TIDMJDR
RNS Number : 6837N
Jourdan PLC
23 February 2009
Jourdan plc
(Jourdan or the "Company")
Interim Results for the six months ended 31 December 2008
Chairman's Statement
It is pleasing to report that Jourdan has made further progress in the first
half of the year despite the prevailing economic uncertainties.
Financial Results
Revenue in the six months to 31 December 2008 from continuing activities
reduced by 3% to GBP10.7 million (2007: GBP11.0 million). However, operating
profit from continuing activities before amortisation increased by 23% to
GBP1,015,000 (2007: GBP823,000). Last year's figures exclude a non recurring
GBP623,000 profit on the sale of the Andover factory.I believe these are
excellent results in the current environment, particularly as they encompass bad
debt provisions of more than GBP100,000.
Profit before tax from continuing activities for the half year was GBP906,000
(2007: GBP604,000, before profit on Andover factory), with earnings per share
at 18.6p (2007: 10.1p).
Dividend
The Board is committed to a progressive dividend policy. The Company has paid a
final dividend, of 8.0p per share for each of the last two years, but has not
paid an interim dividend. In view of these excellent results, and as a mark of
its confidence in the Company's prospects, your Board has decided that it is
appropriate to declare an interim dividend of 4.0p per share (2007 -nil). The
interim dividend will be paid on 30 April 2009 to those shareholders on the
Company's register as at 14 April 2009.
Operating Companies
Westfield Medical/Clinipak, the leading UK manufacturer and supplier of
single-use sterilisation packaging material to the medical and healthcare
industry, achieved substantially improved sales and profits. Sales to most
sectors rose during the six months to December, and exports in particular, which
accounted for approximately 42% of Westfield Medical/Clinipak sales, benefited
from the further devaluation of Sterling.
Corby, the internationally renowned designer and distributor of trouser presses,
again achieved lower profits on substantially reduced sales. However, sales to
export markets in currencies other than Sterling helped profitability as
Sterling devalued throughout the period.
Nelsons Labels, which manufactures and sells a variety of fabric-based labels
for mattresses, carpets and upholstery, had another disappointing half year.
Sales were substantially lower and small losses were incurred primarily because
of the insolvency of Nelson's largest customer which resulted in a loss of
GBP83,000.
Group Pension
The reported pension obligation (net of tax) has reduced from GBP2,070,000 at 30
June 2008 to GBP1,710,000 at 31 December 2008, following substantial
contributions to the scheme in the period. However, in the light of the recent
collapse in stock market prices and the significant reduction in interest rates
the position remains fluid and will continue to be under review. The Pension
Fund currently has seven active members, reduced from 17 last year.
Outlook
Following the disposal of the Suncrest business in May last year, the group is
well positioned to yield further positive returns to shareholders. Whilst
trading conditions remain difficult for the group's consumer businesses, the
medical packaging business is a clear leader in a strong market place with
excellent prospects. In addition, the group continues to hold valuable property
assets and has also taken major steps to reduce further its Pension Fund
obligations.
Trading for the year to date is highly satisfactory and, while the outcome for
the current year cannot be forecast accurately given the prevailing economic
climate, it is pleasing to report that profits of the reduced group are well
ahead of budget and the same period last year. Moreover, the bank debt of
GBP2,004,000 at 30 June 2008 has only increased to GBP2,187,000 despite paying
GBP697,000 to the Pension Fund. The debt is well within our facilities.
The increasingly onerous regulatory and financial requirements for small
companies are a particularly unwelcome burden at this time but your Board
continues to find means of improving Shareholder value.
