TIDMPCH
RNS Number : 7424W
Pochin's PLC
31 January 2013
Pochin's PLC (the "Group")
Half year report for the six months to 30 November 2012
Headlines
-- Revenue from continuing operations GBP43.3m (2011: GBP30.7m)
-- Profit after tax from continuing operations GBP0.50m (2011: GBP0.49m)
-- Net profit (including discontinued operations) GBP0.27m (2011: GBP0.33m loss)
Chairman's Statement
The results for the 6 months ended 30 November 2012 show a
profit after tax on continuing activities of GBP0.50m (2011:
GBP0.49m) and a loss from discontinued activities of GBP0.23m
(2011: GBP0.82m) which combine in an overall profit for the period
of GBP0.27m (2011: GBP0.33m loss).
Revenue for the period from continuing activities was GBP43.3m.
The comparable figure for 2011 was GBP30.7m. No interim dividend is
being proposed by the board.
Group
The disposal of the Concrete Pumping business was completed on
31 July 2012 and the Group now comprises two divisions, namely
those of Construction and Property. In the latter, further progress
has been made in reducing the Group's involvement in joint ventures
with the result that the Group is now a more focused business. This
will lead to a simplification of the Group structure and a
corresponding reduction in overheads. During the period, the
Group's bank facilities were renewed to 31 October 2014 and its
indebtedness continued to be reduced.
Construction
The division increased turnover by 30 per cent over the same
period last year whilst maintaining its operating margins. During
the period, the division has successfully completed projects for
Nestlé and Rolls Royce and has a forward order book in excess of
GBP70m.
Property
The division's investment portfolio continues to provide steady
rental income with largely maintained levels of occupancy. A number
of non-speculative development schemes have been undertaken,
including the successful completion of a new head office for TATA
Chemicals Europe Limited in Northwich. Progress in disposing of
non-core holdings remains slow, reflecting the illiquid market in
regional secondary property.
Summary
With the elimination of concrete pumping trading losses, the
Group is in a position to benefit from its core activities of
construction and property investment and development. The strong
turnover performance in construction is a reflection of the
division's established reputation for quality and reliability. This
continues to prove of great value in sustaining the Group during
the difficult conditions which persist in the regional commercial
property market.
Finance Director
As previously announced, the Group's Finance Director, John
Edwards, has given notice to terminate his employment with the
Group. I am therefore pleased to confirm the appointment of Nigel
Rawlings as Group Finance Director with effect from 1 February
2013. This is the subject of a separate announcement released
today.
Richard Fildes
Chairman
Enquiries:
Pochin's PLC
John Moss, Chief Executive
John Edwards, Finance Director
Nigel Rawlings, Finance Director Designate 01606 833 333
Charles Stanley Securities
Russell Cook / Carl Holmes 0207 149 6000
Consolidated income statement
6 months ended 6 months ended 12 months
30 November 2012 30 November ended
GBP'000 2011 31 May 2012
GBP'000 GBP'000
--------------------------------------- ------------------ --------------- -------------
Revenue 43,305 30,722 71,601
Cost of sales (41,028) (29,066) (67,956)
------------------ --------------- -------------
Gross profit 2,277 1,656 3,645
Operating expenses (2,714) (2,444) (6,530)
Other operating income 1,512 1,641 3,327
Losses on revaluation of investment
properties - - (1,099)
------------------ --------------- -------------
Operating profit/(loss) 1,075 853 (657)
Share of profit after taxation
in joint ventures 23 206 439
Finance income 536 655 1,335
Finance cost (1,032) (1,203) (2,225)
------------------ --------------- -------------
Profit/(loss) before taxation 602 511 (1,108)
Taxation (100) (26) (167)
------------------ --------------- -------------
Profit/(loss) for the period
from continuing operations 502 485 (1,275)
Discontinued operations
Loss for the period from discontinued
operations (234) (817) (1,987)
Profit/(loss) for the period 268 (332) (3,262)
------------------ --------------- -------------
Attributable to:
Equity holders of the company 253 (351) (3,299)
Non controlling interests 15 19 37
268 (332) (3,262)
------------------ --------------- -------------
