TIDMSWP
RNS Number : 2688D
SWP Group PLC
27 March 2014
SWP Group plc (the "Group")
Half Yearly Results
for the six months ended 31 December 2013
Financial Highlights
n Group sales increased by 11.7% to GBP9.920M (2012:
GBP8.880M).
n Operating profits before exceptional costs and amortisation of
intangible assets rose by 60.4% to GBP863K (2012: GBP538K).
n Pre-tax profits increased to GBP0.624M (2012: GBP0.129M).
n Earnings per share advanced fivefold to 0.25p per share (2012:
0.05p).
n Group bank debt reduced by 42% to GBP1.692M (2012:
GBP2.915M).
Operational Highlights
n International expansion continued to develop with projects in
Norway, Finland and Brazil.
n New production process line successfully trialled for
Ulva.
n Increased quality orders received at Crescent.
n Nuclear business at Plasflow to return to expected levels in
second half of the year.
n Strengthening of management teams throughout the Group.
Alan Walker, Executive Chairman, commented:
"The performance of the Group has improved significantly during
the six month period under review. Market conditions are more
conducive to the rate of organic expansion we aspire to both in our
home markets and internationally. Foundations have been laid so
that we can fulfil the many opportunities which lie before us as
our brands continue to attract global appeal"
Chairman's Statement
Corporate Review
I am pleased to be able to reaffirm the positive news delivered
to shareholders at our most recent Annual General Meeting that the
Group has emerged from the prolonged economic recession in good
shape with improved order books and an appetite for expansion
internationally. The Group's focus is primarily in two specific
niche business areas comprising Ulva which is a leading supplier of
specialist materials designed to reduce Corrosion Under Insulation
("CUI") to the oil, gas and petrochemical majors on a global basis
and Fullflow which is a leading European brand with global
aspirations in the provision of syphonic rainwater management
systems to a diverse customer base ranging from distribution
warehouses, retail, schools, railway stations, sports stadia,
airport terminals, hospitals, car manufacturing and waste
plants.
There was a significant upturn in orders from the commencement
of the new financial year starting on 1st July 2013 as market
sentiment improved and confidence once again returned in the
expectation of renewed economic growth. Ulva has enjoyed a
particularly strong period of trading in line with management
expectations following the delivery of delayed orders deferred from
the final quarter of the previous financial year. Crescent, whilst
remaining loss making, as a specialist manufacturer of spiral,
helical and straight metal staircases has built a strong and
qualitative order book which when fully executed will we anticipate
restore this specialist producer to profit by the end of the
current financial year.
Financial Results
The upturn in confidence levels and the economic recovery became
apparent during the six months to 31(st) December 2013. The absence
of the distractions in the near impossible Spanish market allowed
Fullflow to focus on penetrating new markets primarily in Norway,
Finland and Brazil. The construction sector is often one of the
last to recover after economic recession but following such a
pronounced lack of infrastructure projects market activity has
rebounded faster than could have been envisaged. Progress across
our various businesses has contributed to much improved operating
profits:-
Unaudited Unaudited
six months six months
ended ended
31.12.13 31.12.12
GBP'000 GBP'000
Revenue 9,920 8,880
Operating profit before
exceptional costs and amortisation
of intangible assets 863 538
Profit/(loss) before tax 624 129
Taxation (122) (25)
Profit/(loss) after tax 502 104
Earnings per share 0.25p 0.05p
Revenue in the period advanced to GBP9.92M (2012: GBP8.88M) with
operating profits before exceptional costs and amortisation of
intangible assets rising to GBP863K (2012: GBP538K) or by some
60.4%. More importantly profits before taxation rose to GBP624K
(2012: GBP129K) with earnings per share advancing almost fivefold
to 0.25p per share (2012: 0.05p).
Group Bank Debt
As shareholders will recall it has been the Board's objective to
eliminate bank debt through the generation of profits and cash.
Bank debt continues its inexorable decline and had fallen by 31(st)
December 2013 to GBP1.692M (2012: GBP2.915M) or by 42%. It has also
fallen by 27.5% when compared to the last financial year end at
30(th) June 2013 and is destined to fall yet further during the
second half of the year to 30(th) June 2014.
