TIDMPOS
RNS Number : 4117P
Plexus Holdings Plc
25 March 2009
Plexus Holdings plc ('Plexus' or 'the Group')
Interim Results for the six months ended 31st December 2008
Plexus Holdings plc, the AIM quoted oil and gas engineering services business
and owner of the proprietary POS-GRIP method of wellhead engineering announces
its interim results for the six months to 31 December 2008.
Highlights
* Continued strong performance supplying proprietary POS-GRIP wellhead equipment
* Consistent level of turnover at GBP6.7m (2007: GBP6.7m)
* EBITDA of GBP1.3m (2007: GBP2.1m) - EBITDA is stated before IFRS2 share based
payment charges
* Profit before tax GBP0.04m (2007: GBP1.3m)
* Key GBP1.7m High Pressure/High Temperature ('HP/HT') and Extreme High Pressure/
High Temperature ('X-HP/HT') contract win with ConocoPhillips - revenues
impacting Q1 of financial year to June 2010
* Continued working relationship with Royal Dutch Shell plc ('Shell')
+------+---+-----------------------------------------------------------+
| | | Brunei Shell Petroleum Sdn Bhd ('Shell Brunei') commits |
| | | to a second contact for four years - initial value of |
| | | GBP800k commencing Q4 of financial year to June 2009 |
+------+---+-----------------------------------------------------------+
| | | Contract win with Shell Egypt worth GBP750k commencing Q2 |
| | | of financial year to June 2010 |
+------+---+-----------------------------------------------------------+
* Wellhead contract wins with Lundin Petroleum AB and SPD Ltd - each earning
revenues of GBP500k and GBP130k respectively in H2 of financial year to June
2009
* Renewal, increase, and extension of bank facilities in January 2009 - 25%
increase, GBP4 million credit facility on a three year revolving basis with
additional GBP1 million overdraft on yearly term
* Continued capital investment of GBP1.3m in rental inventory particularly HP/HT
wellheads
* 15% increase in personnel to 78 (2007: 68)
Plexus' Chief Executive Ben van Bilderbeek said,
"I am pleased with the progress that Plexus has made in the first half of the
year. Our first half results are in line with management expectations and
reflect the profile of our order book which is geared towards cash flows
impacting in the second half. Although this phasing inevitably impacts on
profitability in the first half we have during the period under review made
tremendous progress in achieving further industry recognition for the benefits
of our proprietary POS-GRIP wellhead equipment. In particular our recent
contract wins act as testament to this. These included a major GBP1.7 million
contract with ConocoPhillips for our HP/HT and X-HP/HT equipment which we hope
will lead to significant levels of future business, a second longer four year
contract with Shell Brunei, as well as a contract win with a another Shell
operating company, Shell Egypt.
"We are aware, like most companies that the current economic climate is
extremely challenging. However Plexus is in the fortunate position of
benefiting from a number of long-term contracts with many of the major
international oil and gas companies with lengthy and sizeable exploration
projects. This visibility provides us with a degree of stability and enables us
to plan and invest for the future. In addition a number of market research
indicators support our view that the need for increased UK gas exploration and
production will only become more important in the future. A report published
this month by Tony Lodge, 'Step off the gas' makes it very clear why
over-dependence on imported gas is detrimental for the UK and predicts that by
2020 80% to 90% of the UK gas requirement will need to be imported. One way of
addressing this is for increased investment in gas exploration and we fully
expect to participate in such initiatives.
"Our primary objective remains to increase our exposure within the international
oil and gas arena by expanding our rental exploration equipment activities and
our blue chip client base, and in turn the Company's geographic reach.
Importantly we are committed to continuing our product research and development
and look forward to translating the market success we have had with our
exploration wellhead equipment methods into the significantly larger production
wellhead market. We believe the many benefits of our technology are even more
pronounced in the oil and gas production arena and look forward to updating the
market on future developments.
"In support of our ongoing investment plans we were pleased to announce in
January 2009 that we were able to renew and increase our bank facilities and
place the majority on a 3 year term loan basis. Therefore as we begin to achieve
a balance between profitability, cash flow and capex commitments we will
continue to review the timing and most suitable dividend policy for our
Company".
