TIDMSTT
RNS Number : 6968D
Straight PLC
28 March 2011
Date 28 March 2011
Company Straight plc ("Straight" or
"the Company")
Embargoed for 0700hrs
Straight plc
Preliminary Results
for the year ended 31 December 2010
Straight plc (AIM: STT), the recycling products and services
group, is pleased to announce its unaudited Preliminary Results for
the year ended 31 December 2010.
Financial Highlights
-- Group revenue increased 8.3% to GBP30.66m (2009:
GBP28.32m)
-- Underlying* operating profit increased 24.5% to GBP1.94m
(2009: GBP1.55m)
-- Adjusted* earnings per share increased 20.8% to 12.2p (2009:
10.1p)
-- Dividend increased 14.3% to 4.0p (2009: 3.5p)
* excludes the impact of acquisition costs, exceptional items
and share scheme charges
Operational Highlights
-- Acquisition and integration of UK business of Helesi plc
-- Acquisition of Dyro Holdings Limited
-- Acquisition of Tapmagic Limited
Post Year End Highlights
-- More than two thirds of output now manufactured in-house
Commenting on the results, James Newman, Chairman of Straight
plc, said:
"I am delighted to report excellent results for 2010, a year in
which the Group has protected its market leading position through
vertical integration and has further improved trading performance
in tough market conditions."
Jonathan Straight, Chief Executive of Straight plc, added:
"Having embarked on a five year plan in 2010 with the goal of
becoming a vertically integrated, brand-led environmental products
and services company with an international footprint, significant
steps forward have been made and, as a direct consequence,
profitability has improved.
"We now move forward as a strong and vertically integrated
manufacturing and distribution business supplying diverse products
to a broad range of markets. Our brand is gaining both strength and
value and we intend to leverage this both organically and through
further acquisitions."
For further information: please contact:
Straight plc
07850 672 727
James Newman, Chairman 0113 245 2244
Jonathan Straight, Chief Executive 07977 002 366
Cenkos Securities
Ivonne Cantu (Nomad)
Christian Hobart (Sales) 0207 397 8980
Redleaf Communications
Lucy Salaman/Rebecca Sanders-Hewett 0207 566 6700
Notes to Editors
-- Straight plc is the UK's leading supplier of specialist
kerbside recycling containers as well as being a key supplier of a
broad range of waste and recycling container solutions. Founded in
1993 by the current Chief Executive, Jonathan Straight, the
business has since supplied more than 25 million kerbside boxes,
baskets and caddies to local authorities across the UK, securing
its position as the industry leader.
-- The business operates through two divisions. The core Trade
Business supplying products in bulk to local authorities,
utilities, the waste industry, retailers and other businesses and
the Retail Business supplying a range of proprietary
environmentally friendly consumer products directly to the public,
often in partnership with a local authority or a utility.
-- In 2010 two acquisitions changed the business model, which
previously relied on outsourced manufacture. In March 2010 Straight
acquired the business and assets of the UK business of Helesi plc
giving it a proprietary position in the wheeled bin market. This
was followed in August 2010 by the acquisition of Powell Plastics,
a key supplier of injection moulded products to the group. The
Powell factory, in Hull, has since been developed to include a blow
moulding capability.
-- In February 2009, Straight added to its portfolio with the
acquisition of Harcostar Garden Products, a long established
premium brand consisting of water butts, compost bins, watering
cans and accessories. This gained new distribution channels for the
business in the UK and in Europe.
-- In 2005, Straight acquired Blackwall Limited, the UK's
largest supplier of home composters and water butts. Through the
Blackwall brand, Straight has delivered more than 3.5 million
compost bins and water butts.
-- By the end of Q1 2011 almost two thirds of the products
supplied will be produced in Straight's own factory which is
currently being expanded.
-- Straight plc has established diverse overseas sales channels
for its products, some of which are manufactured locally to their
markets in North America and in Australia. Other markets are
serviced from UK production.
