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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 |
TIDMAMR
RNS Number : 3857T
Armour Group PLC
06 December 2011
ARMOUR GROUP PLC
("Armour" or the "Group")
Preliminary Results for the year ended 31 August 2011
FINANCIAL HEADLINES
-- Sales GBP42.3 million (2010: GBP56.6 million).
-- Loss after taxation of continuing operations GBP2.5 million (2010: Profit GBP0.9 million).
-- Basic loss per ordinary share of continuing operations (3.1)p (2010: Earnings 1.4p).
-- Cash utilised in operations GBP1.3 million (2010: Generated by operations GBP1.8 million).
-- Net debt GBP6.9 million (2010: GBP5.7 million).
George Dexter, Chief Executive of Armour Group plc commented:
"The deterioration in consumer confidence caused by the weak economic environment, particularly in the UK, has made the year to 31 August 2011 the most challenging experienced by the Group. The performance of the Group has been severely affected by the collapse in retail demand, which has been felt most particularly in our home division. Whilst the UK is not technically in a recession, the impact on consumer confidence of the steady stream of poor economic data has resulted in a dramatic fall in consumer demand. The consumer electronics sector, which is our core market and by its very nature exposed to discretionary expenditure, has felt the full force of this downturn in consumer demand.
In response to the very difficult trading environment, the Group has implemented a restructuring of the home division and a cost reduction programme throughout all our operations, which has included the closure of our Chinese manufacturing facility. These cost reduction initiatives are expected to realise over GBP2.5 million in annualised savings.
Armour Automotive has enjoyed an encouraging recovery in its performance, with profits before exceptional items in the year increasing from GBP0.2 million to GBP0.8 million. In addition, our operations in Asia have continued to grow, with sales increasing by 99% to GBP1.1 million with every expectation that this will become a profitable operation in 2012.
The economic outlook in our core markets continues to be uncertain and the prospects of a recovery in consumer confidence and demand in the near term remain weak. The actions taken by the Group have significantly reduced its cost base and we anticipate an improved trading performance in 2012."
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)
ARMOUR GROUP PLC
("Armour" or the "Group")
Preliminary Results for the year ended 31 August 2011
CHAIRMAN'S STATEMENT
The deterioration in consumer confidence caused by the weak economic environment, particularly in the UK, has made the year to 31 August 2011 the most challenging experienced by the Group. Group sales fell to GBP42.3 million (2010: GBP56.6 million), which generated a loss from operations before exceptional items and discontinued operations of GBP1.7 million (2010: Profit GBP1.2 million). The basic loss per ordinary share, before exceptional items and discontinued operations, was 1.8p (2010: Earnings per ordinary share 1.4p). The Group's net debt at 31 August 2011 was GBP6.9 million (2010: GBP5.7 million).
The performance of the Group has been severely affected by the collapse in retail demand, which has been felt most particularly in our home division. Whilst the UK is not technically in a recession, the impact on consumer confidence of the steady stream of poor economic data has resulted in a dramatic fall in consumer demand. The consumer electronics sector, which is our core market and by its very nature exposed to discretionary expenditure, has felt the full force of this downturn in consumer demand.
In response to the very difficult trading environment, the Group has implemented a restructuring of the home division and a cost reduction programme throughout all our operations, which has included the closure of our Chinese manufacturing facility. These cost reduction initiatives are expected to realise over GBP2.5 million in annualised savings. The major elements of the restructuring and cost reduction programmes are now complete and we have started the new financial year with a more streamlined structure and cost base, particularly in Armour Home.
Whilst Armour Home has found the market conditions very challenging, Armour Automotive has enjoyed an encouraging recovery in its performance, with profits before exceptional items in the year increasing from GBP0.2 million to GBP0.8 million. In addition, our operations in Asia have continued to grow, with sales increasing by 99% to GBP1.1 million with every expectation that this will become a profitable operation in 2012.
The recovery in Armour Automotive has been driven by strong demand for in-vehicle audio solutions supplied into the commercial vehicle market and our range of GPS and GSM antennae. As with the home division, retail sales in the automotive aftermarket have declined, although this decline has not been as marked as in home electronics. We remain confident that Armour Automotive will continue its recovery in 2012.
As with all other parts of the businesses, expenditure on new product development has been carefully reviewed. However, despite the market difficulties, the Group has continued to invest in new product development and has launched a number of new products during the year including two new ranges of award winning Q Acoustics speakers. New product development remains a fundamental part of the Group strategy and we believe it is a key ingredient to drive sales and deliver a sustainable recovery in performance.
