TIDMSTT
RNS Number : 3867E
Straight PLC
30 May 2012
30 May 2012
Straight plc
Preliminary Results
for the year ended 31 December 2011
Straight plc (AIM: STT), the recycling products and services
group, is pleased to announce its unaudited Preliminary Results for
the year ended 31 December 2011.
Financial Highlights
-- Group revenue GBP28.0m (2010: GBP30.7m)
-- Underlying* operating profit GBP0.2m (2010: GBP2.0m)
-- (Loss)/profit before tax GBP(0.8m) (2010: GBP1.5m)
-- Adjusted* earnings per share 6.7p (2010: 15.3p)
-- Basic loss per share 2.1p (2010: earnings of 8.6p)
-- Dividends paid 2.6p (2010: 3.5p)
Operational Highlights
-- Manufacturing fully vertically integrated
-- Blow moulding facility introduced
-- New management team in place in acquired factory
-- Group logistics consolidated into one site
* excludes the impact of acquisition costs, reorganisation
costs, share scheme charges, amortisation of customer relationships
and trademarks and deferred tax of GBP1.0m (2010: GBP0.8m)
Commenting on the results, Jonathan Straight, Chief Executive of
Straight plc:
"It is fair to say that 2011 has been a tough year for us with a
number of key issues to deal with. Notwithstanding these
difficulties, our market share has remained intact and the Board
has worked very hard to mitigate those matters that we have
previously reported.
"We are now some way into 2012 and we are beginning to see the
results of the actions we have taken. We are optimistic for the
rest of the year and beyond."
James Newman, Chairman of Straight plc, added:
"The Board and management team have worked hard to address a
number of challenges faced by the Group throughout the year. As a
result in 2012 the Group is returning to profitability and the
picture is more positive."
For further information please contact:
Straight plc
James Newman, Chairman 07850 672 727
Jonathan Straight, Chief Executive 0113 245 2244
07977 002 366
Cenkos Securities
Ivonne Cantu (Nomad)
Christian Hobart (Sales) 0207 397 8980
Redleaf Polhill
Rebecca Sanders-Hewett 0207 566 6720
Jenny Bahr straight@redleafpolhill.com
Notes to Editors
-- Straight plc is the UK's leading supplier of specialist
kerbside recycling containers as well as being a key supplier of a
broad range of waste and recycling container solutions. Founded in
1993 by the current Chief Executive, Jonathan Straight, the
business has since supplied more than 25 million kerbside boxes,
baskets and caddies to local authorities across the UK, securing
its position as the industry leader.
-- The business operates through two divisions. The core Trade
Business supplying products in bulk to local authorities,
utilities, the waste industry, retailers and other businesses and
the Retail Business supplying a range of proprietary
environmentally friendly consumer products directly to the public,
often in partnership with a local authority or a utility.
-- In 2010 two acquisitions changed the business model, which
previously relied on outsourced manufacture. In March 2010 Straight
acquired the business and assets of the UK business of Helesi plc
giving it a proprietary position in the wheeled bin market. This
was followed in August 2010 by the acquisition of Dyro Holdings, a
key supplier of injection moulded products to the group. The Dyro
factory, in Hull, has since been developed to include a blow
moulding capability.
-- In February 2009, Straight added to its portfolio with the
acquisition of Harcostar Garden Products, a long established
premium brand consisting of water butts, compost bins, watering
cans and accessories. This gained new distribution channels for the
business in the UK and in Europe.
-- In 2005, Straight acquired Blackwall Limited, the UK's
largest supplier of home composters and water butts. Through the
Blackwall brand, Straight has delivered more than 3.5 million
compost bins and water butts.
-- Three quarters of the products supplied are produced in
Straight's own factory which has been expanded.
-- Straight plc has established diverse overseas sales channels
for its products, some of which are manufactured locally to their
markets in North America and in Australia. Other markets are
serviced from UK production.
-- Further information about the company and its products can be
found at: www.straight.co.uk
Chairman's Statement
I previously reported on the challenges faced by the Group in
2011 at the half year and I am delighted to say that the Board and
management team have worked hard to address them throughout the
year. As a result in 2012 the Group is returning to profitability
and the picture is more positive.