J David Abell
20 February 2009
Enquiries:
Jourdan plc 01476 403 456
David Abell, Chairman
Charles Stanley Securities 020 7149 6000
Nominated Adviser
Russell Cook / Carl Holmes
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
+-------+-------------------------------------+------------+-----------+----------+
| | Unaudited | 6 months | 6 months | Year |
| | | to 31 | to 31 | to 30 |
| | | December | December | June |
| | | 2008 | 2007 | 2008 |
+-------+-------------------------------------+------------+-----------+----------+
| Notes | | GBP000s | GBP000s | GBP000s |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Continuing operations | | | |
+-------+-------------------------------------+------------+-----------+----------+
| 3 | Revenue | 10,673 | 11,013 | 20,970 |
+-------+-------------------------------------+------------+-----------+----------+
| | Cost of sales | (6,854) | (7,437) | (13,899) |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Gross profit | 3,819 | 3,576 | 7,071 |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Net operating costs: | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Operating costs | (2,846) | (2,887) | (5,433) |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit on disposal of non-current | - | 623 | 653 |
| | assets classified as held for sale | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Net operating costs | (2,846) | (2,264) | (4,780) |
+-------+-------------------------------------+------------+-----------+----------+
| 3 | Operating profit | 973 | 1,312 | 2,291 |
+-------+-------------------------------------+------------+-----------+----------+
| | Finance income | - | 11 | 109 |
+-------+-------------------------------------+------------+-----------+----------+
| | Finance costs | (67) | (96) | (149) |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit before tax | 906 | 1,227 | 2,251 |
+-------+-------------------------------------+------------+-----------+----------+
| | Taxation | (273) | (262) | (595) |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit for the period from | 633 | 965 | 1,656 |
| | continuing operations | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Discontinued operation | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit/(loss) for the period after | - | 190 | (367) |
| | taxation | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit/(loss) on disposal after | 18 | - | (982) |
| | taxation | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit/(loss) for the period from | 18 | 190 | (1,349) |
| | discontinued operation | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Profit for the period attributable | 651 | 1,155 | 307 |
| | to equity holders of the Parent | | | |
| | Company | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Earnings per share from continuing | Pence | Pence | Pence |
| | operations | | | |
+-------+-------------------------------------+------------+-----------+----------+
| 6 | Basic | 18.6 | 28.4 | 48.7 |
+-------+-------------------------------------+------------+-----------+----------+
| 6 | Diluted | 18.6 | 28.2 | 48.7 |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Earnings per share from | | | |
| | discontinued operation | | | |
+-------+-------------------------------------+------------+-----------+----------+
| 6 | Basic | 0.6 | 5.6 | (39.7) |
+-------+-------------------------------------+------------+-----------+----------+
| 6 | Diluted | 0.6 | 5.6 | (39.7) |
+-------+-------------------------------------+------------+-----------+----------+
| | | | | |
+-------+-------------------------------------+------------+-----------+----------+
| | Earnings per share from continuing | | | |
| | and discontinued operations | | | |
+-------+-------------------------------------+------------+-----------+----------+
| 6 | Basic | 19.2 | 34.0 | 9.0 |
+-------+-------------------------------------+------------+-----------+----------+
| 6 | Diluted | 19.2 | 33.8 | 9.0 |
+-------+-------------------------------------+------------+-----------+----------+
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
+-------+------------------------------+-------------------+---------------+------------+
| | Unaudited | 31 December 2008 | 31 December | 30 June |
| | | | 2007 | 2008 |
+-------+------------------------------+-------------------+---------------+------------+
| Notes | | GBP000s | GBP000s | GBP000s |
+-------+------------------------------+-------------------+---------------+------------+
| | ASSETS | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Non-current assets | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Property, plant and | 1,657 | 1,962 | 1,629 |
| | equipment | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Goodwill | 4,736 | 5,160 | 4,736 |
+-------+------------------------------+-------------------+---------------+------------+
| 4 | Other intangible assets | 480 | 855 | 522 |
+-------+------------------------------+-------------------+---------------+------------+
| | Deferred tax assets | 582 | 424 | 714 |
+-------+------------------------------+-------------------+---------------+------------+
| | | 7,455 | 8,401 | 7,601 |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Current assets | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Inventories | 2,149 | 3,188 | 2,029 |
