TIDMSC.
RNS Number : 8097Z
Supercart PLC
29 September 2009
Supercart plc
("Supercart" or the "Company")
Interim results for the period ended 30 June 2009
Highlights
* Turnover of GBP947,000 (2008 - GBP1,032,000)
* Operating loss of GBP991,000 (2008 - loss of GBP725,000)
* Major US investment through purchase of assets of Rehrig International
* Post period end refinancing through GBP1.5m equity placing
* Significant contract wins in US and Europe
Mike Wolfe, Chief Executive, commenting on the results said:
"2009 has been a year of tremendous progress at Supercart. Our underlying
business has held up well in the middle of the most severe recession in living
memory. We have taken a bold step by acquiring a number of moulds and other
assets from the owners of Rehrig. The Rehrig cart is found at many of the
leading US retail groups and we are confident that we shall continue to supply
many of these retailers. We are already seeing the benefits of this investment
through significant new sales wins. The Company is now well placed to achieve
significant growth which will repay our initial investment."
+--------------------------------------------------+------------------------------+
| Enquiries: | |
| | |
+--------------------------------------------------+------------------------------+
| Supercart plc | 01732 459898 |
| Chief Executive | |
| Mike Wolfe | |
| | |
+--------------------------------------------------+------------------------------+
| Charles Stanley Securities | 020 7149 6000 |
| Nominated Adviser and Broker | |
| Russell Cook/Ben Johnston/Carl Holmes | |
| | |
+--------------------------------------------------+------------------------------+
| Tavistock Communications | 020 7920 3150 |
| Jeremy Carey/Andrew Dunn | |
| | |
+--------------------------------------------------+------------------------------+
Chairman's Statement
The most significant event during the period was the successful acquisition of
the moulds and other assets of Rehrig International Corp ("Rehrig"), together
with the recruitment of three senior Rehrig staff members, which we announced on
20 March 2009. This has provided the Company with an excellent platform for the
development of our North American business. Elsewhere we have achieved steady,
if not spectacular, progress in what is always our quieter first half. Our
markets have been affected by the global economic slowdown, but we remain
optimistic as to the prospects for the rest of 2009 and beyond.
Financial Results
Turnover of GBP0.95m (2008 - GBP1.03m) was 8.2% lower than the comparative
period in 2008 due primarily to the reduction in sales in South Africa, which
had benefited from an unusually strong performance on 2008. The operating loss
for the period was GBP1.03m (2008 - loss GBP0.73m). We experienced some pricing
pressure as our competitors reduced prices in response to the general economic
downturn. In addition we have also increased costs of the North American
operation following the acquisition of the Rehrig business.
The Company concluded a successful placing and subscription of new ordinary
shares which was announced on 13 July 2009. This raised GBP1.4 million net, to
enable the Company to maximise the opportunity that had been created in North
America. As at 31 August the Company had net cash reserves of GBP440,000.
Operational Review
South Africa
In the first half of the year our unit sales were satisfactory, although not at
the record levels of 2008. We introduced the new 'XL' trolley into the South
African marketplace, the larger capacity and more modern styling appear to be
popular among our customers.
Our 30 litre hand basket has continued to perform well, increasing by nearly 10%
over the record year of 2008.
North America
The Rehrig transaction referred to above has been the most significant event of
the first six months. It gives us an important opportunity to establish
ourselves with many of the major retailers in North America.
Supercart is continuing to promote and sell its all-plastic trolley. In
addition, the Rehrig moulds enable us to now sell the hybrid plastic trolley
that has a strong, established position in the North American market. This
comprises an all-plastic basket with a metal chassis. The production costs and
profit margins of the hybrid trolley are broadly similar the all plastic
trolley. And the hybrid also enjoys many of the features of the all-plastic
model including, corporate branding, extended life and lower maintenance when
compared to an all-metal product.
Our enlarged sales team has been working diligently to produce sales for the
seasonally important second half of the year. Although these efforts have
increased our costs during the period, we have already been able to announce
some significant sales.