-- Further information about the company and its products can be
found at: www.straight.co.uk
Chairman's Statement
I am delighted to report excellent results for 2010, a year in
which the Group has protected its market leading position through
vertical integration and has further improved trading performance
in tough market conditions.
Trading performance
Group revenue increased during the year by more than 8% to
GBP30.66m (2009: GBP28.32m). Continued strong operating cash flows
have allowed the Group to modestly leverage its balance sheet for
the first time. Net debt (financial liabilities less cash and short
term deposits) at 31 December 2010 was GBP2.82m (2009: net cash
GBP1.58m).
Trade Business
Revenue increased to GBP28.49m (2009: GBP27.14m) as sales
continued to grow across all our business lines. In particular,
sales outside of the municipal market increased by 12.2% to
GBP6.51m (2009: GBP5.80m).
Gross margins in the Trade Business increased to 24.0% (2009:
19.5%) and operating margins also increased to 11.8% (2009: 11.0%).
This growth was achieved in spite of challenging market conditions
and is a direct consequence of the Board's vertical integration
strategy.
Ongoing development work and a programme of cost reductions at
the Group's recently acquired main manufacturing site are expected
to yield further improvements in 2011.
Retail Business
The Retail Business has delivered a second year of improved
performance and is now profitable. Operating profit was GBP1,000
(2009: loss of GBP94,000).
Retail sales have made an encouraging start in 2011 and are
expected to increase significantly compared to 2010 levels as a
result of the Group's sole supplier position on the National
Composting Framework. Consequently the Retail Business is forecast
to make a more substantial contribution in 2011.
Overall Result
Improved overall performance has resulted in another year of
substantial growth, Group underlying operating profits increasing
by 24.5% to GBP1.94m (2009: GBP1.55m).
After accounting for corporate development costs of GBP308,000,
exceptional items of GBP90,000 and finance costs of GBP65,000, the
Group recorded a profit before tax of GBP1.47m (2009: GBP1.56m).
The exceptional items relate to the former Helesi UK warehouse
premises which the Group is closing.
Earnings per share
Adjusted earnings per share for the year, excluding the impact
of corporate development costs, exceptional items and share scheme
charges, were 12.2p (2009: 10.1p). Basic earnings per share were
8.6p (2009: 9.9p).
Dividend
Following the continued improvement in underlying operating
profitability in 2010, the Board is proposing to increase the
dividend for the full year to 4.0p (2009: 3.5p), an increase of
14.3%. The Board is proposing to pay a final dividend of 2.65p on 3
June 2011 to shareholders on the register of members on 6 May 2011,
subject to shareholder approval at the Annual General Meeting.
Business Developments
In September 2010 the Group announced that it had embarked on a
five year plan to create a vertically integrated and diverse group
with an international profile.
Considerable progress has been made towards achieving these
goals through an ambitious acquisition strategy including the
acquisition of the UK business of Helesi plc on 31 March 2010, the
acquisition of Dyro Holdings Limited (which trades as Powell
Plastics) on 13 August 2010 and the acquisition of Tapmagic Limited
on 1 December 2010.
In January 2011 it was announced that the Powell manufacturing
site in Hull was being further developed with the installation of a
number of blow moulding lines and the expansion of warehouse and
storage space. This work is now substantially complete with blow
moulding production having commenced on 7 February 2011 and the new
warehouse scheduled to open this April. These improvements will
enable the Group to further consolidate its production and reduce
operating costs.
Board
I would like to thank my colleagues on the Board for another
successful year of hard work and commitment in a tough economic
climate.
Outlook
Market conditions remain challenging for businesses operating in
the municipal sector, however, the legislation and targets driving
the Group's core business remain in place and continue to drive
growth. The Group has also continued to broaden its interests
outside of the municipal market.
The Board has identified considerable cost savings which can be
achieved within the Group's manufacturing facility and these will
be implemented during the coming year. It is anticipated that these
will broadly offset any potential impact from continuing difficult
trading conditions allowing overall expectations for the year to be
met.
Over the past year the Group has been transformed into a
vertically integrated business. It continues to seek suitable
acquisition targets in line with its stated strategy.
