TIDMMOGP
RNS Number : 5600T
Mountfield Group plc
30 September 2010
Press Release 30 September 2010
Mountfield Group
("Mountfield", the "Group" or the "Company")
Interim Results
Mountfield Group plc (AIM:MOGP), a provider of integrated specialist
construction support services today announces its unaudited interim results for
the six months ended 30 June 2010.
Overview
· Total revenue of GBP4.79 million (H1 2009: GBP5.37m)
· Pre tax profit of GBP0.064 million (H1 2009: (GBP0.77m))
· As at 30 June 2010 net debt of GBP5.1m (H1 2009: GBP5.3m)
· Successful implementation of strategy to broaden the service offering into
wider construction related markets
Current period
· The Company was awarded preferred bidder status for the specialist
construction work for the UK winter sports resort SnOasis
Commenting on the interim results, Graham Read, Chief Executive Officer of
Mountfield Group plc, said:
"Whilst it has been a challenging period for Mountfield, we are pleased to
report that the Company has received a marked increase in the number enquiries
regarding opportunities to support data centre construction. Our strategy of
broadening the markets in which Mountfield operate is on target and evidenced by
being awarded the preferred bidder status for the SnOasis project."
For further information:
+-----------------------------------+-------------------------+
| Mountfield Group plc | Tel: +44 (0) 20 7398 |
| Graham Read, Chief Executive | 7718 |
| Officer | |
| Peter Jay, Executive Chairman | |
| www.mountfieldgroupplc.com | |
| | |
+-----------------------------------+-------------------------+
| Arbuthnot Securities Limited | Tel: +44 (0) 20 7012 |
| Tom Griffiths | 2000 |
| Ed Gay | |
| | |
+-----------------------------------+-------------------------+
| Media enquiries: | Tel: +44 (0) 20 7796 |
| Hudson Sandler | 4133 |
| Charlie Jack/Nathan Field | |
| nfield@hudsonsandler.com | |
| www.hudsonsandler.com | |
| | |
| | |
+-----------------------------------+-------------------------+
Chairman's Statement
The challenging trading conditions of 2009 continued into the first half of 2010
as a result of the absence of construction activity. However we are pleased to
report that towards the end of the first half of 2010 the Company started seeing
signs of a return of demand for its specialist construction services. This
increased demand was evident in Mountfield's traditional data centre market as
the broader economic climate continued to improve. Additionally the wider
construction markets also showed clear signs of increased activity which will
benefit Mountfield's strategy of utilising its respected base of core skills to
secure revenues from a broader range of construction related projects.
Confidence that has started to return to the sector has been reflected in the
number and size of tenders that the Group is participating in and the
indications are that some of the data centre contracts which were postponed from
2009 will hopefully commence during the first quarter of 2011.
In the first half of 2010 the Group's revenue was GBP4.8m and the Group has
returned to profitability with a profit of GBP64k before taxation compared to a
loss before taxation of GBP767k in the corresponding period of 2009. This
improvement has been achieved through the rigorous implementation of a cost
reduction programme and extensive efforts to win new business by extending the
client base and targeting higher margin work. Ongoing contracts that the Company
continued to service during the period included signature London property
projects 1 Hyde Park and the RAC club on Pall Mall.
Outlook
Trading conditions remain difficult and the pressure on margins has not eased.
However the Directors believe that given the increased level of activity and the
contracts under discussion, the Group should be in a position to maintain
profitability for this year and look forward to both increased turnover and
profitability for 2011.
The Directors anticipate that the Group's participation in the SnOasis
development at Swaffenham in Suffolk could lead to significant revenues as
construction contracts, including those for the planned new housing that will be
built on the site, are awarded.
The Group is engaged in negotiations for the construction of three new UK data
centres, which are all likely to start building work during the next financial
year. As highlighted at the preliminary results, the Group is in negotiation
with several parties regarding potential opportunities to develop the Group's
data centre business in Eastern Europe and South Africa. These discussions are
continuing and the Company remains excited about participating in these markets
where there is clear need for data centres and Mountfield's services.