We have won new contracts with major North American retail chains including
Target, Toys R US, Burlington Coat Stores and Pep Boys Stores.
The development of our North American activities has required us to expand the
manufacturing facilities with our production partners. Venture Holdings, through
its US subsidiary company Mayco Inc, has established a dedicated manufacturing
facility for Supercart at its sight in Michigan.
Europe
The European retail sector has been particularly hard hit by the recession and
this has been reflected by many leading retailers choosing to defer major
purchase decisions. We continue to market our trolleys and hand baskets to many
of the leading European retail chains. We believe that the environmental
advantages of our recyclable plastic products over those of the of all-metal
competitors is of particular interest to our potential European customer base
and we remain ready to capitalise on this interest as and when that demand
translates into orders. We hope for a more receptive climate during the next
twelve months.
Australia
Sales levels continue to be lower than our expectations and we continue to make
every effort to make progress in this market.
Outlook
The second half of the year is historically stronger than the first, with many
retailers buying the bulk of their annual purchases in this period.
North America has been, and remains, our principal area of focus for 2009 and
the most crucial market for our business. We are confident that we shall achieve
record unit sales in America this year.
As a result, we expect to show a marked improvement in our overall performance
during the second six months as against the same period in recent years.
Victor Segal
Chairman
+---------------------------------+-------+---+------------+--------------+-------------+
| Condensed consolidated | | | 6 months | 6 months | 12 months |
| statement of comprehensive | | | ended | ended | ended |
| income for the period | | | 30 June | 30 June | 31 |
| 30 June 2009 | | | 2009 | 2008 | December |
| | | | | | 2008 |
+---------------------------------+-------+---+------------+--------------+-------------+
| |Notes | | Unaudited | Unaudited | Audited |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+-------+---+------------+--------------+-------------+
| Continuing Operations | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Revenue | | | 947 | 1,032 | 4,809 |
+---------------------------------+-------+---+------------+--------------+-------------+
| Cost of Sales | | | (778) | (799) | (3,948) |
+---------------------------------+-------+---+------------+--------------+-------------+
| Gross Profit | | | 169 | 233 | 861 |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Research & development tax | | | | | 166 |
| credits | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Administrative expenses | | | (1,160) | (958) | (2,098) |
+---------------------------------+-------+---+------------+--------------+-------------+
| Operating loss | | | (991) | (725) | (1,071) |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Investment revenue | | | 2 | 17 | 57 |
+---------------------------------+-------+---+------------+--------------+-------------+
| Finance Costs | | | (94) | (16) | (189) |
+---------------------------------+-------+---+------------+--------------+-------------+
| Loss before taxation | | | (1,083) | (724) | (1,203) |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Tax | | | - | - | (4) |
+---------------------------------+-------+---+------------+--------------+-------------+
| Loss for the period | | | (1,083) | (724) | (1,207) |
| attributable to equity holders | | | | | |
| of the parent | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Other comprehensive income | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Issue of shares | | | - | - | 932 |
+---------------------------------+-------+---+------------+--------------+-------------+
| Provision for share option | | | 51 | 30 | 31 |
| valuation | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Exchange differences arising on | | | 128 | (106) | 59 |
| translation of foreign | | | | | |
| operations | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Other comprehensive | | | 179 | (76) | 1022 |
| income/(loss) for the period | | | | | |
| (net of tax) | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Total comprehensive loss for | | | (904) | (800) | (185) |
| the period attributable to | | | | | |
| equity holders of the parent | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Loss per share (pence) | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| Basic and fully diluted | 4 | | (2.23) | (1.67) | (2.76) |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
| | | | | | |
+---------------------------------+-------+---+------------+--------------+-------------+
