RNS Number : 6018D
Ambrian Capital PLC
17 September 2008
AMBRIAN CAPITAL PLC
Interim Results for the Six Months Ended 30 June 2008
Ambrian Capital plc, the natural resources investment bank, today announced its interim results for the six months ended 30 June 2008.
Highlights
Six months ended Six months ended
30 June 2008 30 June 2007 Year ended
31 Dec
2007
�m �m �m
Investment Banking Income 5.39 5.35 10.63
Investment Portfolio Income (1.65) 9.52 5.20
Total Income 3.74 14.87 15.83
(Loss)/Profit Before Tax (2.79) 10.02 5.79
(Loss)/Earnings per Share: (1.94) 6.60 4.32
Basic (pence)
Dividend per Share (pence) 0.75 0.75 1.75
Shareholders' Equity 42.10 51.91 45.04
Shareholders' Equity per Share 42.1 47.8 45.1
(pence)
* Investment Banking delivered solid results given the challenging market conditions with revenues maintained and a pre-tax profit
margin of 12.2%
* Retained by 50 corporate clients, an increase from 35 at 31 December 2007. The average market capitalisation of listed corporate
clients was �81 million at 30 June 2008
* Entered the physical metals business with the recruitment of an experienced team based in London and Shanghai and with agents in
Calcutta, New York and Santiago
* Continued strategy of realising the Investment Portfolio and re-investing the cash proceeds in operating businesses
* Investment Portfolio suffered loss in market value, particularly holdings in Golden Prospect Precious Metals Limited and Jubilee
Platinum plc
* Shareholders' equity per share decreased 6.7% to 42.1p since 31 December 2007
* Balance sheet remains strong, with net usable cash of �17.6 million at 30 June 2008
* Interim dividend maintained at 0.75p per ordinary share
Commenting on the results, Tom Gaffney, Chief Executive of Ambrian Capital plc, said: "Despite the challenging market conditions during
the first half of 2008, the Investment Banking business delivered solid results due to our focus on the natural resources sector and
continued high volatility in commodity prices which benefited our LME futures broker-dealer operations.
We took the opportunity to significantly increase our retained corporate client base by the acquisition of Nabarro Wells, which we have
rapidly integrated and has already led to a number of new mandates.
We also expanded our commodities activities with the recruitment of a highly experienced team of physical metals dealers. This business
complements our existing LME futures business.
Weak conditions in the equity markets negatively impacted the market value of our Investment Portfolio which under IFRS is reflected in
our income statement. We continued our strategy of reducing the size of the Investment Portfolio and re-investing in our operating
businesses. During the first half of 2008 we realised approximately �5.8 million of cash from sales of the Investment Portfolio and since 30
June we have realised an additional �4.25 million of cash.
The outlook for the balance of 2008 is uncertain; however, we remain well positioned to continue our growth with our focused business
model and strong balance sheet."
Tom Gaffney Mark Connelly Charlotte Kirkham
Chief Executive Collins M: Communications
Officer Stewart
Ambrian Capital Europe Ltd
plc Tel: +44 (0)20 7153 1531
Tel: +44 (0)20
7634 4700 Tel: +44
(0)20 7523
8350
Notes to Editors:
1. Ambrian Capital is an AIM listed independent investment banking group.
Ambrian Capital provides corporate finance, stockbroking, commodity broking
and investment management services to institutional and corporate clients
active in the natural resources and alternative energy sectors. Ambrian
Capital is also a principal investor in the natural resources sector.
2. Ambrian Partners Limited, Ambrian Commodities Limited and Ambrian Asset
Management are all authorised and regulated by the Financial Services
Authority. Ambrian Partners Limited is a member of the London Stock
Exchange and Ambrian Commodities Limited is an Associate Broker member of
the London Metal Exchange.
Further information on Ambrian Capital is available on the Company's website: www.ambrian.com
CHIEF EXECUTIVE'S STATEMENT
Despite the challenging market conditions during the first half of 2008, the Investment Banking business delivered solid results due to
our focus on the natural resources sector and continued high volatility in commodity prices which benefited our LME futures broker-dealer
operations.
Weak conditions in the equity markets negatively impacted the market value of our Investment Portfolio which under IFRS is reflected in
our income statement. We continued our strategy of reducing the size of our Investment Portfolio and re-investing in our operating business.
During the first half of 2008 we realised approximately �5.8 million in cash from sales of the Investment Portfolio and since 30 June we
have realised an additional �4.25 million of cash.
