Eleco PLC Half Yearly Report -2-
September 25 2012 - 2:00AM
UK Regulatory
The past three years have been about steering Eleco through
financial and trading conditions, the severity of which have been
unprecedented. These conditions have abated to a degree, but
continue to be challenging. Against this background, our management
have had to take some very difficult decisions and actions in their
efforts to return Eleco to profitability and they remain committed
to achieving this objective, for the benefit of shareholders and
employees alike.
I continue to believe that further to our restructuring, Eleco
is well placed to take advantage of improvements in the markets it
serves and I look forward to our capturing the benefits of these
changes over the coming months.
John Ketteley
Executive Chairman
25 September 2012
Condensed Consolidated Income Statement
for the financial period ended 30 June 2012
6 months to 18 months
30 June ended
------------------------------
2012 2011 31 December
(unaudited) (unaudited) 2011
Notes GBP'000 GBP'000 GBP'000
--------------------------- ------ ------------ ------------ ------------
Revenue 3 18,354 18,255 56,822
Cost of sales (8,879) (8,554) (27,220)
Gross
profit 9,475 9,701 29,602
Distribution
costs (948) (1,435) (4,651)
Administrative
expenses (8,479) (8,600) (24,808)
Operating profit/(loss)
before exceptionals 48 (334) 143
Exceptional
items 5 (316) (195) (365)
Loss from operations 3 (268) (529) (222)
Finance income 6 24 27 96
Finance
cost 6 (236) (158) (804)
Loss before
tax (480) (660) (930)
Tax (127) (187) (279)
Loss for the financial
period from continuing
operations (607) (847) (1,209)
Loss for the financial
period from discontinued
operations 4 (252) (2,789) (1,528)
Loss for the financial
period (859) (3,636) (2,737)
--------------------------- ------ ------------ ------------ ------------
Attributable
to:
Equity holders of
the parent (859) (3,636) (2,737)
--------------------------- ------ ------------ ------------ ------------
Loss per share -
basic and diluted
Continuing
operations 7 (1.0) p (1.4) p (2.0) p
Discontinued
operations 7 (0.4) p (4.7) p (2.6) p
Total operations 7 (1.4) p (6.1) p (4.6) p
--------------------------- ------ ------------ ------------ ------------
Condensed Consolidated Statement of Comprehensive Income
for the financial period ended 30 June 2012
6 months to 18 months
30 June ended
--------------------------
2012 2011 31 December
(unaudited) (unaudited) 2011
GBP'000 GBP'000 GBP'000
---------------------------- ------------ ------------ ------------
Loss for the
period (859) (3,636) (2,737)
Other comprehensive
income
Actuarial (loss)/gain
on retirement benefit
obligation (367) (119) 3,720
Deferred tax on
retirement benefit
obligation (11) (126) (1,461)
Other losses on
retirement benefit
obligation - - (493)
Translation differences
on foreign currency net
investments (26) (98) (220)
Other comprehensive
income net of tax (404) (343) 1,546
Total comprehensive income
for the period (1,263) (3,979) (1,191)
----------------------------- ------------ ------------ ------------
Attributable
to:
Equity holders
of the parent (1,263) (3,979) (1,191)
----------------------------- ------------ ------------ ------------
Condensed Consolidated Statement of Changes in Equity
for the financial period ended 30 June 2012
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- --------- --------- ------------ --------- ---------- --------
At 1 January 2012 6,066 6,396 7,371 (113) (358) (5,207) 14,155
Transactions with
owners - - - - - - -
--------- --------- --------- ------------ --------- ---------- --------
Loss for the period - - - - - (859) (859)
Other comprehensive
income:
Actuarial loss
on defined benefit
pension scheme
net of tax - - - - - (378) (378)
Exchange differences
on translation
of net investments
in foreign operations - - - (26) - - (26)
Total comprehensive
income for the
period - - - (26) - (1,237) (1,263)
--------- --------- --------- ------------ --------- ---------- --------
At 30 June 2012
(unaudited) 6,066 6,396 7,371 (139) (358) (6,444) 12,892
========= ========= ========= ============ ========= ========== ========
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- --------- --------- ------------ --------- ---------- --------
At 1 January 2011 6,066 6,396 7,371 217 (358) (4,889) 14,803
Transactions with
owners - - - - - - -
--------- --------- --------- ------------ --------- ---------- --------
Loss for the period - - - - - (3,636) (3,636)
Other comprehensive
income:
Actuarial loss
on defined benefit
pension scheme
net of tax - - - - - (245) (245)
Exchange differences
on translation
of net investments
in foreign operations - - - (98) - - (98)
Total comprehensive
income for the
period - - - (98) - (3,881) (3,979)
--------- --------- --------- ------------ --------- ---------- --------
At 30 June 2011
(unaudited) 6,066 6,396 7,371 119 (358) (8,770) 10,824
========= ========= ========= ============ ========= ========== ========
Share Share Merger Translation Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- --------- --------- ------------ --------- ---------- --------
At 1 July 2010 6,066 6,396 7,371 107 (358) (4,236) 15,346
Transactions with
owners - - - - - - -
--------- --------- --------- ------------ --------- ---------- --------
Loss for the period - - - - - (2,737) (2,737)
Other comprehensive
income:
Actuarial gain
on defined benefit
pension scheme
net of tax - - - - - 1,766 1,766
Exchange differences
on translation
of net investments
in foreign operations - - - (220) - - (220)
Total comprehensive
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