TIDMELCO
RNS Number : 1312I
Eleco PLC
05 March 2010
+-----------------------------------+----------------------------------+
| | |
| | 5 March 2010 |
+-----------------------------------+----------------------------------+
("Eleco" or the "Group")
The Building Systems and Software Group
Interim Results for the Six Months Ended 31 December 2009
Financial performance
· Turnover amounted to GBP32.5m (H1 2008: GBP37.2m)
· Adjusted group operating loss of GBP0.7m (H1 2008: profit GBP0.7m)
· Loss before tax of GBP2.2m (H1 2008: profit GBP270,000)
· Loss per share of 3.5p (H1 2008: EPS 0.3p)
· Net bank debt at 31 December 2009 of GBP2.1m (H1 2008: net cash of
GBP1.0m)
Operational performance
· Deterioration in operating performance was principally caused by a
substantial decline in our German connector plate business and by lower sales
and margins in Building Systems
· Losses partly offset by cost reduction programmes implemented throughout
the Group
· Board changes;
o Management strengthened with the appointment of Craig Slater as Chief
Operating Officer in December 2009
o David Dannhauser gave notice of his resignation as Finance Director in
February and will remain while the Board recruits a replacement
Building Systems
· Turnover amounted to GBP26.2m (H1 2008: GBP31.0m)
· Adjusted operating loss of GBP1.0m (H1 2008: profit GBP0.6m)
· Trading adversely affected by the depressed economic climate as well as the
severe weather conditions experienced at the end of 2009
Software
· Turnover amounted to GBP6.4m (H1 2008: GBP6.3m)
· Adjusted operating profit of GBP0.3 (H1 2008: GBP0.1m)
· A reduction in losses in visualisation software
· Strong performances from Asta Development in the UK and Germany and from
the Consultec Group in Sweden
Commenting on outlook John Ketteley, Executive Chairman of Eleco, said:
"As set out in this statement a number of initiatives are being taken to restore
the Group to a profitable and cash generative position from which to grow in its
chosen markets.
The Board is confident that the measures it is taking to maintain the Group's
sound financial position together with its continuing investment in people and
products to create and maintain a clear competitive edge in the markets in which
it operates will, over time, enable Eleco to recover to its full potential."
For further information please contact:
+----------------------------------------------------+----------------------+
| Eleco plc | Tel: 01920 |
| | 443830 |
+----------------------------------------------------+----------------------+
| John Ketteley, Executive Chairman | http://www.eleco.com |
+----------------------------------------------------+----------------------+
| Craig Slater, Chief Operating Officer | |
+----------------------------------------------------+----------------------+
| | |
+----------------------------------------------------+----------------------+
| Collins Stewart Europe Limited | 020 7523 8350 |
+----------------------------------------------------+----------------------+
| Bruce Garrow | |
+----------------------------------------------------+----------------------+
| | |
+----------------------------------------------------+----------------------+
| Buchanan Communications | 020 7466 5000 |
+----------------------------------------------------+----------------------+
| Tim Anderson / James Strong / Christian Goodbody | |
+----------------------------------------------------+----------------------+
Chairman's Statement
Group Performance
Group sales for the half year ended 31 December 2009 were GBP32.5m (2008:
GBP37.2m), 12.5% less than in the same period last year. The trading statement
released in January stated that Group sales had been particularly weak in the
first half. This was due to lower sales in Building Systems which had been
adversely affected by the depressed economic climate and also by the severe
weather conditions experienced in November and December. In contrast Software
sales held up well and were marginally ahead of the same period last year
despite difficult trading conditions.
Adjusted operating loss before amortisation, restructuring charges and costs of
an IPR dispute in Germany amounted to GBP(0.7)m, and compared with an adjusted
operating profit of GBP0.7m for the same period last year.
This deterioration in our Group operating performance was principally caused by
a substantial decline in our German connector plate business and by lower sales
and margins achieved by the Building Systems businesses. Nevertheless, the
deterioration was partly offset by cost reduction programmes. By contrast,
actions taken by our Software management to reduce costs and maintain margins in
our Software businesses, resulted in reduced losses in some of our Software
businesses and a significant improvement in profitability overall.
The pre tax loss of GBP(2.2)m is arrived at after amortisation of GBP0.3m (2008:
GBP0.3m) , restructuring charges of GBP0.4m (2008: 0.2m) and legal and related
costs in connection with the legal dispute and referral to the Public Prosecutor
in Germany of GBP0.6m (2008: Nil)
Net bank debt at 31 December 2009 was GBP(2.1)m (2008: GBP1.0m net cash). The
first half of the financial year was characterised by continued tight control of
costs, working capital and debt across the Group and these efforts are
continuing.
