TIDMLTS
RNS Number : 1399Y
Litho Supplies PLC
28 August 2009
LITHO SUPPLIES Plc
Unaudited results for the six months ended 30 June 2009
OVERVIEW
Litho Supplies Plc, the leading supplier of consumable products, analogue and
digital equipment and related services to the printing, graphic arts and
corporate markets in the UK, announces its unaudited results for the six months
ended 30 June 2009.
Overview:
* Pre-tax loss (after the add back of reorganisation costs) of GBP1.31m (Profit
GBP0.34m.)
* Sales of GBP18.93m (GBP25.38m).
* The board is not recommending an interim dividend reflecting current market
conditions.
* Partnership agreement with Mitsubishi
Litho Supplies Chief Executive Michael Hammond said:
"The first half of 2009 has continued to be a challenging environment in which
to operate.
Uncertainty in financial markets and overcapacity in the printing industry have
contributed to suppressed revenues and margins.
The recently announced partnership agreement with Mitsubishi offers
opportunities to increase sales when the economy starts to improve.
With a much reduced cost base we look forward to 2010 with more confidence."
Contacts:
Michael Hammond, Chief Executive Tel: 01332 873921
Eddie Williams, Sales Director Tel: 01332 873921
CHAIRMAN'S HALF YEARLY STATEMENT AND INTERIM MANAGEMENT REPORT
Unaudited results for the six months ended 30th June 2009
The unaudited half year results for the six months ended 30 June 2009 show a pre
tax loss of GBP1.31m (Profit GBP0.34m) after adding back GBP0.35m (GBP0.30m) of
costs associated with the reorganisation of the business. The loss before tax
after reorganisation expenses was GBP1.66m (Profit GBP0.04m) and sales for the
period were GBP18.93m (GBP25.38m).
Basic loss (-) / earnings (+) per share for the six months ended 30 June 2009
were (-7.49p) (+0.16p) Basic earnings per share before reorganisation costs were
(-6.00p) (+1.52p).
Uncertainty in financial markets continues to have an impact on our customers
who face difficulties in obtaining finance. Several major equipment orders had
to be cancelled affecting sales of capital equipment in the period. The downturn
in the economy, also, has affected confidence and this has been a factor
reflected in our level of consumable sales.
Net borrowings at 30 June 2009 were GBP3.15m (GBP0.08m).
The Board remains resolute in its efforts to restore the strength of the balance
sheet and continues to focus on reducing the working capital requirements of the
business. Given the loss in the year to date and the borrowings, the board will
not be recommending an interim dividend.
Trading performance
Sales in the UK of consumable and media products, digital electronic, wide
format and finishing equipment, the core activity of the business, were
GBP18.93m (GBP25.38m).
The decrease in the overall level of sales foreshadowed in previous trading
statements reflects both the closure of our digital electronics division as well
as the decline in the sales of consumable products driven by the general
downturn in the economy. The loss of two large customers who went into
liquidation in 2008 has also been a factor in the reduced level of sales.
Very weak economic conditions are aggravating the competitive nature of the
market, continuing to impact both sales and gross margins which remained under
pressure during the first half of 2009. A further factor has been the necessity
to increase the provision for bad debts within the now closed electronics
division.
However our telesales division continues to provide an additional service to
customers and gross margins from this method of selling remain consistent. Also,
in the last few months we have witnessed an increase in the number of online
orders and we continue to work on improving this service with further upgrades
to our computer system.
It is now evident that the decision not to exhibit at the Northprint exhibition
at Harrogate earlier in the year proved correct; whilst our attendance at the
successful Sign UK wide format show at the NEC in April resulted in a number of
new orders and sales opportunities.
Prospects
Whilst business this year remains very difficult we have continued to address
our reorganisation programme, with the benefits of these latest measures
expected to start to come through in 2010.
The difficult economy and lack of available finance continues to force customers
to use existing equipment rather than investing in new equipment. To offset
this, we are concentrating our efforts on providing a reliable and cost
effective service to our current consumable products customers, targeting new
business to maintain and improve our market share.
