TIDMMAE
RNS Number : 2620P
Mallett PLC
23 March 2009
Mallett Plc
Preliminary results for the year ended 31 December 2008
Mallett Plc ("Mallett", the "Group" or the "Company"), dealer in high quality
antique furniture and works of art, announces its results for the year ended 31
December 2008.
Highlights
· Turnover decreased from GBP17.5m to GBP12.1m, reflecting the impact of the
economic downturn and the non-recurrence of GBP2.2m of auction sales in 2007
· Inventory provision of GBP3.3m (17% of inventory cost) booked. This, together
with costs in respect of the new Meta business, resulted in an operating loss of
GBP6.0m, compared to an operating profit of GBP0.9m in 2007
· Basic earnings per share declined to (31.5)p from 6.4p in 2007
· No final dividend recommended
· New management team taking action to refocus the business
· Restructuring of cost base under way, including redundancies already made:
GBP2m of savings planned in 2009
· A further GBP0.8m of savings already identified for 2010
Giles Hutchinson Smith, Chief Executive, said:
"After a year of challenge and change for Mallett, the new management team is
taking decisive action to refocus the business and restore it to
profitability. Following the steep decline in sales in the last quarter of 2008,
sales have stabilised in the first quarter of 2009. Against this background, we
are targeting significant cost savings and seizing opportunities to generate
cash, whilst ensuring that we do not compromise Mallett's unique strengths. In
December, following an operational review, we took the decision to relocate our
London showroom and restructure our cost base.
Mallett is an exceptional and underexploited brand, and I believe that the
actions we are taking will help position it to deliver value to shareholders
when the economic environment improves."
CHAIRMAN'S STATEMENT
Trading performance
The Group made a total operating loss for the year of GBP6.0m (2007 - operating
profit of GBP0.9m) on sales of GBP12.1m (2007 - GBP17.5m). The principal reasons
for the decrease, which are discussed in more detail below, were:
* GBP0.7m loss in respect of Mallett's antique and fine art business;
* GBP3.3m loss in respect of write downs in the cost of the Group's antique and
fine art inventory;
* GBP1.9m loss in respect of Meta.
Antiques and Fine Art
In the first half of the year, turnover of GBP8.0m (2007 - GBP10.7m) was only 4%
down on the same period for the prior year, after excluding the GBP2.2m
generated from the auction of 550 items at Sotheby's in March 2007. However, in
the second half of the year turnover fell to GBP3.8m (2007 - GBP6.8m) which
represents a 43% decline on the same period for the prior year. The majority of
this decrease occurred in the final quarter of the year and was a direct result
of the severe downturn in economic conditions which led to a number of deferred
and cancelled sales.
The geographical split of turnover remained relatively constant between the UK
and US showrooms, with the UK generating 65% of the Group's turnover and the US
generating 35%. The US benefited from a strengthening of the dollar against the
pound towards the end of the year, but felt the impact of the recession earlier
than the UK. James Harvey British Art enjoyed a good start to trading as a
separate entity, with sales for the year of GBP1.2m, although the economic
downturn caused sales to slow in the final quarter. Hatfields continues to grow
with turnover increasing to GBP1.1m from GBP0.5m in 2007.
The change in trading conditions in the final quarter had a direct impact on the
Group's operating results and led to the Group, excluding Meta, moving from an
operating profit of GBP0.5m for the first 6 months of the year to an operating
loss, before inventory provisions, for the full year of GBP0.7m (2007 -
operating profit of GBP0.9m).
Inventory provisions
In response to the significantly changed market conditions in the antique and
fine art market, the Board decided to carry out a full internal and external
revaluation of the Group's inventory. As a result of this the Board has decided
to write down the cost of a number of items of stock by a total of GBP3.3m. This
represents 17% of the inventory cost and the Board believes represents a prudent
revaluation of stock held given the current market conditions and difficult
selling environment.