+-------+------------------------------+-------------------+---------------+------------+
| | Trade and other receivables | 3,803 | 6,162 | 4,092 |
+-------+------------------------------+-------------------+---------------+------------+
| | Current tax receivable | 23 | - | 90 |
+-------+------------------------------+-------------------+---------------+------------+
| | | 5,975 | 9,350 | 6,211 |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Assets classified as held | 1,502 | 1,502 | 1,502 |
| | for sale | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Total assets | 14,932 | 19,253 | 15,314 |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | LIABILITIES | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Current liabilities | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Trade and other payables | (5,572) | (7,955) | (5,853) |
+-------+------------------------------+-------------------+---------------+------------+
| | Current portion of deferred | - | (395) | - |
| | consideration | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Current tax payable | - | (362) | - |
+-------+------------------------------+-------------------+---------------+------------+
| | | (5,572) | (8,712) | (5,853) |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Non-current liabilities | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Deferred consideration | - | (75) | - |
+-------+------------------------------+-------------------+---------------+------------+
| | Long-term provisions | (44) | (44) | (44) |
+-------+------------------------------+-------------------+---------------+------------+
| | Deferred tax liabilities | - | (144) | - |
+-------+------------------------------+-------------------+---------------+------------+
| | Pension liability | (2,375) | (1,516) | (2,875) |
+-------+------------------------------+-------------------+---------------+------------+
| | | (2,419) | (1,779) | (2,919) |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Total liabilities | (7,991) | (10,491) | (8,772) |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | Net assets | 6,941 | 8,762 | 6,542 |
+-------+------------------------------+-------------------+---------------+------------+
| | | | | |
+-------+------------------------------+-------------------+---------------+------------+
| | EQUITY | | | |
+-------+------------------------------+-------------------+---------------+------------+
| 5 | Share capital | 3,400 | 3,400 | 3,400 |
+-------+------------------------------+-------------------+---------------+------------+
| 5 | Share premium account | 260 | 260 | 260 |
+-------+------------------------------+-------------------+---------------+------------+
| 5 | Other reserves | 3,145 | 3,145 | 3,145 |
+-------+------------------------------+-------------------+---------------+------------+
| 5 | Profit and loss reserve | 136 | 1,957 | (263) |
+-------+------------------------------+-------------------+---------------+------------+
| | Equity attributable to | 6,941 | 8,762 | 6,542 |
| | equity holders | | | |
| | of the Parent Company | | | |
+-------+------------------------------+-------------------+---------------+------------+
CONDENSED CONSOLIDATED INTERIM STATEMENT OF RECOGNISED INCOME AND EXPENSE
+------------------------------------+------+------------+------------+---------+
| Unaudited | | 31 | 31 | 30 June |
| | | December | December | 2008 |
| | | 2008 | 2007 | |
+------------------------------------+------+------------+------------+---------+
| | | GBP000s | GBP000s | GBP000s |
+------------------------------------+------+------------+------------+---------+
| | | | | |
+------------------------------------+------+------------+------------+---------+
| Actuarial loss recognised in the | | - | - | (1,931) |
| pension scheme | | | | |
+------------------------------------+------+------------+------------+---------+
| Movement on deferred tax relating to | - | - | 522 |
| pension liability | | | |
+-------------------------------------------+------------+------------+---------+
| Net expense recognised directly in | | - | - | (1,409) |
| equity | | | | |
+------------------------------------+------+------------+------------+---------+
| Profit for the period | | 651 | 1,155 | 307 |
+------------------------------------+------+------------+------------+---------+
| Total recognised income and | | 651 | 1,155 | (1,102) |
| expense in the period attributable | | | | |
| to equity holders | | | | |
+------------------------------------+------+------------+------------+---------+
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
+-------+------------------------------+--+----------------+---------------+------------+
| | Unaudited | | 6 months to | 6 months to | Year to |
| | | | 31 December | 31 December | 30 June |
| | | | 2008 | 2007 | 2008 |
+-------+------------------------------+--+----------------+---------------+------------+
| Notes | | | GBP000s | GBP000s | GBP000s |
+-------+------------------------------+--+----------------+---------------+------------+
| | Cash flows from operating | | | | |
| | activities | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Profit after tax | | 651 | 1,155 | 307 |
+-------+------------------------------+--+----------------+---------------+------------+
| | Adjustments for: | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Depreciation | | 124 | 238 | 445 |
