TIDMJDR
RNS Number : 6650Y
Jourdan PLC
08 September 2009
Jourdan PLC
(Jourdan or the "Company")
Results for the year ended 30 June 2009
Chairman's Statement
Financial Results
This has been another year of substantial progress with the timely disposal of
the assets of the marginally profitable John Corby Limited business, a major
increase in underlying profits from the continuing activities and the successful
implementation of the agreement for the future funding of the Pension Fund.
Full year sales from continuing activities increased by 3% to GBP18.1 million
(2008: GBP17.6 million). Operating profit from continuing activities before
amortisation and impairment of intangibles was GBP1,975,000 (2008: GBP1,452,000
excluding a one off surplus of GBP410,000 on settlement of certain pension
liabilities). Prior year figures have been amended to reflect John Corby Limited
as a discontinued activity.
In overall terms profit before tax was GBP1,394,000 (2008: GBP344,000). Earnings
per share for the year were 27.0p (2008: 9.0p).
The Company remains well capitalised, with net current assets of GBP561,000 at
30 June 2009 (2008: GBP358,000). Bank borrowing was reduced by 59% to GBP814,000
during the year and the Company has agreed new facilities with Lloyds TSB Bank
plc for the year ending 1 July 2010.
I am pleased to announce that your Directors recommend a final dividend of 8.0p
per share (2008: 8.0p) making a total of 12.0p per share (2008: 8.0p) for the
year. If approved at the Company's AGM on 22 October 2009, the final dividend
will be paid on 27 November 2009 to members on the register on 16 October 2009.
Operating Companies
Westfield Medical/Clinipak, a leading UK manufacturer and supplier of single-use
sterilisation packaging material to the medical and healthcare industry,
achieved substantially improved sales and profits. Particular mention should be
made of the growth in Export Sales of 23% from the previous record figure
achieved for the year ended 30 June 2008; exports now comprise 40% of
Westfield/Clinipak sales. Exports were boosted by the devaluation of sterling. I
wish also to point out the excellent reputation both Westfield and Clinipak have
developed for product quality and adherence to delivery dates.
Nelsons Labels had a difficult year reflecting the UK economy. The operational
results showed some improvement, although the performance was adversely affected
by continuing legal expenses arising from disputes with the previous owners of
Prime Packaging. The Board anticipates that these will be resolved during the
current year. Some of the bad debt from one of Nelsons' major French customers
has been recouped, and we anticipate that further amounts will be received in
the first half of the year.
Discontinued Activities
As reported last year, in May of 2008 the business of Suncrest was sold to a
sister company of Magiglo Limited, which then continued to manufacture Corby
trouser presses on behalf of the Company. Corby remained responsible for all
commercial functions but when the new owners of the Suncrest business went into
administration in early 2009, the ongoing position became unsustainable. The
Corby business was sold in May 2009. GBP224,000 was received during the 2009
financial year and a further GBP412,000 is due to be paid in monthly instalments
until August 2010. In addition, Jourdan retained the responsibility for
collecting outstanding debtors and paying creditors. The disposal of Corby was a
further step in focusing our resources on the medical packaging industry.
Group Pensions
As at 30 June 2009 the Company's obligations in respect of the Jourdan Pension
Fund (after tax) had increased to GBP2,318,000 compared with GBP2,070,000 as at
30 June 2008. In 2009 approximately GBP900,000 was paid by the Company into the
Pension Fund and since 30 June 2009 another injection of GBP500,000 has been
made. In addition the Company is required to make payments of approximately
GBP400,000 per annum and these will continue to be made on a monthly basis. This
is in respect of a Pension Fund which has only two active members, reduced from
seven last year!
People
Our employees have worked exceptionally hard to achieve these results in
difficult market conditions. Their skill and motivation is essential to
Jourdan's success, and we thank them all.
Group Reorganisation
On 26 June 2009 the business and assets of Nelsons Labels, together with the
residual assets and liabilities of the Suncrest and Corby businesses, were hived
up to Jourdan. Each continues to operate as stand-alone divisions of the
Company.
The Company has today separately announced proposals for a delisting of the
Company's shares from trading on AIM and an associated partial tender offer to
enable the Company to buy in and cancel up to 680,002 ordinary shares at 250
pence per share. Further details of these proposals are set out in that
separate announcement.
