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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 : 7517W
Armour Group PLC
12 November 2014
ARMOUR GROUP PLC
("Armour" or the "Group")
Preliminary Results for the year ended 31 August 2014
HEADLINES
-- Sale of Armour Automotive on 31 March 2014 for consideration of GBP11.2 million, which generated a profit on disposal of GBP2.9 million
-- Disposal of Armour Home on the 4 August 2014 to AHE 100 Limited for consideration of 25% of the total share capital of Q Acoustics Limited (formerly known as AHE 100 Limited)
-- The Group is now debt free and finished the year with net cash of GBP4.1 million
Bob Morton, Chairman of Armour Group plc commented:
"The year to 31 August 2014 has been transformational, with the Group disposing of its trading divisions, becoming debt free and finishing the year with net cash of GBP4.1 million.
Following the disposal of Armour Automotive and Armour Home, the Group has substantially reduced its operating costs and has become an investing company. The Company's objective is to generate an attractive rate of return for shareholders by taking advantage of opportunities. The Company is seeking a transformational investment opportunity that offers the potential for enhancing future shareholder capital growth and income."
Further Details:
Armour Group plc Tel: 01634 673172 Mark Wilson, Finance Director finnCap Limited Tel: 0207 220 0500 Geoff Nash Ben Thompson Stephen Norcross (Broking)
CHAIRMAN'S STATEMENT
The year to 31 August 2014 has been transformational, with the Group disposing of its trading divisions, becoming debt free and finishing the year with net cash of GBP4.1 million.
The Group has made significant progress over the past three years as highlighted in last year's annual report. However, despite the progress made and the improving economic outlook, the Group continued to carry a substantial level of debt, which held back the development of the Group. The net debt at 31 August 2013 was GBP7.6 million.
The core UK retail markets for both the automotive and home divisions remained patchy in terms of demand, with sales of our key brands to our major retail customers performing well, but sales into the independent retail channel within the UK continuing to decline. In export markets, the Group's sales in both divisions had delivered year on year growth, with existing customers expanding their business and new markets being opened up. Market conditions remained challenging and growth limited.
The Board undertook a strategic review and as a result Armour Automotive was sold for an excellent price on 31 March 2014, the consideration of GBP11.2 million which generated a profit on disposal of GBP2.9 million, leaving the Group with net cash of GBP3.0 million. At the time of the disposal, Armour Automotive had sales of GBP8.9 million, a 12% increase on the comparative period in the prior year. Operating profit was GBP0.9 million, 16% up on the same period in the prior year.
Armour Home, however, continued to consume cash, with no guarantee of an early return to profitability and was accordingly disposed of on the 4 August 2014 to Q Acoustics Limited (formerly AHE 100 Limited), a management buyout company owned by George Dexter (former Group CEO), Nicky Spence and Chris Emerson, both directors of Armour Home Electronics Limited. The consideration was 250 A ordinary shares in AHE 100 Limited, representing 25% of the total share capital. The Group also made a loan of GBP1.0 million to Armour Home Electronics Limited. At the time of the disposal sales were GBP15.0 million marginally up on the previous year and the operating loss was GBP0.2 million, compared to GBP0.1 million operating profit in the previous year. Armour Asia was also sold as part of the Armour Home disposal, achieved sales of GBP1.2 million, 6% up on the prior year and the operating loss was GBP0.2 million compared to GBP0.1 million last year, both compared to the comparative period in the prior year. Problems with its distributor in China, along with the political issues in Thailand and Indonesia hampered the growth expected from Armour Asia this year. The disposal of Armour Home produced a significant loss on disposal of GBP13.6 million.
There were numerous Board changes in the year. John Harris, the Group Finance Director resigned on 30 May 2014, following the successful sale of the Armour Automotive division, which resulted in a significant reduction in the size of the Group. Mark Wilson, who was previously the Group Financial Controller, was promoted to the Board as Group Finance Director and Company Secretary on 1 June 2014. George Dexter, the Group Chief Executive Officer resigned from the Board on 4 August 2014 on the disposal of Armour Home Electronics Limited. Steve Bodger, non-executive Director, resigned from the Board following the year end on 10 September 2014. I would like to take this opportunity to thank George Dexter, John Harris and Steve Bodger for their contributions to the Group throughout their periods in office.