+-------+------------------------------+--+----------------+---------------+------------+
| | Amortisation of intangible | | 42 | 134 | 260 |
| | assets | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Impairment of intangible assets | - | - | 207 |
+-------+---------------------------------+----------------+---------------+------------+
| | Profit on disposal of property, | - | (623) | (653) |
| | plant and equipment | | | |
+-------+---------------------------------+----------------+---------------+------------+
| | Loss on sale of discontinued | | - | - | 1,364 |
| | activity | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Net pension adjustment | | (500) | - | (572) |
+-------+------------------------------+--+----------------+---------------+------------+
| | Share based payments | | 20 | 36 | 73 |
+-------+------------------------------+--+----------------+---------------+------------+
| | Finance income | | - | (11) | (13) |
+-------+------------------------------+--+----------------+---------------+------------+
| | Finance cost | | 88 | 150 | 238 |
+-------+------------------------------+--+----------------+---------------+------------+
| | Tax expense recognised in | | 280 | 262 | 37 |
| | income | | | | |
| | statement | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | (Increase)/decrease in | | (120) | 334 | 526 |
| | inventories | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Increase in trade and other | | (46) | (1,016) | (181) |
| | receivables | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | (Decrease)/increase in trade | | (464) | 42 | (432) |
| | and otherPayables | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Cash generated from | | 75 | 701 | 1,606 |
| | operations | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Interest paid | | (88) | (150) | (238) |
+-------+------------------------------+--+----------------+---------------+------------+
| | Tax paid | | (81) | (225) | (327) |
+-------+------------------------------+--+----------------+---------------+------------+
| | Net cash from operating | | (94) | 326 | 1,041 |
| | activities | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Cash flows from investing | | | | |
| | activities | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Acquisition of subsidiaries, | | - | (141) | (187) |
| | net of cash acquired | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Purchase of property, plant | | (156) | (63) | (206) |
| | and equipment | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Proceeds from sale of | | - | 902 | 932 |
| | non-current assets | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Proceeds from disposal of | | 4 | - | 6 |
| | equipment | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Proceeds from disposal of | | 335 | - | 70 |
| | discontinued activity | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Interest received | | - | 11 | 13 |
+-------+------------------------------+--+----------------+---------------+------------+
| | Net cash generated from | 183 | 709 | 628 |
| | investing activities | | | |
+-------+---------------------------------+----------------+---------------+------------+
| | | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Cash flows from financing | | | | |
| | activities | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| 7 | Dividends paid | | (272) | (272) | (272) |
+-------+------------------------------+--+----------------+---------------+------------+
| | Net cash used in financing | | (272) | (272) | (272) |
| | activities | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Net (decrease)/increase in cash | (183) | 763 | 1,397 |
| | and cash equivalents | | | |
+-------+---------------------------------+----------------+---------------+------------+
| | Cash and cash equivalents at | | (2,004) | (3,401) | (3,401) |
| | beginning of period | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
| | Cash and cash equivalents at | | (2,187) | (2,638) | (2,004) |
| | end of period | | | | |
+-------+------------------------------+--+----------------+---------------+------------+
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. General information
Jourdan plc is the ultimate Parent Company of the Group with interests in both
the consumer and industrial markets. The address and principal place of business
of Jourdan plc is Elm House, Elmer Street North, Grantham, Lincolnshire NG31
6RE. These Condensed Consolidated Financial Statements are for the six months
ended 31 December 2008. These Condensed Consolidated Financial Statements are
presented in Pounds Sterling, which is also the functional currency of the
Parent Company. They were approved for issue by the Board of Directors on 20
February 2009.
2. Basis of preparation
These Condensed Consolidated Interim Financial Statements have been prepared
under the historical cost convention.
These Condensed Consolidated Interim Financial Statements (the Interim Financial
Statements) have been prepared in accordance with the accounting policies set
out in the notes to the full year end statutory accounts as approved by the
Board of Directors.
The accounting policies have been applied consistently throughout the Group for
the purposes of preparation of these Condensed Consolidated Interim Financial
Statements.
