TIDMSWP
RNS Number : 5601D
SWP Group PLC
24 March 2011
Half Year Results
for the six months ended 31 December 2010
SWP Group plc (the "Group")
Half Year Results
for the six months ended 31 December 2010
Chairman's Statement
Corporate Review
SWP has developed its core activities to become a global
specialist provider of engineering solutions across the building,
construction, oil, gas and utility sectors based upon branded
products used within niche markets on an increasingly global basis.
Positive results have been achieved despite market conditions
remaining difficult and challenging throughout the period. The
economies in a number of key markets particularly Spain and the UK
remain depressed for construction related projects. It may be some
time before sustained growth returns to these damaged economies
which have been so adversely affected by recession which combined
with the banking crisis has made the funding of projects much more
difficult. Despite this Fullflow and Ulva which together represent
some 85% of our turnover have performed robustly whilst the poor
trading environment has continued to affect volume at both DRC
(membranes) and Crescent of Cambridge (metal staircases).
Financial Results
Against a background of depressed market conditions we consider
that the results recorded for the six month period to 31(st)
December 2010 are highly resilient and very much in line with the
strategic direction in which we are driving this Group forward.
Sales revenues have been maintained at GBP12,702,000 (2009
GBP12,349,000) an increase of 2.9% in line with expectations.
Operating profits before exceptional expenses and the amortisation
of acquired intangible assets have remained steady at GBP1,429,000
(2009 GBP1,410,000), whilst profits before taxation of GBP1,154,000
compare with GBP1,178,000 for the same period in 2009.
Profits attributable to shareholders amounted to GBP841,000
(2009 GBP858,000) after the application of a full tax charge which
comprises current corporation tax (see Note 4) of GBP220,000 and
the release of deferred tax assets of GBP93,000 booked in earlier
years in compliance with IAS 12.
Unaudited Unaudited
six months six months
ended 31.12.10 ended 31.12.09
GBP'000 GBP'000
Revenue 12,702 12,349
Operating profit before
exceptional costs and
amortisation of intangible
assets 1,429 1,410
Profit before tax 1,154 1,178
Profit after tax 841 858
Earnings per share 0.42p 0.43p (Note 1)
Note 1. The calculation of earnings per share in respect of the
six month period to 31 December 2009 has been restated to take
account of the bonus issue declared in 2010 of 10 new ordinary
shares for every ordinary share held in the Group ranking pari
passu.
Operational Highlights
Fullflow
Challenging domestic markets have not prevented Fullflow's
Rainwater Management Division from delivering a respectable result,
flowing from a combination of further improvements in operating
performance and continued success in international markets.
The re-organisation in the second half of FY 2010 has reduced
operating costs without in any way hampering the group's ability to
serve its customers. The combination of fresh management attention
and leaner operations will continue to deliver improvements in
operational effectiveness going forward.
Fullflow UK continues to provide its syphonic rainwater
management systems to the higher end of the specification driven
market, which is well illustrated in the UK by the upcoming London
Olympics in which spectators arriving by air into London Heathrow,
or by Eurostar into St Pancras will pass through Fullflow reference
sites before continuing on to their Olympic venues, which
incorporate Fullflow's systems including Stratford Shopping Centre
(Westfield), International Broadcasting Centre, Media Press Centre
and ODA Basketball Arena. In addition, another prestige development
will be unveiled on a world stage when Silverstone reveals its
prestigious new pits complex for the 2011 British Grand Prix where
Fullflow's expertise has been utilised and installed.
The number of such large projects has diminished in the current
economic climate presenting the businesses with the challenge of
handling a higher number of smaller projects, which it has proven
to be adept at adjusting to with the accent on operational
effectiveness.
The French business, which for a long time found it difficult to
generate profit, has blossomed under new leadership and its
employee team is now enjoying contributing well in a market that
has been somewhat less affected by the recession than Spain or the
UK.