Following these disposals, the Group is closing the head office, substantially reducing its operating costs and become an investing company. The Company's objective is to generate an attractive rate of return for shareholders by taking advantage of opportunities. The Company is seeking a transformational investment opportunity that offers the potential for enhancing future shareholder capital growth and income.
BOB MORTON
Chairman
12 November 2014
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 August 2014
Hot Features
Premium
31 August 31 August
2014 2013
Note GBP000 GBP000
Restated
---------------------------------------- ----- ---------- ----------
Revenue 2 - -
Changes in inventory of finished - -
goods and work in progress
Raw materials and consumables - -
Employee benefits costs (759) (652)
Depreciation and amortisation expense (1) (2)
Other expenses (179) (326)
---------------------------------------- ----- ---------- ----------
Total expenses (939) (980)
---------------------------------------- ----- ---------- ----------
Loss from continuing operations
before exceptional items (725) (980)
Exceptional items 3 (214) -
---------------------------------------- ----- ---------- ----------
Total loss from continuing operations (939) (980)
Finance expense (150) (273)
Finance income 20 -
Share of post-tax losses of equity (70) -
accounted associate
Loss before taxation (1,139) (1,253)
Taxation credit 5 11 165
---------------------------------------- ----- ---------- ----------
Loss from continuing operations (1,128) (1,088)
---------------------------------------- ----- ---------- ----------
(Loss)/profit from discontinued
operations, net of tax 4 (10,071) 1,128
(Loss)/profit for the year (11,199) 40
Other Comprehensive Income
Exchange (losses)/gains on translation
of foreign operations (144) 6
---------------------------------------- ----- ---------- ----------
Total Other Comprehensive (Expense)/
Income (144) 6
---------------------------------------- ----- ---------- ----------
Total comprehensive (loss)/profit
for the year (11,343) 46
---------------------------------------- ----- ---------- ----------
(Loss)/earnings per ordinary share
from continuing and discontinued
operations 6
Basic (11.96)p 0.04p
Diluted (11.96)p 0.04p
Continuing operations
Basic (1.20)p (1.16)p
Diluted (1.20)p (1.16)p
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 August 2014
31 August 31 August
Note 2014 2013
GBP000 GBP000
-------------------------------- ------- ---------- ----------
Non-current assets
Goodwill - 12,084
Other intangible assets - 2,602
Property, plant and equipment 1 709
Investment in associate 859 -
Loan 1,000 -
Deferred taxation asset 6 714
Total non-current assets 1,866 16,109
-------------------------------- ------- ---------- ----------
Current assets
Inventories - 7,957
Trade and other receivables 60 6,703
Corporation taxation asset - 205
Cash and cash equivalents 11 4,070 302
-------------------------------- ------- ---------- ----------
Total current assets 4,130 15,167
-------------------------------- ------- ---------- ----------
Total assets 2 5,996 31,276
-------------------------------- ------- ---------- ----------
Current liabilities
Bank overdrafts and borrowings - (7,951)
Trade and other payables (415) (6,179)
Corporation taxation liability - (27)
Provisions - (48)
Total current liabilities (415) (14,205)
-------------------------------- ------- ---------- ----------
Non-current liabilities
Provisions - (76)
Deferred taxation liability - (71)
-------------------------------- ------- ---------- ----------
Total non-current liabilities - (147)
-------------------------------- ------- ---------- ----------
Total liabilities 2 (415) (14,352)
-------------------------------- ------- ---------- ----------
Total net assets 2 5,581 16,924
-------------------------------- ------- ---------- ----------
Equity
Share capital 8 7,134 7,134
Share premium 10,084 10,084
Other reserves - 871
Retained earnings (11,065) (737)
Translation reserve - 144
Share trust reserve (572) (572)
-------------------------------- ------- ---------- ----------
Total equity 5,581 16,924
-------------------------------- ------- ---------- ----------
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the year ended 31 August 2014
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
Profit for the
year - - - 40 - - 40
Other Comprehensive
Income - - - - 6 - 6
At 31 August 2013 7,134 10,084 871 (737) 144 (572) 16,924
------------------------- --------- --------- ---------- ---------- ------------ --------- ---------
Loss for the year - - - (11,199) - - (11,199)
Other Comprehensive
Expense - - - - (144) - (144)
Discontinued operations - - (871) 871 - - -
At 31 August 2014 7,134 10,084 - (11,065) - (572) 5,581