The recently announced partnership agreement with Mitsubishi should offer
opportunities for sales of printing presses as well as an opportunity to
increase service revenues. It will provide us with a showroom in Leeds to
compliment the one we already have in Perivale, West London, providing our
customers with easy access to view our consumable product range alongside the
equipment. We have already begun demonstrations at the showroom in Leeds and
regard the 2010 IPEX exhibition at the NEC as providing the first real
opportunity for us to market widely the Mitsubishi range of printing presses to
a wider customer base. This latest addition to our portfolio puts us in a better
position to take advantage of any improvement in the economy and with a much
reduced cost base, an increase in turnover at existing gross margins enables us
to look forward to 2010 with more confidence.
During these difficult times we are extremely grateful to our suppliers, our
customers, our finance providers and our shareholders for their support.
As always I wish to thank all of our people for their loyalty and hard work.
Their efforts are so important for the company and are very much appreciated.
Bernard Clark
Chairman
28 August 2009
Litho Supplies Plc
Responsibility statement
We confirm that to the best of our knowledge:
The condensed set of financial statements have been prepared in accordance with
International Accounting Standard 34.
By order of the Board
Chief Executive Officer
M J HAMMOND
28 August 2009
Litho Supplies Plc
Condensed Consolidated Income Statement
+---------------+------------------------+------------+--+------------+---+-----------+
| | 6 months | | 6 months | | Year |
+----------------------------------------+------------+--+------------+---+-----------+
| | ended | | ended | | ended |
+----------------------------------------+------------+--+------------+---+-----------+
| | 30 June | | 30 June | | 31 Dec |
+----------------------------------------+------------+--+------------+---+-----------+
| | 2009 | | 2008 | | 2008 |
+----------------------------------------+------------+--+------------+---+-----------+
| | Unaudited | | Unaudited | | Audited |
+----------------------------------------+------------+--+------------+---+-----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------------------+------------+--+------------+---+-----------+
| | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| Continuing operations | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| Revenue | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| Sale of goods | 18,931 | | 25,385 | | 49,159 |
+----------------------------------------+------------+--+------------+---+-----------+
| Cost of sales | 16,740 | | 21,427 | | 42,565 |
+----------------------------------------+------------+--+------------+---+-----------+
| | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| Gross profit | 2,191 | | 3,958 | | 6,594 |
+----------------------------------------+------------+--+------------+---+-----------+
| Distribution costs | 1,281 | | 1,315 | | 2,985 |
+----------------------------------------+------------+--+------------+---+-----------+
| Administrative expenses | 2,185 | | 2,328 | | 4,386 |
+----------------------------------------+------------+--+------------+---+-----------+
| Reorganisation costs | 345 | | 300 | | 693 |
+----------------------------------------+------------+--+------------+---+-----------+
| | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| (Loss)/profit from continuing | | | | | |
| operations | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| before tax and net finance income | (1,620) | | 15 | | (1,470) |
+----------------------------------------+------------+--+------------+---+-----------+
| Finance costs | 47 | | 5 | | 102 |
+----------------------------------------+------------+--+------------+---+-----------+
| Finance income | 5 | | 26 | | 31 |
+----------------------------------------+------------+--+------------+---+-----------+
| | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| (Loss)/profit before tax | (1,662) | | 36 | | (1,541) |
+----------------------------------------+------------+--+------------+---+-----------+
| Income tax expense/credit | - | | - | | (264) |
+----------------------------------------+------------+--+------------+---+-----------+
| (Loss)/profit for the period | (1,662) | | 36 | | (1,277) |
+ + +--+ +---+ +
| | | | | | |
+----------------------------------------+------------+---------------+------------+------------------------+-----------+
| Attributable to: | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| Equity holders of the company | (1,662) | | 36 | | (1,277) |
+----------------------------------------+------------+--+------------+---+-----------+
| | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| Earnings per share | | | | | |
+----------------------------------------+------------+--+------------+---+-----------+
| | -basic | (7.49)p | | 0.16p | | (6.95p) |