Basic and diluted earnings/(loss)
per share
from continuing operations 2.5p 2.4p (6.3p)
from discontinued operations (1.2p) (4.0p) (9.7p)
------------------ --------------- -------------
Total 1.3p (1.6p) (16.0p)
------------------ --------------- -------------
Consolidated statement of comprehensive income
6 months ended 6 months ended 12 months
30 November 30 November ended
2012 2011 31 May 2012
GBP'000 GBP'000 GBP'000
--------------------------------------- --------------- --------------- -------------
Profit/(loss) for the period 268 (332) (3,262)
Other comprehensive income
Actuarial losses (2) (1,003) (2,177)
Deferred taxation on actuarial losses - 261 501
Cash flow hedging:
Current year fair value movement - (223) (300)
Reclassification to profit or loss - - 880
Deferred taxation on cash flow
hedging - 58 (151)
Realisation of revaluation reserve
on disposal (38) - (20)
---------------
Total comprehensive income for the
period 228 (1,239) (4,529)
--------------- --------------- -------------
Attributable to non controlling
interests 15 19 37
Attributable to owners of the parent 213 (1,258) (4,566)
--------------- --------------- -------------
228 (1,239) (4,529)
--------------- --------------- -------------
Consolidated statement of changes in equity
Total
attributable Non-controlling
Share Own Revaluation Hedge Retained to owners Interest
capital shares reserve reserve earnings of the GBP'000 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent GBP'000
GBP'000
------------------------- ------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
At 1 June 2012 5,200 (745) 2,245 - 12,304 19,004 197 19,201
Equity dividend - - - - - - (14) (14)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Transactions with owners - - - - - - (14) (14)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Profit for the period - - - - 253 253 15 268
Other comprehensive
income
Actuarial losses - - - - (2) (2) - (2)
deferred tax on - - - - - - - -
actuarial
losses
Realisation of
revaluation
reserve on disposal - - (38) - - (38) - (38)
Total comprehensive
income
for the period - - (38) - 251 213 15 228
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
At 30 November 2012 5,200 (745) 2,207 - 12,555 19,217 198 19,415
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Total
attributable Non-controlling
Share Own Revaluation Hedge Retained to owners Interest
capital shares reserve reserve earnings of the GBP'000 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent GBP'000
GBP'000
------------------------- ------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
At 1 June 2011 5,200 (745) 2,265 (580) 17,428 23,568 216 23,784
Equity dividend - - - - - - (38) (38)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Transactions with owners - - - - - - (38) (38)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Loss for the period - - - - (351) (351) 19 (332)
Other comprehensive
income
Actuarial losses - - - - (1,003) (1,003) - (1,003)
Deferred tax on
actuarial
losses - - - - 261 261 - 261
Cash flow hedging:
current period fair
value
movements - - - (223) - (223) - (223)
deferred tax on cash
flow hedging - - - - 58 58 - 58
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Total comprehensive
income
for the period - - - (223) (1,035) (1,258) 19 (1,239)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
At 30 November 2011 5,200 (745) 2,265 (803) 16,393 22,310 197 22,507
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Total
attributable Non-controlling
Share Own Revaluation Hedge Retained to owners Interest
capital shares reserve reserve earnings of the GBP'000 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent GBP'000
GBP'000
------------------------- ------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
At 1 June 2011 5,200 (745) 2,265 (580) 17,428 23,568 216 23,784
Cost of share based
payments - - - - 2 2 - 2
Equity dividend - - - - - - (56) (56)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Transactions with owners - - - - 2 2 (56) (54)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Loss for the period - - - - (3,299) (3,299) 37 (3,262)
Other comprehensive
income
Actuarial losses - - - - (2,177) (2,177) - (2,177)
Deferred tax on
actuarial
losses - - - - 501 501 - 501
Revaluation of property,
plant & equipment - - (20) - - (20) - (20)
Cash flow hedging:
current period fair
value
movements - - - (300) - (300) - (300)
reclassification
adjustment-discontinued
cash