Given the strength and liquidity of the balance sheet, the Board has decided to maintain the interim dividend at 0.75p per share.
Financial Review
Total income for the first half of 2008 was �3.74 million (2007: �14.87 million).
Investment Banking income for the first half of 2007 was �5.39 million (2007: �5.35 million). The Investment Portfolio incurred a loss
of �1.65 million compared with a profit of �9.52 million for the first half of 2007.
Administrative expenses were �6.53 million (2007: �4.82 million) of which �5.05 million (2007 : �3.83 million) were represented by fixed
costs. Administrative expenses included one-off costs associated with the acquisition of Nabarro Wells & Co Limited, start-up costs
associated with the physical metals business and costs associated with the move to our new offices. Rigorous control of fixed costs is a
central feature of the Group and staff remuneration is geared towards performance. Total headcount as at 30 June 2008 stood at 75, up 27
during the first half of 2008.
The loss before tax for the first half of 2008 was �2.79 million (2007: profit before tax �10.02 million).
Investment Banking profit before tax for the first half of 2008 was �0.66 million (2007: �1.66 million). This represented a 12.2%
pre-tax profit margin (2007 : 31.0%).
The loss before tax from the Investment Portfolio was �3.45 million compared with a pre-tax profit of �8.36 million for the first half
of 2007. All central costs are allocated to the Investment Portfolio.
The net loss after tax for the first half of 2008 was �1.94 million (2007: net profit after tax �7.00 million).
Basic loss per share was 1.94p (2007: basic earnings per share 6.60p).
Balance Sheet
The consolidated balance sheet remains strong, with a substantial excess over total regulatory capital requirements. Shareholders'
equity was �42.1 million at 30 June 2008 (31 December 2007: �45.0 million), or 42.1p per share (31 December 2007: 45.1p per share).
The Group's cash resources, net of amounts due to clients, totalled �17.6 million at 30 June 2008 compared with �22.2 million at 31
December 2007. The cash utilised in operating activities during the period was �10.4 million largely due to an increase in the working
capital of Ambrian Partners Limited, the payment of 2007 annual bonuses, the acquisition of Nabarro Wells, the entry into the physical
metals business and the payment of the final 2007 dividend.
Our Investment Portfolio was valued at �13.7 million at 30 June 2008 compared with �20.5 million at 31 December 2007. The reduction in
the size of the Investment Portfolio is due to a combination of the sale during the first half of 2008 of investments with an aggregate
value of approximately �5.8 million and reductions in the market value of our investments in line with the well-publicised negative market
conditions generally.
Total assets were �110.4 million at 30 June 2008 compared with �58.9 million at 31 December 2007. The increase is largely attributable
to an increase in Trade and Other Receivables to �59.5 million (31 December 2007 : �6.0 million). Approximately half of the increase is
related to the new physical metals business which purchases metal on behalf of clients typically on a hedged and matched basis. The metals
purchases are funded under trade finance arrangements with a syndicate of major international banks and these are included in Trade and
Other Payables. In addition, Trade and Other Receivables increased during the period as a result of increased activity in agency broking and
market making. These are largely offset by market counterparties which are shown in Trade and Other Payables which totalled �54.7 million at
30 June 2008.
Dividend
The Board has declared a maintained interim dividend of 0.75p per share (2007: 0.75p). The dividend will be payable on 24 October 2008
to all shareholders on the register as at 3 October 2008.
Investment Banking
During the first half of 2008 we took two important steps to strengthen and broaden our Investment Banking business, specifically, the
acquisition of Nabarro Wells in April and entering into the physical metals business in June.
Nabarro Wells has been rapidly integrated into Ambrian Partners. Nabarro Wells brought a high quality retained client base to which it
provides nominated adviser services. Clients include First Calgary Petroleum Limited, Platinum Australia Limited and Ithaca Energy Inc. Our
objective is to build on the nominated adviser relationships and offer to our new clients an expanded range of services. We have had a
number of early successes, for example, we have additionally been appointed as corporate broker to Altona Resources plc, Indago Petroleum
Limited, Renewable Energy Holdings plc and Toledo Mining Corporation plc.
During the first half of 2008 we also significantly expanded our commodities business with the recruitment of an experienced
international physical metals team. The eight-strong team comprises salesmen, traders and logistics managers based in London and Shanghai.
In addition, there are agents based in Calcutta, New York and Santiago.