The proposals are subject to shareholder approval. A circular with full details
of the proposals, together with a notice convening a general meeting to consider
the requisite resolutions to give effect to the proposals will be sent to
Shareholders shortly, along with the Company's Annual Report & Accounts for the
year ended 30 June 2009.
Outlook
Following the disposal of the Suncrest and Corby businesses, the Directors
believe Jourdan is well positioned to yield positive returns to shareholders.
Whilst trading conditions remain difficult for Nelsons Labels, the medical
packaging business of Westfield Medical and Clinipak is a clear leader in a
strong market place with excellent prospects. In addition, the Company holds
valuable property assets and has taken major steps to manage its obligations in
the pensions arena.
Trading for the year to date is satisfactory and, while the outturn for the
current year cannot be certain given the prevailing economic climate, the Board
anticipates that further progress will be made in the current year.
CONSOLIDATED INCOME STATEMENT
+--------------------------------------------+-------+------------+------------+
| | | Year to | Year to |
| | | 30 June | 30 June |
| | | 2009 | 2008 |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| |Notes | GBP000s | GBP000s |
+--------------------------------------------+-------+------------+------------+
| Continuing operations | | | (restated) |
+--------------------------------------------+-------+------------+------------+
| Revenue | 1 | 18,101 | 17,551 |
+--------------------------------------------+-------+------------+------------+
| Cost of sales | | (11,601) | (11,442) |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| Gross profit | | 6,500 | 6,109 |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| Net operating costs | | (4,609) | (4,714) |
+--------------------------------------------+-------+------------+------------+
| Operating profit | | 1,891 | 1,395 |
+--------------------------------------------+-------+------------+------------+
| Finance income | | 74 | 109 |
+--------------------------------------------+-------+------------+------------+
| Finance costs | | (220) | (114) |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| Profit before tax | | 1,745 | 1,390 |
+--------------------------------------------+-------+------------+------------+
| Taxation | | (541) | (533) |
+--------------------------------------------+-------+------------+------------+
| Profit for the year from continuing | | 1,204 | 857 |
| operations | | | |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| Discontinued operations | | | |
+--------------------------------------------+-------+------------+------------+
| (Loss)/profit for the year after taxation | 6 | (296) | 432 |
+--------------------------------------------+-------+------------+------------+
| Profit/(loss) on disposal after taxation | 6 | 11 | (982) |
+--------------------------------------------+-------+------------+------------+
| (Loss)/profit for the year from | | (285) | (550) |
| discontinued operations | | | |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| Profit for the year attributable to equity | | 919 | 307 |
| holders of the Parent Company | | | |
+--------------------------------------------+-------+------------+------------+
| | | | |
+--------------------------------------------+-------+------------+------------+
| Earnings per share from continuing | | Pence | Pence |
| operations | | | |
+--------------------------------------------+-------+------------+------------+
| Basic | 7 | 35.4 | 25.2 |
+--------------------------------------------+-------+------------+------------+
| Diluted | 7 | 35.4 | 25.1 |
+--------------------------------------------+-------+------------+------------+
| Loss per share from discontinued | | | |
| operations | | | |
+--------------------------------------------+-------+------------+------------+
| Basic | 7 | (8.4) | (16.2) |
+--------------------------------------------+-------+------------+------------+
| Diluted | 7 | (8.4) | (16.1) |
+--------------------------------------------+-------+------------+------------+
| Earnings per share from continuing and | | | |
| discontinued operations | | | |
+--------------------------------------------+-------+------------+------------+
| Basic | 7 | 27.0 | 9.0 |
+--------------------------------------------+-------+------------+------------+
| Diluted | 7 | 27.0 | 9.0 |
+--------------------------------------------+-------+------------+------------+
CONSOLIDATED BALANCE SHEET
+--------------------------------------------+------+------------+------------+
| | | As at | As at |
| | | 30 June | 30 June |
| | | 2009 | 2008 |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| | | GBP000s | GBP000s |
+--------------------------------------------+------+------------+------------+
| ASSETS | | | |
+--------------------------------------------+------+------------+------------+
| Non-current assets | | | |
+--------------------------------------------+------+------------+------------+
| Property, plant and equipment | | 1,501 | 1,629 |
+--------------------------------------------+------+------------+------------+
| Goodwill | | 4,736 | 4,736 |