flow hedge - - - 880 - 880 - 880
deferred tax on cash
flow hedging - - - - (151) (151) - (151)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Total comprehensive
income
for the period - - (20) 580 (5,126) (4,566) 37 (4,529)
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
At 31 May 2012 5,200 (745) 2,245 - 12,304 19,004 197 19,201
------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Consolidated balance sheet
As at As at As at
30 November 30 November 31 May 2012
2012 2011 GBP'000
GBP'000 GBP'000
----------------------------------------- ------------- ------------- -------------
Non current assets
Property, plant and equipment 1,583 3,749 3,773
Investment properties 33,655 32,980 32,231
Investments
------------- ------------- -------------
Joint ventures 3,838 4,653 3,632
Available for sale - 960 -
------------- ------------- -------------
Deferred tax assets 1,939 2,174 1,939
------------- ------------- -------------
Total non current assets 41,015 44,516 41,575
------------- ------------- -------------
Current assets
Inventories 16,846 23,138 19,286
Trade and other receivables 13,070 12,877 12,085
Cash and cash equivalents 1,978 1,216 1,765
Corporation tax recoverable 184 319 330
------------- ------------- -------------
Total current assets 32,078 37,550 33,466
------------- ------------- -------------
Assets classified as held-for-sale - 4,205 1,965
------------- ------------- -------------
Total assets 73,093 86,271 77,006
------------- ------------- -------------
Current liabilities
Trade and other payables 22,459 27,420 20,612
Bank loans 754 8,805 6,465
Bank overdrafts - 20,666 20,741
Total current liabilities 23,213 56,891 47,818
------------- ------------- -------------
Liabilities classified as held-for-sale 1,456 2,451 2,730
------------- ------------- -------------
Net current liabilities 7,409 (17,587) (15,117)
------------- ------------- -------------
Non current liabilities
Bank loans 23,140 1,535 1,186
Retirement benefit obligation 2,980 1,944 3,008
Provisions 2,000 - 2,176
Other payables 889 943 887
------------- ------------- -------------
Total non current liabilities 29,009 4,422 7,257
------------- ------------- -------------
Total liabilities 53,678 63,764 57,805
------------- ------------- -------------
Net assets 19,415 22,507 19,201
------------- ------------- -------------
Shareholders' equity
Share capital 5,200 5,200 5,200
Own shares (745) (745) (745)
Revaluation reserve 2,207 2,265 2,245
Hedge reserve - (803) -
Retained earnings 12,555 16,393 12,304
------------- ------------- -------------
Equity shareholders' funds 19,217 22,310 19,004
Minority interest 198 197 197
------------- ------------- -------------
Total equity 19,415 22,507 19,201
------------- ------------- -------------
Consolidated cash flow statement
6 months ended 6 months 12 months
30 November ended ended
2012 30 November 31 May 2012
2011
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------- -------- --------- -------- --------- -------- ---------
Net cash from operating activities
Profit/(loss) for the period 268 (332) (3,262)
Loss for the period from discontinued
operations 234 817 1,987
Income tax 100 26 167
Finance income (536) (655) (1,335)
Finance cost 1,032 1,203 2,225
Share of results of joint ventures (23) (206) (439)
Cash flow hedge movement in joint - 165 -
ventures
Depreciation charge 49 59 120
Goodwill written off - - 10
Credit in respect of share based
payments - - 2
Profit on sale of property, plant (2) - -
and equipment
Profit on sale of investment properties - - (145)
Losses on revaluation of investment
properties - - 1,099
Loss on disposal of joint ventures
and associates - - 142
Loss on disposal of available for
sale financial assets - - 84
Provision against investments in
joint ventures 149 10 1,022
Provision against investment in
available for sale investments - 284 284
Net movement on disposal of joint - 500 -
ventures
Income from joint ventures 23 17 35
-------- --------- -------- --------- -------- ---------
Operating profit before changes
in working capital 1,294 1,888 1,996
Decrease/(increase) in inventories 3,165 (5,313) (2,186)
(Increase)/decrease in receivables (985) (770) 22
Increase/(decrease) in payables 2,603 (1,884) 1,256
Cash flows used in operating activities
(discontinued) (559) (275) (1,246)
-------- --------- -------- --------- -------- ---------
5,518 (6,354) (158)
Interest paid (465) (596) (1,006)
Income taxes received/(paid) 46 - (46)