Ambrian Partners Limited
Ambrian Partners Limited, our corporate finance and stockbroking subsidiary, had 50 core retained corporate clients at 30 June 2008
compared with 35 at 31 December 2007. In addition to the new clients brought by Nabarro Wells, significant new client wins include our
appointment as nominated adviser and joint-broker to Avocet Mining plc and to Weatherly International plc. In a more challenging equity
market environment, our retained corporate client base provides a stream of recurring revenues and positions Ambrian Partners at the centre
of providing advisory and capital raising services to our clients.
Our capital raising business has not been immune to the slow-down in new issue activity on AIM, nevertheless, the strength of our
natural resources franchise is demonstrated by the transactions we completed in the difficult market conditions prevailing in the first half
of 2008, which included :
* �14.4 million equity capital raising for Kalahari Minerals plc
* �10.3 million equity capital raising for Dwyka Resources Limited
* �7.6 million equity capital raising for Pangea Diamondfields plc
* �4.2 million equity capital raising for Block Shield Corporation plc
Ambrian Partners has established a particularly strong presence in the AIM natural resources sector. According to the "Hemscott July
2008 Advisers Ranking Guide", Ambrian Partners was ranked first in terms of both (i) retained nominated adviser clients and (ii) number of
stockbroking clients in the Basic Materials Sector (which includes the metals and mining sector) on AIM. Ambrian Partners was also ranked
fourth in terms of number of nominated adviser clients in the Oil & Gas sector on AIM.
Given the prominence of natural resources companies on AIM, Ambrian Partners also ranked second in terms of number of clients and fifth
by client market capitalisation within the FTSE AIM 100 Index that comprises the largest companies on AIM.
Commodities
Ambrian Commodities Limited benefited from increased customer activity in the first half of 2008 resulting from high volatility in
metals prices, for example, the 3-month forward copper price ranged between $6,680/tonne to $8,880/tonne during the period. Trading volumes
on the LME were significantly higher in the first half of 2008 compared with the first half of 2007, for example, the volume of nickel
traded was up 31.6%, lead was up 31.0%, and grade A copper was up 16.4%. Ambrian Commodities' international client base of industrial users
of metals made active use of the LME to hedge either their raw material costs or output prices. Ambrian Commodities' LME traders also
profited from the increased order flow provided by the expanded sales team.
The entry into the physicals metals business represents a major step forward and is expected to make a positive contribution in the
second half of 2008. We have recruited a first-class team with extensive experience of the metals markets. Ambrian Metals Limited, our newly
formed and wholly-owned Swiss registered subsidiary, globally sources non-ferrous metals, with a particular focus on copper, from producers
for distribution to an international client base. Ambrian Metals provides its clients with a consistently high quality product, logistics
services and price management. Ambrian Metals manages all facets of marketing and distribution including financing from producers to
consumers and has put in place committed trade finance facilities with a syndicate of major international banks including BNP Paribas, ING
and Standard Chartered Bank.
Investment Portfolio
The Investment Portfolio incurred a loss of �1.65 million in the first half of 2008 as a result of the deterioration in stock market
conditions . The most significant losses were attributable to losses in our investments in Golden Prospect Precious Metals Limited ("GPPM")
(loss of �1.4 million), Jubilee Platinum plc (loss of �0.4 million) and Minerva Resources plc (loss of �0.2 million). These were in part
offset by profits in certain of our other investments.
The total value of the Investment Portfolio at 30 June 2008 was �13.73 million compared with �20.52 million at 31 December 2007. The
reduction in the size of the Investment Portfolio is due to a combination of �5.8 million of realisations and a reduction in market values.
Our principal realisations during the first half of 2008 included the sale of our holdings in Nido Petroleum Limited (�3.4 million),
Jubilee Platinum plc (�1.0 million), Kairiki Energy Limited (�0.9 million) and European Gas Limited (�0.4 million).
On 28 July 2008, Ambrian Capital sold its 49.96% stake in GPPM for total cash proceeds of approximately �4.24 million. Ambrian Capital
retained 2.9 million warrants in GPPM in order to be able to participate in any recovery in the performance of GPPM. Effective 15 September
2008 Ambrian Asset Management Limited novated the investment management agreement with GPPM to a new investment manager.
The composition of our Investment Portfolio at 30 June 2008 was as follows :
Market Value
�m
GPPM shares & warrants (sold 28 July 2008) 4.3
Anglesey Mining plc 2.2
Minerva Resources plc 1.8
Samson Oil & Gas NL 1.5
Jubilee Platinum plc 1.0
Commodity Watch plc 0.5
GPPM warrants (retained) 0.4
Uranium One Inc 0.2
North Australian Diamond Mines Limited 0.2
Other 0.7
Total Quoted Investments 12.8
Unlisted Investments at Book Value 0.9
Total Investment Portfolio 13.7
Our remaining investments will continue to be realised as fair value is achieved and liquidity opportunities arise.
