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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 |
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TIDMAMR
RNS Number : 8796C
Armour Group PLC
23 November 2009
ARMOUR GROUP PLC
("Armour" or the "Group")
Preliminary Results for the year ended 31 August 2009
FINANCIAL HEADLINES
* Sales GBP51.6 million (2008: GBP54.0 million).
* EBITDA* of GBP3.0 million (2008: GBP5.2 million).
* Profit before taxation GBP1.1 million (2008: GBP3.5 million).
* Basic earnings per ordinary share 1.4p (2008: 3.7p).
* Cash generated from operations of GBP7.2 million (2008: GBP3.1 million).
* Net debt substantially reduced to GBP4.9 million (2008: GBP8.9 million).
* Recommended dividend of 0.30p (2008: 0.65p) per ordinary share.
* EBITDA is defined as profit before interest, taxation, depreciation,
amortisation and share-based payments.
BUSINESS HIGHLIGHTS
* Outperformed market expectations despite a year of severe economic downturn.
* Secured over GBP1 million of additional future annual revenue from new
distribution agreements.
* Successfully expanded into the "small office home office" furniture market.
* Won significant incremental business with existing and new customers in both
divisions.
* Achieved strong growth in our Nordic operations.
George Dexter, Chief Executive of Armour Group plc commented:
"The Group's target markets of electrical retailing, house building and
automotive have been some of the hardest hit over last year's severe economic
downturn. We have adapted our business but continued to pursue our strategy,
producing a very sound set of results given the overall economic climate.
Despite the state of the economy, the Group has not stood still. We have
continued to invest in our business. We believe that the Group is well
positioned to take advantage of any opportunities that arise as the recovery
gathers momentum.
The new financial year has started well for both our operating divisions, with
Group sales and profit comfortably ahead of last year."
For further information please contact:
Armour Group plc Tel: 01892 502700
George Dexter, Chief Executive
John Harris, Finance Director
FinnCap, Nominated Adviser and Broker Tel: 0207 600 1658
Geoff Nash
Stephen Norcross (Sales)
Threadneedle Communications, Financial PR Tel: 020 7653 9850
Trevor Bass, Alex White
ARMOUR GROUP PLC
("Armour" or the "Group")
Preliminary Results for the year ended 31 August 2009
CHAIRMAN'S STATEMENT
We are pleased to report that despite an extremely challenging year to 31 August
2009, Group sales were GBP51.6 million (2008: GBP54.0 million) and profit from
operations was GBP1.5 million (2008: GBP4.0 million). Basic earnings per
ordinary share were 1.4p (2008: 3.7p) and the proposed full year dividend is
0.30p (2008: 0.65p). The Group generated GBP7.2 million of cash from operations
(2008: GBP3.1 million) with net debt falling by GBP4.0 million to GBP4.9 million
at 31 August 2009.
The Group's profitable and cash generative performance, whilst reflecting the
difficulties in the economic environment, has also clearly demonstrated the
resilience and strength of our business model. This model is based upon strong
brands, quality products backed by innovation, unrivalled distribution and
excellent customer service. Taken together, these fundamental strengths are a
key part of our strategy and the foundation of our leading positions in our
niches within the home and automotive consumer product markets.
During the year we successfully managed our way through a variety of
unfavourable events which have included a tightening of credit
facilities, significant exchange rate volatility, a collapse in consumer
confidence and demand and fierce price competition in particular sectors of our
target markets.
We responded to the deteriorating market conditions in a measured and
responsible manner with the objective of protecting profitability without
damaging the longer term prospects of the Group. We reduced our cost base,
selectively increased product pricing and maintained our investment in the key
new product development programmes, which we believe will drive future growth.
Whilst the headlines for the year have been dominated by the impact of the
economic downturn, there has been a considerable amount of good news for the
Group. This includes a significant amount of new business won across all the
operations with both new and existing customers; the successful launch of our
"small office home office" furniture range; over GBP1 million of additional
future annual revenue secured through new distribution agreements signed in the
year; the expansion of our operations in Scandinavia; and the launch of a series
of new products, the most exciting of which is QTV2
(www.qacoustics.co.uk/q-tv.htm).