-------- --------- -------- --------- -------- ---------
Net cash from/(used in) operating
activities 5,099 (6,950) (1,210)
Investing activities
Interest received 4 1 23
Purchase of property, plant and
equipment (9) - (105)
Proceeds from sale of investment
properties - - 520
Proceeds from sale of property, 3 - -
plant and equipment
Proceeds from disposal of joint
ventures and associates - - 837
Proceeds from disposal of available
for sale financial assets - - 876
(Increase)/decrease in interest
in joint ventures and associates (355) (95) 244
Settlement of guarantee liabilities
in joint ventures - - (5,000)
Net cash used in investing activities (357) (94) (2,605)
Financing activities
Proceeds from new loans 18,862 - 925
Repayment of loans (2,619) (502) (4,116)
Net cash from/(used in) financing
activities 16,243 (502) (3,191)
Net increase/(decrease) in cash
and cash equivalents 20,985 (7,546) (7,006)
Cash and cash equivalents at beginning
of period (19,007) (12,001) (12,001)
Cash and cash equivalents at end
of period 1,978 (19,547) (19,007)
-------- --------- -------- --------- -------- ---------
Cash and cash equivalents at end
of period (continuing) 1,978 (19,450) (18,976)
Cash and cash equivalents at end
of period (discontinued) - (97) (31)
-------- --------- -------- --------- -------- ---------
Total 1,978 (19,547) (19,007)
-------- --------- -------- --------- -------- ---------
1. The interim report was approved by the board on 29 January 2013.
2. General information and basis of preparation
The interim financial information has been prepared applying the
accounting policies and presentation that were applied in the
preparation of the Group's published consolidated financial
statements for the year ended 31 May 2012. They do not include all
of the information required in annual financial statements in
accordance with IFRS, and should be read in conjunction with the
consolidated financial statements of the Group for the year ended
31 May 2012.
3. Significant accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's last
annual financial statements for the year ended 31 May 2012.
4. Estimates
When preparing the interim financial statements, management
undertakes a number of judgements, estimates and assumptions about
recognition and measurement of assets, liabilities, income and
expenses. The actual results may differ from the judgements,
estimates and assumptions made by management, and will seldom equal
the estimated results.
The judgements, estimates and assumptions applied in the interim
financial statements, including the key sources of estimation
uncertainty were the same as those applied in the Group's last
annual financial statements for the year ended 31 May 2012.
5. Going concern
Since the year end, and following the disposal of Pochin
Concrete Pumping Limited, the group successfully renegotiated its
borrowing facilities with Royal Bank of Scotland plc to 31 October
2014.
As part of the refinancing process, the directors prepared a
business plan together with forecasts to May 2015. These forecasts
take account of reasonable changes in trading performance, the
satisfaction of remaining parent company guarantee arrangements and
other potential liabilities and show that the Group should be able
to operate within the level of its revised facilities.
On this basis and after making enquires, the directors have a
reasonable expectation that the group and company has adequate
resources to continue in operational existence for the foreseeable
future, develop its property portfolio and advance its agreed
business plan. Accordingly, they continue to adopt the going
concern basis in preparing the financial statements.
6. Segmental information
Operating segments have been determined based on the reports
regularly reviewed by the group board and which are used to make
strategic and operational decisions. The Group board, excluding
non-executive directors, is considered to be the Chief Operating
Decision Maker and reviews the segments based on the nature of the
services provided.
In the prior year, the Group was reorganised into two operating
business segments based on the different services provided by each
division: Construction and Property development and investment. The
residential development segment was transferred to the property
division during the prior year and comparative figures have been
restated. The concrete pumping segment was classified as
discontinued in the previous year.
