TIDMDSN
RNS Number : 3271M
Densitron Technologies PLC
23 August 2013
Densitron Technologies plc
Unaudited Interim Results
Densitron Technologies plc ("Densitron" or "the Company" or "the
Group") is pleased to announce its unaudited interim results for
the six months ended 30(th) June 2013.
Highlights
-- Revenue decreased by 5.7% to GBP10.0m (2012: GBP10.6m).
-- Orders booked decreased by 6.8% to GBP10.9m (2012:
GBP11.7m).
-- Interim dividend declared of 0.1p per share (2012: 0.2p)
Financial Highlights on continuing operations
6 months to 6 months to
30(th) June 2013 30(th) June 2012
Unaudited Unaudited
------------------------------- ------------------ ------------------
Revenue GBP9.96m GBP10.55m
------------------------------- ------------------ ------------------
(Loss)/profit from operations GBP(0.23m) GBP0.06m
------------------------------- ------------------ ------------------
(Loss)/profit before GBP(0.26)m GBP0.04m
taxation
------------------------------- ------------------ ------------------
Loss per share (0.45)p (0.11)p
------------------------------- ------------------ ------------------
Orders booked GBP10.9m GBP11.7m
------------------------------- ------------------ ------------------
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Martin Davison
Tel: 020 7601 6100
Chairman's Statement
The past 12 months has been a period of transition for Densitron
where measures have been put in place to better position its long
term prospects while trying to ensure growth in the short term.
While operating performance is behind the same period for last year
the Board is confident that with a stronger second half pipeline
2013 will exceed that achieved in 2012.
In the last year the Company has extended its product and
service range to deliver more added value and provide more complete
solutions for its customer's requirements. It will take a little
time for the benefits of these changes to show through in sales and
profits but we believe that the changes we have undertaken will
benefit the medium and long-term prospects of the business.
We have recently announced that we are working with British
Airways on an electronic luggage tag that will remove the need to
attach the traditional paper tags. Working with a smart phone it
will enable the user to automatically update the tag with the
unique barcode containing their flight details. This project would
not have been possible without our Bonding and Assembly facility
and ePaper solution experience. There are several other projects of
this nature that are currently being worked on where production
will commence in the third quarter of 2013 and into 2014.
Operational review
The Group incurred a loss from operations in the first six
months of GBP0.2m compared with a small profit of GBP0.1m in
2012.
Orders booked in the first half of 2013 were GBP10.9m compared
with GBP11.7m booked in the first half of 2012, a fall of 6.8%.
Revenue in the first half of the year was GBP10.0m compared with
GBP10.6m in the first half of 2012, a fall of 5.7%. Gross profit
achieved fell from GBP3.1m to GBP2.7m, a decrease of 12.9%.
Administrative expenses reduced from GBP3.0m to GBP2.9m, a
reduction of 2.2%.
Although the first half results were a little disappointing, the
second half of the year is traditionally the Group's stronger half
and with the orders that have already been booked in July and
August and the expected continuation of this improvement we remain
confident that the full year results for the business will exceed
the results achieved for the full year in 2012.
The US and Asian businesses have both grown during the period
but both have experienced pressure on gross margins. It is the
European business that has suffered most during the transition of
the business but it is also here that the pipeline of new business
is particularly strong and we expect to be able to exceed the
performance achieved during 2012 with business that is forecast to
be booked and shipped in the second half of the year.
Blackheath
This is the 1.25 acre strip of land in Blackheath, London, for
which the Group is seeking planning permission.
Having received the existing use certificate we are in the
process of putting together a planning application for a single
dwelling on the site and are continuing to work on the
reclassification of the site through the Local Development
Framework. We will keep shareholders informed when there is further
information.
Claim against the Company
We outlined in the 2011 Annual Report, and updated Shareholders
of developments in the 2012 Annual Report, that the Company had
been served with a writ in respect of unpaid rent relating to a
property occupied by a former group company. We are continuing to
work to achieve a negotiated settlement with the Landlord in
advance of the Trial date that has been set for 8 December 2013 and
will advise shareholders when there are further developments.