+---------------------------------+-------+---+------------+------------+------------+
| Condensed consolidated | | | As at | As at | As at |
| statement of financial position | | | 30 June | 30 June | 31 |
| at 30 June 2009 | | | 2009 | 2008 | December |
| | | | | | 2008 |
+---------------------------------+-------+---+------------+------------+------------+
| |Notes | | Unaudited | Unaudited | Audited |
+---------------------------------+-------+---+------------+------------+------------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Assets | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Non-current assets | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Property, plant and equipment | 5 | | 4,829 | 2,227 | 3,779 |
+---------------------------------+-------+---+------------+------------+------------+
| Deferred tax asset | | | - | - | 10 |
+---------------------------------+-------+---+------------+------------+------------+
| Total non-current assets | | | 4,829 | 2,227 | 3,789 |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Current assets | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Inventories | | | 207 | 120 | 65 |
+---------------------------------+-------+---+------------+------------+------------+
| Trade and other receivables | 6 | | 690 | 449 | 1,500 |
+---------------------------------+-------+---+------------+------------+------------+
| Cash and cash equivalents | | | 38 | 469 | 1,025 |
+---------------------------------+-------+---+------------+------------+------------+
| Total current assets | | | 935 | 1,038 | 2,590 |
+---------------------------------+-------+---+------------+------------+------------+
| Total Assets | | | 5,764 | 3,265 | 6,379 |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Equity and Liabilities | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Capital and reserves | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Issued share capital | | | 194 | 174 | 194 |
+---------------------------------+-------+---+------------+------------+------------+
| Share premium account | | | 6,497 | 5,585 | 6,497 |
+---------------------------------+-------+---+------------+------------+------------+
| Share option reserve | | | 204 | 152 | 153 |
+---------------------------------+-------+---+------------+------------+------------+
| Foreign currency translation | | | 39 | (254) | (89) |
| reserve | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Retained earnings | | | (5,807) | (4,241) | (4,724) |
+---------------------------------+-------+---+------------+------------+------------+
| Total Equity | | | 1,127 | 1,416 | 2,031 |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Non-current liabilities | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Finance lease obligations | | | 1,590 | 974 | 1,125 |
+---------------------------------+-------+---+------------+------------+------------+
| Other financial liabilities | | | 1,015 | - | 740 |
+---------------------------------+-------+---+------------+------------+------------+
| Deferred tax liability | | | 22 | - | 32 |
+---------------------------------+-------+---+------------+------------+------------+
| Total non-current liabilities | | | 2,627 | 974 | 1,897 |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Current liabilities | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
| Trade and other payables | 7 | | 1,313 | 724 | 1,875 |
+---------------------------------+-------+---+------------+------------+------------+
| Finance lease obligations | | | 367 | 150 | 291 |
+---------------------------------+-------+---+------------+------------+------------+
| Other financial liabilities | | | 330 | - | 285 |
+---------------------------------+-------+---+------------+------------+------------+
| Total current liabilities | | | 2,010 | 874 | 2,451 |
+---------------------------------+-------+---+------------+------------+------------+
| Total liabilities | | | 4,637 | 1,848 | 4,348 |
+---------------------------------+-------+---+------------+------------+------------+
| Total equity and liabilities | | | 5,764 | 3,265 | 6,379 |
+---------------------------------+-------+---+------------+------------+------------+
| | | | | | |
+---------------------------------+-------+---+------------+------------+------------+
+-------------------+-----------+------------+------------+------------+--------------+------------+------------+
| Condensed consolidated statement of changes in equity | | | |
| for the period ended 30 June 2009 | | | |
+----------------------------------------------------------------------+--------------+------------+------------+
| | Issued | Share | Share | Foreign | Retained | Total |
| | share | premium | option | Currency | earnings | equity |
| | capital | Account | reserve | Translation | | |
| | | | | Reserve | | |