For further information please visit www.posgrip.com or contact:
+----------------------------------------------+----------------------+
| Plexus Holdings plc | Tel: +44 (0)20 7589 |
| Bernard van Bilderbeek, Chief Executive | 8555 |
| Graham Stevens, Finance Director | |
+----------------------------------------------+----------------------+
| St Brides Media & Finance | Tel: +44 (0)20 7236 |
| Felicity Edwards | 1177 |
| Isabel Crossley | |
+----------------------------------------------+----------------------+
| Brewin Dolphin Investment Banking (Nominated | Tel: +44 131 529 |
| Advisor and Broker) | 0210 |
| Alexander Dewar | |
| | |
+----------------------------------------------+----------------------+
Chairman's Statement
Business Progress
I am pleased to report that in a challenging market which has been dominated by
falling oil prices Plexus has continued to gain significant contract wins to
supply its proprietary POS-GRIP wellhead technology to major international oil
and gas companies including ConocoPhillips, Shell
Egypt, and Shell Brunei. Such contract wins are a key part of our strategy of
continuing to raise the profile of POS-GRIP technology and wellhead equipment
around the world, whilst at the same time demonstrating to operators the clear
benefits of our equipment in terms of enhanced safety, time savings, and
operating performance.
Additionally, we were delighted to announce we had renewed and increased our
banking facilities by 25% with the Bank of Scotland Corporate. Plexus now has a
GBP4m credit facility on a three year revolving basis with an additional GBP1m
overdraft facility agreed on a yearly term. The Directors believe this increased
facility together with cashflow generated from trading will enable Plexus to
deliver on its short to medium term plans focussed on boosting revenues through
further substantial investment in its proprietary POS-GRIP wellhead rental
inventory, R&D, infrastructure and personnel at its Aberdeen facilities.
Operating Review
Plexus is an innovative technology led business which is committed to making
significant inroads into the global oil and gas wellhead equipment market.
Despite recent oil price declines and related uncertainties we believe the
outlook for energy demand and the oil price remains strong. Therefore we are
continuing to invest in expanding our rental wellhead equipment inventory which
drives our ability to increase capacity and generate sales to meet the demands
from our customers around the world. Our ability to respond to and support our
customers' requirements, particularly for unconventional and technically
challenging exploration and production activities, is a key element of our
success. We are delighted that this has continued to result in a number of high
profile contract wins, particularly for X-HP/HT 20,000 pounds per square inch
('psi') drilling projects which we believe will become an increasingly important
area for future gas exploration and production activities.
In addition to investing in capital equipment it is essential that we also
continue to invest in infrastructure and people. Such commitments may impact
margins in the short term but we see this as an essential part of our business
strategy for increasing revenues in the long term. For this reason the number of
Plexus personnel has increased by 15% to 78 as compared to 68 at the same time
last year, and our administrative costs have increased 32%. Furthermore we have
initiated planning permission to build an additional workshop fitted with a
large overhead crane in the grounds of our existing Aberdeen facility at an
approximate cost of GBP0.8m. We view such expenditure as an essential part of
investing in the future and that it is important do this through the business
cycle so that we are placed in a strong position for when the oil services
market recovers. The recent renewal and increase in our bank facilities which
are now of a longer term nature places us in a strong position to ensure that we
can continue to invest in the business as required.
Such initiatives have played an important part in our ability to continue to win
business during the period from key international operating companies including
Lundin Petroleum AB, Shell Egypt, ConocoPhillips, and Shell Brunei. The most
significant of these continue to be centred on the HP/HT and X-HP/HT exploration
arena where we believe we are increasingly establishing a reputation for being
able to offer technical solutions that deliver a number of benefits to the
industry. It is important to note that in terms of future potential we maintain
that there is a clear logic for the use of our technology to migrate over time
from exploration activities to volume production equipment requirements. While
we acknowledge that the timescale for such opportunities is uncertain we remain
committed to working with our key customers and the wider industry to place
ourselves at the forefront of such commercial opportunities as they arise. This
may result in a joint manufacturing initiative or a licensing agreement for our
patented method of engineering.
As our reputation for innovative and, we believe, superior wellhead equipment
grows, it is important that we also broaden our areas of activity and continue
to increase our geographic reach from our traditional North Sea base. For this
reason, as previously announced we have established an operational base in
Malaysia and are confident that this will give us access over time not only to
lower cost manufacturing but also new sales opportunities in the South East Asia
region, and will enable us to provide full time 'in country' support to existing
customers such as Shell Brunei. At the same time we are exploring opportunities
in the Middle East, China and Russia with view to further expanding our
geographic footprint.
Rig utilisation and availability plays an important role for our wellhead rental
business. Although rig utilisation is currently under pressure globally as a
number of operators scale back their drilling activities we believe there will
continue to be a large number of new generation Jack-up rigs coming onto the
market over the next few years. These rigs are particularly suited for the
deployment of our HP/HT 'through the BOP (blow out preventer)' adjustable method
of engineering, and as they are designed to be able to drill deeper, higher
pressure wells we are confident that this increase in Jack-up rigs will
positively impact on demand for our HP/HT equipment going forward.