The Spanish business has witnessed the greatest downturn in its
domestic market and following the completion of the T4 project at
Barajas airport has relied upon its success in international
markets, including the construction of the new Renault facility in
Morocco which is being transacted jointly with the French business.
International business development is now very much focused upon
Brazil for stadia, airport and railway station projects in the
build up to the football World Cup in 2014 and the Olympic Games in
2016.
Some exceptional costs (GBP66,000, 2009 GBPnil) were incurred in
July and August 2010 when we closed the manufacturing facility in
Paris to allow the capacity utilisation of our manufacturing
facility in Madrid to rise closer to full capacity thereby
increasing our operating efficiency and effectiveness on a Group
basis.
Patience at Plasflow is beginning to be rewarded as long pursued
projects for the electrical utilities, particularly in the nuclear
sector, are starting to flow and augment the steady state base load
business. Plasflow is beginning to show the latent potential that
has long been anticipated for its highly specialised and proficient
service offering in the fabrication of large diameter plastic pipes
through its state of the art production facility in Rotherham.
Polymer Membrane Division
Ulva
Ulva's volume is in line with expectation at levels similar to
FY2010 as the business reaches the tail end of a number of major
oil and gas projects and anticipates the commencement of the next
multi-year prospects.
Each of these major projects can be considered as worthy
reference sites representing best practice in the management of
Corrosion Under Insulation (CUI) on process pipe work and vessels
as a result of the professionalism of the Ulva certified
applicators together with end user decisions to employ Ulva's site
services team to assist with the delivery of best practice. The
discerning oil & gas majors that have specified the system are
fully satisfied that by working collaboratively, we have ensured
that precisely the level of protection envisaged within the project
specifications has been delivered without compromise.
Ulva has a strong prospect list for major projects, a number of
which are now on the starting blocks.
Investment in a direct Houston based presence is beginning to
contribute and expectations are high. Similar investment in South
East Asia has not produced the same return and the operation has
been discontinued in favour of an alternative approach to that
market.
Hylam Uniroof
DRC manufactures a specialised paper backed roofing laminate
which has particular application in the modular build sector of the
construction industry. The product is fabricated into bespoke sized
roofing blankets and sold in roll form to other fabricators.
Despite DRC's high market share, volumes have declined to 25% of
the level enjoyed in 2008 as a result of the modular build sector
being hit particularly hard by the downturn in the construction
industry. At that level, the overhead cost associated with the
fabrication of blankets could not be recovered and a decision was
taken to exit the blanket fabrication market and its associated
cost in order to focus on supplying the product in roll form to the
network of existing blanket fabricators. The reorganisation will
ensure that the DRC business operates profitably in the current
environment.
Hylam FPA
This product, which is now the only unqualified material
accepted for contact with potable water by the Drinking Water
Inspectorate (DWI) in the UK for tank lining, baffle curtains and
floating covers continues to perform ahead of expectation both
within the domestic market and for key projects in the Middle East,
supported by a very competent UK based fabrication and installation
partner.
Hylam IQ
A key project was completed in the period under review for an
asset in the North West of England which delivered not only the
benefit of electronic leak detection within the roof sealing
membrane of a key service reservoir, but also the benefit of
continuous monitoring and alarming of the roof. DRC's capability
and pedigree in this niche and technical product area has not been
fully rewarded due to lower than anticipated expenditure by the
water utilities in the first year of the Asset Management Programme
AMP 5 period. It remains to be seen whether maintenance expenditure
will increase as we penetrate deeper into the AMP period.
Crescent
As in previous reports the decline within the Construction
Industry has hit our Crescent operation hard as manufacturers
continue to chase a declining volume of work particularly in the
commercial sector. This has adversely affected the operations of a
number of larger customers whose turnover has fallen dramatically
over the past two or three years. By contrast the decline in
Crescent's core business has been significantly less than with that
of its larger customers reflecting the strength of the brand.