James H Newman
Chairman
28 March 2011
Chief Executive's Review
I am pleased to be able to report a strong year of further
progress towards our goals. Having embarked on a five year plan in
2010 with the goal of becoming a vertically integrated, brand-led
environmental products and services company with an international
footprint, significant steps forward have been made and as a direct
consequence, profitability has improved.
Trade Business
Sales to municipal customers continued to grow despite tough
market conditions with customers expecting improved value in
certain product areas. Notwithstanding these circumstances we have
strengthened our position through our strategy of vertical
integration and have been successful in maintaining our market
share.
Prior to our acquisition of the Helesi UK business, we had never
sold a proprietary plastic wheeled bin and as a consequence sales
had been vulnerable to the performance of third party suppliers.
Following the Helesi acquisition, sales of plastic wheeled bins
made a welcome return to our product mix with the benefit of higher
margin proprietary manufacture commencing during the summer. Sales
to date have since returned to the levels achieved in previous
years.
In the metal wheeled bin market, sales of our Steelybin(R)
product grew by 25% consolidating our position as the second
largest player in the UK.
The increase in sales to non municipal customers reduced our
dependence on the UK municipal sector. Sales of the Ecosort(R)
office recycling range grew threefold and sales of home and garden
products were further enhanced by the addition of storage and
shelving products acquired with the Dyro transaction.
Our strategy of vertical integration has so far involved the
acquisition of the UK business of Helesi plc, the subsequent
acquisition of Dyro Holdings Limited and also the commencement of
in-house blow moulding. These milestones mark the evolution of our
business model from reliance on outsourced production to now when
more than two thirds of output is manufactured in our own facility.
Our capability and potential profitability have been significantly
enhanced by these achievements.
Retail Business
It is particularly pleasing to report further progress in the
Retail business. During 2010 work commenced on the National
Composting Framework, a new framework agreement set up to give
local authorities a simple solution to providing home composting
units, accessories and related communications without having to go
out to tender. Straight plc is the key supplier on this framework
and more than 80% of English District Councils are now under
contract. The full benefit of this will be seen in 2011 and
beyond.
Sales through our partnerships with leading water companies have
remained buoyant, with all contracts renewed.
The acquisition of Tapmagic Limited proved timely and has
enabled the bulk supply of a range of water saving equipment as
well as the supply and fulfillment of water saving kits.
Management and staff
I would like to extend my personal thanks to my fellow directors
and all of our staff. I would also like to welcome those new staff
members who have joined the Group though our recent
acquisitions.
Outlook
Our excellent performance in 2010 was achieved against a tough
economic background and the goals for the first year of our five
year plan have been fully met.
We now move forward as a strong and vertically integrated
business supplying diverse products to a broad range of markets.
Our brand is gaining both strength and value and we intend to
leverage this both organically and through further
acquisitions.
Jonathan Straight
Chief Executive
28 March 2011
Finance Director's Review
Revenue and Operating Margins
Trade Business
Revenues increased in the year by 5.0% to GBP28.49m (2009:
GBP27.14m). This increase was mostly attributable to the successful
strengthening of the Group's position in the plastic wheeled bin
market following the acquisition of the business and assets of
Helesi UK on 31 March. Products targeted towards non municipal
markets, including the Ecosort(R) office recycling container range
also performed strongly.
Operating profits increased by over 12% in the year to GBP3.35m
(2009: GBP2.98m) with operating margins increasing to 11.8% (2009:
11.0%). Following the two acquisitions during the year, operating
costs increased to GBP3.49m (2009: GBP2.31m). The focus in 2011
will be firmly placed on reducing these costs through manufacturing
efficiencies in order to further improve operating margins and
competitiveness.
Retail Business
Retail sales grew by more than 83% during the year to GBP2.17m
(2009: GBP1.18m). The growth in sales was attributable to the
Group's sole supplier position on the National Composting Framework
as well as buoyant sales of water butts.
