TIDMFDBK
RNS Number : 6715B
Feedback PLC
30 October 2009
FEEDBACK PLC (the "Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2009
Summary
· Improved margins led to a 24% increase in Trading Profit to GBP603k
despite a 15% fall in underlying Revenues
· Gross operating margin improved from 5% to 7.4%
· Strong cash focus with year end net cash balances of GBP269k
· Ungeared Balance Sheet with Net Assets increasing to GBP3.9m
· Significant investment into new Instruments product for 2010
· New and extended range of Data terminals to be launched at
CeBIT in March 2010
Commenting on the results, Executive Chairman Michael Burt said:
"In a difficult year we are pleased to have recorded a profitable outcome with a
strengthened Balance Sheet. Although it was a year in which the Instruments
business recorded a strong outcome on substantially maintained revenues the Data
business was affected by weak markets which significantly affected customer
confidence.
Against this backdrop Feedback has committed significant new funds to both its
businesses with Data in particular expected to benefit from new products and
sharpened sales focus targeting, for the first time, all market segments.
Instruments is also expected to gain from its new international partnerships and
stronger sales focus particularly in traditional and new export markets."
30 October 2009
Enquiries:
Michael Burt01892 653 322
(Executive Chairman)
Feedback plc
Philip Davies / Carl Holmes 020 7149 6000
Charles Stanley Securities
(Nominated Adviser)
EXECUTIVE CHAIRMAN'S STATEMENT
For the year ending 31 May 2009 Group Trading Profit improved from GBP485k to
GBP603k, an increase of some 24%, which was achieved despite a reduction in
turnover of 15% from GBP9.6m to GBP8.2m. The reduction in turnover was mainly
contained within Feedback Data where the combination of weak markets and Far
East imports significantly affected its business. The Board is taking action to
address this situation.
Notwithstanding the Revenue decline, the gross operating margin improved from
5.0% to 7.4%. This was particularly encouraging and reflected the Board's
actions in containing costs at all levels within the Group, together with a
robust operating performance from Feedback Instruments, where further
outsourcing led to a useful improvement in operating margins.
During the year development expenditure in both Feedback Instruments and
Feedback Data remained at a high level. In addition significant sums were
expended on infrastructure, specifically a new Group IT system at a cost of some
GBP190k, which is currently nearing installation.
Apart from these financial commitments, focus was maintained on working capital
management. As a result net cash at the end of the period amounted to GBP269k
and this position still continues. Additionally the Balance Sheet has
strengthened with Net Assets as at 31 May 2009 of GBP3.9m equivalent to 3.6
pence per share. This does not include available group tax losses totalling
GBP2.6m, still available against future profits. Since year end we have taken
the opportunity to negotiate new additional committed working capital lines from
our bankers on improved terms.
Current trading is in line with the Board's expectations with some small signs
of confidence returning, particularly in overseas markets. The UK however
remains fragile and difficult particularly on the Data side where recovery is
still some way off.
Feedback Instruments Limited
Instruments had a very active year. On a modest decline in revenues operating
profits were significantly higher and a number of major contracts were awarded,
particularly in Africa and the Middle East.
For many countries in parts of the developing world secondary and university
education of its citizens remains a high priority. Feedback Instruments
continues to remain a recognised and important supplier of these needs.
We continue to support and invest in our worldwide agent and distribution
network with over 80 countries having a Feedback representative.
Sales in the export market continue to prosper. The global recession has
affected some traditionally strong markets in the Far East like Malaysia.
However, business remains buoyant in the oil-producing countries, particularly
in the Middle East.
Saudi Arabia has especially seen Feedback's share of the market increase to a
level not seen before. Libya has provided some good orders and, along with
Nigeria and other African countries, has shown the significance of the
continent. Plans are in place to target emerging economies around the World to
increase our export sales.
The UK market, however, is particularly difficult at this time; sales remain on
target although slightly reduced with efforts being placed on providing other
educational products through our existing channels.