The Board has decided not to pay an interim dividend.
Divisional Performance Summary
Building Systems
Sales in the first half of GBP26.2m compared to GBP31.0m achieved in the same
period last year.
Adjusted Group operating loss before intangible asset amortisation,
restructuring changes and costs of a legal dispute in the first half of the year
was GBP(1.0)m compared to a profit of GBP0.6m in the same period last year.
The weaker performance reflected the following factors:
- The delayed start to a number of projects caused by the scarcity of
available project funding
- Site production delays arising from the severe weather conditions through
parts of November and December
- Overall adverse trading conditions in the markets in which we operate
- The loss of most of the German connector plate business during the period.
Software
Sales in the first half at GBP6.4m were marginally ahead of the same period last
year. Adjusted operating profit before intangible asset amortisation and
restructuring charges for the first half of 2009 was GBP0.3m compared to GBP0.1m
in the prior year. The profit improvement was derived from:-
- A reduction in losses in visualisation software
- Strong performances from Asta Development in the UK and Germany and the
Consultec Group in Sweden
Financial and operational initiatives
Cost reduction initiatives have been implemented over the past eighteen months,
which regrettably have included significant redundancies across the Group. We
will however need to continue to bear down on our cost base to mitigate the
impact of volume reductions arising from the severe trading conditions.
Accordingly, further changes are in progress and planned with the objective of
restoring positive cashflow and profitability and maintaining a strong position
in selected markets. In summary, operational initiatives include:-
- A program to substantially reduce the current central Group costs by the
end of the financial year
- Continued tight financial control across the Group, with an emphasis on
the reduction of discretionary costs and conservation of cash
- Direct Group operational involvement in poor performing subsidiaries
Following the completion of a current Group operational review a well defined
trading strategy will be adopted based on:-
- The provision of sustainable, value engineered products and service
- Reduced scope of activities focussing on a smaller core set of operations
- Increased and improved marketing and sales efforts in those core
operations
Board changes
Management has been strengthened with the appointment on 8 December 2009 of
Craig Slater, as Chief Operating Officer. He is experienced in the management
and growth of multi-site operations in the construction industry.
In February 2010, David Dannhauser gave the requisite twelve months notice of
his resignation as Finance Director. The Board has commenced the process of
recruiting a replacement as soon as practicable. An announcement will be made in
due course when a new Finance Director is appointed. Paul Taylor left the Board
in October 2009.
Operating Review
Building Systems
+-----------------------+---------------+--------------+-------------+
| | Half Year | Half Year | Full Year |
| | 09/10 | 08/09 | 08/09 |
| | GBP000s | GBP000s | GBP000s |
+-----------------------+---------------+--------------+-------------+
| External revenue | 26,152 | 30,969 | 57,369 |
+-----------------------+---------------+--------------+-------------+
| Adjusted operating | (982) | 565 | 862 |
| (loss)/profit | | | |
+-----------------------+---------------+--------------+-------------+
| Operating | (1,996) | 278 | (689) |
| (loss)/profit | | | |
+-----------------------+---------------+--------------+-------------+
Building Systems comprises Precast Concrete and Other Building Systems. Overall
sales declined by 15% in the period. A major factor in this decline was the loss
of most of our German connector plate business.
Precast Concrete
Bell & Webster Concrete targets new build hotel, student accommodation and
custodial projects. Some clients in these sectors continue to experience
difficulty and delays in funding their projects. Bell and Webster Concrete
successfully entered the custodial market with two major projects secured for
manufacture in 2010. While revenues were marginally higher compared to the same
period last year, the effect of competitive pricing decreased gross margins.
Milbury Systems targets the agricultural, waste recycling and construction
markets and its strategy of removing low margin products from its range to
concentrate on core markets is being implemented. While Milbury Systems revenues
were lower than in the same period last year gross margin was higher, resulting
in an increased net profit.
Other Building Systems
The two main drivers of Other Building Systems are SpeedDeck Building Systems
and the timber engineering businesses. The legal dispute and related disruption
to the connector plate business in Germany has resulted in a major decline in
overall sales and profit. Despite encouraging signs in the UK housing markets
there remains a significant decline in performance compared to the same point
last year. SpeedDeck Building Systems revenues have declined by 41% due to a
mixture of the 36% decline in the industrial market, 26% decline in commercial
markets and fierce competition eroding prices in the available sales
opportunities.