Interim Results
Turnover for the six month period was GBP6.7m which was in line with the
previous year and reflects the anticipated weighting of sales towards the second
half of the year. Consistent with our strategy the rental wellhead and
associated services business activities accounted for over 60% of sales
revenues, and the largest element remains the supply of our HP/HT and X-HP/HT
applications, where we continued to engage in strategic discussions with the
broader industry regarding potential long term applications and ongoing
developments of our technology.
Gross margins have decreased to 49.2% in the first half of the year from 55.9%
in the comparative period last year as a result of a higher proportion of income
in the period being generated by lower margin Mudline and BP Shah Deniz
production well related product sales compared to the same period in the
previous year. If these items are excluded gross margins increase to over 60%
which is consistent with our underlying rental business returns.
Administration expenses have continued to increase year on year and totalled
GBP3.2m for the period up from GBP2.38m last year. This increase results from
increased personnel and associated costs and higher overseas base costs as we
continue to invest in the business to support current and future anticipated
growth and geographical expansion.
The profit before tax of GBP0.04m compares to a profit before tax for the same
period last year of GBP1.29m, with depreciation and amortisation increasing to
GBP0.97m in the period against GBP0.69m for the same period last year. This
increase primarily reflects the ongoing growth and investment in Plexus' rental
asset inventory which is essential to meet current and anticipated demand from
an increasing number of territories. The profit before tax is stated after
charging amortisation of share based payments under IFRS2; the charge for the
half year to December 2008 is GBP0.12m compared to GBP0.09m in the corresponding
period last year. The Group has provided for a charge to UK Corporation tax at a
rate of 31% which is expected to be the rate of tax for the full year and
compares to a rate of 32% last year. Earnings per share amounted to 0.04p per
share (2007 - 1.02p) on a fully diluted basis.
The balance sheet continues to reflect the ongoing investment in operations with
property, plant and equipment including items in the course of construction
increasing to GBP7.9m at the end of December 2008 from GBP7.3m at the end of
December 2007. This continued to be primarily driven by ongoing investment in
the expansion of rental inventory as well as research and development activity.
Net borrowings closed at GBP3.37m compared to GBP2.35m reflecting the Group's
investment in ongoing expansion of the rental fleet of equipment. In recognition
of the current business climate in terms of the supply of credit, the Group
focused on renewing its bank facilities and secured a 25% increase in banking
facilities with the Bank of Scotland Corporate. Plexus now has a GBP4m credit
facility on a three year revolving basis with an additional GBP1m overdraft
facility agreed on a yearly term.
Outlook
Despite the current challenging market conditions Plexus is continuing to make
strong progress in terms of raising the profile of POS-GRIP technology with an
increasing number of major international oil companies. Although our success to
date is of an organic nature, I remain confident that ultimately we will be
successful in securing licensing opportunities and potential joint ventures in
selected regions where POS-GRIP wellheads could be manufactured locally.
We are also fortunate that our POS-GRIP technology is particularly suited to the
growing high pressure and high temperature applications. I fully expect that we
will benefit from this over the
coming years as major international operators continue to select and specify our
equipment in preference to traditional alternatives which we maintain are less
safe and more complicated with performance limitations which severely limit
their capabilities at 20,000 psi and above.
I therefore look forward to the future with confidence whilst being aware that
we are currently operating in a volatile market place with long lead times which
can lead to some disruption to anticipated revenues should unforeseen contract
delays materialise.
Finally I would like to thank all those involved with the Company for their hard
work and commitment during the last six months.
