TIDMPOS
RNS Number : 7611I
Plexus Holdings Plc
18 March 2010
Plexus Holdings PLC/Index: AIM/Epic: POS / Sector: Oil equipment & services
18 March 2010
Plexus Holdings plc ('Plexus' or 'the Group')
Interim Results for six months ended 31 December 2009
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 2009.
Highlights
· Sales of rental POS-GRIP wellheads and support services total GBP6.5m
(2008: GBP6.7m)
· EBITDA of GBP1.4m (2008: GBP1.2m) - (before IFRS2 share based payment
charges
· Profit before tax GBP0.13m (2008: GBP0.04m)
· Growing recognition of the benefits of POS-GRIP for high pressure/high
temperature ('HP/HT') applications with sales up 59% versus same period last
year
· HP/HT contract wins with Talisman Energy Inc at GBP1.5m, GDF Suez Egypt at
GBP600,000, and Maersk Oil North Sea UK Limited ('Maersk') for an estimated
GBP3m
· Further contract wins for POS-GRIP wellhead technology with Dubai Petroleum
Establishment, Transocean Drilling U.K. Limited, and Wintershall Noordzee B.V.
· Post period end awarded three contracts with new customers in new
territories - a subsidiary of Bowleven plc in Cameroon, Cairn Energy PLC Group
in Tunisia, and Sonangol Pesquisa e Producao ('Sonangol') in Angola
· 15,000 psi HP/HT Mudline Tieback project attracted initial financing
commitments from two large international operators
· Continued capital investment of GBP1.1m (2008: GBP1.6m)
· R & D spend increased to GBP0.36m (2008: GBP0.18m)
· 5.8% increase in interim dividend of 0.33p per share approved for payment
on 1 April 2010
· Basic and fully diluted earnings per share of 0.11p (2008: 0.04p)
Plexus' Chief Executive Ben van Bilderbeek said, "Plexus has continued to make
solid progress resulting in first half results ahead of management expectations.
As has been widely reported, 2009 was a difficult period for the oil services
sector where a combination of global uncertainty, worldwide financial pressures,
and depressed oil prices impacted operators' investment decision making and
resultant initiation of new projects. Whilst Plexus was not immune from these
adverse conditions, we have continued to win new clients. Indeed since the end
of December we secured contracts with major new customers in North Africa and
West Africa, which has seen the Company further expand its geographic footprint
into Tunisia, Cameroon, and Angola.
"As a result of our progress, I am pleased to announce that the directors have
approved the payment of an increased interim dividend of 0.33p per share which
will be paid on Thursday 1 April 2010 to members appearing in the register on
the record date of 26 March 2010.
"Looking to the future we are beginning to see signs of increased activity and
expect a stronger order book to develop in the second half of the calendar year
and beyond. At the same time we have a number of exciting initiatives underway
relating to the continued development of our proprietary POS-GRIP method of
engineering as well as progressing what we see as a clear need to improve the
existing industry wellhead equipment standards, particularly for HP/HT
applications. I firmly believe that such activities and the operational
advantages of POS-GRIP including improved technical performance, installation
time savings, and reduced operating costs and enhanced safety will play a key
role in POS-GRIP gaining wider recognition and acceptance within the industry.
This ultimately will enable us to engage in a significant way with potential
licensees and alliance partners over the coming years."
For further information please visit www.posgrip.com or contact:
+---------------+------------------------+-------------------+
| Ben van | Plexus Holdings PLC | Tel: 020 7589 |
| Bilderbeek | | 8555 |
+---------------+------------------------+-------------------+
| Graham | Plexus Holdings PLC | Tel: 020 7795 |
| Stevens | | 6890 |
+---------------+------------------------+-------------------+
| Jon | Cenkos Securities plc | +44 (0)20 7397 |
| Fitzpatrick | | 8900 |
+---------------+------------------------+-------------------+
| Ken Fleming | Cenkos Securities plc | +44 (0)131 220 |
| | | 6939 |
+---------------+------------------------+-------------------+
| Felicity | St Brides Media & | Tel: 020 7236 |
| Edwards | Finance Ltd | 1177 |
+---------------+------------------------+-------------------+
| Isabel | St Brides Media & | Tel: 020 7236 |
| Crossley | Finance Ltd | 1177 |
+---------------+------------------------+-------------------+
Chairman's Statement
Business Progress
I am pleased to report that despite operating in challenging market conditions
Plexus has continued to win important contracts for the supply of its POS-GRIP
wellhead technology from a range of new and existing customers, both in the
North Sea and further afield in Asia and Africa. As our reputation within the
industry grows, and the understanding of the wide range of operational benefits
that our proprietary POS-GRIP wellhead equipment delivers expands, we have begun
to see an increased level of tender activity from a broader range of operators.
