Interim Report and Accounts
December 13 2010 - 2:00AM
UK Regulatory
TIDMAPG
RNS Number : 7852X
Airsprung Group PLC
13 December 2010
Airsprung Group PLC
("Airsprung" or "the Group")
Interim Report and Accounts
Chairman's Statement
Group profits for the six months ended 30 September 2010 were slightly ahead of
the corresponding period last year. Profit before tax was GBP479,000 compared
with GBP473,000 for the first half of 2009. Earnings per share were steady at
1.4p. Although sales fell by 12.8% reflecting the very difficult retail
environment for beds and furniture, the Group benefited from a reduction in its
direct operating costs and the release of unutilised provision in a prior
period.
While operating profit before financing fell by GBP110,000 to GBP421,000, the
Group recorded GBP74,000 of favourable interest adjustments on the pension
scheme deficit, and finance costs were down due to tight cash control and low
interest rates. Income tax is estimated to be at a somewhat lower level than
last year's corresponding period, leaving profit after tax at GBP346,000 just
ahead of the prior year's GBP317,000. Cash and cash equivalents ended the
period at GBP2.3 million compared with GBP2.0 million one year earlier.
In a separate announcement to be released today, the Group will report that it
has agreed terms for the acquisition of Collins and Hayes Furniture Limited.
Collins and Hayes is an upmarket manufacturer of upholstered furniture with
distribution through many of the UK's premium department stores, and has a
successful management team and committed workforce. The addition of Collins and
Hayes to Airsprung's furniture interests is expected to bring significant
benefits to the Group.
The outlook for the Group's existing businesses for the remainder of the year
will depend on the retail environment over Christmas and the New Year and the
impact of a higher rate of VAT. On present trends, operating profits are likely
to continue at the current level and, while a positive contribution is expected
from Collins and Hayes in the last quarter, there will be non-recurring costs,
including professional fees, for the acquisition. The directors believe the
enlarged Group will have good prospects for 2011-12 and beyond.
Stuart Lyons CBE
Chairman
13 December 2010
For further information please contact:
Airsprung 01225 779114
Tony Lisanti, Chief Executive
finnCap Limited 020 7600 1658
Marc Young, Charlotte Stranner (Corporate Finance)
Simon Starr (Corporate Broking)
Consolidated income statement
Unaudited
+----------------------------------------+-------+----------+----------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | Notes | to | to | to |
| | | 30.09.10 | 30.09.09 | 31.03.10 |
| | | GBP000 | GBP000 | GBP000 |
+----------------------------------------+-------+----------+----------+----------+
| Revenue | | 20,147 | 23,101 | 46,532 |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Operating costs | | (19,726) | (22,570) | (45,458) |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Operating profit before financing | | 421 | 531 | 1,074 |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Finance income | 2 | 74 | - | - |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Finance costs | 2 | (16) | (58) | (96) |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Profit before tax | | 479 | 473 | 978 |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Income tax | | (133) | (156) | (218) |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Profit attributable to equity holders | | 346 | 317 | 760 |
| of the parent | | | | |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Basic earnings per share | 3 | 1.4p | 1.3p | 3.2p |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
| Diluted earnings per share | 3 | 1.4p | 1.2p | 3.0p |
| | | | | |
+----------------------------------------+-------+----------+----------+----------+
Consolidated statement of comprehensive income
Unaudited
+----------------------------------------------+----------+----------+----------+
| | 6 | 6 | 12 |
| | months | months | months |
| | to | to | to |
| | 30.09.10 | 30.09.09 | 31.03.10 |
| | GBP000 | GBP000 | GBP000 |
+----------------------------------------------+----------+----------+----------+
| Profit for the period | 346 | 317 | 760 |
| | | | |
+----------------------------------------------+----------+----------+----------+
| Other comprehensive income: | | | |
| | | | |
+----------------------------------------------+----------+----------+----------+
| Actuarial loss on defined benefit pension | (622) | (1,760) | (1,946) |
| scheme | | | |
| | | | |
+----------------------------------------------+----------+----------+----------+
| Total comprehensive expense for the period | (276) | (1,443) | (1,186) |
| attributable to equity shareholders | | | |
| | | | |
+----------------------------------------------+----------+----------+----------+
All the above figures relate to continuing operations.