This year has been very testing for our employees who have had to manage a considerable amount of change in a very short period of time. Despite this, they have worked with dedication and professionalism for the good of the Group. I would like to acknowledge the Board's appreciation of their commitment and effort over the course of the year.
The economic outlook in our core markets continues to be uncertain and the prospects of a recovery in consumer confidence and demand in the near term remain weak. The actions taken by the Group have significantly reduced its cost base and we anticipate an improved trading performance in 2012.
BOB MORTON
Chairman
5 December 2011
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 August 2011
31 August 31 August 2011 2010 Note GBP000 GBP000 ------------------------------------------ ----- ---------- ---------- Revenue 2 42,311 56,591 Changes in inventory of finished goods and work in progress (503) (1,057) Raw materials and consumables (25,386) (33,559) Employee benefits costs (8,411) (9,756) Depreciation and amortisation expense (1,660) (1,573) Other expenses (8,016) (9,474) ------------------------------------------ ----- ---------- ---------- Total expenses excluding exceptional items (43,976) (55,419) ------------------------------------------ ----- ---------- ---------- Exceptional items 3 (1,442) - Total expenses (45,418) (55,419) (Loss)/profit from operations 2 (3,107) 1,172 Finance expense (454) (233) Finance income 14 8 (Loss)/profit before taxation (3,547) 947 Taxation credit/(expense) 5 1,078 (68) ------------------------------------------ ----- ---------- ---------- (Loss)/profit from continuing operations (2,469) 879 ------------------------------------------ ----- ---------- ---------- Loss on discontinued operation, net of tax 4 (485) - ------------------------------------------ ----- ---------- ---------- (Loss)/profit for the year (2,954) 879 ------------------------------------------ ----- ---------- ---------- Other Comprehensive Income Exchange gains on translation of foreign operations 56 19 ------------------------------------------ ----- ---------- ---------- Total Other Comprehensive Income 56 19 ------------------------------------------ ----- ---------- ---------- Total Comprehensive (Loss)/Income for the year (2,898) 898 ------------------------------------------ ----- ---------- ---------- (Loss)/earnings per ordinary share 6 Continuing and discontinued operations Basic (3.7)p 1.4p Diluted (3.7)p 1.4p Continuing operations Basic (3.1)p 1.4p Diluted (3.1)p 1.4p ------------------------------------------ ----- ---------- ----------
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 August 2011
31 August 31 August Note 2011 2010 GBP000 GBP000 -------------------------------- ------ ---------- ---------- Non-current assets Goodwill 21,084 21,084 Other intangible assets 3,842 4,319 Property, plant and equipment 1,415 1,829 Deferred taxation asset 26 - Total non-current assets 26,367 27,232 -------------------------------- ------ ---------- ---------- Current assets Inventories 9,967 10,653 Trade and other receivables 7,192 9,523 Cash and cash equivalents 756 397 -------------------------------- ------ ---------- ---------- Total current assets 17,915 20,573 -------------------------------- ------ ---------- ---------- Total assets 2 44,282 47,805 -------------------------------- ------ ---------- ---------- Current liabilities Bank overdrafts and borrowings (7,661) (5,613) Trade and other payables (7,225) (10,392) Corporation taxation liability (31) (182) Provisions (328) (132) Total current liabilities (15,245) (16,319) -------------------------------- ------ ---------- ---------- Non-current liabilities Borrowings - (480) Deferred taxation liability - (946) Total non-current liabilities - (1,426) -------------------------------- ------ ---------- ---------- Total liabilities 2 (15,245) (17,745) -------------------------------- ------ ---------- ---------- Total net assets 2 29,037 30,060 -------------------------------- ------ ---------- ---------- Equity Share capital 8 7,134 6,848 Share premium 10,084 8,513 Other reserves 871 871 Retained earnings 11,382 14,318 Translation reserve 138 82 Share trust reserve (572) (572) -------------------------------- ------ ---------- ---------- Total equity 29,037 30,060 -------------------------------- ------ ---------- ----------
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
For the year ended 31 August 2011
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 2009 6,848 8,513 871 13,602 63 (572) 29,325 Total Comprehensive Income - - - 879 19 - 898 Share-based payments - - - 32 - - 32 Dividend paid - - - (195) - - (195) At 31 August 2010 6,848 8,513 871 14,318 82 (572) 30,060 ---------------------- --------- --------- ---------- ---------- ------------ --------- -------- Total Comprehensive Loss - - - (2,954) 56 - (2,898) Issue of equity 286 1,571 - - - - 1,857 Share-based payments - - - 18 - - 18 At 31 August 2011 7,134 10,084 871 11,382 138 (572) 29,037 ---------------------- --------- --------- ---------- ---------- ------------ --------- --------
