TIDMMAN
RNS Number : 5329V
Manroy PLC
15 January 2013
Manroy Plc
Preliminary announcement of audited results for the year ended
30 September 2012 and notice of Annual General Meeting
Manroy Plc ("Manroy" or the "Group") (AIM: MAN), the AIM quoted
leading UK defence contractor, announces its audited results for
the year ended 30 September 2012
Financial Results
-- Results for the year reflect delay in one major contract
-- Revenue of GBP7.4 million (2011: GBP7.9 million)
-- Loss of GBP0.9 million attributable to Manroy USA ("MUSA")
during period of start-up and relocation
-- Post-tax loss of GBP1.5 million (2011: post-tax profit GBP2.0 million)
-- Diluted loss per share of 8.0p compared with earnings per share of 17.5p
-- Placing of new shares to raise GBP0.5 million before expenses
-- Normalised profit of GBP0.1m after non-recurring costs and amortisation of intangibles
Operational Highlights
Manroy
-- Expansion of product range and increased orders into export market
-- First export orders secured for GPMG
MUSA
-- Moved two locations into one with expected cost savings in 2013
-- HUBZone status obtained providing considerable pricing advantage
-- US Department of Defence ("US DoD") contracts worth $10.4
million (GBP6.6 million) successfully novated to MUSA
Post-period end
-- Manroy UK order book stands at GBP9.0 million
-- MUSA order book healthy at US$13.2 million (GBP8 million)
-- MUSA continues to finalise remaining requirements of First
Article Acceptance ("FAA") testing approval process from US DoD for
continued manufacture and delivery during second half of current
financial year
In addition, the Board also gives notice that its AGM will be
held at the offices of Allenby Capital, Claridge House, 32 Davies
Street, London W1K 4ND at 11:00am on 27 February 2013.
The Accounts and notice of AGM are currently being sent to
shareholders and will shortly be available for download from the
Company's website, www.manroy.com, in accordance with AIM Rule
20.
Andrew Blurton, Chairman of Manroy, commented: "With order books
at record levels, we are targeting new export markets in 2013 and
are currently negotiating on large contracts. 2012 was affected by
delayed contracts but the Group is in a position to fulfil those
orders and I view the future with optimism."
For further information please contact:
Manroy Plc Tel: 01252 874 177
Glyn Bottomley, Chief Executive
Paul Carter, Finance Director
Allenby Capital Tel: 020 3328 5656
Mark Connelly
Alex Price
Bankside Consultants Tel: 020 7367 8888
Richard Pearson
Simon Rothschild / Harry Gourlay
Chairman's statement
During the year ended 30 September 2012, Manroy was awarded new
contracts in the United Kingdom and United States resulting in
order books now being at record levels for the Group. We also made
considerable progress in breaking into new export markets.
The Group has been focused on expanding its product range and
sales into the export market, particularly into the United States
which has the world's largest defence budget. At the same time,
Manroy has also been targeting the defence departments of a growing
number of Asian countries and Australia.
Much was achieved during the year including being awarded
contracts from new customers; relocating operations from two
locations in the United States into a third new location and
reducing the Group's previous reliance for a large proportion of
revenue from the UK Ministry of Defence ("MoD"). However, the year
was a frustrating one as a result of delays in receiving certain
contracts and an excessively long period to achieve the successful
novation of MUSA's US DoD contracts.
Results
In the year ended 30 September 2012, Manroy generated revenues
of GBP7.4 million compared with GBP7.9 million in the year ended 30
September 2011. This figure was affected by the delays in contracts
being awarded during the year and the lengthy wait for the US DoD
novations referred to above. As a result there was a loss after tax
of GBP1.5 million compared with a profit after tax in the previous
year of GBP2.0 million. The fully diluted loss was 8.0p per share
compared with earnings per share of 17.5p in 2011. GBP0.9 million
of the loss related to MUSA, whilst the trading business of Manroy
in the UK made a profit after tax of GBP1.1 million. In light of
the loss made during the year, the Directors do not recommend the
payment of a dividend in respect of the year under review.
On 13 September 2012, the Company announced a placing of new
shares to raise GBP0.5 million from existing and new shareholders
(including Directors). This placing enabled the Company to make
sufficient funds available to MUSA to support the remaining
requirements of the FAA testing approval process which remains
on-going.
In February 2012, the Group signed a contract with the MoD for
the supply of blank firing systems, tow bars and tripods. This has
progressed well and also the supply of blank ammunition to the MoD
continues. These types of contracts provide a steady and recurring
level of revenue for the Group which assist in smoothing the
sometime uneven nature of other parts of the Group's revenues.
MUSA
Whilst the novation of contracts to MUSA took considerably
longer than originally expected, the process was eventually
completed in April 2012. The level of the start-up losses at MUSA
should be seen in the context that its order book is now at an
extremely healthy US$13.2 million (GBP8 million). We are pleased
with the current order book and now have the necessary licences in
order to market MUSA products through the UK Group.
The US defence market is worth some US$553 billion annually and
accordingly much management effort has been devoted to MUSA over
the last twelve months together with significant investment.
MUSA continues to make progress in the FAA testing and approvals
process on the novated contracts. Whilst this has taken a long
time, initial approvals have begun to come through with the
remaining key FAA approvals expected within this first half of our
2013 financial year. In August 2012 we announced the importance of
MUSA being granted with the Historically Underutilised Business
Zone ("HUBZone") status. This is extremely important as it gives
MUSA a significant tendering advantage over non-HUBZone companies
in winning future contracts from the US DoD.
Employees
I would like to take this opportunity to thank all staff across
the Group for their contribution during a difficult year. We
continue to improve upon the team in place to take the business
forwards and this puts the Group in a strong position as we expand
its sphere of operations.
Conclusion
Whilst the 2012 financial year was a frustrating one, the Group
has entered the new financial year with a record order book and a
high level of enquiries from potential customers not previously
supplied by the Group. The Board therefore looks forward to the
current year with optimism.
Andrew Blurton
Chairman
Chief Executive's operating review
Introduction
Our objectives for the year were to expand our product
portfolio, to increase our export business and to reduce our
reliance on contracts with the UK MoD, although it remains a highly
valued customer of 27 years standing. I am pleased to report that
considerable progress has been made on all three fronts.