Outlook
Given the current market turmoil the outlook for the remainder of 2008 remains unclear. Our Investment Banking revenues are dependent
upon activity levels in the equity and commodity markets. Despite the major steps we have taken to reduce the size of the Investment
Portfolio, market movements in its value will continue to affect reported short-term Group profitability.
Despite short term volatility the demand for natural resources will remain. We are confident that over the long-term we will be able to
build value based on our focus on the natural resources sector, our exposure to both equities and commodities and our strong and liquid
balance sheet.
Tom Gaffney
Chief Executive
17 September 2008
Unaudited condensed consolidated interim income statement
6 months to 30 June 6 months to 30 June Year to 31 December 2007
2008 2007 �
� �
Total income
Investment banking 5,388,169 5,352,784 10,635,226
Investment portfolio (1,647,473) 9,514,801 5,199,494
________ ________ _________
3,740,696 14,867,585 15,834,720
Administrative expenditure (6,528,491) (4,819,484) (10,014,900)
Finance costs - (28,652) (32,628)
________ ________ ________
(Loss) / profit before tax (2,787,795) 10,019,449 5,787,192
Taxation 844,766 (3,011,130) (1,273,636)
_________ ________ ________
(Loss)/profit for the period (1,943,029) 7,008,319 4,513,556
from continuing activities
_________ _______ ________
(Loss)/profit for the period (1,943,029) 7,008,319 4,513,556
======= ===== =====
Attributable to:
Equity holders of the parent (1,943,029) 7,008,319 4,513,556
====== ===== =====
Earnings per share: Pence Pence Pence
Basic earnings per share: (1.94) 6.60 4.32
==== === ===
Diluted earnings per share (1.94) 6.25 4.18
==== === ===
Unaudited condensed consolidated interim balance sheet
30 June 30 June 31 December 2007
2008 2007 �
� �
ASSETS
Non-current assets
Property, plant and equipment 466,538 173,054 126,852
Intangible assets 2,536,828 1,836,828 1,836,828
________ ________ ________
3,003,366 2,009,882 1,963,680
________ ________ ________
Current assets
Financial assets 19,044,311 32,810,513 23,888,023
Trade and other receivables 59,526,155 3,976,535 5,989,445
Cash at bank and in hand 28,815,027 26,796,044 27,080,761
________ ________ ________
107,385,493 63,583,092 56,958,229
Non-current assets classified as - 1,557,500 -
held for sale
________ ________ ________
107,385,493 65,140,592 56,958,229
________ ________ ________
Total assets 110,388,859 67,150,474 58,921,909
======= ====== ======
LIABILITIES
Current liabilities
Trade and other payables (54,719,289) (2,034,403) (5,433,599)
Amounts due to clients (11,253,764) (6,883,254) (4,877,995)
Current tax payable (1,605,001) (1,573,639) (1,482,563)
________ ________ ________
(67,578,054) (10,491,296) (11,794,157)
________ ________ ________
Non-current liabilities
Deferred tax liabilities (715,657) (4,752,717) (2,090,110)
________ ________ ________
Total non-current liabilities (715,657) (4,752,717) (2,090,110)
________ ________ ________
Total liabilities (68,293,711) (15,244,013) (13,884,267)
________ ________ ________
Net assets 42,095,148 51,906,461 45,037,642
======= ====== ======
30 June 30 June 31 December 2007
2008 2007 �
� �
EQUITY
Equity
Called up share capital 11,136,121 10,856,121 11,136,121
Share premium account 11,105,383 10,949,383 11,105,383
Merger reserve 1,245,256 1,245,256 1,245,256
Treasury shares (163,217) (163,217) (163,217)
Retained earnings 24,015,082 30,242,673 26,957,576
Employee benefit trust (5,879,819) (1,813,557) (5,879,819)
Reserve for share-based payments 636,342 589,802 636,342
________ ________ ________
Total equity attributable to the 42,095,148 51,906,461 45,037,642
holders of the parent
======= ======= ======
Unaudited condensed consolidated interim statement of changes in equity
Share premium
Share account Reserve
capital for
share- Profit
based and
payments Employee loss
reserves benefit account
Merger trust Treasury
Minority Total
reserve shares
interest equity
Total
� � � � � � � �
� �
Balance at 31 December 10,806,121 10,849,383 1,245,256 543,262 (1,813,557) (163,217) 24,278,739 45,745,987
3,483,677 49,229,664
2006
Total recognised income
and expense for the period
Profit for the period - - - - - - 7,008,319 7,008,319
- 7,008,319
- -
Changes in equity for first
half of 2007
Share option charge - 46,540 - - - 46,540
- 46,540
Elimination of minority - - - - - - - -