+---------------+------------------------+------------+--+------------+---+-----------+
| | -diluted | (7.49)p | | 0.16p | | (6.95p) |
+---------------+------------------------+------------+--+------------+---+-----------+
| | | | | | |
+---------------+------------------------+------------+--+------------+---+-----------+
Litho Supplies Plc
Condensed Consolidated Statement of Recognised Income and Expense
+---------------------------------------+------------+--+------------+--+-----------+
| | 6 months | | 6 months | | Year |
+---------------------------------------+------------+--+------------+--+-----------+
| | ended | | ended | | ended |
+---------------------------------------+------------+--+------------+--+-----------+
| | 30 June | | 30 June | | 31 Dec |
+---------------------------------------+------------+--+------------+--+-----------+
| | 2009 | | 2008 | | 2008 |
+---------------------------------------+------------+--+------------+--+-----------+
| | Unaudited | | Unaudited | | Audited |
+---------------------------------------+------------+--+------------+--+-----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Income and expense recognised | | | | | |
| directly in equity | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Actuarial (loss) for the period | (2,736) | | (501) | | (2,021) |
+---------------------------------------+------------+--+------------+--+-----------+
| Deferred tax credit | 766 | | 140 | | 566 |
+---------------------------------------+------------+--+------------+--+-----------+
| Net (expense) recognised directly in | (1,970) | | (361) | | (1,455) |
| equity | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| (Loss)/profit for the period | (1,662) | | 36 | | (1,277) |
+---------------------------------------+------------+--+------------+--+-----------+
| Total recognised (expense) for the | (3,632) | | (325) | | (2,732) |
| period | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Attributable to: Equity holders of | (3,632) | | (325) | | (2,732) |
| the company | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
Litho Supplies Plc
Condensed Consolidated Balance Sheet
+---------------------------------------+------------+--+------------+--+-----------+
| | 30 June | | 30 June | | 31 Dec |
+---------------------------------------+------------+--+------------+--+-----------+
| | 2009 | | 2008 | | 2008 |
+---------------------------------------+------------+--+------------+--+-----------+
| | Unaudited | | Unaudited | | Audited |
+---------------------------------------+------------+--+------------+--+-----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+------------+--+------------+--+-----------+
| Assets | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Non-current assets | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Property, plant and equipment | 978 | | 876 | | 973 |
+---------------------------------------+------------+--+------------+--+-----------+
| Intangible assets | 3,834 | | 4,084 | | 3,777 |
+---------------------------------------+------------+--+------------+--+-----------+
| Deferred tax asset | 2,611 | | 1,093 | | 1,895 |
+---------------------------------------+------------+--+------------+--+-----------+
| | 7,423 | | 6,053 | | 6,645 |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Current assets | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Inventories | 5,831 | | 7,493 | | 6,648 |
+---------------------------------------+------------+--+------------+--+-----------+
| Trade receivables | 8,213 | | 10,451 | | 9,704 |
+---------------------------------------+------------+--+------------+--+-----------+
| Income tax receivable | 78 | | 113 | | 114 |
+---------------------------------------+------------+--+------------+--+-----------+
| Other current assets | 1,731 | | 1,880 | | 1,593 |
+---------------------------------------+------------+--+------------+--+-----------+
| Financial Instruments | - | | - | | 205 |
+---------------------------------------+------------+--+------------+--+-----------+
| Cash and cash equivalents | 261 | | 786 | | 402 |
+---------------------------------------+------------+--+------------+--+-----------+
| | 16,114 | | 20,723 | | 18,666 |
+---------------------------------------+------------+--+------------+--+-----------+
| Total assets | 23,537 | | 26,776 | | 25,311 |
+---------------------------------------+------------+--+------------+--+-----------+
| Equity | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Equity attributable to equity holders | | | | | |
| | | | | | |
| of the parent | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Share capital | 2,219 | | 2,219 | | 2,219 |
+---------------------------------------+------------+--+------------+--+-----------+
| Share premium | 13,744 | | 13,744 | | 13,744 |
+---------------------------------------+------------+--+------------+--+-----------+
| Other reserves | 511 | | 511 | | 511 |
+---------------------------------------+------------+--+------------+--+-----------+
| Retained earnings | (13,534) | | (7,384) | | (9,902) |