Feedback Incorporated
Feedback Inc had a more encouraging year with revenues showing some stability
and as a result of internal cost reductions an improved operating profit was
achieved. The complete agent network was reviewed during the year and some
changes made. Almost all states within the US are now covered by our agent
network and a successful agent's conference was held in Raleigh Durham, North
Carolina in March this year with a majority of our agents attending. A number of
new products were shown and we have since seen an improvement in sales and
enquiries, which should be helpful in achieving the stronger targets accepted by
local management.
Feedback Data Limited
The slowdown in the UK has had a serious effect on the results of Feedback Data
during the period. Operating profits were significantly reduced and current
trading since the start of the new financial year has shown no signs of
recovery.
Demand for Data Capture Terminals, the Company's core business, was
significantly weaker than anticipated and served to reinforce the strategy of
developing related products for market sectors available outside the traditional
core business area. The past lack of investment coupled with the economic
downturn has highlighted the weaknesses of the Company's ageing Terminal range.
This makes them less competitive in comparison to the multitude of Terminals now
being offered to resellers from the Far East.
On the Access Control side of the business lack of previous management focus on
new customer sales led to a haemorrhaging of orders with few new sales, however,
the Evolution Access Control solution is capable of being a class leader and new
users have been enthusiastic as to its capabilities. As a consequence we will be
re-launching Evolution as a branded product so that it competes more effectively
in the market place. Much of the revenue from this side of the business has been
generated from current users expanding their existing systems. To address this
issue, new sales staff have been appointed and initial market reception has
proved positive.
Notwithstanding the weakness of trading, new investment in the Company by the
Board has been committed and has resulted in the implementation of a strategy
that will take Data into new business areas. It is hoped that these actions will
strengthen its current market position.
The first stages of this strategy have been implemented. An innovative Staff
Monitoring System, the Nohmad, was unveiled to our resellers earlier in the
year. The product's unique attributes generated an unprecedented amount of
interest and has since attracted new resellers operating in areas which had
previously been denied to us. In addition the product addressed pricing issues
which had also affected sales.
Interest in the product has not been restricted solely to our traditional
resellers, but has also generated interest from a diverse cross section of
industries including contract cleaning, logistics, mining and the auto industry.
The imminent planned release of new variants of the Nohmad, including Biometric
and Time Clock versions are being launched in November with a Proximity version
in the first quarter of 2010.
The sales team has recently been boosted by new staff who will sell the
Evolution Access Control Product exclusively to end users. They will also manage
all existing end user accounts and seek new security resellers. The Evolution
product has matured over the last 18 months and is considered to be a
competitive and comparable product in relation to those being offered by major
players in the Access industry. It is believed that this side of the business is
now well positioned for market expansion.
The development of the next generation of product is well advanced. The products
planned will share many common components and communication techniques and build
costs will be reduced. The new range is designed to be at the forefront of
market expectation in terms of design, price and technology. The entry model in
particular is designed to meet pricing and specification issues in the volume
market where foreign importers have made significant inroads.
External industrial design consultants have been employed to assist in producing
a distinctive 'product family' and provide a modern identity that will endure
into the future. The designers will liaise with the Group's communications and
branding consultants, to assist in the promotion of the product sets. The first
products of the new range will launch at the CeBIT trade show in Hanover in
March 2010.
Our German subsidiary, Feedback GmbH, operated profitably during the period, but
at lower levels. Pricing and product are still key issues but current
developments are expected to address this. Additional effort is being put into
broadening both our overseas reseller base and direct sales and we have been
encouraged by early interest from the Middle East.
Current Trading and Future Prospects
The past year saw your company able to finally focus on trading issues without
having to devote management time to legacy issues. Although we are still
awaiting final clearance from the PPF with respect to the Feedback Defined
Pension Scheme we are advised that this matter should be finally resolved
towards the end of the current financial year.
Feedback plc commenced the current trading year in a solid position with a
strong asset position, cash in the bank and an order book only slightly reduced
from that prevailing at the same time last year. June saw a very strong month
for orders for Feedback Instruments, particularly from the Middle East, which
took its order book to levels not seen for some time.
The current position is also encouraging and a number of significant export
contracts are likely to be awarded during the current financial year. The UK
market, although weaker than previously anticipated, is showing signs of
resilience and, with a refocused and more structured sales effort, we believe we
will maintain our market position.