Dividend
While the Board of Directors is disappointed with the results
for the first half of the year it is confident that the second half
will demonstrate a significant improvement and it is to this end
that it considers that it is appropriate to declare an interim
dividend. Consequently, I am pleased to declare an interim dividend
of 0.1p per share. The dividend will be paid to shareholders on the
register on 13 September 2013. The Company's shares will trade
'Ex-dividend' on 11 September 2013 and the proposed payment date is
4 October 2013.
Jan G Holmstrom
Chairman
22 August 2013
Unaudited Condensed Consolidated Income Statement
For the six months ended 30th June 2013
6 months 6 months Year to
to 30(th) to 30(th) 31st December
June June 2012
2013 2012 Audited
GBP000
GBP000 GBP000
Continuing operations
Revenue 9,957 10,554 22,612
Cost of sales (7,252) (7,472) (16,139)
----------- ----------- ---------------
Gross profit 2,705 3,082 6,473
Other operating income 15 1 12
Distribution costs (30) (32) (69)
Administrative expenses (2,921) (2,987) (5,851)
(Loss)/profit from operations (231) 64 565
Financial income 1 - -
Financial expenses (31) (23) (45)
----------- ----------- ---------------
(Loss)/profit before tax (261) 41 520
Income tax expense (54) (118) (276)
----------- ----------- ---------------
(Loss)/profit for the period (315) (77) 244
----------- ----------- ---------------
Attributable to:
Equity holders of the parent (311) (73) 248
Non-controlling interest (4) (4) (4)
----------- ----------- ---------------
(315) (77) 244
----------- ----------- ---------------
Basic and diluted (loss)/earnings
per share (0.45)p (0.11)p 0.36p
----------- ----------- ---------------
Unaudited Condensed Statement of Comprehensive Income
For the six months to 30th June 2013
6 months 6 months Year to
to to 31st December
30th June 30th June 2012
2013 2012 Audited
GBP000
GBP000 GBP000
(Loss)/profit for the period (315) (77) 244
----------- ----------- ---------------
Other comprehensive income:
Foreign currency translation differences
for foreign operations (11) (186) (483)
Total other comprehensive loss (11) (186) (483)
----------- ----------- ---------------
Total comprehensive loss for the
period (326) (263) (239)
----------- ----------- ---------------
Attributable to:
Equity holders of the parent (324) (259) (234)
Non-controlling interest (2) (4) (5)
(326) (263) (239)
----------- ----------- ---------------
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2013
30th June 30th June 31st December
2013 2012 2012
Audited
GBP000
GBP000 GBP000
Non-current assets
Property, plant and equipment 840 821 839
Goodwill 143 143 143
Other intangible assets 392 203 388
Deferred tax assets 23 9 29
---------- ---------- --------------
1,398 1,176 1,399
---------- ---------- --------------
Current assets
Inventories 1,297 1,252 1,282
Trade and other receivables 3,833 4,617 5,132
Income tax recoverable 116 121 116
Cash and cash equivalents 1,663 1,802 1,577
---------- ---------- --------------
6,909 7,792 8,107
---------- ---------- --------------
Total assets 8,307 8,968 9,506
---------- ---------- --------------
Current liabilities
Borrowings 2,270 1,604 2,132
Trade and other payables 2,294 2,909 3,234
Current tax payable 52 107 62
Provisions 18 64 9
---------- ---------- --------------
4,634 4,684 5,437
---------- ---------- --------------
Non-current liabilities
Borrowings 119 12 134
Provisions 116 118 117
Deferred tax liabilities - - 54
---------- ---------- --------------
235 130 305
---------- ---------- --------------
Total liabilities 4,869 4,814 5,742
3,438 4,154 3,764
---------- ---------- --------------
Equity
Share Capital 697 697 697
Retained earnings 2,443 2,839 2,750
Special reserve 93 102 97
Revaluation reserve 450 450 450
Translation reserve (273) 37 (260)
---------- ---------- --------------
Equity attributable to shareholders
of Densitron 3,410 4,125 3,734
Minority interests 28 29 30
Total equity 3,438 4,154 3,764
---------- ---------- --------------
Unaudited Condensed Statement of Changes in Shareholders'
Equity
For the 6 months to 30th June 2013
Share Translation Special Revaluation Retained Total Non-controlling Total
capital reserve reserve reserve earnings Attributable interest equity
to equity
holders
of the GBP000
GBP000 GBP000 GBP000 GBP000 GBP000 parent GBP000
GBP000
Balance at 1
January 2012 697 223 107 450 2,907 4,384 35 4,419