------------------------- --------- --------- ---------- ---------- ------------ --------- ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 August 2014
31 August 31 August
Note 2014 2013
GBP000 GBP000
-------------------------------------------- ------- ---------- ----------
Cash flow from operating activities
Cash generated from operations 9 87 1,390
Income taxes (recovered)/ paid 272 (11)
-------------------------------------------- ------- ---------- ----------
Net cash inflow from operating activities 359 1,379
-------------------------------------------- ------- ---------- ----------
Investing activities
Purchase of property, plant and equipment (206) (166)
Sale of property, plant and equipment 9 -
New loans issued (1,000) -
Proceeds on disposal of discontinued 11,226 -
operations
Costs of disposal of discontinued (822) -
operations
Expenditure on intangible assets (797) (695)
Interest received 17 2
-------------------------------------------- ------- ---------- ----------
Net cash generated from/(used in)
investing activities 8,427 (859)
-------------------------------------------- ------- ---------- ----------
Financing activities
New loans taken out - 2,000
Repayment of loans (4,499) (2,234)
Interest paid (348) (479)
-------------------------------------------- ------- ---------- ----------
Net cash used in financing activities (4,847) (713)
-------------------------------------------- ------- ---------- ----------
Net increase/(decrease) in cash,
cash equivalents and bank overdrafts 10 3,939 (193)
Currency variations on cash, cash
equivalents and bank overdrafts - 6
Cash, cash equivalents and bank overdrafts
at the start of the year 131 318
-------------------------------------------- ------- ---------- ----------
Cash, cash equivalents and bank overdrafts
at the end of the year 11 4,070 131
-------------------------------------------- ------- ---------- ----------
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended 31 August 2014
1. Accounting Policies
Basis of preparation
The Group's Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board as adopted by the European Union ("Adopted IFRS") and with those parts of the Companies Act 2006 applicable to companies preparing their financial statements under IFRS.
While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of IFRS, this announcement does not itself contain sufficient information to comply with IFRS. The Group expects to publish full financial statements that comply with IFRS in mid November 2014.
Various new standards, interpretations and amendments have become effective since 1 September 2013, but have had no material effect on the financial statements.
2. Segment Information
During the year the Group operated in the following main business segments, the results of these business segments up to the date of their disposal are included below:
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; and
Central operations: The provision of Group-wide support services including finance and future product concepts to the other business segments within the Group.
These segments were considered on the basis of different products and services. The Revenue and profit/(loss) from operations of the trading segments have been included in (loss)/profit on discontinued operations, net of tax in the Consolidated Statement of Comprehensive Income.
Continuing operations Armour Armour Armour Central
year ended 31 August 2014 Automotive Home Asia operations Total
GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------- ------------- --------- --------- ------------ ---------
Revenue - - - - -
Loss from operations - - - (939) (939)
---------------------------- ------------- --------- --------- ------------ ---------
Balance sheet
Assets - - - 5,996 5,996
Liabilities - - - (415) (415)
---------------------------- ------------- --------- --------- ------------ ---------
Net Assets - - - 5,581 5,581
---------------------------- ------------- --------- --------- ------------ ---------
Other
Finance Expense - - - (150) (150)
Taxation Credit - - - 11 11
---------------------------- ------------- --------- --------- ------------ ---------
Continuing operations Armour Armour Armour Central
year ended 31 August 2013 Automotive Home Asia operations Total
GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------- ------------- --------- --------- ------------ ---------
Loss from operations - - - (980) (980)
---------------------------- ------------- --------- --------- ------------ ---------
Other
Finance Expense - - - (273) (273)
Taxation Credit - - - 165 165
---------------------------- ------------- --------- --------- ------------ ---------
Discontinued operations year Armour Armour Armour Central