As operations are carried out entirely within the UK, there is
no further consideration of information on geographical areas in
determining the Group's operating segments. The measurement
policies used for segment reporting reflect those used for internal
reporting and for the Group's financial statements. Inter-segmental
pricing is done on an arms length open market basis.
6 months ended 30 November 2012
Property Total
development Group continuing Discontinued
Construction & investment management operations operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External sales 38,311 4,994 - 43,305 1,392
Inter-segment sales 932 - - 932 -
Eliminations (932) - - (932) -
-------------- -------------- ------------ ------------ --------------
Total revenue 38,311 4,994 - 43,305 1,392
Segment result
Operating profit/(loss) 334 1,339 (599) 1,074 (221)
Share of profit after
taxation in joint ventures - 23 - 23 -
Net finance cost (29) (463) (3) (495) (13)
-------------- -------------- ------------ ------------ --------------
Profit/(loss) before
taxation 305 899 (602) 602 (234)
-------------- -------------- ------------ ------------ --------------
Taxation (100) -
------------ --------------
Profit/(loss) for the
period 502 (234)
------------ --------------
Within the construction segment, external sales of GBP15,513,000
arise from two major customers that individually
account for more than 10 per cent of the entity's revenues.
Customer A GBP11,658,000 and Customer B GBP3,855,000.
Property Elimination Total
development of inter-segment continuing Discontinued
Construction & investment items operations operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets and liabilities
Segment assets 27,230 111,407 (69,382) 69,255 -
Investment in equity
accounted joint ventures
and associates - 3,838 - 3,838 -
-------------- ------------- ----------------- ----------- --------------
Total assets 27,230 115,245 (69,382) 73,093 -
Segment liabilities 21,994 99,610 (69,382) 52,222 1,456
-------------- ------------- ----------------- ----------- --------------
Net assets/(liabilities) 5,236 15,635 - 20,871 (1,456)
Other information
Capital expenditure 9 - - 9 -
Depreciation 33 16 - 49 -
Provision against investment
in joint ventures - 149 - 149 -
6 months ended 30 November 2011
Property Total
development Group continuing Discontinued
Construction & investment management operations operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External sales 29,325 1,397 - 30,722 4,907
Inter-segment sales 155 - - 155 27
Eliminations (155) - - (155) (27)
-------------- ------------- ------------ ----------- --------------
Total revenue 29,325 1,397 - 30,722 4,907
Segment result
Operating profit/(loss) (58) 1,651 (740) 853 (287)
Loss on remeasurement
and cost of disposal - - - - (490)
Share of profit after
taxation of joint ventures - 206 - 206 -
Net finance income/(cost) 38 (591) 5 (548) (40)
-------------- ------------- ------------ ----------- --------------
Profit/(loss) before
taxation (20) 1,266 (735) 511 (817)
-------------- ------------- ------------ ----------- --------------
Taxation (26) -
----------- --------------
Profit/(loss) for the
period 485 (817)
----------- --------------
Within the construction segment, external sales of GBP18,631,000
arise from five major customers that individually account for more
than 10 per cent of the entity's revenues. Customer A GBP5,941,000,
Customer B GBP3,449,000, Customer C GBP3,288,000, Customer D
GBP3,020,000 and Customer E GBP2,933,000.