In the current year Instruments should benefit from a number of new product
launches. Additionally, new associations and partnerships have been formed with
a number of major international educational companies, which will significantly
extend our reach both in product and marketing terms and provide new routes to
markets. The first portfolio of product for one partner is well advanced and
will be offered to their supply chain before the end of the year.
In support of these developments we are very pleased to welcome to the Board
David Marks, Managing Director of Feedback Instruments who has been responsible
for the improvement of Instruments performance.
Feedback Data is still seeing tough markets for the reasons highlighted above.
The launch of new products should be a significant help in arresting this
position, although the benefit will not be seen, at the earliest, until the
second half.
As with Instruments, Data is looking to enter into partnership arrangements,
particularly in overseas markets where new products have been well received and
fresh opportunities will be available. In this respect a number of the
Instrument's agents have indicated a willingness to become a Data partner which,
although early days, is likely to bring new benefits.
We now believe that we are able to focus on future opportunities to grow the
business both organically and via acquisition. With an un-geared liquid Balance
Sheet opportunities may arise which will be considered. At the same time there
is still work to be done with the core divisions. Clearly, having now returned
to profit, maintaining this position is mandatory.
Towards year end, we were pleased to receive an extension to the planning
consent on our site at Park Road to 2014.
Your Board is well aware that shareholders have been without an ordinary
dividend for a number of years and although it was not a consideration in the
year under review it will be considered at the end of the current year if, as
anticipated, a further profitable outcome is seen.
I would also like to take this opportunity of thanking all the employees of the
Group who without their dedication, loyalty and commitment the results seen
would not have been possible.
Michael G Burt
Executive Chairman
30 October 2009
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2009
+----------------------------------+-----------------------+-----------------------+
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| REVENUE | 8,163 | 9,607 |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Cost of Sales | (4,568) | (6,030) |
+----------------------------------+-----------------------+-----------------------+
| | --------------------- | --------------------- |
+----------------------------------+-----------------------+-----------------------+
| GROSS PROFIT | 3,595 | 3,577 |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Other Operating Expenses | (2,992) | 3,092 |
+----------------------------------+-----------------------+-----------------------+
| | ------------------- | ------------------- |
+----------------------------------+-----------------------+-----------------------+
| TRADING PROFIT | 603 | 485 |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Write back of pension deficit | - | 6,294 |
+----------------------------------+-----------------------+-----------------------+
| | ------------------- | ------------------- |
+----------------------------------+-----------------------+-----------------------+
| OPERATING PROFIT | 603 | 6,779 |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Profit on sale of fixed asset | 27 | 87 |
+----------------------------------+-----------------------+-----------------------+
| Reorganisation cost | - | (479) |
+----------------------------------+-----------------------+-----------------------+
| Gain on cancellation of loan | - | 402 |
+----------------------------------+-----------------------+-----------------------+
| | ------------------- | ------------------- |
+----------------------------------+-----------------------+-----------------------+
| | 630 | 6,789 |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Net interest | (1) | (5) |
+----------------------------------+-----------------------+-----------------------+
| | ------------------- | ------------------- |
+----------------------------------+-----------------------+-----------------------+
| Profit on ordinary activities | 629 | 6,784 |
| before taxation | | |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Tax credit | 18 | 398 |
+----------------------------------+-----------------------+-----------------------+
| | ------------------- | ------------------- |
+----------------------------------+-----------------------+-----------------------+
| Profit for the year attributable | 647 | 7,182 |
| to the equity shareholders of | | |
| the Company | | |
+----------------------------------+-----------------------+-----------------------+
| | ========= | ========= |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| PROFIT PER SHARE (pence) | | |
+----------------------------------+-----------------------+-----------------------+
| | | |
+----------------------------------+-----------------------+-----------------------+
| Basic and diluted | 0.59 | 9.25 |
+----------------------------------+-----------------------+-----------------------+
| | ========= | ========= |
+----------------------------------+-----------------------+-----------------------+
| Diluted and diluted | 0.55 | 0.62 |
+----------------------------------+-----------------------+-----------------------+
| | ========= | ========= |
+----------------------------------+-----------------------+-----------------------+
Turnover and operating profit are derived from continuing activities.