The timing of one export order for HMGs affected the results for
the year but, as announced in December 2012, we remain confident
that this order will eventually be obtained. Much time and effort
has been spent achieving preferred supplier status with this
customer and we believe this will become a long term
relationship.
Further significant highlights in the year were the relocation
of MUSA's two operations to an expanded 105,000 sq. ft. property in
Spindale, North Carolina and the novation of $10.4m (GBP6.6m) of
contracts from the US DoD to MUSA.
Review of Operations
The acquisitions of the business and assets of AEI and the 49%
stake in MUSA have had a significant and positive impact on the
Group during the year. AEI's acquisition has been a good strategic
move and has brought new revenue streams and expertise into the
Group. The business is a UK-based designer and producer of weapon
support systems, including turrets, gun mounts, bespoke tow bars
and systems for armoured vehicles, and accounted for 31% of the
Group's revenue during the year. Encouraged by this we are looking
to increase AEI's product range.
Developing an export business takes time and patience but
ultimately it can be very financially rewarding. The Board
commenced work on developing Manroy's export business in 2010 and
believe the rewards of this effort will continue through 2013. This
is further supported in that 17 new customers were secured in the
year.
The investment in general purpose machine gun ("GPMG")
production in 2012 has resulted in some 300 now on order with
several enquiries in excess of 1,000 also being received. In 2013,
we will be able to produce the GPMG alongside the HMG.
We are currently investing in a new low profile turret system
for potential orders in 2014/15. We are also continuing to actively
bid into new business areas tendered by the UK MoD.
In the financial year ended 30 September 2012, the Group won
GBP16.6m in orders, comprising GBP10 million of new orders (GBP8
million in the UK and GBP2 million in the US) and GBP6.6 million of
previously unfulfilled contracts successfully novated by the US DoD
to MUSA.
MUSA
The US defence market is worth some US$553 billion annually and
accordingly much management effort has been devoted to MUSA over
the last twelve months together with significant investment. The
novation of US$10.4 million (GBP6.6 million) contracts took far
longer than had been expected but was successfully concluded in
April 2012. The order book has since grown by a further GBP2.0
million as a result of orders for spares and commercial
inventory.
MUSA's operations were moved from two locations following the
acquisition of Sabre's business to a larger and greatly enhanced
manufacturing facility in Spindale, North Carolina and this site is
now a fully approved US DoD weapons facility.
MUSA continues to make progress in the FAA testing and approvals
process on the novated contracts. Whilst this has taken a long
time, initial approvals have begun to come through. Most recently
we have received approvals for deliveries of M16s with a value of
$0.5m (GBP0.3m), providing confidence that, although this is a
longer process than anticipated, we are achieving the desired
results. These products had been previously built by Sabre, whose
business had been acquired by MUSA in 2011. To accept delivery MUSA
and the US DoD agreed a test plan and acceptance procedure that was
completed in December 2012. While this was not a full FAA procedure
for production of M16s it was an encouraging sign that the US DoD
is working with MUSA to complete the delivery process and FAA with
these contracts.
In August 2012 we announced that MUSA had been granted HUBZone
status. This is extremely important as it gives MUSA a significant
tendering advantage over non-HUBZone companies in winning future
contracts from the US DoD. The value of this status in the US
should not be underestimated.
Outlook
I believe we are set for an exciting 2013 with a strong order
book, a strong order pipeline, the value of export business
increasing, the Group bidding for new MoD work and MUSA commencing
production of the major part of its order book. I am therefore
confident that the Group will at least match market expectations of
revenues for the year ending 30 September 2013.
Glyn Bottomley
Chief Executive
Financial review
Introduction
The Chairman's statement and Chief Executive's operating review
provide information on the Group's principal operations and the
Board's expectations for the future. This financial review covers
in greater depth the more significant features of the financial
statements for the year ended 30 September 2012.
Objectives
The strategy of the Company, led by the activities of the Board,
is to increase the Company's earnings per share on an annual basis
by increasing profits through expansion of the Group's customer and
product base, organic growth and by corporate acquisitions.
At the time of announcement of our 2011 annual results in
February 2012, we commented that several large orders had been
unavoidably delayed and were expected to be received during the
second half of this financial year. One of those, the novation of
US$10.4m (GBP6.6m) US DoD orders to MUSA was successfully secured
and announced in April 2012. This also required FAA, a process that
has been very lengthy but is now permitting manufacture and
delivery of these items during the second half of the current
financial year.
The Group also provided a trading update in September 2012
including details of a fundraising for the US operation and
explaining that an GBP8.0m export order from an existing customer,
a large part of which was forecasted to be fulfilled during the
current financial year had not, at that point, been confirmed.
In December 2012, a further announcement was made confirming
that negotiations were at an advanced stage in respect of
significant orders, in addition to those previously announced, and
the achievement of market expectations for the financial year
ending 30 September 2013 was not reliant on the Company securing
the GBP8.0m export order referred to in the Company's announcement
in September 2012. The Board also remains confident that this order
will be secured during 2013.
Key performance indicators monitored by the Board
The Board uses a number of key performance indicators ('KPIs')
to monitor Group performance against budgets and forecasts as well
as to measure progress against the Board's strategic objectives.
These are summarised below.
KPI Purpose of KPI 2012 *2011
---------------------- -------------------------------------- -------- --------
GBP'000 GBP'000
---------------------- -------------------------------------- -------- --------
A principal earnings driver for
Revenue the Group. 7,392 7,970
---------------------- -------------------------------------- -------- --------
To measure the growth in expanding
Revenue outside our revenue over and above existing
the UK UK activity. 1,930 3,313
---------------------- -------------------------------------- -------- --------
Orders held by Measure of order generation for
UK Group the UK Group 9,628 7,539
---------------------- -------------------------------------- -------- --------
EBITDA affects cash availability
EBITDA and profitability. 175 800
---------------------- -------------------------------------- -------- --------
Cash generated and invested is
Cash (used/invested) an important indicator of the
/ generation Group's financial strength (561) (576)
---------------------- -------------------------------------- -------- --------
% %
---------------------- -------------------------------------- -------- --------
To ensure that revenue growth
Gross profit generates increases in bottom
margin line profits. 33 37
---------------------- -------------------------------------- -------- --------
To maintain and where possible
Net profit (after improve profits available for
tax) margin shareholders. -19 26
---------------------- -------------------------------------- -------- --------
*Comparative numbers in KPI analysis
For the year ended September 2011 the Group comprised
consolidated results for nine months following the acquisition of
Manroy Systems in December 2010. In addition, the Group's interest
in MUSA was acquired in August 2011. Therefore the results for the
year ended 30 September 2012 are the first full year in which the
results of these two acquisitions are included in the Group's
results.
