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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Armour Grp | LSE:AMR | London | Ordinary Share | GB0000496611 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMAMR
RNS Number : 2700I
Armour Group PLC
29 May 2014
Armour Group plc
(AIM: AMR)
("Armour" or the "Group")
Unaudited Interim Statement
For the six months to 28 February 2014
Armour Group is a leading UK consumer electronics company focused on developing high quality audio solutions for the home entertainment and commercial audio markets.
Financial Headlines
-- Sales GBP16.6 million (2013: GBP16.0 million) -- Profit before interest and tax of GBP0.1 million (2013: GBP0.2 million) -- Cash generated from operating activities of GBP0.8 million (2013: GBP1.1 million) -- Net debt GBP7.8 million (2013: GBP7.1 million) -- Basic loss per ordinary share 0.17p (2013: 0.06p)
-- The sale of the automotive division on 31 March 2014 for GBP10.9 million realised a disposal profit of GBP3 million and a resultant Group net cash position of GBP3 million at that date.
Commenting on today's results, George Dexter, CEO, said:
"The Group has had a busy six months with a considerable amount of corporate activity and continuing progress being made in our day to day trading activities.
In October 2013, our Nordic operations acquired a leading competitor in Sweden. We also entered into negotiations with AAMP of America to sell Armour Automotive, our automotive division, the sale of which completed on 31 March 2014. Whilst this sale is considered in this interim statement as a post balance sheet event, it nonetheless realised a GBP3 million disposal profit and turned the Group's net debt position into net cash of GBP3 million. The sale represents a realisation of shareholder value and a vindication of the strategy and repositioning work implemented over the last few years.
In regard to the trading activities to 28 February 2014, Armour Automotive continued to grow both sales and profits, mainly driven by a focus on major customer's requirements and service, investment in overseas sales opportunities and strengthening relationships with non-retail customers. Armour Home is progressing on its recovery path focusing on its core brands, customers and channels to market. However, in the first six months of the year its profits have been impacted by foreign exchange losses on its forward hedging contracts and consequently the first half profits are below those reported in 2013.
The sale of the automotive division has prompted a review of the Armour Home operations and Group-wide cost base. The previously announced Board changes are part of this review".
For further information please contact:
Armour Group plc Tel: 01892 502700
George Dexter, Chief Executive
FinnCap, Nominated Adviser and Broker Tel: 0207 220 0500
Geoff Nash, Ben Thompson
Stephen Norcross (sales)
Newgate Threadneedle Tel: 0207 653 9850
Graham Herring
Robyn McConnachie
Results
The Group continues to make progress with sales of GBP16.6 million at the interim stage increasing 4% over the prior year. Both the core operating businesses of Armour Home and Armour Automotive continued profitably into 2014 with Armour Automotive reporting a 12% year-on-year increase. Armour Home has had a steady first half, although profits have been held back by increased marketing costs and foreign exchange losses on its forward hedging contracts.
-- Sales GBP16.6 million (2013: GBP16.0 million)
-- Profit before interest and tax of GBP0.1 million (2013: GBP0.2 million)
-- Cash generated from operating activities of GBP0.8 million (2013: GBP1.1 million)
-- Net debt GBP7.8 million (2013: GBP7.1 million)
-- Basic loss per ordinary share 0.17p (2013: 0.06p)
-- The sale of the automotive division on 31 March 2014 for GBP10.9 million realised a disposal profit of GBP3 million and a resultant Group net cash position of GBP3 million at that date.
The Board is not recommending an interim dividend.
Corporate activity
The Group has been very active over the first half of the year. On 30 October 2013 we announced that the Swedish subsidiary of Armour Automotive had acquired the business and assets of 12 Volt Sverige AB ("12 Volt") for a consideration of approximately GBP250,000.
The Group also entered into negotiations with AAMP of America with regard to the sale of Armour Automotive, the Group's automotive division. The Group announced to shareholders the proposed disposal of Armour Automotive, including the Nordic subsidiaries, on 10 March 2014. The disposal was on a cash free debt free basis for a consideration of GBP10.9 million payable at completion. The proposed sale was conditional on shareholder approval with completion on 31 March 2014. The disposal allowed the Group to realise a profit on disposal of GBP3 million and a post sale net cash position of GBP3 million. However, as at 28 February 2014, contracts in regard to the proposed sale had not been exchanged and approval had not yet been sought or obtained from the Group's shareholders. Consequently, in this interim statement, the results of the Automotive Division are shown as continuing operations.
