TIDMUNG
RNS Number : 9118K
Universe Group PLC
28 April 2010
Universe Group PLC
("Universe" or the "Group")
Preliminary results for the year ended 31st December 2009
Universe Group PLC UNG.L the AIM listed retail and loyalty systems group today
announces its preliminary results for the year ended 31st December 2009.
Highlights
· Revenue decreased 12.5% to GBP14.49 million (2008: GBP16.56 million).
· Increased gross margin percentage to 36% (2008: 33%) driven by improved
sales mix and cost reductions.
· Loss after tax of GBP0.50 million (2008: loss of GBP0.35 million)*
· Operating profit before exceptional items up 45% to GBP0.75 million
(2008: GBP0.52 million)**
· EBITDA before exceptional items up 53% to GBP1.85 million (2008: GBP1.20
million)**
· Statutory operating loss of GBP0.15 million (2008: loss of GBP0.11
million)
· Significant contract extension in Petrol Forecourt Solutions division
* After exceptional costs of GBP1.0 million, mainly comprising restructuring
costs (2008: After exceptional costs of GBP0.6 million mainly comprising
restructuring costs.).
** Before exceptional costs of GBP0.9 million mainly comprising restructuring
costs.(2008: Before exceptional costs of GBP0.6 million mainly comprising
restructuring costs.).
Unless specified otherwise, all references to adjusted operating profit and
adjusted profit before tax throughout this announcement exclude the exceptional
costs disclosed in ** above.
John Scholes, Chairman, commented:
"As reported in the interim results, 2009 has seen a period of weak demand from
our major customers and this has been a difficult back drop against which to
continue the transition of the Group from manufacturer to solutions provider.
"Nevertheless, despite the poor economic climate, I am delighted to be able to
report that the benefits of this transition have allowed the Group to show
improved underlying profitability despite reduced turnover. The challenge for
2010 is to return the Group to a position of turnover growth whilst maintaining
that increased underlying profitability. Progress in winning new business is
being made in all four divisions of the Group and coupled with the restructuring
that has already occurred, turnover growth would provide the Group with a firm
foundation for future enhanced profitability."
+-------------------------------------+-------------------------------------+
| For further information: | |
| | |
+-------------------------------------+-------------------------------------+
| Universe Group PLC | 023 8068 9510 |
| Paul Cooper,Chief Executive Officer | |
| John Scholes, Chairman | |
| | |
+-------------------------------------+-------------------------------------+
| Arbuthnot Securities Limited | 020 7012 2000 |
| Tom Griffiths | |
| | |
+-------------------------------------+-------------------------------------+
| Tavistock Communications | 020 7920 3150 |
| John West | |
| Andrew Dunn | |
+-------------------------------------+-------------------------------------+
Chairman's Report
Introduction
As reported in the interim results, 2009 has seen a period of weak demand from
our major customers and this has been a difficult back drop against which to
continue the transition of the Group from manufacturer to solutions provider.
Nevertheless, despite the poor economic climate, I am delighted to be able to
report that the benefits of this transition have allowed the Group to show
improved underlying profitability despite reduced turnover. Operating profit,
before exceptional items, increased by 45% in 2009 to GBP750,000 (2008:
GBP516,000). EBITDA before exceptional items grew in the same period by 53% to
GBP1,845,000 (2008: GBP1,208,000).
Exceptional items totalling GBP1,005,000 were incurred during the year mainly as
a result of further restructuring of the Group. These costs contributed to an
overall loss before taxation of GBP599,000 (2008: loss of GBP484,000).
The highlight of the year was undoubtedly the signing of an enhanced contract
with Wm Morrison Supermarkets Plc. Morrisons is a long established and valued
customer of the Group and we are delighted to extend that relationship into the
foreseeable future.
Results
The impact of weak demand saw Group turnover fall by 12.5% compared to the prior
year. This is a larger fall than reported at the half year, but was expected
given the strength of demand experienced in late 2008. Turnover in the second
half was slightly less than reported in the first half (3% down) but operating
profitability was higher in the second half, as a result of the cost reductions
implemented earlier in the year.
With an improvement in the sales mix, gross margin percentage increased to 35.9%
from 32.6% in the prior year, reflecting the benefits of the move from
manufacturing to services and the consequent restructuring of the business.
Savings in our operational cost base have been made and Group headcount has been
reduced by 17% during the course of the year, resulting in a reduction in staff
costs of 19%. It is also worthy of note that two of the Group's four segments
actually grew their turnover during the year.
Operating profit, before exceptional items, represents a 5.1% operating margin,
compared to 3.1% in 2008. The 9% reduction in administrative costs was a
significant component of this improvement.
During the year we incurred significant restructuring costs of GBP801,000
(2008:GBP534,000), as we continued the transition from manufacturing to
solutions provider. Incurring these costs enables the Group to proceed with a
much reduced cost base and enhanced operational gearing. As the wider business
community recovers confidence and normal levels of capital expenditure resume,
the Board anticipates that this reduced cost base should allow the Group to
benefit from a recovery in demand for our products and services. We continue to
pay close attention to our cost base, although we would not expect further
exceptional costs of the scale reported here in the foreseeable future.
Approach by Brulines Group plc
The approach by Brulines Group plc was a significant event during the year.
Whilst we remain in an offer period there is no agreement for Brulines to
undertake any due diligence on the Company. However it is also worth noting the
impact on trading that an approach of this sort can have. The requirement to
obtain Brulines' consent resulted in a frustrating and unavoidable delay in
signing the Morrisons' contract. This delay impacted 2009's results, and in
addition significant costs were incurred primarily relating to increased
advisers fees.
