TIDMSC.
RNS Number : 3653S
Supercart PLC
18 November 2011
18 November 2011
Supercart Plc
("Supercart" or the "Company")
Preliminary announcement of results for the 18 months ended 30
June 2011
Highlights
-- Turnover of GBP11.5m (For the 12 months ended 31 December 2009 GBP7.4m)
-- Trolley unit sales up by 18% on comparable periods ended 31(st) December
-- Gross profit margins over the 18 months to 30 June 2011
improved to 17.9% compared to 11.5% for the 12 months to 31
December 2009
-- Loss for the 18 months to June 2011 fell to GBP1.1m compared
to a loss of GBP2.2m for the 12 months to June 2009
-- Net Cash at 30 June 2011 was GBP79k (30 June 2009: GBP38k, 30 June 2010: (GBP8k))
Mike Wolfe, Chief Executive, commenting on the results said:
"We are encouraged that the Company continues to move towards
profitability, and we believe that these results are particularly
credible given that it includes two of our quieter six month
trading periods. We have spent effort focusing on improving the
costs of production, particularly in our North American market,
which is beginning to reflect itself in the significant improvement
in gross profit margins that we are currently enjoying. With our
continued control of our costs and the success we are having with
national and international retailers both in North America and
Europe, I believe that we have good reasons for viewing these
results with the optimism they deserve."
Enquiries:
Supercart Plc 01732 459898
Chief Executive
Mike Wolfe
Charles Stanley Securities 020 7149 6000
Nominated Advisor and Broker
Russell Cook/Carl Holmes
Chairman's Statement
I am pleased to present our results for the period from 1(st)
January 2010 to 30(th) June 2011. On 16(th) December 2010 we
announced the change in our accounting reference date and
accordingly, the enclosed results represent the 18 month period
ended 30(th) June 2011. Historically, trading in the January to
June period has only represented approximately 20% of the calendar
year's turnover. Thus the 18 month period to 30(th) June 2011
includes two of these low revenue Spring periods. Despite this
fact, we have managed to reduce our losses over the two fiscal
periods by over 48%.
This has been achieved primarily through continued increases in
the penetration of the North American market, referred to in our
trading statements of 9(th) March and 27(th) June 2011, along with
European sales through our distributor, Caddie S.A. (Caddie).
Trading in South Africa has continued with a steady increase in
both units sold and revenue achieved.
Results
For the eighteen month period ended 30(th) June 2011, Supercart
generated turnover of GBP11.54m. As mentioned in our statement of
9(th) March 2011, turnover for the year to 31(st) December 2010
increased by 21% to GBP8.91m (2009: GBP7.35m). Revenues in the
final six months to 30(th) June 2011 were GBP2.63m. Gross margins
have remained above 17% during the first six months of 2011 and
were 17.9% over the eighteen months to 30(th) June 2011. (12 months
to 31(st) December 2009: 11.5%). Administrative expenses have
remained tightly controlled, in line with the cost reduction plans
previously announced and totalled GBP2.91m for the 18 month period
to 30(th) June 2011, which compares to the figure of GBP2.82m for
the 12 months to 31(st) December 2009.
The 2009 financial statements have been restated to reflect the
financing of moulds and equipment acquired in that year which were
financed by two loans rather than as previously recorded in finance
lease obligations. This correction has no impact on the Company's
cash position nor on the Consolidated Statement of Income. The
effect is summarised in note 6 below.
Geographical breakdown of sales and operating costs
Operating Operating Operating
Sales Sales Sales profit/(loss) profit/(loss) profit/(loss)
for 12 for 12 for 18 for for for
months Months months 12 months 12 months 18 months
to to to to to to
31 Dec 31 Dec 30 Jun 31 Dec 31 Dec 30 Jun
2009 2010 2011 2009 2010 2011
--------------- -------- -------- -------- --------------- --------------- ---------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- -------- --------------- --------------- ---------------
North America 3,323 3,692 4,694 (719) (218) (576)
--------------- -------- -------- -------- --------------- --------------- ---------------
South Africa 3,918 4,700 6,117 34 406 537
--------------- -------- -------- -------- --------------- --------------- ---------------
Other 113 520 729 (525) (82) (139)
--------------- -------- -------- -------- --------------- --------------- ---------------
Net cash balances at 30(th) June 2011 were GBP78,831 (30(th)
June 2009 - GBP38,000, 30(th) June 2010 - GBP (8,000))
The directors are not recommending the payment of a final
dividend in respect of the fiscal period ended 30(th) June
2011.
Operations
North America
Unit sales and turnover have both continued satisfactorily into
the first half of 2011. In addition and as announced on 27(th) June
2011, we received a significant order for our all-plastic 'MAX200'
trolley, which has now been fully shipped. We are now also seeing
interest for this product from other US retail chains.
