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These condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting as adopted by the EU'. They do not include all the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Group as at and for the year ended 31 March 2011.
These condensed financial statements are unaudited and were approved by the Board of Directors on 23 November 2011.
The information for the year ended 31 March 2011 does not constitute statutory financial statements as defined by section 435 of the Companies Act 2006. Those financial statements have been reported on by the Group's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The accounting policies applied by the Group in these condensed financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 31 March 2011, other than as disclosed in note 2.
2. Changes in accounting policies
From 1 April 2011 the following standards, amendments and interpretations became effective and were adopted by the Group:
-- Revised IAS24; related party disclosure.
The adoption of the above has not had a significant impact on the Group's profit for the period or equity.
3. Discontinued operation
The Group has disposed of operations, as follows:
-- The Roof Truss Company (Northern) Limited - on 26 May 2011;
-- Hastie Limited - on 20 April 2011; and
-- D J McGough Limited - on 15 September 2010
The comparative statement of comprehensive income has been re-presented to show the discontinued operations separately from continuing operations.
Results from discontinued operations - 6 months ended 30 September 2011
D J McGough Hastie Roof Truss Total
GBP000 GBP000 GBP000 GBP000
Revenue - - - -
Expenses - - - -
Exceptional expenses - - (106) (106)
_______ _______ _______ _______
Loss before income tax - - (106) (106)
Income tax - - - -
_______ _______ _______ _______
Loss for the period - - (106) (106)
_______ --_______ _______ _______
Basic loss per share (0.6)p
_______
Adjusted (pre-exceptional) -
loss per share _______
Results from discontinued operations - 6 months ended 30 September 2010
D J McGough Hastie Roof Truss Total
GBP000 GBP000 GBP000 GBP000
Revenue 436 1,576 927 2,939
Expenses (525) (1,599) (896) (3,020)
Exceptional expenses - - - -
_______ _______ _______ _______
(Loss)/profit before income
tax (89) (23) 31 (81)
Income tax 25 6 (9) 22
_______ _______ _______ _______
(Loss)/profit for the period (64) (17) 22 (59)
_______ --_______ _______ _______
Basic loss per share (0.3)p
_______
Adjusted (pre-exceptional)
loss per share (0.3)p
_______
3. Discontinued operation (continued)
Results from discontinued operations - year ended 31 March 2011
D J McGough Hastie Roof Truss Total
GBP000 GBP000 GBP000 GBP000
Revenue 479 2,523 1,551 4,553
Expenses (568) (2,624) (1,528) (4,720)
Exceptional expenses (50) (470) (192) (712)
_______ _______ _______ _______
Loss before income tax (139) (571) (169) (879)
Income tax 26 (2) (1) 23
_______ _______ _______ _______
Loss for the year (113) (573) (170) (856)
_______ --_______ _______ _______
Basic loss per share (4.6)p
_______
Adjusted (pre-exceptional)
loss per share (0.8)p
_______
Effect of disposal on financial position of the Group
D J McGough Hastie Roof Truss Total
GBP000 GBP000 GBP000 GBP000
Property, plant and equipment 89 58 658 805
Investments - - 11 11
Inventories 97 10 109 216
Trade and other receivables 398 338 170 906
Prepayments for current assets 31 17 26 74
Cash and cash equivalents 9 - - 9
Loans and borrowings (4) (8) (16) (28)
Trade and other payables (226) (420) (76) (722)
Current tax 21 - (5) 16
Deferred tax (liabilities)/assets (5) 5 (11) (11)
_______ _______ _______ _______
Net assets and liabilities 410 - 866 1,276
_______ --_______ _______ _______
Consideration received
* satisfied in cash - - 639 639
* deferred - - 227 227
Cash disposed of (9) - - (9)
_______ --_______ _______ _______
4. Taxation
The taxation charge for the six months ended 30 September 2011 is calculated by applying the Directors' best estimate of the annual effective tax rate to the profit for the period.
5. Earnings per share
The calculation of basic earnings/(loss) per share was based on the profit/(loss) for the period and on the weighted average number of ordinary shares outstanding, calculated as follows:
6 months ended 6 months ended Year ended
30 September 30 September 31 March
2011 2010 2011
Profit/(loss) for the period
(GBP000)
* continuing operations 483 317 639
- discontinued operations (106) (59) (856)
--------------- --------------- -----------
* total 377 258 (217)
--------------- --------------- -----------
Weighted average number of
ordinary shares (000) 18,420 18,919 18,663
--------------- --------------- -----------
Earnings/(loss) per share
* continuing operations 2.6p 1.7p 3.4p
* discontinued operations (0.6)p 0.3p (4.6)p
--------------- --------------- -----------
* total 2.0p 1.4p (1.2)p
--------------- --------------- -----------
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