While general funding issues have continued to affect the ability of some
clients to start projects the biggest factor driving overall performance of
Building Systems has been a move to price rather than value based procurement.
However we are seeing signs in the market that unsustainable pricing is coming
to an end with a mixture of leaner business practices and recognition that
difficult market conditions will remain for some time to come. We would welcome
a return to value based pricing and recognition of greater site efficiency.
These principles of speed of construction, material efficiency and sustainable
construction are the hallmarks of Eleco Building Systems offerings.
Software
+-----------------------------+------------+------------+------------+
| | Half Year | Half Year | Full Year |
| | 09/10 | 08/09 | 08/09 |
| | GBP000s | GBP000s | GBP000s |
+-----------------------------+------------+------------+------------+
| External revenue | 6,347 | 6,191 | 13,186 |
+-----------------------------+------------+------------+------------+
| Adjusted operating | 263 | 130 | 343 |
| (loss)/profit | | | |
+-----------------------------+------------+------------+------------+
| Operating profit/(loss) | 95 | (53) | (461) |
+-----------------------------+------------+------------+------------+
Our construction software businesses Consultec and Asta Development delivered
profits consistent with the same period in the prior year, both benefitting from
stable recurring maintenance revenues. In particular, Consultec Byggprogram
delivered an improved performance from the sale of its estimation software and
services while Asta Development maintained a steady level of new sales of its
project management software in the UK and Germany.
Losses suffered in our visualisation businesses have been significantly reduced,
mainly through the reduction of overheads at Eleco Software in the UK, along
with modest improvements in sales and gross margin in this business and Eleco
Software GmbH and ESIGN, our two visualisation businesses in Germany. Software
development activities have been restructured to reduce costs and improve
performance and there is closer on-going monitoring of development activity
Software was reorganised last year under a single management team and is well
placed to grow through the acquisition or development of complementary products
and services.
Outlook
As set out in this statement a number of initiatives are being taken to restore
the Group to a profitable and cash generative position from which to grow in its
chosen markets.
The Board is confident that the measures it is taking to maintain the Group's
sound financial position together with its continuing investment in people and
products to create and maintain a clear competitive edge in the markets in which
it operates will, over time, enable Eleco to recover to its full potential.
John Ketteley
Executive Chairman
Condensed Consolidated Income Statement
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| | 6 months to 31 December | | Year |
| | | | to |
| | | | 30 |
| | | | June |
+---------------------------------------+--------------------------------------+----------+----------+
| | 2009 | | 2008 | | 2009 |
+---------------------------------------+-------------+----------+-------------+----------+----------+
| | | (unaudited) | | (unaudited) | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| | Notes | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Revenue | 2 | 32,499 | | 37,160 | | 70,555 |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Cost of sales | | (20,316) | | (23,279) | | (40,601) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Gross profit | | 12,183 | | 13,881 | | 29,954 |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Distribution costs | | (2,416) | | (1,963) | | (3,503) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Administrative expenses | | (11,668) | | (11,693) | | (26,332) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Trading (loss)/profit | 2,3 | (1,901) | | 225 | | 119 |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Impairment charges | 3 | - | | - | | (1,269) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| (Loss)/profit from operations | | (1,901) | | 225 | | (1,150) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Finance income | 4 | 29 | | 143 | | 216 |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Finance cost | 4 | (350) | | (98) | | (496) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| (Loss)/profit before tax | | (2,222) | | 270 | | (1,430) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Tax | | 118 | | (73) | | (39) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| (Loss)/profit for the period | | (2,104) | | 197 | | (1,469) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Attributable to: | | | | | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Equity holders of the parent | | (2,104) | | 197 | | (1,469) |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total and continuing earnings | | | | | | |
| per share (EPS) | | | | | | |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| - basic | 5 | (3.5)p | | 0.3p | | (2.5)p |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
| - diluted | 5 | (3.5)p | | 0.3p | | (2.5)p |
+-------------------------------+-------+-------------+----------+-------------+----------+----------+
Condensed Consolidated Statement of Comprehensive Income
+-------------------------------------+-------------+----------+-------------+----------+---------+
| | 6 months to 31 December | | Year |
| | | | to |
| | | | 30 |
| | | | June |
+-------------------------------------+--------------------------------------+----------+---------+
| | 2009 | | 2008 | | 2009 |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| | (unaudited) | | (unaudited) | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| (Loss)/profit for the period | (2,104) | | 197 | | (1,469) |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Other comprehensive income | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Actuarial gain/(loss) on retirement | 1,936 | | - | | (1,705) |
| benefit obligation | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Deferred tax on retirement benefit | (542) | | - | | 458 |
| obligation | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Translation differences on foreign | (40) | | 485 | | 362 |
