TIDMCRAW
RNS Number : 8194T
Crawshaw Group PLC
05 October 2010
+----------------------------------------------------------------+
| Crawshaw Group PLC |
| |
| Interim Results |
| |
| Crawshaw Group PLC ("the Company"), the meat focussed |
| retailer, today reports its interim results for the 6 months |
| ended 31 July 2010. |
+----------------------------------------------------------------+
| Highlights |
| |
+----------------------------------------------------------------+
| · Sales for the first half GBP9.4m (2009 : |
| GBP9.5m). |
+----------------------------------------------------------------+
| · Much improved sales trend towards end of period, |
| with like-for-like sales down 4% to July versus 8% reduction |
| reported at the year end (January 2010) |
+----------------------------------------------------------------+
| · Retail margin up to 44.1% (2009 : 41.6%) and |
| overall Gross Margin is up 5% to GBP4.1m (2009 : GBP3.9m). |
+----------------------------------------------------------------+
| · Operating profit is much improved at GBP0.3m |
| (2009 : GBP0.0m). |
+----------------------------------------------------------------+
| · New store planned. |
+----------------------------------------------------------------+
Overall sales for the first half reduced by less than 1% to GBP9.4m (2009 :
GBP9.5m), whilst operating profit increased to GBP0.3m (2009: GBP0.0m) largely
as a result of improving gross margins and careful cost control.
Towards the end of the period under review we began to see sales trends
improving significantly. We started the period continuing the trend of the
previous year, with like for like sales falling by 8%. However, a much improved
sales performance towards the end of the first half has resulted in the
cumulative trend improving, such that total sales over the full 6 months under
review fell by just 1%.
We continue to drive customer loyalty which remains very high. Customers remain
attracted by the combination of quality, choice, and value. Many of our newer
stores have a higher proportion of hot cooked food and this focus is proving
very successful.
Net debt at GBP1.0m has increased marginally from GBP0.9m at the year end. This
is purely down to the timing of working capital movements in the first half of
the year versus the second half due to the Christmas trading period. Cash
generated from operating activities before movements in working capital in the
period was GBP0.5m (2009 : GBP0.2m). This is more than offset by working
capital movements GBP0.5m and capital expenditure GBP0.1m. We expect net debt
will reduce further over the next 12 months, even as we continue to expand, as
we remain very cash generative.
As previously reported, having opened seven new stores during the last two years
we have gained a great deal of experience regarding the drivers of success. The
larger format store type is proving particularly successful, not only measured
by their initial performance, but also by their good continued growth.
Accordingly it is this format that we are keen to roll out. A new site has
recently been acquired that we plan to open as soon as possible.
Since the half year end, sales have continued to show positive like-for-like
growth and I am therefore confident about the outlook for the full year and
beyond.
Richard Rose
Chairman
5 October 2010
+----------------------------+------+-----------------------+----------------------+-------------+
| CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
+------------------------------------------------------------------------------------------------+
| FOR THE 6 MONTHS ENDED 31/7/2010 |
+------------------------------------------------------------------------------------------------+
| | | Unaudited | Audited | Unaudited |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | 6 Months | 12 | 6 Months |
| | | | Months | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | 31.7.10 | 31.1.10 | 31.7.09 |
+----------------------------+------+-----------------------+----------------------+-------------+
| |Note | GBP | GBP | GBP |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | | | |
| Revenue | 2 | 9,392,338 | 18,953,855 | 9,473,997 |
+----------------------------+------+-----------------------+----------------------+-------------+
| Cost of sales | | (5,251,432) | (10,803,774) | (5,535,363) |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | 4,140,906 | | 3,938,634 |
| Gross profit | | | 8,150,081 | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | | 7,530 | |
| Other operating income | | 1,832 | | 7,742 |
+----------------------------+------+-----------------------+----------------------+-------------+
| Administrative expenses | | (3,874,441) | (7,926,235) | (3,948,105) |
+----------------------------+------+-----------------------+----------------------+-------------+
| Operating profit before | | 268,297 | 318,231 | 85,126 |
| one-off costs | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| Exceptional Items | 3 | - | (86,855) | (86,855) |
+----------------------------+------+-----------------------+----------------------+-------------+
| Operating profit/(loss) | | 268,297 | 231,376 | (1,729) |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | 1,395 | 524 | 513 |
| Finance income | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | (16,652) | (63,931) | (42,673) |
| Finance expenses | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| Net finance expense | | (15,257) | (63,407) | (42,160) |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | | 25,461 | - |
| Share of profit of equity | | (20,000 | | |
| accounted investees (net | | | | |
| of tax) | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| Profit/(Loss) before | | 233,040 | 193,430 | (43,889) |
| income tax | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| Income tax | 4 | (85,966) | 34,253 | (41,963) |
| credit/(expense) | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | 147,074 | 227,683 | (85,852) |
| Profit/(Loss) for the | | | | |