3. Segmental Reporting
+-----------------------------------------+------------+------------+---------+
| | 6 months | 6 months | Year to |
| | to | to | 30 June |
| | 31 | 31 | 2008 |
| | December | December | |
| | 2008 | 2007 | |
+-----------------------------------------+------------+------------+---------+
| | GBP000s | GBP000s | GBP000s |
+-----------------------------------------+------------+------------+---------+
| | | | |
+-----------------------------------------+------------+------------+---------+
| Revenue | | | |
+-----------------------------------------+------------+------------+---------+
| Consumer products | 1,497 | 2,165 | 3,419 |
+-----------------------------------------+------------+------------+---------+
| Industrial products | 9,160 | 8,838 | 17,531 |
+-----------------------------------------+------------+------------+---------+
| Central costs and consolidation | 16 | 10 | 20 |
+-----------------------------------------+------------+------------+---------+
| Consolidated total | 10,673 | 11,013 | 20,970 |
+-----------------------------------------+------------+------------+---------+
| | | | |
+-----------------------------------------+------------+------------+---------+
| Operating profit | | | |
+-----------------------------------------+------------+------------+---------+
| Consumer products | 158 | 199 | 239 |
+-----------------------------------------+------------+------------+---------+
| Industrial products | 1299 | 806 | 1,140 |
+-----------------------------------------+------------+------------+---------+
| Central costs and consolidation | (484) | 307 | 912 |
+-----------------------------------------+------------+------------+---------+
| Consolidated total | 973 | 1,312 | 2,291 |
+-----------------------------------------+------------+------------+---------+
4. Intangible assets
The following table shows the significant movements in respect of intangible
assets:
+--------------------------------------+--+------------+---------+---------------+----------+
| | | Contracted | Patents | Other | Total |
| | | sales | | customer | |
| | | | | relationships | |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | GBP000s | GBP000s | GBP000s | GBP000s |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Carrying amount at 1 July 2007 | | 46 | 496 | 447 | 989 |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Amortisation | | (14) | (25) | (95) | (134) |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Carrying amount at 31 December 2007 | | 32 | 471 | 352 | 855 |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Impairment | | - | - | (207) | (207) |
+--------------------------------------+--+------------+---------+---------------+----------+
| Amortisation | | (13) | (25) | (88) | (126) |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Carrying amount at 30 June 2008 | | 19 | 446 | 57 | 522 |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Amortisation | | (10) | (23) | (9) | (42) |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
| Carrying amount at 31 December 2008 | | 9 | 423 | 48 | 480 |
+--------------------------------------+--+------------+---------+---------------+----------+
| | | | | | |
+--------------------------------------+--+------------+---------+---------------+----------+
5. Movement on reserves
+-----------------------------+----------+---------+---------+---------+----------+---------+
| | | Share | Share | Other | Profit & | Total |
| | | capital | premium | reserve | loss | equity |
| | | | | | reserve | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| | | GBP000s | GBP000s | GBP000s | GBP000s | GBP000s |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Balance at 1 July 2007 | 3,400 | 260 | 3,145 | 1,038 | 7,843 |
+----------------------------------------+---------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Changes in equity for the | | | | | | |
| period | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Net actuarial gain in respect of the | - | - | - | - | - |
| defined benefit | | | | | |
| pension scheme | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Net income recognised directly in | - | - | - | - | - |
| equity | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Profit for the six months to 31 | - | - | - | 1,155 | 1,155 |
| December 2007 | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Total recognised income and expense | - | - | - | 1,155 | 1,155 |
| for the period | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Dividends | | - | - | - | (272) | (272) |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Credit relating to issue of | | - | - | - | 36 | 36 |
| share options | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Balance at 31 December 2007 | | 3,400 | 260 | 3,145 | 1,957 | 8,762 |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Changes in equity for the | | | | | | |
| period | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Net actuarial loss in respect of the | - | - | - | (1,409) | (1,409) |
| defined benefit | | | | | |
| pension scheme | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Net income recognised directly in | - | - | - | (1,409) | (1,409) |
| equity | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Loss for the six months to | | - | - | - | (848) | (848) |
| 30 June 2008 | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Total recognised income and expense | - | - | - | (848) | (848) |
| for the period | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Dividends | | - | - | - | - | - |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Credit relating to issue of | | - | - | - | 37 | 37 |
| share options | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Balance at 30 June 2008 | | 3,400 | 260 | 3,145 | (263) | 6,542 |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Changes in equity for the | | | | | | |
| period | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Net actuarial gain in respect of the | - | - | - | - | - |
| defined benefit | | | | | |
| pension scheme | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Net income recognised directly in | - | - | - | - | - |
| equity | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Profit for the six months to 31 | - | - | - | 651 | 651 |
| December 2008 | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Total recognised income and expense | - | - | - | 651 | 651 |
| for the period | | | | | |
+----------------------------------------+---------+---------+---------+----------+---------+
| Dividends | | - | - | - | (272) | (272) |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Credit relating to issue of | | - | - | - | 20 | 20 |
| share options | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| Balance at 31 December 2008 | | 3,400 | 260 | 3,145 | 136 | 6,941 |
+-----------------------------+----------+---------+---------+---------+----------+---------+
| | | | | | | |
+-----------------------------+----------+---------+---------+---------+----------+---------+
6. Earnings per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings per
share, adjusted to allow for the issue of shares and the post-tax effect of
interest on the assumed conversion of all dilutive options and other dilutive
potential ordinary shares.