ARMOUR GROUP PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 August 2011
31 August 31 August Note 2011 2010 GBP000 GBP000 -------------------------------------------- ------ ---------- ---------- Cash flow from operating activities Cash (utilised in)/generated from operations 9 (1,308) 1,818 Income taxes recovered/(paid) 82 (178) -------------------------------------------- ------ ---------- ---------- Net cash (outflow)/inflow from operating activities (1,226) 1,640 -------------------------------------------- ------ ---------- ---------- Investing activities Purchase of property, plant and equipment (395) (401) Sale of property, plant and equipment 47 36 Expenditure on intangible assets (1,071) (1,684) Interest received 14 8 -------------------------------------------- ------ ---------- ---------- Net cash used in investing activities (1,405) (2,041) -------------------------------------------- ------ ---------- ---------- Financing activities Dividend paid - (195) Issue of equity 1,857 - New loans 11,870 - Refinancing arrangement costs (305) - Repayment of loans (5,473) (1,000) Interest paid (365) (196) -------------------------------------------- ------ ---------- ---------- Net cash generated/(used) in financing activities 7,584 (1,391) -------------------------------------------- ------ ---------- ---------- Net increase/(decrease) in cash, cash equivalents and bank overdrafts 10 4,953 (1,792) Currency variations on cash, cash equivalents and bank overdrafts 63 23 Cash, cash equivalents and bank overdrafts at the start of the year (4,260) (2,491) -------------------------------------------- ------ ---------- ---------- Cash, cash equivalents and bank overdrafts at the end of the year 756 (4,260) -------------------------------------------- ------ ---------- ----------
ARMOUR GROUP PLC
Preliminary Announcement of the audited financial statements for the year ended 31 August 2011
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 2011.
Various new standards, interpretations and amendments have become effective since 1 September 2010, but have had no material effect on the financial statements.
2. Segment Information
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; 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 are considered on the basis of different products and services. The accounting policies of the operating segments are the same as those described in the accounting policies in note 1.
Year ended 31 August 2011 Armour Armour Armour Central Automotive Home Asia operations Total GBP000 GBP000 GBP000 GBP000 GBP000 ------------------------------- ------------ -------- -------- ------------ --------- Revenue 14,354 26,870 1,087 - 42,311 Underlying profit/(loss) for the year 768 (1,059) (275) (1,099) (1,665) Exceptional items (106) (1,336) - - (1,442) ------------------------------- ------------ -------- -------- ------------ --------- Profit/(loss) from operations 662 (2,395) (275) (1,099) (3,107) ------------------------------- ------------ -------- -------- ------------ --------- Balance Sheet Assets 10,415 14,287 422 19,158 44,282 Liabilities (5,314) (7,952) (384) (1,595) (15,245) ------------------------------- ------------ -------- -------- ------------ --------- Net Assets 5,101 6,335 38 17,563 29,037 ------------------------------- ------------ -------- -------- ------------ --------- Other Additions to non-current assets 339 1,086 41 - 1,466 Finance Expense (118) (194) - (142) (454) Finance Income 6 6 - 2 14 Taxation credit/(expense) 14 1,122 (66) 8 1,078 Depreciation 161 597 8 8 774 Amortisation of intangible assets 250 1,297 - 1 1,548 Share-based payments 4 12 - 2 18 ------------------------------- ------------ -------- -------- ------------ --------- 2. Segment Information (continued) Year ended 31 August 2010 Armour Armour Armour Central Automotive Home Asia operations Total GBP000 GBP000 GBP000 GBP000 GBP000 ------------------------------- ------------ -------- -------- ------------ --------- Revenue 13,252 42,794 545 - 56,591 Profit/(loss) from operations 163 2,633 (499) (1,125) 1,172 Balance Sheet Assets 11,235 21,696 376 14,498 47,805 Liabilities (3,680) (9,274) (344) (4,447) (17,745) ------------------------------- ------------ -------- -------- ------------ --------- Net Assets 7,555 12,422 32 10,051 30,060 ------------------------------- ------------ -------- -------- ------------ --------- Other Additions to non-current assets 350 1,724 9 2 2,085 Finance Expense (19) (11) - (203) (233) Finance Income 5 3 - - 8 Taxation expense (16) (252) (4) 204 (68) Depreciation 178 403 7 8 596 Amortisation of intangible assets 213 762 - 2 977 Share-based payments 4 25 - 3 32 ------------------------------- ------------ -------- -------- ------------ ---------
Geographical information
Revenue by Total non-current location assets by location of customers 2011 2010 2011 2010 GBP000 GBP000 GBP000 GBP000 ----------------- -------- -------- ---------- ---------- United Kingdom 31,771 45,077 26,316 27,214 Sweden 2,103 1,927 8 10 France 1,328 1,461 - - Hong Kong 940 1,785 23 8 Other Countries 6,169 6,341 20 - ----------------- -------- -------- ---------- ---------- 42,311 56,591 26,367 27,232 ----------------- -------- -------- ---------- ---------- 3. Exceptional items