Property Elimination
development of inter-segment Total continuing Discontinued
Construction & investment items operations operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Asset and liabilities
Segment assets 27,631 84,112 (34,330) 77,413 4,205
Investment in equity
accounted joint ventures
and associates - 4,653 - 4,653 -
-------------- -------------- -------------------- ---------------- --------------
Total assets 27,631 88,765 (34,330) 82,066 4,205
Segment liabilities 22,177 73,466 (34,330) 61,313 2,451
Net assets/(liabilities) 5,454 15,299 - 20,753 1,754
-------------- -------------- -------------------- ---------------- --------------
Other information
Capital expenditure 9 - - 9 -
Depreciation 27 32 - 59 149
Provision against
investment in joint
ventures and available
for sale financial
assets - 294 - 294 -
12 months ended 31 May 2012
Property Total
development continuing Discontinued
& investment Group management operations operations
ConstructionGBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External sales 66,663 4,938 - 71,601 8,929
Inter-segment sales 1,727 - - 1,727 90
Eliminations (1,727) - - (1,727) (90)
------------------- ------------- ---------------- ----------- ------------
Total revenue 66,663 4,938 - 71,601 8,929
Segment result
Operating profit/(loss) 277 386 (1,320) (657) (1,235)
Loss on remeasurement
and cost of disposal - - - - (671)
Share of profit after
taxation in joint ventures - 439 - 439 -
Net finance income/(cost) 78 (977) 9 (890) (81)
------------------- ------------- ---------------- ----------- ------------
Profit/(loss) before
taxation 355 (152) (1,311) (1,108) (1,987)
------------------- ------------- ---------------- ----------- ------------
Taxation (167) -
----------- ------------
Loss for the year (1,275) (1,987)
----------- ------------
Within the construction segment, external sales of GBP28,360,000
arise from three major customers that individually
account for more than 10 per cent of the entity's revenues.
Customer A GBP6,900,000, Customer B GBP7,800,000 and Customer C
GBP13,660,000.
Property Elimination Total
development of inter-segment continuing Discontinued
& investment items operations operations
ConstructionGBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets and liabilities
Segment assets 25,822 91,063 (45,476) 71,409 1,965
Investment in equity
accounted joint ventures
and associates - 3,632 - 3,632 -
------------------- ------------- ----------------- ----------- ------------
Total assets 25,822 94,695 (45,476) 75,041 1,965
Segment liabilities 20,842 79,709 (45,476) 55,075 2,730
------------------- ------------- ----------------- ----------- ------------
Net assets/(liabilities) 4,980 14,986 - 19,966 (765)
Other information
Capital expenditure 105 - - 105 -
Depreciation 57 63 - 120 -
Provision against investment
in joint ventures and
available for sale financial
assets - 877 - 877 -
Impairment of inventories - 686 - 686 -
7. Taxation
The taxation charge is calculated with reference to a prior year
tax settlement.
8. Dividends
The directors are not proposing an interim dividend in respect
of the 6 months ended 30 November 2012.
10. Earnings per share
The calculation of earnings per share (basic and diluted) is
based on Group profit after taxation and non-controlling interests
of GBP268,000 (2011: GBP332,000 loss) and the 20,800,000 ordinary
shares of 25p in issue at 30 November 2012 and 30 November 2011.
The number of shares in the calculation has been reduced at 30
November 2012 for the 440,500 (2011: 440,500) shares held in the
Employee Share Trust. The assumed conversion of dilutive options
has no impact on the number of shares and so diluted earnings per
share is equal to basic earnings per share.
6 months ended 6 months ended 12 months ended
30 November 2012 30 November 2011 31 May 2012
Weighted Weighted
average average Weighted
no. no. average
of shares Per of Per no. Per
Earnings '000 share Earnings shares share Earnings of share
GBP'000 p GBP'000 '000 p GBP'000 shares p
'000
Continuing
operations
Basic EPS 502 20,360 2.5 485 20,360 2.4 (1,275) 20,360 (6.3)
Effect of - - - - - - - - -
share
options
--------------- ---------------- --------- ---------- ---------- ------- ---------- ---------- -------
Diluted EPS 502 20,360 2.5 485 20,360 2.4 (1,275) 20,360 (6.3)
--------------- ---------------- --------- ---------- ---------- ------- ---------- ---------- -------
6 months ended 6 months ended 12 months ended
30 November 2012 30 November 2011 31 May 2012
Weighted Weighted Weighted
average average average
no. of Per no. of Per no. of Per