Revenue and market share
For the year ended 30 September 2012 the Group generated revenue
of GBP7.4 million (GBP7.9 million: 9 months ended 30 September
2011). The Board's strategy is to increase the Group's market share
in the export market through an enlarged customer and product
base.
A straight comparison of the two financial year's results does
not provide a full explanation of our current progress. Introducing
new products into an existing market will always be a challenging
concept. Recently, the Group has been developing and introducing
new products to our customers, the GPMG, HMG blank ammunition and
AEI products following its acquisition in April 2011. The impact of
these on our results in 2012 and for future years is summarised
below.
-- GPMG
The GPMG is a more widely used product purchased in much larger
volumes than our existing HMG, although the current HMG market
supplied by the Group provides an excellent route to market for
GPMG sales. In the year ended 30 September 2102, the Group
recognised modest revenue of GBP0.2m (2011: GBPnil) for our new
GPMG product. However, orders totalling GBP2.5m were received
during 2012 for this new product of which GBP2.4m will be delivered
in 2013. While revenue recognised by the Group during the year was
less than anticipated as a result of the timing of orders received,
it has been successful in increasing income opportunities from this
product and the Board expects this to grow during 2013.
-- HMG blank ammunition
In the year ended 30 September 2012, the Group recognised
revenue of GBP1.2m (2011: GBPnil) for our new ammunition product,
representing the first part of the GBP4.1m contract announced in
May 2011. The blank ammunition has now been fully qualified by the
UK MoD making it an attractive product for the export market. A
further GBP1.0m of the MoD contract will be delivered in 2013 and
this has the potential to increase further following increased
sales of blank firing systems to the customer.
-- AEI income
During the year, AEI derived income contributed GBP2.3m towards
Group revenue. The majority of this was driven from our lightweight
towing system which has been an excellent product sold mainly to
the UK MoD and is now gaining traction in the export market.
Whilst these new products help to grow our revenue, the
challenges posed to the Group in increasing export revenue,
combined with the complexity of managing export regulations,
continue to prove frustrating. Added to this were delays in tender
processes and cultural factors across a number of the Group's
export market regions. The political unrest across Asia and North
Africa and the global economic climate continued to affect revenue
generation throughout the year, reducing revenue from the level
achieved in 2011.
Regulation of licences for the export of weapons is a
complicated and controlling item in the delivery of revenue. This
is actively managed by the Executive Directors to ensure that the
financial effect of the changing requirements, regulations and
timeframes are minimised where they are within the Group's control.
An example of this was the GBP4.1m contract win announced in July
2012 for an existing customer, although full license approval was
only granted at the end of October 2012 and therefore after our 30
September 2012 year end. Nevertheless, the fact that licences have
now been awarded underpin the delivery and revenue generation from
this contract during the current financial year.
Manroy continued to be successful in major competitive export
tenders handled during the year ended 30 September 2012, winning
GBP8.0m in orders of which GBP5.7 million were export orders. While
certain areas have been affected by unrest and economic austerity,
new regions continue to be developed as part of the Board's
on-going plan to increase revenue generation for the Group.
Although revenue was below expectations, 2012 has been a good
foundation for the future.
Analysis of revenue generation during 2012
Region 2012 % *2011 %
GBP'000 GBP'000
United Kingdom 5,002 72 4,368 57
Europe 1,726 25 1,405 18
North America 136 2 43 1
South America 49 1 - -
Asia and Australasia 19 1,865 24
---------------------- -------- ---- -------- ----
Total trade sales 6,932 100 7,681 100
Royalties 460 289
---------------------- -------- ---- -------- ----
Total revenue 7,392 7,970
====================== ======== ==== ======== ====
*9 months to 30 September 2011
Manroy has maintained a good presence in the UK market,
specifically with the UK MoD. Over the last five years, Manroy has
increased revenue activities in expanding its export market.
Despite revenue in 2012 being below the Board's original
expectations as communicated in the Company's trading updates in
April and September 2012, we are still confident this strategy will
deliver our growth expectations in the future and remain confident
that Manroy will match market expectations of revenues for the year
ending 30 September 2013.
EBITDA
EBITDA remained positive for the year, although down from the
previous financial year, reflecting order delays and full year
costs of new product opportunities in the period with expected
revenues occurring in 2013 as referred to above.
Gross profit margin
Gross profit margins were 33% in the year (2011: 37%). This
movement was largely attributable to the change in the make-up of
the Group's revenues, although this margin is still healthy. Tight
control is kept over costs and pricing methodology and the Board is
constantly seeking ways to improve efficiency of the Group's
operations in order to improve gross margins.
Net profit (after tax) margin
The net profit margin was a negative 19% in the year. MUSA
contributed heavily to this incurring one-off costs in relation to
its protracted start-up including obtaining FAA and moving two
sites to one with resultant cost savings for the future. MUSA now
has a healthy order book standing at US$13.2 million (GBP8.0
million).
Normalised profit after non-recurring costs and amortisation of
intangible assets
2012 *2011
GBP'000 GBP'000
Trade revenues 6,932 7,681
Royalties and other income 460 289
--------------------------------------------------- --------- ---------
Total revenue 7,392 7,970
--------------------------------------------------- --------- ---------
Gross margin 2,440 2,971
33% 37%
(Loss) / profit after tax (1,497) 2,049
Adjustments to determine normalised UK earnings
Negative goodwill on acquisitions - (2,460)
Amortisation of UK intangible assets 1,059 794
Amortisation of US Intangible assets 157 26
Corporate acquisition costs - 1,097
Exchange movements in the year 140 (60)
Non-recurring costs associated with US relocation 280 -
--------------------------------------------------- --------- ---------
Normalised profit 139 1,446
=================================================== ========= =========
*9 months ended 30 September 2011
Adjusted diluted earnings per share 0.7p 12.3p
After taking account of non-recurring costs and amortisation of
intangible assets, Manroy achieved a normalised profit after tax of
GBP139,000 (2011: GBP1.4 million profit).