Over the course of the year and in response to the economic environment, the Group has implemented a restructuring programme, particularly within the Armour Home division. The restructuring involved redundancies and the closure of various UK operational activities, which in turn has necessitated the write-down of various assets held by the subsidiary undertakings. The exceptional costs incurred are shown below:
GBP000 ------------------------------------------------------- ------- Redundancy and agency termination costs 638 Amounts written-off tangible fixed assets 224 Amounts written-off intangible fixed assets 438 Property exit, re-location and other associated costs 142 ------------------------------------------------------- ------- Total exceptional items 1,442 ------------------------------------------------------- ------- 4. Discontinued operations
At the start of the year, in response to customer indicated demand, the Group set-up a Chinese manufacturing facility. Due to the subsequent curtailment of demand, continued operation of this facility which required a steady and reliable production volume, was no longer viable. Consequently, the facility was closed in May 2011. The costs of setting up and then terminating this now discontinued operation, and the associated tax credit, are shown below:
31 August 31 August 2011 2010 Result of discontinued operation GBP000 GBP000 -------------------------------------- ---------- ---------- Intra-group revenue 342 - Operating expenses (959) - Depreciation of tangible fixed assets (2) - Tax credit 134 - -------------------------------------- ---------- ---------- Loss for the year (485) - -------------------------------------- ---------- ---------- 31 August 31 August 2011 2010 Loss per share from discontinued operation pence pence -------------------------------------------- ---------- ---------- Basic loss per share (0.6) - Diluted loss per share (0.6) - -------------------------------------------- ---------- ----------
The statement of cash flows includes the following amounts relating to discontinued operations:
31 August 31 August 2011 2010 GBP000 GBP000 --------------------------------------------- ---------- ---------- Operating activities (390) - Investing activities (19) - --------------------------------------------- ---------- ---------- Net cash utilised by discontinued operations (409) - --------------------------------------------- ---------- ---------- 5. Taxation 31 August 31 August 2011 2010 GBP000 GBP000 ------------------------------------------------------ ---------- ---------- Current taxation credit/(expense) UK Corporation Tax on result for the year - - Adjustment in respect of prior years 258 261 Income taxation of overseas operations (24) (42) ------------------------------------------------------ ---------- ---------- Total current taxation credit 234 219 ------------------------------------------------------ ---------- ---------- Deferred taxation credit/(expense) UK operations 1,227 (70) Adjustment in respect of prior years (240) (228) Overseas operations (9) 11 ------------------------------------------------------ ---------- ---------- Total deferred taxation credit/(expense) 978 (287) ------------------------------------------------------ ---------- ---------- Total taxation credit/(expense) 1,212 (68) ------------------------------------------------------ ---------- ---------- Taxation credit/(expense) from continuing operations 1,078 (68) Taxation credit from discontinued operations 134 - ------------------------------------------------------ ---------- ---------- Total taxation credit/(expense) 1,212 (68) ------------------------------------------------------ ---------- ---------- 5. Taxation (continued)
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 2011 2010 GBP000 GBP000 ------------------------------------------------ ---------- ---------- (Loss)/profit for the year (2,954) 879 Total taxation (credit)/expense (1,212) 68 ------------------------------------------------ ---------- ---------- (Loss)/profit before taxation (4,166) 947 (Loss)/profit multiplied by the rate of UK corporation tax of 27.16% (2010: 28%) 1,131 (265) Effects of: Expenses not deductible for taxation purposes (52) (31) Taxation credits 134 189 Lower taxation rates on overseas profit and marginal relief 6 6 Differences arising from variation of taxation (25) - rates Adjustments in respect of prior years 18 33 ------------------------------------------------ ---------- ---------- Total taxation credit/(expense) 1,212 (68) ------------------------------------------------ ---------- ---------- 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 79,850,588 (31 August 2010: 65,056,067). Diluted (loss)/earnings per ordinary share are calculated with reference to 79,850,588 (31 August 2010: 65,056,067) ordinary shares. The effect of the exercise of options on the weighted average number of ordinary shares in issue is Nil (31 August 2010: Nil).