It is pleasing to report that the Group's term loan (in euros)
of EUR5.51M which was taken out in April 2009 will be finally
repaid on 20(th) April 2014 when it becomes fully amortised. The
retirement of bank debt throughout the entire period of the
recession has been a prime target and we will continue with this
strategy until such debt is fully and finally eliminated.
The Consolidated Statement of Financial Position is strong and
reflects the continued well being of the Group as a whole.
Operational Highlights
Polymer Membrane Division
Ulva
This business has been a genuine success story for our Group
since its acquisition at the end of November 2007 and has been a
principal driver in terms of the generation of both profits and
cash. Ulvashield has now been assisting the oil and gas majors to
combat the onset of severe pipe corrosion for more than 20 years.
Independent studies demonstrate that even after 15 to 20 years in
the harshest of climatic conditions Ulvashield continues to offer
full protection without material degradation. The merits of
Ulvashield as a soft jacketing membrane of choice are demonstrable
with the benefits of positive field experiences assisting in the
specification of Ulvashield in major projects around the world,
both offshore and onshore.
Revenues in the period were in line with our expectations and
somewhat ahead of the corresponding period in 2012 as a consequence
of benefitting from projects carried over from the 4th quarter of
FY2013 resulting from delays on new construction projects.
The new production process line referred to in our 2013 Annual
Report has been trialled successfully at the supplier's premises,
producing quality saleable product. The line has been approved for
installation and commissioning at Telford which is now advancing
towards completion. We expect to be producing Ulvashield by the
middle of April 2014 on this new facility which we consider to be
the opening of a new chapter in the development of this highly
specialised and successful business. Significant new capacity will
become available. Ulva has appointed a regional sales manager for
Asia following an extended candidate search. This region is
particularly active in the construction of new FPSO's (floating
platforms facilities) and local presence in this region is
essential to the development of a coherent sales strategy.
A considerable amount of work and R&D expense has been
channelled into extending the range of complementary products on
offer from Ulva as a leading technical brand. Ulva GRP's
development has progressed to final certification testing in
readiness for a system launch in 2014. This range of products will
operate alongside the twenty plus year "Ulvashield" veteran on a
complementary basis.
Technical innovation will remain very much in the forefront of
Ulva's strategic focus as will the commitment to our provision of
site services all of which is designed to deliver to the end
customer a protection system of choice in line with
expectations.
Fullflow
As shareholders recognise the recession has had an adverse
impact on the construction sector for a number of years and has led
to retrenchment as well as austerity due to the lack of
infrastructure projects. It is therefore pleasing to be able to
report that market sentiment has improved considerably during the
six months to 31(st) December 2013. The severe floods that occurred
during January and February 2014 have brought into sharp focus the
many advantages of syphonic rainwater management systems which are
designed to evacuate rainwater from large areas of roof having due
regard to the intensity of rainfall rather than placing reliance on
traditional dispersion by means of gravity. Fullflow has particular
expertise in the design, manufacture and installation of such
systems across a wide diversity of structures.
Fullflow Group in the United Kingdom has seen its order book
improve during the period with the average order size increasing in
value. Markets remain very price competitive with main contractors
taking on work at highly competitive rates. There are encouraging
signs that infrastructure projects are once again on drawing boards
and that confidence in the sector is being restored, albeit
gradually. The arrival of a new Sales Director at Fullflow after a
prolonged candidate search is a welcome addition to Fullflow's
senior management team and is bringing focus and discipline into
important geographic areas of the business in the UK. Further key
appointments at senior level are anticipated in the near future as
we strive to strengthen management. Fullflow has always been a
technical leader. Product innovation has led to the trialing of new
products which are designed to increase productivity and
effectiveness of installation on site. On the successful outcome of
the trials it is expected that these products will be introduced
both within the UK and Fullflow's expanding
operations abroad.
