TIDMSNCL
RNS Number : 0831T
Sinclair (William) Holdings PLC
01 June 2009
WILLIAM SINCLAIR HOLDINGS PLC
("William Sinclair", the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009
William Sinclair Holdings Plc is one of the UK's leading producers of commercial
horticulture and branded garden products. The Company provides peat based and
non peat growing media and fertiliser products to the retail and commercial
sectors.
William Sinclair's well established brands include J Arthur Bower's, Silvaperl
and New Horizon - the leading brand in the fast growing peat free garden compost
and organic plant foods sector.
William Sinclair's customers include national accounts such as Wyevale,
Wilkinson, Tesco, Homebase and B&Q as well as an extensive range of independent
garden centres.
The Company has strong asset backing, is profitable and is quoted on the
Alternative Investment Market ("AIM").
HIGHLIGHTS
* Revenue of GBP22.3 million (nine months to 31 March 2008: GBP27.8 million)
* Operating profit of GBP0.18 million (nine months to 31 March 2008: loss of
GBP0.24 million)
* Net debt GBP2.14 million lower than at 31 March 2008
* Interim dividend of 1.0p for the 6 months to March 2009 (nine months to 31 March
2008: 1.0p)
* Record volumes despatched in March; shortest lead times in the industry achieved
* Improvement in margins and availability of raw materials
* Increase in demand for vegetable growing compost as people grow their own food
Bernard Burns, Chief Executive, William Sinclair Holdings Plc, said:
"Despite the severe recession, we are pleased to be able to maintain our interim
dividend. A combination of having created better internal efficiencies and
people choosing to grow their own food to save money has helped the business
perform well. Following an early start to the harvest and a slight decline in
the cost of raw materials, margins continue to improve.
"We are pleased that in March our New Horizon product was identified in the
BBC's Gardeners' World programme as the finest peat-free alternative on the
market. We continue to lead the industry with our environmental credentials.
"At this initial stage of the summer, we believe we are in a healthy position to
withstand the economic backdrop."
For further information:
William Sinclair Holdings Plc Tel: 01522 537561
Bernard Burns, Chief Executive
Peter Williams, Finance Director
Arbuthnot Securities Tel: 020 7012 2000
Alastair Moreton
Alasdair Younie
Madano Partnership Tel: 020 7593 4000
Mark Way
Matthew Moth
www.madano.co.uk
Chairman's statement
Introduction
The Company's unaudited results for the 6 months ended 31 March 2009 are set out
below and due to the change to the year end in 2008, the comparative results
shown cover the 9 months to 31 March 2008.
The performance in this trading period was a little better than anticipated
thanks, in the main, to a strong performance in March brought about by
favourable trading conditions in the run up to Easter and higher than expected
demand from retailers anxious to replenish very low stocks.
Trading Review
Turnover during the period was GBP22.3 million, a record for comparable periods.
Whilst this does include additional sales from the acquired Joseph Metcalf
business, it represents a good performance and we are confident that it
represents modest but worthwhile market share improvement.
The operating profit for the half year was GBP184,000 compared to an operating
loss of GBP236,000 for the nine months to 31 March 2008. The loss before tax and
minority interests was GBP211,000 (loss of GBP424,000 for the nine months to 31
March 2008).
The Company usually records a loss in the first half of the year as a result of
the seasonality of the business but the underlying performance was good, with
margins beginning to recover and the availability of raw materials improving.
The Group's net debt at 31 March 2009 was GBP17.0 million. This was well within
our bank facilities and GBP2.1 million lower than at the same point last year.
We continue to benefit from a very strong relationship with Lloyds Banking
Group, which has provided banking facilities to the Sinclair Group over many
years. At a time when many businesses have been unsure of their credit
facilities our bank continues to give us confidence.
The deficit on the Group's defined benefit pension scheme has increased by
GBP3.1 million in the period mainly as a result of the impact on asset values of
the global downturn. However, during the period under review the Group has
agreed with the trustees of the scheme new contribution rates for both the
Company and employees, some restrictions to future benefits and a recovery plan
to address the deficit. The Pensions Regulator has reviewed this agreement and
expressed his satisfaction with it.
The Directors are recommending an interim dividend of 1.0p per share which is
the same as last year.