Robert Adair
Chairman
24th March 2009
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Plexus Holdings Plc | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Unaudited Interim Consolidated Income Statement | | |
+------------------------------------------------------------------------------+--+-----------+
| For the six months ended 31 December 2008 | | | | |
+-------------------------------------------------------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | Six | | Six | | Year to |
| | | months to | | months to | | 30 June |
| | | 31 | | 31 | | 2008 |
| | | December | | December | | |
| | | 2008 | | 2007 | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | GBP | | GBP | | GBP |
| | | 000's | | 000's | | 000's |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Revenue | | 6,703 | | 6,666 | | 13,275 |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Cost of sales | | (3,406) | | (2,941) | | (6,003) |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Gross profit | | 3,297 | | 3,725 | | 7,272 |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Administrative expenses | | (3,156) | | (2,379) | | (5,167) |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Operating profit | | 141 | | 1,346 | | 2,105 |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Share of profit/(loss) of | | 4 | | - | | (58) |
| associate | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Finance income | | 7 | | 7 | | 14 |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Finance costs | | (110) | | (65) | | (156) |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Profit before taxation | | 42 | | 1,288 | | 1,905 |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Income tax expense (note 5) | | (13) | | (463) | | (616) |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Profit after tax | | 29 | | 825 | | 1,289 |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Earnings per share (pence) | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Basic (note 6) | | 0.04p | | 1.03p | | 1.61p |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| Diluted (note 6) | | 0.04p | | 1.02p | | 1.60p |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
| | | | | | | |
+--------------------------------+----------+-----------+----------+-----------+--+-----------+
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Unaudited Interim Consolidated Balance Sheet | | | | |
+---------------------------------------------------------+----------+-----------+----------+-----------+
| As at 31 December 2008 | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | 31 | | 31 | | 30 June |
| | | December | | December | | 2008 |
| | | 2008 | | 2007 | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | GBP 000's | | GBP 000's | | GBP 000's |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| ASSETS | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Goodwill | | 722 | | 722 | | 722 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Intangible assets | | 6,644 | | 5,563 | | 6,661 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Property, plant and equipment | | 7,933 | | 7,294 | | 7,329 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Financial asset - option to | | 80 | | - | | - |
| purchase property | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Total non-current assets | | 15,379 | | 13,579 | | 14,712 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Inventories | | 3,130 | | 3,253 | | 3,478 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Trade and other receivables | | 5,932 | | 7,044 | | 6,907 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Cash and cash equivalents | | 447 | | 3 | | 456 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Total current assets | | 9,509 | | 10,300 | | 10,841 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| TOTAL ASSETS | | 24,888 | | 23,879 | | 25,553 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| EQUITY AND LIABILITIES | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Called-up share capital | | 802 | | 802 | | 802 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Share premium account | | 15,596 | | 15,596 | | 15,596 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Share based payments reserve | | 485 | | 270 | | 360 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Retained earnings | | 816 | | 323 | | 787 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Total equity attributable to | | | | | | |
| equity holders | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| of the parent | | 17,699 | | 16,991 | | 17,545 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Deferred tax liabilities | | 511 | | 470 | | 377 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Total non-current liabilities | | 511 | | 470 | | 377 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Trade and other payables | | 2,487 | | 3,648 | | 3,521 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Current income tax liabilities | | 370 | | 414 | | 510 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Borrowings | | 3,821 | | 2,356 | | 3,600 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Total current liabilities | | 6,678 | | 6,418 | | 7,631 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| Total liabilities | | 7,189 | | 6,888 | | 8,008 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| | | | | | | |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
| TOTAL EQUITY AND LIABILITIES | 24,888 | | 23,879 | | 25,553 |
+----------------------------------+----------+-----------+----------+-----------+----------+-----------+
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Unaudited Interim Cash Flow | | | | | | |
| Statement | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| For the six months ended 31 December 2008 |
+--------------------------------------------------------------------------------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | Six | | Six | | Year to |
| | | months to | | months to | | 30 June |
| | | 31 | | 31 | | 2008 |
| | | December | | December | | |
| | | 2008 | | 2007 | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | GBP 000's | | GBP 000's | | GBP 000's |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Profit before taxation | | 42 | | 1,288 | | 1,905 |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Adjustments for: | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Depreciation and | | 972 | | 692 | | 1,581 |
| amortisation | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Loss / (profit) on | | - | | (17) | | 84 |
| disposal of property, | | | | | | |
| plant and equipment | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Charge for share based | | 125 | | 91 | | 181 |
| payments | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Investment income | | (7) | | (7) | | (14) |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Interest expense | | 110 | | 65 | | 156 |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | 1,242 | | 2,112 | | 3,893 |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Decrease / (increase) in | | 348 | | (130) | | (355) |