The approach from Brulines continues to be a significant distraction for the
management team whose main focus has to be guiding the Group through these
difficult economic conditions. It is worth repeating here that the Directors
remain committed to delivering value to all of the Group's shareholders.
Annual General Meeting
At the 2009 Annual General Meeting a proposed resolution to allow the Group to
issue share options or to raise funds via a placing did not receive sufficient
shareholder support. After significant changes to the management team over the
last two years the Group is unable to align the team's interests with those of
its shareholders, a situation which the Board does not believe is satisfactory.
In addition the Groups ability to raise funds if necessary via a placing is
equally as important. Obtaining additional debt finance currently is both
expensive and difficult, and without recourse to potential sources of equity
funding the Group runs the risk of missing out on opportunities that may arise.
For these reasons, enabling resolutions will be proposed at the forthcoming AGM
and I would urge all shareholders to vote in favour.
Board of Directors
After 23 years of outstanding service, both in an executive and a non-executive
capacity, Barrie Brinkman has decided to stand down as a director at the
conclusion of the 2010 Annual General Meeting. I thank Barrie for his
contribution over the years.
Dividend
Whilst we continue to focus on delivering growth in profits, the availability of
funding to deliver such growth impacted results in 2009. The receipt of GBP1
million of further funding from our bank late in the year should not disguise
the difficulties of obtaining finance during 2009. The existing credit
facilities require significant capital repayments during 2010, and consequently
we do not recommend paying a dividend for the year. We will continue to review
the position regarding future dividend payments as the Group progresses.
Outlook and Prospects
Being able to report an increase in underlying profitability, despite a
reduction in turnover, shows the progress that has been made. However, the
challenge for 2010 is to return the Group to a position of turnover growth
whilst maintaining that increased underlying profitability. Progress in winning
new business is being made in all four divisions of the Group and coupled with
the restructuring that has already occurred, turnover growth would provide the
Group with a firm foundation for future enhanced profitability.
John Scholes
Chairman
28th April 2010
Chief Executive's Report
In the face of the most severe global economic downturn in recent years the
focus for 2009 was necessarily improving profitability, cash flow and developing
recurring revenue streams. Growth was inevitably affected by capital expenditure
freezes within much of our customer base as well as by the continuing squeeze on
available debt finance. Underlying operational profitability before exceptional
items improved as a result of tough cost reductions. These actions will continue
to improve profitability and cash flow and will ensure that full advantage can
be taken in any future economic up turn.
Financial Performance Review and Key Performance Indicators
The Group recorded an overall loss before taxation of GBP599,000 (2008: loss of
GBP484,000) which was significantly impacted by GBP1,005,000 of exceptional
items. This mostly related to GBP801,000 of restructuring costs reflecting cost
cutting programmes in our manufacturing operation, and the closure of our
Spanish office. Whilst an increasing loss is disappointing the exceptional costs
incurred were necessary to allow the Group to meet the twin challenges of a
business in transition and a difficult economic environment. Levels of cost
remain under review at all times, however the main foreseeable restructuring
costs have now been incurred.
The early action taken on cost reduction reduced overhead costs by 9% to
GBP4,454,000 (2008: GBP4,882,000) and provided the platform for a 45% increase
in operating profit, before exceptional items, to GBP750,000 (2008: GBP516,000).
This was against the disappointment of a revenue decrease of 12.5% resulting
from the economic recession. Despite this, gross margins grew to 35.9% from
32.6% in the prior year. Operating margin, before exceptional items, rose to
5.1% from 3.1% in 2008 and is moving towards our goal of exceeding 10%. Profit
before tax and exceptional items, increased by 149% to GBP406,000 (2008:
GBP163,000).
The 53% growth in EBITDA (as calculated in note 3) from GBP1,208,000 to
GBP1,845,000 demonstrates that progress continues to be made in improving
operational cash generation. Investment in fixed assets over the last two years
has changed the Group's cost structure, increasing the total depreciation and
amortisation charge by GBP403,000 from the prior year. Whilst investment will
continue the asset base is now in place that will allow the Group to deliver
growth.
The Board will continue to monitor revenue change, operating profit, cash
generation and customer satisfaction as key performance indicators. Service
excellence has become an essential element in customer relationships with
demands for improved service level agreement ('SLA') targets being widespread.
Overall SLAs for 2009 were 94% (2008: 96%) which are above contractual
requirements. Contracted service revenues are a key element of PFS sales and
requests from an increasing number of customers are being made for a 24/7
service.
Universe Data Systems (UDS)
The segmental reporting breakdown shows an increase in revenue of 63% for the
year to GBP3,086,000 (2008: GBP1,885,000) which in turn drove segmental profit
to GBP959,000 (2008: loss of GBP69,000).
During the later part of 2008 UDS began the roll out of what is believed to be
the largest and only truly global real time loyalty scheme. Early 2009 saw the
web based system go live in four European countries with licence arrangements
for more to come on stream in future periods. In excess of 100m transactions
have been processed by our data centre for the first year and significant
ongoing revenue streams will accrue from the initial five year agreement.
Currently the PCIDSS approved data centre handles GBP8 billion worth of
transactions per year and has loyalty schemes with up to 14 million members
operating in a real time environment. HTEC provides Mission Critical Services to
two of the UK's supermarket groups and four of the major oil companies, either
in the UK or Europe.