| period | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| Attributable to: | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | | 147,074 | 227,683 | (85,852) |
| Equity holders of the | | | | |
| Company | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | 5 | 0.254p | 0.409p | (0.16p) |
| Basic profit/(loss) per | | | | |
| ordinary share | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
| | 5 | | | (0.16p) |
| Diluted profit/(loss) | | 0.250p | 0.401p | |
| per ordinary share | | | | |
+----------------------------+------+-----------------------+----------------------+-------------+
+----------------------------+------+-----------------+----------------+---------------+
| CONDENSED CONSOLIDATED BALANCE SHEET AT 31 JULY 2010 |
+--------------------------------------------------------------------------------------+
| | | Unaudited | Audited | Unaudited |
+----------------------------+------+-----------------+----------------+---------------+
| | | 31.7.10 | 31.1.10 | 31.7.09 |
+----------------------------+------+-----------------+----------------+---------------+
| ASSETS |Note | GBP | GBP | GBP |
+----------------------------+------+-----------------+----------------+---------------+
| Non Current Assets | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Property, plant and | | 4,438,232 | 4,491,872 | 4,617,240 |
| equipment | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Intangible assets - | | | | |
| goodwill and related | | 7,668,064 | 7,685,404 | 7,702,744 |
| Acquisition intangibles | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Investment in equity | | 115,207 | 135,207 | 109,746 |
| accounted investees | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Total Non Current Assets | | 12,221,503 | 12,312,483 | 12,429,730 |
+----------------------------+------+-----------------+----------------+---------------+
| Current Assets | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Inventories | | 481,179 | 484,998 | 497,281 |
+----------------------------+------+-----------------+----------------+---------------+
| Trade and other | | 341,059 | 409,429 | 659,099 |
| receivables | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Tax receivable | | - | - | 5,137 |
+----------------------------+------+-----------------+----------------+---------------+
| Cash and cash equivalents | | 212,237 | 800,381 | |
| | | | | - |
+----------------------------+------+-----------------+----------------+---------------+
| Total Current Assets | | 1,034,475 | 1,694,808 | 1,161,517 |
+----------------------------+------+-----------------+----------------+---------------+
| Total Assets | | 13,255,978 | 14,007,291 | 13,591,247 |
+----------------------------+------+-----------------+----------------+---------------+
| | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| SHAREHOLDERS' EQUITY | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Share capital | | 2,890,940 | 2,890,940 | 2,890,940 |
+----------------------------+------+-----------------+----------------+---------------+
| Share premium | | 6,317,618 | 6,317,618 | 6,317,618 |
+----------------------------+------+-----------------+----------------+---------------+
| Reverse acquisition | | 446,563 | 446,563 | 446,563 |
| reserve | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Capital contribution | | 149,311 | 149,311 | 149,311 |
| reserve | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Retained earnings | | (145,582) | (312,379) | (662,499) |
+----------------------------+------+-----------------+----------------+---------------+
| Total Shareholders' Equity | 6 | 9,658,850 | 9,492,053 | 9,141,933 |
+----------------------------+------+-----------------+----------------+---------------+
| LIABILITIES | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Non Current Liabilities | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Other payables | | 116,763 | 122,375 | 127,987 |
+----------------------------+------+-----------------+----------------+---------------+
| Interest bearing loans and | | 1,240,000 | 1,740,000 | 2,040,000 |
| borrowings | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Deferred tax liabilities | | 545,943 | 485,342 | 499,196 |
+----------------------------+------+-----------------+----------------+---------------+
| Total Non Current | | 1,902,706 | 2,347,717 | 2,667,183 |
| Liabilities | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Current Liabilities | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Trade and other payables | | 1,694,422 | 2,167,521 | 1,766,772 |
+----------------------------+------+-----------------+----------------+---------------+
| Interest bearing loans and | | - | - | 15,359 |
| borrowings | | | | |
+----------------------------+------+-----------------+----------------+---------------+
| Total Current Liabilities | | 1,694,422 | 2,167,521 | 1,782,131 |
+----------------------------+------+-----------------+----------------+---------------+
| Total Liabilities | | 3,597,128 | 4,515,238 | 4,449,314 |
+----------------------------+------+-----------------+----------------+---------------+
| Total Equity and | | 13,255,978 | 14,007,291 | 13,591,247 |
| Liabilities | | | | |
+----------------------------+------+-----------------+----------------+---------------+
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' |
| EQUITY |
+-----------------------------------------------------------------------------------------+
| | | | |Capital | | Total |
| | Share | Share | Rev | Cont'n | Retained | Equity |
| | Capital | Premium | Acq |Reserve | Earnings | GBP |
| | GBP | GBP |Reserve | GBP | GBP | |
| | | | GBP | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 1 |2,334,009 |4,981,049 |446,563 |149,311 |(613,232) |7,297,700 |
| February 2009 | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Loss for the Period | - | - | - | - | (85,852) | (85,852) |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Share Based | - | - | - | - | 36,585 | 36,585 |