The development of Mountfield's service offering coupled with signs of
improvement in the data centre market allows the Directors to remain confident
of the Group's prospects during the second half of this year.
Peter Jay
Executive Chairman
30 September 2010
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2010
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
| | | Six | Six | Twelve |
| | | months | months | months to |
| | | to 30 | to | 31 |
| | | June | 30 June | December |
| | | 2010 | 2009 | 2009 |
| | |(unaudited) |(unaudited) | (audited) |
+-----------------------------+------+-------------+-------------+-------------+
| | Note | GBP | GBP | GBP |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Revenue | | 4,785,243 | 5,371,783 | 10,327,407 |
+-----------------------------+------+-------------+-------------+-------------+
| Cost of sales | | (3,815,063) | (4,690,010) | (9,915,477) |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
| Gross profit | | 970,180 | 681,773 | 411,930 |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Administrative expenses | | (820,141) | (1,011,981) | (2,175,176) |
+-----------------------------+------+-------------+-------------+-------------+
| Charge in respect of share | | - | (144,987) | (241,665) |
| based payments | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Loans written off | | - | (217,777) | (267,777) |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
| Operating profit/(loss) | | 150,039 | (692,972) | (2,272,688) |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Net finance costs | | (86,150) | (74,405) | (160,674) |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
| Profit/(loss) before income | | 63,889 | (767,377) | (2,433,362) |
| tax | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Income tax (expense)/credit | 3 | (29,351) | 143,603 | 596,011 |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
| Total comprehensive | | | | |
| profit/(loss) for the | | 34,538 | (623,774) | (1,837,351) |
| period | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Earnings/(loss) per share | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
| Basic (p) | 4 | 0.02 | (0.37) | (1.08) |
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| Diluted (p) | 4 | 0.02 | (0.37) | (1.08) |
+-----------------------------+------+-------------+-------------+-------------+
| | | | | |
+-----------------------------+------+-------------+-------------+-------------+
| All amounts relate to | | | |
| continuing operations. | | | |
+-----------------------------+------+-------------+-------------+-------------+
Condensed consolidated statement of financial position
As at 30 June 2010
+------------------------------+--+-------------+-------------+-------------+
| | | As at 30 | As at 30 | As at 31 |
| | | June | June | December |
| | | 2010 | 2009 | 2009 |
| | |(Unaudited) |(unaudited) | (audited) |
+------------------------------+--+-------------+-------------+-------------+
| | | GBP | GBP | GBP |
+------------------------------+--+-------------+-------------+-------------+
| ASSETS | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Non-current assets | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Intangible assets | | 15,816,529 | 15,816,529 | 15,816,529 |
+------------------------------+--+-------------+-------------+-------------+
| Property, plant and | | 154,239 | 185,698 | 188,828 |
| equipment | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Deferred income tax assets | | 409,689 | 132,069 | 425,040 |
+------------------------------+--+-------------+-------------+-------------+
| | | 16,380,457 | 16,134,296 | 16,430,397 |
+------------------------------+--+-------------+-------------+-------------+
| Current assets | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Inventories | | 109,449 | 141,926 | 125,924 |
+------------------------------+--+-------------+-------------+-------------+
| Trade and other receivables | | 2,651,492 | 4,397,225 | 3,366,770 |
+------------------------------+--+-------------+-------------+-------------+
| Cash and cash equivalents | | 921,394 | 806,490 | 699,865 |
+------------------------------+--+-------------+-------------+-------------+
| | | 3,682,335 | 5,345,641 | 4,192,559 |
+------------------------------+--+-------------+-------------+-------------+
| TOTAL ASSETS | | 20,062,792 | 21,479,937 | 20,622,956 |
+------------------------------+--+-------------+-------------+-------------+
| | | | | |
+------------------------------+--+-------------+-------------+-------------+