+---------------------------------------+------------+--+------------+--+-----------+
| Total equity | 2,940 | | 9,090 | | 6,572 |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Liabilities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Non-current liabilities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Interest bearing loans and borrowings | 224 | | 34 | | 73 |
+---------------------------------------+------------+--+------------+--+-----------+
| Retirement benefit obligation | 6,507 | | 2,594 | | 3,605 |
+---------------------------------------+------------+--+------------+--+-----------+
| | 6,731 | | 2,628 | | 3,678 |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Current liabilities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Trade and other payables | 8,740 | | 12,095 | | 10,683 |
+---------------------------------------+------------+--+------------+--+-----------+
| Interest bearing loans and borrowings | 3,182 | | 827 | | 1,869 |
+---------------------------------------+------------+--+------------+--+-----------+
| Accruals and deferred income | 1,865 | | 2,136 | | 2,192 |
+---------------------------------------+------------+--+------------+--+-----------+
| Income tax payable | 44 | | - | | 168 |
+---------------------------------------+------------+--+------------+--+-----------+
| Provisions for liabilities and | 35 | | - | | 149 |
| charges | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| | 13,866 | | 15,058 | | 15,061 |
+---------------------------------------+------------+--+------------+--+-----------+
| Total liabilities | 20,597 | | 17,686 | | 18,739 |
+---------------------------------------+------------+--+------------+--+-----------+
| Total equity and liabilities | 23,537 | | 26,776 | | 25,311 |
+---------------------------------------+------------+--+------------+--+-----------+
Litho Supplies Plc
Consolidated Statement of Changes in Equity
Attributable to equity holders of the Parent Company
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| | Share | | Share | | Retained | | Other | | Total |
| | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| | capital | | premium | | earnings | | reserves | | equity |
| | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| At 1 January 2008 | 2,177 | | 13,587 | | (6,791) | | 511 | | 9,484 |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Actuarial (loss) | - | | - | | (501) | | - | | (501) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Deferred tax | - | | - | | 140 | | - | | 140 |
| credit | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Net expense | - | | - | | (361) | | - | | (361) |
| recognised | | | | | | | | | |
| directly in equity | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Profit for the | - | | - | | 36 | | - | | 36 |
| period | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Total recognised | - | | - | | (325) | | - | | (325) |
| expense for the | | | | | | | | | |
| year | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Issue of shares | 42 | | 157 | | - | | - | | 199 |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Dividends | - | | - | | (268) | | - | | (268) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| At 30 June 2008 | 2,219 | | 13,744 | | (7,384) | | 511 | | 9,090 |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Actuarial (loss) | - | | - | | (1,520) | | - | | (1,520) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Deferred tax | - | | - | | 426 | | - | | 426 |
| credit | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Net expense | - | | - | | (1,094) | | - | | (1,094) |
| recognised | | | | | | | | | |
| directly in equity | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Loss for the year | - | | - | | (1,313) | | - | | (1,313) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Total recognised | - | | - | | (2,407) | | - | | (2,407) |
| expense for the | | | | | | | | | |
| year | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Dividends | - | | - | | (111) | | - | | (111) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| At 31 December | 2,219 | | 13,744 | | (9,902) | | 511 | | 6,572 |
| 2008 - audited | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Actuarial (loss) | - | | - | | (2,736) | | - | | (2,736) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Deferred tax | - | | - | | 766 | | - | | 766 |
| credit | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Net expense | - | | - | | (1,970) | | - | | (1,970) |
| recognised | | | | | | | | | |
| directly in equity | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Loss for the year | - | | - | | (1,662) | | - | | (1,662) |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| Total recognised | - | | - | | (3,632) | | - | | (3,632) |
| expense for the | | | | | | | | | |
| year | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| At 30 June 2009 | 2,219 | | 13,744 | | (13,534) | | 511 | | 2,940 |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
| | | | | | | | | | |