| Payments | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Loan note | 294,118 | 705,882 | - | | |1,000,000 |
| conversion | | | | - | - | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Issue of Shares | 262,813 | 630,687 | - | - | - | 893,500 |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 31 July |2,890,940 |6,317,618 |446,563 |149,311 |(662,499) |9,141,933 |
| 2009 | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 1 August |2,890,940 |6,317,618 |446,563 |149,311 |(662,499) |9,141,933 |
| 2009 | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Profit for the | - | - | - | - | 313,535 | 313,535 |
| period | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Share based payment | - | - | - | - | 36,585 | 36,585 |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 31 |2,890,940 |6,317,618 |446,563 |149,311 |(312,379) |9,492,053 |
| January 2010 | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 1 |2,890,940 |6,317,618 |446,563 |149,311 |(312,379) |9,492,053 |
| February 2010 | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Profit for the | - | - | - | - | 147,074 | 147,074 |
| period | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Share based payment | - | - | - | - | 19,723 | 19,723 |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 31 July |2,890,940 |6,317,618 |446,563 |149,311 | |9,658,850 |
| 2010 | | | | |(145,582) | |
| | | | | | | |
+---------------------+-----------+-----------+---------+---------+-----------+-----------+
+-------------------------------------+------------------------+----------------------------+--------------------------+
| |
| CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE 6 MONTHS ENDED |
| 31 JULY 2010 |
+----------------------------------------------------------------------------------------------------------------------+
| | Unaudited | Audited | Unaudited |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 6 Months | 12 | 6 |
| | | Months | Months |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 31.7.10 | 31.1.10 | 31.7.09 |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Cash flows from operating | GBP | GBP | GBP |
| activities | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 147,074 | 227,683 | (85,852) |
| Profit/(Loss) for the period | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Adjustments for: | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 19,723 | 73,170 | 36,585 |
| Share based payments charge | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 183,586 | 384,979 | 185,517 |
| Depreciation and amortisation | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 5,278 | 11,845 | 11,845 |
| Loss on sale of property, plant and | | | |
| equipment | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 15,257 | 63,407 | 43,265 |
| Net financial charges | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 20,000 | (25,461) | |
| Share of profit of equity accounted | | | - |
| investees (net of tax) | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Taxation | 85,966 | (34,253) | 41,963 |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Operating cashflow before movements | 476,884 | 701,370 | 233,323 |
| in working capital | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 68,371 | 100,460 | (211,833) |
| Movement in trade and other | | | |
| receivables | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | (504,075) | (187,180) | (582,372) |
| Movement in trade and other | | | |
| payables | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Movement in inventories | 3,819 | (23,477) | (35,760) |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | | - | (4,875) |
| Tax paid | - | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Net cash (used in)/ generated from | 44,999 | 591,173 | (601,517) |
| operating activities | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | | | |
| Cash flows from investing | | | |
| activities | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| Purchase of property, plant and | (128,385) | (644,863) | (570,505) |
| equipment | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 10,500 | 22,450 | 4,900 |
| Proceeds from sale of property, | | | |
| plant & equipment | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 1,395 | 524 | 513 |
| Interest received | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | | | |
| Interest paid | (16,652) | (63,931) | (43,778) |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | (133,142) | (685,820) | (608,870) |
| Net cash (used in)/ generated by | | | |
| investing activities | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | | | |
| Cash flows from financing | | | |
| activities | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | | | 893,500 |
| Issue of Ordinary Shares(net of | - | 893,500 | |
| issue costs) | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | (500,000) | (1,462,018) | (1,252,017) |
| Repayment of loans | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | - | - | 90,000 |
| Bank Loan | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | (500,000) | (568,158) | (268,517) |
| Net cash (used in)/ generated from | | | |
| financing activities | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | (588,143) | (663,165) | (1,478,904) |
| Net change in cash and cash | | | |
| equivalents | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | | | |
| Cash and cash equivalents at start | 800,380 | 1,463,545 | 1,463,545 |
| of period | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
| | 212,237 | 800,380 | (15,359) |
| Cash and cash equivalents at end of | | | |
| period | | | |
+-------------------------------------+------------------------+----------------------------+--------------------------+
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
BASIS OF PREPARATION
This unaudited interim financial information is for the 6 month period ended 31
July 2010 and is prepared in accordance with IAS 34 'Interim Financial
Reporting', as adopted by the EU and under the historical cost convention.