Trading performance
Group revenue in the full year fell by 9% to GBP28.0m (2010:
GBP30.7m). This was due to a more cautious strategy in relation to
contracts involving a high degree of risk and also due to the
timing of some high value municipal projects.
Maintaining market share is of paramount importance to the
Group. As a consequence it has been necessary to be more
competitive across a small number of product groups. Whilst the
efficiency of the acquired manufacturing facility has improved
since the year end, the benefits have accrued more slowly than
anticipated. As a result the underlying operating profits were
GBP0.2m (2010: GBP2.0m). After accounting for the costs of
re-organisation, mainly relating to the move into manufacturing,
the Group registered a loss before tax of GBP0.8m (2010: profit of
GBP1.5m).
During 2011 the Board was successful in replacing the management
structures in the manufacturing facility, consolidating the three
main distribution sites into one and introducing a blow moulding
capability which is of key importance for the future. The new
factory management is continuing to make progress with further
productivity improvements forecast for 2012.
Net debt at the year end was GBP4.1m. With the cash outflows on
the capital investment programme now complete, net debt is now
falling and stood at GBP3.3m at the end of April 2012.
The Group continues to enjoy a good relationship with its
bankers. A successful outcome is anticipated to the ongoing process
of renewing its facilities.
Trade Business
Revenue fell to GBP25.3m (2010: GBP28.5m). In municipal markets
sales fell to GBP17.5m (2010: GBP22.0m) although market share was
maintained. This was partially offset by an increase in
non-municipal business from GBP6.5m to GBP7.8m.
Taking into account a full year of factory overheads, operating
costs rose from GBP3.5m to GBP4.9m. Despite gross margins rising
from 24.0% to 24.5% boosted by a full year's contribution from
manufacturing operations, underlying operating profits fell to
GBP1.3m (2010: GBP3.3m).
Retail Business
The Retail Business continued its strong growth through 2011
with revenue rising 23% to GBP2.7m (2010: GBP2.2m). Underlying
operating profit increased to GBP158,000. The business has
benefitted from a new management team throughout 2011 and the
development of the blow moulding facility has further strengthened
the proposition.
Vertical integration
Two thirds of Group sales were from products manufactured in
house and this figure is expected to rise in 2012. In addition the
Hull site now serves as the main distribution centre for the Group,
thus saving on distribution costs. The changes made at the site,
whilst challenging and taking longer than anticipated, have put the
Group on a stable footing for the future.
Earnings per share
Adjusted earnings per share for the year, which exclude the
impact of reorganisation costs, share scheme charges, corporate
development costs, amortisation of customer relationships and
trademarks and deferred tax were 6.7p (2010: 15.3p). Basic loss per
share was 2.1p (2010: earnings of 8.6p).
Dividend
The Board remains committed to a policy of paying dividends.
However, in view of the challenges faced over the past year and the
substantial cash investments made, the Board is not recommending
the payment of a dividend at this time. This position will be kept
under review.
Business developments
Both sales and order intake for the first four months of 2012
have been higher than in 2011. The order book remains strong and
remains ahead of budget. A clear path of action has been agreed in
order to maximse Group profitability going forward.
Acquisitions
We remain committed to growing our business both organically and
through strategic acquisitions. We continue to evaluate
opportunities as they arise. During 2011 there were no suitable
targets identified meeting our criteria for investment.
Board
I would like to thank my colleagues on the Board and all the
staff for their exceptional efforts and support during 2011.
Outlook
Demand for the Group's products and services remains strong in
both its Trade and Retail markets. The Group is continuing to
invest in the development of new and innovative products as well as
improvements to both tooling and machinery which will improve
efficiency even further. Significant changes have been made and now
that the roadmap for further improvements has been agreed, we are
able to approach the current year with a renewed confidence and an
expectation of a return to profitability.