Good levels of repeat business continue to be enjoyed from the
national and regional contractors but the substantial reduction in
supply to the modular build sector has resulted in a
disproportionate affect on the Crescent business. The strategy of
cost reduction and containment, new leadership and new enthusiastic
sales professionals is the approach that will help Crescent round
the curve and return to profit but during the period under review
it has remained stubbornly loss making.
Earnings Per Share
Shareholders have benefitted from the declaration of a maiden
dividend which was paid on 4(th) January 2011. On a comparative
basis earnings per share for the six months to 31(st) December 2010
remain at similar levels of 0.42p (2009 0.43p) after recalculation
for the bonus issue of 10 new ordinary shares for every ordinary
share held in the Group ranking pari passu. It is anticipated that
if the results to the financial year ended 30(th) June 2011
continue to meet the Board's expectations a similar level of
dividend will be declared to that of last year.
Staff
As in previous years the quality of the Group's earnings is
dependent upon a lot of hard work and effort by the Group's
employees who collectively and individually have demonstrated by
their loyalty, dedication and commitment that our Group is in
capable hands for the future. We are grateful to our employees for
their efforts as our management teams have been reshaped and
focused towards difficult and changing market conditions.
Current Trading and Prospects
Despite the severity of the downturn in market conditions as
well as the uncertain and volatile economic outlook which are of
constant concern we consider that the prospects for the Group
remain in line with the Board's expectations. Whilst many
challenges remain, not the least of which is the "project" led
nature of both Fullflow's and Ulva's respective businesses, we are
confident that our products remain in demand internationally and
that we will grow organically in accordance with the strategic
plans which we put in place some time ago. We look forward to more
favourable market conditions but at the same time continue to focus
on profitable growth with active control over costs within each and
every business area. With greater levels of specification of our
products internationally we look forward to the remainder of 2011
and beyond with confidence.
J A F Walker
Chairman
Unaudited Consolidated Statement of Comprehensive Income
Year
Six months Six months ended
ended 31.12.10 ended 31.12.09 30.06.10
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue Note 1 12,702 12,349 26,578
Cost of sales (7,692) (7,253) (14,730)
---------------- ---------------- ----------
Gross profit 5,010 5,096 11,848
Operating expenses (3,581) (3,686) (8,580)
---------------- ---------------- ----------
1,429 1,410 3,268
Exceptional operating
expenses (66) - (442)
Amortisation of intangible
assets acquired through
business combinations net of
deferred tax (83) (83) (165)
---------------- ---------------- ----------
Operating profit 1,280 1,327 2,661
Financial income - - 3
Financial costs (126) (149) (390)
---------------- ---------------- ----------
Profit on ordinary activities
before taxation 1,154 1,178 2,274
Income tax charge (313) (320) (591)
---------------- ---------------- ----------
Profit for the period 841 858 1,683
---------------- ---------------- ----------
Total comprehensive income
Profit for the period and
total comprehensive income
attributable to equity
holders of the company 841 858 1,683
---------------- ---------------- ----------
Basic earnings per share 0.42p 0.43p 0.84p
(pence) Note 2
---------------- ---------------- ----------
Diluted earnings per share 0.41p 0.43p 0.84p
(pence)
---------------- ---------------- ----------
Note 1 Turnover and operating profit all derive from continuing
operations.
Note 2. The calculation of earnings per share in respect of the
six month period to 31 December 2009 has been restated to take
account of the bonus issue declared in 2010 of 10 new ordinary
shares for every ordinary share held in the Group ranking pari
passu.