The Group employs over 300 loyal and dedicated colleagues throughout our
operations in the UK, Ireland, Scandinavia and the Far East, all of whom have
responded positively to a challenging time. The results for year just ended are
a credit to their hard work, enthusiasm and professionalism and on behalf of the
Board I thank them all.
The economic outlook is becoming brighter, with most economic indicators, both
at home and abroad, showing positive signs of recovery. The Group has positioned
itself well to take advantage of the recovery with new products, new contracts,
new customers and new channels to market. The 2010 financial year has started
well and whilst there will undoubtedly be further turbulence in the wider
economic environment, the Board remains confident with regard to the future
prospects for the Group.
BOB MORTON
Chairman
23 November 2009
ARMOUR GROUP PLC
CONSOLIDATED INCOME STATEMENT
For the year ended 31 August 2009
+----------------------------------------+--------+--------------+--------------+
| | Note | 31 August | 31 August |
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+----------------------------------------+--------+--------------+--------------+
| Revenue | 2 | 51,614 | 54,008 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Changes in inventory of finished goods | | (1,060) | 2,870 |
| and work in progress | | | |
+----------------------------------------+--------+--------------+--------------+
| Raw materials and consumables | | (29,095) | (31,272) |
+----------------------------------------+--------+--------------+--------------+
| Employee benefits costs | | (9,487) | (9,631) |
+----------------------------------------+--------+--------------+--------------+
| Depreciation and amortisation expense | | (1,413) | (1,075) |
+----------------------------------------+--------+--------------+--------------+
| Other expenses | | (9,031) | (10,871) |
+----------------------------------------+--------+--------------+--------------+
| Total expenses | | (50,086) | (49,979) |
+----------------------------------------+--------+--------------+--------------+
| Profit from operations | | 1,528 | 4,029 |
+----------------------------------------+--------+--------------+--------------+
| Finance expense | | (409) | (703) |
+----------------------------------------+--------+--------------+--------------+
| Finance income | | 17 | 166 |
+----------------------------------------+--------+--------------+--------------+
| Share of loss of associated | | (16) | (7) |
| undertakings | | | |
+----------------------------------------+--------+--------------+--------------+
| Profit before taxation | 2 | 1,120 | 3,485 |
+----------------------------------------+--------+--------------+--------------+
| Taxation expense | 3 | (234) | (991) |
+----------------------------------------+--------+--------------+--------------+
| Profit for the year | | 886 | 2,494 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Earnings per ordinary share | 4 | | |
+----------------------------------------+--------+--------------+--------------+
| Basic | | 1.4p | 3.7p |
+----------------------------------------+--------+--------------+--------------+
| Diluted | | 1.4p | 3.7p |
+----------------------------------------+--------+--------------+--------------+
ARMOUR GROUP PLC
CONSOLIDATED BALANCE SHEET
At 31 August 2009
+----------------------------------------+--------+--------------+--------------+
| | Note | 31 August | 31 August |
| | | 2009 | 2008 |
| | | GBP000 | GBP000 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Non-current assets | | | |
+----------------------------------------+--------+--------------+--------------+
| Goodwill | | 21,084 | 21,082 |
+----------------------------------------+--------+--------------+--------------+
| Other intangible assets | | 3,112 | 2,041 |
+----------------------------------------+--------+--------------+--------------+
| Property, plant and equipment | | 2,044 | 2,102 |
+----------------------------------------+--------+--------------+--------------+
| Investment in associated undertakings | | 352 | 368 |
+----------------------------------------+--------+--------------+--------------+
| Total non-current assets | | 26,592 | 25,593 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Current assets | | | |
+----------------------------------------+--------+--------------+--------------+
| Inventories | | 11,681 | 12,826 |
+----------------------------------------+--------+--------------+--------------+
| Trade and other receivables | | 9,876 | 10,220 |
+----------------------------------------+--------+--------------+--------------+