CONSOLIDATED BALANCE SHEET
AT 31 MAY 2009
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | 2009 | 2008 |
+------------------------------+---------------------------------------+---------------------------------------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| ASSETS | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Non-current assets | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Property, plant and | | 1,577 | | 1,459 |
| equipment | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Intangible assets | | 590 | | 668 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Deferred tax asset | | 313 | | 316 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | 2,480 | | 2,443 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Current assets | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Inventories | 1,334 | | 1,259 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Trade receivables | 1,699 | | 1,408 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Other receivables | 223 | | 248 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Cash and cash equivalents | 269 | | 567 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | ----------------- | | ----------------- | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | 3,525 | | 3,482 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Total assets | | 6,005 | | 5,925 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| LIABILITIES | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Non-current liabilities | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Deferred tax liabilities | | 165 | | 187 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Current liabilities | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Trade payables | 745 | | 605 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Other payables | 1,135 | | 1,748 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Borrowings | - | | 4 | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | ----------------- | | ----------------- | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | 1,880 | | 2,357 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Total liabilities | | 2,045 | | 2,544 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| TOTAL NET ASSETS | | 3,960 | | 3,381 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ======== | | ======== |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| EQUITY | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Capital and reserves | | | | |
| attributable to the | | | | |
| Company's equity | | | | |
| shareholders | | | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Called up share capital | | 273 | | 273 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Share premium account | | 633 | | 633 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Capital reserve | | 300 | | 300 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| Retained earnings | | 2,754 | | 2,175 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| TOTAL EQUITY | | 3,960 | | 3,381 |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ======== | | ======== |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | |
+------------------------------+-------------------+-------------------+-------------------+-------------------+
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2009
+----------------------------------------+-------------------+-------------------+----------------+--+----------------+--+
| | 2009 | 2008 |
+----------------------------------------+---------------------------------------+---------------------------------------+
| | GBP000 | GBP000 | GBP000 | GBP000 |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Cash flows from operating activities | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Profit before tax | | 629 | | 6,784 |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Adjustments for: | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Finance charges | - | | 5 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Depreciation and amortisation | 511 | | 568 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Impairment of intangible fixed assets | - | | 132 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Profit on disposal of tangible fixed | (27) | | (87) | |
| assets | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Foreign exchange difference | (68) | | (140) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Increase in inventories | (75) | | (80) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| (Increase)/decrease in trade | (291) | | 91 | |
| receivables | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Decrease/(increase) in other | 25 | | (21) | |
| receivables | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Increase in trade payables | 140 | | 82 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| (Decrease)/increase in other payables | (613) | | 141 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Pension contributions paid | - | | (35) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Share option charge | - | | 10 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Pension written back | - | | (6,294) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Loan written back | - | | (403) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | ----------------- | | ----------------- | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | (398) | | (6,031) |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Net cash generated in operating | | 231 | | 753 |
| activities | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Cash flows from investing activities | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Interest received | - | | 10 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Purchase of tangible fixed assets | (185) | | (1,453) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Proceeds from sale of tangible fixed | 40 | | 992 | |
| assets | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Purchase of intangible assets | (379) | | (416) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | ----------------- | | ----------------- | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Net cash used in investing activities | | (524) | | (867) |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Cash flows from financing activities | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Issue of ordinary shares | - | | 1,820 | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Interest paid | (1) | | (15) | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Capital element of finance leases and | (4) | | (12) | |
| rental payments | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Payments made to Pension Protection | - | | (1,200) | |
| Fund | | | | |
+----------------------------------------+-------------------+-------------------+----------------+-------------------+
| | ----------------- | | ----------------- | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Net cash (used)/generated from in | | (5) | | 593 |
| financing activities | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Net (decrease)/increase in cash and | | (298) | | 479 |
| cash equivalents | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Cash and cash equivalents at beginning | | 567 | | 88 |
| of year | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | | ----------------- |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| Cash and cash equivalents at end of | | 269 | | 567 |
| year | | | | |
+----------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | ======== | | ======== |
+----------------------------------------+-------------------+-------------------+----------------+--+----------------+--+
NOTES TO THE FINANCIAL STATEMENTS
1. The information in this announcement, which was approved by the Board of
Directors on 29 October
2009, does not comprise statutory
accounts for the years ended 31 May 2008 or 31 May 2009. The
statutory accounts for the year ended 31 May 2008 have been delivered to the
Registrar of Companies
and those for the year ended 31 May 2009
will be delivered to the Registrar of Companies following
the
Company's Annual General Meeting. The auditors have reported on these accounts,
their reports
were unqualified and did not contain statements
under s.498(2) or (3) of the Companies Act 2006. The
information contained in this statement does not constitute statutory accounts
within the meaning of
section 434 of the Companies Act 2006.