Meta
Meta is a new business launched by Mallett in 2008 after three years of planning
and preparation. It is focused on the creation of contemporary objects and
furniture of the highest quality. The first Meta collection, which was launched
to critical acclaim in April 2008, consists of 11 exemplary pieces that are
offered for sale in numbered editions. Meta complements the Mallett brand,
enabling Mallett to develop new relationships with key influencers and target
new clients in both traditional and new markets.
Meta is an unprecedented undertaking in contemporary design and the execution of
its first collection presented remarkable technical challenges. The initial
launch, planned for December 2007, was delayed for four months while these were
resolved. Sales in the 8 months since launch in April were GBP305,000, with a
further GBP140,000 of confirmed orders in production. Total expenditure by the
Group for the year on Meta was GBP2.2m, which represents GBP1.3m of costs up to
and including launch (compared to the GBP1m originally budgeted) and a further
GBP0.9m on production, distribution and marketing costs since launch, resulting
in an operating loss for Meta of GBP1.9m. Following cost-cutting it is envisaged
that Meta will make a small profit in 2009. No costs have been capitalised in
respect of Meta, and no new collection is planned for 2009.
Balance sheet
Shareholders' equity at 31 December 2008 was GBP21.2m (2007 - GBP26.2m) which
represents a GBP5.6m reduction from the prior year. The movement in the year is
explained as follows:
+--------------------------------------+----------+
| | GBP'000 |
+--------------------------------------+----------+
| Shareholders equity at 1 January | 26,150 |
| 2008 | |
+--------------------------------------+----------+
| Retained loss for the year | (4,279) |
+--------------------------------------+----------+
| Dividends paid in the year | (832) |
+--------------------------------------+----------+
| Actuarial losses (net of deferred | (952) |
| tax) | |
+--------------------------------------+----------+
| Net movement in own shares | 26 |
+--------------------------------------+----------+
| Exchange gains | 1,090 |
+--------------------------------------+----------+
| | |
+--------------------------------------+----------+
| Shareholders equity at 31 December | 21,204 |
| 2008 | |
+--------------------------------------+----------+
Inventories at 31 December 2008 are valued at the lower of cost and net
realisable value at GBP16.1m (2007 - GBP18.4m). At the end of the year a full
internal and external revaluation of the Group's inventory was carried out. This
resulted in a write-down on a number of specific items totalling GBP3.3m, which
represents 17% of the inventory value before the write-down.
Net debt at 31 December 2008 stood at GBP2.3m (2007 - cash surplus of GBP2.0m).
The deterioration in the cash position is largely due to the combination of poor
trading in the last quarter of the year, the launch costs of Meta and the
payment of the further interim and final dividends in respect of 2007. In
November 2008 we increased our credit facility with our bank, Coutts & Co, by
GBP1m to GBP3.5m in order to provide increased working capital headroom. The
Group is in compliance with all of its covenants under the credit facility.
Dividends
The Group made a loss after tax of GBP4.3m (2007 - profit after tax of GBP0.9m)
and therefore, taking into account the cash position of the Group, the Board has
decided not to recommend a final dividend for the year (2007 final dividend -
3.8 pence per share). The Company will therefore be paying no dividend in
respect of 2008.
Corporate activity
On 31 December 2008 George Magan retired as Chairman of the Company and left the
Board. He was succeeded as non-executive Chairman by Lord Daresbury, who joined
the Board of the Company in 2007. On 13 January 2009 Lanto Synge stepped down as
Chief Executive of the Group. He was succeeded by Giles Hutchinson Smith who
joined the Board in 1999.
The Board of Mallett are very grateful to George Magan and Lanto Synge for their
outstanding contribution to the Company, George since he became Chairman in 2000
and Lanto since he joined the Company in 1969 and became Chief Executive in
1997.