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 January 2010, as described in those
annual financial statements, which were prepared in accordance with IFRS as
adopted by the EU.
INTERIM FINANCIAL INFORMATION
The interim financial information for the 6 month period ended 31 July 2010 has
not been audited but has been reviewed by the auditors.
The comparative figures for the financial year ended 31 January 2010 are not the
Company's statutory accounts for that financial year. Those accounts have been
reported on by the Company's auditors and delivered to the registrar of
companies. The report of the auditors was (i) unqualified, (ii) did not include
a reference to any matters to which the auditors drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a statement
under section 498(2) or (3) of the Companies Act 2006.
SIGNIFICANT JUDGEMENTS, KEY ASSUMPTIONS AND ESTIMATION UNCERTAINTY
The preparation of interim financial statements in conformity with adopted IFRS
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities. Actual
results may differ from these estimates.
GOING CONCERN
The Group has in place borrowing facilities up to a maximum of GBP1,840,000.
These facilities are subject to financial performance covenants. They consist of
a mortgage of GBP840,000 and a revolving credit facility of GBP1,000,000.
The revolving credit facility is due for renewal on 30 June 2011. The Directors
have reviewed the banking facilities available to the Group plus the profit and
cash forecasts of the Group with appropriate sensitivities around operational
performance. The Directors have concluded that the Group will (i) meet the
financial performance covenants to June 2011 and (ii) thereafter, be in a
position to either pay back the revolving credit facility in full and negotiate
a significantly reduced working capital facility or renew the revolving credit
facility for use as and when required. Crawshaw Group PLC will open
negotiations with its bank in due course and has not at this stage sought any
written commitment. However, the Directors are not aware of any indications
that facilities will not be made available at that time. Accordingly the
Directors consider that these statements should be prepared on a going concern
basis.
BASIS OF CONSOLIDATION
The consolidated financial information includes the financial information of the
company and its subsidiary undertakings made up to 31 July 2010 (together
referred to as the 'Group').
2. REVENUE
The directors have undertaken a review of the Group's continuing operations and
its associated business risks and consider that the continuing operations should
be reported as a single business segment. The directors consider that the
continuing operations represent one product offering with similar risks and
rewards and should be reported as a single business segment in line with the
Group's internal reporting framework. All revenue received during the period was
received from customers within the United Kingdom.
3. EXCEPTIONAL ITEMS
+-----------------------------------+-----------+---------+-----------+
| | Unaudited | Audited | Unaudited |
| | | | |
+-----------------------------------+-----------+---------+-----------+
| | 6 | 12 | 6 |
| | Months | Months | Months |
+-----------------------------------+-----------+---------+-----------+
| | 31.7.10 | 31.1.10 | 31.7.09 |
| | | | |
+-----------------------------------+-----------+---------+-----------+
| | GBP | GBP | GBP |
+-----------------------------------+-----------+---------+-----------+
| Directors Loss of Office | - | 86,855 | 86,855 |
+-----------------------------------+-----------+---------+-----------+
| A.Richardson resigned as a director of the Company on 8 May |
| 2009, compensation for loss of office and associated legal |
| costs total GBP86,855. |
+-----------------------------------+-----------+---------+-----------+
4. INCOME TAX EXPENSE
+-----------------------------------+----------------+----------+-----------+
| | Unaudited | Audited | Unaudited |
| | | | |
+-----------------------------------+----------------+----------+-----------+
| | 6 | 12 | 6 |
| | Months | Months | Months |
+-----------------------------------+----------------+----------+-----------+
| | 31.7.10 | 31.1.10 | 31.7.09 |
| | | | |
+-----------------------------------+----------------+----------+-----------+
| | GBP | GBP | GBP |
+-----------------------------------+----------------+----------+-----------+
| The income tax expense is based | | | |
| on the estimated effective rate | | | |
| of taxation on trading for the | | | |
| period and represents: | | | |
+-----------------------------------+----------------+----------+-----------+
| Current tax | 25,365 | - | |
| | | | - |
+-----------------------------------+----------------+----------+-----------+
| Deferred tax: | | | |
+-----------------------------------+----------------+----------+-----------+
| Origination and reversal of | 60,601 | 29,850 | 41,963 |
| timing differences | | | |
+-----------------------------------+----------------+----------+-----------+
| Adjustments for prior year | - | (64,103) | - |
+-----------------------------------+----------------+----------+-----------+
| Sub Total | 60,601 | (34,253) | 41,963 |
+-----------------------------------+----------------+----------+-----------+
| Total tax (credit)/expense | 85,966 | (34,253) | 41,963 |
+-----------------------------------+----------------+----------+-----------+
5. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the earnings
attributable to the ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period of 57,818,801 (31/1/10:
55,686,461) (31/07/09: 53,518,778).