Business Review
With our customers, particularly those in the retail sector, nervous about the
economic outlook and their own liquidity, demand in the early part of this year
was subdued. However, the weather in March was ideal, the timing of Easter was
favourable and we had a record month in order intake and despatches.
The Directors recognise the impact climate has on the business. Consequently we
are progressing a number of projects aimed at minimising the internal
consequences of the weather.
The increasingly "Just in Time" nature of the retail market represents a real
challenge but, with the improvements in relation to logistics that we have put
in place, our service levels were excellent, our lead times the shortest in the
industry and we were able to despatch record volumes in March.
The severe economic recession appears to have increased consumer demand for
garden consumables as people spend more time in their gardens. There has been a
considerable increase in demand for vegetable growing compost as people choose
to grow their own food as a result of the economy.
For many years we have maintained a policy of insuring against bad debts. In the
current economic climate insurers have in many cases reduced or even withdrawn
cover. Consequently we have adapted our policies to take a more active role in
managing this risk.
The Bolton Fell compensation discussions are continuing but there are no
significant developments to report.
Outlook
Trading since the half year end has remained in line with management
expectations and the business continues to perform well and meet customer demand
within impressive time scales.
The Gardeners' World programme on BBC television on 27 March was dedicated to a
discussion on alternatives to peat for compost. Our New Horizon product was
correctly identified as the finest alternative product on the market and demand
has accelerated as a result.
The annual peat harvest has started a little earlier this year due to favourable
weather conditions. This will mitigate our need for expensive alternatives to
peat and the Directors are confident in their outlook for the year as a whole.
Bill Simpson
Chairman
+----------------------------------------+-------+-------------+------------+----------+
| Consolidated Income Statement | | Six months | Nine | 15 |
| for the six months ended 31 March 2009 | | ended | months | months |
| (unaudited) | | 31 March | ended | ended |
| | | 2009 | 31 March | 30 Sept. |
| | | | 2008 | 2008 |
+----------------------------------------+-------+-------------+------------+----------+
| |Notes | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Revenue | | 22,305 | 27,770 | 54,771 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Operating expenses | | (22,118) | (28,003) | (53,728) |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Operating profit / (loss) | | 187 | (233) | 1,043 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Share of post tax (loss) / profit of | | (3) | (3) | 1 |
| joint ventures accounted for using the | | | | |
| equity method | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Group operating profit / (loss) | | 184 | (236) | 1,044 |
+----------------------------------------+-------+-------------+------------+----------+
| Finance revenue | | 19 | 2 | 89 |
+----------------------------------------+-------+-------------+------------+----------+
| Finance costs | | (284) | (321) | (829) |
+----------------------------------------+-------+-------------+------------+----------+
| Pension finance (expense) / income | | (130) | 131 | 217 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| (Loss) / profit before taxation | | (211) | (424) | 521 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Tax credit / (charge) | 1 | 60 | 118 | (239) |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| (Loss) / profit for the period | | (151) | (306) | 282 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| (Loss) / profit for the period is | | | | |
| attributable to: | | | | |
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Equity holders of the parent company | | (167) | (350) | 210 |
+----------------------------------------+-------+-------------+------------+----------+
| Minority interests | | 16 | 44 | 72 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | (151) | (306) | 282 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| All results relate to continuing | | | | |
| operations. | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| (Loss) / earnings per share (pence) | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Basic EPS on profit for the period | 3 | (1.0)p | (2.1)p | 1.3p |
+----------------------------------------+-------+-------------+------------+----------+
| Diluted EPS on profit for the period | | (1.0)p | (2.0)p | 1.3p |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Dividends per share | 2 | 1.0p | 1.0p | 2.0p |
+----------------------------------------+-------+-------------+------------+----------+
+----------------------------------------+-------+-------------+------------+----------+
| Consolidated Statement of Recognised | | Six months | Nine | 15 |
| Income and Expenses | | ended | months | months |
| for the six months ended 31 March 2009 | | 31 March | ended | ended |
| (unaudited) | | 2009 | 31 March | 30 Sept. |
| | | | 2008 | 2008 |