Reconciliations of the earnings and the weighted average number of shares used
in the calculations are set out below:
+--------------------------------------------+--------------+-----------+----------+
| 6 months to 31 December 2008 | Earnings | Weighted | Earnings |
| | attributable | average | per |
| | to equity | number | share |
| | holders of | of | |
| | the Parent | shares | |
| | Company | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| | GBP000s | Number | Pence |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of basic | 651 | | |
| earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Notional taxed interest income accruing on | - | | |
| dilution | | | |
+--------------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of | 651 | | |
| diluted earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Add-back amortisation of intangible | 42 | | |
| assets, net of tax | | | |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted profit before | 693 | | |
| amortisation of intangible assets | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of basic | | 3,400,010 | |
| earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Dilutive effect of potential shares | | - | |
+--------------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of | | 3,400,010 | |
| diluted earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | | | 19.2 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 19.2 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | | | 20.4 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 20.4 |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Continuing | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | 633 | | 18.6 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 18.6 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | 675 | | 19.8 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 19.8 |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Discontinued | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | 18 | | 0.6 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 0.6 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | 18 | | 0.6 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 0.6 |
+--------------------------------------------+--------------+-----------+----------+
+--------------------------------------------+--------------+-----------+----------+
| 6 months to 31 December 2007 | Earnings | Weighted | Earnings |
| | attributable | average | per |
| | to equity | number | share |
| | holders of | of | |
| | the Parent | shares | |
| | Company | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| | GBP000s | Number | Pence |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of basic | 1,155 | | |
| earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Notional taxed interest income accruing on | - | | |
| dilution | | | |
+--------------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of | 1,155 | | |
| diluted earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Add-back amortisation of intangible | 98 | | |
| assets, net of tax | | | |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted profit before | 1,253 | | |
| amortisation of intangible assets | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of basic | | 3,400,010 | |
| earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Dilutive effect of potential shares | | 20,952 | |
+--------------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of | | 3,420,962 | |
| diluted earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | | | 34.0 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 33.8 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | | | 36.9 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 36.6 |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Continuing | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | 965 | | 28.4 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 28.2 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | 1,063 | | 31.3 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 31.0 |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Discontinued | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | 190 | | 5.6 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 5.6 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | 190 | | 5.6 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 5.6 |
+--------------------------------------------+--------------+-----------+----------+
+--------------------------------------------+--------------+-----------+----------+
| Year to 30 June 2008 | Earnings | Weighted | Earnings |
| | attributable | average | per |
| | to equity | number | share |
| | holders of | of | |
| | the Parent | shares | |
| | Company | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| | GBP000s | Number | Pence |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of basic | 307 | | |
| earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Notional taxed interest income accruing on | 19 | | |
| dilution | | | |
+--------------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of | 326 | | |
| diluted earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Add-back amortisation and impairment of | 336 | | |
| intangible assets, net of tax | | | |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted profit before | 662 | | |
| amortisation of intangible assets | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of basic | | 3,400,010 | |
| earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| Dilutive effect of potential shares | | 9,137 | |
+--------------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of | | 3,409,147 | |
| diluted earnings per share | | | |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | | | 9.0 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 9.0 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | | | 18.9 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 18.9 |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Continuing | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | 1,656 | | 48.7 |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 48.7 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | 1,992 | | 58.6 |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | 58.6 |
+--------------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------------+--------------+-----------+----------+
| Discontinued | | | |
+--------------------------------------------+--------------+-----------+----------+
| Basic earnings per share | (1,349) | | (39.7) |
+--------------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | (39.7) |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted basic earnings per share | (1,349) | | (39.7) |
+--------------------------------------------+--------------+-----------+----------+
| Adjusted diluted earnings per share | | | (39.7) |
+--------------------------------------------+--------------+-----------+----------+
7. Dividends
The Company paid a dividend of 8p per share (GBP272,000) on 21 November 2008
relating to the financial year ended 30 June 2008. A dividend of 8p per share
(GBP272,000) was paid on 9 November 2007 relating to the financial year ended 30
June 2007.
8. Status of interim report
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985. The
Group's statutory financial statements for the year ended 30 June 2008, prepared
under IFRS, have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified and did not contain a
statement under Section 237(2) and Section 237(3) of the Companies Act 1985.
9. Distribution of document
Copies of these Condensed Consolidated Interim Financial Statements will be sent
to shareholders shortly. Copies will also be available on the Company website:
www.jourdanplc.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKAEAAFNEFE
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