Final Results -2-
December 15 2009 - 2:00AM
UK Regulatory
rise in inventories during the year to GBP13.7m (2008 GBP8.0m). Unlike some
companies in the PV market, Romag does not consider it necessary to reduce
inventories "at any price" when it believes that profitable opportunities to
dispose of product are starting to emerge. Indeed the directors do expect
inventories to return to more normal levels over the course of 2010.
Romag will itself be taking advantage of the UK's new feed-in-tariff proposals.
We are currently constructing a PV installation at Romag's factory in
County Durham, which we believe will be the largest PV installation in the UK
when it is completed. As well as providing a good return on investment, it will
be an excellent "demonstration site" for what can be achieved with PV under the
feed-in-tariff regime and complement the PV training centre which is also in
course of construction on the site. These developments include GBP3.1m of
own-manufactured PV panels, which are included within capital expenditure for
the year.
Gearing (defined as total borrowings divided by equity shareholders' funds) at
the year end was 57% (2008 42%) and at that date the group had unused banking
facilities of GBP3.1m.
Dividend
Having regard to the continuing uncertainties in financial markets as we move
into 2010 and the wish to conserve cash over this period, the directors feel it
prudent not to recommend a dividend for this financial year.
Outlook
The recent recovery in PV demand, combined with the stabilisation in prices and
the introduction of the feed-in tariff in the UK market, provides optimism for
the future of the PV market. The new products developed by Romag and the
agreements with Kingspan and British Gas lead the directors to believe that
Romag is well positioned to take advantage of this recovery.
JOHN M. KENNAIR, MBE
Chairman
15 December 2009
Consolidated income statement
for the year to 30 September 2009
______________________________________________________
+-------------------------------------------------+--------+-----------+---+----------+
| | Notes | 2009 | | 2008 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | Unaudited | | Audited |
+-------------------------------------------------+--------+-----------+---+----------+
| | | GBP'000 | | GBP'000 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Group revenue | | 19,726 | | 33,634 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Cost of sales | | 17,895 | | 26,299 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Gross profit | | 1,831 | | 7,335 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Distribution costs | | 233 | | 388 |
+-------------------------------------------------+--------+-----------+---+----------+
| Administrative expenses | | 2,605 | | 2,651 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | 2,838 | | 3,039 |
+-------------------------------------------------+--------+-----------+---+----------+
| Group trading (loss)/profit | | (1,007) | | 4,296 |
+-------------------------------------------------+--------+-----------+---+----------+
| Other operating income | 3 | 2,779 | | 57 |
+-------------------------------------------------+--------+-----------+---+----------+
| Group operating profit from continuing | | 1,772 | | 4,353 |
| operations | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Finance costs | | (696) | | (619) |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Profit on ordinary activities before taxation | | 1,076 | | 3,734 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Tax expense | 4 | (319) | | (1,204 ) |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Profit for the year from continuing operations | | 757 | | 2,530 |
+-------------------------------------------------+--------+-----------+---+----------+
| | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Earnings per share: | | | | |
+-------------------------------------------------+--------+-----------+---+----------+
| Basic and diluted | 5 | 1.5p | | 5.1p |
+-------------------------------------------------+--------+-----------+---+----------+
Consolidated statement of recognised income and expense
for the year to 30 September 2009
______________________________________________________
+-------------------------------------------------+--------+------------+--+------------+
| | | 2009 | | 2008 |
+-------------------------------------------------+--------+------------+--+------------+
| | | Unaudited | | Audited |
+-------------------------------------------------+--------+------------+--+------------+
| | | GBP'000 | | GBP'000 |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| Income and expense recognised directly in | | | | |
| equity | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| Gain on cash flow hedges | | 1,590 | | 1,132 |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| Transfers to income statement: | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| On cash flow hedges - other operating income | | (2,722) | | - |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| Tax credit/(charge) | | 306 | | ( 317) |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| Net income recognised directly in equity | | (826) | | 815 |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
+-------------------------------------------------+--------+------------+--+------------+
| Profit for the year | | 757 | | 2,530 |
+-------------------------------------------------+--------+------------+--+------------+
| | | | | |
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