TIDMPROV
RNS Number : 8727C
Proventec PLC
23 November 2009
+------------------------------------+------------------------------------+
| Press Release | 23 November 2009 |
+------------------------------------+------------------------------------+
Proventec Plc
("Proventec" or the "Group")
Interim Results
Proventec Plc (AIM:PROV, Alternext:ALTPC), a provider of specialist steam
cleaning and coatings technologies, today announces its interim results for the
six months ended 30 September 2009.
Highlights
+---+--------------------------------------------------------------------+
| ? | Turnover of GBP8.0 million (2008: GBP8.2 million) |
+---+--------------------------------------------------------------------+
| ? | Gross profit maintained at GBP3.4 million |
+---+--------------------------------------------------------------------+
| ? | Loss before tax of GBP1.0 million (2008: loss of GBP649,000) |
+---+--------------------------------------------------------------------+
| ? | Successful fundraising of GBP1.5 million through Placing of shares |
+---+--------------------------------------------------------------------+
| ? | Strategic acquisitions of the controlling stakes in Frank GmbH and |
| | CryoJet Industrial Services BV performing well:* |
| | Cryojet, working with a number of major petroleum producers* |
| | Frank developing a new concept in steam cleaning equipment |
+---+--------------------------------------------------------------------+
| ? | Successfully restructured operations to reduce costs and improve |
| | efficiencies |
+---+--------------------------------------------------------------------+
David Chestnutt, Chief Executive of Proventec, commented: "The first six months
have been encouraging, despite the current difficult trading conditions in
Europe. We have started a restructuring programme and have already seen a
positive impact in sales and administration efficiencies. The acquisitions of
Frank and Cryojet have further broadened the Group's offering and are proving to
be highly successful. The Group is in the final stages of restructuring and by
2010 will be well placed to benefit from the continuing development of its
technologies."
For further information, please contact:
+--------------------------------------------+---------------------------+
| Proventec Plc | |
+--------------------------------------------+---------------------------+
| David Chestnutt, Chief Executive | Tel: + 44 (0) 151 706 |
| | 0626 |
+--------------------------------------------+---------------------------+
| dchestnutt@proventecplc.com | www.proventecplc.com |
+--------------------------------------------+---------------------------+
+--------------------------------------------+---------------------------+
| Seymour Pierce | |
+--------------------------------------------+---------------------------+
| Nicola Marrin / Christopher Wren | Tel: + 44 (0) 20 7107 |
| | 8000 |
+--------------------------------------------+---------------------------+
| Corporate Finance | www.seymourpierce.com |
+--------------------------------------------+---------------------------+
Media enquiries:
+--------------------------------------------+---------------------------+
| Abchurch Communications | |
+--------------------------------------------+---------------------------+
| Henry Harrison-Topham / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7718 |
+--------------------------------------------+---------------------------+
| stephanie.cuthbert@abchurch-group.com | www.abchurch-group.com |
+--------------------------------------------+---------------------------+
CHAIRMAN'S STATEMENT
I am pleased to report Proventec has continued to move forward during the
period, despite the difficult economic and trading environment in Europe over
the last twelve months. The Group is now beginning to see positive results from
many of the strategic decisions taken over the last year.
The strategic acquisitions of the controlling stakes in Frank GmbH and Cryojet
Industrial Services BV are also beginning to show financial benefits to the
Group.
In Germany, Frank, the Group's manufacturer and distributer of automated
cleaning systems and products, is continuing to develop its own range of hot and
cold water industrial pressure washers and car wash stations, as well as
utilising its engineering skills to develop new dry steam industrial equipment
for Osprey. Frank has also worked on the development of the new hand hygiene
system for the healthcare sector which to date has been fully funded through
grants from the UK Department of Health.
Cryojet, the Group's specialist, industrial cleaning service provider, utilising
steam and proprietary dry-ice technology, has been working with a major
petroleum producer in Rotterdam to solve the heavy duty cleaning problems
associated with the refurbishment and rolling maintenance requirements of that
industry. Within the last two weeks Cryojet has completed a specific cleaning
project and this is now being evaluated by the main board of the customer with a
view to recommending the adoption of Cryojet's cleaning systems on a global
basis for their group.