| EQUITY AND LIABILITIES | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Share capital and reserves | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Issued share capital | | 171,311 | 171,311 | 171,311 |
+------------------------------+--+-------------+-------------+-------------+
| Share premium | | 492,074 | 492,074 | 492,074 |
+------------------------------+--+-------------+-------------+-------------+
| Share based payments reserve | | 294,022 | 197,344 | 294,022 |
+------------------------------+--+-------------+-------------+-------------+
| Merger reserve | | 12,951,180 | 12,951,180 | 12,951,180 |
+------------------------------+--+-------------+-------------+-------------+
| Reverse acquisition reserve | | (2,856,756) | (2,856,756) | (2,856,756) |
+------------------------------+--+-------------+-------------+-------------+
| Retained earnings | | (452,904) | 726,135 | (487,442) |
+------------------------------+--+-------------+-------------+-------------+
| TOTAL EQUITY | | 10,598,927 | 11,681,288 | 10,564,389 |
+------------------------------+--+-------------+-------------+-------------+
| | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Current liabilities | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Trade and other payables | | 3,440,634 | 3,326,066 | 3,985,842 |
| | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Short-term borrowings | | 761,337 | 645,655 | 690,175 |
+------------------------------+--+-------------+-------------+-------------+
| Finance lease liabilities | | 25,845 | 13,922 | 18,845 |
+------------------------------+--+-------------+-------------+-------------+
| Current tax payable | | 19,607 | 393,269 | 38,031 |
+------------------------------+--+-------------+-------------+-------------+
| | | 4,247,423 | 4,378,912 | 4,732,893 |
+------------------------------+--+-------------+-------------+-------------+
| Non-current liabilities | | | | |
+------------------------------+--+-------------+-------------+-------------+
| Loan notes | | 5,216,442 | 5,419,737 | 5,306,318 |
+------------------------------+--+-------------+-------------+-------------+
| Finance lease liabilities | | - | - | 19,356 |
+------------------------------+--+-------------+-------------+-------------+
| TOTAL LIABILITES | | 9,463,865 | 9,798,649 | 10,058,567 |
+------------------------------+--+-------------+-------------+-------------+
| | | | | |
+------------------------------+--+-------------+-------------+-------------+
| TOTAL EQUITY & LIABILITIES | | 20,062,792 | 21,479,937 | 20,622,956 |
+------------------------------+--+-------------+-------------+-------------+
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2010
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | Share | Share | Other | Reverse | Merger | Retained | Total |
| |capital |premium |reserves |Acquisition | reserve | earnings | |
| | | | | reserve | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Balance at 1 | 169,558 | 318,500 | 52,357 | (2,856,756) | 12,951,180 | 1,349,909 | 11,984,748 |
| January 2009 | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Total | - | - | - | - | - | (623,774) | (623,774) |
| comprehensive | | | | | | | |
| loss | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Share based | - | - | 144,987 | - | - | - | 144,987 |
| payments | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Shares issued | | | | | | | |
| in period to | 1,753 | 173,574 | - | - | - | - | 175,327 |
| settle creditor | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
| Balance at 30 | 171,311 | 492,074 | 197,344 | (2,856,756) | 12,951,180 | 726,135 | 11,681,288 |
| June 2009 | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Balance at 1 | 171,311 | 492,074 | 197,344 | (2,856,756) | 12,951,180 | 726,135 | 11,681,288 |
| July 2009 | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Total | - | - | - | - | - | (1,213,577) | (1,213,577) |
| comprehensive | | | | | | | |
| loss | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Share based | - | - | 96,678 | - | - | - | 96,678 |
| payments | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
| Balance at 31 | 171,311 | 492,074 | 294,022 | (2,856,756) | 12,951,180 | (487,442) | 10,564,389 |
| December 2009 | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
| Balance at 1 | 171,311 | 492,074 | 294,022 | (2,856,756) | 12,951,180 | (487,442) | 10,564,389 |
| January 2010 | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| Total | - | - | - | - | - | 34,538 | 34,538 |
| comprehensive | | | | | | | |