Unaudited Consolidated Statement of Changes in Equity
Share
Called Share based Profit
up share premium Capital payment Re-valuation & loss
capital account reserve reserve reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2009 89 12,534 41 - 229 (1,564) 11,329
Result for the
period - - - - - 1,144 1,144
------ ----------- ------- ----------- --------- --------------- -----------
At 30 June 2009 89 12,534 41 - 229 (420) 12,473
Result for the
period - - - - - 859 859
Issue of shares 3 671 - - - - 674
Purchase of
treasury
shares - - - - - (134) (134)
------ ----------- ------- ----------- --------- --------------- -----------
At 31 December
2009 92 13,205 41 - 229 305 13,872
Result for the
period - - - - - 824 824
Bonus issue 924 (924) - - - - -
Capital
reorganisation - (12,281) - - - 12,281 -
Purchase of
treasury
shares - - - - - (154) (154)
------ ----------- ------- ----------- --------- --------------- -----------
At 30 June 2010 1,016 - 41 - 229 13,256 14,542
Result for the
period - - - - - 841 841
Share based
payment - - - 17 - - 17
Purchase of
treasury
shares - - - - (152) (152)
------ ----------- ------- ----------- --------- --------------- -----------
At 31 December
2010 1,016 - 41 17 229 13,945 15,248
------ ----------- ------- ----------- --------- --------------- -----------
Unaudited Consolidated Statement of Financial Position
As at As at As at
31.12.10 31.12.09 30.06.10
GBP'000 GBP'000 GBP'000
Non-current assets
Investments 25 - -
Intangible assets 8,679 8,936 8,799
Property, plant and equipment 5,686 5,087 5,761
Trade and other receivables 513 689 598
Deferred tax assets 643 924 736
---------- ---------- ----------
15,546 15,636 15,894
---------- ---------- ----------
Current assets
Inventories and work in progress 4,338 3,901 3,692
Trade and other receivables 9,041 9,889 9,144
----------
13,379 13,790 12,836
---------- ---------- ----------
Total assets 28,925 29,426 28,730
---------- ---------- ----------
Current liabilities
Trade and other payables (5,967) (6,363) (7,118)
Current tax liabilities (226) (494) (213)
Obligations under finance leases (27) (98) (34)
Bank loans and overdrafts (2,402) (2,438) (1,250)
---------- ---------- ----------
(8,622) (9,393) (8,615)
---------- ---------- ----------
Non-current liabilities
Bank loans (2,368) (3,458) (2,842)
Deferred tax liabilities (2,682) (2,679) (2,717)
Obligations under finance leases (5) (24) (14)
---------- ---------- ----------
(5,055) (6,161) (5,573)
---------- ---------- ----------
Total liabilities (13,677) (15,554) (14,188)
---------- ---------- ----------
NET ASSETS 15,248 13,872 14,542
========== ========== ==========
Capital and reserve
Called up share capital 1,016 92 1,016
Share premium account - 13,205 -
Share based payments reserve 17 - -
Capital reserve 41 41 41
Revaluation reserve 229 229 229
Retained earnings 13,945 305 13,256
---------- ---------- ----------
TOTAL EQUITY 15,248 13,872 14,542
========== ========== ==========
Unaudited Consolidated Statement of Cash Flows
Six months Six months Year ended
ended 31.12.10 ended 31.12.09 30.06.10
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit after tax 839 858 1,683
Adjustments for:
Net finance costs 126 149 387
Corporation tax charge 313 320 108
Depreciation of property,
plant and equipment 184 185 325
Amortisation of intangible
assets 120 123 246
Profit on disposal of plant
and equipment (2) - 35
---------------- ---------------- -----------
Operating cash flows before
movement in working
capital 1,580 1,635 2,784
(Increase)/decrease in
inventories and work in
progress (646) 71 280
Decrease/(increase) in
receivables 188 (57) 1,193
Decrease in payables (1,150) (807) (293)
Interest paid (142) (147) (391)