Consolidated balance sheet
Unaudited
+---------------------------------------------+----------+----------+----------+
| | | 30.09.09 | 31.03.10 |
| | 30.09.10 | GBP000 | GBP000 |
| | GBP000 | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Intangible assets | 219 | 253 | 236 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Property, plant and equipment | 7,724 | 7,953 | 7,856 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Deferred tax | 165 | 332 | 295 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total non-current assets | 8,108 | 8,538 | 8,387 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Inventories | 3,034 | 3,033 | 3,293 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Trade and other receivables | 7,559 | 7,229 | 7,776 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Cash and cash equivalents | 2,266 | 1,997 | 2,405 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total current assets | 12,859 | 12,259 | 13,474 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total assets | 20,967 | 20,797 | 21,861 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Called up share capital | 2,389 | 2,389 | 2,389 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Share premium account | 2,348 | 2,348 | 2,348 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Reserves | 3,065 | 3,066 | 3,065 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Retained earnings | 1,919 | 2,058 | 2,195 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total equity | 9,721 | 9,861 | 9,997 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Trade and other payables | - | 146 | - |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Financial liabilities | 42 | 282 | 153 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Pension scheme deficit | 4,056 | 3,652 | 3,683 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total non-current liabilities | 4,098 | 4,080 | 3,836 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Trade and other payables | 6,908 | 6,584 | 7,764 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Financial liabilities | 240 | 272 | 264 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total current liabilities | 7,148 | 6,856 | 8,028 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total liabilities | 11,246 | 10,936 | 11,864 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Total equity and liabilities | 20,967 | 20,797 | 21,861 |
| | | | |
+---------------------------------------------+----------+----------+----------+
Consolidated cash flow statement
Unaudited
+---------------------------------------------+----------+----------+----------+
| | 6 | 6 | 12 |
| | months | months | months |
| | to | to | to |
| | 30.09.10 | 30.09.09 | 31.03.10 |
| | GBP000 | GBP000 | GBP000 |
+---------------------------------------------+----------+----------+----------+
| Profit before tax | 479 | 473 | 978 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Adjustments for: | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Depreciation | 274 | 335 | 583 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Amortisation | 17 | 17 | 34 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Interest (income)/expense | (58) | 58 | 96 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Contributions to defined benefit pension | (175) | (175) | (366) |
| scheme | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Charge for share based payments | - | 1 | - |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Profit on sale of property, plant and | - | - | (23) |
| equipment | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Operating cash flows before movements in | 537 | 709 | 1,302 |
| working capital | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Decrease/(increase) in inventories | 259 | 124 | (136) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Decrease/(increase) in receivables | 217 | (493) | (1,040) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| (Decrease)/increase in payables | (817) | 439 | 1,510 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Cash generated from operations | 196 | 779 | 1,636 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Interest paid | (16) | (18) | (20) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Net cash from operating activities | 180 | 761 | 1,616 |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Investing activities | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Acquisition | (42) | (51) | (113) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Proceeds on disposal of property, plant and | - | - | 46 |
| equipment | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Purchase of property, plant and equipment | (142) | (26) | (200) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Net cash outflow from investing activities | (184) | (77) | (267) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Financing activities | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Dividends paid | - | - | (120) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Repayment of loan | (113) | (132) | (244) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Payment of finance lease liabilities | (22) | (24) | (49) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Net cash outflow from financing activities | (135) | (156) | (413) |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Net (decrease)/increase in cash and cash | (139) | 528 | 936 |
| equivalents | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Cash and cash equivalents at beginning of | 2,405 | 1,469 | 1,469 |
| period | | | |
| | | | |
+---------------------------------------------+----------+----------+----------+
| Cash and cash equivalents at end of period | 2,266 | 1,997 | 2,405 |
| | | | |
+---------------------------------------------+----------+----------+----------+
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 2010.
The interim financial information has not been audited and does not
constitute statutory accounts within the meaning of Section 434 of the Companies
Act 2006. The Group's statutory accounts for the year ended 31 March 2010,
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 498 (2) or 498 (3) of
the Companies Act 2006.
2 Finance costs
+----------------------------------+----+----------+----------+----------+
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to | to | to |
| | | 30.09.10 | 30.09.09 | 31.03.10 |
| | | GBP000 | GBP000 | GBP000 |
+----------------------------------+----+----------+----------+----------+
| Other interest charges | | (13) | (14) | (13) |
| | | | | |
+----------------------------------+----+----------+----------+----------+
| Finance costs | | (3) | (4) | (7) |
| | | | | |
+----------------------------------+----+----------+----------+----------+
| Interest on pension scheme | | 74 | (40) | (76) |
| liability | | | | |
| | | | | |
+----------------------------------+----+----------+----------+----------+
| | | 58 | (58) | (96) |
| | | | | |
+----------------------------------+----+----------+----------+----------+
3 Earnings per share
The earnings per share are calculated on profit after tax of GBP346,000
(2009: GBP317,000) and the weighted average number of ordinary shares of
23,888,698 (2009: 23,888,698) in issue during the period. The share options in
existence during the six months ended 30 September 2010 have a dilutive effect.
The diluted earnings per share are calculated on profit after tax of GBP346,000
(2009: GBP317,000) and the weighted average number of ordinary shares in issue
adjusted to assume conversion of all dilutive potential ordinary shares which is
25,498,698 (2009: 25,648,698).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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