James Newman
Chairman
30 May 2012
Chief Executive's Review
It is fair to say that 2011 has been a tough year for us with a
number of key issues to deal with. Notwithstanding these
difficulties, our market share has remained intact and the Board
has worked very hard to mitigate those matters that we have
previously reported.
The restructuring of the manufacturing facility has proved more
challenging than expected. Whilst further work remains to be done,
we are pleased to report that all of the underlying issues have now
been addressed, clear signs of improvement have been demonstrated
and further planned changes are forecast to deliver additional
benefits.
Trade Business
Municipal market
The core municipal activity of our business is underpinned by
European and UK legislation. As recycling targets increase in the
coming years, the requirement for containment solutions is expected
to grow and we are well placed to capitalise on this growth.
Our municipal market share has been maintained despite
competitive pricing on certain products, however, operational
improvements and new product developments during the current year
are expected to improve margins in these areas.
Over the past few years, it has been our policy to develop areas
of activity outside of the municipal market in order to insulate
the Group against any potential downturn in public spending. The
reported reduction in municipal sales was limited to the second
half of 2011 and was due to the phasing of projects. However, sales
in the first four months of 2012 have returned to expected
levels.
Non-municipal markets
Non-municipal sales increased to 30.8% of overall trade sales
(2010: 22.8%). The Board will continue to pursue the strategy of
increasing market share in this area.
UK Garden and Hardware sales grew by 96% to GBP5.5m (2010:
GBP2.8m) driven by the benefits of the Dyro Holdings acquisition
and increased consumer spending on these product groups.
Overseas sales grew by 30% to GBP1.3m (2010: 1.0m). Our products
are currently represented in 37 countries, and we have recently
been successful in securing a significant food waste container
contract in the USA. We believe that there is considerable
potential in overseas markets and we will continue to pursue
opportunities outside of the UK.
Retail Business
The Retail Business had a successful year thanks to its unique
position in the market where it runs water butt offers with most of
the UK Water Companies and delivers compost bins in partnership
with almost all English District Councils.
Building on the success of 2011, sales in 2012 have continued to
grow both through the supply of additional water saving products
and also due to strong demand for water butts as a result of
drought conditions in some parts of the country.
We have now built a business which handles most of its
transactions online. There are further ambitions for growth in our
web-based activity and we intend to further develop a number of our
web sites to enable a significant increase in sales in this
lucrative part of the business.
Manufacturing
The new management is continuing a programme of improvements in
the manufacturing facility, including further increasing labour
efficiency and investment in new machinery, and is making excellent
progress.
Management and staff
The past months have required an exceptional effort from my
Board colleagues, management and staff. I would like to thank them
for their ongoing commitment and for all of their hard work.
Outlook
Our dedication to the supply of innovative products backed with
exceptional customer service continues unabated.
We are now some way into 2012 and we are beginning to see the
results of the actions we have taken. We are optimistic for the
rest of the year and beyond.
Jonathan Straight
Chief Executive
30 May 2012
Finance Director's Review
Revenue and Operating Margins
Trade Business
Revenues decreased by 10% to GBP25.3m (2010: GBP28.2m) and
underlying operating profits were GBP1.3m (2010: GBP3.3m).
The process of vertical integration including the consolidation
of three distribution sites into the one site in Hull, the
replacement of the legacy pre-acquisition factory management team
and the costs of introducing blow-moulding production reduced
profit before tax to GBP568,000 (2010: GBP3,348,000) after
reorganisation costs of GBP578,000 and finance costs of
GBP139,000.
Retail Business
Retail sales grew by 23% during the year to GBP2.7m (2010:
GBP2.2m) with an operating profit of GBP158,000 (2010: GBP1,000).
The business has made a very strong start in 2012 and is expected
to deliver further increases in profitability.
Central Overheads
Underlying central operating costs fell in the year to GBP1.3m
(2010: GBP1.4m). Total central costs were GBP1.5m (2010:
GBP1.9m).
Cash flow
The fall in profitability in the year impacted cash generated
from operations which fell to GBP0.7m (2010: GBP1.4m). Extra
resource applied in credit control was well timed, reducing debtor
days to 38 by the first quarter of 2012. The cash inflow from
debtors of GBP1.2m was offset by an increase in stock of GBP0.4m
and a reduction in creditors of GBP0.6m. These stock increases are
now being reversed.