Progress has been made during the year to establish UDS outside the petrol and
oil industry. Partnerships and alliances with market specialists are continuing
to introduce exciting new opportunities as UDS is positioned as a data handling
platform in the extended loyalty and customer relationship management ('CRM')
space.
Long sales cycles remain a feature of loyalty systems projects but a growing
number of interesting opportunities are now presenting themselves, which
indicate strong future potential based on a recurring revenue model. The SaaS
(software as a service) model of operation gives increasing benefits to both
customer and supplier as utilisation of capacity increases.
During the year, development was completed on the automatic number plate
recognition software (ANPR) range enabling agreements to be signed with five
channel partners in the latter part of 2009. The HTEC data centre can hold and
process data with reference to a central database for partners dependent on the
application. The rapidly increasing market for surveillance and security
products will provide a growing sales channel for future years. The ANPR product
range now includes forecourt drive off control, car park barrier control,
visitor systems and a central on-line warning list database.
Petrol Forecourt Systems (PFS)
The PFS business segment produced GBP1,644,000 (2008: GBP2,486,000) of profit
and remains the Group's largest and most profitable segment despite a 25% fall
in turnover. Prior year sales and profit benefited from a major supermarket
payment terminal rollout but excluding that underlying sales were up 15%
compared to 2008. Recurring contract business is in excess of 70% of turnover
for this segment.
The core solutions of the PFS business relate to the supply of point of sale
(POS) payment systems and wet stock management reporting.
HTEC has occupied a prominent position in the UK forecourt managed services
market for a number of years and its systems currently run the petrol forecourts
of two major supermarket chains and over 33% of all UK forecourts have HTEC
equipment on them. Development of the software continues in order to improve
functionality for the growing convenience store market, and to allow easier
integration with other third party products.
HTEC has a wide range of end to end approvals to handle bank and fuel payment
cards and will continue to be a market leader for this type of payment
processing. HTEC's payment terminals are recognised as some of the most secure
within the industry, meeting the challenges posed constantly from card fraud
criminals. Investment in the next generation payment terminal which will begin
roll out in 2010 has been carefully controlled to give a rapid payback to the
Group.
Disappointingly, 2010 saw a fall in turnover as customers cut back on new
project spending. I can however report that we renewed a significant long term
contract with Morrisons for enhanced services supporting its store IT
replacement project.
New outdoor payment terminal roll outs were particularly badly affected last
year as capital expenditure plans were put on hold. This product is however now
opening up new markets related to airfields, marinas and commercial truck stops.
Manufacturing (CEM)
The traditional core business of HTEC, subcontract design and manufacture, has
over a number of years been in decline. Continued monitoring showed that
although it was loss making at the pre tax level, it did have a positive
contribution to fixed overheads so an immediate disposal was ruled out as
impractical because of the requirement to supply components for other segments
of the Group.
Revenue continued to decline in 2009 to GBP2,056,000 (2008: GBP3,263,000).
Whilst the cost base was significantly reduced to ensure a positive contribution
to fixed overheads a loss at the operating profit level was recorded of
GBP97,000 (2008: loss GBP120,000). Encouragingly the economic challenges last
year have actually benefited this part of the business and new customers are
creating welcome opportunities early in 2010.
JetSet
The financial crisis which began in 2008 continued to seriously affect the
JetSet business. The market became increasingly tough as capital expenditure was
cut back and asset finance to support machine placement was still both difficult
to obtain and unreasonably expensive. Despite the conditions, turnover increased
by 31% to GBP1,933,000 (2008: GBP1,475,000) However, due to having to operate
the production facility in Bedford at below capacity, operating losses increased
to GBP241,000 (2008: loss of GBP181,000) particularly weighted to the earlier
part of the year.
By Q4 of 2009 JetSet was EBITDA positive and with an improved trading
environment has a high expectation of achieving regular and sustainable
profitable trading. Visibility of potential prestigious future contracts with
existing Group customers demonstrates that the business has growth potential
assuming new asset funding avenues are available.
The concept of revenue share from equipment owned by JetSet and sited on the
customers' premises has already resulted in the winning of contracts from
customers such as ASDA, Co-op and BP, clearly demonstrating the cross selling
opportunity from other Universe business units.
Prior year adjustment in respect of Goodwill
The introduction of IFRS8 on Segmental Reporting has required the Group to
allocate the historic goodwill associated with the HTEC subsidiary (GBP17.3
million) across the operating segments contained within HTEC. A significant
proportion of this goodwill (GBP6.3 million) has necessarily been allocated to
the historic Manufacturing segment. The requirement to allocate goodwill to the
segments is a change of accounting policy and consequently must be applied
retrospectively, resulting in the allocation being made as at 1 January 2007.
Cash flow forecasts for the segment, at that time, would not support the
carrying value of the goodwill allocated to Manufacturing and consequently an
impairment provision of GBP5.1 million would have been required had impairment
been measured on a segmental basis in 2007. Consequently a GBP5.1 million
provision has been booked in 2009 and treated as a prior year adjustment.
Balance Sheet, Cash Flow, Banking Facilities and Going Concern
During 2009 the priority has been to generate cash and to improve the debt
repayment profile of the Group's borrowings. By the year end net borrowings
(debt less cash) had dropped from GBP3.2 million to GBP2.5 million, and the
repayment profile had improved significantly, with 73% of net borrowings due in
more than one year (2008: 45%). Debt repayment will remain a significant drain
on the Group's cash flow in 2010, with scheduled repayments due of GBP858,000,
but this debt repayment burden is scheduled to drop significantly in 2011.