For the year ended 30 September 2012 Manroy Systems contributed
GBP1.1 million in profit after tax (2011: GBP2.1m). This
demonstrates that the underlying trading of the Group (ie from
Manroy Systems and its subsidiary) remains a profitable foundation
for the Group.
Trading performance of MUSA
Year to Period August
September to September
2012 2011
GBP'000 GBP'000
Revenue 1,375 323
Cost of operations (1,028) (180)
Gross profit 347 143
Administrative expenses (881) (221)
Depreciation (327) (102)
Amortisation of intangibles (321) (53)
Non-recurring relocation costs (572) -
Results from operating activities (1,754) (233)
Net finance expense (128) (2)
Loss before taxation (1,882) (235)
Taxation - -
--------------------------------------------------- ----------- --------------
Loss after taxation for the period (1,882) (235)
=================================================== =========== ==============
Loss of Associate Company recognised in Statement
of Comprehensive Income - 49% Group share (922) (115)
=================================================== =========== ==============
In April 2012 MUSA was awarded the long anticipated US DoD
contracts that were novated from Sabre Defence Industries LLC. As
explained above, MUSA is working through the FAA process of these
contracts and this is progressing.
Adding to the complexities of MUSA has been the on-going
relocation from Alabama and Nashville to Spindale, NC. The Group
completed the sale of our share in the Alabama property in March
2011, re-investing the proceeds of the sale directly into MUSA. The
Nashville lease terminated in December 2012, completing this
transition period for MUSA.
(Loss) / earnings per share
The (loss) / earnings per share figures have been calculated as
follows:-
Basic earnings per share
Year ended Year ended
30 September 30 September
2012 2011
(Loss) / profit per Consolidated Income
Statement GBP'000 (1,497) 2,049
Weighted average number of shares in
issue during the year '000 18,222 11,389
(Loss) / profit per share Pence (8.2) 18.0
----------------------------------------- --------- -------------- --------------
Diluted earnings per share Year ended Year ended
30 September 30 September
2012 2011
(Loss) / profit per Consolidated Income
Statement GBP'000 (1,497) 2,049
Diluted weighted average number of
shares in issue during year '000 18,762 11,711
Diluted (loss) / earnings per share Pence (8.0) 17.5
----------------------------------------- --------- -------------- --------------
The results of MUSA contributed to 5p (63%) of the 8.0p diluted
loss per share shown above. In September 2012 the Group issued
shares to enhance funding for MUSA to accelerate the FAA
process.
Dividends
The Company paid a final dividend of 1p per share in respect of
the year ended 30 September 2011 on 11 April 2012. The Directors do
not recommend the payment of a dividend in respect of the financial
year ended 30 September 2012.
Trade and other receivables
2012 2011
GBP'000 GBP'000
Trade receivables 2,182 3,441
Loan to MUSA 1,327 816
Corporation tax debtor 56 -
Other receivables 200 204
Prepayments and accrued income 494 672
4,259 5,133
================================ ========= =========
No provisions for doubtful debts have been required during the
current or previous year. Prepayments include pre contract costs,
performance bonds and deposits for long term stock provision
agreements totalling GBP310,000 (2011: GBP307,000.).
Loans to MUSA increased by GBP0.5m during the year ended 30
September 2012. This was funded from re-investing the proceeds from
the sale of the Alabama property sold in March 2012 and an issue of
shares announced in September 2012.
Cash flow
The consolidated statement of cashflow shows the funds generated
by the Group, those raised from external sources, the investments
made and the effect thereof on the Group's cash and cash
equivalents. This is summarised as follows:-
2012 2011
GBP'000 GBP'000
Net cash from operating activities 42 (1,191)
Net cash used in investing activities (368) (2,679)
Net cash (used in) / from financing activities (235) 3,294
------------------------------------------------ -------- --------
Net (decrease) in cash and cash equivalents (561) (576)
Opening cash and cash equivalents 847 1,423
------------------------------------------------ -------- --------
Closing cash and cash equivalents 286 847
------------------------------------------------ -------- --------
During the year cash reduced from GBP847,000 to GBP286,000, a
material element of which was the investment of GBP357,000 into
development of the Group's new GPMG product.
Bank loan repayments of GBP0.5 million were made against the
current loan facility, reducing debt from GBP1.4m to GBP0.9m at the
end of September 2012.
Share capital
On 19 September 2012, the Company issued 850,000 shares at 57
pence per share in line with the share authorities approved by
shareholders in April 2012. This issue enabled the Group to provide
MUSA with sufficient funds to allow it to support MUSA in its
requirements of the FAA approval process.
Review of available bank, finance facilities and cash
Current 2012 2011
GBP'000 GBP'000
Bank loans (700) (700)
Finance leases (23) (24)
(723) (724)
================ ========= =========
Non - current 2012 2011
GBP'000 GBP'000
Bank loans (180) (699)
Finance leases (26) (18)
(206) (717)
---------------- --------- ---------
Cash 286 847
Net debt (643) (594)
================ ========= =========
The bank loan requires that gross borrowings do not exceed 60%
of the Group's net tangible assets and that the ratio between cash
flow and debt service for the Group's wholly owned subsidiary
Manroy Engineering does not fall below 1.75 to 1. Net gearing at 30
September 2012 amounted to 13% (2011: 19%). The Group also has a
GBP0.5 million overdraft facility which is available for use when
required.
While the UK Group benefits from a low gearing ratio, MUSA is
currently highly geared with current debt standing at GBP1.2m
(GBP0.6m current debt), for non-shareholder related debt.
Summary
2012 has been a challenging year for the Group but it
nevertheless has been an important year that provides the Group
with strong foundations for future growth.
The Group has secured export orders for new products and new
customers and MUSA finally novated the US$10.6m in US DoD contracts
in April 2012. The Group currently holds orders for the UK of
GBP9.0 million and a MUSA order book of US$13.2m (GBP8.0m). In
December 2012, MUSA delivered the first batch of completed M16's to
the US DoD.