Fullflow Systemé in France is enjoying a strong period of growth
in market conditions which are not viewed as conducive to
expansion. The management team in France split its business several
years ago into a new installation business and a repair and
maintenance business in order to achieve sharper focus on customer
alliances and framework agreements. This is proving to be a
successful strategy with the average order sizes increasing
considerably as the projects on which Systemé is engaged are
amongst the largest undertaken by the Group. Our French team has
finally delivered the rainwater management system to the ultimate
satisfaction of Renault in Morocco. Later in 2014 Systemé will
supply a rainwater management system to the new Stade de Lyon in
line with our proven expertise with sports stadia. Margins in the
business remain under pressure but enhanced volume is helping
Systemé to achieve positive financial results at the interim stage.
Notwithstanding the fragile economy which exists in France this
experienced team is making good progress and is actively promoting
syphonic technology as the system of choice in France to a diverse
range of customers and end users.
Fullflow International is a rapidly expanding business operating
in a number of countries where the Fullflow brand appears to have
been accepted as the leading technology in the provision of
syphonic roof drainage systems. During the past year International
has delivered projects to the Coop in Norway and Google in Finland
and expanded its operations into Brazil with orders awarded on the
largest infrastructure project in South America, namely the JV
between Fiat and Chrysler car plant in Goiana and the International
Airport of Viracopos Campinas outside Sao Paulo. The market appears
to be highly receptive to the Fullflow brand and there are many
projects which our International team expect to turn into
meaningful orders over time. This new division has considerable
potential for profitable growth and is expected to record highly
commendable results by the financial year end to 30(th) June 2014
and beyond.
Plasflow based at Rotherham has experienced a difficult period
in the half year ended 31(st) December 2013. As the main source of
fabrications for and on behalf of the entire Fullflow business in
the UK, France and internationally the increased level of activity
at Fullflow has caused some degree of indigestion at Plasflow.
Fortunately these issues have been resolved through pragmatic
reorganization and moving to a split shift production rota designed
to increase production capacity. As ever, Plasflow is well placed
to benefit from the repair and maintenance outages which are
scheduled at most of the UK nuclear plants under the ownership and
control of EDF in France. During the period there was no meaningful
nuclear business available to Plasflow but orders have since been
received in December 2013 and February 2014 which when transacted
in the 4(th) quarter of the current financial year will help to
improve Plasflow's overall performance for the full financial year
to 30(th) June 2014. Profits are forecast to be at a similar level
to those recorded in 2013.
Crescent of Cambridge recovered its composure under the direct
control of one of our senior directors and a newly appointed
general manager. New process controls were introduced in a cohesive
effort to create better team work at a time when the flow of orders
has been improving fast. Bottlenecks in the design department have
been largely eliminated. The order book at this time contains some
very prestigious helical staircases which reflect Crescent's
considerable expertise in being able to manufacture complex stairs
in line with its reputation as a bespoke manufacturer renowned for
an ability to deliver a quality product. Whilst not yet profitable
considerable progress has been made in restoring Crescent to its
profitable past when it delivered both profit and cash over an
unbroken period of 13 years. The improved economic climate has
assisted in the recovery process which has also benefitted from
increased selling activity in and around London where the award of
large orders is helping to drive sales forward. Further computer
based design automation is being commissioned and Crescent has a
number of plans which are designed to improve not only the
profitability of the business but also its operating efficiency.
Results for the current financial year are expected to improve
which reflects positive progress over the previous 12 month
period.
Research & Development
Each of our businesses is at the leading edge of technical
development in its own particular field. The Group has embarked
upon a programme of product innovation and development designed to
provide greater competitive advantage to everything in which we are
engaged. The Research & Development budget is increasing and
has the benefit of taxation concessions given by the Government for
profitable groups to invest in thereby giving stimulus to the
future of UK manufacturing industry. There are a number of product
innovations which will come to market at both Fullflow and Ulva in
2014 whilst the continuous programme of computer aided design at
Crescent is likely to improve operating efficiency next year.
Staff
It has been most rewarding to see the manner in which staff have
conducted themselves post recession now that confidence has
returned and hard work has been rewarded with a flow of new orders.
All of our Group companies are well positioned to exploit the many
and varied opportunities which are on offer both in the UK and
further afield in international markets.
Our employees are very dedicated and in many instances are
required to travel long distances over weekends and at times that
are not conducive to family life. To each and every one of our
members of staff my Board of Directors wishes to express grateful
thanks for the sacrifices and efforts that are made on a regular
basis and to their contribution to the wellbeing of our Group.