As part of this trial, the petroleum authorities in Mexico have also been in
attendance in Rotterdam to observe the effectiveness of Cryojet's dry-ice
cleaning technology and we are hopeful that this may lead to considerable
expansion for this part of the business.
During the last six months, the Group's Rotterdam operation has moved to new
premises and all of the Dutch based companies have been brought together under
one roof. This includes the mainland European offshoot of Contico
Manufacturing, which now has warehousing facilities and Cryojet whose sales and
administrative offices have been brought into the Group. Centralising our
European operations has driven cross sales opportunities as well as improving
administration efficiencies.
A clinical trial of Osprey's equipment in one of the UK's leading hospital
trusts is expected to lead to further endorsement by that sector of the
advantages and merits of utilising dry steam as part of the healthcare cleaning
regime.
Proventec raised GBP1.5 million before expenses in July, to assist in the
continued development of the Group. This fundraising was supported by most of
our major shareholders.
We are continuing to look at ways of repaying and or converting the loan notes
in issue and this and the preservation of cash remain high on the agenda of your
Board.
Peter Teerlink
Chairman
CHIEF EXECUTIVE'S REPORT
Although trading conditions have remained difficult during the last twelve
months, the results for the six months to 30 September are encouraging.
Turnover, boosted by the sales from the acquisitions we made last year, has
reduced by less than 3% to GBP8.0 million (2008:GBP8.2 million) whilst improved
efficiencies has led to a slight increase in gross margins.
Despite the substantial cost savings made by the Group during the last twelve
months, administration expenses have increased following the acquisitions of
Frank GmbH and Cryojet Industrial Services BV.
As a result, there is a small EBITDA loss of GBP45,000 and the loss before tax
has increased to GBP1.02 million (2008:GBP607,000)
The results are in line with Group expectations and we are confident that the
second half of the year will show better growth and begin to reflect the changes
we have made to the Group's operations.
Proventec Healthcare
Proventec Healthcare ("PH") was launched in April 2009 to provide a "one-stop
shop" for hygienic solutions and cleaning products to the healthcare sector.
PH promotes the Osprey range of healthcare steam equipment and specialist
tooling, general cleaning products, including disposable microfibre sourced from
Contico and a number of individual products selected for their efficacy and
compatibility to provide a validated infection control offering to private
hospitals, care homes and associated healthcare providers.
The management team of PH has been strengthened by the appointment of Neill
Simmons as Sales Director who joined the Group in November from a major European
FMCG company.
As part of the Group's UK re-structuring, the Proventec Healthcare and
OspreyDeepclean warehousing and logistics are being relocated and will be
accommodated in Contico Manufacturing's premises in Redruth. This will improve
operational efficiencies and reduce overheads.
The responsibility for UK sales across the Proventec Group will be headed up by
Vernon Holmes, Managing Director of Contico who will lead a combined UK sales
force approaching 40.
The Cheltenham premises currently occupied by the Osprey companies will become
the Group central Sales and Marketing centre for the UK.
OspreyDeepclean
The current recession has affected the sales and progress of OspreyDeepclean.
The take up of orders in the healthcare sector has been lower than anticipated,
despite the enthusiasm shown by the Infection Control community for the
impressive results continuously demonstrated by using steam as a primary
cleaning method. Earlier in 2009 the company won the Healthcare Associated
Infections Award for the "new and novel technology with the greatest
contribution to enhancing the cleanliness of the hospital environment". Despite
this endorsement the current trading conditions have not proved as favourable as
we had expected and the NHS Trusts and major contract cleaning groups have
delayed their capital purchasing. However over recent weeks the Group has seen
some signs that the spending restrictions in the NHS may be gradually being
relaxed.
The company in conjunction with the Department of Health is conducting a fully
funded clinical trial with the Durham and Darlington NHS Trust. This trial will
evaluate the efficacy of steam by comparison with current cleaning standards and
the company expect the results to highlight the advantages and effectiveness of
steam in infection control and as a cleaning medium. The trial, which began in
October, will last for six months and the results are expected during the second
quarter, 2010.