+-------------------------------+------------+------------+------------+--------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+------------+------------+------------+--------------+------------+------------+
| | | | | | | |
+-------------------------------+------------+------------+------------+--------------+------------+------------+
| Balance at 1 January 2008 | 174 | 5,585 | 122 | (148) | (3,517) | 2,216 |
+-------------------------------+------------+------------+------------+--------------+------------+------------+
| | | | | | | |
+-------------------------------+------------+------------+------------+--------------+------------+------------+
| Loss for six months to 30 | - | - | - | - | (724) | (724) |
| June 2008 | | | | | | |
+-------------------------------+------------+------------+------------+--------------+------------+------------+
| Provision for | - | - | 30 | - | - | 30 |
| share options | | | | | | |
| valuation | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Exchange | - | - | - | (106) | - | (106) |
| differences | | | | | | |
| arising on | | | | | | |
| translation of | | | | | | |
| foreign | | | | | | |
| operations. | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Balance at 30 | 174 | 5,585 | 152 | (254) | (4,241) | 1,416 |
| June 2008 | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Loss for six | - | - | - | - | (483) | (483) |
| months to 31 | | | | | | |
| December 2008 | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Issue of 5 | 20 | 980 | - | - | - | 1,000 |
| million shares | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Share issue costs | - | (68) | - | - | - | (68) |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Provision for | - | - | 1 | - | - | 1 |
| share options | | | | | | |
| valuation | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Exchange | - | - | - | 165 | - | 165 |
| differences | | | | | | |
| arising on | | | | | | |
| translation of | | | | | | |
| foreign | | | | | | |
| operations | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Balance at 31 | 194 | 6,497 | 153 | (89) | (4,724) | 2,031 |
| December 2008 | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Loss for six | - | - | - | - | (1,083) | (1,083) |
| months to 30 June | | | | | | |
| 2009 | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Provision for | - | - | 51 | - | - | 51 |
| share options | | | | | | |
| valuation | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Exchange | - | - | - | 128 | - | 128 |
| differences | | | | | | |
| arising on | | | | | | |
| translation of | | | | | | |
| foreign | | | | | | |
| operations | | | | | | |
+-------------------+------------------------+------------+------------+--------------+------------+------------+
| Balance at 30 | 194 | 6,497 | 204 | 39 | (5,807) | 1,127 |
| June 2009 | | | | | | |
+-------------------+-----------+------------+------------+------------+--------------+------------+------------+
+---------------------------------+------+---+------------+------------+-------------+
| Condensed consolidated | | | 6 months | 6 months | 12 months |
| statement of cash flows for the | | | ended | ended | ended |
| period 30 June 2009 | | | 30 June | 30 June | 31 |
| | | | 2009 | 2008 | December |
| | | | | | 2008 |
+---------------------------------+------+---+------------+------------+-------------+
| | | | Unaudited | Unaudited | Audited |
+---------------------------------+------+---+------------+------------+-------------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+------+---+------------+------------+-------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Loss for period | | | (1,083) | (724) | (1,207) |
+---------------------------------+------+---+------------+------------+-------------+
| Income tax expense | | | - | - | (162) |
+---------------------------------+------+---+------------+------------+-------------+
| Depreciation | | | 27 | 38 | 50 |
+---------------------------------+------+---+------------+------------+-------------+
| Loss on disposal of property, | | | - | - | 12 |
| plant and equipment | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Interest income | | | (2) | (17) | (57) |
+---------------------------------+------+---+------------+------------+-------------+
| Finance expense | | | 94 | 16 | 189 |
+---------------------------------+------+---+------------+------------+-------------+
| Share based payment charges | | | 51 | - | 31 |
+---------------------------------+------+---+------------+------------+-------------+
| Net foreign exchange gain | | | - | - | (5) |
+---------------------------------+------+---+------------+------------+-------------+
| | | | (913) | (687) | (1,149) |
+---------------------------------+------+---+------------+------------+-------------+
| Movements in working capital | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| (Increase)/Decrease in | | | (142) | (37) | 20 |