+----------------------------------------+-------+-------------+------------+----------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Actuarial loss on defined benefit | | (3,078) | (1,356) | (2,467) |
| pension scheme | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Tax on items taken directly to or | | 862 | 380 | 691 |
| transferred from equity | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Net loss recognised directly in equity | | (2,216) | (976) | (1,776) |
+----------------------------------------+-------+-------------+------------+----------+
| (Loss)/profit for the period | | (151) | (306) | 282 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Total recognised income and expense | | (2,367) | (1,282) | (1,494) |
| for the period | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Attributable to: | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| Equity holders of the parent company | | (2,383) | (1,326) | (1,566) |
+----------------------------------------+-------+-------------+------------+----------+
| Minority interest | | 16 | 44 | 72 |
+----------------------------------------+-------+-------------+------------+----------+
| | | | | |
+----------------------------------------+-------+-------------+------------+----------+
| | | (2,367) | (1,282) | (1,494) |
+----------------------------------------+-------+-------------+------------+----------+
+-----------------------------------------+--------------+-------------+------------+
| Consolidated Balance Sheet | As at | As at | As at |
| as at 31 March 2009 (unaudited) | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+-----------------------------------------+--------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+--------------+-------------+------------+
| Non-current assets | | | |
+-----------------------------------------+--------------+-------------+------------+
| Property, plant and equipment | 16,761 | 16,777 | 16,733 |
+-----------------------------------------+--------------+-------------+------------+
| Intangible assets | 1,697 | 1,651 | 1,712 |
+-----------------------------------------+--------------+-------------+------------+
| Investments accounted for using the | 212 | 211 | 215 |
| equity method | | | |
+-----------------------------------------+--------------+-------------+------------+
| | 18,670 | 18,639 | 18,660 |
+-----------------------------------------+--------------+-------------+------------+
| Current assets | | | |
+-----------------------------------------+--------------+-------------+------------+
| Inventories | 10,269 | 10,799 | 12,021 |
+-----------------------------------------+--------------+-------------+------------+
| Trade and other receivables | 18,953 | 21,807 | 8,119 |
+-----------------------------------------+--------------+-------------+------------+
| Cash and short term deposits | 1,214 | 1,136 | 883 |
+-----------------------------------------+--------------+-------------+------------+
| | 30,436 | 33,742 | 21,023 |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Total assets | 49,106 | 52,381 | 39,683 |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Current liabilities | | | |
+-----------------------------------------+--------------+-------------+------------+
| Trade and other payables | (11,125) | (11,993) | (10,176) |
+-----------------------------------------+--------------+-------------+------------+
| Financial liabilities - borrowings | (16,038) | (17,222) | (6,997) |
+-----------------------------------------+--------------+-------------+------------+
| Corporation tax payable | (3) | (475) | (3) |
+-----------------------------------------+--------------+-------------+------------+
| | (27,166) | (29,690) | (17,176) |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Non-current liabilities | | | |
+-----------------------------------------+--------------+-------------+------------+
| Financial liabilities - borrowings | (2,221) | (3,098) | (2,576) |
+-----------------------------------------+--------------+-------------+------------+
| Deferred tax liabilities | - | (1,016) | (830) |
+-----------------------------------------+--------------+-------------+------------+
| Provisions | (219) | (202) | (209) |
+-----------------------------------------+--------------+-------------+------------+
| Defined benefit pension plan deficit | (7,616) | (3,584) | (4,475) |
+-----------------------------------------+--------------+-------------+------------+
| | (10,056) | (7,900) | (8,090) |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Total liabilities | (37,222) | (37,590) | (25,266) |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Net assets | 11,884 | 14,791 | 14,417 |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Capital and reserves | | | |
+-----------------------------------------+--------------+-------------+------------+
| Equity share capital | 4,139 | 4,139 | 4,139 |
+-----------------------------------------+--------------+-------------+------------+
| Capital redemption reserve | 1,523 | 1,523 | 1,523 |
+-----------------------------------------+--------------+-------------+------------+
| Revaluation reserve | 3,498 | 3,566 | 3,498 |
+-----------------------------------------+--------------+-------------+------------+
| Other reserves | 176 | 176 | 176 |
+-----------------------------------------+--------------+-------------+------------+