Furthermore our ability to call upon a rental inventory for exploration wells
that is now balanced across the three main pressure spectrums also enhances our
ability to respond to customer needs where short lead times are required. All of
these factors have helped to underpin a solid performance which is slightly
ahead of management expectations.
Operating Review
Plexus has continued to focus on winning contracts from both existing customers
(Dubai Petroleum Establishment, Maersk, and Wintershall Noordzee B.V.) and new
customers (including GDF Suez Egypt, Cairn Energy plc Group, and Sonangol). In
addition we have made further investments in infrastructure and management
systems which are designed to ensure that we meet and service the growing needs
of our globally diverse customer base. This strategy is proving successful and
has led to expanding business activities in the African region where initial
business in Egypt has now expanded during the period and post period end to
include Cameroon, Tunisia, and Angola. At the same time we are ideally
positioned to take advantage of potential increased activity in the North Sea
where the UK continental shelf alone is estimated to hold significant reserves
of 25 billion barrels according to Oil and Gas UK.
As part of our expansion plans we are investing GBP500k in the construction of a
new assembly and test building at our main facility in Dyce Aberdeen, which was
announced in August last year and is due to be completed by end of April 2010.
The building has been specially designed to allow more efficient handling,
assembly, qualification and testing of our POS-GRIP HP/HT wellhead systems. The
facility will provide 4,000 square feet of additional workshop area and includes
a 50 tonne and a 25 tonne overhead crane and a test pit to enable the function
and pressure testing of larger HP/HT and Extreme HP/HT ('X-HP/HT') wellhead and
equipment assemblies. This increased capability further demonstrates to the
industry our confidence in the future and strengthens our capacity to respond to
the growing demand for HP/HT exploration and production equipment and services.
In addition to infrastructure investment and ongoing additions to our extensive
wellhead rental inventory, Plexus doubled its research and development spend to
GBP361k against the same period last year. This investment reflects Plexus'
confidence that our POS-GRIP technology can continue to extend the life of its
extensive patent suites through an ongoing innovative continuations programme,
and that the POS-GRIP method of engineering can be extended into areas beyond
our existing range of wellhead products.
One such initiative which we hope holds significant commercial upside for
Plexus, concerns our ongoing project designed to demonstrate to the industry
that a 15,000 psi HP/HT Mudline Tieback can be achieved for HP/HT exploration
wells and pre-drilled production wells by using POS-GRIP set metal to metal "HG"
seals. We believe that there will be significant advantages when this
technology is realised for both exploration wells and field developments.
Currently, HP/HT exploration wells are permanently abandoned after drilling
whether the well is commercially viable or not as there is no acceptable
technical solution available to convert these wells to subsea or platform
production wells. As each HP/HT exploration well could cost anywhere from GBP50m
to GBP200m to drill, these are very expensive 'throw away' investments which if
avoided, should be of great interest to the industry. Secondly, HP/HT Mudline
Tieback technology would allow the pre-drilling of production wells for an HP/HT
field development to commence before the production platform is ready,
potentially shortening the development cycle of the field by several years.
Furthermore, any customer wanting to take advantage of POS-GRIP Tieback
technology would also benefit from using POS-GRIP wellheads at the surface for
the drilling and production tieback. The first important stage following our
completion of a 'proof of concept' exercise was inviting industry partners to
participate in a Joint Industry Project and I am pleased report that two large
international operators have now agreed to participate with an initial financing
commitment. Such developments support the belief that ownership of specialist
proprietary technology is an important element of future success for oilfield
service companies.