ended 31 August 2014 Automotive Home Asia operations Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------------- ------------ --------- -------- ------------ ---------
Revenue 8,915 14,987 1,154 - 25,056
Profit/(loss) from discontinued
operations net of tax 3,524 (13,550) (45) - (10,071)
--------------------------------- ------------ --------- -------- ------------ ---------
Discontinued operations year Armour Armour Armour Central
ended 31 August 2013 Automotive Home Asia operations Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------------- ------------ -------- -------- ------------ ---------
Revenue 14,499 16,127 1,468 - 32,094
Profit/(loss) from discontinued
operations net of tax 1,193 (32) (33) - 1,128
--------------------------------- ------------ -------- -------- ------------ ---------
Year ended 31 August 2013 Armour Armour Armour Central
Automotive Home Asia operations Total
GBP000 GBP000 GBP000 GBP000 GBP000
--------------------------- ------------ -------- -------- ------------ ---------
Balance sheet
Assets 7,402 10,906 770 12,198 31,276
Liabilities (4,606) (6,958) (313) (2,475) (14,352)
--------------------------- ------------ -------- -------- ------------ ---------
Net Assets 2,796 3,948 457 9,723 16,924
--------------------------- ------------ -------- -------- ------------ ---------
Geographical information
Revenue by location Total non-current assets by location
of customers
2014 2013 2014 2013
GBP000 GBP000 GBP000 GBP000
----------------- ---------- ---------- ------------------- ------------------
United Kingdom 15,668 20,507 1,866 16,080
Sweden 1,491 1,982 - 3
France 1,111 1,509 - -
Denmark 233 838 - -
Italy 763 829 - -
Hong Kong 53 95 - 15
Other countries 5,737 6,334 - 11
----------------- ---------- ---------- ------------------- ------------------
25,056 32,094 1,866 16,109
----------------- ---------- ---------- ------------------- ------------------
3. Exceptional items
Exceptional items relates to the redundancy costs at Head Office following the sale of the Armour Automotive division The exceptional costs incurred are shown below:
31 August 31 August
2014 2013
GBP000 GBP000
------------------------ ---------- ----------
Redundancy costs 214 -
Total exceptional items 214 -
------------------------ ---------- ----------
4. Discontinued operations
During the year the Group disposed of both of its trading divisions, Armour Automotive was sold on the 31(st) March 2014 and Armour Home on 4(th) August 2014. The post tax gain/(loss) of discontinued operations was determined as follows:
Armour Armour
Automotive Home Total
GBP000 GBP000 GBP000
----------------------------------------------------------- ----------- -------- --------
Revenue 8,915 16,141 25,056
Expenses other than finance costs (8,095) (16,604) (24,699)
Finance costs (79) (153) (232)
Tax (expense)/credit (166) 58 (108)
Net asset value of associate - 929 929
Gain/(loss) from selling discontinued operations after tax 2,949 (13,966) (11,017)
----------------------------------------------------------- ----------- -------- --------
Profit/(loss) from discontinued operations 3,524 (13,595) (10,071)
----------------------------------------------------------- ----------- -------- --------
31 August 31 August
2014 2013
Loss per share from discontinued operations pence pence
-------------------------------------------- --------- ---------
Basic loss per share (10.76) (1.20)
Diluted loss per share (10.76) (1.20)
-------------------------------------------- --------- ---------
The consolidated statement of cash flows includes the following amounts relating to discontinued operations:
31 August 31 August
2014 2013
GBP000 GBP000
------------------------------------------------ --------- ---------
Operating activities 1,374 1,615
Investing activities 9,410 (859)
Financing activities (2,697) (456)
------------------------------------------------ --------- ---------
Net cash generated from discontinued operations 8,087 300
------------------------------------------------ --------- ---------
The consideration received in respect of the disposal of Armour Automotive was GBP11.2 million and there was nil cash consideration received in respect of Armour Home.
Armour Armour
Automotive Home* Total
Net assets disposed GBP000 GBP000 GBP000
--------------------------------- ----------- ------- -------
Property, plant and equipment 119 560 679
Goodwill 2,088 9,996 12,084
Intangibles 3,360 1,710 5,070
Trade and other receivables 3,822 3,207 7,029
Other financial assets 2,815 6,083 8,898
Cash, cash equivalents and loans (2,890) (2,720) (5,610)
Trade and other payables (2,500) (4,126) (6,626)
6,814 14,710 21,524
--------------------------------- ----------- ------- -------
*Includes Armour Hong Kong Limited.