Gross profits in North America have continued to improve from
the previous period and now represent almost 28% of group, up from
just over 20%.
During the first quarter of 2011 we successfully moved to a new
manufacturer in the Detroit area. This has helped the Company to
maintain the flexibility we need as we were gearing up for the
additional orders from the 'MAX200' mould referred to above as well
as to ensure continued price competitiveness.
South Africa
Unit trolley sales in calendar 2010 continued to increase over
2009 despite a softening economy and a mature market for our
products. This like for like increase has been maintained into the
first half of 2011 for both units sold and total revenue. Revenue
has increased in the six months to June 2011 by more than 60% when
compared to the same period in 2010.
Europe
Sales of our hybrid trolleys through our distribution agreement
with Caddie SA have progressed well and now represent just over 10%
of total unit trolley sales. Our sales into the European market are
now making an important and growing net contribution to the group
and we anticipate that this growth will continue.
Outlook
Since my last chairman's statement, we have seen growth in all
of our trading regions, despite an extremely challenging world-wide
retail economy. In particular, we have continued our progress in
North America, both in terms of unit sales and pre-tax results. Our
current trading suggests that this progress should be maintained;
renewed interest in our all-plastic MAX200 adds to our sense of
cautious optimism. Accordingly, we are hopeful that the current
year will witness a continuation of this growth.
Victor Segal
Chairman
18(th) November 2011
Consolidated Statement of Comprehensive Income
Eighteen months ended 30(th) June 2011
2011 18months 2009 12months
Notes GBP'000 GBP'000
Revenue 11,540 7,354
Cost of sales (9,470) (6,506)
----------------------------------------------------------------------- ----- ------------------- -----------------
Gross profit 2,070 848
----------------------------------------------------------------------- ----- ------------------- -----------------
Research & development tax credits 32 42
Administrative expenses (2,909) (2,820)
----------------------------------------------------------------------- ----- ------------------- -----------------
Operating loss (807) (1,930)
Investment revenue 34 11
Finance costs (337) (254)
----------------------------------------------------------------------- ----- ------------------- -----------------
Loss before taxation (1,110) (2,173)
----------------------------------------------------------------------- ----- ------------------- -----------------
Tax (15) (2)
----------------------------------------------------------------------- ----- ------------------- -----------------
Loss for the period attributable to equity holders of the parent (1,125) (2,175)
----------------------------------------------------------------------- ----- ------------------- -----------------
Other comprehensive income
Exchange difference arising on translation of foreign operations 16 154
----------------------------------------------------------------------- ----- ------------------- -----------------
Total comprehensive loss for the period attributable to equity holders
of the parent (1,109) (2,021)
----------------------------------------------------------------------- ----- ------------------- -----------------
Earnings per share
Basic and diluted (pence per share) 2 (1.15) (3.92)
----------------------------------------------------------------------- ----- ------------------- -----------------
Consolidated Statement of Financial Position
At 30(th) June 2011
Restated
30 June 31 December
2011 2009
Notes GBP'000 GBP'000
Assets
Non-current assets
Property, plant and
equipment 3 5,099 5,114
Deferred tax asset - 17
----------------------------- -------------------------- -------- ------------
Total non-current
assets 5,099 5,131
----------------------------- -------------------------- -------- ------------
Current Assets
Inventories 446 366
Trade and other receivables 4 1,521 1,431
Cash and cash equivalents 163 503
----------------------------- -------------------------- -------- ------------
Total current assets 2,130 2,300
----------------------------- -------------------------- -------- ------------
Total assets 7,229 7,431
----------------------------- -------------------------- -------- ------------
Equity and Liabilities
Capital and reserves
Issued share capital 594 254
Share premium account 9,073 7,849
Share option reserve 190 163
Foreign currency translation
reserve 81 65
Retained earnings (8,024) (6,899)
----------------------------- -------------------------- -------- ------------
Total equity 1,914 1,432
----------------------------- -------------------------- -------- ------------
Non-current liabilities
Finance lease obligations 6 827 1,022
Other financial liabilities 7 1,045 943
Deferred tax liability 34 44
----------------------------- -------------------------- -------- ------------
Total non-current
liabilities 1,906 2,009
----------------------------- -------------------------- -------- ------------
Current liabilities
Overdraft 84 2