Current Trading and Prospects
Trading in the second half of the year is likely to be similar
to the first half's positive performance. Fullflow is expected to
perform particularly well in France and internationally whilst
hopes remain high for improved results at Plasflow. Ulva continues
to supply to its range of international projects and strives to
obtain transparency over those projects which do not benefit from
defined timescales and are outside Ulva's direct control. Ulva's
financial performance remains strong in line with projects
successfully executed.
The next few months will be important for Crescent as its
delivery of a number of important projects will contribute to a
year of successful recovery by 30(th) June 2014.
As a Group we continue to invest in R&D and the innovation
which surrounds product development. We are also attempting to add
to our management teams skilled managers who will be able to fit
into our management style and help us to meet the many challenges
that we face not only in the UK but also internationally.
Your Board is happy to embrace current market conditions which
offer considerable scope for growth and opportunities to build from
the platform that has been created for a profitable debt free
future.
J A F Walker
Chairman
27th March 2014
Unaudited Consolidated Statement of Comprehensive Income
Six months Six months Year
ended ended ended
31.12.13 31.12.12 30.06.13
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 9,920 8,880 14,317
Cost of sales (6,078) (4,848) (7,430)
----------- ----------- ----------
Gross profit 3,842 4,032 6,887
Operating expenses (2,979) (3,494) (6,126)
----------- ----------- ----------
863 538 761
Profit attributable to associate 15 - 38
Exceptional operating expenses (53) (202) (821)
Amortisation of intangible
assets acquired through
business combinations net
of deferred tax (83) (82) (165)
Share based payment (40) (21) (80)
----------- ----------- ----------
Operating profit/(loss) 702 233 (267)
Financial costs (78) (104) (187)
----------- ----------- ----------
Profit/(loss) on ordinary
activities before taxation 624 129 (454)
Income tax (charge)/credit (122) (25) 98
----------- ----------- ----------
Profit/(loss) for the period
for continuing operations 502 - (356)
Profit/(loss) for the period
from discontinued operations - - (543)
----------- ----------- ----------
Profit/(loss) for the period 502 104 (899)
----------- ----------- ----------
Total comprehensive income
Net gain on revaluation
of land and buildings - - 42
Deferred tax on revaluation
of land and buildings - - (61)
----------- ----------- ----------
Other comprehensive income
for the period - - (19)
----------- ----------- ----------
Profit/(loss) for the period
and total comprehensive
income attributable to equity
holders of the company 502 104 (918)
----------- ----------- ----------
Earnings per share from
continuing and discontinued
operations attributable
to the equity holders of
the company during the yearBasic earnings per share
(pence)
From continuing operations 0.25p 0.05p (0.17)p
From discontinued operations - - (0.27)p
----------- ----------- ----------
0.25p 0.05p (0.44)p
----------- ----------- ----------
Diluted earnings per share
(pence)
From continuing operations 0.25p 0.05p (0.17)p
From discontinued operations - - (0.27)p
----------- ----------- ----------
0.25p 0.05p (0.44)p
----------- ----------- ----------
Unaudited Consolidated Statement of Changes in Equity
Called Capital Re-valuation Retained Total
up share reserve reserve earnings
capital
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2012 1,016 98 229 12,941 14,284
Result for
the period - - - 689 689
Dividend - - - (151) (151)
Share based
payment - 23 - - 23
At 30 June
2012 1,016 121 229 13,479 14,845
Result for
the period - - - 104 104
Share based
payment - 21 - - 21
Purchase of
treasury shares - - - (26) (26)
---------- --------- ------------- ---------- --------
At 31 December
2012 1,016 142 229 13,557 14,944
Result for
the period - - - (1,003) (1,003)
Revaluation - - (19) - (19)
Dividend - - - (151) (151)
Share based
payment - 59 - - 59