+--------------------+---------+--+----------+--+----------+--+----------+--+---------+
Litho Supplies Plc
Condensed Consolidated Cash Flow
+---------------------------------------+------------+--+------------+--+-----------+
| | 6 months | | 6 months | | Year |
+---------------------------------------+------------+--+------------+--+-----------+
| | ended | | ended | | ended |
+---------------------------------------+------------+--+------------+--+-----------+
| | 30 June | | 30 June | | 31 Dec |
+---------------------------------------+------------+--+------------+--+-----------+
| | 2009 | | 2008 | | 2008 |
+---------------------------------------+------------+--+------------+--+-----------+
| | Unaudited | | Unaudited | | Audited |
+---------------------------------------+------------+--+------------+--+-----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Cash flows from operating activities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Cash flows generated from/(used in) | 223 | | (1,725) | | (2,978) |
| operations | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Income tax (paid)/repaid | (38) | | 95 | | 95 |
+---------------------------------------+------------+--+------------+--+-----------+
| Interest paid | (51) | | (5) | | (103) |
+---------------------------------------+------------+--+------------+--+-----------+
| Net cash flows from/(used in) | 134 | | (1,635) | | (2,986) |
| operating activities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Cash flows from investing activities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Proceeds from sale of property, | 134 | | 6 | | 6 |
| plant and equipment | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Interest received | 5 | | 32 | | 46 |
+---------------------------------------+------------+--+------------+--+-----------+
| Purchase of property, plant and | (263) | | (209) | | (417) |
| equipment | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Acquisitions net of cash acquired | - | | (1,428) | | (1,428) |
+---------------------------------------+------------+--+------------+--+-----------+
| Purchase of customer list | - | | (65) | | (65) |
+---------------------------------------+------------+--+------------+--+-----------+
| Net cash flows (used in)/from | (124) | | (1,664) | | (1,858) |
| investing activities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Cash flows from financing activities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Proceeds from issue of shares | - | | - | | 199 |
+---------------------------------------+------------+--+------------+--+-----------+
| Finance lease | 241 | | 184 | | 253 |
+---------------------------------------+------------+--+------------+--+-----------+
| Payment of finance lease liabilities | (167) | | (11) | | (76) |
+---------------------------------------+------------+--+------------+--+-----------+
| Long term finance | - | | - | | 60 |
+---------------------------------------+------------+--+------------+--+-----------+
| Payment of long term finance | (16) | | - | | (17) |
+---------------------------------------+------------+--+------------+--+-----------+
| Repayment of bank borrowings | (1,615) | | - | | - |
+---------------------------------------+------------+--+------------+--+-----------+
| Net finance facility borrowings | 3,069 | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Dividends paid to equity holders of | - | | (268) | | (379) |
| the company | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Net cash flows (used in)/ from | 1,512 | | (95) | | 40 |
| financing activities | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Net increase/(decrease) in cash | 1,522 | | (3,394) | | (4,804) |
| and cash equivalents | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Net cash and cash equivalents at | (1,261) | | 3,543 | | 3,543 |
| start of period | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
| Net cash and cash equivalents at end | 261 | | (149) | | (1,261) |
| of period | | | | | |
+---------------------------------------+------------+--+------------+--+-----------+
Notes to the Condensed Financial Statements:
1. The financial information in this half yearly statement for the six months ended
30 June 2009 and the comparative figures for the six months ended 30 June 2008
do not constitute statutory accounts as defined in Section 240 of the Companies
Act 1985. The financial information for the full preceding year is extracted
from the statutory accounts for the financial year ended 31 December 2008, as
stated under IFRS as adapted for use in the European Union. Those statutory
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
2. The half yearly condensed financial statements for the six months ended 30 June
2009 have been prepared on the basis of the IFRS expected to be in issue for the
year ending 31 December 2009 and in accordance with the consistent use of
accounting policies that are disclosed in the audited consolidated financial
statements for the year ended 31 December 2008.