(3,483,677) (3,483,677)
interest
Dividends - - - - - - (1,044,385) (1,044,385)
- (1,044,385)
Issue of share capital 50,000 100,000 - - - - - 150,000
- 150,000
Balance at 30 June 2007 10,856,121 10,949,383 1,245,256 589,802 (1,813,557) (163,217) 30,242,673 51,906,461
- 51,906,461
Share Share premium Reserve
capital account for
share-
based Employee Profit and
payment benefit loss
Merger s trust Treasury account
Minority
reserve shares
interest
reserve Total
Total equity
s
� � � � � � � �
� �
Balance at 31 December 2006 10,806,121 10,849,383 1,245,256 543,262 (1,813,557) (163,217) 24,278,739 45,745,987
3,483,677 49,229,664
Total recognised income - -
and expense for the period
Profit for the period
- - - - 4,513,556 4,513,556
- 4,513,556
Changes in equity for 2007
Minority interest arising on - -
acquisition - - - - - -
(3,483,677) (3,483,677)
Purchase of shares - - - - (4,066,262) - - (4,066,262)
- (4,066,262)
Share option charge - - - 93,080 - - - 93,080
- 93,080
Dividends - - - - - - (1,834,719) (1,834,719)
- (1,834,719)
Issue of share capital 330,000 256,000 - - - - - 586,000
- 586,000
Balance at 31 December 2007 11,136,121 11,105,383 1,245,256 636,342 (5,879,819) (163,217) 26,957,576 45,037,642
- 45,037,642
Share capital Share premium
account
Reserve for
share-based payments
reserves Employee
benefit
Merger reserve trust Treasury shares
Profit and loss
account
Total equity
� � � � � �
� �
Balance at 31 December 2007 11,136,121 11,105,383 1,245,256 636,342 (5,879,819) (163,217)
26,957,576 45,037,642
Changes in equity for 2008
Share option charge - - - - - -
- -
Loss for the period - - - - - -
(1,943,029) (1,943,029)
Total recognised income 11,136,121 11,105,383
and expense for the period 1,245,256 636,342 (5,879,819) (163,217)
25,014,547 43,094,613
Dividends - - - - - -
(999,465) (999,465)
Balance at 30 June 2008 11,136,121 11,105,383 1,245,256 636,342 (5,879,819) (163,217)
24,015,082 42,095,148
Unaudited condensed consolidated interim cash flow statement
6 months 6 months Year
to 30 June to 30 June to 31 December
2008 2007 2007
�
� �
Cash flows from operating
activities
(Loss)/profit after taxation (1,943,029) 7,008,319 4,513,556
Adjustments for: - - -
Depreciation 65,442 43,132 104,954
Foreign exchange (gain) (25,011) (331,825) (357,915)
Taxation expense recognised in
income (844,766) 3,011,130 1,273,636
statement
(Increase) in trade and other (53,536,710) (119,904) (2,132,815)
receivables
Decrease in financial assets
designated at fair 4,843,712 1,928,778 4,009,590
value
Realised gains on financial
assets designated at (9,209,084)
fair value
Net proceeds on disposals of
financial assets 17,608,262
designated at fair value
Increase/(Decrease) in trade 49,285,690 (2,164,391) 1,234,805
payables
Increase/(Decrease) in amounts 6,375,769 (6,488,357) (8,493,618)
owed to clients
Employee benefit trust - - (4,066,262)
Share-based payment reserve - 46,540 93,080
________ ________ ________
Cash generated from operations 4,221,097 2,933,422 4,578,189
Taxation (407,249) (2,483,010) (3,499,196)
________ ________ ________
Net cash from operating 3,813,848 450,412 1,078,993
activities
________ ________ ________
Cash flows from investing
activities
Purchase of property, plant and (405,128) (16,420) (32,040)
equipment
Acquisition of subsidiary (700,000) (3,483,677) (3,483,677)
________ ________ ________
Net cash used in investing (1,105,128) (3,500,097) (3,515,717)
activities
________ ________ ________
Cash flows from financing
activities
Proceeds from issue of share - 150,000 586,000
capital
Dividends paid (999,465) (1,044,385) (1,834,719)
________ ________ ________
Net cash used in financing (999,465) (894,385) (1,248,719)
activities
________ ________ ________
Net increase in cash and cash 1,709,255 (3,944,070) (3,685,443)
equivalents
Cash and cash equivalents at the
beginning of 27,080,761 30,408,289 30,408,289
period
Foreign exchange gains / 25,011 331,825 357,915
(losses)
________ ________ ________
Cash and cash equivalents at end 28,815,027 26,796,044 27,080,761
of period
======= ====== ======
Notes to the unaudited condensed consolidated interim financial statements
1. Basis of preparation
The interim financial statements have been prepared in accordance with the accounting policies previously adopted for the year ended 31
December 2007 are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) and are
effective at 31 December 2007.