Purchase of
treasury shares - - - (9) (9)
---------- --------- ------------- ---------- --------
At 30 June
2013 1,016 201 210 12,394 13,821
Result for
the period - - - 502 502
Share based
payment - 40 - - 40
At 31 December
2013 1,016 241 210 12,896 14,363
---------- --------- ------------- ---------- --------
Unaudited Consolidated Statement of Financial Position
As at As at As at
31.12.13 31.12.12 30.06.13
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 7,965 8,190 8,083
Property, plant and equipment 5,216 5,474 5,159
Trade and other receivables 297 488 301
Deferred tax assets 402 472 422
Investment 103 50 88
---------- ---------- ----------
13,983 14,674 14,053
---------- ---------- ----------
Current assets
Inventories 2,570 3,151 3,239
Trade and other receivables 6,117 5,494 4,823
----------
8,687 8,645 8,062
---------- ---------- ----------
Total assets 22,670 23,319 22,115
---------- ---------- ----------
Current liabilities
Trade and other payables (4,484) (3,099) (3,794)
Current tax liabilities (135) (250) (127)
Obligations under finance
leases (9) - (13)
Bank loans and overdrafts (1,411) (2,094) (2,030)
---------- ---------- ----------
(6,039) (5,443) (5,964)
---------- ---------- ----------
Non-current liabilities
Bank loans (281) (821) (304)
Deferred tax liabilities (1,983) (2,111) (2,018)
Obligations under finance
leases (4) - (8)
---------- ---------- ----------
(2,268) (2,932) (2,330)
---------- ---------- ----------
Total liabilities (8,307) (8,375) (8,294)
---------- ---------- ----------
NET ASSETS 14,363 14,944 13,821
========== ========== ==========
Capital and reserve
Called up share capital 1,016 1,016 1,016
Capital reserve 241 142 201
Revaluation reserve 210 229 210
Retained earnings 12,896 13,557 12,394
---------- ---------- ----------
TOTAL EQUITY 14,363 14,944 13,821
========== ========== ==========
Unaudited Consolidated Statement of Cash Flows
Six months Six months Year
ended ended ended
31.12.13 31.12.12 30.06.13
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit/(loss) after tax 502 104 (899)
Adjustments for:
Net finance costs 78 104 191
Corporation tax (credit)/charge 122 25 (61)
Depreciation of property,
plant and equipment 71 128 313
Revaluation of properties - - 383
Amortisation of intangible
assets 118 120 236
(Profit)/loss on disposal
of plant and equipment - 3 (1)
----------- ----------- ----------
Operating cash flows before
movement in working capital 891 484 162
Decrease/(increase) in
inventories 669 (168) (256)
(Increase)/decrease in
receivables (1,290) 2,967 3,825
Increase/(decrease) in
payables 682 (2,677) (1,960)
Interest paid (80) (102) (197)
Corporation tax paid (94) (111) (185)
----------- ----------- ----------
Net cash inflow from operating
activities 778 393 1,389
----------- ----------- ----------
Cash flow from investing
activities
Purchase of property,
plant and equipment (128) (80) (352)
Purchase of intangible
assets - - (9)
Proceeds from disposals
of property, plant and
equipment - - 5
----------- ----------- ----------
Net cash outflow from
investing activities (128) (80) (356)
----------- ----------- ----------
Cash flow from financing
activities
Dividend paid - - (151)
Bank loans repaid (519) (409) (925)
Purchase of treasury shares - (26) (35)
Finance lease repayments,
net (8) (22) (1)
----------- ----------- ----------
Net cash outflow from
financing
activities (527) (457) (1,112)
----------- ----------- ----------
Net increase/(decrease)
in cash and bank
overdrafts 123 (144) (79)
Cash, cash equivalents
and bank overdrafts at
beginning of period (993) (914) (914)
----------- ----------- ----------
Cash, cash equivalents
and bank overdrafts at
end of period (870) (1,058) (993)
=========== =========== ==========
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 2013 and 31 December 2012 have 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 2013 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 2013 and which are expected to apply as
at 30 June 2014.
2. Taxation
Interim period income tax is accrued based on the estimated
average annual effective income tax rate.