Earnings shares share Earnings shares share Earnings shares share
GBP'000 '000 p GBP'000 '000 p GBP'000 '000 p
Discontinued
operations
Basic EPS (234) 20,360 (1.2) (817) 20,360 (4.0) (1,987) 20,360 (9.7)
Effect of - - - - - - - - -
share options
---------- ---------------- ----------- ----------- ---------- ------- ----------- ---------- -------
Diluted
EPS (234) 20,360 (1.2) (817) 20,360 (4.0) (1,987) 20,360 (9.7)
---------- ---------------- ----------- ----------- ---------- ------- ----------- ---------- -------
6 months ended 6 months ended 12 months ended
30 November 2012 30 November 2011 31 May 2012
Weighted Weighted
average average Weighted
no. no. average
of shares Per of Per no. Per
Earnings '000 share Earnings shares share Earnings of share
GBP'000 p GBP'000 '000 p GBP'000 shares p
'000
Total
operations
Basic EPS 268 20,360 1.3 (332) 20,360 (1.6) (3,262) 20,360 (16.0)
Effect of - - - - - - - - -
share
options
--------------- ---------------- --------- ---------- ---------- ------- ----------- ---------- -------
Diluted EPS 268 20,360 1.3 (332) 20,360 (1.6) (3,262) 20,360 (16.0)
--------------- ---------------- --------- ---------- ---------- ------- ----------- ---------- -------
10. Disposal group classified as held for sale
Pochin Concrete Pumping Limited was treated as a discontinued
operation until its sale as a going concern which was
completed on 31 July 2012. The results of the operation are
summarised below (with all amounts attributable to owners of
the parent):
6 months ended 6 months 12 months
30 November ended ended
2012 30 November 31 May 2012
GBP'000 2011 GBP'000
GBP'000
-------------------------------------- ----------------- ------------- -------------
Revenue 1,392 4,907 8,929
Cost of sales (1,182) (4,172) (7,893)
------------ ------------- -------------
Gross profit 210 735 1,036
Operating expenses (242) (1,022) (2,271)
Operating loss (32) (287) (1,235)
Finance cost (13) (40) (81)
------------ ------------- -------------
Loss from discontinued operations
before taxation (45) (327) (1,316)
Tax - - -
------------ ------------- -------------
Net operating result from discontinued
operations (45) (327) (1,316)
Remeasurement and disposal of
assets held for sale
Loss on remeasurement and cost
of disposal (189) (490) (671)
------------ ------------- -------------
Loss for the period from discontinued
operations (234) (817) (1,987)
------------ ------------- -------------
Net cash flows used in discontinued
operations
Net cash flow used in operating
activities (559) (275) (1,246)
(559) (275) (1,246)
------------ ------------- -------------
Net cash flow used in discontinued
operating activities
Loss for the period (234) (817) (1,987)
Finance cost 13 40 81
Depreciation charge - 149 -
Operating cash flow before movement
in working capital (221) (628) (1,906)
Increase in inventories - (5) -
Decrease in receivables 1,965 27 20
(Decrease)/Increase in payables (2,290) 361 566
Increase in provisions - - 155
Interest paid (13) (30) (81)
(559) (275) (1,246)
------------ ------------- -------------
Assets of disposal group classified
as held for sale
Property, plant and equipment - 1,445 -
Inventories - 223 -
Trade and other receivables - 2,537 1,965
- 4,205 1,965
------------ ------------- -------------
Liabilities of disposal group
classified as held for sale
Trade and other payables 351 2,149 794
Obligations under hire purchase
agreements - - 595
Bank overdrafts - 97 31
Deferred tax liabilities - 205 205
Provisions 1,105 - 1,105
------------ ------------- -------------
1,456 2,451 2,730
------------ ------------- -------------
11. Provisions
Provisions include a liability in anticipation of a settlement
of a parent company guarantee for a joint venture that could
crystallise within 12 months following discussions with third
parties. In addition, provisions also include other claims
provisions that arise from the normal course of contractual
relationships which could crystallise within 12 months.
12. The comparative figures for the year ended 31 May 2012 do
not constitute statutory accounts for the purposes prescribed by
the Companies Act 2006. A copy of the statutory accounts for the
year ended 31 May 2012, which were prepared under International
Financial Reporting Standards and which the auditors gave an
unqualified report in accordance with the Companies Act 2006, have
been filed with the Registrar of Companies.
13. This interim report is available on the Group's website (www.pochins.plc.uk).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BMMRTMBBJBTJ
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