Outlook for 2009
The extremely challenging economic conditions we experienced in the later part
of 2008 are expected to persist in 2009. Although visibility remains limited,
sales have stabilised in the first quarter of this year. Perceptions of value
in the antiques and fine art market have been reinforced by the outcome of major
fairs and auctions in the first quarter of 2009. This suggests that the market
for antiques and decorative arts is proving more robust in the current
environment than may have been anticipated.
We expect to achieve cost savings of almost GBP2m in 2009 through a combination
of more closely targeted marketing expenditure; savings in staff costs (staff
numbers have been reduced by 20% since mid-2008, including redundancies); and
the non-recurrence of our initial investment in Meta. This year, we also plan to
take appropriate opportunities to improve our cash position through selective
stock sales. The Board remains comfortable with the group's working capital
outlook for the year.
We are actively examining ways of further improving Mallett's cost profile
through relocation to suitable premises. We continue to review all opportunities
to streamline the business in the light of prevailing market conditions, while
ensuring that Mallett remains well placed to achieve its longer term potential
in an evolving global marketplace.
The Lord Daresbury
Chairman
23rd March 2009
For further information contact:
Giles Hutchinson Smith (Chief Executive) 020 7499 7411
Michael Smyth Osbourne (Finance Director)020 7499 7411
This announcement and an investor presentation relating to the announcement are
available to view on our website at www.mallettantiques.com
+---------------------------------------------+---------+-------------+---------+-------------+
| MALLETT PLC | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| UNAUDITED CONSOLIDATED INCOME STATEMENT | | | |
+-------------------------------------------------------+-------------+---------+-------------+
| PERIOD ENDED 31 DECEMBER 2008 | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | 2008 | | 2007 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | GBP'000 | | GBP'000 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Revenue | | 12,109 | | 17,488 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Cost of sales | | (16,095) | | (14,922) |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Gross (loss)/profit | | (3,986) | | 2,566 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Other operating income | | 1 | | 2 |
+---------------------------------------------+---------+-------------+---------+-------------+
| Distribution costs | | (300) | | (196) |
+---------------------------------------------+---------+-------------+---------+-------------+
| Administrative expenses | | (1,702) | | (1,430) |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Operating (loss)/profit | | (5,987) | | 942 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Investment income | | 89 | | 397 |
+---------------------------------------------+---------+-------------+---------+-------------+
| Finance costs | | (75) | | (21) |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| (Loss)/profit before tax | | (5,973) | | 1,318 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Tax | | 1,694 | | (444) |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| (Loss)/profit for the period | | (4,279) | | 874 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Attributable to: | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Equity holders of the parent | | (4,273) | | 875 |
+---------------------------------------------+---------+-------------+---------+-------------+
| Minority interests | | (6) | | (1) |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | (4,279) | | 874 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Basic and diluted earnings per share | | -31.47p | | 6.42p |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| All of the activities of the Group are classed as continuing. |
+---------------------------------------------------------------------------------------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| UNAUDITED CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSES |
+---------------------------------------------------------------------------------------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | 2008 | | 2007 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | GBP'000 | | GBP'000 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| (Loss)/profit for the year | | (4,279) | | 874 |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Exchange differences on translation of | | 1,090 | | (237) |
| foreign operations | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Actuarial (loss)/gains on the defined | | (1,332) | | 740 |
| benefit pension scheme | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Movement of deferred tax on actuarial | | 380 | | (222) |
| gains/(loss) | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Merger investment costs | | - | | (52) |
+---------------------------------------------+---------+-------------+---------+-------------+
| | | | | |
+---------------------------------------------+---------+-------------+---------+-------------+
| Total recognised income and expenses for the year | (4,141) | | 1,103 |
+---------------------------------------------+---------+-------------+---------+-------------+
+--------------------------------------------+---------+-----------+---------+-----------+