| inventories | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Decrease / (increase) in trade | | 978 | | (2,061) | | (1,920) |
| and other receivables | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| (Decrease) / increase in trade | | (908) | | 936 | | 27 |
| and other payables | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Cash generated from operations | | 1,660 | | 857 | | 1,645 |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Income taxes paid | | (19) | | (5) | | (155) |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Net cash used in operating | | 1,641 | | 852 | | 1,490 |
| activities | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Acquisition of financial assets | | (80) | | - | | - |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Acquisition of subsidiary entity | | (133) | | - | | (254) |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Purchase of intangible fixed | | (185) | | (118) | | (356) |
| assets | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Purchase of property, plant and | | (1,374) | | (1,512) | | (2,360) |
| equipment | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Proceeds of sale of property, | | - | | 258 | | 258 |
| plant and equipment | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Net cash used in investing | | (1,772) | | (1,372) | | (2,712) |
| activities | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Interest paid | | (104) | | (61) | | (152) |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Interest received | | 5 | | 1 | | 3 |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Net cash from financing | | (99) | | (60) | | (149) |
| activities | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Net decrease in cash and cash | | (230) | | (580) | | (1,371) |
| equivalents | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Cash and cash equivalents at 1 | | (3,144) | | (1,773) | | (1,773) |
| July | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
| Cash and cash equivalents at 31 | | (3,374) | | (2,353) | | (3,144) |
| December | | | | | | |
+-----------------------------------+--+-----------+--+-----------+--+-----------+
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Unaudited Interim Statement of Changes in Equity | | | | |
+---------------------------------------------------------------------------+-+----------+--+--------+
| For the six months ended 31 December 2008 |
+----------------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | Called | | Share | | Share | | Retained | | Total |
| | | Up | | Premium | | Based | | Earnings | | |
| | | Share | | Account | | Payments Reserve | | | | |
| | | Capital | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | GBP | | GBP | | GBP | | GBP | | GBP |
| | | 000's | | 000's | | 000's | | 000's | | 000's |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Balance as at 1 July 2007 | | 802 | | 15,596 | | 179 | | (502) | | 16,075 |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Profit for the year | | - | | - | | - | | 1,289 | | 1,289 |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Share based payments reserve | | - | | - | | 181 | | - | | 181 |
| charge | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Balance as at 30 June 2008 | | 802 | | 15,596 | | 360 | | 787 | | 17,545 |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Profit for the period | | - | | - | | - | | 29 | | 29 |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Share based payments reserve | | - | | - | | 125 | | - | | 125 |
| charge | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
| Balance as at 31 December | | 802 | | 15,596 | | 485 | | 816 | | 17,699 |
| 2008 | | | | | | | | | | |
+------------------------------+-+---------+-+---------+-+------------------+-+----------+--+--------+
Notes to the Interim Report December 2008
1. This interim financial information does not constitute statutory accounts as
defined in section 435 of the Companies Act 2006 and is unaudited.
This unaudited interim report has been prepared on the basis of the accounting
policies set out in the annual report for the year ended 30 June 2008.
The interim financial information is compliant with IAS 34 - Interim Financial
Reporting.
The accounting policies are based on current IFRS, International Financial
Reporting Interpretation Committee ("IFRIC") interpretations and current
International Accounting Standards Board ("IASB") exposure drafts that are
expected to be issued as final standards and adopted by the EU such that they
are effective for the year ending 30 June 2009. These standards are subject to
ongoing review and endorsement by the EU and further IFRIC interpretations and
may therefore be subject to change.
2. This interim report was approved by the board of directors on 24th March
2009.
3. The directors do not recommend payment of an interim dividend.
4. There were no other gains or losses to be recognised in the financial period
other than those reflected in the income statement.
5. Taxation on the operating profit after interest has been provided at a rate
of 31% for the six months ended 31 December 2008 (2007: 32%) which is the
estimated rate of UK tax for the full year.
6. Basic and pre-exceptional earnings per share are based on the weighted
average of ordinary shares in issue during the half-year of 80,182,569 (2007:
80,182,569). The calculation of fully diluted earnings per share is based on the
weighted average number of ordinary shares in issue plus the dilutive effect of
outstanding share options being 416,346 (2007: 426,245). The number of shares
included in the calculation of fully diluted earnings per share was 80,598,915
(2007: 80,608,814).
7. The Group derives turnover from the sale of its POS-GRIP technology and
associated products, the rental of wellheads utilising the POS-GRIP technology
and service income principally derived in assisting with the commissioning and
ongoing service requirements of its equipment. These income streams are all
derived from the utilisation of the technology which the Group believes is its
only segment. Business activity is not subject to seasonal or cyclical
fluctuations.
8. During the period a fixed price option to purchase the long leasehold of the
Group's main facility in Aberdeen was acquired from @SIPP which is the pension
fund of Ben van Bilderbeek for the sum of GBP80,000. The current annual rent
paid to @SIPP is GBP171,850.
9. The comparative figures for the financial year ended 30 June 2008 are not the
company's statutory accounts for that financial year. Those accounts have been
reported on by the company's auditors, Horwath Clark Whitehill LLP, and
delivered to the registrar of companies. The report of the auditors was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 237(2) or (3) of the Companies
Act 1985 which was the version of the Companies Act enacted at the time of their
report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFLDVSISFIA
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