The Board announced in the circular sent to shareholders on 10 March 2014, that following the sale of Armour Automotive it would review of the cost base of the Group's operations. The recently announced Board change forms part of this ongoing review.
Operations
Demand from customers operating in our core UK consumer markets has remained challenging and the Group's sales through this channel of GBP7.5 million have declined 4% from the prior year. However, very positive progress has been made with the strategy of focusing on core customers and core products. In Armour Automotive this has delivered a sales increase of 4% and sales to Armour Home's top ten UK retail customers are up 20%. The outlook for UK retail sales in our sectors, whilst being more positive than for some time, is expected to be on a slower growth path than other areas of the wider economy.
Group sales through the non-retail UK channel of GBP2.8 million are down 6% year-on-year. Whilst there has been an increase of 1% in the automotive business, sales have contracted 14% in the home division. This is due to the time lag between specification and commencement of new builds and timing differences in customer re-fit projects when compared to the prior year. The Group has continued to invest in developing its international footprint, with Group sales of GBP6.3 million up 20% year-on-year driven by Armour Home, Armour Automotive's consumer targeted products and continued growth of Armour Automotive's non-retail deliveries. The Group's overseas sales now account for 38% of the total (28 February 2013: 31%).
The change in geographical and product sales mix, an increasing proportion of bulk sales shipped direct from the Far East and additional promotional activity necessary to maintain market presence and penetrate overseas territories have impacted margin and reduced net profit compared to the prior year comparative. However, the change in sales footprint and promotional spend is consistent with the previously announced market building strategy.
Group net debt at 28 February 2014 was GBP7.8 million, an increase of GBP0.1 million during the six months following the 31 August 2013 year end. This increase was caused by the additional borrowings necessary to acquire the Scandinavian 12 Volt business.
Armour Home
Armour Home has continued its profitable trading into the new financial year along with the strategy of focusing on core customers and core brands. When compared to last year, Armour Home has ceased to distribute two third party brands and taking these discontinued sales into account, the half-year sales of GBP8.5m are in line with the comparative period. Overall UK retail sales in the UK of GBP5 million have been stable with some very encouraging performances, especially from Q Acoustics and SOHO. Custom Install sales in the UK have been more challenging with sales of GBP1.1 million representing a 14% decrease. The division continues to grow its international customer base, with overseas sales of GBP2.4 million increasing 4% over the prior year. This has been driven by consumer products particularly Q Acoustics.
Investment in new products has continued and, since announcing last October a record five What Hi-Fi? Sound and Vision awards won by Q Acoustics, the Concept 40 range has been launched to similar acclaim. The Q7000i range (an October 2013 award winner) has been very successful over the season contributing to Q Acoustics' 41% year-on-year sales increase. New product launches are planned throughout the year for Armour Home's other brands of QED, Alphason and, for the non-retail channel, Systemline.
Following the trading improvements reported in the 2013 final results, Armour Home has pursued an enhanced marketing campaign. This is a medium-term initiative requiring an up-front cost commitment before the anticipated market-building benefits are fully realised. Nonetheless, it is an extremely important programme which is necessary to promote Armour Home's products in both the UK and export markets, particularly where these are retail consumer targeted.
Armour Home has continued to develop its international sales. Over the six months to February 2014 the division has enhanced its trading arrangements in Europe and added customers in South America and South Africa. This strategy continues and is expected to be assisted by the marketing campaign. The recent persistent strength of sterling, particularly against the dollar, has realised a significant cost in the first half of the year through the settlement of forward currency hedging contracts. Whilst this cost detracts from the net profit at the interim stage, it is not a reflection of the underlying progress made in Armour Home's business. Should the strength of sterling continue it is expected to assist Armour Home's performance in the second half of the year in regard to US dollar denominated import costs.
Armour Automotive
Armour Automotive delivered a strong first half with sales of GBP7.5 million in the six months to 28 February 2014 up 11% and operating profit of GBP0.7 million up 12%. The sales increase has come from key UK retail customer relationships, enhanced Scandinavian sales and continued growth through the non-retail channel. The business' previously reported positive outlook has been maintained.