| currency net investments | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Other comprehensive income net of | 1,354 | | 485 | | (885) |
| tax | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Total comprehensive income for the | (750) | | 682 | | (2,354) |
| period | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Attributable to: | | | | | |
+-------------------------------------+-------------+----------+-------------+----------+---------+
| Equity holders of the parent | (750) | | 682 | | (2,354) |
+-------------------------------------+-------------+----------+-------------+----------+---------+
Condensed Consolidated Balance Sheet
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| | 31 December | | 30 |
| | | | June |
+------------------------------------------+--------------------------------------+----------+----------+
| | 2009 | | 2008 | | 2009 |
+------------------------------------------+-------------+----------+-------------+----------+----------+
| | (unaudited) | | (unaudited) | | |
+------------------------------------------+-------------+----------+-------------+----------+----------+
| | Notes | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Non-current assets | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Goodwill | | 13,470 | | 14,183 | | 13,473 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Other intangible assets | | 3,319 | | 3,560 | | 3,485 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Property, plant and equipment | | 12,123 | | 12,889 | | 12,552 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Deferred tax assets | | 2,135 | | 2,142 | | 2,687 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total non-current assets | | 31,047 | | 32,774 | | 32,197 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Current assets | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Inventories | | 3,692 | | 4,724 | | 3,687 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Trade and other receivables | | 15,086 | | 13,748 | | 12,985 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Current tax assets | | 234 | | - | | 242 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Cash and cash equivalents | | 2,398 | | 5,867 | | 6,091 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total current assets | | 21,410 | | 24,339 | | 23,005 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total assets | | 52,457 | | 57,113 | | 55,202 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Current liabilities | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Obligations under finance leases | | (356) | | (364) | | (365) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Trade and other payables | | (11,445) | | (10,362) | | (11,424) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Current tax liabilities | | (313) | | (605) | | (347) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Accruals and deferred income | | (6,644) | | (6,808) | | (6,158) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total current liabilities | | (18,758) | | (18,139) | | (18,294) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Non-current liabilities | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Borrowings | | (4,500) | | (4,900) | | (4,500) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Obligations under finance leases | | (231) | | (485) | | (318) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Deferred tax liabilities | | (585) | | (1,113) | | (804) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Other non-current liabilities | | (101) | | - | | (121) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Retirement benefit obligation | | (7,624) | | (7,646) | | (9,599) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total non-current liabilities | | (13,041) | | (14,144) | | (15,342) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Total liabilities | | (31,799) | | (32,283) | | (33,636) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Net assets | | 20,658 | | 24,830 | | 21,566 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Equity | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Share capital | | 6,066 | | 5,995 | | 6,066 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Share premium account | | 6,396 | | 6,224 | | 6,396 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Merger reserve | | 7,371 | | 7,371 | | 7,371 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Translation reserve | | 111 | | 274 | | 151 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Other reserve | | (383) | | (321) | | (383) |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Retained earnings | | 1,097 | | 5,287 | | 1,965 |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
| Equity attributable to | 6 | 20,658 | | 24,830 | | 21,566 |
| shareholders of the parent | | | | | | |
+----------------------------------+-------+-------------+----------+-------------+----------+----------+
Condensed Consolidated Statement of Cash Flows
+---------+---------+---------+----------+-------+-------------+----------+-------------+----------+---------+
| | | 6 months to 31 December | | Year |
| | | | | to |
| | | | | 30 |
| | | | | June |
+----------------------------------------+-------+--------------------------------------+----------+---------+
| | | 2009 | | 2008 | | 2009 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| | | (unaudited) | | (unaudited) | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| | Notes | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Cash flows from operating activities | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| (Loss)/profit before interest and tax | | (1,901) | | 225 | | (1,150) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Depreciation charge | | 947 | | 979 | | 1,869 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Amortisation and impairment charges | | 269 | | 287 | | 1,981 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Profit on sale of property, plant and | | (18) | | (6) | | (6) |
| equipment | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Share-based payment charge | | 81 | | 112 | | 185 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Retirement benefit obligation | | (331) | | (204) | | (403) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Cash generated from operations before working | (953) | | 1,393 | | 2,476 |
| capital movements | | | | | |
+------------------------------------------------+-------------+----------+-------------+----------+---------+