This strong position gives the Board confidence that Manroy will
at least match market expectations of revenues for the year ending
30 September 2013.
Paul Carter
Finance Director
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 September 2012
Notes Year ended Year ended
30 September 30 September
2012 2011
GBP'000 GBP'000
Revenue
Trade revenues 2 6,932 7,681
Royalties and other income 460 289
----------------------------------------- -------- --------------- ---------------
Total revenue 7,392 7,970
Cost of operations (4,952) (4,999)
Gross profit 2,440 2,971
Administrative expenses (2,488) (1,188)
Corporate acquisition costs - (1,097)
Negative goodwill - 2,460
Amortisation of intangible assets (1,059) (794)
Results from operating activities (1,107) 2,352
Finance income 2 15
Finance expenses (51) (65)
Movement in fair value of interest
rate swaps - 34
(Loss) / profit before share of results
from Associated Company (1,156) 2,336
Share of results of Associated Company 6.1 (922) (115)
(Loss) / profit before tax (2,078) 2,221
Tax 3 581 (172)
(Loss) / profit after tax (1,497) 2,049
Exchange movement on translation of
investment in Associated Company (49) 158
----------------------------------------- -------- --------------- ---------------
Total comprehensive (loss) / income
for the period (1,546) 2,207
========================================= ======== =============== ===============
Earnings per share
Basic 5 (8.2p) 18.0p
Diluted 5 (8.0p) 17.5p
========= ======= ======
The Group has elected to combine its consolidated income
statement and consolidated statement of comprehensive income into
the above consolidated statement of comprehensive income as
permitted under IAS1.
CONSOLIDATED STATEMENT OF FINANCIAL 30 September 30 September
POSITION 2012 2011
REGISTERED NUMBER: 2451413 Notes
GBP'000 GBP'000
------------------------------------- ------ ------------- -------------
Non-current assets
Goodwill 303 303
Intangible assets 7,797 8,499
Property, plant and equipment 374 401
Interest in Associated Company 6.2 3,580 4,630
------------------------------------- ------ ------------- -------------
12,054 13,833
------------------------------------- ------ ------------- -------------
Current assets
Inventories 3,102 2,097
Trade and other receivables 4,203 5,133
Corporation tax debtor 3 56 -
Asset held for sale - 144
Cash and cash equivalents 286 847
------------------------------------- ------ ------------- -------------
7,647 8,221
-------------------------------------
Total assets 19,701 22,054
------------------------------------- ------ ------------- -------------
Current liabilities
Borrowings (700) (700)
Obligations under finance leases (23) (24)
Current tax liability 3 (26) (172)
Trade and other payables (2,567) (2,541)
(3,316) (3,437)
------------------------------------- ------ ------------- -------------
Non-current liabilities
Borrowings (180) (699)
Obligations under finance leases (26) (18)
Deferred tax 7 (1,777) (2,283)
------------------------------------- ------ ------------- -------------
(1,983) (3,000)
------------------------------------- ------ ------------- -------------
Total liabilities (5,299) (6,437)
------------------------------------- ------ ------------- -------------
Net assets 14,402 15,617
===================================== ====== ============= =============
Equity
Share capital 8 952 910
Share premium account 704 295
Other reserves 1,572 1,674
Retained earnings 11,174 12,738
Total equity 14,402 15,617
===================================== ====== ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2012
Share Share Capital Merger Special Exchange Retained Total
capital premium redemption reserve reserve movement earnings equity
account account reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- -------- ----------- -------- -------- --------- --------- -------
At 30 September 2010 2,179 331 - - - - (1,026) 1,484
Capital reorganisation (2,034) - 2,034 - - - -
New shares issued in the year 765 10,434 - 1,457 - - - 12,656
Share issue costs - (600) - - - - - (600)
Cancellation of share premium
account and capital redemption
reserve - (9,870) (2,034) - 59 - 11,845 -
Exchange movement on translation
of foreign operations - - - 158 - 158
Profit after tax for the year
ended 30 September 2011 - - - - - - 2,049 2,049
Dividends paid in the year (note
4) - - - - - - (130) (130)
---------------------------------- -------- -------- ----------- -------- -------- --------- --------- -------
At 30 September 2011 910 295 - 1,457 59 158 12,738 15,617
New shares issued in the year 42 442 - - - - - 484
Share issue costs - (33) - - - - - (33)
Exchange movement on translation
of foreign operations - - - - - (49) - (49)
Movement on special reserve
account - - - - (53) - 53 -
Share option charge movements in
reserves - - - - - - 15 15
Loss for the year ended 30
September 2012 - - - - - - (1,497) (1,497)
Dividends paid in the year (note
4) - - - - - - (135) (135)
================================== ======== ======== =========== ======== ======== ========= ========= =======
At 30 September 2012 952 704 - 1,457* 6* 109* 11,174 14,402
================================== ======== ======== =========== ======== ======== ========= ========= =======
* = Disclosed as Other reserves totalling GBP1,572,000 (2011:
GBP1,674,000) in the consolidated statement of financial position
at 30 September 2012
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 30 September 2012
Year ended Year ended
30 September 30 September
2012 2011
Note GBP'000 GBP'000
------------------------------------------ ------ -------------- --------------
(Loss) / profit for the year (1,497) 2,049
Adjustments:
Finance expense 51 65
Finance income (2) (15)
Tax (income) / expense (581) 172
Negative goodwill - (2,460)
Amortisation of intangible assets 1,059 794
Share of results of Associated
Company 922 115
Exchange movements on consolidation 79 (2)
Movement on share option charges 15 -
Movement in fair value of interest
rate swaps - (34)
Loss on sale on asset held for 32 -
re-sale
Losses on disposal of assets 6 -
Depreciation of property, plant
and equipment 184 113
-------------------------------------------------- -------------- --------------
Cash flows from operations before
changes in
working capital 268 797
(Increase) in inventory (1,005) (441)
Decrease / (increase) in trade
and other receivables 930 (411)
Increase / (decrease) in trade
and other payables 26 (750)
-------------------------------------------------- -------------- --------------
Cash generated from/(used in) operations 219 (805)
Interest received 2 15
Interest paid (51) (65)
Tax paid (128) (336)
-------------------------------------------------- -------------- --------------
Net cash generated / (used) in
operating activities 42 (1,191)
-------------------------------------------------- -------------- --------------
Cashflows from investing activities
Investment in product development (357) (190)
Acquisition of Manroy Systems Limited - (1,500)
Acquisition of business and assets
of AEI - (250)
Acquisition of 49% interest in
MUSA - (1,670)
Loans made to MUSA - (816)
Cash acquired on purchase of Manroy
Systems and AEI - 1,971
Proceeds from sale of assets held 112 -
for sale
Proceeds from sale of tangible 16 -
assets
Purchase of property, plant and
equipment (139) (224)
-------------------------------------------------- -------------- --------------
Net cash used in investing activities (368) (2,679)
-------------------------------------------------- -------------- --------------
Cashflows from financing activities
Issue of new ordinary shares 484 9,000
Costs incurred on issue of shares (33) (602)
Cash movement in finance leases (33) (35)
Dividends paid (135) (130)
Repayments of bank loans (518) (223)
Repayment of shareholder and other
loans - (4,716)
Net cash generated from/(used in)
financing activities (235) 3,294
-------------------------------------------------- -------------- --------------
Net cash and cash equivalents used
in year (561) (576)
Opening cash and cash equivalents 847 1,423
Closing cash and cash equivalents 286 847
-------------------------------------------------- -------------- --------------
Notes to the consolidated financial statements
1. Statement of accounting policies
Basis of preparation
Manroy Plc is a Company incorporated and domiciled in the United
Kingdom. The address of the Company's registered office is 6
Lakeside Business Park, Swan Lane, Sandhurst, Berkshire GU47 9DN.