3. The business risks disclosed in the directors' report and audited consolidated
financial statements for the year ended 31 December 2008 were still applicable
for the six months ended 30 June 2009 and the board considers they will still
apply for the remainder of the financial year. Further information regarding
potential business risks to the Group is disclosed above in the chairman's half
yearly statement and interim management report.
4. EARNINGS PER SHARE
The earnings per share have been calculated as follows:
+---------------------------------+-------------+--+-------------+--+--------------+
| | 6 months | | 6 months | | Year |
+---------------------------------+-------------+--+-------------+--+--------------+
| | ended | | ended | | ended |
+---------------------------------+-------------+--+-------------+--+--------------+
| | 30 June | | 30 June | | 31 Dec |
+---------------------------------+-------------+--+-------------+--+--------------+
| | 2009 | | 2008 | | 2008 |
+---------------------------------+-------------+--+-------------+--+--------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+---------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| (Loss)/profit available for | (1,662) | | 36 | | (1,541) |
| equity | | | | | |
| Shareholders | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| Basic: | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| Weighted average number of | 22,191,897 | | 22,122,072 | | 22,165,204 |
| shares | | | | | |
| of 10p each in issue | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| Earnings per share | (7.49p) | | 0.16p | | (6.95p) |
+---------------------------------+-------------+--+-------------+--+--------------+
| | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| Diluted: | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| Weighted average number of | 22,191,897 | | 22,122,072 | | 22,1165,204 |
| shares | | | | | |
| of 10p each in issue | | | | | |
+---------------------------------+-------------+--+-------------+--+--------------+
| Earnings per share | (7.49p) | | 0.16p | | (6.95p) |
+---------------------------------+-------------+--+-------------+--+--------------+
Taking into consideration the exercise price of the options, the number of
dilutive potential shares from unexercised executive share options granted as at
30 June 2009 was nil and as at 30 June 2008 was nil.
5. DIVIDENDS
The dividends paid in May 2009 and May 2008 were 0.00p per share and 1.25p per
share respectively.
The board is not declaring an interim dividend for
2009.
6. INTEREST BEARING LOANS AND BORROWINGS
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| | Effective | | Maturity | | June | | June | | December |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| | Interest | | | | 2009 | | 2008 | | 2008 |
| | rate | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| | % | | | | GBP'000 | | GBP'000 | | GBP'000 |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| | | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Current | | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Bank loan | 2.50 | | | | 32 | | 2 | | 32 |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Asset finance | 1.50% over | | | | 3,069 | | | | |
| | 1 week | | | | | | | | |
| | LIBOR | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Obligations | 8.5 - 10.7 | | | | 81 | | 188 | | 174 |
| under finance | | | | | | | | | |
| leases and hire | | | | | | | | | |
| purchase | | | | | | | | | |
| contracts | | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Bank overdrafts | Base rate | | On | | - | | 637 | | 1,663 |
| | +3.0 | | demand | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| | | | | | 3,182 | | 827 | | 1,869 |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Non Current | | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Bank loans | Base rate | | | | 2 | | - | | 18 |
| | +2.50 | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| Obligations | 8.5 - 10.7 | | | | 222 | | 34 | | 55 |
| under finance | | | | | | | | | |
| leases and hire | | | | | | | | | |
| purchase | | | | | | | | | |
| contracts | | | | | | | | | |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
| | | | | | 224 | | 34 | | 73 |
+------------------+-------------+--+----------+--+-----------+--+----------+--+------------+
7.PROVISIONS FOR LIABILITIES AND CHARGES
+-------------------------------------+------------+--+------------+--+------------+