| Cash and cash equivalents | | 72 | 170 |
+----------------------------------------+--------+--------------+--------------+
| Total current assets | | 21,629 | 23,216 |
+----------------------------------------+--------+--------------+--------------+
| Total assets | 2 | 48,221 | 48,809 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Current liabilities | | | |
+----------------------------------------+--------+--------------+--------------+
| Bank overdrafts and borrowings | | (3,521) | (6,650) |
+----------------------------------------+--------+--------------+--------------+
| Trade and other payables | | (12,465) | (9,755) |
+----------------------------------------+--------+--------------+--------------+
| Corporation taxation liability | | (580) | (326) |
+----------------------------------------+--------+--------------+--------------+
| Provisions | | (95) | (136) |
+----------------------------------------+--------+--------------+--------------+
| Total current liabilities | | (16,661) | (16,867) |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Non-current liabilities | | | |
+----------------------------------------+--------+--------------+--------------+
| Borrowings | | (1,438) | (2,394) |
+----------------------------------------+--------+--------------+--------------+
| Provisions | | (141) | (226) |
+----------------------------------------+--------+--------------+--------------+
| Deferred taxation liability | | (656) | (520) |
+----------------------------------------+--------+--------------+--------------+
| Total non-current liabilities | | (2,235) | (3,140) |
+----------------------------------------+--------+--------------+--------------+
| Total liabilities | 2 | (18,896) | (20,007) |
+----------------------------------------+--------+--------------+--------------+
| Total net assets | 2 | 29,325 | 28,802 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Equity | | | |
+----------------------------------------+--------+--------------+--------------+
| Share capital | | 6,848 | 6,848 |
+----------------------------------------+--------+--------------+--------------+
| Share premium | | 8,513 | 8,513 |
+----------------------------------------+--------+--------------+--------------+
| Other reserves | | 871 | 871 |
+----------------------------------------+--------+--------------+--------------+
| Retained earnings | | 13,602 | 13,074 |
+----------------------------------------+--------+--------------+--------------+
| Translation reserve | | 63 | 68 |
+----------------------------------------+--------+--------------+--------------+
| Share trust reserve | | (572) | (572) |
+----------------------------------------+--------+--------------+--------------+
| Total equity | | 29,325 | 28,802 |
+----------------------------------------+--------+--------------+--------------+
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the years ended 31 August 2009
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| | 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 | 6,848 | 8,513 | 871 | 10,919 | (7) | (200) | 26,944 |
| 2007 | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Profit for the | - | - | - | 2,494 | - | - | 2,494 |
| year | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Currency | - | - | - | - | 75 | - | 75 |
| translation | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Total | - | - | - | 2,494 | 75 | - | 2,569 |
| recognised | | | | | | | |
| income/(expense) | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Shares acquired | - | - | - | - | - | (372) | (372) |
| by share trust | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Share-based | - | - | - | 100 | - | - | 100 |
| payments | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Dividend paid | - | - | - | (439) | - | - | (439) |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| At 31 August | 6,848 | 8,513 | 871 | 13,074 | 68 | (572) | 28,802 |
| 2008 | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Profit for the | - | - | - | 886 | - | - | 886 |
| year | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Currency | - | - | - | - | (5) | - | (5) |
| translation | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Total | - | - | - | 886 | (5) | - | 881 |
| recognised | | | | | | | |
| income/(expense) | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Share-based | - | - | - | 65 | - | - | 65 |
| payments | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| Dividend paid | - | - | - | (423) | - | - | (423) |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
| At 31 August | 6,848 | 8,513 | 871 | 13,602 | 63 | (572) | 29,325 |