3. Segmental Reporting
Rainwater Metal Polymer Corporate Total
management staircases membrane six months six
six months six months six months ended months
ended ended ended 31 Dec ended
31 Dec 31 Dec 31 Dec 2013 31 Dec
2013 2013 2013 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 5,220 723 3,977 - 9,920
Intergroup sales 1,533 - - - 1,533
------------ ------------ ------------ ------------ --------
Total revenues 6,753 723 3,977 - 11,453
Cost of sales (5,304) (436) (1,871) - (7,611)
------------ ------------ ------------ ------------ --------
Gross profit 1,449 287 2,106 - 3,842
Operating expenses (1,353) (373) (837) (416) (2,979)
------------ ------------ ------------ ------------ --------
96 (86) 1,269 (416) 863
Profit attributable
to associate - - - 15 15
Exceptional operating
expenses (39) - - (14) (53)
Amortisation of
intangible assets
acquired through
business combinations
net of deferred
tax - - - (83) (83)
Share based payment - - - (40) (40)
Intergroup royalty
(charge)/income - - (789) 789 -
Intergroup management
fees - - (114) 114 -
Intergroup rent
(charges)/income - - (36) 36 -
Operating profit/(loss) 57 (86) 330 401 702
Financial costs (1) - - (77) (78)
Intergroup financial
charges (12) - - 12 -
------------ ------------ ------------ ------------ --------
Profit/(loss) on
ordinary activities
before taxation 44 (86) 330 336 624
Income tax charge (9) 18 (65) (66) (122)
------------ ------------ ------------ ------------ --------
Profit/(loss) for
the period attributable
to equity holders
of the company 35 (68) 265 270 502
============ ============ ============ ============ ========
Rainwater Metal Polymer Corporate Total
management staircases membrane six months six
six months six months six months ended months
ended ended ended 31 Dec ended
31 Dec 31 Dec 31 Dec 2012 31 Dec
2012 2012 2012 2012
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External revenues 4,505 727 3,648 - 8,880
Intergroup sales 322 - 1,066 - 1,388
------------ ------------ ------------ ------------ --------
Total revenues 4,827 727 4,714 - 10,268
Cost of sales (2,873) (541) (2,822) - (6,236)
------------ ------------ ------------ ------------ --------
Gross profit 1,954 186 1,892 - 4,032
Operating expenses (1,942) (313) (841) (398) (3,494)
------------ ------------ ------------ ------------ --------
12 (127) 1,051 (398) 538
Exceptional operating
expenses (202) - - - (202)
Amortisation of
intangible assets
acquired through
business combinations
net of deferred
tax - - - (82) (82)
Share based payment - - (21) (21)
Intergroup royalty
(charge)/income - - (528) 528 -
Intergroup management
fees - - (114) 114 -
Intergroup rent
(charges)/income - - (36) 36 -
Operating (loss)/profit (190) (127) 373 177 233
Financial costs (9) - - (95) (104)
Intergroup financial
charges (14) - (31) 45 -
------------ ------------ ------------ ------------ --------
(Loss)/profit on
ordinary activities
before taxation (213) (127) 342 127 129
Income tax charge - - (15) (10) (25)
------------ ------------ ------------ ------------ --------
(Loss)/profit for
the period attributable
to equity holders
of the company (213) (127) 327 117 104
============ ============ ============ ============ ========
4. Income Tax Expense
Recognised in the income statement
Six months Six months Year
ended ended ended
31.13.13 31.13.12 30.06.13
Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000
Current tax expense
Current year - UK
corporation tax 77 25 (73)
Current year - overseas
tax 25 - 12
Deferred tax movement 20 - (37)
Total tax expense
in income statement 122 25 (98)
----------- ----------- -----------
5. Earnings Per Share
Earnings per share is calculated on the basis of 203,275,006
shares (2012: 196,480,006) 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
204,930,006 shares (2012: 200,980,006) which is the weighted
average of the number of shares in issue during the period.
6. Copies of Half Yearly Report
Copies of the half yearly 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
Chairman Finance Director
SWP Group plc SWP Group plc
Tel office: 01353 723270 Tel office: 01353
Mobile: 07800 951251 723270
Mobile: 07940 523135
Ranald McGregor-Smith Richard Kauffer/Daniel
Corporate Finance Advisors Harris
Whitman Howard Nominated Advisor
Tel office: 020 7812 3525 & Broker
Peel Hunt LLP
Tel office: 020 7418
8900
This information is provided by RNS
The company news service from the London Stock Exchange
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