The Retail business made a small operating profit in the year of
GBP1,000 (2009: loss of GBP94,000). This improvement was a
consequence of the increased volumes, the efficient operating model
and a low cost base which allowed the additional volumes to
directly impact operating margins. Sales in the early part of 2011
have been significantly ahead of 2010. Consequently, the Retail
Business is expected to make a more significant contribution to
Group operating profits in 2011.
Central Overheads
Central overheads were in line with expectations at GBP1.41m in
the year (2009: GBP1.33m).
Operating Cash flow
The Group's operations generated strong cash flows of GBP2.55m
(2009: GBP1.48m) which, combined with the GBP2.59m raised from
financing activities, enabled it to invest GBP5.43m in its
expansion programme.
Dividends paid during the year were increased to GBP0.41m (2009:
GBP0.38m).
Earnings
Adjusted earnings per share for the year were 12.2p (2009:
10.1p), an improvement of 20.8%. Basic earnings per share fell to
8.6p (2009: 9.9p) primarily as a consequence of the corporate
development costs of GBP0.31m, which are excluded from adjusted
earnings.
Review of key performance indicators
2010 2009 Change
GBP'000 GBP'000 %
Group revenue 30,660 28,320 +8
Gross profit 7,512 5,498 +37
Underlying EBITDA* 2,604 2,085 +25
Cash generated from operations 2,553 1,481 +72
*EBITDA before corporate development costs, exceptional items
and share option costs.
The increase in Group revenue was attributable to the Group's
successful return to the plastic wheeled bin market following the
acquisition of the Helesi UK business and strong sales of products
to non municipal customers.
The increase in gross profit was attributable to the stronger
margins being achieved on sales of wheeled bins. This performance
was further boosted towards the end of the year as the Dyro factory
began to contribute to Group profitability.
The underlying EBITDA increased as a consequence of the strong
sales and operating margins achieved in the year.
The move into manufacturing has seen underlying inventory levels
increase by GBP0.67m and the cash generated from operations of
GBP2.55m takes this into account.
Management of Financial Risk
The Group enjoys a degree of natural hedging where both
purchases and sales are made in the same currency. The impact of
foreign currency movements during the year on operating profit was
small.
As a supplier of plastic products, the Group has always closely
monitored the movement in polymer prices. Now that the Group has
brought much of its plastic moulding operations in house, it has
the opportunity which was not previously available to it to
directly manage its raw material consumption by maximising the use
of recycled polymer within its products. This is the key way in
which the risk posed by rising polymer prices is mitigated.
Now that the Group is engaged in proprietary manufacture, the
risk posed to it in respect of customer warranty claims is
increased. The Group has taken action to mitigate this risk by
increasing its control over raw material sourcing and is
strengthening its ISO 9001 procedures.
The Group's rigorously enforced approach to credit control once
again ensured that there were no significant bad debts.
Forecast short term and longer term cash consumption are
regularly reviewed by the Board which constantly monitors the
Group's cash resources.
James Mellor
Finance Director
28 March 2011
Consolidated Statement of Comprehensive Income
For the year ended 31 December2010
Unaudited Audited
2010 2009
Note GBP'000 GBP'000
Revenue 2 30,660 28,320
Cost of sales (23,148) (22,822)
_____ _____
Gross profit 7,512 5,498
Operating costs 4
(5,576) (3,943) _____ _____
Underlying operating profit 1,936 1,555
Corporate development costs 5 (308) -
Exceptional items 5 (90) -
Finance income - 1
Finance costs (65) -
_____ _____
Profit before taxation 2 1,473 1,556
Income tax expense 6 (487) (417)
_____ _____
Profit for the year attributable to
equity holders of the Company 986 1,139
_____ _____
Earnings per share (continuing and total)