Interest received - - 3
Corporation tax paid (207) (191) (204)
---------------- ---------------- -----------
Net cash inflow from
operating activities (377) 504 3,372
---------------- ---------------- -----------
Cash flow from investing
activities
Investments (25) - -
Purchase of property, plant
and equipment (114) (158) (1,011)
Purchase of intangible
assets - (14) -
Proceeds from disposals of
property, plant and
equipment 6 - 4
---------------- ---------------- -----------
Net cash outflow from
investing activities (133) (172) (1,007)
---------------- ---------------- -----------
Cash flow from financing
activities
Issue of ordinary shares - 675 674
Term loan conversion to euro
denomination - 1,443 1,303
Bank loans repaid (474) (247) (764)
Purchase of treasury shares (152) (134) (288)
Finance lease repayments,
net (16) (42) (116)
---------------- ---------------- -----------
Net cash
(outflow)/inflow from
financing activities (642) 1,695 809
---------------- ---------------- -----------
Net (increase)/decrease
in cash and bank
overdrafts (1,152) 2,027 3,174
Cash, cash equivalents
and bank overdrafts at
beginning of period (303) (3,477) (3,477)
---------------- ---------------- -----------
Cash, cash equivalents and
bank overdrafts at end of
period (1,455) (1,450) (303)
================ ================ ===========
Notes to the Interim Report
1. Basis of Preparation
The Interim Financial Statements have been prepared using
accounting policies consistent with International Financial
Reporting Standards as adopted in the European Union and in
accordance with International Accounting Standards (IAS) 34 Interim
Financial Reporting.
The financial information for the six month periods ended 31
December 2010 and 31 December 2009 has not been audited by the
Group's auditors and does not constitute accounts within the
meaning of s240 of the Companies Act 2006. The financial
information for the year ended 30 June 2010 is an abridged version
of the Group's accounts which received an unqualified auditors'
report and did not contain a statement under s237(2) or (3) of the
Companies Act 2006 and have been filed with the Registrar of
Companies.
The same accounting policies, presentation and methods of
computation are followed in these interim financial statements as
were applied in the preparation of the Group's financial statements
for the year ended 30 June 2010. In addition the Directors adopted
a new accounting policy in respect of share based payments which is
stated below.
Share-based payments
The Group operates an equity-settled, share-based payment
compensation plan, under which the entity receives services from
employees as consideration for equity instruments (options) of the
company. The fair value of the employee service received in
exchange for the grant of the options is recognised as an expense.
The total amount to be expensed over the vesting period is
determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions (for
example, profitability and sales growth targets). Non-market
vesting conditions are included in assumptions about the number of
options that are expected to vest. At each balance sheet date, the
entity revises its estimates of the number of options that are
expected to vest. It recognises the impact of the revision to
original estimates, if any, in the statement of comprehensive
income, with a corresponding adjustment to equity.
Where options are exercised if the company issues new shares the
proceeds received net of any directly attributable transactions
costs are credited to share capital (nominal value) and share
premium.
2. Taxation
Interim period income tax is accrued based on the estimated
average annual effective income tax rate.