Another important milestone achieved post period end in the area of systems and
procedures concerns the successful certification of the Plexus management system
for both ISO 9001:2008 and OHSAS 18001:2007. This process, which is an
increasingly important part of customer requirements, followed on from our focus
on 'Quality, Health, Safety, and Environment' ('QHSE') and the implementation of
the Plexus Excellence Programme two years ago. The lengthy and extensive
accreditation process has taken approximately 12 months, and our operational
team have done an excellent job ensuring that we met both accreditation
standards first time. The ISO 9001 certification and the OHSAS 18001
Occupational Health and Safety Management System are both applicable to the
'design, management of manufacture, assembly, associated testing, sale, rental,
installation and operation of wellhead and mudline equipment for the oil and gas
industry'. Such accreditations authorised by ISO and issued by Lloyds Register
Quality Assurance Limited are recognised throughout the industry, and by our
customers, as important operational and commercial achievements.
Plexus continues to promote and communicate the safety advantages offered by its
through the Blow Out Preventer ('BOP') POS-GRIP wellhead design as businesses
and legislators around the world increasingly focus on the importance of safety
and are reminded of the significant negatives associated with product failures.
These concerns have been elevated by relatively recent events such as the
introduction of the "Corporate Manslaughter and Homicide Act 2007" which became
effective in 2008 in the UK and, by the recent high profile Toyota case where
design and test standards have been called into question. Plexus cannot see any
reason for spool type (often known as 'slip and seal') wellheads to be used
where the removal of the BOP is required to cut casing. We maintain that this
procedure costs time and generates unnecessary risk. In addition the generally
accepted American Petroleum Institute ('API') standards are based around
conventional and historical wellhead designs and we maintain that they do not
ensure the integrity of such equipment. This is because API does not specify
multi-sample testing for wellheads and some seals are not tested at all. Indeed
API test standards for wellhead seals are much less stringent than those for
casing and tubing couplings. We believe that this is because conventional
wellhead designs have historically not been able to pass such higher standards,
due to seals moving during testing and because annular pockets are
non-concentric. We maintain that under API standards this results in the
wellhead being the 'weak link' in the system for seal integrity. The fact that
API does not require multi-sample testing for wellheads seals, and that
extrapolation of results is allowed for seals one standard size smaller and
larger than tested, and between a larger and smaller size, in our opinion
invalidates the current API test standard as a means of ensuring that such a
qualified product will function in the field as intended.
Conversely, Plexus can demonstrate that the POS-GRIP wellhead design addresses
such issues. As we continue to make progress in communicating this important
message to our peers and other interested parties around the world we are
confident that our business will benefit accordingly. In the meantime Plexus'
POS-GRIP equipment and key components continue to meet required API standards
where certification is required by customers.
As this report highlights Plexus remains active on many fronts. We are confident
that our reputation for supplying innovative and, we believe, superior wellhead
equipment is growing and has resulted in Plexus being active in more parts of
the world and with more customers than ever before. In addition we are exploring
opportunities in the USA, Middle East, and China, and are considering
establishing an international operating subsidiary which in time would be
expected to be responsible for sales and operational activities outside of
Europe.
Financial Results
Turnover for the six month period ended 31 December 2009 was GBP6.5m which was
slightly below the previous year and is in line with the anticipated weighting
of sales towards the second half of the year. The rental wellhead and associated
services business activities for exploration drilling contracts accounted for
over 90% of sales revenues. The largest sales component remains the supply of
our HP/HT wellhead equipment which accounted for approximately 80% of total
revenues and compares favourably to 48.6% for the same period last year.
Gross margins have increased to 54.1% in the first half of the year from 49.2%
in the comparative period last year as a result of the increase in HP/HT
activities compared to the same period in the previous year.
Administration expenses have increased slightly year on year and totalled
GBP3.3m for the period, up from GBP3.2m last year. This increase in part stems
from higher research and development costs, and the costs of ensuring that we
deliver the required level of service and support to our increasing number of
customers operating in a wider variety of geographical locations.
The profit before tax of GBP0.13m is up substantially from the previous year
(2008: GBP0.04m), after absorbing depreciation and amortisation increases which
totalled GBP1.18m in the period against GBP0.97m for the same period last year.