for profit attributable to the equity holders
of the Company during the year
Adjusted basic 7 12.2p 10.1p
Adjusted diluted 7 11.9p 10.0p
Basic 7 8.6p 9.9p
Diluted 7 8.4p 9.9p
Consolidated Balance Sheet
At 31 December 2010
Unaudited Audited
2010 2009
GBP'000 GBP'000
Non current assets
Property, plant and equipment 7,624 3,433
Intangible assets 7,583 4,770
Investments - 35
_____ _____
15,207 8,238
Current assets
Trade and other receivables 5,179 3,102
Inventories 2,630 1,313
Cash and short-term deposits 809 1,584
_____ _____
8,618 5,999
_____ _____
Total assets 23,825 14,237
_____ _____
Current liabilities
Trade payables and other payables (7,257) (4,001)
Financial liabilities (1,125) -
Income tax payable (575) (358)
Provisions (193) -
_____ _____
(9,150) (4,359)
Non-current liabilities
Other payables (966) -
Financial liabilities (2,507) -
Deferred taxation (493) (178)
Provisions (417) -
_____ _____
(4,383) (178)
_____ _____
Total liabilities (13,533) (4,537)
_____ _____
_____ _____
Net assets 10,292 9,700
_____ _____
Capital and reserves
Issued share capital 119 115
Share premium 6,386 5,970
Merger reserve 744 744
Share option reserve 275 256
Profit and loss account 2,768 2,615
_____ _____
Total equity 10,292 9,700
_____ _____
Consolidated Statement of Changes in Equity
For the year ended 31 December 2010
Share Share Merger Share Profit Total
Capital Premium Reserve Option and Loss Equity
Account Reserve Account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2009 115 5,970 744 234 1,855 8,918
Profit and total comprehensive income
for the year - - - - 1,139 1,139
Share based payments - - - 22 - 22
Dividends - - - - (379) (379)
_____ _____ _____ _____ _____ _____
At 1 January 2010 115 5,970 744 256 2,615 9,700
Profit and total comprehensive income - - - - 986 986
for the year
Shares issued to employee benefit trust 4 416 - - (420) -
Share based payments - - - 19 - 19
Dividends - - - - (413) (413)
_____ _____ _____ _____ _____ _____
At 31 December 2010 119 6,386 744 275 2,768 10,292
_____ _____ _____ _____ _____ _____
Consolidated Cash Flow Statement
For the year ended 31 December2010
Unaudited Audited
2010 2009
GBP'000 GBP'000
Cash flows from operating activities
Profit after taxation: 986 1,139
Adjustment for:
Depreciation 656 416
Profit on sale of property, plant and equipment (49) (2)
Amortisation 131 95
Taxation expense recognised in income statement 487 417
Net finance costs 65 (1)
Share option costs recognised in income statement 19 22
(Increase)/decrease in inventories (666) 220
(Increase)/decrease in trade and other receivables (1,159)
550
Increase/(decrease) in trade and other payables 2,083
(1,375)
_____ _____
Cash generated from operations 2,553 1,481
Income tax (paid)/repaid (492) 22
_____ _____
Net cash from operating activities 2,061 1,503
_____ _____
Cash flows from investing activities
Purchase of subsidiaries net of cash acquired (1,676) -
Purchase of intangibles (600) (124)
Purchase of property, plant and equipment (3,283) (998)
Proceeds from sale of equipment 130 1
Interest received - 1
_____ _____
Net cash used in investing activities (5,429) (1,120)
_____ _____
Cash flows from financing activities
Interest paid (65) -
Dividends paid (418) (379)
Proceeds from borrowings 3,755 -
Repayment of borrowings (312) -
Repayment of hire purchase contracts (367) -
_____ _____
Net cash flow from financing activities 2,593 (379)
Net (decrease)/increase in cash and cash equivalents (775) 4
_____ _____
Cash and cash equivalents at beginning of period 1,584 1,580
_____ _____
Cash and cash equivalents at end of period 809 1,584
_____ _____
Notes to the Preliminary Announcement
For the year ended 31 December 2010
1. Basis of preparation
The preliminary announcement has been prepared in accordance
with applicable International Financial Reporting Standards as
adopted by the EU and applied in accordance with the Companies Act
2006.
Other than as described below, the accounting policies adopted
are consistent with those of the annual financial statements for
the year ended 31 December 2009, as described in those annual
financial statements.