| inventories | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| (Increase)/Decrease in | | | 812 | 566 | (337) |
| receivables | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Increase/ (Decrease) in | | | (559) | (506) | 406 |
| payables | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Cash used by operations | | | (802) | (664) | (1,060) |
+---------------------------------+------+---+------------+------------+-------------+
| Finance costs paid | | | (94) | (16) | (189) |
+---------------------------------+------+---+------------+------------+-------------+
| Income tax received | | | - | - | 42 |
+---------------------------------+------+---+------------+------------+-------------+
| Net cash used by operating | | | (896) | (680) | (1,207) |
| activities | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Cashflows from investing | | | | | |
| activities | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Purchase of property, plant and | | | (85) | (586) | (375) |
| equipment | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Interest received | | | 2 | 17 | 57 |
+---------------------------------+------+---+------------+------------+-------------+
| Net cash used in investing | | | (83) | (569) | (318) |
| activities | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Cashflows from financing | | | | | |
| activities | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Proceeds from issue of share | | | - | - | 1,000 |
| capital | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Payments for share issue costs | | | - | - | (68) |
+---------------------------------+------+---+------------+------------+-------------+
| Repayment of finance lease and | | | (115) | (81) | (144) |
| instalment sale borrowings | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Net cash from financing | | | (115) | (81) | 788 |
| activities | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Net (decrease)/increase in cash | | | (1,094) | (1,330) | (737) |
| and cash equivalents | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Cash and cash equivalents at | | | 1,025 | 1,748 | 1,748 |
| the beginning of the period | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Effects of exchange rate | | | (11) | 51 | 14 |
| changes on the balance of cash | | | | | |
| held in foreign currencies | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| Cash and cash equivalents at | | | (80) | 469 | 1,025 |
| the end of the | | | | | |
| period | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
| | | | | | |
+---------------------------------+------+---+------------+------------+-------------+
Notes on the unaudited interim financial information
1. Basis of preparation and significant accounting policies
Basis of preparation
The unaudited condensed financial statements have been prepared using accounting
policies consistent with International Financial Reporting Standards. The
unaudited condensed financial statements are presented in Sterling and have been
prepared under the historical cost basis.
The Directors are satisfied that the Group has and will maintain sufficient
financial resources to enable it to continue in the foreseeable future and
therefore they continue to adopt the going concern basis in preparing the
unaudited interim financial statements.
Significant accounting policies
The same accounting policies, presentation and methods of computation are
followed in these unaudited condensed financial statements as were applied in
the preparation of the Group's financial statements for the year ended 31
December 2008.
With effect from 1 January 2009 the Group adopted the following new standards
and interpretations:
* IAS 1 Revised Presentation of Financial Statements
The revised standard introduces the Statement of Comprehensive Income which
presents all items of recognised income and expense either in one single
statement or in two linked statements. The Group has elected to present one
single statement in the form of a Statement of Comprehensive Income. The
adoption of IAS 1 has also resulted in a change to the name of the Balance Sheet
and the Cash Flow Statement which are now referred to as the Statements of
Financial Position and the Statement of Cash Flows respectively.
* IAS 23 Borrowing Costs
The amended standard requires the Group to capitalise borrowing costs directly
attributable to the acquisition construction or production of a qualifying asset
as part of the cost of the asset. The adoption of this amendment has not had a
material impact on the financial performance on the position of the Group.
* Additionally, a number of other interpretations and other amendments to
accounting standards have been adopted that do not have a significant impact on
the Group's accounting policies and reporting.