Overall the Group generated GBP1.1 million of cash during the period. Clearly
the negotiation of a new long term loan from our bankers was a significant part
of that, but in reality most of these proceeds served to refresh facilities that
have been paid down over the last two years on an accelerated schedule. Net
proceeds from financing activities were GBP371,000, with the balance of the cash
arising from GBP1.4 million generated by the operation, net of the GBP707,000
invested into software product development and an expansion of the JetSet
revenue share estate.
During the year the Group breached one of its banking covenants, in respect of
the net worth of the group which has been significantly impacted by the goodwill
impairment referred to above. All other covenants were met, and the breach has
been subsequently waived by HBOS. HBOS has also agreed to remove covenants from
both loans going forward, and compliance with the loan terms now rests on the
ability to repay loan instalments as they fall due. The directors have reviewed
financial forecasts for the business covering the 12 months from the date of
this report and are confident that the repayment schedule will be satisfied and
that the Group will be able to operate within its current banking facilities. As
a result, the Directors have continued to adopt the going concern basis in
preparing the financial statements.
Outlook
The strategy of the management team is to grow and transform the Group from
lower margin product sale and manufacturing activity to a software and services
business with associated recurring revenue targeted at tier 1 businesses.
Dealing with the burdensome debt structure, limited funding for investment and
an inappropriate operational structure has been a difficult task. Restructuring
write offs have been higher than expected and new product development has been
hindered by ongoing support requirements from legacy products.
2010 sees us go in to a year where the cost structure has been significantly
improved by the actions taken in 2008/9, new products have been added to the
portfolio and the economy is emerging from a deep recession. The Group is now
better placed to deliver growth and profitability. 2010 will see further debt
reduction and by the end of this year our debt repayment profile will have
improved significantly.
The sales pipeline for UDS continues to grow and strategic partnerships within
the loyalty/CRM field are beginning to generate significant new opportunities.
The PFS business is maintaining its market leading position and is seeing growth
opportunities from its major customers. JetSet has the potential to move into
profit this year and reach critical mass for equipment placements.
Paul Cooper
Chief Executive Officer
28th April 2010
Consolidated statement of comprehensive income
For the year ended 31st December 2009
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | Before | Exceptional | 2009 | 2008 |
| | | | exceptional | items | Total | Total |
| | | | items | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | as |
| | | | | | | restated |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Continuing operations | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Revenue | | | 14,493 | - | 14,493 | 16,556 |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Cost of sales | | | (9,289) | - | (9,289) | (11,158) |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Gross profit | | | 5,204 | - | 5,204 | 5,398 |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Administrative | | | (4,454) | (900) | (5,354) | (5,509) |
| expenses | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Operating profit | | | 750 | (900) | (150) | (111) |
| /(loss) | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Finance costs | | | (344) | (105) | (449) | (373) |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Profit/(loss) before | | | 406 | (1,005) | (599) | (484) |
| taxation | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Taxation | | | | | 99 | 139 |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Loss for the year | | | | | | |
| attributable to equity | | | | | (500) | (345) |
| shareholders | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Loss per share | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| | | | | | | |
+------------------------+------+------+-------------+-------------+---------+----------+
| Basic and diluted | | | | | (0.44)p | (0.30)p |
+------------------------+------+------+-------------+-------------+---------+----------+
Consolidated Statement of Recognised Income and Expenditure
For the year ended 31st December 2009
+----------------------------------------------------------+---------+----------+----------+
| | 2009 | 2008 |
| | Total | Total |
+----------------------------------------------------------+---------+---------------------+
| | GBP'000 | GBP'000 |
+----------------------------------------------------------+---------+---------------------+
| | | |
+----------------------------------------------------------+---------+---------------------+
| Exchange differences on translation of foreign | | (35) |
| operations | | |
| | (3) | |
+----------------------------------------------------------+---------+---------------------+
| | | |
+----------------------------------------------------------+---------+---------------------+
| | | |
+----------------------------------------------------------+---------+---------------------+
| Net expense recognised directly in equity | (3) | (35) |
+----------------------------------------------------------+---------+---------------------+
| | | |
+----------------------------------------------------------+---------+---------------------+
| Loss for the year | (500) | (345) |
+----------------------------------------------------------+---------+---------------------+
| | | |
+----------------------------------------------------------+---------+---------------------+
| Total recognised income and expense for the year | | (380) |
| attributable to equity shareholders | (503) | |
+----------------------------------------------------------+---------+---------------------+
| | | |
+----------------------------------------------------------+---------+---------------------+
| Prior period adjustment | (5,100) | |
+----------------------------------------------------------+--------------------+----------+
| | | |
+----------------------------------------------------------+--------------------+----------+
| Total recognised income and expense recognised in the | (5,603) | |
| year attributable to equity shareholders | | |
+----------------------------------------------------------+--------------------+----------+
| | | | |
+----------------------------------------------------------+---------+----------+----------+
Consolidated Statement of Changes in Equity
For the year ended 31st December 2009
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | Merger | | | |
| | Share | Equity | Share | reserve | Translation | Profit | Total |