This increase reflects the further growth and investment in Plexus' rental asset
inventory, which is necessary to support future growth and as operational
activities broaden geographically requiring equipment to be based in a variety
of locations. The profit before tax is stated after charging amortisation of
share based payments under IFRS2; the charge for the half year to December 2009
is GBP0.08m compared to GBP0.12m in the corresponding period last year. The
Group has provided for a charge to UK Corporation tax at a rate of 30% which is
expected to be the rate of tax for the full year and compares to a rate of 31%
last year. Earnings per share amounted to 0.11p per share (2008: 0.04p) 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 GBP8.2m at the end of December 2009 from GBP7.9m at the end of
December 2008. This continued to be primarily driven by ongoing investment in
the expansion of rental inventory as well as research and development activity
and the part construction of a new assembly and test building due to be
completed by the end of April 2010. Net borrowings closed at GBP2.65m compared
to GBP1.34m at the June year end reflecting in part the Group's investment in
ongoing expansion of the rental fleet of equipment, as well as the payment of
higher corporation tax of GBP0.7m compared to GBP0.02m the prior year, and the
payment of the final year end dividend of GBP0.3m. The Group remained well
within its bank facilities with Bank of Scotland Corporate which were increased
last year in anticipation of the tightening of bank credit, and which now total
GBP5.0m comprising a three year revolving GBP4.0m credit facility and an
additional GBP1.0m overdraft facility agreed on a yearly term. The margin
averages 2.2% over LIBOR.
Outlook
The oil price has begun to stabilise to a level where more projects are viable
enabling the international oil and gas companies to fund increased capital
expenditure and exploration activity. Therefore although there are inevitably
lead times between the placing of orders and the generation of revenue, we
anticipate a corresponding increase in sales activity over the next few months
and in the next financial year. In the short and medium term we have a number of
key contracts in place around the world which underpin current management
expectations and a stronger second half year performance. We are also confident
that we are well positioned to benefit from the anticipated upturn in the
strategically important North Sea as a result of government tax incentives to
encourage the development of hard to reach reservoirs, and the granting of a
wider range of new licences for oil and gas field exploration.
Our belief in the growing importance of HP/HT applications and the correspondent
need for suitable superior and enabling technology has been validated by the
significant year on year increase in HP/HT sales. I am in no doubt that the
wider industry is becoming more aware and receptive to the specification of
POS-GRIP equipment and the significant operational advantages that it delivers
in terms of safety and time savings. These developments, combined with our
strategy of maintaining an active dialogue with various key industry entities
including standards organisations and health and safety bodies, places Plexus
firmly in the 'strong technology' category. We believe that we can clearly
demonstrate that our equipment differentiates itself from the limitations that
apply to traditional alternatives which we maintain are less safe and more
complicated with associated performance limitations. For these reasons I look
forward to the future with growing confidence and remain convinced that Plexus
will be able to play a significant role in not only exploiting the growing
number of unconventional reservoirs around the world which need exploring, but
also in time penetrate the much larger volume production wellhead market, and in
so doing attract the interest of potential licensees and alliance partners.
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
17 March 2010
+----------------------------+--+-+--+--------+--+----------+-+-+----------+-+----------+----------+
| Plexus Holdings Plc | | | | | | |
+----------------------------+--+-------------+--+-------------------------+-+---------------------+
| Unaudited Interim Consolidated Statement of Comprehensive Income | | |
+--------------------------------------------------------------------------+-+---------------------+
| For the six months ended 31 December 2009 | | | | |
+------------------------------------------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | Six months | | Six months | | Year to |
| | | to 31 | | to 31 | | 30 June |
| | | December | | December | | 2009 |
| | | 2009 | | 2008 | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | GBP 000's | | GBP 000's | | GBP 000's |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Revenue | | 6,473 | | 6,703 | | 15,105 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Cost of sales | | (2,974) | | (3,406) | | (6,364) |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Gross profit | | 3,499 | | 3,297 | | 8,741 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Administrative expenses | | (3,312) | | (3,156) | | (6,799) |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Operating profit | | 187 | | 141 | | 1,942 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Finance income | | 1 | | 7 | | 8 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Finance costs | | (60) | | (110) | | (197) |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Share of profit of | | 3 | | 4 | | 45 |
| associate | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Profit before taxation | | 131 | | 42 | | 1,798 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Income tax expense (note | | (39) | | (13) | | (780) |