OspreyDeepclean has continued to introduce its technology and validated data to
the infection control community abroad and has made presentations to leading
healthcare personnel in India, Malaysia, the Middle East and Canada who have
shown great interest in working with the company. The company has concluded an
agreement with an Indian cleaning group and is in final discussions with similar
companies in Malaysia and Canada.
The company continues to develop its healthcare steam equipment and tooling
range while working on developing the technology. One of the new ventures is the
design and development of a hand hygiene washing system that has been
produced in conjunction with a licensing partner. This project has already
received funding from the government's Small Business Research Initiative (Stage
1) and has now applied for Stage 2 with a potential grant of significant
funding. Much of the engineering and development work has been carried out at
the Group's German based engineering company, Frank.
Contico
Contico, a supplier of janitorial products, saw a slow down in sales, like many
UK companies in the last quarter of 2008 and the first part of this year.
The company has added new products to its range, has improved its inventory
planning and management and reviewed all of its costs. This has been a very
successful process and as a result, the company has surpassed its forecast. In
recent months there have been some signs that business is picking up although
the company is still finding trading conditions difficult.
The company was planning to move its operation to a new green field site but has
now put these plans on hold and is in discussions with its landlord over
extending the lease of its premises.
Proventec Industrial
The Proventec Industrial division will replicate Proventec Healthcare but for
the industrial sector, with an initial focus on the petro-chemical industry and
the food manufacturing sector.
The business is being developed around the Cryojet Dry-Ice cleaning systems.
This system has delivered exceptional results on projects for a number of major
petroleum groups who have an increasing need for cost effective and specialist
cleaning. Cryojet's proprietary restorative cleaning techniques have been tested
and found successful in cleaning a number of key installations including oil
refinery storage tanks. The process has many advantages over other cleaning
techniques such as sand blasting. Once the target area has been cleaned the
refurbished plant can be more easily maintained and cleaned using Osprey's range
of industrial steam machines. Additionally, in some applications, there are
opportunities to utilise some of the Innoshield coatings to further protect the
newly cleaned and refurbished surfaces, providing protection which can
prevent the build up of heavy soiling.
Osprey, in conjunction with Frank, has been developing a new concept in steam
cleaning equipment which should be available for the industrial market early in
2010. The cost to power ratio should enable the Group to sell this product at
greatly reduced prices and as such assist in the accelerated introduction of
this technology specifically to the food manufacturing sector.
Osprey is also undertaking two specific and separate tasks with two major food
manufacturing companies to integrate their conveyor belt with new, belt-cleaning
steam technology into CIP (Cleaning in Place) installations for two new food
production lines.
All these developments will lead to considerable growth in this sector over the
coming years.
Magma has seen the best trading period to date with its timber coating
products. The commercial agreement with Dr Wolman, a wholly owned subsidiary of
BASF, signed earlier this year is beginning to demonstrate the expected sales
and marketing results.
Outlook
Proventec has used the last twelve months to simplify and streamline its
offerings. As a result, it has significantly reduced costs and improved
efficiencies within the Group.
The general economic climate remains uncertain and cash constraints may result
in slower growth for the Group than expected.
However, there is still some further restructuring to be completed and by mid
2010 the Group will be in the right position to enjoy the benefits of all of its
development and validation. This should be evidenced by increased demand and
growth in its sales across both divisions, healthcare and industrial.