| 2009 | | | | | | | |
+------------------+---------+---------+----------+----------+-------------+---------+--------+
ARMOUR GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 August 2009
+--------------------------------------------+--------+--------------+----------+
| | Note | 31 August | 31 |
| | | 2009 | August |
| | | GBP000 | 2008 |
| | | | GBP000 |
+--------------------------------------------+--------+--------------+----------+
| | | | |
+--------------------------------------------+--------+--------------+----------+
| Cash flow from operating activities | | | |
+--------------------------------------------+--------+--------------+----------+
| Cash generated from operations | 6 | 7,171 | 3,124 |
+--------------------------------------------+--------+--------------+----------+
| Income taxes recovered/(paid) | | 156 | (1,308) |
+--------------------------------------------+--------+--------------+----------+
| Net cash from operating activities | | 7,327 | 1,816 |
+--------------------------------------------+--------+--------------+----------+
| | | | |
+--------------------------------------------+--------+--------------+----------+
| Investing activities | | | |
+--------------------------------------------+--------+--------------+----------+
| Acquisition of subsidiary undertaking, net | | (2) | (4,302) |
| of cash acquired | | | |
+--------------------------------------------+--------+--------------+----------+
| Disposal of subsidiary undertaking, net of | | - | 400 |
| cash disposed | | | |
+--------------------------------------------+--------+--------------+----------+
| Purchase of property, plant and equipment | | (604) | (1,196) |
+--------------------------------------------+--------+--------------+----------+
| Sale of property, plant and equipment | | 40 | 147 |
+--------------------------------------------+--------+--------------+----------+
| Expenditure on intangible assets | | (1,853) | (1,506) |
+--------------------------------------------+--------+--------------+----------+
| Interest received | | 17 | 166 |
+--------------------------------------------+--------+--------------+----------+
| Net cash used in investing activities | | (2,402) | (6,291) |
+--------------------------------------------+--------+--------------+----------+
| | | | |
+--------------------------------------------+--------+--------------+----------+
| Financing activities | | | |
+--------------------------------------------+--------+--------------+----------+
| Dividend paid | | (423) | (439) |
+--------------------------------------------+--------+--------------+----------+
| Repayment of bank loans | | (720) | (720) |
+--------------------------------------------+--------+--------------+----------+
| Repayment of finance lease creditors | | - | (26) |
+--------------------------------------------+--------+--------------+----------+
| Shares acquired by share trust | | - | (372) |
+--------------------------------------------+--------+--------------+----------+
| Interest paid | | (475) | (726) |
+--------------------------------------------+--------+--------------+----------+
| Net cash used in financing activities | | (1,618) | (2,283) |
+--------------------------------------------+--------+--------------+----------+
| Net increase/(decrease) in cash, cash | 7 | 3,307 | (6,758) |
| equivalents and bank overdrafts | | | |
+--------------------------------------------+--------+--------------+----------+
| Currency variations on cash, cash | | (6) | 74 |
| equivalents and bank overdrafts | | | |
+--------------------------------------------+--------+--------------+----------+
| Cash, cash equivalents and bank overdrafts | | (5,792) | 892 |
| at the start of the year | | | |
+--------------------------------------------+--------+--------------+----------+
| Cash, cash equivalents and bank overdrafts | | (2,491) | (5,792) |
| at the end of the year | | | |
+--------------------------------------------+--------+--------------+----------+
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended
31 August 2009
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 December 2009.
2. Segment Information
The Group operates in the following main business segments:
Armour Auto: The design, manufacture and supply of products for the in-car
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.
Central operations:The provision of finance and support services, including
future product concepts and Hong Kong based
quality control, to the other business segments within the Group.
The Group's primary reporting format for reporting segment information is
business segments.