+--------------------------------------------+------+------------+------------+
| Other intangible assets | | 438 | 522 |
+--------------------------------------------+------+------------+------------+
| Deferred tax assets | | 883 | 714 |
+--------------------------------------------+------+------------+------------+
| | | 7,558 | 7,601 |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| Current assets | | | |
+--------------------------------------------+------+------------+------------+
| Inventories | | 1,430 | 2,029 |
+--------------------------------------------+------+------------+------------+
| Trade and other receivables | | 3,507 | 4,092 |
+--------------------------------------------+------+------------+------------+
| Current tax receivable | | - | 90 |
+--------------------------------------------+------+------------+------------+
| | | 4,937 | 6,211 |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| Non-current assets classified as held for | | 1,324 | 1,502 |
| sale | | | |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| Total assets | | 13,819 | 15,314 |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| LIABILITIES | | | |
+--------------------------------------------+------+------------+------------+
| Current liabilities | | | |
+--------------------------------------------+------+------------+------------+
| Trade and other payables | | (4,159) | (5,853) |
+--------------------------------------------+------+------------+------------+
| Current tax payable | | (217) | - |
+--------------------------------------------+------+------------+------------+
| | | (4,376) | (5,853) |
+--------------------------------------------+------+------------+------------+
| Non-current liabilities | | | |
+--------------------------------------------+------+------------+------------+
| Long-term provisions | | (15) | (44) |
+--------------------------------------------+------+------------+------------+
| Pension liability | | (3,219) | (2,875) |
+--------------------------------------------+------+------------+------------+
| | | (3,234) | (2,919) |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| Total liabilities | | (7,610) | (8,772) |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| Net assets | | 6,209 | 6,542 |
+--------------------------------------------+------+------------+------------+
| | | | |
+--------------------------------------------+------+------------+------------+
| EQUITY | | | |
+--------------------------------------------+------+------------+------------+
| Share capital | | 3,400 | 3,400 |
+--------------------------------------------+------+------------+------------+
| Share premium account | | 260 | 260 |
+--------------------------------------------+------+------------+------------+
| Other reserves | | 3,145 | 3,145 |
+--------------------------------------------+------+------------+------------+
| Profit and loss reserve | | (596) | (263) |
+--------------------------------------------+------+------------+------------+
| Equity attributable to equity holders | | 6,209 | 6,542 |
| of the Parent Company | | | |
+--------------------------------------------+------+------------+------------+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
+----------------------------------------------+----+------------+------------+
| | | Year to | Year to |
| | | 30 June | 30 June |
| | | 2009 | 2008 |
+----------------------------------------------+----+------------+------------+
| | | | |
+----------------------------------------------+----+------------+------------+
| | | GBP000s | GBP000s |
+----------------------------------------------+----+------------+------------+
| | | | |
+----------------------------------------------+----+------------+------------+
| Actuarial loss recognised in the Pension | | (1,231) | (1,931) |
| Fund | | | |
+----------------------------------------------+----+------------+------------+
| Movement on deferred tax relating to pension | | 344 | 522 |
| actuarial loss | | | |
+----------------------------------------------+----+------------+------------+
| Net expense recognised directly in equity | | (887) | (1,409) |
+----------------------------------------------+----+------------+------------+
| Profit for the year | | 919 | 307 |
+----------------------------------------------+----+------------+------------+
| Total recognised income and expense in the | | 32 | (1,102) |
| year attributable to equity holders | | | |
+----------------------------------------------+----+------------+------------+
CONSOLIDATED CASH FLOW STATEMENT
+-------------------------------------------+--------+----------+----------+
| | | Year to | Year to |
| | | 30 June | 30 June |
| | | 2009 | 2008 |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| | | GBP000s | GBP000s |
+-------------------------------------------+--------+----------+----------+
| Cash flows from operating activities | | | |
+-------------------------------------------+--------+----------+----------+
| Profit after tax | | 919 | 307 |
+-------------------------------------------+--------+----------+----------+
| Adjustments for: | | | |
+-------------------------------------------+--------+----------+----------+
| Depreciation | | 251 | 445 |
