Half Yearly Report
December 09 2008 - 2:00AM
UK Regulatory
RNS Number : 7569J
Airsprung Furniture Group PLC
09 December 2008
AIRSPRUNG FURNITURE GROUP PLC
Interim Report and Accounts September 2008
Chairman's statement
Revenue for the six months ended 30 September 2008 was �21.2 million, a 15% fall on the previous year's comparable period, and
approximately level with the half-year sales for 2006. There was a loss on ordinary activities before taxation of �721,000 (2007: profit
�419,000). Group cash balances ended at �1.1 million (2007: �2.7 million) having fallen from a year end position of �1.7 million and
reflecting the trading performance.
The fall in profits arose as a result of the sharp downturn in trading activity caused by the current economic crisis and exacerbated by
unforeseen increases in the price of raw materials and fuel.
Since the half-year end, the board is pleased to announce that it has taken steps to redeem the 10% Preference shares with their full
entitlement to accrued interest. This was financed with a bank loan at 1.75% above base rate.
The Group has signed a new licensing agreement in the USA with a major bed manufacturer. Airsprung products will now be distributed
through over 350 retail outlets mainly in the South and East, and will deliver valuable royalty income from January 2009. The board intends
to pursue other similar initiatives.
The outlook for the rest of the year is unpredictable. The steps taken by management to reduce costs and increase gross margins have
begun to produce benefits, and commodity prices have begun to show signs of greater stability. Current trading is at about break even,
which is broadly cash generative. Progress in the first calendar quarter of 2009 will be influenced by the strategies agreed by the major
economic powers and the impact on consumer spending of the measures announced in the November pre-Budget Statement. Airsprung is in a
position of some competitive advantage as our major retail customers are among the strongest in the sector.
Stuart Lyons CBE
Chairman
9 December 2008
For further information, please contact:
Tony Lisanti, Chief Executive of Airsprung Furniture Tel: 01225 754 411
Group PLC
Nick Lovering, Director, Corporate Finance, Blue Oar Tel: 0207 448 4478
Securities Plc
Consolidated income statement
Unaudited
Notes 6 6 12
months months months
to to to
30.09.08 30.09.07 31.03.08
�000 �000 �000
Revenue 2 21,175 24,911 49,920
Operating costs (21,935) (24,454) (48,400)
Operating (loss)/profit before (760) 457 1,520
financing
Finance income 3 87 4 18
Finance costs 3 (48) (42) (74)
(Loss)/profit before tax (721) 419 1,464
Income tax (78) (20) (42)
(Loss)/profit for the period (799) 399 1422
attributable to equity holders
of the parent
Basic (loss)/earnings per 4 (3.3p) 1.7p 6.0p
share
Diluted (loss)/earnings per 4 (3.1p) 1.6p 5.6p
share
All the above figures relate to continuing operations.
Consolidated balance sheet
Unaudited
30.09.08 31.03.08
�000 30.09.07 �000
�000
Property, plant and equipment 8,515 8,614 8,754
Deferred tax 500 600 578
Total non-current assets 9,015 9,214 9,332
Inventories 3,699 3,909 4,349
Trade and other receivables 6,272 7,879 7,723
Cash and cash equivalents 1,093 2,662 1,672
Total current assets 11,064 14,450 13,744
Total assets 20,079 23,664 23,076
Called up share capital 2,389 2,389 2,389
Share premium account 2,348 2,348 2,348
Reserves 2,409 2,390 2,399
Retained earnings 4,435 2,292 4,301
Total equity 11,581 9,419 11,437
Obligations under finance leases 123 15 145
Pension scheme deficit 1,732 4,379 2,927
Total non-current liabilities 1,855 4,394 3,072
Trade and other payables 5,988 9,196 7,912
Shares classed as financial liabilities 655 655 655
Total current liabilities 6,643 9,851 8,567
Total liabilities 8,498 14,245 11,639
Total equity and liabilities 20,079 23,664 23,076
Consolidated cash flow statement
Unaudited
6 months 6 months 12 months
to to to
30.09.08 30.09.07 31.03.08
�000 �000 �000
(Loss)/profit before tax (721) 419 1,464
Adjustments for:
Depreciation 324 304 542
Interest (income)/expense (39) 38 56
Contributions to defined benefit (175) - (450)
pension scheme
Charge for share based payments 10 10 19
Operating cash flows before (601) 771 1,631
movements in working capital
Decrease/(increase) in inventories 650 (402) (842)
Decrease in receivables 1,451 37 193
(Decrease)/increase in payables (1,923) 540 (599)
Cash generated from operations (423) 946 383
Non equity dividends (33) - (198)
Interest paid (15) (9) (8)
Net cash from operating activities (471) 937 177
Investing activities
Interest received - 4 2
Purchase of property, plant and (85) (229) (607)
equipment
Net cash outflow from investing (85) (225) (605)
activities
Financing activities
Increase in borrowing - - 197
Payment of finance lease (23) (36) (83)
liabilities
Net cash (outflow)/inflow from (23) (36) 114
financing activities
Net (decrease)/increase in cash (579) 676 (314)
and cash equivalents
Cash and cash equivalents at 1,672 1,986 1,986
beginning of period
Cash and cash equivalents at end 1,093 2,662 1,672
of period
Consolidated statement of recognised income and expense
Unaudited
6 months 6 months 12 months
to to to
30.09.08 30.09.07 31.03.08
�000 �000 �000
(Loss)/profit for the period (799) 399 1,422
Actuarial gain on defined benefit 933 1,828 2,814
pension scheme
Total recognised income and 134 2,227 4,236
expense for the period
Notes to the financial statements
1. Basis of preparation
The financial information has been prepared using the accounting policies set out in the Annual Report and Accounts 2008.
The interim financial information has not been audited and does not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985. The Group's statutory accounts for the year ended 31 March 2008, prepared in accordance with International
Financial Reporting Standards (IFRSs) as adopted by the European Union and also in accordance with the IFRSs as issued by the International
Accounts Standards Board, have been delivered to the Registrar of Companies. The report of the Auditors on these accounts was unqualified
and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.
2. Geographical segments
The following table provides an analysis of the Group's revenue by geographical market, irrespective of the origin of the products:
6 months 6 months 12 months
to to to
30.09.08 30.09.07 31.03.08
�000 �000 �000
United Kingdom 21,034 24,723 49,335
Rest of the world 141 188 585
21,175 24,911 49,920
3. Finance costs
6 months 6 months 12 months
to to to
30.09.08 30.09.07 31.03.08
�000 �000 �000
Interest receivable - 4 2
Interest paid (15) (9) (8)
Finance charge on shares classed (33) (33) (66)
as financial liabilities
Interest credit on pension 87 - 16
scheme liability
39 (38) (56)
4. Earnings per share
The earnings per share are calculated on loss after tax of �799,000 (2007 profit: �399,000) and the weighted average number of ordinary
shares of 23,888,698 (2007: 23,888,698) in issue during the period. The share options in existence during the six months ended 30 September
2008 have a dilutive effect. The diluted earnings per share are calculated on loss after tax of �799,000 (2007 profit: �399,000) and the
weighted average number of ordinary shares in issue adjusted to assume conversion of all dilutive potential ordinary shares which is
25,482,031 (2007: 25,448,698).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZGMGZNRZGRZM
Airsprung (LSE:APG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Airsprung (LSE:APG)
Historical Stock Chart
From Jul 2023 to Jul 2024