| 5) | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Profit after tax | | 92 | | 29 | | 1,018 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Other comprehensive income | | - | | - | | - |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Total comprehensive income | | 92 | | 29 | | 1,018 |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Earnings per share (pence) | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Basic (note 6) | | 0.11p | | 0.04p | | 1.27p |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| | | | | | | |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| Diluted (note 6) | | 0.11p | | 0.04p | | 1.27p |
+----------------------------+----+--------------+------------+------------+-+---------------------+
| |
| |
| Plexus Holdings Plc |
+--------------------------------------------------------------------------------------------------+
| Unaudited Interim Consolidated Balance Sheet | | | | |
+-----------------------------------------------------------+---+----------+------------+----------+
| As at 31 December 2009 | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | 31 December 2009 | | 31 | | 30 June |
| | | | | December | | 2009 |
| | | | | 2008 | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | GBP 000's | | GBP | | GBP |
| | | | | 000's | | 000's |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| ASSETS | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Goodwill | | 722 | | 722 | | 722 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Intangible assets | | 6,647 | | 6,644 | | 6,618 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Financial assets | | 60 | | 80 | | 60 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Investment in associate | | 1 | | - | | 1 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Property, plant and equipment | | 8,181 | | 7,933 | | 8,335 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Total non-current assets | | 15,611 | | 15,379 | | 15,736 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Inventories | | 3,161 | | 3,130 | | 3,794 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Trade and other receivables | | 5,033 | | 5,932 | | 4,799 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Cash and cash equivalents | | 1,944 | | 447 | | 2,655 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Total current assets | | 10,138 | | 9,509 | | 11,248 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| TOTAL ASSETS | | 25,749 | | 24,888 | | 26,984 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| EQUITY AND LIABILITIES | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | 802 | | 802 | | 802 |
| Called up share capital | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Share premium account | | 15,596 | | 15,596 | | 15,596 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Share based payments reserve | | 628 | | 485 | | 550 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Retained earnings | | 1,286 | | 816 | | 1,499 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Total equity attributable to | | | | | | |
| equity holders | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| of the parent | | 18,312 | | 17,699 | | 18,447 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Deferred tax liabilities | | 563 | | 511 | | 546 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Bank loans | | 4,000 | | - | | 4,000 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Total non-current liabilities | | 4,563 | | 511 | | 4,546 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Trade and other payables | | 2,261 | | 2,487 | | 3,331 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Current income tax liabilities | | 16 | | 370 | | 660 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Borrowings | | 597 | | 3,821 | | - |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Total current liabilities | | 2,874 | | 6,678 | | 3,991 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| Total liabilities | | 7,437 | | 7,189 | | 8,537 |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| | | | | | | |
+---------------------------------+--+----------------------+---+----------+------------+----------+
| TOTAL EQUITY AND LIABILITIES | 25,749 | | 24,888 | | 26,984 |
+------------------------------------+----------------------+---+----------+------------+----------+
| | | | | | | | | | | | | |
+----------------------------+--+-+--+--------+--+----------+-+-+----------+-+----------+----------+
+------------------------------+--+----------+--+----------+--+----------+
| Plexus Holdings Plc | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Unaudited Interim Cash Flow | | | | | | |
| Statement | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| For the six months ended 31 December 2009 |
+------------------------------------------------------------------------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | Six | | Six | | Year to |
| | | months | | months | | 30 June |
| | | to 31 | | to 31 | | 2009 |
| | | December | | December | | |
| | | 2009 | | 2008 | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | GBP | | GBP | | GBP |
| | | 000's | | 000's | | 000's |
+------------------------------+--+----------+--+----------+--+----------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Profit before taxation | | 131 | | 42 | | 1,798 |
+------------------------------+--+----------+--+----------+--+----------+
| Adjustments for: | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Depreciation, amortisation | | 1,178 | | 972 | | 2,139 |
| and impairment charges | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Loss on disposal of | | - | | - | | 24 |
| property, plant and | | | | | | |
| equipment | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Charge for share based | | 78 | | 125 | | 190 |
| payments | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Investment income | | (1) | | (7) | | (8) |
+------------------------------+--+----------+--+----------+--+----------+
| Interest expense | | 60 | | 110 | | 197 |
+------------------------------+--+----------+--+----------+--+----------+
| | | 1,446 | | 1,242 | | 4,340 |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Decrease / (increase) in | | 633 | | 348 | | (316) |
| inventories | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| (Increase) / decrease in | | (234) | | 978 | | 2,084 |
| trade and other receivables | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Decrease in trade and other | | (1,071) | | (908) | | (29) |