| Share based payments | 70 | 67 | 70 |
+-----------------------------------------+--------------+-------------+------------+
| Retained earnings | 2,259 | 5,145 | 4,808 |
+-----------------------------------------+--------------+-------------+------------+
| Group shareholders' equity | 11,665 | 14,616 | 14,214 |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Minority interests | 219 | 175 | 203 |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| Total equity | 11,884 | 14,791 | 14,417 |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
| | | | |
+-----------------------------------------+--------------+-------------+------------+
Consolidated cash flow statement
for the six months ended 31 March 2009 (unaudited)
+----------------------------------------+-------------+-------------+-------------+
| | Six months | Nine months | 15 months |
| | ended | ended | ended |
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+----------------------------------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Net cash flow from operating | (7,331) | (11,541) | 50 |
| activities | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Net cash flow from investing | (574) | (5,961) | (6,695) |
| activities | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Net cash flow from financing | (927) | 1,731 | 989 |
| activities | | | |
+----------------------------------------+-------------+-------------+-------------+
| (Decrease) / increase in cash in the | (8,832) | (15,771) | (5,656) |
| period | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Cash and cash equivalents at 1 October | (5,321) | 335 | 335 |
| 2008 | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| (Decrease) / increase in cash and cash | (8,832) | (15,771) | (5,656) |
| equivalents | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Cash and cash equivalents at 31 March | (14,153) | (15,436) | (5,321) |
| 2008 | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Cash flow from operating activities | | | |
+----------------------------------------+-------------+-------------+-------------+
| Operating profit / (loss) | 187 | (233) | 1,043 |
+----------------------------------------+-------------+-------------+-------------+
| Amortisation of intangible assets | 15 | 15 | 35 |
+----------------------------------------+-------------+-------------+-------------+
| Depreciation | 645 | 923 | 1,602 |
+----------------------------------------+-------------+-------------+-------------+
| Profit on disposal of fixed assets | (80) | (5) | (19) |
+----------------------------------------+-------------+-------------+-------------+
| Share based payments | - | 16 | 19 |
+----------------------------------------+-------------+-------------+-------------+
| Pension contributions paid less | (67) | 56 | (78) |
| amounts charged in the income | | | |
| statement | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Operating profit before changes in | 700 | 772 | 2,602 |
| working capital and provisions | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Decrease / (increase) in stocks | 1,752 | (3,946) | (5,198) |
+----------------------------------------+-------------+-------------+-------------+
| (Increase) / decrease in debtors | (10,742) | (8,642) | 4,896 |
+----------------------------------------+-------------+-------------+-------------+
| Increase / (decrease) in creditors | 949 | (26) | (2,193) |
+----------------------------------------+-------------+-------------+-------------+
| Movement in reinstatement provision | 10 | 13 | 20 |
+----------------------------------------+-------------+-------------+-------------+
| Income taxes received / (paid) | - | 288 | (77) |
+----------------------------------------+-------------+-------------+-------------+
| | (7,331) | (11,541) | 50 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | Six months | Nine months | 15 months |
| | ended | ended | ended |
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+----------------------------------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Cash flow from investing activities | | | |
+----------------------------------------+-------------+-------------+-------------+
| Interest received | 19 | 2 | 89 |
+----------------------------------------+-------------+-------------+-------------+
| Sale of property, plant and equipment | 248 | 22 | 148 |
+----------------------------------------+-------------+-------------+-------------+
| Purchase of property, plant and | (841) | (940) | (1,618) |
| equipment | | | |
+----------------------------------------+-------------+-------------+-------------+
| Purchase of intangible assets | - | - | (129) |
+----------------------------------------+-------------+-------------+-------------+
| Purchase of shares in subsidiary | - | (3,735) | (3,875) |
+----------------------------------------+-------------+-------------+-------------+
| Cash on consolidation of subsidiary | - | (1,310) | (1,310) |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | (574) | (5,961) | (6,695) |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Cash flow from financing activities | | | |
+----------------------------------------+-------------+-------------+-------------+
| Interest paid | (284) | (321) | (829) |
+----------------------------------------+-------------+-------------+-------------+