Sales into the UK retail channel of GBP2.5 million have declined 5% with, in particular, sales to independent retail customers remaining very challenging. The position has been partly mitigated through increased sales to key customers, particularly Halfords. Sales of the Autoleads range of cable and connectivity solutions have again performed well and continue to account for over 30% of Armour Automotive's total sales.
Retail orientated overseas sales of GBP1.5 million have grown by 33%. This has been driven by increased emphasis and resource allocated to overseas sales from the UK. In addition, the Nordic operation's sales have increased 28% over last year's first half performance. This was due to the incremental 12 Volt business supported by an improvement in the underlying Nordic trading activity.
The non-retail sales channel has had a strong first half with sales of GBP3.5 million up 17% year-on-year. Armour Automotive has continued to build its customer base in this channel both in the UK and particularly overseas, and this is expected to continue.
The change in sales mix towards non-retail and delivery through direct shipment has positively impacted sales volumes. However, this has in part been offset by lower gross profit margins, the net effect being a 4% increase in gross profit. As with Armour Home there has been increased investment in marketing activity and sales resource, the overall divisional result being a 12% increase of operating profit to GBP0.7 million.
Outlook
Over the six months to 28 February 2014, the Group has continued its strategy of focusing on key customers, core brands and expansion of overseas sales to dilute the dependence on UK markets. This has seen Armour Automotive grow its business with both key retail and non-retail customers and maintain its market presence with its Autoleads brand. Armour Home has continued to grow sales to its key UK-based customers whilst also increasing export sales and thereby diluting its exposure to the UK economy.
The successful post balance sheet sale of Armour Automotive has realised significant shareholder value and vindicated the strategy and application of the restructuring work undertaken, and progressive improvement, since 2009. However, as previously announced, the remaining Armour Home operation is unlikely to be sufficiently profitable in the current year to cover the existing central costs and therefore the Group will be loss making for the year ending 31 August 2014. As already highlighted, the Board is undertaking a review of the Group's operations and cost base and acting accordingly with a view to returning the Group to profit at the earliest opportunity. Further developments will be announced as appropriate in due course.
Bob Morton George Dexter
Chairman Chief Executive
29 May 2014
CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME
For the six months to 28 February 2014
Hot Features
Premium
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2014 2013 2013
Notes (unaudited) (unaudited)
GBP000 GBP000 GBP000
--------------------------------------- ------- ------------- ------------- --------------
Revenue 2 16,563 15,969 32,094
Profit from operations 2 79 219 646
Finance income - 1 2
Finance expense (281) (294) (595)
(Loss)/profit before taxation (202) (74) 53
Taxation credit/(charge) 3 44 17 (13)
--------------------------------------- ------- ------------- ------------- --------------
(Loss)/profit for the financial
period (158) (57) 40
--------------------------------------- ------- ------------- ------------- --------------
Other comprehensive income
Exchange (loss)/gain arising
on translation of foreign operations (38) 57 6
--------------------------------------- ------- ------------- ------------- --------------
Total comprehensive (loss)/income (196) - 46
--------------------------------------- ------- ------------- ------------- --------------
(Loss)/earnings per ordinary
share 4
Basic (0.17)p (0.06)p 0.04p
Diluted (0.17)p (0.06)p 0.04p
CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION
At 28 February 2014
28 February 28 February 31 August
2014 2013 2013
(unaudited) (unaudited)
GBP000 GBP000 GBP000
-------------------------------- ---- ------------- ------------- ----------
Non-current assets
Goodwill 12,084 12,084 12,084
Other intangible assets 2,778 2,518 2,602
Property, plant and equipment 698 770 709
Deferred taxation asset 675 846 714
Total non-current assets 16,235 16,218 16,109
-------------------------------------- ------------- ------------- ----------
Current assets
Inventories 7,481 7,609 7,957
Trade and other receivables 6,063 6,401 6,703
Corporation tax asset 93 - 205
Cash and cash equivalents 326 558 302
-------------------------------------- ------------- ------------- ----------
Total current assets 13,963 14,568 15,167
-------------------------------------- ------------- ------------- ----------
Total assets 30,198 30,786 31,276
-------------------------------------- ------------- ------------- ----------
Current liabilities
Loans and borrowings (8,084) (7,666) (7,951)
Trade and other payables (5,202) (6,056) (6,179)
Corporation taxation liability (12) (9) (27)
Provisions (48) (177) (48)
-------------------------------------- ------------- ------------- ----------
Total current liabilities (13,346) (13,908) (14,205)