D M A Chestnutt
Chief Executive
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2009
+---------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | 30 September | 30 September | 31 March |
| | 2009 | 2008 | 2009 |
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+--------------+--------------+--------------+
| Assets | | | |
+---------------------------------+--------------+--------------+--------------+
| Non-current assets | | | |
+---------------------------------+--------------+--------------+--------------+
| Property, plant and equipment | 888 | 1,049 | 906 |
+---------------------------------+--------------+--------------+--------------+
| Goodwill | 26,867 | 38,303 | 27,125 |
+---------------------------------+--------------+--------------+--------------+
| Other intangible assets | 4,834 | 4,697 | 4,949 |
+---------------------------------+--------------+--------------+--------------+
| Available for sale financial | 12 | 2,816 | 12 |
| assets | | | |
+---------------------------------+--------------+--------------+--------------+
| Share of associate net assets | 8 | (33) | 8 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| | 32,609 | 46,832 | 33,000 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Current assets | | | |
+---------------------------------+--------------+--------------+--------------+
| Inventories | 2,837 | 2,678 | 2,848 |
+---------------------------------+--------------+--------------+--------------+
| Trade and other receivables | 4,567 | 11,937 | 4,149 |
+---------------------------------+--------------+--------------+--------------+
| Cash and cash equivalents | 900 | 1,786 | 1,095 |
+---------------------------------+--------------+--------------+--------------+
| Investments held for sale | - | 100 | - |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| | 8,304 | 16,501 | 8,092 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Total assets | 40,913 | 63,333 | 41,092 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| EQUITY AND LIABILITIES | | | |
+---------------------------------+--------------+--------------+--------------+
| Equity attributable to equity | | | |
| holders of the parent | | | |
+---------------------------------+--------------+--------------+--------------+
| Share capital | 1,542 | 12,170 | 1,242 |
+---------------------------------+--------------+--------------+--------------+
| Other reserves | 12,996 | 27,991 | 12,297 |
+---------------------------------+--------------+--------------+--------------+
| Retained earnings | 2,420 | (1,463) | 3,444 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| | 16,958 | 38,698 | 16,983 |
+---------------------------------+--------------+--------------+--------------+
| Minority interest | 268 | 22 | 252 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Total equity | 17,226 | 38,720 | 17,235 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Non-current liabilities | | | |
+---------------------------------+--------------+--------------+--------------+
| Long term borrowings | 14,318 | 16,744 | 14,260 |
+---------------------------------+--------------+--------------+--------------+
| Deferred tax | - | 587 | - |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Total non-current liabilities | 14,318 | 17,331 | 14,260 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Current liabilities | | | |
+---------------------------------+--------------+--------------+--------------+
| Trade and other payables | 6,544 | 7,058 | 6,798 |
+---------------------------------+--------------+--------------+--------------+
| Current portion of long term | 2,825 | 59 | 2,799 |
| borrowings | | | |
+---------------------------------+--------------+--------------+--------------+
| Current tax payable | - | 165 | - |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Total current liabilities | 9,369 | 7,282 | 9,597 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Total liabilities | 23,687 | 24,613 | 23,857 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
| Total equity and liabilities | 40,913 | 63,333 | 41,092 |
+---------------------------------+--------------+--------------+--------------+
| | | | |
+---------------------------------+--------------+--------------+--------------+
The financial statements were approved and authorised for issue by the Board on
20 November 2009 and were signed on its behalf by D Chestnutt.
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
+----------------------------------+--------------+--------------+--------------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 30 September | 30 September | 31 March |
| | 2008 | 2008 | 2009 |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Revenue | 7,956 | 8,182 | 15,390 |
+----------------------------------+--------------+--------------+--------------+
| Cost of sales | (4,524) | (4,716) | (8,773) |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Gross profit | 3,432 | 3,466 | 6,617 |
+----------------------------------+--------------+--------------+--------------+
| Other income | | - | - |
+----------------------------------+--------------+--------------+--------------+
| Administrative expenses - | (3,720) | (3,326) | (7,033) |
| recurring | | | |
+----------------------------------+--------------+--------------+--------------+
| Impairment of goodwill | - | - | (16,000) |
+----------------------------------+--------------+--------------+--------------+
| Impairment of investments | - | - | (3,260) |