+------------------------------------+----------+----------+------------+----------+
| Year ended 31 August 2009 | Armour | Armour | Central | Total |
| | Auto | Home | operations | GBP000 |
| | GBP000 | GBP000 | GBP000 | |
+------------------------------------+----------+----------+------------+----------+
| Revenue | 13,092 | 38,522 | - | 51,614 |
+------------------------------------+----------+----------+------------+----------+
| Profit/(loss) before taxation | 71 | 3,327 | (2,278) | 1,120 |
+------------------------------------+----------+----------+------------+----------+
| Balance Sheet | | | | |
+------------------------------------+----------+----------+------------+----------+
| Assets | 7,891 | 18,691 | 21,639 | 48,221 |
+------------------------------------+----------+----------+------------+----------+
| Liabilities | (2,166) | (5,756) | (10,974) | (18,896) |
+------------------------------------+----------+----------+------------+----------+
| Net Assets | 5,725 | 12,935 | 10,665 | 29,325 |
+------------------------------------+----------+----------+------------+----------+
| Other | | | | |
+------------------------------------+----------+----------+------------+----------+
| Capital expenditure | 188 | 414 | 2 | 604 |
+------------------------------------+----------+----------+------------+----------+
| Depreciation | 213 | 404 | 14 | 631 |
+------------------------------------+----------+----------+------------+----------+
| Amortisation of intangible assets | 224 | 557 | 1 | 782 |
+------------------------------------+----------+----------+------------+----------+
| Share-based payments | 7 | 52 | 6 | 65 |
+------------------------------------+----------+----------+------------+----------+
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended
31 August 2009
2. Segment Information (continued)
+------------------------------------+----------+----------+------------+----------+
| Year ended 31 August 2008 | Armour | Armour | Central | Total |
| | Auto | Home | operations | GBP000 |
| | GBP000 | GBP000 | GBP000 | |
+------------------------------------+----------+----------+------------+----------+
| Revenue | 14,409 | 39,599 | - | 54,008 |
+------------------------------------+----------+----------+------------+----------+
| Profit/(loss) before taxation | 1,284 | 4,872 | (2,671) | 3,485 |
+------------------------------------+----------+----------+------------+----------+
| Balance Sheet | | | | |
+------------------------------------+----------+----------+------------+----------+
| Assets | 8,557 | 18,650 | 21,602 | 48,809 |
+------------------------------------+----------+----------+------------+----------+
| Liabilities | (2,281) | (6,538) | (11,188) | (20,007) |
+------------------------------------+----------+----------+------------+----------+
| Net Assets | 6,276 | 12,112 | 10,414 | 28,802 |
+------------------------------------+----------+----------+------------+----------+
| Other | | | | |
+------------------------------------+----------+----------+------------+----------+
| Capital expenditure | 210 | 973 | 13 | 1,196 |
+------------------------------------+----------+----------+------------+----------+
| Depreciation | 209 | 397 | 13 | 619 |
+------------------------------------+----------+----------+------------+----------+
| Amortisation of intangible assets | 133 | 323 | - | 456 |
+------------------------------------+----------+----------+------------+----------+
| Share-based payments | 28 | 57 | 15 | 100 |
+------------------------------------+----------+----------+------------+----------+
The Group's secondary reporting format for reporting segment information is
geographic segments.
+------------------------------+--------+--------+--------+--------+--------+---------+
| | Revenue by | Total net | Capital |
| | location | assets by | expenditure by |
| | of customers | location of | location of |
| | | assets | assets |
+------------------------------+-----------------+-----------------+------------------+
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 |
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+------------------------------+--------+--------+--------+--------+--------+---------+
| United Kingdom | 41,851 | 45,855 | 28,854 | 28,349 | (597) | (1,185) |
+------------------------------+--------+--------+--------+--------+--------+---------+
| Rest of Europe | 5,966 | 6,346 | 461 | 446 | (4) | (8) |
+------------------------------+--------+--------+--------+--------+--------+---------+
| Rest of world | 3,797 | 1,807 | 10 | 7 | (3) | (3) |
+------------------------------+--------+--------+--------+--------+--------+---------+
| | 51,614 | 54,008 | 29,325 | 28,802 | (604) | (1,196) |
+------------------------------+--------+--------+--------+--------+--------+---------+
3. Taxation Expense
+--------------------------------------------------------+---------+---------+
| | 31 | 31 |
| | August | August |
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+--------------------------------------------------------+---------+---------+
| Current taxation expense | | |
+--------------------------------------------------------+---------+---------+
| UK Corporation Tax on profit for the year | (119) | (478) |
+--------------------------------------------------------+---------+---------+
| Adjustment in respect of prior years | 61 | 36 |
+--------------------------------------------------------+---------+---------+
| Income taxation of overseas operations | (40) | (47) |
+--------------------------------------------------------+---------+---------+