| (Increase)/decrease in trade and other | | (1,760) | | 3,098 | | 4,023 |
| receivables | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Decrease/(increase) in inventories and work | 50 | | (81) | | 993 |
| in progress | | | | | |
+------------------------------------------------+-------------+----------+-------------+----------+---------+
| Decrease in trade and other payables | | (16) | | (6,641) | | (5,963) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Cash (used in)/generated from | | (2,679) | | (2,231) | | 1,529 |
| operations | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Interest paid | | (59) | | (105) | | (177) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Interest received | | 39 | | 145 | | 186 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Income tax paid | | (146) | | (1,147) | | (1,949) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Net cash outflow from operating | | (2,845) | | (3,338) | | (411) |
| activities | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Net cash used in investing activities | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Purchase of intangible assets | | (51) | | (31) | | (626) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Purchase of property, plant and | | (508) | | (1,559) | | (2,315) |
| equipment | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Acquisition of subsidiary undertakings | | (46) | | - | | (205) |
| net of cash acquired | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Proceeds from sale of property, plant, | | 79 | | 34 | | 71 |
| equipment and intangible assets | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Net cash outflow from investing | | (526) | | (1,556) | | (3,075) |
| activities | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Net cash used in financing activities | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Proceeds from new bank loan | | 1,000 | | 6,600 | | 11,100 |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Repayment of bank loans | | (1,000) | | (1,700) | | (6,600) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Repayments of obligations under | | (191) | | (213) | | (397) |
| finance leases | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Equity dividends paid | | (239) | | (1,184) | | (1,423) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Own shares purchased by ESOT | | - | | - | | (62) |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Net cash (outflow)/inflow from | | (430) | | 3,503 | | 2,618 |
| financing activities | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Net Decrease in cash and cash | | (3,801) | | (1,391) | | (868) |
| equivalents | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Cash and cash equivalents at beginning | | 6,091 | | 6,808 | | 6,808 |
| of period | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Effects of changes in foreign exchange | | 108 | | 450 | | 151 |
| rates | | | | | | |
+----------------------------------------+-------+-------------+----------+-------------+----------+---------+
| Cash and cash equivalents at end of period | 2,398 | | 5,867 | | 6,091 |
+------------------------------------------------+-------------+----------+-------------+----------+---------+
| | | | | | | | | | |
+---------+---------+---------+----------+-------+-------------+----------+-------------+----------+---------+
| | | | | | | | | | |
+---------+---------+---------+----------+-------+-------------+----------+-------------+----------+---------+
Notes to the Condensed Consolidated Interim Financial Statements
1. Basis of preparation
The condensed consolidated interim financial statements for the six months to 31
December 2009 have been prepared in accordance with the accounting policies
which will be applied in the year end financial statements to 30 June 2010.
These accounting policies are drawn up in accordance with International
Accounting Standards (IAS) and International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board and as adopted
for use in the European Union that are effective at 31 December 2009.
The condensed consolidated interim financial statements are unaudited and have
not been subject to review. They do not include all the information and
disclosures required in the annual financial statements, and therefore should be
read in conjunction with the Group's annual financial statements as at 30 June
2009.
The financial information for the year ended 30 June 2009 does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
Group's consolidated financial statements for the year ended 30 June 2009 have
been filed and the audit report was not qualified and did not contain a
statement under section 498(2) or section 498(3) of the Companies Act 2006.
Changes in accounting policy
In the current financial year, the Group has adopted International Financial
Reporting Standard 8 "Operating Segments" and International Accounting Standard
1 "Presentation of Financial Statements" (revised)
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by the chief
operating decision maker to allocate resources to the segments and to assess
their performance. This standard replaces IAS 14 "segment reporting" that
required the Group to identify two sets of segments (business and geographical),
using a risks and rewards approach, with the Group's internal management
reporting to key management personnel serving only as a guide to the
identification of such segments. Following the adoption of IFRS 8, there is no
change in the disclosure of the reportable segments as these meet the criteria
set out in IFRS 8 above.
IAS 1 (revised) requires the presentation of a statement of changes in equity as
a primary statement, separate from the income statement and statement of
comprehensive income. As a result, a consolidated statement of changes in equity
has been included in the notes, showing changes in each component of equity for
each period presented.
The valuation of the Group's pension scheme assets has been updated in line with
the requirements of IAS 19 to reflect current market values of investments and
actual investment returns. The actuarial assumptions used to calculate the
liabilities have not been amended. The scheme is closed to new members and to
further accruals from existing members.
Other amendments and interpretations are also effective for the first time in
the current period but have had no impact on the results or financial position
of the Group.