In addition to the reorganisation costs associated with vertical
integration, the Group invested GBP1.5m (2010: GBP2.2m) in capital
equipment mainly associated with the introduction of blow moulding
operations and the extension of the manufacturing site. This
capital investment is now virtually complete.
The dividend paid during the year was GBP0.3m (2010: GBP0.4m)
and related to the profits made in 2010. The Board is not
recommending any dividend to be paid in 2012.
The net decrease in cash and cash equivalents in the Group
during the year was GBP1.9m (2010: GBP0.8m).
Net Debt
At the end of the year the Group had net debt of GBP4.1m (2010:
GBP2.4m). With cash outflows associated with the above investment
and reorganisation now complete, the Group has begun to rapidly
reduce its net debt position. In the four months to the end of
April, net debt had been reduced by GBP0.8m to GBP3.3m. This
improvement, driven by strong operating cash flows, is expected to
continue as the year progresses.
Earnings
Adjusted earnings per share for the year which exclude
acquisition costs, reorganisation costs, share scheme charges,
amortisation of customer relationships and trademarks and deferred
tax were 6.7p (2010: 15.3p). Basic loss per share was 2.1p (2010:
earnings of 8.6p).
Review of key performance indicators
2011 2010 Change
GBP'000 GBP'000 %
Group revenue 27,974 30,660 -9
Gross profit 6,951 7,512 -7
Underlying EBITDA* 1,143 2,675 -57
(Loss)/profit before tax (790) 1,473 n/a
Cash generated from operations 697 1,395 -50
*EBITDA before corporate development costs, reorganisation costs
and share option costs of GBP0.9m
The underlying EBITDA fell as a consequence of the lower
revenues and gross profit and also a full year's manufacturing
overhead.
The operating cashflow of GBP0.7m takes into account the cost of
reorganisation and the working capital adjustments mentioned
above.
Management of Financial Risk
The Group enjoys a degree of natural hedging where both
purchases and sales are made in the same currency. The impact of
foreign currency movements during the year on operating profit was
small.
As a supplier of plastic products, the Group has always closely
monitored the movement in polymer prices. The Group mitigates this
risk by maximising its use of recycled polymer, which is much less
price volatile than virgin polymer. This is the key way in which
the risk posed by rapid movements in polymer prices is
mitigated.
Now that the Group is engaged in proprietary manufacture, the
risk posed to it in respect of customer warranty claims is
increased. The Group has mitigated this risk by developing its
relationships with key raw material suppliers and ensuring that the
materials used, especially recycled polymers, are closely and
appropriately specified.
The Group's rigorously enforced approach to credit control once
again ensured that there were no significant bad debts.
Forecast short term and longer term cash consumptions are
regularly reviewed by the Board, which constantly monitors the
Group's cash resources.
Restatement of 2010 comparatives
In 2010 provisional fair values were recorded in respect of the
acquisition of Dyro Holdings Limited. During the year these were
finalised. As required by the relevant accounting standard,
comparative information has been restated as appropriate. The
principal changes between the provisional and final fair values
were a reduction in plant and machinery of GBP0.4m and goodwill of
GBP0.7m.