Diluted EPS is calculated by dividing the profit for the year attributable to
the ordinary shareholders by the weighted average number of ordinary shares in
issue adjusted to assume conversion of all options from the start of the year,
giving a figure of 58,922,623.
(31/1/10:56,790,283)
6. CAPITAL AND RESERVES
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| | Share | Share | Rev. |Capital | Retained | Total |
| | | | Acq. | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| | Capital | Premium |Reserve | Cont. | Earnings | Equity |
| | | | | Res. | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| | 2,334,009 | 4,981,049 | 446,563 | 149,311 | (613,232) | 7,297,700 |
| Balance at 1 | | | | | | |
| February 2009 | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Profit for the | - | - | - | - | 227,683 | 227,683 |
| period | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Share based | - | - | - | - | 73,170 | 73,170 |
| payment | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Loan note | 294,118 | 705,882 | - | - | - | 1,000,000 |
| conversion | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Issue of Shares | 262,813 | 630,687 | - | - | - | 893,500 |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 31 | 2,890,940 | 6,317,618 | 446,563 | 149,311 | (312,379) | 9,492,053 |
| January 2010 | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Profit for the | - | - | - | - | 147,074 | 147,074 |
| period | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Share based | - | - | - | - | 19,723 | 19,723 |
| payment | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
| Balance at 31 July | 2,890,940 | 6,317,618 | 446,563 | 149,311 | (145,582) | 9,658,850 |
| 2010 | | | | | | |
+--------------------+-----------+-----------+---------+---------+-----------+-----------+
Share Issues
On 10 February 2009 the directors and key employees of the Company converted
GBP1,000,000 loan notes into 5,882,353 ordinary shares increasing the issued
share capital by GBP294,118.
On 19 June 2009 ISIS Equity Partners LLP subscribed for 5,256,254 ordinary
shares at 17p per share raising GBP893,500 to support the Company's store
rollout strategy.
7. SHARE CAPITAL
+-----------------------------------------+---------------+-------------------------------+-----------+
| | 31.7.10 | 31.1.10 | 31.7.09 |
+-----------------------------------------+---------------+-------------------------------+-----------+
| Authorised | GBP | GBP | GBP |
+-----------------------------------------+---------------+-------------------------------+-----------+
| 96,678,257 ordinary shares of 5p each | 4,833,913 | 4,833,913 | 4,833,913 |
+-----------------------------------------+---------------+-------------------------------+-----------+
| | | | |
+-----------------------------------------+---------------+-------------------------------+-----------+
| Allotted, called up and fully paid | GBP | GBP | GBP |
+-----------------------------------------+---------------+-------------------------------+-----------+
| 57,818,801 ordinary shares of 5p each | 2,890,940 | 2,890,940 | 2,334,009 |
+-----------------------------------------+---------------+-------------------------------+-----------+
8. RELATED PARTY TRANSACTIONS
Crawshaw Butchers Limited, a subsidiary of Crawshaw Holdings Limited, holds a
50% share in a partnership which trades under the name of RGV Refrigeration. The
operations of the partnership comprise of the maintenance and repair of
refrigeration machinery for a variety of customers.
A copy of the full interim report will be sent to all shareholders in the week
commencing 11 October 2010 and will also be available from the company's
registered office : Unit 16 Bradmarsh Business Park, Bow Bridge Close,
Rotherham, S60 1BY. In addition, a copy will also be published on the Company's
website www.crawshawgroupplc.com.
Enquiries:
+---------------------------------+---------------------------------+
| Crawshaw Group plc | 01709 369 602 |
+---------------------------------+---------------------------------+
| Lynda Sherratt | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| | |
| W H Ireland Limited | 0161 832 2174 |
+---------------------------------+---------------------------------+
| Robin Gwyn | |
+---------------------------------+---------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BXBDGDUGBGGS
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