The Report and Accounts will be posted to shareholders on 3 November 2009 and
the Annual General Meeting will be held at 11.00 am on 27 November 2009. Copies
will be available from the Company at Park Road, Crowborough East Sussex TN6
2QR, England and will be available to download from the Company's website
www.feedback.plc.uk.
2. SEGMENTAL REPORTING
The turnover, result before taxation and net assets of the Group are
attributable to one business segment, the design, manufacture and sale of
electronic and computer peripheral equipment for industry and education.
Analysis by geographical market
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | | Turnover | Pre tax (loss)/profit | Assets | Liabilities | Assets | Liabilities |
+--+--------------------+---------------------------------------+---------------------------------------+-------------------+-------------------+-------------------+-------------------+
| | | 2009 | 2008 | 2009 | 2008 | 2009 | 2009 | 2008 | 2008 |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | | | | | Restated | | Restated | | Restated |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | By origin | | | | | | | | |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | United Kingdom | 7,197 | 8,557 | 307 | 396 | 5,556 | (1,334) | 5,436 | (2,483) |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | Continental Europe | 314 | 362 | 271 | 150 | 270 | (644) | 324 | (13) |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | United States | 652 | 688 | 51 | 21 | 179 | (67) | 165 | (48) |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | Exceptional items | - | - | - | 6,217 | - | - | - | - |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | | 8,163 | 9,607 | 629 | 6,784 | 6,005 | (2,045) | 5,925 | (2,544) |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
| | | ========= | ========= | ========= | ========= | ========= | ========= | ========= | ========= |
+--+--------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+-------------------+
All capital expenditure incurred by the Group was in the United Kingdom.
+--+-----------------------------------------+--------------------+--------------------+
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+--+-----------------------------------------+--------------------+--------------------+
| | Turnover by destination | GBP000 | GBP000 |
+--+-----------------------------------------+--------------------+--------------------+
| | United Kingdom | 3,119 | 3,899 |
+--+-----------------------------------------+--------------------+--------------------+
| | Rest of Europe | 700 | 1,545 |
+--+-----------------------------------------+--------------------+--------------------+
| | Americas | 929 | 1,115 |
+--+-----------------------------------------+--------------------+--------------------+
| | Africa | 929 | 172 |
+--+-----------------------------------------+--------------------+--------------------+
| | Middle East | 1,257 | 1,410 |
+--+-----------------------------------------+--------------------+--------------------+
| | Far East | 1,229 | 1,466 |
+--+-----------------------------------------+--------------------+--------------------+
| | | ------------------ | ------------------ |
+--+-----------------------------------------+--------------------+--------------------+
| | | 8,163 | 9,607 |
+--+-----------------------------------------+--------------------+--------------------+
| | | ========= | ========= |
+--+-----------------------------------------+--------------------+--------------------+
3. PROFIT PER SHARE
Basic earnings per share is calculated by reference to the profit on ordinary
activities after taxation of GBP647,000 (2008: GBP7,182,000) and on the weighted
average of 109,146,746 (2008: 77,628,244) shares in issue.
The calculation of diluted earnings per share is based on the profit on ordinary
activities after taxation and the diluted weighted average of 109,163,193
(2008: 77,628,244).
Adjusted EPS figures based on trading profit have been included for information
purposes. The adjusted earnings per share has been calculated by reference to
the trading profit of GBP603,000 (2008: GBP485,000) and on the weighted average
109,146,746 (2008: 77,628,244) shares in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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