James Mellor
Finance Director
30 May 2012
Consolidated Statement of Comprehensive Income
For the year ended 31 December2011
Unaudited Restated
2011 2010
Note GBP'000 GBP'000
Revenue 2 27,974 30,660
Cost of sales (21,023) (23,148)
_____ _____
Gross profit 6,951 7,512
Operating costs 4 (6,785) (5,520)
_____ _____
Underlying operating profit 166 1,992
Share option costs (16) (19)
Amortisation of customer relationships and
trade marks (86) (37)
Corporate development costs 5 (38) (308)
Reorganisation costs 5 (677) (90)
Finance costs (139) (65)
_____ _____
(Loss)/profit before taxation 2 (790) 1,473
Income tax 6 547 (487)
_____ _____
(Loss)/profit for the year attributable to
the equity holders of the Company (243) 986
_____ _____
(Loss)/earnings per share (continuing and total)
for (loss)/profit attributable to the equity holders
of the Company during the year
Adjusted basic 7 6.7p 15.3p
Adjusted diluted 7 6.7p 15.0p
Basic 7 (2.1)p 8.6p
Diluted 7 (2.1)p 8.4p
Consolidated Balance Sheet
At 31 December 2011
Unaudited Restated
2011 2010
GBP'000 GBP'000
Non current assets
Property, plant and equipment 8,116 7,207
Intangible assets 6,838 6,862
_____ _____
14,954 14,069
Current assets
Trade and other receivables 4,143 5,179
Inventories 2,999 2,630
Cash and short-term deposits - 809
_____ _____
7,142 8,618
_____ _____
Total assets 22,096 22,687
_____ _____
Current liabilities
Bank overdraft (1,083) -
Trade and other payables (6,589) (7,077)
Financial liabilities (2,125) (1,125)
Income tax payable - (678)
Provisions (554) (193)
_____ _____
(10,351) (9,073)
Non-current liabilities
Financial liabilities (871) (2,507)
Deferred taxation (691) (493)
Provisions (417) (322)
_____ _____
(1,979) (3,322)
_____ _____
Total liabilities (12,330) (12,395)
_ ___ _____
Net assets 9,766 10,292
_____ _____
Capital and reserves
Issued share capital 119 119
Share premium 6,386 6,386
Merger reserve 744 744
Share option reserve 291 275
Profit and loss account 2,226 2,768
_____ _____
Total equity 9,766 10,292
_____ _____
Consolidated Statement of Changes in Equity
For the year ended 31 December 2011
Share Share Merger Share Profit Total
Capital Premium Reserve Option and Loss Equity
Account Reserve Account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2010 115 5,970 744 256 2,615 9,700
Profit and total comprehensive income
for the year - - - - 986 986
Shares issued to the employee benefit trust 4 416 - - (420)
-
Share based payments - - - 19 - 19
Dividends - - - - (413) (413)
_____ _____ _____ _____ _____ _____
At 1 January 2011 119 6,386 744 275 2,768 10,292
Loss and total comprehensive income - - - - (243) (243)
for the year
Share based payments - - - 16 - 16
Dividends - - - - (299) (299)
_____ _____ _____ _____ _____ _____
At 31 December 2011 119 6,386 744 291 2,226 9,766
_____ _____ _____ _____ _____ _____
Consolidated Cash Flow Statement
For the year ended 31 December2011
Unaudited Restated
2011 2010
GBP'000 GBP'000
Cash flows from operating activities
Loss/(profit) after taxation: (243) 986
Adjustment for:
Depreciation 931 656
Profit on sale of property, plant and equipment (5) (49)
Amortisation 132 131
Taxation expense recognised in income statement (547) 487
Net finance costs 139 65
Share option costs recognised in income statement 16 19
Increase in inventories (369) (666)
Decrease/(increase) in trade and other receivables 1,206 (1,159)
(Increase)/decrease in trade and other payables (563) 925
_____ _____
Cash generated from operations 697 1,395
Income tax paid - (492)
_____ _____
Net cash from operating activities 697 903
_____ _____
Cash flows from investing activities
Purchase of business combinations net of cash acquired (12) (1,568)
Purchase of intangibles (108) (600)
Purchase of property, plant and equipment (1,477) (2,233)
Proceeds from sale of equipment 59 130
_____ _____
Net cash used in investing activities (1,538) (4,271)
_____ _____
Cash flows from financing activities
Interest paid (117) (65)
Dividends paid (299) (418)
Proceeds from borrowings 535 3,755
Repayment of borrowings (749) (312)
Repayment of hire purchase contracts (421) (367)
_____ _____
Net cash flow from financing activities (1,051) 2,593
Net decrease in cash and cash equivalents (1,892) (775)
_____ _____
Cash and cash equivalents at beginning of period 809 1,584
_____ _____
Cash and cash equivalents at end of period (1,083) 809
_____ _____
Notes to the Preliminary Announcement
For the year ended 31 December 2011
1. Basis of preparation
The preliminary announcement has been prepared in accordance
with applicable International Financial Reporting Standards as
adopted by the EU and applied in accordance with the Companies Act
2006.