| | capital | reserve | premium | on | reserve | | |
| | GBP'000 | GBP'000 | GBP'000 | acquisition | GBP'000 | and | equity |
| | | | | GBP'000 | | loss | GBP'000 |
| | | | | | | GBP'000 | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| At 1 January | | | | | | | |
| 2008 as | 5,747 | 110 | 10,753 | 8,603 | (181) | (5,501) | 19,531 |
| previously | | | | | | | |
| reported | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Prior period | | | | | | | |
| adjustment | - | - | - | - | - | (5,100) | (5,100) |
| (see note 2) | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Reserves | - | - | - | (5,100) | - | 5,100 | - |
| transfer | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| At 1 January | | | | | | | |
| 2008 as | 5,747 | 110 | 10,753 | 3,503 | (181) | (5,501) | 14,431 |
| restated | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Loss for the | | | | | | | |
| year | - | - | - | - | - | (345) | (345) |
| attributable | | | | | | | |
| to equity | | | | | | | |
| shareholders | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Translation | - | - | - | - | (35) | - | (35) |
| differences | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Share | (12) | - | - | - | - | - | (12) |
| adjustment | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| At 1 January | 5,735 | 110 | 10,753 | 3,503 | (216) | (5,846) | 14,039 |
| 2009 | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Loss for the | | | | | | | |
| year | | | | | | | |
| attributable | - | - | - | - | - | (500) | (500) |
| to equity | | | | | | | |
| shareholders | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| Translation | - | - | - | - | (3) | - | (3) |
| difference | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| At 31 December | 5,735 | 110 | 10,753 | 3,503 | (219) | (6,346) | 13,536 |
| 2009 | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
| | | | | | | | |
+----------------+---------+---------+---------+-------------+-------------+---------+---------+
The transfer of GBP5.1 million from the profit and loss reserve to the merger
reserve relates to the impairment of goodwill that was created upon the
acquisition of HTEC Limited on which the merger reserve was created (see note
2).
Consolidated Balance Sheet
As at 31st December 2009
+----------------------+-----+----------+----------+----------+----------+
| | | | 2009 | 2008 | 2007 |
+----------------------+-----+----------+----------+----------+----------+
| | | | GBP000 | GBP000 | GBP000 |
| | | | | as | as |
| | | | | restated | restated |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Non-current assets | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Goodwill | | | 12,612 | 12,612 | 12,150 |
+----------------------+-----+----------+----------+----------+----------+
| Other intangible | | | 1,007 | 1,113 | 800 |
| assets | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Property, plant and | | | 2,805 | 3,093 | 2,170 |
| equipment | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| | | | 16,424 | 16,818 | 15,120 |
+----------------------+-----+----------+----------+----------+----------+
| Current assets | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Inventories | | | 1,269 | 1,647 | 1,768 |
+----------------------+-----+----------+----------+----------+----------+
| Trade and other | | | 3,060 | 3,061 | 2,720 |
| receivables | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Cash and cash | | | 1,145 | 70 | 93 |
| equivalents | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| | | | 5,474 | 4,778 | 4,581 |
+----------------------+-----+----------+----------+----------+----------+
| Total assets | | | 21,898 | 21,596 | 19,701 |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Current liabilities | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Trade and other | | | (4,421) | (4,008) | (3,119) |
| payables | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Current tax | | | (335) | (315) | (373) |
| liabilities | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Short term | | | (2,218) | (1,951) | (888) |
| borrowings | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| | | | (6,974) | (6,274) | (4,380) |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Non-current | | | | | |
| liabilities | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Medium term | | | (1,388) | (1,283) | (890) |
| borrowings | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Total liabilities | | | (8,632) | (7,557) | (5,270) |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Net assets | | | 13,536 | 14,039 | 14,431 |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Equity | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Share capital | | | 5,735 | 5,735 | 5,747 |
+----------------------+-----+----------+----------+----------+----------+
| Equity reserve | | | 110 | 110 | 110 |
+----------------------+-----+----------+----------+----------+----------+
| Share premium | | | 10,753 | 10,753 | 10,753 |
+----------------------+-----+----------+----------+----------+----------+
| Other reserves | | | 3,503 | 3,503 | 3,503 |
+----------------------+-----+----------+----------+----------+----------+
| Translation reserve | | | (219) | (216) | (181) |
+----------------------+-----+----------+----------+----------+----------+
| Profit and loss | | | (6,346) | (5,846) | (5,501) |
| account | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| | | | | | |
+----------------------+-----+----------+----------+----------+----------+
| Total equity | | | 13,536 | 14,039 | 14,431 |
+----------------------+-----+----------+----------+----------+----------+
Consolidated Cash Flow Statement
For the year ended 31st December 2009
+---------------------------------+---------+---------+---------+---------+
| | | | 2009 | 2008 |
+---------------------------------+---------+---------+---------+---------+
| | | | GBP000 | GBP000 |
+---------------------------------+---------+---------+---------+---------+
| Cash flows from operating | | | | |
| activities: | | | | |
+---------------------------------+---------+---------+---------+---------+
| Operating loss - continuing | | | (150) | (111) |
| operations | | | | |
+---------------------------------+---------+---------+---------+---------+
| Depreciation and amortisation | | | 1,095 | 692 |
+---------------------------------+---------+---------+---------+---------+
| Profit on disposal of fixed | | | (14) | - |
| assets | | | | |
+---------------------------------+---------+---------+---------+---------+
| Impairments | | | 20 | 10 |
+ + + +---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------------------------------+---------+
| | | | 951 | 591 |
+---------------------------------+---------+---------+---------+---------+
| Movement in working capital: | | | | |
+---------------------------------+---------+---------+---------+---------+
| Decrease in inventories | | | 379 | 208 |
+---------------------------------+---------+---------+---------+---------+