| MALLETT PLC | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| UNAUDITED CONSOLIDATED BALANCE SHEET | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| AT 31 DECEMBER 2008 | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | 2008 | | 2007 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | GBP'000 | | GBP'000 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Non-current assets | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Property, plant and equipment | | 5,126 | | 4,749 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Deferred tax | | 1,763 | | 18 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | 6,889 | | 4,767 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Current assets | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Inventories | | 16,085 | | 18,372 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Trade and other receivables | | 4,294 | | 3,701 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Cash and cash equivalents | | 273 | | 2,410 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | 20,652 | | 24,483 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Total assets | | 27,541 | | 29,250 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Equity | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Share capital | | 690 | | 690 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Capital redemption reserve | | 5,168 | | 5,168 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Own shares | | (442) | | (468) |
+--------------------------------------------+---------+-----------+---------+-----------+
| Retained profits | | 15,795 | | 20,761 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Minority interests | | (7) | | (1) |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Total equity | | 21,204 | | 26,150 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Current liabilities | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Trade and other payables | | 2,346 | | 2,447 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Bank overdrafts and loans | | 2,537 | | 363 |
+--------------------------------------------+---------+-----------+---------+-----------+
| Tax liabilities | | - | | 86 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | 4,883 | | 2,896 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Non current liabilities | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Retirement benefit pension obligations | | 1,454 | | 204 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Total liabilities | | 6,337 | | 3,100 |
+--------------------------------------------+---------+-----------+---------+-----------+
| | | | | |
+--------------------------------------------+---------+-----------+---------+-----------+
| Total equity and liabilities | | 27,541 | | 29,250 |
+--------------------------------------------+---------+-----------+---------+-----------+
+--------------------------------------------+---------+------------+---------+-------------+
| MALLETT PLC | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| UNAUDITED CONSOLIDATED CASH FLOW | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| PERIOD ENDED 31 DECEMBER 2008 | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| | | 2008 | | 2007 |
+--------------------------------------------+---------+------------+---------+-------------+
| | | GBP'000 | | GBP'000 |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Operating (loss)/profit | | (5,987) | | 942 |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Adjustments for: | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Depreciation | | 262 | | 252 |
+--------------------------------------------+---------+------------+---------+-------------+
| Net exchange adjustments | | (442) | | - |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Movements in working capital: | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Decrease in inventories | | 2,287 | | 661 |
+--------------------------------------------+---------+------------+---------+-------------+
| Decrease in receivables | | 26 | | 403 |
+--------------------------------------------+---------+------------+---------+-------------+
| Decrease in payables | | (170) | | (2,249) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Cash generated by operations | | (4,024) | | 9 |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Tax paid | | (279) | | (3,248) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| NET CASH FROM OPERATING ACTIVITIES | | (4,303) | | (3,239) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| INVESTING ACTIVITIES | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Interest received | | 89 | | 397 |
+--------------------------------------------+---------+------------+---------+-------------+
| Interest paid | | (75) | | (21) |
+--------------------------------------------+---------+------------+---------+-------------+
| Purchase of property, plant and equipment | | (197) | | (345) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| NET CASH (USED IN)/FROM INVESTING | | (183) | | 31 |
| ACTIVITIES | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| FINANCING ACTIVITIES | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Purchases of own shares | | (83) | | (84) |
+--------------------------------------------+---------+------------+---------+-------------+
| Dividends paid | | (832) | | (1,960) |
+--------------------------------------------+---------+------------+---------+-------------+
| B share scheme payments | | - | | (8,280) |
+--------------------------------------------+---------+------------+---------+-------------+