| | 6 months | | 6 months | | Year |
+-------------------------------------+------------+--+------------+--+------------+
| | ended | | ended | | ended |
+-------------------------------------+------------+--+------------+--+------------+
| | 30 June | | 30 June | | 31 Dec |
+-------------------------------------+------------+--+------------+--+------------+
| | 2009 | | 2008 | | 2009 |
+-------------------------------------+------------+--+------------+--+------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Balance at 1 January | 3,605 | | 2,531 | | 2,531 |
+-------------------------------------+------------+--+------------+--+------------+
| Pension cost for the period | 166 | | (11) | | (98) |
+-------------------------------------+------------+--+------------+--+------------+
| Contributions during the period | - | | (427) | | (849) |
+-------------------------------------+------------+--+------------+--+------------+
| Actuarial losses | 2,736 | | 501 | | 2,021 |
+-------------------------------------+------------+--+------------+--+------------+
| | 6,507 | | 2,594 | | 3,605 |
+-------------------------------------+ +--+ +--+ +
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
8. CASH AND CASH EQUIVALENTS
For the purposes of the cash flow statement, cash and cash equivalents comprise
the following:
+-------------------------------------+------------+--+------------+--+------------+
| | 6 months | | 6 months | | Year |
+-------------------------------------+------------+--+------------+--+------------+
| | Ended | | Ended | | Ended |
+-------------------------------------+------------+--+------------+--+------------+
| | 30 June | | 30 June | | 31 Dec |
+-------------------------------------+------------+--+------------+--+------------+
| | 2009 | | 2008 | | 2008 |
+-------------------------------------+------------+--+------------+--+------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------------------+------------+--+------------+--+------------+
| | | | | | |
+-------------------------------------+------------+--+------------+--+------------+
| Cash at bank and in hand | 261 | | 786 | | 402 |
+-------------------------------------+------------+--+------------+--+------------+
| Bank overdraft | - | | (637) | | (1,663) |
+-------------------------------------+------------+--+------------+--+------------+
| Net cash at bank and in hand | 261 | | 149 | | (1,261) |
+-------------------------------------+------------+--+------------+--+------------+
9. ISSUED CAPITAL
+-----------------------------------------------------------------+--+-----------+
| | | 30 June |
+-----------------------------------------------------------------+--+-----------+
| | | 2009 |
+-----------------------------------------------------------------+--+-----------+
| | | No.'000 |
+-----------------------------------------------------------------+--+-----------+
| Authorised Ordinary shares of 10p each | | 32,000 |
+ +--+ +
| | | |
+-----------------------------------------------------------------+--+-----------+
+--------------------------------+------------+--+--------------+--+----------------+
| | | | Share | | Share premium |
| | | | capital | | |
+--------------------------------+------------+--+--------------+--+----------------+
| | No.'000 | | GBP'000 | | GBP'000 |
+--------------------------------+------------+--+--------------+--+----------------+
| Ordinary shares issued | 22,192 | | 2,219 | | 13,744 |
| and fully paid | | | | | |
| At 1 January 2009 | | | | | |
+--------------------------------+------------+--+--------------+--+----------------+
| Issued during period | | | - | | - |
+--------------------------------+------------+--+--------------+--+----------------+
| At 30 June 2009 | 22,192 | | 2,219 | | 13,744 |
+--------------------------------+------------+--+--------------+--+----------------+
10. This half yearly statement was approved by the board on 28 August 2009
and copies of this statement together with the accounts for the year ended 31
December 2008 and the interim report for the period ended 30 June 2009, can be
obtained from the Company Secretary at the Registered Office:- Longmoor Lane,
Breaston, Derbyshire DE72 3BQ.
The 2009 half yearly statement is also
available with other financial information on the company's website
www.litho.co.uk, under the corporate section.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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