3. Segmental Reporting
Polymer
membrane Total
Rainwater Metal six Corporate six
management staircases months six months
six months six months ended 31 months ended 31
ended 31 ended 31 Dec ended 31 Dec
Dec 2010 Dec 2010 2010 Dec 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 7,792 957 3,953 - 12,702
Intergroup sales 1,294 - 305 - 1,599
----------- ----------- --------- ---------- ---------
Total revenues 9,086 957 4,258 - 14,301
Cost of sales (6,189) (788) (2,314) - (9,291)
----------- ----------- --------- ---------- ---------
Gross profit 2,897 169 1,944 - 5,010
Operating
expenses (1,952) (370) (963) (296) (3,581)
----------- ----------- --------- ---------- ---------
945 (201) 981 (296) 1,429
Exceptional
operating
expenses (19) - - (47) (66)
Amortisation of
intangible
assets acquired
through business
combinations net
of deferred tax - - - (83) (83)
Intergroup
royalty
(charge)/income - - (492) 492 -
Intergroup
management fees (151) (30) (44) 225 -
Intergroup rent
(charges)/income - - (36) 36 -
Operating profit 775 (231) 409 327 1,280
Financial income -
Financial costs (14) - (19) (93) (126)
Intergroup
financial
charges (14) - (26) 40 -
----------- ----------- --------- ---------- ---------
Profit on
ordinary
activities
before taxation 747 (231) 364 274 1,154
Income tax
(charge)/credit (189) 59 (92) (91) (313)
----------- ----------- --------- ---------- ---------
Profit for the
year
attributable to
equity holders
of the company 558 (172) 272 183 841
=========== =========== ========= ========== =========
Polymer
Rainwater membrane Total
management Metal six Corporate Intergroup six
six months staircases months year six year six months
ended six months ended 31 months months ended 31
31 Dec ended 31 Dec ended 31 ended 31 Dec
2010 2010 Dec 2010 2010 Dec 2010 Dec 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Other
information
Capital
expenditure 24 - 32 58 - 114
Depreciation
and
amortisation 59 50 68 127 - 304
Segmental
assets 15,815 2,520 8,388 10,057 (7,855) 28,925
Segmental
liabilities (10,068) (1,034) (6,526) (3,904) 7,855 (13,677)
------------ ----------- --------- ---------- ----------- ---------
Net assets as
at 31 Dec
2010 5,747 1,486 1,862 6,153 - 15,248
============ =========== ========= ========== =========== =========
Polymer
membrane Total
Rainwater Metal six Corporate six
management staircases months six months
six months six months ended 31 months ended 31
ended 31 ended 31 Dec ended 31 Dec
Dec 2009 Dec 2009 2009 Dec 2009 2009
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 7,433 1,034 3,882 - 12,349
Intergroup sales 1,331 - 198 - 1,529
----------- ----------- --------- ---------- ---------
Total revenues 8,764 1,034 4,080 - 13,878
Cost of sales (6,032) (688) (2,062) - (8,782)
----------- ----------- --------- ---------- ---------
Gross profit 2,732 346 2,018 - 5,096
Operating
expenses (2,245) (422) (831) (188) (3,686)
----------- ----------- --------- ---------- ---------
487 (76) 1,187 (188) 1,410
Amortisation of
intangible
assets acquired
through business
combinations net
of deferred tax - - - (83) (83)
Intergroup
royalty
(charge)/income - - (608) 608 -
Intergroup
management fees - (30) (144) 174 -
Intergroup rent
(charges)/income - - (31) 31 -
Operating profit 487 (106) 404 542 1,327
Financial income - - - - -
Financial costs (7) - (8) (134) (149)
Intergroup
financial
charges (13) - (31) 44 -
----------- ----------- --------- ---------- ---------
Profit on
ordinary
activities
before taxation 467 (106) 365 452 1,178
Income tax
(charge)/credit (96) 47 (131) (140) (320)
----------- ----------- --------- ---------- ---------
Profit for the
year
attributable to
equity holders
of the company 371 (59) 234 312 858
=========== =========== ========= ========== =========
Polymer
Rainwater membrane Total
management Metal six Corporate Intergroup six
six months staircases months year six year six months
ended six months ended 31 months months ended 31
31 Dec ended 31 Dec ended 31 ended 31 Dec
2009 2009 Dec 2009 2009 Dec 2009 Dec 2009 2009
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Other
information
Capital
expenditure 15 2 136 19 - 172
Depreciation
and
amortisation 68 60 55 125 - 308