5. Taxation
31 August 31 August
2014 2013
GBP000 GBP000
------------------------------------------- ---------- ----------
Current taxation credit
UK Corporation Tax on result for the year - -
Adjustment in respect of prior years 17 205
Discontinued operations - (2)
Income taxation of overseas operations - (38)
------------------------------------------- ---------- ----------
Total current taxation credit 17 165
------------------------------------------- ---------- ----------
Deferred taxation credit
UK operations (5) (176)
Adjustment in respect of prior years (1) (6)
Discontinued operations - 180
Overseas operations - 2
------------------------------------------- ---------- ----------
Total deferred taxation charge (6) -
------------------------------------------- ---------- ----------
Total taxation credit 11 165
------------------------------------------- ---------- ----------
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to the result for the year are as follows:
31 August 31 August
2014 2013
GBP000 GBP000
--------------------------------------------------- ---------- ----------
Loss before taxation (1,139) (1,253)
Loss multiplied by the rate of UK corporation
tax of 22.16% (2013: 23.58%) 252 296
Effects of:
Expenses not deductible for taxation purposes (1) (28)
Taxation credits - 132
Differences arising from overseas taxation
rates and foreign currency - (1)
Differences arising from variation of UK taxation
rates - (103)
Carried forward losses not recognised (229) (200)
Associate (4) -
Discontinued operations (23) (130)
Adjustments in respect of prior years 16 199
--------------------------------------------------- ---------- ----------
Total taxation credit 11 165
--------------------------------------------------- ---------- ----------
6. (Loss)/earnings per ordinary share
Basic (loss)/earnings per ordinary share are calculated using the weighted average number of ordinary shares in issue during the financial year of 93,627,496 (31 August 2013: 93,627,496). Diluted (loss)/earnings per ordinary share are calculated with reference to 93,627,496 (31 August 2013: 93,627,496) ordinary shares. The effect of the exercise of options on the weighted average number of ordinary shares in issue is nil (31 August 2013: Nil).
At 31 August 2014, the Armour Employees' Share Trust held 3,424,000 (31 August 2013: 3,424,000) ordinary shares. The weighted average number of ordinary shares held by the Armour Employees' Share Trust during the year of 3,424,000 (31 August 2013: 3,424,000) is not included in either the weighted average, or diluted weighted average, ordinary shares in issue during the financial year.
Underlying (loss)/earnings per ordinary share are also shown calculated by reference to earnings before exceptional items. The Directors consider that this gives a useful additional indication of underlying performance. The term "underlying" is not defined under IFRS and may not therefore be comparable with similarly titled profit measures reported by other entities.
31 August 2014 31 August 2013
Restated
Basic Diluted Basic Diluted
GBP000 pence pence GBP000 pence pence
-------------------------- --------- -------- -------- --------- ------- --------
(Loss)/profit for the
year (11,199) (11.96) (11.96) 40 0.04 0.04
Discontinued operations,
net of tax 10,071 10.76 10.76 (1,128) (1.20) (1.20)
-------------------------- --------- -------- -------- --------- ------- --------
Continuing operations (1,128) (1.20) (1.20) (1,088) (1.16) (1.16)
Exceptional items, net
of tax 214 0.23 0.23 - - -
Underlying loss (914) (0.97) (0.97) (1,088) (1.16) (1.16)
-------------------------- --------- -------- -------- --------- ------- --------
7. Dividend
The Board did not recommend a dividend for the year ended 31 August 2013 and has not recommended a final dividend for the year ended 31 August 2014.
8. Share capital
Nominal value Number
------------------------------ ------------------------------
Ordinary Deferred Ordinary Deferred
shares shares shares shares
of of of of
1p each 9p each Total 1p each 9p each Total
GBP000 GBP000 GBP000 '000 '000 '000
------------------------- --------- --------- -------- --------- --------- --------
Authorised:
At 1 September 2013 and
31 August 2014 8,837 6,163 15,000 883,679 68,480 952,159
------------------------- --------- --------- -------- --------- --------- --------
Allotted, called up and
fully paid:
At 1 September 2013 and
31 August 2014 971 6,163 7,134 97,051 68,480 165,531
------------------------- --------- --------- -------- --------- --------- --------
The holders of ordinary shares of 1p each are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All the ordinary shares of 1p each rank equally with regard to the Company's residual assets.