Estimates
Application of the Group's accounting policies in preparing condensed
consolidated interim financial statements requires management to make judgements
and estimates that affect the reported amount of assets and liabilities,
revenues and expenses. Actual results may ultimately differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 30 June
2009.
Risks and uncertainties
A summary of the Group's principal risks and uncertainties was provided on page
11 of the 2009 annual report and accounts. The Board considers these risks and
uncertainties are still relevant to the current financial year and the impact of
changes in the UK economy is reviewed in the Chairman's statement contained in
this report.
2. Segmental information
+------------------------+----------+---------+----------+----------+-------------+----------+
| 6 months to 31 December 2009 | | | | |
| (unaudited) | | | | |
+---------------------------------------------+----------+----------+-------------+----------+
| | | | | | | |
+------------------------+----------+---------+----------+----------+-------------+----------+
| | | Building | | | |
| | | Systems | | | |
+------------------------+----------+--------------------+----------+-------------+----------+
| | | Precast | Other | Software | Elimination | Group |
+------------------------+----------+---------+----------+----------+-------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+----------+---------+----------+----------+-------------+----------+
| | | | | | | |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Revenue | | 17,399 | 8,753 | 6,347 | | 32,499 |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Inter-segment revenue | | - | 3 | 101 | (104) | - |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Total segment revenue | | 17,399 | 8,756 | 6,448 | (104) | 32,499 |
+------------------------+----------+---------+----------+----------+-------------+----------+
| | | | | | | |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Adjusted operating | | (185) | (797) | 263 | | (719) |
| profit/(loss) | | | | | | |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Amortisation of | | (93) | (8) | (168) | | (269) |
| intangible assets | | | | | | |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Restructuring costs | | (66) | (293) | - | | (359) |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Intellectual property | | - | (554) | - | | (554) |
| dispute | | | | | | |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Segment result | | (344) | (1,652) | 95 | | (1,901) |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Unallocated results | | | | | | (203) |
+------------------------+----------+---------+----------+----------+-------------+----------+
| Loss after tax | | | | | | (2,104) |
+------------------------+----------+---------+----------+----------+-------------+----------+
+------------------------+----------+---------+---------+----------+-------------+---------+
| 6 months to 31 December 2008 | | | | |
| (unaudited) | | | | |
+---------------------------------------------+---------+----------+-------------+---------+
| | | | | | | |
+------------------------+----------+---------+---------+----------+-------------+---------+
| | | Building | | | |
| | | Systems | | | |
+------------------------+----------+-------------------+----------+-------------+---------+
| | | Precast | Other | Software | Elimination | Group |
+------------------------+----------+---------+---------+----------+-------------+---------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+----------+---------+---------+----------+-------------+---------+
| | | | | | | |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Revenue | | 17,210 | 13,759 | 6,191 | | 37,160 |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Inter-segment revenue | | - | - | 92 | (92) | - |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Total segment revenue | | 17,210 | 13,759 | 6,283 | (92) | 37,160 |
+------------------------+----------+---------+---------+----------+-------------+---------+
| | | | | | | |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Adjusted operating | | 271 | 294 | 130 | | 695 |
| profit | | | | | | |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Amortisation of | | (93) | (16) | (178) | | (287) |
| intangible assets | | | | | | |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Restructuring costs | | (159) | (19) | (5) | | (183) |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Segment result | | 19 | 259 | (53) | | 225 |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Unallocated results | | | | | | (28) |
+------------------------+----------+---------+---------+----------+-------------+---------+
| Profit after tax | | | | | | 197 |
+------------------------+----------+---------+---------+----------+-------------+---------+
+------------------------+----------+----------+---------+----------+-------------+----------+
| 12 months to 30 June | | | | | | |
| 2009 | | | | | | |
+------------------------+----------+----------+---------+----------+-------------+----------+
| | | | | | | |
+------------------------+----------+----------+---------+----------+-------------+----------+
| | | Building | | | |
| | | Systems | | | |
+------------------------+----------+--------------------+----------+-------------+----------+
| | | Precast | Other | Software | Elimination | Group |
+------------------------+----------+----------+---------+----------+-------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+----------+----------+---------+----------+-------------+----------+
| | | | | | | |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Revenue | | 31,769 | 25,600 | 13,186 | | 70,555 |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Inter-segment revenue | | - | - | 209 | (209) | - |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Total segment revenue | | 31,769 | 25,600 | 13,395 | (209) | 70,555 |
+------------------------+----------+----------+---------+----------+-------------+----------+
| | | | | | | |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Adjusted operating | | 843 | 19 | 343 | | 1,205 |
| profit | | | | | | |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Amortisation of | | (185) | (36) | (491) | | (712) |
| intangible assets | | | | | | |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Impairment charges | | (1,000) | - | (269) | | (1,269) |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Restructuring costs | | (257) | (73) | (44) | | (374) |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Segment result | | (599) | (90) | (461) | | (1,150) |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Unallocated results | | | | | | (319) |
+------------------------+----------+----------+---------+----------+-------------+----------+
| Loss after tax | | | | | | (1,469) |
+------------------------+----------+----------+---------+----------+-------------+----------+
3. Exceptional items
Exceptional items represent costs considered necessary to be separately
disclosed by virtue of their size or nature.