The consolidated financial statements of the Company for the year
ended 30 September 2012 comprise the Company and the subsidiaries
(together referred to as the "Group"). The consolidated financial
statements for the year ended 30 September 2012 have been prepared
in accordance with International Financial Reporting Standards as
adopted by the EU ("Adopted IFRS"). The Company has elected to
prepare its Parent Company financial statements in accordance with
UK GAAP.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Group's Accounting Policies. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the Financial
Statements are disclosed below and unless otherwise stated, been
applied consistently to all periods presented in these consolidated
financial statements and have been applied consistently by Group
entities.
This statement was approved by the directors on 14 January 2013.
This statement does not constitute the Group's statutory accounts
for the year ended 30 September 2012. Statutory accounts for the
year ended 30 September 2011 have been delivered to the Registrar
of companies. The auditor's report on those accounts was
unqualified and did not contain any statement under section 495 of
the Companies Act 2006. The auditor's report of the accounts for
the year ended 30 September 2012 is expected to be unqualified.
The financial statements have been prepared on a going concern
basis and on a historical cost basis as modified by the valuation
of certain assets and liabilities. These consolidated financial
statements are presented in UK Sterling, which is the Company's
functional currency. All financial information has been rounded to
the nearest thousand pounds.
Accounting estimates and judgements
Estimates and judgments are continually evaluated and are based
on historical experience as adjusted for current market conditions
and other factors. Management makes estimates and assumptions
concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year are outlined below.
Intangible assets
Key estimates and judgements are applied to the fair values of
assets acquired on acquisitions and these have been included the
valuation of intangible assets. The financial statements reflect
the fair value of intangible assets acquired based on estimates and
judgements of the discounted rates of return of the cash generating
units of those assets and the weighted average costs of
capital.
Tangible assets
Key estimates and judgements are applied to the fair values of
assets acquired on acquisitions and these have been included the
valuation of tangible assets. The financial statements reflect the
fair value of tangible assets acquired based on independent
valuations and market values appropriate to such classes of
asset.
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and its subsidiaries up to 30 September
2012. Subsidiaries are those entities that are controlled by the
Company. Control is achieved where the Company has the power,
directly or indirectly, to govern the financial and operating
policies of an entity so as to obtain benefits from its
activities.
The results of subsidiaries and associated companies acquired or
disposed of during the year are included from the effective date of
acquisition or up to the effective date of disposal, as
appropriate. Inter-company transactions, balances and unrealised
gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated. Where necessary, adjustments
are made to the financial statements of subsidiaries and associated
companies to bring the accounting policies used into line with
those used by the Group.
Associated companies
Associated companies have been accounted for under the equity
method of accounting whereby the investment is initially recognised
at fair value and adjusted thereafter for the post-acquisition
change in the Group's share of the fair value of the net assets of
associated companies. The profit or loss of the Group includes the
share of profit or loss of associated companies after tax.
2. Segmental information
The information used by the Board, for the purpose of resource
allocation and assessment of segment performance undertaken by the
Group relates to the Group's core activity of a defence contractor.
There is only one overseas based asset, being the Group's net
interest in its Associated Company MUSA. The Group's revenue for
the year ended 30 September 2012 is summarised below:
Region Year ended % Year ended %
30 September 30 September
2012 2011
GBP'000 GBP'000
United Kingdom 5,002 72 4,368 57
Europe 1,726 25 1,405 18
North America 136 2 43 1
South America 49 1 - -
Asia and Australasia 19 - 1,865 24
---------------------- -------------- ---- -------------- ----
Total trade revenue 6,932 100 7,681 100
Royalty income 460 289
---------------------- -------------- ---- -------------- ----
Total revenue 7,392 7,970
====================== ============== ==== ============== ====
During the year ended 30 September 2012 revenue of GBP4,666,000
was generated by the Group's largest customer (2011:
GBP6,622,000).
Revenue generated in MUSA is not included within the
consolidated revenue of the Group as it is an Associated Company.
Therefore the above table summarises the revenue generated by all
of the Group's other operations.
3. Tax charge
Year ended Year ended
30 September 30 September
2012 2011
Continuing operations GBP'000 GBP'000
Prior year tax adjustment:-
Tax claims relating to research and 56 -
development
Over accrual for prior period 44 -
------------------------------------- -------------- --------------
100 -
Current tax (26) (383)
Deferred tax 507 211
------------------------------------- -------------- --------------
Tax income / (expense) for the year 581 (172)
------------------------------------- -------------- --------------
Taxation has been calculated by applying the standard corporate
tax rates ruling in the operating territories of the Group. The
difference between the total current tax shown above and the amount
calculated by applying the standard rates of corporation tax to the
profit before tax is as follows:
Year ended Year ended
30 September 30 September
2012 2011
GBP'000 GBP'000
---------------------------------------------- -------------- --------------
(Loss) / profit before tax (2,078) 2,221
============================================== ============== ==============
Tax on (loss) / profit at an average
rate of 25% (2011: 27%) 520 (600)
Factors affecting charge:-
Negative goodwill on Manroy Systems
not taxable - 435
Amortisation of intangible assets
not allowable for taxation purposes (265) (214)
Capital allowances in excess of depreciation (5) 3
(Loss) / Income from US subsidiary
not taxable (231) 133
Allowances for non-trade loan relationship
debits - 45
Expenditure not allowable for taxation
purposes (20) (165)
Tax recovered from research and development 120 -
Group charges reversed on consolidation (141) -
Adjustment for share option charges (4) -
Losses not utilised in year and carried
forward - (20)
Current tax charge for the year (26) (383)
============================================== ============== ==============
4. Dividends
Year ended Year ended
30 September 30 September
2012 2011
GBP'000 GBP'000
Interim dividend of 1p per share paid
July 2011 for year ended 30 September
2011 - (130)
Final dividend of 1p per share paid (135) -
April 2012 for the year ended 30 September
2011
--------------------------------------------- -------------- --------------
(135) (130)
============================================= ============== ==============
The dividend paid in April 2012 was a final dividend in relation
to the 2011 group results, which was voted for by shareholders in
the 4 April 2012 Company AGM.