The deferred shares of 9p each have restricted and minimal rights, whereby:
-- Holders are not entitled to receive any dividend, or other distribution or to receive notice or speak or vote at general meetings of the Company;
-- On a return of assets on a winding up, holders are only entitled to amounts paid up on such shares after the repayment of GBP10 million per ordinary share;
-- The deferred shares are not freely transferable;
-- The creation and issue of further shares which rank equally or in priority to the deferred shares or the passing of a resolution of the Company to cancel the deferred shares or to effect a reduction of the capital shall not constitute a modification or abrogation of their rights;
-- The Company has the right at any time to purchase all of the deferred shares for an aggregate consideration of GBP1.00;
-- No application has or will be made for the deferred shares to be admitted to trading on AIM or any other stock exchange; and
-- No share certificates have or will be issued for any of the deferred shares.
9. Net cash flow from operations
31 August 31 August
2014 2013
GBP000 GBP000
-------------------------------------------------- ---------- ----------
(Loss)/profit for the year (11,199) 40
Depreciation of property, plant and equipment 1 301
Amortisation and impairment of intangible assets - 579
Depreciation, amortisation, finance expense 1,102 -
and tax relating to discontinued operations
Loss on disposal of subsidiary undertakings 10,071 -
Share of post-tax losses of associate 70 -
Finance income (20) (2)
Finance expense 150 595
Income tax (credit)/charge (11) 13
-------------------------------------------------- ---------- ----------
EBITDA* 164 1,526
-------------------------------------------------- ---------- ----------
Loss on sale of property, plant and equipment
and intangible fixed assets - 19
Decrease in inventories - 572
Increase in trade and other receivables (25) (64)
Decrease in trade, other payables and provisions (52) (663)
-------------------------------------------------- ---------- ----------
(77) (136)
-------------------------------------------------- ---------- ----------
Cash generated from operations 87 1,390
-------------------------------------------------- ---------- ----------
* EBITDA is defined as the (loss)/profit before interest, taxation, depreciation, amortisation and share-based payments.
10. Reconciliation of net cash flow to movement in net debt
Net debt incorporates the Group's borrowings and bank overdrafts, less cash and cash equivalents. A reconciliation of the movement in the net debt from the beginning to the end of the year is shown below:
31 August 31 August
2014 2013
GBP000 GBP000
--------------------------------------------------- ---------- ----------
Net increase/(decrease) in cash, cash equivalents
and bank overdrafts 3,939 (193)
New loans - (2,000)
Repayment of loans 4,499 2,234
Other non-cash movements 3,281 (93)
--------------------------------------------------- ---------- ----------
Decrease/(increase) in net cash/(debt) 11,719 (52)
Opening net debt (7,649) (7,597)
--------------------------------------------------- ---------- ----------
Closing net cash/(debt) 4,070 (7,649)
--------------------------------------------------- ---------- ----------
Of the non-cash movements, GBP3.3 million related to the transfer of the liability outstanding under the GE Finance Facility to Armour Home Electronics Limited as part of the disposal of this subsidiary.
11. Cash and cash equivalents
31 August 31 August
2014 2013
GBP000 GBP000
----------------------------------------------- ---------- ----------
Cash at bank and in hand, being cash and cash
equivalents in the Consolidated Statement of
Financial Position 4,070 302
Less overdrafts included in borrowings - (171)
----------------------------------------------- ---------- ----------
Cash, cash equivalents and bank overdrafts in
the Consolidated Statement of Cash Flows 4,070 131
----------------------------------------------- ---------- ----------
12. Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not constitute the Group's financial statements for the year ended 31 August 2014 and the year ended 31 August 2013.
The financial statements for the year ended 31 August 2013 were prepared in accordance with Adopted IFRS and have been delivered to the Registrar of Companies. The financial statements for the year ended 31 August 2014 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditors' report on both accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
The full audited financial statements of Armour Group plc for the period ended 31 August 2014 are expected to be posted to shareholders by the 15 November 2014 and will be available to the public at the Company's new registered office, Suite 25, 6-8 Revenge Road, Lordswood, Chatham, Kent, ME5 8UD and available to view on the Company's website at www.armourgroup.uk.com from that date.
13. Annual General Meeting
The Annual General Meeting will be held at the offices of Arnold & Porter (UK) LLP, Tower 42, 25 Old Broad Street, London EC2N 1HQ on Monday 8 December 2014 at 12.00 noon.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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