Trade and other payables 5 2,355 2,814
Finance lease obligations 6 378 318
Other financial liabilities 7 592 856
----------------------------- -------------------------- -------- ------------
Total current liabilities 3,409 3,990
----------------------------- -------------------------- -------- ------------
Total liabilities 5,315 5,999
----------------------------- -------------------------- -------- ------------
Total equity and liabilities 7,229 7,431
----------------------------- -------------------------- -------- ------------
Consolidated Statement of Changes in Equity
Eighteen months ended 30(th) June 2011
Foreign
Share Share currency
Share premium option translation Retained
Capital account reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1st
January 2009 194 6,497 153 (89) (4,724) 2,031
----------------------- -------- -------- -------- ------------ --------- --------
Total comprehensive
loss for the year
ended 31(st) December
2009 - - - 154 (2,175) (2,021)
Issue of 15 million
shares 60 1,440 - - - 1,500
Share issue costs - (88) - - - (88)
Provision for share
options valuation - - 10 - - 10
----------------------- -------- -------- -------- ------------ --------- --------
Balance at 1st
January 2010 254 7,849 163 65 (6,899) 1,432
----------------------- -------- -------- -------- ------------ --------- --------
Total comprehensive
loss for the eighteen
months ended 30(th)
June 2011 - - - 16 (1,125) (1,109)
Issue of 85 million
shares 340 1,360 - - - 1,700
Share issue costs - (136) - - - (136)
Provision for share
options valuation - - 27 - - 27
----------------------- -------- -------- -------- ------------ --------- --------
Balance at 30(th)
June 2011 594 9,073 190 81 (8,024) 1,914
----------------------- -------- -------- -------- ------------ --------- --------
Consolidated Statement of Cash Flows
Eighteen months ended 30th June 2011
18 months 12 months
to to
30 June 31 December
Cash flows from operating 2011 2009
activities GBP'000 GBP'000
Loss for the period before
taxation (1,110) (2,173)
Income tax benefit - (40)
Depreciation 162 80
Interest income (34) (11)
Finance costs 337 254
Share based payment charges 27 10
Net foreign exchange movement (143) (28)
--------------------------------- --------- ------------
(761) (1,908)
--------------------------------- --------- ------------
Movements in working capital
(Increase) in inventories (80) (301)
Decrease in trade and other
receivables 268 154
(Decrease)/Increase in payables (459) 862
--------------------------------- --------- ------------
Cash used by operations (1,032) (1,193)
--------------------------------- --------- ------------
Finance costs paid (337) (254)
Income tax received - 41
--------------------------------- --------- ------------
Net cash used by operating
activities (1,369) (1,406)
--------------------------------- --------- ------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (34) (203)
Proceeds from disposal of
property, plant and equipment 26 32
Interest received 34 11
--------------------------------- --------- ------------
Net cash generated/used
in investing activities 26 (160)
--------------------------------- --------- ------------
Cash flows from financing
activities
Proceeds from issue of share
capital 1,400 1,500
Payments for share issue
costs (136) (88)
Repayment of finance lease
and instalment sale borrowings (355) (322)
--------------------------------- --------- ------------
Net cash from financing
activities 909 1,090
--------------------------------- --------- ------------
Net decrease in cash and
cash equivalents (434) (476)
Cash and cash equivalents
at the beginning of the
period 501 1,025
Effects of exchange rate
changes on the balance of
cash held in foreign currencies 12 (48)
--------------------------------- --------- ------------
Cash and cash equivalents
at the end of the period 79 501
--------------------------------- --------- ------------
Notes on the Financial Statements
Eighteen months ended 30th June 2011
1. Operating segments
The following information is given regarding the group's
reportable segments
Total
South Other for reportable
Africa USA segments segments
Period ended 30(th)
June 2011 GBP'000 GBP'000 GBP'000 GBP'000
External and total
segment revenues 6,117 4,694 729 11,540
Interest revenue 33 - - 33
Interest expense (231) (29) - (260)
Depreciation and amortisation (75) (65) - (140)
Profit/(loss) before
tax 537 (576) (139) (178)
Non-current assets
allocated for the purposes
of depreciation and
amortisation charges 2,262 2,006 790 5,058
Total
South Other for reportable
Africa USA segments segments
Period ended 31(st)
December 2009 GBP'000 GBP'000 GBP'000 GBP'000
External and total
segment revenues 3,918 3,323 113 7,354
Interest revenue 10 - - 10
Interest expense (184) (5) (13) (202)
Depreciation and amortisation (37) (26) (9) (72)
Profit/(loss) before
tax 34 (719) (525) (1,210)
Non-current assets
allocated for the purposes
of depreciation and
amortisation charges 2,183 1,212 683 4,078
2. Earnings per share
The calculation of loss per share is based on the loss for the
financial period of GBP1,124,979 (year ended 2009 - GBP 2,174,961)
and the weighted average number of shares in issue, of 97,811,927
(2009 - 55,527,397).