| Increase in receivables | | | (52) | (150) |
+---------------------------------+---------+---------+---------+---------+
| Increase in payables | | | 414 | 533 |
+---------------------------------+---------+---------+---------+---------+
| Interest paid including | | | (429) | (353) |
| exceptional finance costs | | | | |
+---------------------------------+---------+---------+---------+---------+
| Tax received/(paid) | | | 148 | (3) |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Net cash inflow from operating | | | 1,411 | 826 |
| activities | | | | |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Cash flows from investing | | | | |
| activities: | | | | |
+---------------------------------+---------+---------+---------+---------+
| Acquisition of subsidiary | | | - | (388) |
| undertakings | | | | |
+---------------------------------+---------+---------+---------+---------+
| Purchase of plant, property & | | | (397) | (1,198) |
| equipment | | | | |
+---------------------------------+---------+---------+---------+---------+
| Expenditure on product | | | (327) | (569) |
| development | | | | |
+---------------------------------+---------+---------+---------+---------+
| Proceeds from sale of fixed | | | 17 | - |
| assets | | | | |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Net cash outflow from investing | | | (707) | (2,155) |
| activities | | | | |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Cash flow from financing | | | | |
| activities: | | | | |
+---------------------------------+---------+---------+---------+---------+
| Repayments of obligations under | | | (437) | (439) |
| finance leases | | | | |
+---------------------------------+---------+---------+---------+---------+
| Repayment of borrowings | | | (765) | (1,389) |
+---------------------------------+---------+---------+---------+---------+
| New bank loans raised | | | 1,573 | 3,134 |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Net cash inflow from financing | | | 371 | 1,306 |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Increase/(decrease) in cash and | | | | |
| cash equivalents | | | 1,075 | (23) |
+---------------------------------+---------+---------+---------+---------+
| Cash and cash equivalents at | | | 70 | 93 |
| beginning of year | | | | |
+---------------------------------+---------+---------+---------+---------+
| | | | | |
+---------------------------------+---------+---------+---------+---------+
| Cash and cash equivalents at | | | 1,145 | 70 |
| end of year | | | | |
+---------------------------------+---------+---------+---------+---------+
Notes
1. General information
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRSs), this announcement does not itself contain sufficient information to
comply with IFRSs. The group intends to publish full financial statements that
comply with IFRS.
The preliminary announcement has been prepared on the basis of the accounting
policies as stated in the financial statements for the year ended 31 December
2009
The financial information contained in the preliminary announcement does not
constitute the Group's statutory results for the year ended 31st December 2009
or 2008 but is derived from those accounts. The above figures for the year
ended 31st December 2009 and 2008 are an abridged version of the Group's audited
accounts. The auditors have reported on these accounts; their reports were
unqualified, did not draw attention to any matters by way of emphasis; and did
not contain any statements required under either s237(2) or s237(3) of the
Companies Act 1985 or s498(2) or s498(3) of the Companies Act 2006. The full
annual report and accounts will be posted to shareholders shortly and the Annual
General Meeting will be held on 28th June 2010. The statutory accounts for 2009
will be delivered to the Registrar of Companies following the Company's Annual
General Meeting.
This preliminary announcement was approved by the board on 28th April 2010.
2. Prior period adjustments
The introduction of IFRS 8, Segmental Reporting, has given rise to two prior
period adjustments:
a) The Group has restated the carrying value of goodwill associated with the
HTEC subsidiary. This is as a result of the adoption of IFRS 8 which requires
goodwill to be allocated to operating segments. The transitional provisions of
IFRS 8 allows that allocation of goodwill to be prepared as at 1 January 2007,
the date at which the Group introduced segmental reporting of the three segments
currently recognised within the HTEC subsidiary. Goodwill has been allocated
based upon value in use calculations for the three segments reflecting their
operational cash flows in 2007. The results of this exercise are to allocate
goodwill across the segments as follows:
+----------------------------+-------------------+----------------------+------------------+-----------------+
| | PFS | Mfg | UDS | Total |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+-------------------+----------------------+------------------+-----------------+
| | | | | |
+----------------------------+-------------------+----------------------+------------------+-----------------+
| As at 1 January 2007 | 9,228 | 6,334 | 1,688 | 17,250 |
+----------------------------+-------------------+----------------------+------------------+-----------------+
| | | | | |
+----------------------------+-------------------+----------------------+------------------+-----------------+
Impairment testing of these balances indicated that a GBP5.1 million write off
of goodwill in the manufacturing segment was required, and this has been booked
in 2007 as a prior year period adjustment as it arises from the adoption of a
new accounting standard. This gives rise to the restatement of previous years
net assets as follows:
+---------------------------------------------+----------+----------+--------+----------+
| | | | | Goodwill |
| | | | | GBP'000 |
+---------------------------------------------+----------+----------+--------+----------+
| | | | | |
+---------------------------------------------+----------+----------+--------+----------+
| Adjustment to opening net assets at 1 | | | | |
| January 2007 and January 2008 | | | | (5,100) |
| | | | | |
+---------------------------------------------+----------+----------+--------+----------+
b) The introduction of IFRS8 Segmental Reporting, lead to a review of cost
classification. Consequently the Group will now recognise the cost of its
software engineering department as a component of cost of sales. In previous
years these costs have been included within administrative expenses and the
comparative information for the year ended 31 December 2008 has been restated to
reflect this revised treatment. This gives rise to the restatement of prior
year cost of sales and administrative expenses as follows:
+--------------------------------------+----------+-------------+-------------+---------+
| | | Before | Exceptional | 2008 |
| | | exceptional | items | Total |