-------------------------------------- ------------- ------------- ----------
Non-current liabilities
Provisions (53) - (76)
Deferred taxation liability (71) - (71)
Total non-current liabilities (124) - (147)
-------------------------------------- ------------- ------------- ----------
Total liabilities (13,470) (13,908) (14,352)
-------------------------------------- ------------- ------------- ----------
Total net assets 16,728 16,878 16,924
-------------------------------------- ------------- ------------- ----------
Equity
Share capital 7,134 7,134 7,134
Share premium 10,084 10,084 10,084
Other reserves 871 871 871
Retained earnings (895) (834) (737)
Translation reserve 106 195 144
Share trust reserve (572) (572) (572)
-------------------------------------- ------------- ------------- ----------
Total equity 16,728 16,878 16,924
-------------------------------------- ------------- ------------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the six months to 28 February 2014 (unaudited)
Share Share Other Retained Translation Share Total
capital premium reserves earnings reserve trust equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
At 1 September
2013 7,134 10,084 871 (737) 144 (572) 16,924
Total comprehensive
loss - - - (158) (38) - (196)
At 28 February
2014 7,134 10,084 871 (895) 106 (572) 16,728
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
For the six months to 28 February 2013 (unaudited)
Share Share Other Retained Translation Share Total
capital premium reserves earnings reserve trust equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
At 1 September
2012 7,134 10,084 871 (777) 138 (572) 16,878
Total comprehensive
(loss)/income - - - (57) 57 - -
At 28 February
2013 7,134 10,084 871 (834) 195 (572) 16,878
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
For the twelve months ended 31 August 2013
Share Share Other Retained Translation Share Total
capital premium reserves earnings reserve trust equity
reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
At 1 September
2012 7,134 10,084 871 (777) 138 (572) 16,878
Total comprehensive
income - - - 40 6 - 46
At 31 August 2013 7,134 10,084 871 (737) 144 (572) 16,924
--------------------- --------- --------- ---------- ---------- ------------ --------- --------
CONSOLIDATEDSTATEMENT OF CASH FLOWS
For the six months to 28 February 2014
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2014 2013 2013
(Unaudited) (Unaudited)
Notes GBP000 GBP000 GBP000
--------------------------------------- ------- ------------- ------------- --------------
Cash flow from operating activities
Cash generated from operations 5 627 1,118 1,390
Income taxes recovered/(paid) 180 1 (11)
--------------------------------------- ------- ------------- ------------- --------------
Net cash inflow from operating
activities 807 1,119 1,379
--------------------------------------- ------- ------------- ------------- --------------
Investing activities
Purchase of property, plant and
equipment (123) (66) (166)
Sale of property, plant and equipment 1 - -
Expenditure on intangible assets (475) (328) (695)
Interest received - 1 2
--------------------------------------- ------- ------------- ------------- --------------
Net cash used in investing activities (597) (393) (859)
--------------------------------------- ------- ------------- ------------- --------------
Financing activities
New loans 297 - 2,000
Repayment of loans (28) (299) (2,234)
Interest paid (246) (244) (479)
--------------------------------------- ------- ------------- ------------- --------------
Net cash arising from/(used in)
financing activities 23 (543) (713)
--------------------------------------- ------- ------------- ------------- --------------
Net increase/(decrease) in cash,
cash equivalents
and bank overdrafts 6 233 183 (193)
Currency variations (38) 57 6
Cash, cash equivalents and bank
overdrafts
at the start of the period 131 318 318
Cash, cash equivalents and bank
overdrafts at the end of the
period 326 558 131
--------------------------------------- ------- ------------- ------------- --------------
Notes to the Interim Financial Statements
1. Basis of Preparation
These interim financial statements have been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively "Adopted IFRS").
The principal accounting policies used in preparing these interim financial statements are those expected to apply to the Group's Consolidated Financial Statements for the year ending 31 August 2014 and are unchanged from those disclosed in the Group's Annual Report for the year ended 31 August 2013. The financial information for the six months ended 28 February 2014 and 28 February 2013 is unaudited and does not constitute statutory financial statements for those periods.
The comparative financial information for the twelve months ended 31 August 2013 has been derived from the audited statutory financial statements for that year. These financial statements were approved by shareholders at the Annual General Meeting and have been delivered to the Registrar of Companies. The Auditors' Report on those financial statements was unqualified, did not include a reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not include a statement under section 498(2) or 498(3) of the Companies Act 2006.