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| | | 6 months to 31 December | | Year |
| | | | | to |
| | | | | 30 |
| | | | | June |
+--------------------------------+--+--------------------------------------+----------+---------+
| | | 2009 | | 2008 | | 2009 |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| | | (unaudited) | | (unaudited) | | |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| | | | | | | |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| Impairment of intangible | | - | | - | | 1,269 |
| assets | | | | | | |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| Restructuring costs | | 359 | | 183 | | 374 |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| Intellectual property dispute | | 554 | | - | | - |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
| | | 913 | | 183 | | 1,643 |
+--------------------------------+--+-------------+----------+-------------+----------+---------+
In the trading statement that we released on 26 January 2010, we referred to
significant legal costs incurred in relation to an ongoing dispute involving our
German connector plate business. These costs relate primarily to a legal dispute
concerning the ownership and rights of software used in our German business as
well as to the matters referred to below.
Certain matters came to light in the period under review, regarding certain
actions allegedly taken by the management of a competitor in collaboration with
some of own German employees. These alleged actions, which came to our attention
as a result of an extensive internal forensic investigation into our systems,
have been seriously detrimental to our business in the period under review.
Those employees and members of the management of our own business who are
alleged to be involved have since left our company and have now joined this
competitor.
Having regard to the material adverse effect on our business of the alleged
actions of those allegedly concerned, we were strongly advised to refer this
matter to the Public Prosecutor in Germany for preliminary investigation under
German Criminal Competition Law and we duly did so. We understand that the
Public Prosecutor has since instigated premises searches at the offices of our
competitor as well as a house search at the home of at least one of our former
employees and that the investigation continues. However, we are not in a
position to make any further comment on the current status of that investigation
at this stage.
In addition to referring these alleged matters to the Criminal Prosecutor in
Germany, we have also instructed our German attorneys to claim damages from the
competitor as well as the individuals allegedly responsible for the alleged
infringements and we will continue these actions.
4. Net finance (cost)/income
+--------------------------------------+-------------+----------+-------------+----------+----------+
| | 6 months to 31 December | | Year to |
| | | | 30 June |
+--------------------------------------+--------------------------------------+----------+----------+
| | 2009 | | 2008 | | 2009 |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| | (unaudited) | | (unaudited) | | |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Finance income | | | | | |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Bank and other interest receivable | 29 | | 101 | | 216 |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Net return on pension scheme assets | - | | 42 | | - |
| and liabilities | | | | | |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Finance costs | | | | | |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Bank overdraft and loan interest | (37) | | (68) | | (117) |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Finance leases and hire purchase | (20) | | (30) | | (53) |
| contracts | | | | | |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Net return on pension scheme assets | (293) | | - | | (326) |
| and liabilities | | | | | |
+--------------------------------------+-------------+----------+-------------+----------+----------+
| Total net finance (cost)/income | (321) | | 45 | | (280) |
+--------------------------------------+-------------+----------+-------------+----------+----------+
5. Loss per share
The calculations of the loss per share are based on the total loss after tax
attributable to ordinary equity shareholders of the Company and the weighted
average number of shares in issue for the reporting period.