5. (Loss) / earnings per share
The earnings per share figures have been calculated as
follows
Year ended Year ended
30 September 30 September
2012 2011
Basic earnings per share
(Loss) / profit per Consolidated
Income Statement GBP'000 (1,497) 2,049
Weighted average number of
shares in issue during the
year '000 18,222 11,389
(Loss) / earnings per share Pence (8.2) 18.0
================================== ========= ============== ==============
Diluted earnings per share Year ended Year ended
30 September 30 September
2012 2011
(Loss) / profit per Consolidated
Income Statement GBP'000 (1,497) 2,049
Diluted weighted average number
of shares in issue during year '000 18,762 11,711
(Loss) / earnings per share Pence (8.0) 17.5
================================== ========= ============== ==============
After taking account of non-recurring costs and amortisation of
intangible assets, Manroy achieved a normalised loss after tax of
GBP139,000 (2011: GBP1.4 million profit).
Adjusted diluted earnings per Year ended Year ended
share 30 September 30 September
2012 2011
Profit per adjusted Consolidated
Income Statement (as shown
in Financial review) GBP'000 139 1,446
Diluted weighted average number
of shares in issue during year '000 18,762 11,711
Earnings per share Pence 0.7 12.3
================================== ========= ============== ==============
6. Investment in Associated Company
Share of assets at acquisition 4,586
Results for the period from acquisition on 23
August 2011 to 30 September 2011 (115)
Exchange movements on translation at year end 159
----------------------------------------------- ------
At 30 September 2011 4,630
Results for the year to 30 September 2012 (922)
Exchange movements on translation at year end (128)
At 30 September 2012 3,580
=============================================== ======
6.1 MUSA Income statement
Year to Period August
September to September
2012 2011
GBP'000 GBP'000
Revenue 1,375 323
Cost of operations (1,028) (180)
Gross profit 347 143
Administrative expenses (881) (221)
Depreciation (327) (102)
Amortisation of intangibles (321) (53)
Non-recurring costs and costs associated (572) -
with relocation
Results from operating activities (1,754) (233)
Net finance expense (128) (2)
Loss before taxation (1,882) (235)
Taxation - -
------------------------------------------ ----------- --------------
Loss after taxation for the period (1,882) (235)
========================================== =========== ==============
Loss of Associate Company recognised
in Statement of Comprehensive Income
- 49% Group share (922) (115)
========================================== =========== ==============
6.2 MUSA Balance sheet
September September
2012 2011
GBP'000 GBP'000
Non-current assets 7,932 8,510
Current assets 3,345 2,758
------------------------------- ---------- ----------
Total Assets 11,277 11,268
------------------------------- ---------- ----------
Current liabilities (1,045) (203)
Non-current liabilities (2,925) (1,616)
Total liabilities (3,970) (1,819)
------------------------------- ---------- ----------
Net assets 7,307 9,449
=============================== ========== ==========
49% Group share of net assets 3,580 4,630
=============================== ========== ==========
7. Deferred tax
The movement on deferred tax asset arose as follows:
30 September 30 September
2012 2011
GBP'000 GBP'000
At beginning of the year 2,283 -
Arising on intangible assets acquired
in Manroy Systems - 2,375
Arising on intangible assets acquired
in MUSA - 119
2,283 2,494
Effect of change in tax rate (228) -
Tax credited on intangible assets acquired
in Manroy Systems (264) (211)
Tax credited on intangible assets acquired (14) -
in MUSA
-------------------------------------------- ------------- -------------
Total credited to tax charge in income
statement in the year (506) (211)
1,777 2,283
============================================ ============= =============
Deferred tax was provided at acquisition because amortisation of
intangible assets is non-deductible for corporation tax purposes.
Accordingly, the deferred tax of GBP2,494,000 recorded on the
acquisition of Manroy Systems and MUSA in 2011 is re-assessed at
prevailing rates of tax at each period end and is amortised against
the Group's corporation tax charge in parallel to the amortisation
of intangible assets acquired.
8. Share capital
Number of GBP'000
Ordinary Shares
Issued and fully paid at 30 September
2011 18,194,202 910
Issue of new shares 19 September
2012 850,000 42
At 30 September 2012 19,044,202 952
========================================= ================= ========
On 19 September 2012 the Company placed 850,000 shares in the
market at 57 pence per share.
9. Related party transactions
On 3 December 2010, the Company entered into an agreement
relating to the acquisition of Manroy Systems Limited, pursuant to
which Glyn Bottomley agreed to sell his entire issued share capital
of Manroy Systems Ltd to the Company for 2,068,633 Ordinary Shares
at 75 pence per share. No changes have been made to this agreement
during the year ended 30 September 2012. Under the acquisition
agreement, Glyn Bottomley gave warranties to the Company regarding
the Manroy Systems Limited and Manroy Engineering Limited,
including warranties relating to ownership of assets, their
statutory accounts, litigation and disputes, current contracts,
intellectual property rights, taxation and employees. Liability
under these warranties is subject to a maximum liability of GBP1.5
million. Claims made by the Company under the warranties (other
than taxation) were required to be made by 23 December 2010 and no
claims arose. Claims made by the Company in respect of taxation
must be made within seven years following 23 December 2010.
On 3 December 2010, the Company entered into the Relationship
Agreement with Glyn Bottomley, Caledonian Heritable Limited and
Surinder Rajput (the "Concert Party Members"). No changes have been
made to this agreement during the year ended 30 September 2012.