2.Cyclicality of Operations
Operations in the six months to 30 June 2009 are following usual seasonal
trends
3. Segment information
+----------------------------+----------+------------+-------------+-------------+
| | South | USA | Other | Total for |
| | Africa | | Segments | reportable |
| | | | | segments |
+----------------------------+----------+------------+-------------+-------------+
| June 2009 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+-------------+-------------+
| External segment revenues | 685 | 226 | 36 | 947 |
+----------------------------+----------+------------+-------------+-------------+
| Internal segment revenues | - | - | - | - |
+----------------------------+----------+------------+-------------+-------------+
| Total segment revenues | 685 | 226 | 36 | 947 |
+----------------------------+----------+------------+-------------+-------------+
| Interest revenue | - | - | - | - |
+----------------------------+----------+------------+-------------+-------------+
| Interest expense | (94) | - | - | (94) |
+----------------------------+----------+------------+-------------+-------------+
| Depreciation and | (8) | (14) | (3) | (25) |
| amortisation | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Profit/(loss) before tax | (120) | (374) | (190) | (684) |
+----------------------------+----------+------------+-------------+-------------+
| Non-current assets | 2,003 | 208 | 609 | 2,820 |
| allocated for the purposes | | | | |
| of depreciation and | | | | |
| amortisation charges | | | | |
+----------------------------+----------+------------+-------------+-------------+
+----------------------------+----------+------------+-------------+-------------+
| | South | USA | Other | Total for |
| | Africa | | Segments | reportable |
| | | | | segments |
+----------------------------+----------+------------+-------------+-------------+
| June 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+-------------+-------------+
| External segment revenues | 908 | 114 | 10 | 1,302 |
+----------------------------+----------+------------+-------------+-------------+
| Internal segment revenues | - | - | - | - |
+----------------------------+----------+------------+-------------+-------------+
| Total segment revenues | 908 | 114 | 10 | 1,302 |
+----------------------------+----------+------------+-------------+-------------+
| Interest revenue | 5 | - | - | 5 |
+----------------------------+----------+------------+-------------+-------------+
| Interest expense | (16) | - | - | (16) |
+----------------------------+----------+------------+-------------+-------------+
| Depreciation and | (17) | (10) | (4) | (31) |
| amortisation | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Profit/(loss) before tax | (182) | (55) | (88) | (325) |
+----------------------------+----------+------------+-------------+-------------+
| Non-current assets | 1,229 | 201 | 605 | 2,035 |
| allocated for the purposes | | | | |
| of depreciation and | | | | |
| amortisation charges | | | | |
+----------------------------+----------+------------+-------------+-------------+
+----------------------------+----------+------------+-------------+-------------+
| | South | USA | Other | Total for |
| | Africa | | Segments | reportable |
| | | | | segments |
+----------------------------+----------+------------+-------------+-------------+
| December 2008 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
| External segment revenues | 4,253 | 180 | 376 | 4,809 |
+----------------------------+----------+------------+-------------+-------------+
| Internal segment revenues | - | - | - | - |
+----------------------------+----------+------------+-------------+-------------+
| Total segment revenues | 4,253 | 180 | 376 | 4,809 |
+----------------------------+----------+------------+-------------+-------------+
| Interest revenue | 40 | - | - | 40 |
+----------------------------+----------+------------+-------------+-------------+
| Interest expense | (180) | (5) | - | (185) |
+----------------------------+----------+------------+-------------+-------------+
| Depreciation and | (24) | (16) | (7) | (47) |
| amortisation | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Profit/(loss) before tax | 234 | (566) | (207) | (539) |
+----------------------------+----------+------------+-------------+-------------+
| Non-current assets | 1,926 | 201 | 605 | 2,732 |
| allocated for the purposes | | | | |
| of depreciation and | | | | |
| amortisation charges | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
| 3. Segment information | | | | |
| (continued) | | | | |
| Reconciliations | | | | |
| (i) Group revenues | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | June | June | December |
| | | 2009 | 2008 | 2008 |
+----------------------------+----------+------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+-------------+-------------+
| Total revenues for | | 947 | 1,032 | 4,809 |
| reportable segments | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Group's revenues | | 947 | 1,032 | 4,809 |
+----------------------------+----------+------------+-------------+-------------+
| (ii)Group loss before tax | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | June | June | December |