Other than as described below, the accounting policies adopted
are consistent with those of the annual financial statements for
the year ended 31 December 2010, as described in those annual
financial statements.
2. Segmental reporting
The operating results are attributable to the principal
activities of the Group.
Trade Trade Trade Total Central
Commercial M'facturing Adjustments Trade Retail overhead
Total
2011 2011 2011 2011 2011 2011 2011
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 25,302 - - 25,302 2,672 - 27,974
Inter-segment sales - 15,503 (15,503) - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 25,302 15,503 (15,503) 25,302 2,672 - 27,974
_____ _____ _____ _____ _____ _____ _____
Gross profit 3,473 2,734 - 6,207 744 - 6,951
Operating costs (2,317) (2,605) - (4,922) (586) (1,277)
(6,785)
Underlying
operating profit 1,156 129 - 1,285 158 (1,277) 166
_____ _____ _____ _____ _____ _____ _____
Share option costs (16) (16)
Amoritsation of goodwill
and trademarks - - - - - (86) (86)
Corporate
development costs - - - - - (38) (38)
Reorganisation costs (393) (185) - (578) - (99) (677)
Finance costs (79) (60) - (139) - - (139)
Profit/(loss)
before taxation 684 (116) - 568 158 (1,516) (790)
_____ _____ _____ _____ _____ _____ _____
Trade Trade Trade Total Central
Commercial M'facturing Adjustment Trade Retail overhead
Total
2010 2010 2010 2010 2010 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 27,536 953 - 28,489 2,171 - 30,660
Inter-segment sales - 4,998 (4,998) - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 27,536 5,951 (4,998) 28,489 2,171 - 30,660
_____ _____ _____ _____ _____ _____ _____
Gross profit 5,874 968 - 6,842 670 - 7,512
Operating costs (2,726) (768) - (3,494) (669) (1,357)
(5,520)
Underlying
operating profit 3,148 200 - 3,348 1 (1,357) 1,992
_____ _____ _____ _____ _____ _____ _____
Share option costs (19) (19)
Amoritsation of goodwill
and trademarks - - - - - (37) (37)
Corporate
development costs - - - - - (308) (308)
Reorganisation costs - - - - - (90) (90)
Finance costs - - - - - (65) (65)
Profit/(loss)
before taxation 3,148 200 - 3,348 1 (1,876) 1,473
_____ _____ _____ _____ _____ _____ _____
It is not possible to split the central overheads (which include
the amortisation of purchased contracts and trademarks) between the
operating segments of the business as the resources to which they
relate are common to all segments.
Depreciation of GBP592,000 (2010: GBP505,000) and amortisation
of software of GBP22,000 (2010: GBP67,000) has been included within
the operating costs of the Trade Commercial Business. Depreciation
of GBPnil (2010: GBP48,000) and amortisation of intangible assets
of GBP24,000 (2010: GBP9,000) has been included within the
operating costs of the Retail Business. Depreciation of GBP339,000
(2009: GBP103,000) has been included within the operating costs of
the Trade Manufacturing Business.
3. Profit before tax
The profit before taxation is stated after the costs below.
Unaudited Restated 2011 2010
GBP'000 GBP'000
Depreciation 931 656
Amortisation 132 131
Operating lease rentals - land and buildings 352 211
Operating lease rentals - motor vehicles 73 28
Auditors' remuneration - audit services 59 44
Auditors' remuneration - non-audit services 23 82
Share based payments 16 19
4. Operating costs
Unaudited Restated 2011 2010
GBP'000 GBP'000
Distribution costs 4,373 3,742
Administrative expenses 2,412 1,778
_____ _____
Operating expenses 6,785 5,520
_____ _____
5. Corporate development costs and exceptional items
Corporate development costs were incurred during 2011 of
GBP38,000 (2009: GBP308,000) and relate to acquisitions made during
2010.