Loss for the
period - - - - (73) (73) (4) (77)
Other total
comprehensive
income for
the
period - (186) - - - (186) (2) (188)
Transfer from
special
reserve - - (5) - 5 - - -
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Balance at 30
June 2012 697 37 102 450 2,839 4,125 29 4,154
Profit for the
period - - - - 321 321 - 321
Other total
comprehensive
income for
the
period - (297) - - - (297) 1 (296)
Payment of
dividend - - - - (415) (415) - (415)
Transfer from
special
reserve - - (5) - 5 - - -
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Balance at 31
December 2012 697 (260) 97 450 2,750 3,734 30 3,764
Loss for the
period - - - - (311) (311) (4) (315)
Other total
comprehensive
income for
the
period - (13) - - - (13) 2 (11)
Transfer from
special
reserve - - (4) - 4 - - -
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Balance at 30
June 2013 697 (273) 93 450 2,443 3,410 28 3,438
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Unaudited Condensed Consolidated Cash Flow Statement
For the 6 months ended 30th June 2013
6 months 6 months Year to
to to 31st December
30th June 30th June 2012
2013 2012 Audited
GBP000
GBP000 GBP000
Cash flows from operating activities
(Loss)/profit before taxation (261) 41 520
Adjustments for:
Depreciation 74 37 82
Amortisation 21 11 27
Net finance expense 30 23 45
(136) 112 674
Change in inventories 16 37 (17)
Change in trade and other receivables 1,306 (93) (897)
Change in trade and other payables (1,035) 428 813
Change in provisions 9 (69) (122)
----------- ----------- ---------------
160 415 451
Income tax paid (107) (237) (388)
Net cash from operating activities 53 178 63
----------- ----------- ---------------
Cash flows from investing activities
Interest received 1 - -
Deferred consideration on past disposal
of discontinued operations - 74 74
Payment for intangible assets (7) (41) (243)
Acquisition of plant, property and
equipment (62) (56) (126)
(68) (23) (295)
----------- ----------- ---------------
Cash flows from financing activities
Inception of new loans - 26 237
Repayment of borrowings (113) - (24)
Interest paid (31) (23) (45)
Change in trade finance creditor 189 (269) (14)
Change in letters of credit (69) 18 (71)
Dividends paid to owners of the
Company - - (415)
Net cash used in financing activities (24) (248) (332)
----------- ----------- ---------------
Net decrease in cash and cash equivalents (39) (93) (564)
Cash and cash equivalents at 1(st)
January 961 1,616 1,616
Effect of exchange rate fluctuation
on cash held 28 (36) (91)
Cash and cash equivalents at the
end of the period 950 1,487 961
----------- ----------- ---------------
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2013
1. General information
Densitron Technologies plc is a public limited company
incorporated in the United Kingdom under the Companies Act 2006
(registration number 1962726).
The Company is domiciled in the United Kingdom and its
registered address is 4(th) Floor, 72 Cannon Street, London, EC4N
6AE. The Company's Ordinary Shares are traded on the AIM Market of
the London Stock Exchange. The Group's principal activities are the
design, development and delivery of electronic display and display
related technologies.
2. Basis of preparation
This unaudited consolidated interim financial information has
been prepared using the recognition and measurement principles of
International Accounting Standards, International Financial
Reporting Standards and Interpretations adopted for use in the
European Union (collectively EU IFRSs). The principal accounting
policies used in preparing the interim results are those it expects
to apply in its financial statements for the year ended 31 December
2013 and are unchanged from those disclosed in the group's Annual
Report for the year ended 31 December 2012.
The financial information for the six months ended 30 June 2013
and 30 June 2012 is unreviewed and unaudited and does not
constitute the group's statutory financial statements for those
periods. The comparative financial information for the full year
ended 31 December 2012 has, however, been derived from the audited
statutory financial statement for that period. A copy of those
statutory financial statements has been delivered to the Registrar
of Companies. The auditors' report on those accounts was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under section 498(2) -
498(3) of the Companies Act 2006.