+----------------------------------+--------------+--------------+--------------+
| Impairment of receivables | - | - | (7,458) |
+----------------------------------+--------------+--------------+--------------+
| Total administrative expenses | (3,720) | (3,326) | (33,751) |
+----------------------------------+--------------+--------------+--------------+
| Finance costs | (734) | (747) | (1,542) |
+----------------------------------+--------------+--------------+--------------+
| Share of associates operating | - | (42) | 28 |
| loss | | | |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Loss before taxation | (1,022) | (649) | (28,648) |
+----------------------------------+--------------+--------------+--------------+
| Income tax (expense)/credit | (1) | - | 748 |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Loss for the period | (1,023) | (649) | (27,900) |
+----------------------------------+--------------+--------------+--------------+
| Minority interest | 1 | (41) | (47) |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
| Loss for the period relating to | (1,024) | (608) | (27,853) |
| equity shareholders | | | |
+----------------------------------+--------------+--------------+--------------+
| Earnings per share | | | |
+----------------------------------+--------------+--------------+--------------+
| basic | (7.7) | (5.0) | (227.4) |
+----------------------------------+--------------+--------------+--------------+
| diluted | (7.7) | (5.0) | (227.4) |
+----------------------------------+--------------+--------------+--------------+
| | | | |
+----------------------------------+--------------+--------------+--------------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
+----------------------------------+--------------+--------------+---------------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | 12 months |
| | to | to | to |
| | 30 September | 30 September | 31 March 2009 |
| | 2009 | 2008 | GBP'000 |
| | GBP'000 | GBP'000 | |
+----------------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------------+--------------+--------------+---------------+
| Loss for the period | (1,023) | (649) | (27,900) |
+----------------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------------+--------------+--------------+---------------+
| Net exchange differences on | (397) | 212 | 5,764 |
| translating foreign operations | | | |
+----------------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------------+--------------+--------------+---------------+
| Total comprehensive income and | (1,420) | (437) | (22,136) |
| expense for the period | | | |
+----------------------------------+--------------+--------------+---------------+
| | | | |
+----------------------------------+--------------+--------------+---------------+
| Attributable to the minority | 1 | (41) | (47) |
| interest | | | |
+----------------------------------+--------------+--------------+---------------+
| Attributable to equity holders | (1,421) | (396) | (22,089) |
| of the parent | | | |
+----------------------------------+--------------+--------------+---------------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | Share | Share | Shares | Share | Retained | Foreign | Share | Total |
| | capital | premium | to be | options | earnings | currency | warrants | GBP'000 |
| | GBP'000 | GBP'000 | issued | GBP'000 | GBP'000 | reserve | GBP'000 | |
| | | | GBP'000 | | | GBP'000 | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| For the period | | | | | | | | |
| ended 30 September | | | | | | | | |
| 2009 | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 1 April | 1,242 | 155 | - | 85 | 3,444 | 10,586 | 1,471 | 16,983 |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Loss for the period | - | - | - | - | (1,024) | - | - | (1,024) |
| attributable to | | | | | | | | |
| equity shareholders | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Unrealised exchange | - | - | - | - | - | (397) | - | (397) |
| movement | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Issue of Shares | 300 | 1,096 | - | - | - | - | - | 1396 |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Movement in period | 300 | 1,096 | - | - | (1,024) | (397) | - | (25) |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 30 September | 1,542 | 1,251 | - | 85 | 2,420 | 10,189 | 1,471 | 16,958 |
| 2009 | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| For the period | | | | | | | | |
| ended 30 September | | | | | | | | |
| 2008 | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 1 April | 12,170 | 21,107 | - | 58 | (855) | 4,822 | 1,471 | 38,773 |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Loss for the period | - | - | - | - | (608) | - | - | (608) |
| attributable to | | | | | | | | |
| equity shareholders | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Unrealised exchange | - | - | - | - | - | 212 | - | 212 |
| movement | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Issue of shares | | - | 321 | - | - | - | - | 321 |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Movement in period | - | | 321 | - | (608) | 212 | - | (75) |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 30 September | 12,170 | 21,107 | 321 | 58 | (1,463) | 5,034 | 1,471 | 38,698 |
| 2008 | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+---------------------+---------+---------+---------+---------+----------+----------+----------+---------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
(continued)