The interim financial statements are for the six months ended 30 June 2008. They do not include all of the information required for full
annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31
December 2007.
The interim financial statements have been prepared under the historical cost convention, except for revaluation of certain financial
assets.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the interim financial
statements.
The financial information set out in these interim financial statements does not constitute statutory accounts as defined in Section 240
of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 December 2007, prepared under IFRS, have been
filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement
under Section 237(2) of the Companies Act 1985.
These interim financial statements have neither been audited nor reviewed by the Group's external auditors.
The interim financial statements were approved by the Directors on 16 September 2008 and copies are available to the public free of
charge from the company at Old Change House, 128 Queen Victoria Street, London EC4V 4BJ during normal office hours, Saturdays, Sundays and
Bank Holidays excepted, for 14 days from today.
2. Income
The group's income is derived from investment banking and the performance of the Group's investment portfolio.
6 months to 30 June 2008 - unaudited
Investment banking Investment portfolio Total
Operating income 5,388,169 (1,647,473) 3,740,696
==================== ========================= =========================
=====
6 months to 30 June 2007 - unaudited
Investment banking Investment portfolio Total
Operating income 5,352,784 9,514,801 14,867,585
==================== ========================= =========================
=====
Year to 31 December 2007 - audited
Investment banking Investment portfolio Total
Operating income 10,635,226 5,199,494 15,834,720
==================== ========================= =========================
=====
Operating income includes investment and other income. The investment portfolio includes realised and unrealised gains on financial
assets.
3. Share Issue
Shares issued and authorised for the period to 30 June 2008 may be summarised as follows:
6 months to 30 June 2008 - unaudited
Number �
At 1 January 2008 111,361,208 11,136,121
Issue of shares - -
At 30 June 2008 111,361,208 11,136,121
========================= =========================
6 months to 30 June 2007- unaudited
Number �
At 1 January 2007 108,061,208 10,806,121
Issue of shares 500,000 50,000
At 30 June 2007 108,561,208 10,856,121
========================= =========================
Year to 31 December 2007 - audited
Number �
At 1 January 2007 108,061,208 10,806,121
Issue of shares 3,300,000 330,000
At 31 December 2007 111,361,208 11,136,121
========================= =========================
4. Earnings per Share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year, excluding shares held in the Employee Benefit Trust and Treasury shares.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares on the
assumed conversion of all dilutive options.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
Continuing operations
6 months to 30 June 2008 -
unaudited
Earnings Weighted average number of shares Per share amount
Pence
�
Basic earnings per share (1,943,029) 99,944,165 (1.94)
====== ====== ===
Diluted earnings per share (1,943,029) 99,944,165 (1.94)
====== ======= ===
6 months to 30 June 2007 -
unaudited
Earnings Weighted average number of shares Per share amount
Pence
�
Basic earnings per share 7,008,319 106,150,905 6.60
Dilutive effect of share 6,024,242
options
________ ________ ____
Diluted earnings per share 7,008,319 112,175,147 6.25
====== ======= ===
Year to 31 December 2007 -
audited
Earnings Weighted average number of shares Per share amount
Pence
�
Basic earnings per share 4,513,556 104,406,818 4.32
Dilutive effect of share 3,612,831
options
________ ________ ____
Diluted earnings per share 4,513,556 108,019,649 4.18
====== ======= ===
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFEAAFIRLIT
Ambrian Capital (LSE:AMBR)
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