| payables | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Cash generated from | | 774 | | 1,660 | | 6,079 |
| operations | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Income taxes paid | | (666) | | (19) | | (517) |
+------------------------------+--+----------+--+----------+--+----------+
| Net cash generated from | | 108 | | 1,641 | | 5,562 |
| operating activities | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Deferred consideration in | | - | | (133) | | (151) |
| respect of acquisition of | | | | | | |
| subsidiary entity | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Acquisition of financial | | - | | (80) | | (80) |
| asset | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Adjustment to value of | | - | | - | | (1) |
| associate undertaking | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Purchase of intangible | | (238) | | (185) | | (370) |
| assets | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Purchase of property, plant | | (815) | | (1,374) | | (2,736) |
| and equipment | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Net cash used in investing | | (1,053) | | (1,772) | | (3,338) |
| activities | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Loans drawn down | | - | | - | | 4,000 |
+------------------------------+--+----------+--+----------+--+----------+
| Interest paid | | (59) | | (104) | | (207) |
+------------------------------+--+----------+--+----------+--+----------+
| Interest received | | 1 | | 5 | | 32 |
+------------------------------+--+----------+--+----------+--+----------+
| Equity dividends paid | | (305) | | - | | (250) |
+------------------------------+--+----------+--+----------+--+----------+
| Net cash (used in) | | (363) | | (99) | | 3,575 |
| /generated from financing | | | | | | |
| activities | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Net (decrease) /increase in | | (1,308) | | (230) | | 5,799 |
| cash and cash equivalents | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Cash and cash equivalents at | | 2,655 | | (3,144) | | (3,144) |
| 1 July | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
| Cash and cash equivalents at | | 1,347 | | (3,374) | | 2,655 |
| 31 December | | | | | | |
+------------------------------+--+----------+--+----------+--+----------+
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Plexus Holdings Plc | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Unaudited Interim Statement of Changes in Equity | | | | |
+-----------------------------------------------------------------------+-+----------+-+--------+
| For the six months ended 31 December 2009 |
+-----------------------------------------------------------------------------------------------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | 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 | | 802 | | 15,596 | | 360 | | 787 | | 17,545 |
| 2008 | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Profit for the year | | - | | - | | - | | 1,018 | | 1,018 |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Share based payments | | - | | - | | 190 | | - | | 190 |
| reserve charge | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Deferred tax movement on | | - | | - | | - | | (56) | | (56) |
| share options | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Interim ordinary | | - | | - | | - | | (250) | | (250) |
| dividends | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Balance as at 30 June | | 802 | | 15,596 | | 550 | | 1,499 | | 18,447 |
| 2009 | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Profit for the period | | - | | - | | - | | 92 | | 92 |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Share based payments | | - | | - | | 78 | | - | | 78 |
| reserve charge | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Final ordinary dividends | | - | | - | | - | | (305) | | (305) |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
| Balance as at 31 | | 802 | | 15,596 | | 628 | | 1,286 | | 18,312 |
| December 2009 | | | | | | | | | | |
+--------------------------+-+---------+-+---------+-+------------------+-+----------+-+--------+
Notes to the Interim Report December 2009
1. This interim financial information does not constitute statutory accounts as
defined in section 435 of the Companies Act 2006 and is unaudited.
For the first time in this unaudited interim report the Group has adopted IAS 1
(revised) Presentation of Financial Statements and IFRS 8 Operating Segments;
other than the effect of adopting these revised standards this unaudited interim
report has otherwise been prepared on the basis of the accounting policies set
out in the annual report for the year ended 30 June 2009 and which are also
expected to apply for 30 June 2010.
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 2010. 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 17th March
2010.
3. During the interim period the Group paid a final dividend on ordinary
shares relating to the year ended 30 June 2009 of GBP305,000. The directors have
approved the payment of an interim dividend of 0.33p per share which will be
paid on Thursday 1 April 2010 to members appearing in the register on the record
date of 26 March 2010.
4. There were no other gains or losses to be recognised in the financial period
other than those reflected in the Statement of Comprehensive Income.
5. Taxation on the operating profit after interest has been provided at a rate
of 30% for the six months ended 31 December 2009 (2008: 31%) which is the
estimated effective 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 (2008:
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 100,622 (2008: 416,346). The number of shares
included in the calculation of fully diluted earnings per share was 80,283,191
(2008: 80,598,915).
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. The comparative figures for the financial year ended 30 June 2009 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 498(2) or (3) of the Companies
Act 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLTVSIDLII
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