| income | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
| | | | | | | | |
| Balance at 30 | 171,311 | 492,074 | 294,022 | (2,856,756) | 12,951,180 | (452,904) | 10,598,927 |
| June 2010 | | | | | | | |
+-----------------+---------+---------+----------+-------------+------------+-------------+-------------+
Condensed consolidated cash flow statement
For the six months ended 30 June 2010
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
| | | | | Twelve |
| | | | | months |
| | | Six | Six | to 31 |
| | | months | months | December |
| | | to | to 30 | 2009 |
| | | 30 June | June | (audited) |
| | | 2010 | 2009 | |
| | |(unaudited) |(unaudited) | |
+--------------------------------+----------+-------------+-------------+-------------+
| | | GBP | GBP | GBP |
+--------------------------------+----------+-------------+-------------+-------------+
| Cash from operating | | | | |
| activities: | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Profit/(loss) from operations | | 150,039 | (692,972) | (2,272,688) |
| before interest and tax | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Adjusted for: | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Depreciation | | 24,858 | 27,338 | 54,933 |
+--------------------------------+----------+-------------+-------------+-------------+
| Loss on disposal of fixed | | 2,708 | - | 138 |
| asset | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Loans written off | | - | - | 267,777 |
+--------------------------------+----------+-------------+-------------+-------------+
| Share based payment | | - | 144,987 | 241,665 |
+--------------------------------+----------+-------------+-------------+-------------+
| Decrease/(Increase) in | | 16,475 | (6,446) | 9,556 |
| inventories | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Decrease/(Increase) in | | 715,278 | (69,221) | 827,277 |
| receivables | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| (Decrease) in payables | | (610,896) | (890,351) | (474,577) |
+--------------------------------+----------+-------------+-------------+-------------+
| Cash generated by operations | | 298,462 | (1,486,665) | (1,345,919) |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Finance costs | | (20,545) | - | (17,650) |
+--------------------------------+----------+-------------+-------------+-------------+
| Finance income | | 83 | 283 | 339 |
+--------------------------------+----------+-------------+-------------+-------------+
| Taxation paid | | (32,424) | (338,362) | (667,983) |
+--------------------------------+----------+-------------+-------------+-------------+
| Net cash inflow/(outflow) from | | | | |
| operating activities | | 245,576 | (1,824,744) | (2,031,213) |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Cash flows from investing | | | | |
| activities | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Purchase of equipment | | (818) | (19,686) | (21,904) |
+--------------------------------+----------+-------------+-------------+-------------+
| Proceeds from sale of | | 7,841 | - | - |
| equipment | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Net cash flows from used in | | | | |
| investing activities | | 7,023 | (19,686) | (21,904) |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Cash flows from financing | | | | |
| activities: | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Proceeds from issue of shares | | - | - | 175,327 |
+--------------------------------+----------+-------------+-------------+-------------+
| Finance lease rentals | | (12,356) | (3,077) | (7,443) |
+--------------------------------+----------+-------------+-------------+-------------+
| Repayment of non-convertible | | (89,876) | - | (113,419) |
| loan notes | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
| Net cash flows from financing | | (102,232) | (3,077) | 54,465 |
| activities | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
| Net increase/(decrease) in | | 150,367 | (1,847,507) | (1,998,652) |
| cash and cash equivalents | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| Cash and cash equivalents | | 9,690 | 2,008,342 | 2,008,342 |
| brought forward | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
| | | | | |
| Cash and cash equivalents | | 160,057 | 160,835 | 9,690 |
| carried forward | | | | |
+--------------------------------+----------+-------------+-------------+-------------+
1. Notes to the Interim Report
Basis of preparation
The Group's interim financial statements for the six months ended 30 June 2010
were authorised for issue by the directors on 30 September 2010.