+-------------------------------------------+--------+----------+----------+
| Amortisation of intangible | | 84 | 260 |
| assets | | | |
+-------------------------------------------+--------+----------+----------+
| Impairment of intangible assets | | - | 207 |
+-------------------------------------------+--------+----------+----------+
| Profit on disposal of property, | | - | (653) |
| plant and equipment | | | |
+-------------------------------------------+--------+----------+----------+
| (Profit)/loss on sale of | | (15) | 1,364 |
| discontinued activity | | | |
+-------------------------------------------+--------+----------+----------+
| Pension contributions | | (985) | (476) |
+-------------------------------------------+--------+----------+----------+
| Other gains | | (46) | (23) |
+-------------------------------------------+--------+----------+----------+
| Finance income | | (74) | (13) |
+-------------------------------------------+--------+----------+----------+
| Finance cost | | 283 | 238 |
+-------------------------------------------+--------+----------+----------+
| Tax expense recognised in income | | 475 | 37 |
| statement | | | |
+-------------------------------------------+--------+----------+----------+
| (Increase)/decrease in | | (60) | 526 |
| inventories | | | |
+-------------------------------------------+--------+----------+----------+
| Decrease/(increase) in trade and | | 473 | (181) |
| other receivables | | | |
+-------------------------------------------+--------+----------+----------+
| Decrease in trade and other | | (376) | (432) |
| payables | | | |
+-------------------------------------------+--------+----------+----------+
| Impairment of non-current assets | | 252 | - |
| classified as held for sale | | | |
+-------------------------------------------+--------+----------+----------+
| Cash generated from operations | | 1,181 | 1,606 |
+-------------------------------------------+--------+----------+----------+
| Interest paid | | (185) | (238) |
+-------------------------------------------+--------+----------+----------+
| Tax received/(paid) | | 3 | (327) |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Net cash inflow from operating activities | | 999 | 1,041 |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Cash flows from investing activities | | | |
+-------------------------------------------+--------+----------+----------+
| Acquisition of subsidiaries, net of cash | | - | (187) |
| acquired | | | |
+-------------------------------------------+--------+----------+----------+
| Purchase of property, plant and equipment | | (223) | (206) |
+-------------------------------------------+--------+----------+----------+
| Proceeds from sale of non-current assets | | - | 932 |
+-------------------------------------------+--------+----------+----------+
| Proceeds from disposal of equipment | | - | 6 |
+-------------------------------------------+--------+----------+----------+
| Proceeds from disposal of discontinued | | 748 | 70 |
| operations | | | |
+-------------------------------------------+--------+----------+----------+
| Interest received | | 74 | 13 |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Net cash generated from investing | | 599 | 628 |
| activities | | | |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Cash flows from financing activities | | | |
+-------------------------------------------+--------+----------+----------+
| Dividends paid | | (408) | (272) |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Net cash used in financing activities | | (408) | (272) |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Net increase in cash and cash equivalents | | 1,190 | 1,397 |
+-------------------------------------------+--------+----------+----------+
| Cash and cash equivalents at beginning of | | (2,004) | (3,401) |
| year | | | |
+-------------------------------------------+--------+----------+----------+
| | | | |
+-------------------------------------------+--------+----------+----------+
| Cash and cash equivalents at end of year | | (814) | (2,004) |
+-------------------------------------------+--------+----------+----------+
NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
These Summarised Consolidated Financial Statements have been prepared under the
historical cost convention.
These Summarised Consolidated Financial Statements have been prepared in
accordance with the accounting policies set out below which are based on IFRS in
issue as adopted by the European Union and in effect at 30 June 2009.
Comparative figures in the Income Statement (and notes thereto) have been
restated to disclose the results and related operating assets of John Corby
Limited (to be re-named Tribulation II Limited) as arising in respect of
discontinued activities.
2. Accounts
For the purpose of Section 435 of the UK Companies Act 2006 this announcement
constitutes non-statutory accounts. No statutory accounts dealing with the year
ended 30 June 2009 have been delivered to the Registrar of Companies nor have
yet been reported on by the auditor. Statutory accounts for the year ended 30
June 2008 have been delivered to the Registrar of Companies and reported on by
the auditor, receiving an unqualified opinion.