| | | items | GBP'000 | GBP'000 |
| | | GBP'000 | | |
+--------------------------------------+----------+-------------+-------------+---------+
| | | | | |
+--------------------------------------+----------+-------------+-------------+---------+
| (Increase) in cost of sales | | (970) | - | (970) |
+--------------------------------------+----------+-------------+-------------+---------+
| | | | | |
+--------------------------------------+----------+-------------+-------------+---------+
| Decrease in administrative expenses | | 970 | - | 970 |
+--------------------------------------+----------+-------------+-------------+---------+
| | | | | |
+--------------------------------------+----------+-------------+-------------+---------+
3. Operating Profit and EBITDA before Exceptional Items
+---------------------------------------+-----+--------+---------+----------+
| | | | | 2008 |
| | | | 2009 | GBP000 |
| | | | GBP000 | as |
| | | | | restated |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Revenue | | | 14,493 | 16,556 |
+---------------------------------------+-----+--------+---------+----------+
| Cost of sales | | | (9,289) | (11,158) |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Gross profit | | | 5,204 | 5,398 |
+---------------------------------------+-----+--------+---------+----------+
| Administrative expenses | | | (4,454) | (4,882) |
+---------------------------------------+-----+--------+---------+----------+
| Exceptional items | | | (900) | (627) |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Operating profit | | | (150) | (111) |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Add back: exceptional items | | | 900 | 627 |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Operating profit before exceptional | | | 750 | 516 |
| items | | | | |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Add back: | | | | |
+---------------------------------------+-----+--------+---------+----------+
| Depreciation | | | 662 | 436 |
+---------------------------------------+-----+--------+---------+----------+
| Amortisation | | | 433 | 256 |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
| EBITDA before exceptional items | | | 1,845 | 1,208 |
+---------------------------------------+-----+--------+---------+----------+
| | | | | |
+---------------------------------------+-----+--------+---------+----------+
4. Segment information
The Group now has four business segments, operating within HTEC Limited and Jet
Set Wash Systems Limited. All material operations are in the UK. HTEC Limited
is currently organised into three trading divisions: Universe Data Services,
Manufacturing and Petrol Forecourt Solutions. Further information is presented
below on a divisional basis.
+--------------------------+--------+---------------+----------+----------+-----------+
| | UDS | Manufacturing | PFS | Jet Set | Total |
| | 2009 | | 2009 | 2009 | 2009 |
| | GBP000 | 2009 | GBP'000 | GBP'000 | GBP000 |
| | | GBP'000 | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Revenue - all external | 3,086 | 2,056 | 7,418 | 1,933 | 14,493 |
+--------------------------+--------+---------------+----------+----------+-----------+
| | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Gross profit | 1,650 | 278 | 2,764 | 512 | 5,204 |
+--------------------------+--------+---------------+----------+----------+-----------+
| | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Segment expenses | (691) | (375) | (1,120) | (753) | (2,939) |
+--------------------------+--------+---------------+----------+----------+-----------+
| | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Segment result | 959 | (97) | 1,644 | (241) | 2,265 |
+--------------------------+--------+---------------+----------+----------+-----------+
| Central and corporate | | | | | (1,515) |
| costs | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Operating profit | | | | | 750 |
+--------------------------+--------+---------------+----------+----------+-----------+
| Unallocated items: | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Exceptional items | | | | | (1,005) |
+--------------------------+--------+---------------+----------+----------+-----------+
| Finance costs | | | | | (344) |
+--------------------------+--------+---------------+----------+----------+-----------+
| Taxation | | | | | 99 |
+--------------------------+--------+---------------+----------+----------+-----------+
| | | | | | |
+--------------------------+--------+---------------+----------+----------+-----------+
| Loss for the year | | | | | (500) |
+--------------------------+--------+---------------+----------+----------+-----------+
4. Segment information (continued)
+------------------------+----------+------------+----------+----------+-----------+
| | UDS | Mfg | PFS | Jet Set | Total |
| | 2008 | 2008 | 2008 | 2008 | 2008 |
| | GBP000 | GBP'000 | GBP'000 | GBP'000 | GBP000 |
+------------------------+----------+------------+----------+----------+-----------+
| | As | As | As | | As |
| | restated | restated | restated | | restated |
+------------------------+----------+------------+----------+----------+-----------+
| | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Revenue - all external | 1,885 | 3,263 | 9,933 | 1,475 | 16,556 |
+------------------------+----------+------------+----------+----------+-----------+
| | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Gross profit | 638 | 501 | 3,556 | 703 | 5,398 |
+------------------------+----------+------------+----------+----------+-----------+
| | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Segment expenses | (707) | (621) | (1,070) | (884) | (3,282) |
+------------------------+----------+------------+----------+----------+-----------+
| | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Segment result | (69) | (120) | 2,486 | (181) | 2,116 |
+------------------------+----------+------------+----------+----------+-----------+
| Central and corporate | | | | | (1,600) |
| costs | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Operating profit | | | | | 516 |
+------------------------+----------+------------+----------+----------+-----------+
| Unallocated items: | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Exceptional items | | | | | (627) |
+------------------------+----------+------------+----------+----------+-----------+
| Finance costs | | | | | (373) |
+------------------------+----------+------------+----------+----------+-----------+
| Taxation | | | | | 139 |
+------------------------+----------+------------+----------+----------+-----------+
| | | | | | |
+------------------------+----------+------------+----------+----------+-----------+
| Loss for the year | | | | | (345) |
+------------------------+----------+------------+----------+----------+-----------+
It is not currently possible to present segment assets and liabilities on a
divisional basis and so these are presented on the basis of statutory reporting
entities.