The consolidated interim financial statements, which are unaudited, do not
constitute statutory accounts within the meaning of Section 434 of the Companies
Act 2006. The statutory accounts for the year ended 31 December 2009 have been
filed with the registrar of companies at Companies House. The audit report on
the statutory accounts for the year ended 31 December 2009 was unqualified and
did not contain any statements under Section 498 (2) or (3) of the Companies Act
2006.
The annual financial statements of Mountfield Group Plc for the year ended 31
December 2010 will be prepared in accordance with International Financial
Reporting Standards as adopted for use in the EU ("IFRS"). Accordingly, these
interim financial statements have been prepared using accounting policies
consistent with those which will be adopted by the Group in the financial
statements and in compliance with IAS 34 "Interim financial reporting".
The consolidated interim financial statements have been prepared in accordance
with the accounting policies set out in the annual financial statements for the
year ended 31 December 2009.
Basis of consolidation
The Group financial information consolidates that of the company and its
subsidiaries.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
2. Segmental reporting
Segment information is presented in respect of the Group's business segments,
which are based on the Group's management and internal reporting structure.
The chief operating decision-maker has been identified as the Board of Directors
(the Board). The Board reviews the Group's internal reporting in order to assess
performance and allocate resources. Management have determined the operating
segments based on these reports and on the internal report's structure.
Segment performance is evaluated by the Board based on revenue and profit before
tax (PBT). Segment results include items directly attributable to a segment as
well as those that can be allocated on a reasonable basis, such as centrally
managed costs relating to individual segments and costs relating to land used in
more than one individual segment.
Given that income taxes and certain corporate costs are managed on a centralized
basis, these items are not allocated between operating segments for the purposes
of the information presented to the Board and are accordingly omitted from the
analysis below.
The Group comprises the following segments:
Construction and fit-out
Direct contracting and trade contracting services and a provider of flooring
systems to both main contractors and corporate end users.
Land sourcing
Sourcing land and enhancing value.
2. Segmental reporting (continued)
Segmental operating performance
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| | Six months to | Six months to | Twelve months |
| | 30 June 2010 | 30 June 2009 | to 31 December |
| | | | 2009 |
+-----------------+---------------------+---------------------+---------------------+
| |Segmental | PBT |Segmental | PBT |Segmental | PBT |
| | revenue | | revenue | | revenue | |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| | GBP'000 |GBP'000 | GBP'000 |GBP'000 | GBP'000 |GBP'000 |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| Construction | 4,786 | 305 | 5,371 | (606) | 10,324 |(1,338) |
| and fit- | | | | | | |
| out | | | | | | |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| | | | | | | |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| Land | - | - | - | (116) | - | (109) |
| sourcing | | | | | | |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| | 4,786 | 305 | 5,371 | (722) | 10,324 |(1,447) |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| Inter-segmental | | | - | (45) | 3 | (986) |
| | - | (241) | | | | |
| revenue and | | | | | | |
| unallocated | | | | | | |
| costs | | | | | | |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
| | 4,786 | 64 | 5,371 | (767) | 10,327 |(2,433) |
+-----------------+-----------+---------+-----------+---------+-----------+---------+
Business segments assets and liabilities
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| | Six months to | Six months to | Twelve months |
| | 30 June 2010 | 30 June 2009 | to 31 December |
| | | | 2009 |
+-----------------+-----------------------+-----------------------+-----------------------+
| |Segment | Segment |Segment | Segment |Segment | Segment |
| | assets |liabilities | assets |liabilities | assets |liabilities |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| |GBP'000 | GBP'000 |GBP'000 | GBP'000 |GBP'000 | GBP'000 |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| Construction | 3,889 | 3,856 | 5,597 | 3,868 | 4,622 | 4,312 |
| and fit- | | | | | | |
| out | | | | | | |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| | | | | | | |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| Land | 38 | 168 | 0 | 174 | 37 | 10 |
| sourcing | | | | | | |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| | 3,927 | 4,024 | 5,597 | 4,042 | 4,659 | 4,322 |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| Inter-segmental | | | 15,883 | 5,757 | 15,964 | 5,737 |
| | | | | | | |
| revenue and | 16,136 | 5,440 | | | | |
| unallocated | | | | | | |
| costs | | | | | | |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
| | 20,063 | 9,464 | 21,480 | 9,799 | 20,623 | 10,059 |
+-----------------+---------+-------------+---------+-------------+---------+-------------+
Unallocated assets consist of Goodwill, trade and other receivables and cash
held by the Parent Company. Unallocated liabilities consist of trade and other
payables and interest bearing loans owed by the Parent Company.