3. Report and accounts and AGM
Copies of the Annual Report will be posted to shareholders shortly and copies
will also be available from the registered office, Elm House, Elmer Street
North, Grantham, Lincolnshire NG31 6RE.
The Annual General Meeting will be held at 10.00 on 22 October 2009 at the
offices of Bird &Bird, 15 Fetter Lane, London EC4A 1JP.
4. Dividends
The Directors propose to declare a final dividend of 8.0p per share (2008: 8.0p)
on the issued ordinary shares of GBP1 each in the Company.
5. Segmental reporting
The Company's primary reporting format is business segment and its secondary
format is geographical segment by origin of revenue.
Business segment analysis: The financial performance of each of the business
segments is summarised below. All assets reside in the UK.
Industrial products include Westfield Medical Limited, Clinipak Limited and
Nelsons Labels (Manchester) Limited. Discontinued relates to John Corby Limited
(to be re-named Tribulation II Limited) and Tribulation Limited (formerly
Suncrest Surrounds Limited).
+------------------------+------------+---------------+------------+--------------+
| Year ended 30 June | | | | |
| 2009 | | | | |
+------------------------+------------+---------------+------------+--------------+
| | Industrial | Central | Continuing | Discontinued |
| | products | costs | operations | operations |
| | | and | | |
| | | consolidation | | |
+------------------------+------------+---------------+------------+--------------+
| | GBP000s | GBP000s | GBP000s | GBP000s |
+------------------------+------------+---------------+------------+--------------+
| Revenue | 18,073 | 28 | 18,101 | 2,220 |
+------------------------+------------+---------------+------------+--------------+
| Operating | 2,068 | (93) | 1,975 | (288) |
| profit/(loss) before | | | | |
| amortisation and | | | | |
| impairment of | | | | |
| intangibles | | | | |
+------------------------+------------+---------------+------------+--------------+
| Operating | 1,984 | (93) | 1,891 | (288) |
| profit/(loss) | | | | |
+------------------------+------------+---------------+------------+--------------+
| | | | | |
+------------------------+------------+---------------+------------+--------------+
| Assets | 14,508 | (2,013) | 12,495 | 1,324 |
+------------------------+------------+---------------+------------+--------------+
| Liabilities | (8,722) | 1,312 | (7,410) | (200) |
+------------------------+------------+---------------+------------+--------------+
| Total capital employed | 5,786 | (701) | 5,085 | 1,124 |
+------------------------+------------+---------------+------------+--------------+
| Goodwill | 4,736 | - | 4,736 | - |
+------------------------+------------+---------------+------------+--------------+
| Other intangible | 438 | - | 438 | - |
| assets | | | | |
+------------------------+------------+---------------+------------+--------------+
| Capital expenditure | 199 | - | 199 | 24 |
+------------------------+------------+---------------+------------+--------------+
| Depreciation | 219 | 19 | 238 | 13 |
+------------------------+------------+---------------+------------+--------------+
| Amortisation and | 84 | - | 84 | - |
| impairment of | | | | |
| intangible assets | | | | |
+------------------------+------------+---------------+------------+--------------+
| Share based payment | - | 43 | 43 | - |
| expense | | | | |
+------------------------+------------+---------------+------------+--------------+
+------------------------+------------+------------+------------+------------+
| Year ended 30 June | | | | |
| 2008 | | | | |
+------------------------+------------+------------+------------+------------+
| (restated) | | | | |
+------------------------+------------+------------+------------+------------+
| Revenue | 17,531 | 20 | 17,551 | 10,747 |
+------------------------+------------+------------+------------+------------+
| Operating | 1,607 | 255 | 1,862 | 442 |
| profit/(loss) before | | | | |
| amortisation and | | | | |
| impairment of | | | | |
| intangibles | | | | |
+------------------------+------------+------------+------------+------------+
| Operating | 1,140 | 255 | 1,395 | 442 |
| profit/(loss) | | | | |
+------------------------+------------+------------+------------+------------+
| | | | | |
+------------------------+------------+------------+------------+------------+
| Assets | 18,842 | (7,698) | 11,144 | 4,170 |
+------------------------+------------+------------+------------+------------+
| Liabilities | (11,775) | 5,180 | (6,595) | (2,177) |
+------------------------+------------+------------+------------+------------+
| Total capital employed | 7,067 | (2,518) | 4,549 | 1,993 |
+------------------------+------------+------------+------------+------------+
| Goodwill | 4,736 | - | 4,736 | - |
+------------------------+------------+------------+------------+------------+