The Board of Directors approved this interim report on 29 May 2014.
2. Business Segments
The Group operates in the following main business segments:
Armour Automotive: The design, manufacture and supply of products for the in-vehicle communications and entertainment market;
Armour Home: The design, manufacture and supply of products into the Hi-Fi, home theatre, home entertainment and office furniture markets;
Armour Asia: The sale of Armour Automotive and Armour Home products into Asian markets and provision of supplier support services, including quality control, to the UK businesses;
Central operations: The provision of Group-wide support services including finance and future product concepts to the other business segments within the Group.
Armour Armour Armour Central
For the six months to 28 February Automotive Home Asia operations Total
2014 (Unaudited) GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- ------------ -------- -------- ------------ ---------
Revenue 7,515 8,487 561 - 16,563
Profit/(loss) for the period 711 15 (129) (518) 79
------------------------------------- ------------ -------- -------- ------------ ---------
Additions to non-current assets 218 377 3 - 598
Depreciation 27 101 4 1 133
Amortisation of intangible assets 71 228 - - 299
------------------------------------- ------------ -------- -------- ------------ ---------
Armour Armour Armour Central
For the six months to 28 February Automotive Home Asia operations Total
2013 (Unaudited) GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- ------------ -------- -------- ------------ ---------
Revenue 6,772 8,714 483 - 15,969
Profit/(loss) for the period 635 191 (89) (518) 219
------------------------------------- ------------ -------- -------- ------------ ---------
Additions to non-current assets 26 361 7 - 394
Depreciation 26 125 6 1 158
Amortisation of intangible assets 83 212 - 1 296
------------------------------------- ------------ -------- -------- ------------ ---------
Armour Armour Armour Central
For the twelve months to 31 Automotive Home Asia operations Total
August 2013 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------------- ------------ -------- -------- ------------ ---------
Revenue 14,499 16,127 1,468 - 32,094
Profit/(loss) for the period, 1,504 145 (23) (980) 646
------------------------------------- ------------ -------- -------- ------------ ---------
Additions to non-current assets 136 709 15 1 861
Depreciation 50 238 12 1 301
Amortisation and impairment
of intangible assets 155 423 - 1 579
------------------------------------- ------------ -------- -------- ------------ ---------
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2014 2013 2013
(Unaudited) (Unaudited)
GBP000 GBP000 GBP000
---------------------------------- --- ------------- ------------- --------------
Revenue by location of customers
United Kingdom 10,327 10,786 20,507
Sweden 1,153 961 1,982
France 868 718 1,509
Italy 637 343 829
Germany 305 289 649
Denmark 182 419 838
Hong Kong 29 33 95
Other countries 3,062 2,420 5,685
--------------------------------------- ------------- ------------- --------------
Total 16,563 15,969 32,094
--------------------------------------- ------------- ------------- --------------
3. Taxation
The taxation credit for the six months to 28 February 2014 is based on the effective taxation rate, which is estimated will apply for the year ending 31 August 2014.
4. (Loss)/earnings per Ordinary Share
The basic (loss)/earnings per ordinary share is calculated using the weighted average number of ordinary shares in issue during the financial period of 93,627,496 (28 February 2013 and 31 August 2013: 93,627,496).
The diluted (loss)/earnings per ordinary share is calculated using the weighted average number of ordinary shares in issue during the financial period of 93,627,496 (28 February 2013 and 31 August 2013: 93,627,496). The effect of the exercise of options on the weighted average number of ordinary shares in issue is nil for all periods.
The weighted average number of ordinary shares held by the Armour Employees' Share Trust of 3,424,000 (28 February 2013 and 31 August 2013: 3,424,000) are not included in either the weighted average, or diluted weighted average, ordinary shares in issue during the financial period.