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| | HTEC | Jet Set | Corporate | Total |
| | 2009 | 2009 | 2009 | 2009 |
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Total assets | 19,869 | 1,886 | 143 | 21,898 |
+-----------------------------------+----------+-----------+-----------+----------+
| Total liabilities | (5,038) | (1,310) | (2,014) | (8,362) |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Net book amount | 14,831 | 576 | (1,871) | 13,536 |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Other information: | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Depreciation and amortisation | 898 | 197 | - | 1,095 |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Impairment of assets | - | 20 | - | 20 |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Capital expenditure: | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Tangible assets | 101 | 296 | - | 397 |
+-----------------------------------+----------+-----------+-----------+----------+
| Intangible assets | 327 | - | - | 327 |
+-----------------------------------+----------+-----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+-----------+-----------+----------+
| Total | 428 | 296 | - | 724 |
+-----------------------------------+----------+-----------+-----------+----------+
4. Segment information (continued)
+-----------------------------------+----------+----------+-----------+----------+
| | HTEC | Jet Set | Corporate | Total |
| | 2008 | 2008 | 2008 | 2008 |
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------------------+----------+----------+-----------+----------+
| | As | | | As |
| | restated | | | restated |
+-----------------------------------+----------+----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Total assets | 19,392 | 2,063 | 141 | 21,596 |
+-----------------------------------+----------+----------+-----------+----------+
| Total liabilities | (4,746) | (1,366) | (1,445) | (7,557) |
+-----------------------------------+----------+----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Net book amount | 14,646 | 697 | (1,304) | 14,039 |
+-----------------------------------+----------+----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Other information: | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Depreciation and amortisation | 616 | 76 | - | 692 |
+-----------------------------------+----------+----------+-----------+----------+
| | | | - | |
+-----------------------------------+----------+----------+-----------+----------+
| Impairment of assets | 10 | - | - | 10 |
+-----------------------------------+----------+----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Capital expenditure: | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Tangible assets | 420 | 959 | - | 1,379 |
+-----------------------------------+----------+----------+-----------+----------+
| Intangible assets | 569 | 462 | - | 1,031 |
+-----------------------------------+----------+----------+-----------+----------+
| | | | | |
+-----------------------------------+----------+----------+-----------+----------+
| Total | 989 | 1,421 | - | 2,410 |
+-----------------------------------+----------+----------+-----------+----------+
5. Exceptional items
+------------------------------------------------------+------+--------+--------+
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+------------------------------------------------------+------+--------+--------+
| Administrative expenses | | | |
+------------------------------------------------------+------+--------+--------+
| Advisor fees in respect of Brulines approach | | 99 | - |
+------------------------------------------------------+------+--------+--------+
| Group restructuring costs* | | 801 | 534 |
+------------------------------------------------------+------+--------+--------+
| Stock written off as a result of EU Legislation | | - | 93 |
+------------------------------------------------------+------+--------+--------+
| | | 900 | 627 |
+------------------------------------------------------+------+--------+--------+
| * Consisting mainly of redundancy costs and the | | | |
| closure of the Spanish office | | | |
+------------------------------------------------------+------+--------+--------+
| | | | |
+------------------------------------------------------+------+--------+--------+
| Finance costs | | | |
+------------------------------------------------------+------+--------+--------+
| | | | |
+------------------------------------------------------+------+--------+--------+
| Refinancing costs | | 85 | - |
+------------------------------------------------------+------+--------+--------+
| Interest on tax provision | | 20 | 20 |
+------------------------------------------------------+------+--------+--------+
| | | 105 | 20 |
+------------------------------------------------------+------+--------+--------+
6. Loss per share from continuing operations
The calculation of the basic and diluted loss per share is based on the
following data:
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| Loss from continuing operations | 2009 | 2008 |
| | GBP000 | GBP000 |
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| Loss for the purposes of basic and diluted earnings | (500) | (345) |
| per share being net loss attributable to equity | | |
| holders of the parent | | |
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| | Number | Number |
+-------------------------------------------------------+----------+----------+
| | '000 | '000 |
+-------------------------------------------------------+----------+----------+
| Number of shares | | |
+-------------------------------------------------------+----------+----------+
| Weighted average number of ordinary shares for the | 114,705 | 114,705 |
| purposes of basic loss per share | | |
+-------------------------------------------------------+----------+----------+
| Weighted average number of ordinary shares for the | 114,705 | 114,705 |
| purposes of diluted loss per share | | |
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| Loss per share | 2009 | 2008 |
| | Pence | pence |
+-------------------------------------------------------+----------+----------+
| | | |
+-------------------------------------------------------+----------+----------+
| Basic & diluted - continuing | (0.44) | (0.30) |
+-------------------------------------------------------+----------+----------+
7.Report and Accounts
Copies of the Annual Report and Accounts will be sent to shareholders in May
2010 and copies will also be available, free of charge, from the Company's
registered office at George Curl Way, Southampton International Park,
Southampton, SO18 2RX and from the Company's website, www.universeplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BIGDSDSDBGGR
Universe (LSE:UNG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Universe (LSE:UNG)
Historical Stock Chart
From Aug 2023 to Aug 2024