| Other intangible | 522 | - | 522 | - |
| assets | | | | |
+------------------------+------------+------------+------------+------------+
| | | | | |
+------------------------+------------+------------+------------+------------+
| Capital expenditure | 174 | - | 174 | 32 |
+------------------------+------------+------------+------------+------------+
| Depreciation | 227 | 20 | 247 | 198 |
+------------------------+------------+------------+------------+------------+
| Amortisation and | 467 | - | 467 | - |
| impairment of | | | | |
| intangible assets | | | | |
+------------------------+------------+------------+------------+------------+
| Share based payment | - | 73 | 73 | - |
| expense | | | | |
+------------------------+------------+------------+------------+------------+
6. Discontinued operations
On 8 May 2009 the business of John Corby Limited (to be re-named Tribulation II
Limited) was sold to Adam Fire Surrounds Limited. As at 30 June 2009 this
operation is reported within discontinued operations.
On 14 May 2008 the business of Tribulation Limited (formerly Suncrest Surrounds
Limited) was sold to Newco 97531 Limited, a subsidiary of CJ Group Limited. The
operating profit for the year relates to adjustment to provisions on sale.
In the financial statements for the previous year, disclosures in respect of
discontinued operations reflected Tribulation Limited only. However, the 2008
comparatives have now been adjusted to include relevant disclosures for John
Corby Limited (to be re-named Tribulation II Limited).
+----------------------------------+-------------+------------+----------+
| | 2009 | 2009 | 2009 |
+----------------------------------+-------------+------------+----------+
| | Tribulation | John Corby | Total |
| | | Limited | |
+----------------------------------+-------------+------------+----------+
| | GBP000s | GBP000s | GBP000s |
+----------------------------------+-------------+------------+----------+
| Revenue | - | 2,220 | 2,220 |
+----------------------------------+-------------+------------+----------+
| Cost of sales | - | (1,621) | (1,621) |
+----------------------------------+-------------+------------+----------+
| | | | |
+----------------------------------+-------------+------------+----------+
| Gross profit | - | 599 | 599 |
+----------------------------------+-------------+------------+----------+
| Operating costs | 48 | (698) | (650) |
+----------------------------------+-------------+------------+----------+
| Impairment of non-current asset | - | (252) | (252) |
| classified as held for sale | | | |
+----------------------------------+-------------+------------+----------+
| Net operating costs | 48 | (950) | (902) |
+----------------------------------+-------------+------------+----------+
| Operating profit/(loss) | 48 | (351) | (303) |
+----------------------------------+-------------+------------+----------+
| Finance costs | (24) | (39) | (63) |
+----------------------------------+-------------+------------+----------+
| | | | |
+----------------------------------+-------------+------------+----------+
| Profit/(loss) before tax | 24 | (390) | (366) |
+----------------------------------+-------------+------------+----------+
| Taxation | (3) | 73 | 70 |
+----------------------------------+-------------+------------+----------+
| Profit/(loss) for the year from | 21 | (317) | (296) |
| discontinued operations | | | |
+----------------------------------+-------------+------------+----------+
| | | | |
+----------------------------------+-------------+------------+----------+
| | | | |
+----------------------------------+-------------+------------+----------+
| | 2008 | 2008 | 2008 |
+----------------------------------+-------------+------------+----------+
| | Tribulation | John Corby | Total |
| | | Limited | |
+----------------------------------+-------------+------------+----------+
| | GBP000s | GBP000s | GBP000s |
+----------------------------------+-------------+------------+----------+
| Revenue | 7,328 | 3,419 | 10,747 |
+----------------------------------+-------------+------------+----------+
| Cost of sales | (5,458) | (2,457) | (7,915) |
+----------------------------------+-------------+------------+----------+
| | | | |
+----------------------------------+-------------+------------+----------+
| Gross profit | 1,870 | 962 | 2,832 |
+----------------------------------+-------------+------------+----------+
| Operating costs | (2,324) | (719) | (3,043) |
+----------------------------------+-------------+------------+----------+
| Profit on disposal of | - | 653 | 653 |
| non-current asset classified as | | | |
| held for sale | | | |
+----------------------------------+-------------+------------+----------+
| Net operating costs | (2,324) | (66) | (2,390) |
+----------------------------------+-------------+------------+----------+