Six months Six months Twelve months
to to to
28 February 28 February 31 August
2014 2013 2013
(Unaudited) (Unaudited)
GBP000 p GBP000 p GBP000 p
--------------------------------- ------- ------- ------- ------- --------- -----
Basic (loss)/earnings per
ordinary share
(Loss)/profit for the financial
period (158) (0.17) (57) (0.06) 40 0.04
--------------------------------- ------- ------- ------- ------- --------- -----
Diluted (loss)/earnings per
ordinary share
(Loss)/profit for the financial
period (158) (0.17) (57) (0.06) 40 0.04
--------------------------------- ------- ------- ------- ------- --------- -----
5. Net Cash from Operations
Six months Six months Twelve months
to to to 31 August
28 February 28 February 2013
2014 2013
(Unaudited) (Unaudited) GBP000
GBP000 GBP000
----------------------------------- ------------- ------------- --------------
(Loss)/profit for the period (158) (57) 40
Depreciation of property, plant
and equipment 133 158 301
Amortisation of intangible assets 299 296 579
Finance income - (1) (2)
Finance expense 281 294 595
Income tax (credit)/charge (44) (17) 13
----------------------------------- ------------- ------------- --------------
EBITDA* 511 673 1,526
----------------------------------- ------------- ------------- --------------
Loss on sale of property, plant
and equipment - - 19
Decrease in inventories 476 920 572
Decrease/(increase) in trade and
other receivables 640 238 (64)
Decrease in trade, other payables
and provisions (1,000) (713) (663)
----------------------------------- ------------- ------------- --------------
116 445 (136)
----------------------------------- ------------- ------------- --------------
Cash generated from operations 627 1,118 1,390
----------------------------------- ------------- ------------- --------------
*EBITDA is defined as profit before interest, taxation, depreciation and amortisation.
6. Reconciliation of Net Cash Flow to Movement in Net Debt
Net debt incorporates the Group's loans, borrowings and bank overdrafts less cash and cash equivalents. A reconciliation of the movement in the net debt is shown below:
Six months Six months Twelve months
to to to 31 August
28 February 28 February 2013
2014 2013
(Unaudited) (Unaudited) GBP000
GBP000 GBP000
--------------------------------- -------------- ------------- --------------
Net increase/(decrease) in cash
and cash equivalents 233 183 (193)
New loans (297) - (2,000)
Repayment of loans 28 299 2,234
Other non-cash movements (73) 7 (93)
--------------------------------- -------------- ------------- --------------
(Increase)/decrease in net debt
in the financial period (109) 489 (52)
Opening net debt (7,649) (7,597) (7,597)
--------------------------------- -------------- ------------- --------------
Closing net debt (7,758) (7,108) (7,649)
--------------------------------- -------------- ------------- --------------
7. Post Balance Sheet Event
On 10 March 2014 the Group announced, on a cash free debt free basis, the proposed disposal of its automotive division including the Nordic subsidiaries, to AAMP of America for a consideration of GBP10.9 million payable at completion. The proposed sale was conditional on shareholder approval for which a general meeting was held on 27 March 2014 and at which shareholder approval was given. Accordingly, on 31 March 2014 the sale was completed.
At 28 February 2014 contracts in regard to the proposed sale had not been exchanged and approval had not yet been sought or obtained from the Group's shareholders. Consequently, in this interim statement, the results of the automotive division are shown as continuing operations.
8. Copies of Interim Report
A copy of this interim report can be viewed on the Group's website: www.armourgroup.uk.com and will be made available upon request at the Company's Registered Office, Lonsdale House, 7-9 Lonsdale Gardens, Tunbridge Wells, Kent, TN1 1NU.
ABOUT ARMOUR
Following the sale of the Group's automotive division on 31 March 2014, Armour Group is a leading UK consumer electronics company focused on developing high quality audio solutions for the home entertainment and commercial audio markets.
Armour Group now employs c. 100 people in the UK and Hong Kong.
The Group possesses a strong brand portfolio, which is underpinned by innovative product development and investment in proprietary technology.
An unrivalled distribution capability ensures that products are supplied direct to retail outlets throughout the UK and Europe, direct to consumer where required and to distribution partners worldwide. The Group is committed to long-term business relationships and its current customers include John Lewis Partnership, Selfridges, Harrods, Staples, Richer Sounds, Sevenoaks Sound & Vision, Euronics, Superfi and leading independent retailers.
Armour Group is also a leading supplier of audio and visual technology to many non-retail customers including house builders, specialist installers/integrators serving the residential and commercial property markets and electrical wholesalers.
The Group's strength is based on 5 fundamentals:
-- Strong recognised brands -- Quality product portfolio -- Structured programme of product innovation -- Unrivalled distribution into the UK's retail electronics market -- First class customer service
This information is provided by RNS
The company news service from the London Stock Exchange
END
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