The financial information in the Interim Report is presented in
Sterling and all values are rounded to the nearest thousand pounds
(GBP'000) except when otherwise indicated.
3. Segmental analysis
UK France Finland Germany US Japan Taiwan Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
6 months to 30 June
2013
Revenue
Total 2,867 1,005 213 909 4,065 1,514 2,430 13,003
Intercompany (795) (32) (23) - (30) - (2,166) (3,046)
-------- -------- -------- -------- -------- -------- -------- ---------
Revenue from
external customers 2,072 973 190 909 4,035 1,514 264 9,957
-------- -------- -------- -------- -------- -------- -------- ---------
(Loss)/profit
before tax (158) 4 (17) - 251 78 (192) (34)
-------- -------- -------- -------- -------- -------- -------- ---------
6 months to 30 June
2012
Revenue
Total 3,470 1,245 284 929 3,834 1,346 2,881 13,989
Intercompany (712) (33) (50) - (36) - (2,604) (3,435)
-------- -------- -------- -------- -------- -------- -------- ---------
Revenue from
external customers 2,758 1,212 234 929 3,798 1,346 277 10,554
-------- -------- -------- -------- -------- -------- -------- ---------
Profit/(loss)
before tax (49) (10) (22) 2 283 160 (39) 325
-------- -------- -------- -------- -------- -------- -------- ---------
Year to 31 December
2012
Revenue
Total 7,696 2,513 591 2,140 8,033 2,911 6,162 30,046
Intercompany (1,565) (78) (74) (44) (63) - (5,610) (7,434)
-------- -------- -------- -------- -------- -------- -------- ---------
Revenue from
external customers 6,131 2,435 517 2,096 7,970 2,911 552 22,612
-------- -------- -------- -------- -------- -------- -------- ---------
Profit/(loss)
before tax (13) 76 (20) 69 656 331 (97) 1,002
-------- -------- -------- -------- -------- -------- -------- ---------
Reconciliation of reportable segments, profit and loss, assets
and liabilities to the Group's corresponding amounts:
6 months 6 months Year to
to 30th to 30th 31st December
June June 2012
2013 2012 Audited
Unaudited Unaudited GBP000
GBP000 GBP000
Revenue
Total revenue for reported segments 13,003 13,989 30,046
Elimination of inter-segmental
revenues (3,046) (3,435) (7,434)
----------- ----------- ---------------
Group's revenue per consolidated
statement of comprehensive income 9,957 10,554 22,612
----------- ----------- ---------------
Profit after income tax expenses
Total profit for reporting segments (34) 325 1,002
Costs associated with Head Office (227) (284) (482)
Income tax expenses (54) (118) (276)
----------- ----------- ---------------
(Loss)/profit after income tax
expenses (315) (77) 244
----------- ----------- ---------------
4. Taxation
Taxation for the 6 months ended 30(th) June 2013 has been
calculated by applying the estimated tax rate for the current
financial year ending 31(st) December 2013.
5. Dividend
An interim dividend of 0.1 pence per share has been proposed by
the Board in respect of the six months to 30 June 2013 (2012: 0.2
pence).
6. Earnings per share
6 months 6 months Year to
to to 30th 31st December
30th June June 2012
2013 2012 Audited
Unaudited Unaudited GBP000
GBP000 GBP000
(Loss)/profit attributable to ordinary
shareholders
(Loss)/profit on continuing operations
attributable to ordinary shareholders (311) (73) 248
------------- ------------- ---------------
Weighted average number of ordinary
shares
Issued at 1 January 2013 69,669,106 69,669,106 69,669,106
Effect of purchase of Treasury shares
on 23(rd) October 2008 (500,000) (500,000) (500,000)
------------- ------------- ---------------
Weighted average number of ordinary
shares at
30(th) June 2013 69,169,106 69,169,106 69,169,106
------------- ------------- ---------------
7. Copies of Interim report
The Interim report is available to view and download from the
Company's website at www.densitron.com. If shareholders would like
a hardcopy of the interim report they should contact the Company
Secretary, Tim Pearson.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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