TIDMDSN
RNS Number : 4393P
Densitron Technologies PLC
19 August 2014
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 2014.
Summary
-- Revenue decreased by 7.0% to GBP9.3m (2013: GBP10.0m).
-- Orders booked increased by 8.3% to GBP11.8m (2013:
GBP10.9m).
-- Orderbook increased by 27.6% to GBP12.5m (2013: GBP9.8m)
Financial Summary on continuing operations
6 months to 6 months to
30(th) June 2014 30(th) June 2013
Unaudited Unaudited
---------------------- ------------------ ------------------
Revenue GBP9.27m GBP9.96m
---------------------- ------------------ ------------------
Loss from operations GBP(0.13m)* GBP(0.23m)
---------------------- ------------------ ------------------
Loss before taxation GBP(0.17)m GBP(0.26)m
---------------------- ------------------ ------------------
Loss per share (0.31)p (0.45)p
---------------------- ------------------ ------------------
Orders booked GBP11.8m GBP10.9m
---------------------- ------------------ ------------------
* Including the cost of the property in Newcastle
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Martin Davison
Tel: 020 7601 6100
Chairman's Statement
Operation review
I am pleased to be able to report that the business has
significantly strengthened in the first six months of the year with
a number of new pieces of business having been won, several
projects having entered their mass production phases and existing
customers having provided repeat orders. While revenues have been
disappointing in comparison to the same period in 2013 and
consequently the Group remains loss making, I believe that the
business has now been positioned for the future with a substantial
increase in the level of orders being booked in the first half of
the year and the level of the orderbook at 30 June 2014.
At the end of June 2014 the business had confirmed orders from
customers but not yet delivered of GBP12.5 million compared with
GBP9.8 million at 30 June 2013, an increase of 27.6%, demonstrating
the progress that the business has made in the first half of the
year. These orders will start to be delivered during the second
half of 2014 and into 2015.
The majority of the Group's sales are denominated in currencies
other than Sterling and the strength in Sterling over the first 6
months of 2014 reduced the impact of some of the improvements we
achieved over the period. The table below shows the headline
numbers reported for the first 6 months of 2014 compared with our
reported figures in 2013 and the 2013 figures restated at the
exchange rates used for the 6 months to 30 June 2014.
6 months 6 months 6 months
to 30(th) to 30(th) to 30(th)
June 2014 June 2013 June 2013
Reported Reported Restated
GBP000 GBP000 GBP000
Orders booked 11,838 10,900 10,109
----------- ----------- -----------
Revenues 9,267 9,957 9,352
----------- ----------- -----------
Gross profit 2,496 2,705 2,540
----------- ----------- -----------
Loss before
tax (168) (261) (272)
----------- ----------- -----------
The restated figures help to emphasise the progress that the
business made in the first half of 2014. Orders booked in the
period increased by 17% compared with the restated result for 2013.
Although revenues and gross profit remained similar to the restated
result for 2013 the savings made in addressing the cost structure
of the business resulted in a reduction in the loss before tax of
38.2% against the restated result for 2013.
The second half of the year is traditionally stronger than the
first half and with the level of booked orders due to be shipped in
the second half it is expected that this will continue to be the
case in 2014. The pipeline of new business remains strong and the
Board is confident that the outturn for the full year will be in
line with market expectations.
Other matters
The Group owns a piece of land at Blackheath, London for which
it continues to work to progress the development potential.
Additionally the Board continues to work with Agents to let a
property that the Company is the tenant of in Newcastle. The Board
will advise Shareholders when there is further information on
either of these matters.