+------------------+----------+----------+---------+----------+----------+----------+----------+
| | Share | Share | Share | Retained | Foreign | Share | Total |
| | capital | premium | options | earnings | currency | warrants | GBP'000 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | reserve | GBP'000 | |
| | | | | | GBP'000 | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| For the year | | | | | | | |
| ended 31 March | | | | | | | |
| 2009 | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| At 1 April | 12,170 | 21,107 | 58 | (855) | 4,822 | 1,471 | 38,773 |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Loss for the | - | - | - | (27,853) | - | - | (27,853) |
| year | | | | | | | |
| attributable to | | | | | | | |
| equity | | | | | | | |
| shareholders | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Issue of shares | 248 | 24 | - | - | - | - | 272 |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Issue of options | - | - | 27 | - | - | - | 27 |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Reduction of | (11,176) | - | - | 11,176 | - | - | - |
| Share capital | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Cancellation of | - | (20,976) | - | 20,976 | - | - | - |
| Share premium | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Unrealised | - | - | - | - | 5,764 | - | 5,764 |
| exchange | | | | | | | |
| movement | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| Movement in year | (10,928) | (20,952) | 27 | 4,299 | 5,764 | - | (21,790) |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| At 31 March 2009 | 1,242 | 155 | 85 | 3,444 | 10,586 | 1,471 | 16,983 |
+------------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+------------------+----------+----------+---------+----------+----------+----------+----------+
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009
+------------------------------------+--------------+------------+----------+
| | Unaudited | Unaudited | Audited |
| | 6 months | 6 months | 12 |
| | to | to | months |
| | 30 September | 30 | to |
| | 2008 | September | 31 March |
| | GBP'000 | 2008 | 2009 |
| | | GBP'000 | GBP'000 |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Cash flows from operating | | | |
| activities | | | |
+------------------------------------+--------------+------------+----------+
| Cash generated from operations | (771) | (768) | 370 |
+------------------------------------+--------------+------------+----------+
| Interest received | 28 | 80 | 121 |
+------------------------------------+--------------+------------+----------+
| Interest paid | (706) | (711) | (1,442) |
+------------------------------------+--------------+------------+----------+
| Tax (paid) / received | - | - | 9 |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Net cash flow from operating | (1,449) | (1,399) | (942) |
| activities | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Cash flows from investing | | | |
| activities | | | |
+------------------------------------+--------------+------------+----------+
| Acquisition of subsidiaries (net | - | (754) | (1,112) |
| of cash acquired) | | | |
+------------------------------------+--------------+------------+----------+
| Acquisition of available for sale | - | - | (6) |
| financial assets | | | |
+------------------------------------+--------------+------------+----------+
| Proceeds from sale of tangible | 6 | - | - |
| assets | | | |
+------------------------------------+--------------+------------+----------+
| Proceeds from sale of available | 50 | - | - |
| for sale financial assets | | | |
+------------------------------------+--------------+------------+----------+
| Purchase of property, plant and | (149) | (73) | (294) |
| equipment | | | |
+------------------------------------+--------------+------------+----------+
| Purchase of intangible assets | (45) | - | (99) |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Net cash flow from investing | (138) | (827) | (1,511) |
| activities | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Cash flows from financing | | | |
| activities | | | |
+------------------------------------+--------------+------------+----------+
| (Repayment of) /Proceeds from new | 21 | - | (712) |
| loans | | | |
+------------------------------------+--------------+------------+----------+
| Proceeds from issue of share | 1,500 | - | 272 |
| capital | | | |
+------------------------------------+--------------+------------+----------+
| Payment of finance lease | (25) | (30) | (54) |
| liabilities | | | |
+------------------------------------+--------------+------------+----------+
| Costs in issuing share capital | (104) | - | - |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Net cash flow from financing | 1,392 | (30) | (494) |
| activities | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Net decrease in cash and cash | (195) | (2,256) | (2,947) |
| equivalents | | | |
+------------------------------------+--------------+------------+----------+
| Cash and cash equivalents at | 1,095 | 4,042 | 4,042 |
| beginning of the period | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
| Cash and cash equivalents at end | 900 | 1,786 | 1,095 |
| of the period | | | |
+------------------------------------+--------------+------------+----------+
| | | | |
+------------------------------------+--------------+------------+----------+
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUGMCGUPBGAU
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