Segmental
assets 17,443 2,733 5,113 15,322 (11,185) 29,426
Segmental
liabilities (13,251) (1,017) (4,216) (8,255) 11,185 (15,554)
------------ ----------- --------- ---------- ----------- ---------
Net assets as
at 31 Dec
2009 4,192 1,716 897 7,067 - 13,872
============ =========== ========= ========== =========== =========
Polymer
Rainwater Metal membrane Corporate Total
management staircases year year year
year ended year ended ended 30 ended ended
Year ended 30(th) 30 June 30 June June 30 June 30 June
June 2010 2010 2010 2010 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 15,769 1,944 8,865 - 26,578
Intergroup sales 956 120 598 - 1,674
----------- ----------- --------- ---------- ---------
Total revenues 16,725 2,064 9,463 - 28,252
Cost of sales (9,898) (1,418) (5,088) - (16,404)
----------- ----------- --------- ---------- ---------
Gross profit 6,827 646 4,375 - 11,848
Operating
expenses (4,920) (771) (2,116) (773) (8,580)
----------- ----------- --------- ---------- ---------
1,907 (125) 2,259 (773) 3,268
Exceptional
operating
expenses (263) - - (179) (442)
Amortisation of
intangible
assets acquired
through business
combinations net
of deferred tax - - - (165) (165)
Intergroup
royalty
(charge)/income - - (1,409) 1,409 -
Intergroup
management fees (60) - (288) 348 -
Intergroup rent
(charges)/income - - (67) 67 -
Operating profit 1,584 (125) 495 707 2,661
Financial income 3 - - - 3
Financial costs (14) (1) (10) (365) (390)
Intergroup
financial
charges (27) - (60) 87 -
----------- ----------- --------- ---------- ---------
Profit on
ordinary
activities
before taxation 1,546 (126) 425 429 2,274
Income tax
(charge)/credit (315) 55 (155) (176) (591)
----------- ----------- --------- ---------- ---------
Profit for the
year
attributable to
equity holders
of the company 1,231 (71) 270 253 1,683
=========== =========== ========= ========== =========
Polymer
Rainwater Metal membrane Corporate Total
management staircases year year Intergroup year
year ended year ended ended 30 ended 30 year ended ended 30
30 June 30 June June June 30 June June
2010 2010 2010 2010 2010 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Other
information
Capital
expenditure 18 2 196 795 - 1,011
Depreciation
and
amortisation 115 94 116 246 - 571
Segmental
assets 14,260 2,724 9,155 10,607 (8,016) 28,730
Segmental
liabilities (9,071) (1,066) (7,565) (4,502) 8,016 (14,188)
------------ ----------- --------- ---------- ----------- ---------
Net assets as
at 30 June
2010 5,189 1,658 1,590 6,105 - 14,542
============ =========== ========= ========== =========== =========
4. Income Tax Expense
Recognised in the income statement
Six months Six months Year
ended 31.12.10 ended 31.12.09 ended 30.06.10
Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000
Current tax expense
Current year - UK
corporation tax 130 99 54
Current year - overseas
tax 90 - 54
Deferred tax movement 93 221 483
Total tax expense in
income statement 313 320 591
---------------- ---------------- ----------------
5. Earnings Per Share
Earnings per share is calculated on the basis of 198,305,006
shares (2009: 197,277,256) which is the weighted average of the
number of shares in issue during the period.
The diluted earnings per share is calculated on the basis of
202,805,006 shares (2009: 197,277,256) which is the weighted
average of the number of shares in issue during the period.
6. Copies of Interim Report
Copies of the interim report are available to shareholders
electronically via the Group's website or are available on request
from the Group head office at Bedford House, 1 Regal Lane, Soham,
Ely, Cambridgeshire, CB7 5BA or at http://www.swpgroupplc.com.
For further information or enquiries:
J.A.F Walker D.J Pett R. Kauffer
Chairman Director of Finance Peel Hunt LLP
Nominated Adviser & Broker
Tel: 01353 723270 Tel: 01353 723270 Tel: 0207 418 8900
Mobile: 07800 951151 Mobile: 07940 523135
This information is provided by RNS
The company news service from the London Stock Exchange
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SWP Group (LSE:SWP)
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SWP Group (LSE:SWP)
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