| Operating (loss)/profit | (454) | 896 | 442 |
+----------------------------------+-------------+------------+----------+
| Finance costs | (89) | (35) | (124) |
+----------------------------------+-------------+------------+----------+
| | | | |
+----------------------------------+-------------+------------+----------+
| (Loss)/profit before tax | (543) | 861 | 318 |
+----------------------------------+-------------+------------+----------+
| Taxation | 176 | (62) | 114 |
+----------------------------------+-------------+------------+----------+
| (Loss)/profit for the year from | (367) | 799 | 432 |
| discontinued operations | | | |
+----------------------------------+-------------+------------+----------+
+--------------------------------------------------+---------+------------+
| Cash flows from discontinued operations | 2009 | 2008 |
+--------------------------------------------------+---------+------------+
| | GBP000s | GBP000s |
+--------------------------------------------------+---------+------------+
| | | (restated) |
+--------------------------------------------------+---------+------------+
| Net cash flow from operating activity | 384 | (178) |
+--------------------------------------------------+---------+------------+
| Net cash flow from investing activity | 724 | 970 |
+--------------------------------------------------+---------+------------+
| Net cash flow from financing activity | - | - |
+--------------------------------------------------+---------+------------+
| Net increase/(decrease) in cash and cash | 1,108 | 792 |
| equivalents | | |
+--------------------------------------------------+---------+------------+
In accordance with IAS 7 and IFRS 5, the cash flows above in respect of
discontinued operations are included in the Consolidated Cash Flow Statement
under their respective headings.
+---------------------------------------+------+------------+------------+
| Profit/(loss) on disposal of | | 2009 | 2008 |
| discontinued operations | | | |
+---------------------------------------+------+------------+------------+
| | | GBP000s | GBP000s |
+---------------------------------------+------+------------+------------+
| | | | (restated) |
+---------------------------------------+------+------------+------------+
| Property, plant and equipment | | 26 | 263 |
+---------------------------------------+------+------------+------------+
| Inventories | | 659 | 967 |
+---------------------------------------+------+------------+------------+
| Trade and other receivables | | - | 1,552 |
+---------------------------------------+------+------------+------------+
| Trade and other payables | | (124) | (1,031) |
+---------------------------------------+------+------------+------------+
| Net assets | | 561 | 1,751 |
+---------------------------------------+------+------------+------------+
| | | | |
+---------------------------------------+------+------------+------------+
| Disposal proceeds (net of | | 576 | 387 |
| professional fees) | | | |
+---------------------------------------+------+------------+------------+
| | | | |
+---------------------------------------+------+------------+------------+
| Profit/(loss) on disposal before | | 15 | (1,364) |
| taxation | | | |
+---------------------------------------+------+------------+------------+
| Taxation | | (4) | 382 |
+---------------------------------------+------+------------+------------+
| Profit/(loss) on disposal after | | 11 | (982) |
| taxation | | | |
+---------------------------------------+------+------------+------------+
7. 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:
+-----------------------------------+--------------+-----------+-----------+
| Year ended 30 June 2009 | Earnings | Weighted | Earnings |
| | attributable | Average | per |
| | to equity | number of | share |
| | holders of | shares | |
| | the Parent | | |
| | Company | | |
+-----------------------------------+--------------+-----------+-----------+
| | | | |
+-----------------------------------+--------------+-----------+-----------+
| | GBP000s | Number | Pence |
+-----------------------------------+--------------+-----------+-----------+
| | | | |
+-----------------------------------+--------------+-----------+-----------+
| Profit after tax for calculation | 919 | | |
| of basic earnings per share | | | |
+-----------------------------------+--------------+-----------+-----------+
| Notional taxed interest income | - | | |
| accruing on dilution | | | |
+-----------------------------------+--------------+-----------+-----------+
| Profit after tax for calculation | 919 | | |
| of diluted earnings per share | | | |
+-----------------------------------+--------------+-----------+-----------+
| | | | |
+-----------------------------------+--------------+-----------+-----------+
| Number of shares for calculation | | 3,400,010 | |
| of basic earnings per share | | | |