| Merger investment costs | | - | | (52) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| NET CASH USED IN FINANCING ACTIVITIES | | (915) | | (10,376) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| NET DECREASE IN CASH AND CASH EQUIVALENTS | | (5,401) | | (13,584) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| CASH AND CASH EQUIVALENTS AT BEGINNING OF | | 2,047 | | 15,869 |
| YEAR | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| Effect of foreign exchange rate changes | | 1,090 | | (238) |
+--------------------------------------------+---------+------------+---------+-------------+
| | | | | |
+--------------------------------------------+---------+------------+---------+-------------+
| CASH AND CASH EQUIVALENTS AT END OF YEAR | | (2,264) | | 2,047 |
+--------------------------------------------+---------+------------+---------+-------------+
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY | | |
+-------------------------------------------------------------------------------------------------------------------------------------------+-+------------+
| | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Group | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| | Share | | Share | Capital | | Own | | Retained | | Minority | | Total |
| | capital | | premium | redemption | | Shares | | profits | | Interests | | equity |
| | | | | reserve | | | | | | | | |
+-----------------------+---------+-+------------+---------------------+----------+----------+----------+------------+----------+-----------+-+------------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| At 1st January 2007 | 690 | | 5,168 | | - | | (494) | | 29,897 | | - | | 35,261 |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Retained profit for | | | | | | | | | 874 | | | | 874 |
| the year | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Minority interest | | | | | | | | | 1 | | (1) | | - |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Dividends paid in | | | | | | | | | (1,960) | | | | (1,960) |
| year | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Merger investment | | | | | | | | | (52) | | | | (52) |
| costs | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Actuarial gains | | | | | | | | | 740 | | | | 740 |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Deferred tax movement | | | | | | | | | (222) | | | | (222) |
| on actuarial gain | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Return of cash to | | | (5,168) | | 5,168 | | | | (8,280) | | | | (8,280) |
| shareholders through | | | | | | | | | | | | | |
| B share scheme | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Net movement in own | | | | | | | 26 | | | | | | 26 |
| shares | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Net exchange loss | | | | | | | | | (237) | | | | (237) |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| At 31st December 2007 | 690 | | - | | 5,168 | | (468) | | 20,761 | | (1) | | 26,150 |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Retained loss for the | | | | | | | | | (4,279) | | | | (4,279) |
| year | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Minority interest | | | | | | | | | 6 | | (6) | | - |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Dividends paid in | | | | | | | | | (832) | | | | (832) |
| year | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Actuarial losses | | | | | | | | | (1,332) | | | | (1,332) |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Deferred tax movement | | | | | | | | | 380 | | | | 380 |
| on actuarial loss | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Net movement in own | | | | | | | 26 | | | | | | 26 |
| shares | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| Net exchange gain | | | | | | | | | 1,090 | | | | 1,090 |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| | | | | | | | | | | | | | |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
| At 31st December 2008 | 690 | | - | | 5,168 | | (442) | | 15,794 | | (7) | | 21,204 |
+-----------------------+---------+-+------------+----------+----------+----------+----------+----------+------------+----------+-----------+-+------------+
Notes to the accounts
1. Basis of preparation
The financial information for the year ended 31 December 2008 has been prepared
in accordance with International Financial Reporting Standards (IFRS) and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations endorsed by the European Union (EU) and with those parts of the
Companies Act 1985 applicable to companies reporting under IFRSs. It is also
prepared in accordance with the Group's accounting policies which have been
consistently applied as set out in the 2007 financial statements.
The financial information set out in this document does not constitute the
company's statutory accounts. Statutory accounts for the year ended 31 December
2007 have been delivered to the Registrar of Companies, and those for the year
ended 31 December 2008 will be delivered in due course. The auditors have
reported on the accounts for the year ended 31 December 2007; their report was
(i) unqualified, (ii) did not include any references to any matters to which the
auditors drew attention by way of emphasis without qualifying their reports and
(iii) did not contain statements under section 237(2) or (3) of the Companies
Act 1985.
2. Earnings per share
Basic and diluted earnings per share are based on the loss after tax of
GBP4,279,000 (2007 - profit of GBP874,000) divided by the weighted average
number of shares in issue during the year of 13,593,840 (2007 - 13,614,386).
3. Annual General Meeting
The Annual General Meeting of the Company will be held on 28th May 2009 at
4.00pm at 141 New Bond Street, London.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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