Adoption of new and revised International Financial Reporting
Standards
IFRS 3 (Revised), "Business Combinations" and consequential
amendments to IAS 27, "Consolidated and Separate Financial
Statements". The revisions require that all acquisition related
costs are to be expensed to the income statement in the period
incurred. In addition, where the acquirer has a pre-existing equity
interest in the entity acquired and increases its equity interest
such that it achieves control, it must re-measure its
previously-held equity interest to fair value as at the date of
obtaining control and recognise any resulting gain or loss in the
income statement.
2. Segmental reporting
The operating results are attributable to the principal
activities of the Group. Following the acquisition of Dyro Holdings
Limited in August 2010, the Group is engaged in direct manufacture
for the first time.
Trade Trade Trade Total Central Commercial M'facturing
Adjustments Trade Retail overhead Total
2010 2010 2010 2010 2010 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 27,536 953 - 28,489 2,171 - 30,660
Inter-segment sales - 4,998 (4,998) - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 27,536 5,951 (4,998) 28,489 2,171 - 30,660
_____ _____ _____ _____ _____ _____ _____
Gross profit 5,874 968 - 6,842 670 - 7,512
Operating costs (2,726) (768) - (3,494) (669) (1,413)
(5,576)
Underlying
operating profit 3,148 200 - 3,348 1 (1,413) 1,936
_____ _____ _____ _____ _____ _____ _____
Corporate
development costs - - - - - (308) (308)
Exceptional items - - - - - (90) (90)
Finance income - - - - - - -
Finance costs - - - - - (65) (65)
Profit/(loss)
Before taxation 3,148 200 - 3,348 1 (1,876) 1,473
_____ _____ _____ _____ _____ _____ _____
Trade Trade Trade Total Central Commercial M'facturing
Adjustment Trade Retail overhead Total
2009 2009 2009 2009 2009 2009 2009
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 27,135 - - 27,135 1,185 - 28,320
Inter-segment sales - - - - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 27,135 - - 27,135 1,185 - 28,320
_____ _____ _____ _____ _____ _____ _____
Gross profit 5,292 - - 5,292 206 - 5,498
Operating costs (2,310) - - (2,310) (300) (1,333) (3,943)
Underlying
operating profit 2,982 - - 2,982 (94) (1,333) 1,555
_____ _____ _____ _____ _____ _____ _____
Corporate
development costs - - - - - - -
Exceptional items - - - - - - -
Finance income - - - - - 1 1
Finance costs - - - - - - -
Profit/(loss)
Before taxation 2,982 - - 2,982 (94) (1,332) 1,556
_____ _____ _____ _____ _____ _____ _____
It is not possible to split the central overheads (which include
the amortisation of purchased contracts and trademarks) between the
operating segments of the business as the resources to which they
relate are common to all segments.
Depreciation of GBP520,000 (2009: GBP416,000) and amortisation
of intangible assets of GBP122,000 (2009: GBP62,000) has been
included within the operating costs of the Trade Commercial
Business. Depreciation of GBP48,000 (2009: GBPnil) and amortisation
of intangible assets of GBP9,000 (2009: GBP33,000) has been
included within the operating costs of the Retail Business.
Depreciation of GBP103,000 (2009: GBPnil) has been included within
the operating costs of the Trade Manufacturing Business.
3. Profit before tax
The profit before taxation is stated after the costs below.
2010 2009
GBP'000 GBP'000
Depreciation 671 416 Amortisation 131 95
Operating lease rentals - land and buildings 211 157
Operating lease rentals - motor vehicles 28 -
Auditors' remuneration - audit services 44 29
Auditors' remuneration - non-audit services 82 5
Share based payments 19 22
4. Operating costs
2010 2009
GBP'000 GBP'000
Distribution costs 3,742 1,745
Administrative expenses 1,834 2,198
_____ _____
Operating expenses 5,576 3,943
_____ _____
5. Corporate development costs and exceptional items
Corporate development costs incurred during 2010 total
GBP308,000 (2009: GBPnil) and relate to acquisitions made during
the year.
Exceptional items incurred during 2010 total GBP90,000 (2009:
GBPnil) and relate to the former Helesi UK warehouse premises which
the Group is closing.