Reorganisation costs of GBP677,000 (2009: GBP90,000) were
incurred during 2011 and mostly related to the consolidation of
distribution in Hull, the replacement of the manufacturing
management team and the introduction of blow moulding
operations.
6. Taxation
Unaudited Restated 2011 2010
GBP'000 GBP'000
Corporation tax on profits - 354
Over provision in prior years (575) (30)
Losses carried back (170) -
____ ____
Current tax (745) 324
Deferred tax current year 59 108
Change in deferred tax rate (74) (15)
Under provision for deferred tax in the prior year 213 70
____ ____
Income tax expense (547) 487
____ ____
Analysis of total tax charge
(Loss)/profit before taxation (790) 1,473
____ ____
Profit before taxation multiplied by standard rate of
Corporation Tax in the UK (26.5%) (2010: 28%) (209) 412
Expenses not deductible for tax purposes 26 99
Deferred tax rate change (74) (15)
Losses carried back (125) -
Deferred tax on share options 48 (49)
(Over)/under provision in respect of prior periods (213) 40
____ ____
(547) 487
____ ____
7. Earnings per share
Basic earnings per share are calculated on the basis of profit
for the financial year after tax divided by the weighted average
number of shares in issue for the year.
Diluted earnings per share are calculated on the basis of profit
for the year after tax divided by the weighted average number of
shares in issue in the year plus the weighted average number of
shares which would be issued if all the options granted were
exercised.
2011 2010
Weighted Weighted
average average
Earnings number Per share Earnings number Per share
GBP'000 of shares pence GBP'000 of shares pence
Basic (loss)/earnings attributable to (243) 11,499,294 (2.1)
986 11,499,294 8.6
ordinary shareholders
Dilutive effect of share options - - - - 254,003 (0.2)
____ _________ ____ ____ _________ ____
Diluted earnings per share (243) 11,499,294 (2.1) 986 11,753,927
8.4
____ _________ ____ ____ _________ ____
Adjusted earnings per share
Adjusted earnings per share are calculated on the basis of
adjusted profit for the year after taxation (see below) divided by
the weighted average number of shares in issue in the year. The
comparative is calculated by reference to the weighted average
number of shares in issue in 2010.
2011 2010
Weighted Weighted
average average
Earnings number Per share Earnings number Per share
GBP'000 of shares pence GBP'000 of shares pence
Adjusted earnings attributable to
ordinary shareholders 773 11,499,294 6.7 1,755 11,499,294
15.3
Dilutive effect of share options - - - - 254,003 (0.3)
____ _________ ____ ____ _________ ____
Diluted earnings per share 773 11,499,294 6.7 1,755 11,753,067
15.0
____ _________ ____ ____ _________ ____
Unaudited Restated
2011 2010
GBP'000 GBP'000
(Loss)/profit for the year attributable to the equity
holders of the Company (243) 986
Reorganisation costs 677 90
Share scheme charges 16 19
Amortisation of customer relationships and trademarks 86 37
Corporate development costs 38 308
Deferred tax 199 315
_____ _____
Adjusted earnings attributable to
ordinary shareholders 773 1,755
_____ _____
8. Publication of non statutory accounts
These financial results do not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006. The
Statement of Comprehensive Income, Consolidated Balance sheet at 31
December 2011, Consolidated Statement of Changes in Equity,
Consolidated Cash Flow statement and selected notes for the year
then ended have been extracted from the Group's unaudited financial
statements for 2011 and audited financial statements for 2010. The
unaudited financial information contained within the preliminary
announcement for the year ended 31 December 2011 was approved by
the Board on 30 May 2011. Statutory accounts for the year ended 31
December 2010 were approved by the Board of directors on 20 April
2011 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified and did not contain any
statement under Section 498 of the Companies Act 2006.
9. Annual General Meeting
The Annual General Meeting of the Company will be held in Leeds
on 29 June 2012. Full details will be included in the published
Annual Report and Financial Statements, which will be sent to
shareholders in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR URUVRURAVORR
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