Jan G Holmstrom
Chairman
19 August 2014
Unaudited Condensed Consolidated Income Statement
For the six months ended 30th June 2014
6 months 6 months Year to
to 30(th) to 30(th) 31st December
June June 2013
2014 2013 Audited
GBP000
GBP000 GBP000
Revenue 9,267 9,957 20,047
Cost of sales (6,771) (7,252) (14,584)
----------- ----------- ---------------
Gross profit 2,496 2,705 5,463
Other operating income 87 15 3
Distribution costs (24) (30) (53)
----------- ----------- ---------------
Administrative expenses (2,689) (2,921) (5,271)
Exceptional costs in respect of
lease settlement - - (593)
----------- ----------- ---------------
(2,689) (2,921) (5,864)
----------- ----------- ---------------
Loss from operations (130) (231) (451)
Financial income 1 1 -
Financial expenses (39) (31) (69)
----------- ----------- ---------------
Loss before tax (168) (261) (520)
Income tax expense (53) (54) (199)
----------- ----------- ---------------
Loss for the period (221) (315) (719)
----------- ----------- ---------------
Attributable to:
Equity holders of the parent (216) (311) (705)
Non-controlling interest (5) (4) (14)
----------- ----------- ---------------
(221) (315) (719)
----------- ----------- ---------------
Basic and diluted loss per share (0.31)p (0.45)p (1.02)p
----------- ----------- ---------------
Unaudited Condensed Statement of Comprehensive Income
For the six months to 30th June 2014
6 months 6 months Year to
to to 31st December
30th June 30th June 2013
2014 2013 Audited
GBP000
GBP000 GBP000
Loss for the period (221) (315) (719)
----------- ----------- ---------------
Other comprehensive income:
Foreign currency translation differences
for foreign operations (168) (11) (358)
Total other comprehensive loss (168) (11) (358)
----------- ----------- ---------------
Total comprehensive loss for the
period (389) (326) (1,077)
----------- ----------- ---------------
Attributable to:
Equity holders of the parent (384) (324) (1,062)
Non-controlling interest (5) (2) (15)
(389) (326) (1,077)
----------- ----------- ---------------
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2014
30th June 30th June 31st December
2014 2013 2013
Audited
GBP000
GBP000 GBP000
Non-current assets
Property, plant and equipment 708 840 765
Goodwill 143 143 143
Other intangible assets 583 392 582
Deferred tax assets 7 23 7
---------- ---------- --------------
1,441 1,398 1,497
---------- ---------- --------------
Current assets
Inventories 1,412 1,297 1,424
Trade and other receivables 3,801 3,833 3,895
Income tax recoverable 99 116 125
Cash and cash equivalents 801 1,663 848
---------- ---------- --------------
6,113 6,909 6,292
---------- ---------- --------------
Total assets 7,554 8,307 7,789
---------- ---------- --------------
Current liabilities
Borrowings 1,862 2,270 1,764
Trade and other payables 3,269 2,294 3,121
Current tax payable 56 52 34
Provisions 9 18 9
---------- ---------- --------------
5,196 4,634 4,928
---------- ---------- --------------
Non-current liabilities
Borrowings 56 119 83
Trade and other payables 30 - 81
Provisions 111 116 111
Deferred tax liabilities 1 - 37
---------- ---------- --------------
198 235 312
---------- ---------- --------------
Total liabilities 5,394 4,869 5,240
2,160 3,438 2,549
---------- ---------- --------------
Equity
Share Capital 697 697 697
Retained earnings 1,705 2,443 1,917
Special reserve 83 93 87
Revaluation reserve 450 450 450
Translation reserve (785) (273) (617)
---------- ---------- --------------
Equity attributable to shareholders
of Densitron 2,150 3,410 2,534
Minority interests 10 28 15
Total equity 2,160 3,438 2,549
---------- ---------- --------------
Unaudited Condensed Statement of Changes in Shareholders'
Equity
For the 6 months to 30th June 2014
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 2013 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
Profit for the
period - - - - (394) (394) (10) (404)
Other total
comprehensive
income for
the
period - (344) - - - (344) (3) (347)
Payment of
dividend - - - - (138) (138) - (138)
Transfer from
special
reserve - - (6) - 6 - - -
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Balance at 31
December 2013 697 (617) 87 450 1,917 2,534 15 2,549
Loss for the
period - - - - (216) (216) (5) (221)
Other total
comprehensive
income for
the
period - (168) - - - (168) - (168)
Transfer from
special
reserve - - (4) - 4 - - -
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Balance at 30
June 2014 697 (785) 83 450 1,705 2,150 10 2,160
-------- ------------ --------- ------------ --------- ------------- ---------------- --------
Unaudited Condensed Consolidated Cash Flow Statement
For the 6 months ended 30th June 2014
6 months 6 months Year to
to to 31st December
30th June 30th June 2013
2014 2013 Audited
GBP000
GBP000 GBP000
Cash flows from operating activities
Loss before taxation (168) (261) (520)
Adjustments for:
Depreciation 52 74 117
Amortisation 58 21 79
Net finance expense 38 30 69
(20) (136) (255)
Change in inventories (23) 16 (187)
Change in trade and other receivables 73 1,306 987
Change in trade and other payables 31 (1,035) (20)
Change in provisions - 9 -
----------- ----------- ---------------
61 160 525
Income tax paid (46) (107) (218)
Net cash from operating activities 15 53 307
----------- ----------- ---------------
Cash flows from investing activities
Interest received 1 1 -
Payment for intangible assets (2) (7) (276)
Acquisition of plant, property and
equipment (71) (62) (50)
(72) (68) (326)
----------- ----------- ---------------
Cash flows from financing activities
Inception of new loans 176 - -
Repayment of borrowings (79) (113) (169)
Interest paid (39) (31) (69)
Change in trade finance creditor (124) 189 261
Change in letters of credit 22 (69) (626)
Dividends paid to owners of the
Company - - (138)
Net cash used in financing activities (44) (24) (741)
----------- ----------- ---------------
Net decrease in cash and cash equivalents (101) (39) (760)
Cash and cash equivalents at 1(st)
January 111 961 961
Effect of exchange rate fluctuation
on cash held (17) 28 (90)
Cash and cash equivalents at the
end of the period (7) 950 111
----------- ----------- ---------------
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2014
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
2014 and are unchanged from those disclosed in the group's Annual
Report for the year ended 31 December 2013.