| Dividends paid to minority interests | - | (10) | (10) |
+----------------------------------------+-------------+-------------+-------------+
| Dividends paid to equity shareholders | (166) | (414) | (579) |
+----------------------------------------+-------------+-------------+-------------+
| New loans in the period | - | 3,000 | 3,000 |
+----------------------------------------+-------------+-------------+-------------+
| Repayment of borrowings | (327) | (459) | (455) |
+----------------------------------------+-------------+-------------+-------------+
| Repayment of capital element of | (150) | (65) | (138) |
| finance leases | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | (927) | 1,731 | 989 |
+----------------------------------------+-------------+-------------+-------------+
Reconciliation of net cash flow to movement in net debt
+----------------------------------------+-------------+-------------+-------------+
| | Six months | Nine months | 15 months |
| | ended | ended | ended |
| | 31 March | 31 March | 30 |
| | 2009 | 2008 | September |
| | | | 2008 |
+----------------------------------------+-------------+-------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Increase / (decrease) in cash in the | 331 | 801 | 548 |
| period | | | |
+----------------------------------------+-------------+-------------+-------------+
| Cash (inflow) / outflow from change in | (8,686) | (19,564) | (8,817) |
| borrowings | | | |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Movement in net debt in the period | (8,355) | (18,763) | (8,269) |
+----------------------------------------+-------------+-------------+-------------+
| Net debt at 1 October 2008 | (8,690) | (421) | (421) |
+----------------------------------------+-------------+-------------+-------------+
| | | | |
+----------------------------------------+-------------+-------------+-------------+
| Net debt at 31 March 2009 | (17,045) | (19,184) | (8,690) |
+----------------------------------------+-------------+-------------+-------------+
Notes to the financial information
1. Taxation
The taxation credit on ordinary activities is calculated by applying the
Directors' best estimate of the annual taxation rate to the loss for the period.
2. Dividend
A final dividend of 1.0p per share was paid on 19 March 2009 to shareholders on
the register on 20 February 2009. An interim dividend of 1.0p per share will be
paid on 4 August 2009 to shareholders on the register on 10 July 2009.
3. (Loss) / earnings per share
(Loss) / earnings per share have been calculated by reference to 16,554,046
shares in issue.
4. Reconciliation of movements in equity attributable to members of the parent
company
+-------------------------------------+--------------+------------+------------+
| | Six months | Nine | 15 months |
| | ended | months | ended |
| | 31 March | ended | 30 Sept. |
| | 2009 | 31 March | 2008 |
| | | 2008 | |
+-------------------------------------+--------------+------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+--------------+------------+------------+
| | | | |
+-------------------------------------+--------------+------------+------------+
| Opening equity attributable to | 14,214 | 16,340 | 16,340 |
| members of parent company | | | |
+-------------------------------------+--------------+------------+------------+
| Total recognised income and | (2,383) | (1,326) | (1,566) |
| expenses for the period | | | |
+-------------------------------------+--------------+------------+------------+
| Dividends paid | (166) | (414) | (579) |
+-------------------------------------+--------------+------------+------------+
| Share based payments taken directly | - | 16 | 19 |
| to equity | | | |
+-------------------------------------+--------------+------------+------------+
| Closing equity attributable to | 11,665 | 14,616 | 14,214 |
| members of the parent company | | | |
+-------------------------------------+--------------+------------+------------+
5. Basis of preparation
The financial information set out in the interim report has been prepared in
accordance with accounting policies under International Financial Reporting
Standards ('IFRS') as detailed in the financial statements for the 15 months
ended 30 September 2008. These policies are expected to be followed in the full
financial statements for the year ending 30 September 2009.
The interim report has been approved by the Board of Directors and is neither
audited nor reviewed. The interim financial information does not constitute
statutory accounts within the meaning of section 434 of the Companies Act 2006.
The financial information for the 15 months ended 30 September 2008 is extracted
from the audited accounts for that period. Those accounts have been delivered to
the Registrar of Companies. The auditors' report on them was unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies Act 1985.
The Group does not consider that any standards or interpretations issued by the
International Accounting Standards Board (IASB), but not yet applicable, will
have a significant impact on the financial statements for the year ending 30
September 2009.
A copy of this interim report will be posted to shareholders shortly and will be
available to view on the Company's website at www.william-sinclair.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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