| | | 2009 | 2008 | 2008 |
+----------------------------+----------+------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+-------------+-------------+
| Loss before tax for | | (684) | (325) | (539) |
| trading segments | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Share-based payment | | (51) | (30) | (31) |
| charges | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Head office costs | | (348) | (370) | (637) |
+----------------------------+----------+------------+-------------+-------------+
| Loss before tax | | (1,083) | (724) | (1,207) |
+----------------------------+----------+------------+-------------+-------------+
| (iii)Group assets | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | June | June | December |
| | | 2007 | 2008 | 2008 |
+----------------------------+----------+------------+-------------+-------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+----------+------------+-------------+-------------+
| Total non-current assets | | 2,820 | 2,035 | 2,683 |
| allocated to trading | | | | |
| segments | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Head office non-current | | 2,009 | 2,035 | 1,106 |
| assets | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Current assets not | | | | |
| allocated for internal | | | | |
| reporting purposes: | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Group inventories | | 207 | 120 | 65 |
+----------------------------+----------+------------+-------------+-------------+
| Group trade and other | | 690 | 449 | 1,500 |
| receivables | | | | |
+----------------------------+----------+------------+-------------+-------------+
| Group cash and cash | | 38 | 469 | 1,025 |
| equivalents | | | | |
+----------------------------+----------+------------+-------------+-------------+
| | | 935 | 1,038 | 2,590 |
+----------------------------+----------+------------+-------------+-------------+
| Group assets | | 5,764 | 3,265 | 6,379 |
+----------------------------+----------+------------+-------------+-------------+
| | | | | |
+----------------------------+----------+------------+-------------+-------------+
+---------------------------+--------------------+--------------+------------+
| (iv)Other material items | | | |
+---------------------------+--------------------+--------------+------------+
| | Reportable | Head | Group |
| | trading | office | |
| | segment totals | adjustments | |
+---------------------------+--------------------+--------------+------------+
| June 2009 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+--------------------+--------------+------------+
| Interest revenue | - | 2 | 2 |
+---------------------------+--------------------+--------------+------------+
| Interest expense | (94) | - | (94) |
+---------------------------+--------------------+--------------+------------+
| Depreciation and | (25) | (2) | (27) |
| amortisation | | | |
+---------------------------+--------------------+--------------+------------+
| June 2008 | | | |
+---------------------------+--------------------+--------------+------------+
| Interest revenue | 5 | 12 | 17 |
+---------------------------+--------------------+--------------+------------+
| Interest expense | (16) | - | (16) |
+---------------------------+--------------------+--------------+------------+
| Depreciation and | (31) | (7) | (38) |
| amortisation | | | |
+---------------------------+--------------------+--------------+------------+
| December 2008 | | | |
+---------------------------+--------------------+--------------+------------+
| Interest revenue | 40 | 17 | 57 |
+---------------------------+--------------------+--------------+------------+
| Interest expense | (185) | (4) | (189) |
+---------------------------+--------------------+--------------+------------+
| Depreciation and | (47) | (3) | (50) |
| amortisation | | | |
+---------------------------+--------------------+--------------+------------+
The adjustments relate to head office items.
4.Loss per share
+-------------------------------+-------------+---------------+------------------+
| | 6 months | 6 months | 12 months |
| | ended | ended | ended |
| | 30 June | 30 June 2008 | 31 December 2008 |
| | 2009 | | |
+-------------------------------+-------------+---------------+------------------+
| | Unaudited | Unaudited | Audited |
+-------------------------------+-------------+---------------+------------------+
| Loss for the period | (1,083) | (724) | (1,207) |
| attributable to | | | |
| shareholders (GBP'000) | | | |
+-------------------------------+-------------+---------------+------------------+
| | | | |
+-------------------------------+-------------+---------------+------------------+
| Weighted average number of | 48,500,000 | 43,500,000 | 43,691,781 |
| shares | | | |
| in issue | | | |
+-------------------------------+-------------+---------------+------------------+
The losses attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted loss per ordinary
share are identical to those used for basic loss per ordinary share. This is
because the exercise of share options would have the effect of reducing the loss
per ordinary share and is therefore not dilutive under the terms of IAS 33.
These options could potentially be dilutive in the future.