The financial information for the six months ended 30 June 2014
and 30 June 2013 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 2013 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
2014
Revenue
Total 2,607 1,045 145 676 3,936 1,083 2,581 12,073
Intercompany (327) (45) (38) - (63) (12) (2,321) (2,806)
-------- -------- -------- -------- -------- -------- -------- --------
Revenue from
external customers 2,280 1,000 107 676 3,873 1,071 260 9,267
-------- -------- -------- -------- -------- -------- -------- --------
(Loss)/profit
before tax (80) 39 (23) (5) 254 (10) (74) 101
-------- -------- -------- -------- -------- -------- -------- --------
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
-------- -------- ------- -------- -------- -------- -------- ---------
Profit/(loss)
before tax (158) 4 (17) - 251 78 (192) (34)
-------- -------- ------- -------- -------- -------- -------- ---------
Year to 31 December
2013
Revenue
Total 5,963 2,042 352 1,733 8,351 2,796 4,785 26,022
Intercompany (1,473) (57) (54) - (64) - (4,327) (5,975)
-------- -------- ------- -------- -------- -------- -------- ---------
Revenue from
external customers 4,490 1,985 298 1,733 8,287 2,796 458 20,047
-------- -------- ------- -------- -------- -------- -------- ---------
Profit/(loss)
before tax (61) 26 (70) 55 660 136 (282) 464
-------- -------- ------- -------- -------- -------- -------- ---------
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 2013
2014 2013 Audited
Unaudited Unaudited GBP000
GBP000 GBP000
Profit after income tax expenses
Total profit for reporting segments 101 (34) 464
Costs associated with Head Office (269) (227) (391)
Exceptional items - - (593)
Income tax expenses (53) (54) (199)
----------- ----------- ---------------
Loss after income tax expenses (221) (315) (719)
----------- ----------- ---------------
4. Taxation
Taxation for the 6 months ended 30(th) June 2014 has been
calculated by applying the estimated tax rate for the current
financial year ending 31(st) December 2014.
5. Dividend
The Board does not propose an interim dividend in respect of the
six months to 30 June 2014 (2013: 0.1 pence).
6. Earnings per share
6 months 6 months Year to
to to 30th 31st December
30th June June 2013
2014 2013 Audited
Unaudited Unaudited GBP000
GBP000 GBP000
Loss attributable to ordinary shareholders
Loss on continuing operations attributable
to ordinary shareholders (216) (311) (705)
------------- ------------- ---------------
Weighted average number of ordinary
shares
Issued at 1 January 2014 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 2014 69,169,106 69,169,106 69,169,106
------------- ------------- ---------------
7. Notes supporting the cash flow statement
6 months 6 months Year to
to to 30th 31st December
30th June June 2013
2014 2013 Audited
Unaudited Unaudited GBP000
GBP000 GBP000
Cash and cash equivalents for the
purposes of the cash flow statement
comprises:
Cash at bank and in hand 801 1,663 848
Bank overdrafts (808) (713) (737)
(7) 950 111
----------- ----------- ---------------
8. 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
IR SFEFIAFLSEDA
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