Segment result 2,203 (731) (1,694) (222)
Net finance cost (83) (994) 369 (708)
Profit/(Loss) before
tax 2,120 (1,725) (1,325) (930)
Tax (279)
------------------------- ---------- ----------- ---------- ------------ ------------
Loss after tax (1,209)
------------------------- ---------- ----------- ---------- ------------ ------------
Geographical segments
Segment revenue by geographical segment represents revenue from
external customers based on the geographical location of the
customer.
18 months
ended
6 months to 30
June 31 December
------------------
2012 2011 2011
GBP'000 GBP'000 GBP'000
---------------- -------- -------- ------------
UK 11,934 11,479 38,766
Scandinavia 4,389 4,354 11,866
Rest of Europe 1,934 2,345 5,899
Rest of World 97 77 291
18,354 18,255 56,822
-------- -------- ------------
Revenue for the six months to 30 June 2012 restated at prior
year average exchange rates is GBP18,495,000.
4. Discontinued operations
During the 18 months to 31 December 2011, the Group sold certain
business units within its ElecoBuild division and reduced its
commitment to other operations within this division. Certain
residual incomes and costs relating to the sale and closure of
these discontinued operations which have been included in the
income statement are set out below:
18 months
ended
6 months to 30
June 31 December
------------------
2012 2011 2011
GBP'000 GBP'000 GBP'000
--------------------------- -------- -------- ------------
Revenue 5 9,066 27,039
Cost of sales - (8,139) (22,924)
Gross profit 5 927 4,115
Distribution
costs - (135) (443)
Administrative expenses (166) (2,852) (8,099)
Other operating
costs - (837) (1,902)
Loss on re-measurement - - (681)
Operating
loss (161) (2,897) (7,010)
Finance income 15 105 249
Finance cost - (39) -
Loss before
tax (146) (2,831) (6,761)
Taxation on discontinued
operations (106) 42 (207)
Loss for the period
from discontinued
operations (252) (2,789) (6,968)
Profit on business
disposals after tax - - 5,440
--------------------------- -------- -------- ------------
Net loss for the
period from discontinued
operations (252) (2,789) (1,528)
=========================== ======== ======== ============
5. Exceptional items
Exceptional items represent costs considered necessary to be
separately disclosed by virtue of their size or nature.
18 months
ended
6 months to 30
June 31 December
------------------
2012 2011 2011
GBP'000 GBP'000 GBP'000
-------------------------- -------- -------- ------------
Impairment of intangible
assets - 11 11
Impairment of property,
plant and equipment - - 11
Restructuring
costs 316 184 343
316 195 365
-------- -------- ------------
Restructuring costs comprise cash and non-cash costs associated
with the Group restructuring programme, mainly in the UK, and
primarily relate to redundancy and business merger costs.
6. Net finance (cost)/income
Finance income and costs from continuing operations is set out
below:
18 months
ended
6 months to
30 June 31 December
------------------
2012 2011 2011
GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- ------------
Finance income
Bank and other interest
receivable 24 27 96
Finance costs
Bank overdraft and
loan interest (89) (65) (250)
Finance leases and
hire purchase contracts (12) (8) (32)
Net return on pension
scheme assets and liabilities (135) (85) (522)
Total net
finance cost (212) (131) (708)
--------------------------------- -------- -------- ------------
7. 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.
18 months
ended
6 months to 30
June 31 December
----------------------------------
2012 2011 2011
------------------------- ------------- --------------- ---------------
Loss after taxation GBP(859,000) GBP(3,636,000) GBP(2,737,000)
Weighted average number
of shares in issue in
the period 59,761,646 59,761,646 59,761,646
Dilutive effect
of share options - - -
Number of shares for
diluted earnings per
share 59,761,646 59,761,646 59,761,646
------------------------- ------------- --------------- ---------------
Loss per share
- basic and
diluted
Continuing operations (1.0) p (1.4) p (2.0) p
Discontinued
operations (0.4) p (4.7) p (2.6) p
Total operations (1.4) p (6.1) p (4.6) p
------------------------- ------------- --------------- ---------------
There is no dilution in the loss per share calculation at 30
June 2012 due to the loss for the period. The diluted loss per
share is the same as the basic loss per share for the current
period.
8. Borrowings
The bank loans and overdrafts are repayable as follows:
at 30 June at 30 June at 31 December
2012 2011 2011
GBP'000 GBP'000 GBP'000
In one year
or less 4,533 900 5,900
Between one and
two years 900 10,700 900
Between two and
five years 1,575 2,475 2,025
More than five
years - - -
7,008 14,075 8,825
----------------- ----------- ----------- ---------------
9. Acquisitions
On 14 March 2012 the Group acquired the business and certain
assets of Novator Projekstyrning AB, of Sweden, enhancing its range
of product planning software for a total consideration of
GBP83,000. The consideration comprised the payment of GBP46,000 in
cash from the Group's existing resources and deferred consideration
of GBP37,000.
An analysis of the provisional fair value of the Novator net
assets acquired and the fair value of the consideration paid is set
out below:
Fair Provisional
Book value fair
value adjustments value
GBP'000 GBP'000 GBP'000
--------------------- -------- ------------- ------------
Property, plant and
equipment - - -
Inventories 2 - 2
2 - 2
Deferred
income - - -
- - -
Net assets 2 - 2
Goodwill 81
Total consideration 83
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