3. Property, plant and equipment
Plant,
equipment
Moulds furniture
under and Motor
construction Moulds fittings Vehicles Total
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1st January 2009 25 3,710 78 112 3,925
Additions - 1,080 52 - 1,132
Disposals - - (2) (54) (56)
Translation differences - 329 (6) (9) 314
------------------------ ------------- ------- ---------- --------- -------
At 1st January 2010 25 5,119 122 49 5,315
Additions 10 - 24 - 34
Disposals - - - (49) (49)
Translation differences - 143 - - 143
------------------------ ------------- ------- ---------- --------- -------
At 30(th) June 2011 35 5,262 146 - 5,443
------------------------ ------------- ------- ---------- --------- -------
Depreciation
At 1st January 2009 - 67 52 27 146
Charge for the period - 39 26 15 80
Disposals - - (2) (23) (25
Translation differences (4) 6 (2) -
------------------------ ------------- ------- ---------- --------- -------
At 1st January 2010 - 102 82 17 201
Charge for the period - 142 20 - 162
Disposals - - - (17) (17)
Translation differences - (2) - - (2)
------------------------ ------------- ------- ---------- --------- -------
At 30(th) June 2011 - 242 102 - 344
------------------------ ------------- ------- ---------- --------- -------
Net book value
------------------------ ------------- ------- ---------- --------- -------
At 30th June 2011 35 5,020 44 - 5,099
------------------------ ------------- ------- ---------- --------- -------
At 31st December
2009 25 5,017 40 32 5,114
------------------------ ------------- ------- ---------- --------- -------
The net book value of assets held under finance leases an$
instalment sale agreements, was as follows:
Moulds Motor
vehicles
GBP'000 GBP'000
Net book value
At 30(th) June 2011 3,462 -
At 31st December 2009 3,142 12
4. Trade and other receivables
2011 2009
Group Group
GBP'000 GBP'000
Trade receivables 1,157 1,290
Other receivables 342 124
Prepayments and accrued income 22 17
1,521 1,431
------------------------------- -------- --------
5. Trade and other payables
2011 2009
Group Group
GBP'000 GBP'000
Trade payables 1,534 2,149
Taxation and social security 20 194
Other payables 381 67
Research and development tax
reclaims - 34
Income Tax 7 -
Accruals and deferred income 377 232
Employee benefits 36 138
Due to subsidiary undertakings - -
----------------------------------- ------- -------
2,355 2,814
----------------------------------- ------- -------
6. Finance lease obligations
Restated
2011 2009
Group Group
GBP'000 GBP'000
Minimum lease payments due
- within 1 year 457 352
------------------------------ -------- --------
- later than 1 year not later
than 5 years 972 1,116
------------------------------ -------- --------
Less: future finance charges (224) (128)
------------------------------ -------- --------
Present value of minimum
lease payments 1,205 1,340
------------------------------ -------- --------
Present value of minimum
lease payments
- within 1 year 378 318
- later than 1 year not later
than 5 years 827 1,022
------------------------------ -------- --------
1,205 1,340
------------------------------ -------- --------
Included in the financial
statements as:
- Current liabilities 378 318
- Non current liabilities 827 1,022
------------------------------ -------- --------
1,205 1,340
------------------------------ -------- --------
In 2009 the group acquired moulds and equipment financed by two
loans. The equipment and one of the loans was incorrectly recorded
in the statement of financial position in the company instead of
the US subsidiary. Both loans were incorrectly included in the
finance lease obligations. The financial statements in 2009 have
been restated to correct the errors. The effect is summarized
below. There is no effect to the profit or losses or the equity in
2009. There is no effect in the period ended 30(th) June 2011.
Group Effect in
2009
GBP'000
Decrease in finance lease
obligations
Within 1 year 606
Later than 1 year not
later than 5 years 375
Increase in other finance
obligations
Within 1 year 606
Later than 1 year not
later than 5 years 375
7. Other financial obligations
Restated
2011 2009
Group Group
GBP'000 GBP'000
Held at amortised cost
- Liability under instalment
sale agreement 1,127 818
------------------------------ -------- --------
Other Loans 510 981
------------------------------ -------- --------
1,637 1,799
------------------------------ -------- --------
Included in the financial
statements as:
- Current liabilities 592 856
- Non current liabilities 1,045 943
------------------------------ -------- --------
1,637 1,799
------------------------------ -------- --------
8. Annual Report
The financial information above does not constitute statutory
accounts within the meaning of Section 435 of the Companies Act
2006. Statutory accounts for the period ended 30 June 2011 have not
been delivered to the registrar. An auditor's report has not yet
been made on the company's statutory accounts for that period. The
report is expected to contain a reference by way of emphasis
without qualifying the report to the disclosure made in the
accounts on going concern.
Copies of the Annual Report will be sent to shareholders Monday
and will be available on the Company's website
www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BGBDBCXBBGBI
Supercart Plc (LSE:SC.)
Historical Stock Chart
From Oct 2024 to Nov 2024
Supercart Plc (LSE:SC.)
Historical Stock Chart
From Nov 2023 to Nov 2024
