------------------------------+
| | | |
+---------------------------------------------------------+------+--------------------------------+
| Seymour Pierce Limited | | |
+---------------------------------------------------------+------+--------------------------------+
| Mark Percy | | 020 7107 8000 |
+---------------------------------------------------------+------+--------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR JFMRTMMJTBLL
Croma Grp (LSE:CMG)
Historical Stock Chart
From May 2024 to Jun 2024
Croma Grp (LSE:CMG)
Historical Stock Chart
From Jun 2023 to Jun 2024