| Total current taxation expense | (98) | (489) |
+--------------------------------------------------------+---------+---------+
| Deferred taxation expense | | |
+--------------------------------------------------------+---------+---------+
| UK operations | (104) | (544) |
+--------------------------------------------------------+---------+---------+
| Adjustment in respect of prior years | (36) | 62 |
+--------------------------------------------------------+---------+---------+
| Overseas operations | 4 | (20) |
+--------------------------------------------------------+---------+---------+
| Total deferred taxation expense | (136) | (502) |
+--------------------------------------------------------+---------+---------+
| Total taxation expense | (234) | (991) |
+--------------------------------------------------------+---------+---------+
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended
31 August 2009
3. Taxation Expense (continued)
The taxation assessed for the year is lower (31 August 2008: Lower) than the
standard rate of UK Corporation Tax. The differences are explained below:
+--------------------------------------------------------+---------+---------+
| | 31 | 31 |
| | August | August |
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+--------------------------------------------------------+---------+---------+
| Profit on ordinary activities before taxation | 1,120 | 3,485 |
+--------------------------------------------------------+---------+---------+
| Profit multiplied by the rate of UK corporation tax of | (314) | (1,017) |
| 28% (2008: 29.17%) | | |
+--------------------------------------------------------+---------+---------+
| Effects of: | | |
+--------------------------------------------------------+---------+---------+
| Expenses not deductible for taxation purposes | (51) | (166) |
+--------------------------------------------------------+---------+---------+
| Taxation credits | 105 | 40 |
+--------------------------------------------------------+---------+---------+
| Recognition of losses carried forward | - | 11 |
+--------------------------------------------------------+---------+---------+
| Use of previously unrecognised losses | - | 20 |
+--------------------------------------------------------+---------+---------+
| Lower taxation rates on overseas profit and marginal | 1 | 10 |
| relief | | |
+--------------------------------------------------------+---------+---------+
| Corporate and deferred taxation rate differences | - | 13 |
+--------------------------------------------------------+---------+---------+
| Adjustments in respect of prior years | 25 | 98 |
+--------------------------------------------------------+---------+---------+
| Total taxation expense | (234) | (991) |
+--------------------------------------------------------+---------+---------+
The 2008 rate of UK Corporation Tax of 29.17% reflected the rate change from 30%
to 28% effective from April 2008. Deferred taxation has been provided at the
future taxation rate of 28% in both years.
4.Earnings per Ordinary Share
Basic earnings per ordinary share are calculated using the weighted average
number of ordinary shares in issue during the financial year of 65,056,067 (31
August 2008: 67,191,706). Diluted earnings per ordinary share are calculated
with reference to 65,056,067 (31 August 2008: 68,044,400) ordinary shares. The
effect of the exercise of options on the weighted average number of ordinary
shares in issue is Nil (31 August 2008: 852,694).
At 31 August 2009, the Armour Employees' Share Trust held 3,424,000 (31 August
2008: 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 2008: 1,288,361) are not included in either the weighted average, or
diluted weighted average, ordinary shares in issue during the financial year.
Underlying earnings per ordinary share are also shown calculated by reference to
earnings before share-based payments. The Directors consider that this gives a
useful additional indication of underlying performance. It should be noted that
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 2009 | 31 August 2008 |
+------------------------------+---------------------------+---------------------------+
| | GBP000 | Basic | Diluted | GBP000 | Basic | Diluted |
| | | p | p | | p | p |
+------------------------------+--------+--------+---------+--------+--------+---------+
| Profit for the financial | 886 | 1.4 | 1.4 | 2,494 | 3.7 | 3.7 |
| year | | | | | | |
+------------------------------+--------+--------+---------+--------+--------+---------+
| Share-based payments | 65 | 0.1 | 0.1 | 100 | 0.2 | 0.1 |
+------------------------------+--------+--------+---------+--------+--------+---------+
| Underlying earnings | 951 | 1.5 | 1.5 | 2,594 | 3.9 | 3.8 |
+------------------------------+--------+--------+---------+--------+--------+---------+
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended
31 August 2009
5.Dividend
+--------------------------------------------------------+---------+---------+
| | 31 | 31 |
| | August | August |
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+--------------------------------------------------------+---------+---------+
| Proposed dividend for the year of 0.30p (31 August | (195) | (423) |
| 2008: 0.65p) per ordinary share | | |
+--------------------------------------------------------+---------+---------+
The Board is recommending a dividend for the year of 0.30 pence per ordinary
share. Subject to approval at the Annual General Meeting, the dividend will be
paid on 12 March 2010 to those shareholders on the register at the close of
business on 12 February 2010.