+-----------------------------------+--------------+-----------+-----------+
| Dilutive effect of potential | | - | |
| shares | | | |
+-----------------------------------+--------------+-----------+-----------+
| Number of shares for calculation | | 3,400,010 | |
| of diluted earnings per share | | | |
+-----------------------------------+--------------+-----------+-----------+
| | | | |
+-----------------------------------+--------------+-----------+-----------+
| Continuing and discontinued | | | |
| operations | | | |
+-----------------------------------+--------------+-----------+-----------+
| Basic earnings per share | | | 27.0 |
+-----------------------------------+--------------+-----------+-----------+
| Diluted earnings per share | | | 27.0 |
+-----------------------------------+--------------+-----------+-----------+
| | | | |
+-----------------------------------+--------------+-----------+-----------+
| Continuing operations | | | |
+-----------------------------------+--------------+-----------+-----------+
| Basic earnings per share | 1,204 | | 35.4 |
+-----------------------------------+--------------+-----------+-----------+
| Diluted earnings per share | | | 35.4 |
+-----------------------------------+--------------+-----------+-----------+
| | | | |
+-----------------------------------+--------------+-----------+-----------+
| Discontinued operations | | | |
+-----------------------------------+--------------+-----------+-----------+
| Basic loss per share | (285) | | (8.4) |
+-----------------------------------+--------------+-----------+-----------+
| Diluted loss per share | | | (8.4) |
+-----------------------------------+--------------+-----------+-----------+
+--------------------------------------+--------------+-----------+----------+
| Year ended 30 June 2008 | Earnings | Weighted | Earnings |
| (restated) | attributable | average | per |
| | to equity | number | share |
| | holders of | of | |
| | the Parent | shares | |
| | Company | | |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
| | GBP000s | Number | Pence |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of | 307 | | |
| basic earnings per share | | | |
+--------------------------------------+--------------+-----------+----------+
| Notional taxed interest income | 19 | | |
| accruing on dilution | | | |
+--------------------------------------+--------------+-----------+----------+
| Profit after tax for calculation of | 326 | | |
| diluted earnings per share | | | |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of | | 3,400,010 | |
| basic earnings per share | | | |
+--------------------------------------+--------------+-----------+----------+
| Dilutive effect of potential shares | | 9,137 | |
+--------------------------------------+--------------+-----------+----------+
| Number of shares for calculation of | | 3,409,147 | |
| diluted earnings per share | | | |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
| Continuing and discontinued | | | |
| operations | | | |
+--------------------------------------+--------------+-----------+----------+
| Basic earnings per share | | | 9.0 |
+--------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 9.0 |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
| Continuing operations | | | |
+--------------------------------------+--------------+-----------+----------+
| Basic earnings per share | 857 | | 25.2 |
+--------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | 25.1 |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
| Discontinued operations | | | |
+--------------------------------------+--------------+-----------+----------+
| Basic earnings per share | (550) | | (16.2) |
+--------------------------------------+--------------+-----------+----------+
| Diluted earnings per share | | | (16.1) |
+--------------------------------------+--------------+-----------+----------+
| | | | |
+--------------------------------------+--------------+-----------+----------+
For the year ended 30 June 2008 the exercise price for the majority of the share
options was greater than the average middle market price of the shares. For the
remainder the notional interest charge outweighs the number of free shares. As
such the shares are anti-dilutive.
For the year ended 30 June 2009 all of the share options are anti-dilutive.
8. Annual Report
The financial information above does not constitute statutory accounts within
the meaning of Section 434 Companies Act 2006 as amended.
Copies of the Annual Report will be sent to shareholders in due course and will
be available on the Company's website www.jourdanplc.co.uk
Contact:
Jourdan plc
David Abell, Chairman Tel: 01476 403456
Charles Stanley Securities Tel: 020 7149 6000
Nominated Adviser & Broker
Russell Cook / Carl Holmes
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ILFIDATIDIIA
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