+---------------------------------------+----------------+-+-------------+-+----------------+
| | 6 months to 31 | | Year to |
| | December | | 30 June |
+---------------------------------------+--------------------------------+-+----------------+
| | 2009 | | 2008 | | 2009 |
+---------------------------------------+----------------+-+-------------+-+----------------+
| | (unaudited) | | (unaudited) | | |
+---------------------------------------+----------------+-+-------------+-+----------------+
| | | | | | |
+---------------------------------------+----------------+-+-------------+-+----------------+
| (Loss)/profit after taxation | GBP(2,104,000) | | GBP197,000 | | GBP(1,469,000) |
+---------------------------------------+----------------+-+-------------+-+----------------+
| | | | | | |
+---------------------------------------+----------------+-+-------------+-+----------------+
| Weighted average number of shares in | 59,701,646 | | 59,209,119 | | 59,351,220 |
| issue in the period | | | | | |
+---------------------------------------+----------------+-+-------------+-+----------------+
| Dilutive effect of share options | - | | 705,000 | | - |
+---------------------------------------+----------------+-+-------------+-+----------------+
| Number of shares for diluted earnings | 59,701,646 | | 59,914,119 | | 59,351,220 |
| per share | | | | | |
+---------------------------------------+----------------+-+-------------+-+----------------+
| | | | | | |
+---------------------------------------+----------------+-+-------------+-+----------------+
| Basic (loss)/earnings per share | (3.5) | p| 0.3 | p| (2.5) |
+---------------------------------------+----------------+-+-------------+-+----------------+
| Diluted (loss)/earnings per share | (3.5) | p| 0.3 | p| (2.5) |
+---------------------------------------+----------------+-+-------------+-+----------------+
6. Statement of changes in equity
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | Share | Share | Merger | Translation | Other | Retained | Total |
| | capital | premium | reserve | reserve | reserve | earnings | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| At 1 July 2009 | 6,066 | 6,396 | 7,371 | 151 | (383) | 1,965 | 21,566 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Dividends | - | - | - | - | - | (239) | (239) |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Transactions with | - | - | - | - | - | (239) | (239) |
| owners | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| (Loss) for the period | - | - | - | - | - | (2,104) | (2,104) |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Other comprehensive | | | | | | | |
| income: | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Actuarial gain on | - | - | - | - | - | 1,394 | 1,394 |
| defined benefit | | | | | | | |
| pension scheme net of | | | | | | | |
| tax | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Exchange differences | - | - | - | (40) | - | - | (40) |
| on translation of net | | | | | | | |
| investments in foreign | | | | | | | |
| operations | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Share based payments | - | - | - | - | - | 81 | 81 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Total comprehensive | - | - | - | (40) | - | (629) | (669) |
| income for the period | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| At 31 December 2009 | 6,066 | 6,396 | 7,371 | 111 | (383) | 1,097 | 20,658 |
| (unaudited) | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| At 1 July 2008 | 5,995 | 6,224 | 7,371 | (211) | (321) | 6,162 | 25,220 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Dividends | - | - | - | - | - | (1,184) | (1,184) |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Transactions with | - | - | - | - | - | (1,184) | (1,184) |
| owners | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Profit for the period | - | - | - | - | - | 197 | 197 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Other comprehensive | | | | | | | |
| income: | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Exchange differences | - | - | - | 485 | - | - | 485 |
| on translation of net | | | | | | | |
| investments in foreign | | | | | | | |
| operations | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Share based payments | - | - | - | - | - | 112 | 112 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Total comprehensive | - | - | - | 485 | - | 309 | 794 |
| income for the period | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| At 31 December 2008 | 5,995 | 6,224 | 7,371 | 274 | (321) | 5,287 | 24,830 |
| (unaudited) | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| At 1 July 2008 | 5,995 | 6,224 | 7,371 | (211) | (321) | 6,162 | 25,220 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Dividends | - | - | - | - | - | (1,423) | (1,423) |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Issue of shares | 71 | 172 | - | - | - | (243) | - |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Transactions with | 71 | 172 | - | - | - | (1,666) | (1,423) |
| owners | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| (Loss) for the period | - | - | - | - | - | (1,469) | (1,469) |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Other comprehensive | | | | | | | |
| income: | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Actuarial loss on | - | - | - | - | - | (1,247) | (1,247) |
| defined benefit | | | | | | | |
| pension scheme net of | | | | | | | |
| tax | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Exchange differences | - | - | - | 362 | - | - | 362 |
| on translation of net | | | | | | | |
| investments in foreign | | | | | | | |
| operations | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Share based payments | - | - | - | - | - | 185 | 185 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Other | - | - | - | - | (62) | - | (62) |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| Total comprehensive | - | - | - | 362 | (62) | (2,531) | (2,231) |
| income for the period | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| | | | | | | | |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
| At 30 June 2009 | 6,066 | 6,396 | 7,371 | 151 | (383) | 1,965 | 21,566 |
+------------------------+---------+---------+---------+-------------+---------+----------+---------+
7. Related Party Disclosures
There has been no material change in the nature of the related party
transactions described in the 2009 annual report and accounts. Related party
information is disclosed therein in note 29 and in the Directors' Report on page
12.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFILVIISIII
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