5.Property, plant and equipment
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| | | Moulds | Moulds | Motor | Plant, | Total |
| | | | under | Vehicles | equipment, | |
| | | | construction | | furniture | |
| | | | | | and | |
| | | | | | fittings | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Cost | | | | | | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| At 1 January 2009 | | 3,710 | 25 | 112 | 78 | 3,925 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Additions | | 963 | 43 | - | 1 | 1,007 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Translation differences | | 79 | (4) | (11) | (6) | 58 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| At 30 June 2009 | | 4,752 | 64 | 101 | 73 | 4,990 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| | | | | | | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Accumulated | | | | | | |
| depreciation | | | | | | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| At 1 January 2009 | | 67 | - | 27 | 52 | 146 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Charge for period | | 12 | - | 8 | 7 | 27 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Translation differences | | (2) | - | (4) | (6) | (12) |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| At 30 June 2009 | | 78 | - | 31 | 53 | 161 |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| | | | | | | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Net book value at 30 | | 4,674 | 64 | 70 | 20 | 4,829 |
| June 2009 | | | | | | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
| Net book value at 31 | | 3,643 | 25 | 85 | 26 | 3,779 |
| December 2008 | | | | | | |
+-------------------------+--+----------+---------------+-----------+-------------+----------+
6.Trade and other receivables
+--------------------------------------+----------+-----------+-----------+------------+
| | | As at | As at | As at |
| | | 30 June | 30 June | 31 |
| | | 2009 | 2008 | December |
| | | | | 2008 |
+--------------------------------------+----------+-----------+-----------+------------+
| | | Unaudited | Unaudited | Audited |
+--------------------------------------+----------+-----------+-----------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+----------+-----------+-----------+------------+
| | | | | |
+--------------------------------------+----------+-----------+-----------+------------+
| Trade receivables | | 593 | 341 | 1,387 |
+--------------------------------------+----------+-----------+-----------+------------+
| Other receivables | | 81 | 80 | 97 |
+--------------------------------------+----------+-----------+-----------+------------+
| Prepayments and accrued income | | 16 | 28 | 16 |
+--------------------------------------+----------+-----------+-----------+------------+
| | | 690 | 449 | 1,500 |
+--------------------------------------+----------+-----------+-----------+------------+
7.Trade and other payables
+--------------------------------------+-----------+-----------+-------------+
| | As at | As at | As at |
| | 30 June | 30 June | 31 December |
| | 2009 | 2008 | 2008 |
+--------------------------------------+-----------+-----------+-------------+
| | Unaudited | Unaudited | Audited |
+--------------------------------------+-----------+-----------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+-----------+-----------+-------------+
| | | | |
+--------------------------------------+-----------+-----------+-------------+
| Trade payables | 728 | 426 | 1,486 |
+--------------------------------------+-----------+-----------+-------------+
| Overdraft | 118 | - | - |
+--------------------------------------+-----------+-----------+-------------+
| Accruals and deferred income | 214 | 98 | 174 |
+--------------------------------------+-----------+-----------+-------------+
| Other payables | 52 | 13 | 83 |
+--------------------------------------+-----------+-----------+-------------+
| Research and developmental tax | 42 | 75 | 75 |
| reclaims | | | |
+--------------------------------------+-----------+-----------+-------------+
| Employee benefits | 120 | 95 | 117 |
+--------------------------------------+-----------+-----------+-------------+
| Taxation and social security | 39 | 17 | 15 |
+--------------------------------------+-----------+-----------+-------------+
| | 1,313 | 724 | 1,875 |
+--------------------------------------+-----------+-----------+-------------+
| | | | |
+--------------------------------------+-----------+-----------+-------------+
8.Related party transactions
Since the audited accounts for the period ended 31 December 2008, there has been
an increase in Non-current Assets that have been purchased under a finance lease
from parties affiliated to entities with a significant influence over the Group.
The value of the increase is GBP468,190.
9.Copies of this report will be sent to shareholders shortly and will be
available from the Company's
registered office, 3 The Mews, 16 Hollybush Lane, Sevenoaks, Kent TN13 3JT and
available to download from the Company's website www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UWVARKURKUUR
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