Revenue by geographical destination
All revenue is attributable to the United Kingdom market.
Total assets including property, plant and equipment and intangible assets are
all held in the UK.
3. Income tax (expense)/credit
+--------------------------------+------------+------------+------------+
| | | Six | |
| | Six | months to | Twelve |
| | months to | 30 June |months to |
| | 30 June | 2009 | 31 |
| | 2010 | | December |
| | | | 2009 |
+--------------------------------+------------+------------+------------+
| | GBP | GBP | GBP |
+--------------------------------+------------+------------+------------+
| Current tax on income for the | (14,000) | - | (159,437) |
| period | | | |
+--------------------------------+------------+------------+------------+
| Deferred tax expense/(credit) | 43,351 | (143,603) | (436,574) |
+--------------------------------+------------+------------+------------+
| | 29,351 | (143,603) | (596,011) |
| Income tax expense/(credit) in | | | |
| the income statement | | | |
+--------------------------------+------------+------------+------------+
4. Earnings per share
The basic earnings per share is calculated by dividing the earnings attributable
to equity shareholders by the weighted average number of shares in issue. In
calculating the diluted earnings per share, share options outstanding have been
taken into account where the impact of these is dilutive.
The weighted average number of shares in the period were:
+--------------------------------+-------------+-------------+-------------+
| | Six | Six | Twelve |
| | months to | months to | months to |
| | 30 June | 30 June | 31 |
| | 2010 | 2009 | December |
| | | | 2009 |
+--------------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------------+-------------+-------------+-------------+
| | Number | Number | Number |
+--------------------------------+-------------+-------------+-------------+
| | | | |
+--------------------------------+-------------+-------------+-------------+
| Basic ordinary shares of 0.1p |171,311,687 |170,439,897 |170,879,375 |
| each | | | |
+--------------------------------+-------------+-------------+-------------+
| Dilutive ordinary shares from | - | - | - |
| warrants | | | |
+--------------------------------+-------------+-------------+-------------+
| |171,311,687 |170,439,897 |170,879,375 |
| Total diluted | | | |
+--------------------------------+-------------+-------------+-------------+
In the six months to 30 June 2010, the conditions attached to the warrants were
not met and as such there is no dilutive effect on the average weighted number
of ordinary shares or the diluted earnings per share.
Earning attributable to equity shareholders of the parent
+--------------------------------+------------+------------+------------+
| | Six | Six | Twelve |
| | months to | months to |months to |
| | 30 June | 30 June | 31 |
| | 2009 | 2009 | December |
| | | | 2009 |
+--------------------------------+------------+------------+------------+
| | 0.02 | (0.37) | (1.08) |
| Basic earnings/(loss) per | | | |
| share (p) | | | |
+--------------------------------+------------+------------+------------+
| Diluted earnings/(loss) per | 0.02 | (0.37) | (1.08) |
| share (p) | | | |
+--------------------------------+------------+------------+------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UKVBRRSAKUAR
U.k. Spac (LSE:SPC)
Historical Stock Chart
From Jun 2024 to Jul 2024
U.k. Spac (LSE:SPC)
Historical Stock Chart
From Jul 2023 to Jul 2024