6. Taxation
2010 2009
GBP'000 GBP'000
Corporation tax on profits 354 358
(Over)/under provision in prior years (30) 1
____ ____
Current tax 324 359
Deferred tax current year 108 58
Change in deferred tax rate (15) -
Under provision of deferred tax in the prior year 70 -
____ ____
Income tax expense 487 417
____ ____
Analysis of total tax charge
Profit before taxation 1,476 1,556
____ ____
Profit before taxation multiplied by standard rate of
Corporation Tax in the UK (28%) (2009: 28%) 413 435
Expenses not deductible for tax purposes 98 3
Deferred tax rate change (15) -
Marginal relief - (22)
Deferred tax asset on share options (49) -
Under provision in respect of prior periods 40 1
____ ____
487 417
____ ____
7. Earnings per share
Basic earnings per share are calculated on the basis of profit
for the financial year after tax divided by the weighted average
number of shares in issue for the year.
Diluted earnings per share are calculated on the basis of profit
for the year after tax divided by the weighted average number of
shares in issue in the year plus the weighted average number of
shares which would be issued if all the options granted were
exercised.
2010 2009
Weighted Weighted
average average
Earnings number Per share Earnings number Per share
GBP'000 of shares pence GBP'000 of shares pence
Basic earnings attributable to 986 11,499,294 8.6 1,139
11,499,294 9.9
ordinary shareholders
Dilutive effect of share options - 254,633 (0.2) - 55,773 -
____ ________ ____ ____ _________ ___ Diluted earnings per share
986 11,753,927 8.4 1,139 11,555,067 9.9
____ _______ ___ ___ ________ __ Adjusted earnings per share
Adjusted earnings per share are calculated on the basis of
adjusted profit for the year after taxation (see below), defined as
profits attributable to the equity holders of the Company excluding
exceptional items, share scheme charges and corporate development
costs, divided by the weighted average number of shares in issue in
the year. The comparative is calculated by reference to the
weighted average number of shares in issue in 2009.
2010 2009
Weighted Weighted
average average
Earnings number Per share Earnings number Per share
GBP'000 of shares pence GBP'000 of shares pence
Adjusted earnings attributable to
ordinary shareholders 1,403 11,499,294 12.2 1,161 11,499,294
10.1
Dilutive effect of share options - 254,633 (0.3) - 55,773
(0.1)
____ _________ ____ ____ _________ ____
Diluted earnings per share 1,403 11,753,927 11.9 1,161
11,555,067 10.0
____ _________ ____ ____ _________ ____
2010 2009
GBP'000 GBP'000
Profit for the year attributable to the equity
holders of the Company 986 1,139
Exceptional items 90 -
Share scheme charges 19 22
Corporate development costs 308 -
_____ _____
Adjusted earnings attributable to
ordinary shareholders 1,403 1,161
_____ _____
8. Publication of non statutory accounts
These financial results do not comprise statutory accounts
within the meaning of Section 434 of the Companies Act 2006. The
Statement of Comprehensive Income, Consolidated Balance sheet at 31
December 2010, Consolidated Statement of Changes in Equity,
Consolidated Cash Flow statement and selected notes for the year
then ended have been extracted from the Group's unaudited financial
statements for 2010 and audited financial statements for 2009. The
financial information contained within the preliminary announcement
for the year ended 31 December 2010 was approved by the Board on 28
March 2011. The financial statements for the year ended 31 December
2010 will be finalised on the basis of the financial information
presented in this preliminary announcement and have not yet been
delivered to the Registrar. Statutory accounts for the year ended
31 December 2009 were approved by the Board of directors on 23
March 2010 and delivered to the Registrar of Companies. The report
of the auditors on those accounts was unqualified and did not
contain any statement under Section 498 of the Companies Act
2006.
9. Annual General Meeting
The Annual General Meeting of the Company will be held in Leeds
on 27 May 2011. Full details will be included in the published
Annual Report and Financial Statements, which will be sent to
shareholders in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBARRABAOUUR
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