The proposed dividend for the year has not been accrued in the Consolidated
Balance Sheet as at 31 August 2009. The dividend proposed in the financial
statements as at 31 August 2008, and approved by shareholders at the Annual
General Meeting held on 29 January 2009, was charged to reserves and paid during
the year.
6.Net Cash Inflow from Operations
+---------------------------------------------+------------------+-------------+
| | 31 August | 31 August |
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+---------------------------------------------+------------------+-------------+
| | | |
+---------------------------------------------+------------------+-------------+
| Profit from operations | 1,528 | 4,029 |
+---------------------------------------------+------------------+-------------+
| Depreciation of property, plant and | 631 | 619 |
| equipment | | |
+---------------------------------------------+------------------+-------------+
| Amortisation of intangible assets | 782 | 456 |
+---------------------------------------------+------------------+-------------+
| Share-based payments | 65 | 100 |
+---------------------------------------------+------------------+-------------+
| Gain on sale of property, plant and | (9) | (68) |
| equipment | | |
+---------------------------------------------+------------------+-------------+
| Movements before working capital | 2,997 | 5,136 |
+---------------------------------------------+------------------+-------------+
| Decrease/(increase) in inventories | 1,145 | (2,335) |
+---------------------------------------------+------------------+-------------+
| Decrease in trade and other receivables | 344 | 810 |
+---------------------------------------------+------------------+-------------+
| Increase/(decrease) in trade, other | 2,685 | (487) |
| payables and provisions | | |
+---------------------------------------------+------------------+-------------+
| Net cash from operations | 7,171 | 3,124 |
+---------------------------------------------+------------------+-------------+
7. Reconciliation of Net Cash Flow to Movement in Net Debt
Net debt incorporates the Group's borrowings, bank overdrafts and obligations
under finance leases, 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 |
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+---------------------------------------------+------------------+-------------+
| | | |
+---------------------------------------------+------------------+-------------+
| Net increase/(decrease) in cash and cash | 3,307 | (6,758) |
| equivalents | | |
+---------------------------------------------+------------------+-------------+
| Net cash outflow from debt and lease | 720 | 746 |
| financing | | |
+---------------------------------------------+------------------+-------------+
| Other non-cash movements | (40) | 42 |
+---------------------------------------------+------------------+-------------+
| Decrease/(increase) in net debt | 3,987 | (5,970) |
+---------------------------------------------+------------------+-------------+
| Opening net debt | (8,874) | (2,904) |
+---------------------------------------------+------------------+-------------+
| Closing net debt | (4,887) | (8,874) |
+---------------------------------------------+------------------+-------------+
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended
31 August 2009
8. 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 2009
and the year ended 31 August 2008.
The financial statements for the year ended 31 August 2008 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 2009 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 237(2) or (3) of the Companies Act 1985 (in respect of the 31 August
2008 financial statements) or sections 498(2) or (3) of the Companies Act 2006
(in respect of the 31 August 2009 financial statements).
The full audited financial statements of Armour Group plc for the period ended
31 August 2009 are expected to be posted to shareholders no later than 14
December 2009 and will be available to the public at the Company's registered
office, Lonsdale House, 7-9 Lonsdale Gardens, Tunbridge Wells Kent, TN1 1NU and
available to view on the Company's website at www.armourgroup.uk.com from that
date.
9. 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 28 January 2010.
ABOUT ARMOUR
Armour Group is the United Kingdom's leading consumer electronics group within
the home and in-car communications and entertainment markets, committed to
designing, manufacturing and distributing leading-edge audio and visual products
and solutions.
Armour Group has two principal operating divisions, Armour Home and Armour Auto,
and employs over 300 people across eight operating sites in the UK, Sweden and
Hong Kong.
The Group possesses a strong brand portfolio, including more than 6,000 products
and accessories, which is underpinned by innovative product development and
investment in proprietary technology.
An unrivalled distribution capability ensures that products are supplied direct
to more than 6,000 retail outlets within the UK and to customers in 68 countries
worldwide. Armour Group is also a leading supplier of audio and visual
technology to a host of non-retail customers including vehicle manufacturers,
hotel chains, house builders and custom installers.
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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