Under this agreement, the Concert Party Members undertook to the
Company to use their reasonable endeavours to ensure that the Group
is able at all times to carry on its business independently and
that any transactions between any of them with the Group are on an
arm's length basis and on normal commercial terms. The Relationship
Agreement will continue in force for so long as the Ordinary Shares
are admitted to AIM and the Concert Party Members are deemed to
control the Group under the terms of the City Code or the Articles
of the Company.
On 3 December 2010, the Company entered into Lock-In and Orderly
Market Agreements with the Concert Party Members. No changes have
been made to this agreement during the year ended 30 September
2012. Under these agreements, the Concert Party Members each agreed
that until 23 December 2012, which period has now lapsed, they
would not dispose of more than half of their respective
shareholdings in the Company. Any dealings by a Concert Party
Member who is a Director are subject to the Company's code of
dealing, and any disposals by any Concert Party Member can only be
only made through the Company's brokers. No such dealings have been
undertaken by any Concert Party Member between the date of the
agreements and the date of this report.
On 1 April 2011, the Company acquired the business and assets of
AEI, a company owned equally between Glyn Bottomley and Caledonian
Heritable Limited for GBP250,000, payable in cash, together with an
earn out at the lower of 7 per cent. of AEI related turnover and 50
per cent. of profit after tax generated from the acquired assets of
the AEI business for two years from the date of acquisition which
has been provided in these financial statements. No changes have
been made to this agreement during the year ended 30 September
2012. If actual revenue generated matches forecast revenue, the
full deferred consideration will be covered by the provisions
already made. If revenues fall below the expected revenues, the
deferred consideration would be over provided and any residual
balance would be credited the income statement at the end of the
two year period. If the revenues exceed expectations then higher
profit levels would have been generated and the additional deferred
consideration in excess of the deferred consideration provided
would be less than the increased profit levels generated and would
be charged to the income statement as it arose. For the year ended
30 September 2012 the Group paid GBP51,000 in royalties to AEI as
shown in the reduction of accruals. During the year ended 30
September 2011, the Group incurred costs of sale of GBPNil (2011:
GBP38,000) and earned management fee income of GBPNil (2011:
GBP24,000), shown within royalties and other income, from AEI,
arising from the management services agreement between Manroy and
AEI. This agreement was cancelled at no cost to the Group at the
date of acquisition of the business and assets of AEI by the
Company in April 2011.
During the year ended 30 September 2012, the Group accrued
revenues consultancy fees of GBPNil and paid marketing, in country
customer trials, testing and development fees of GBP284,000 (2011
GBP279,000) to Surinder Rajput a Concert Party Member, relating to
export revenues generated and development of GPMG and customer
export opportunities during the period.
During the year ended 30 September 2012, the Group purchased
goods from MUSA for GBP3,000 and sold goods for GBP52,000. In
addition to this, the Group increased working capital loans to MUSA
by GBP511,000.
Apart from these contracts and the service contracts and letters
of engagement between the Directors and the Company, no contract
existed during the financial year in relation to the Group's
business in which any Director was interested.
10. Ultimate controlling party
At 30 September 2012 there was no ultimate controlling party of
the Group. The Concert Party Members are deemed by the Panel on
Take-overs and Mergers to control the Group under the terms of the
City Code. The Relationship Agreement will continue in force for so
long as the Ordinary Shares are admitted to AIM.
GLOSSARY OF TERMS AND DEFINITIONS
In these financial statements, unless the context otherwise
requires or provides, the expressions set out below bear the
following meanings:
"Admission Document" the admission document published by the
Company on 3 December 2010
"AEI" AEI Land Systems Limited, a company controlled by Glyn
Bottomley and Caledonian Heritable Limited and whose business and
assets were acquired by the Company in 2011.
"AIM" the market of that name operated by the London Stock
Exchange
"BFS" HMG Blank Firing System
"Board" or "Directors" the directors of Manroy, all of whose
names are set out on our website www.manroy.com
"City Code" The City Code on Takeovers and Mergers
"Companies Act" the Companies Act 2006, as amended from time to
time
"Company" or "Manroy" Manroy Plc
"Concert Party" Glyn Bottomley, Caledonian Heritable Limited,
Paul Carter, and Surinder Rajput (each of them being "a member of
the Concert Party"), all of whom are regarded for the purposes of
the City Code as acting in concert (as defined in the City
Code)
"EBITDA" Earnings before interest, tax, depreciation and
amortisation.
"FAA" First Articles Acceptance, a requirement to a produce a
one off product for inspection for US DoD contracts prior to
commencement of delivery under that contract.
"Form of Proxy" the form of proxy which accompanies this
document for use by Shareholders in connection with the Annual
General Meeting
"Group" the Company and its subsidiaries as at the date of this
document
"General Dynamics" General Dynamics Armament and Technical
Products Inc., a company incorporated in the United States of
America
"LIBOR" The rate at which each bank submits must be formed from
that bank's perception of its cost of funds in the interbank
market
"London Stock Exchange" London Stock Exchange Plc
"M2 HMG" or "HMG" 12.7mm M2 Heavy Machine Gun, Manroy's
principal revenue generating product
"MUSA" Manroy USA LLC, a partnership incorporated in the United
States of America, with 510 units of membership owned by John
Buckner and 490 units of membership owned by the Group
"MoD" the UK Ministry of Defence
"Novation" the act of either replacing an obligation to perform
with a new obligation, or replacing a party to an agreement with a
new party.
"Ordinary Shares" or "Shares" ordinary shares of 5 pence each in
the capital of the Company
"Panel" The Panel on Takeovers and Mergers
"QCA Guidelines" The corporate governance guidelines for
companies published by the Quoted Companies Alliance
"QCB" Quick change barrel
"Sabre" Sabre Defense Industries LLC and Sabre Defense Holdings
LLC, the business and assets of which were acquired by MUSA in
2011
"Section 5" Section 5 of the Firearms Act, under which storage
and production of firearms is required to be licensed annually by
the UK Government
"Shareholders" persons who are registered holders of Ordinary
Shares from time to time
"US DoD" United States Department of Defense
Transactions during the year were translated at an average
exchange rate of $1.5765= GBP1 (2011: $1.5987 = GBP1. Assets and
liabilities held at 30 September 2012 were translated at $1.6149 =
GBP1 (2011; $1.5625= GBP1).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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