At the Company's general meeting held on 23 February 2011, the share capital was reorganised which gave rise to the creation of deferred shares (Note 8). These deferred shares have restricted and minimal rights whereby holders are not entitled to receive any dividend or other distribution. The deferred shares are therefore excluded from the weighted average, and diluted weighted average, ordinary shares in issue during the financial year.
At 31 August 2011, the Armour Employees' Share Trust held 3,424,000 (31 August 2010: 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 2010: 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, discontinued operations and share-based payments. 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 2011 31 August 2010 Basic Diluted Basic Diluted GBP000 pence pence GBP000 pence pence ---------------------------- -------- ------- -------- -------- ------- -------- (Loss)/profit for the year (2,954) (3.7) (3.7) 879 1.4 1.4 Discontinued operations, net of tax 485 0.6 0.6 - - - ---------------------------- -------- ------- -------- -------- ------- -------- Continuing operations (2,469) (3.1) (3.1) 879 1.4 1.4 ---------------------------- -------- ------- -------- -------- ------- -------- Exceptional items, net of tax 1,045 1.3 1.3 - - - Share-based payments 18 - - 32 - - ---------------------------- -------- ------- -------- -------- ------- -------- Underlying (loss)/earnings (1,406) (1.8) (1.8) 911 1.4 1.4 ---------------------------- -------- ------- -------- -------- ------- -------- 7. Dividend
The Board did not recommend a dividend for the year ended 31 August 2010 and has not recommended a final dividend for the year ended 31 August 2011.
The dividend proposed in the financial statements as at 31 August 2009, and approved by shareholders at the Annual General Meeting held on 28 January 2010, is shown as paid in the 2010 comparative figures.
8. Share capital
On 23 February 2011, each 10p ordinary share in issue was sub-divided into one new ordinary share of 1p each and one deferred share of 9p each. Each authorised but unissued ordinary share was sub-divided into 10 new ordinary shares of 1p each. On the same date, the Company issued 28,571,429 new ordinary shares of 1p each by way of a placing at 7p per share.
Nominal value Number ------------------------------- -------------------------------- Ordinary shares Ordinary Deferred Ordinary Ordinary Deferred of shares shares shares shares shares Authorised 10p of of of of of each 1p each 9p each 10p each 1p each 9p each GBP000 GBP000 GBP000 '000 '000 '000 -------------------------- --------- --------- --------- ---------- --------- --------- At 1 September 2010 15,000 - - 150,000 - - Sub-division of shares in issue (6,848) 685 6,163 (68,480) 68,480 68,480 Sub-division of unissued shares (8,152) 8,152 - (81,520) 815,199 - -------------------------- --------- --------- --------- ---------- --------- --------- At 31 August 2011 - 8,837 6,163 - 883,679 68,480 -------------------------- --------- --------- --------- ---------- --------- --------- Ordinary Ordinary Deferred shares shares shares of of of 10p each 1p each 9p each Allotted, called up and fully paid: Number Number Number number '000 '000 '000 -------------------------------------- ---------- --------- --------- In issue at 1 September 2010 68,480 - - Sub-division of shares (68,480) 68,480 68,480 Issued during the period - 28,571 - -------------------------------------- ---------- --------- --------- In issue at 31 August 2011 - 97,051 68,480 -------------------------------------- ---------- --------- --------- Ordinary Ordinary Deferred shares shares shares of of of Allotted, called up and fully 10p each 1p each 9p each Total paid: GBP'000 GBP000 GBP000 GBP000 GBP000 -------------------------------- ---------- --------- --------- -------- In issue at 1 September 2010 6,848 - - - Sub-division of shares (6,848) 685 6,163 6,848 Issued during the period - 286 - 286 -------------------------------- ---------- --------- --------- -------- In issue at 31 August 2011 - 971 6,163 7,134 -------------------------------- ---------- --------- --------- --------
The new ordinary shares of 1p each have the same rights as the previous ordinary shares of 10p each. No new share certificates were issued in respect to the new ordinary shares of 1p each, the existing certificates continuing to be valid and accepted as evidence of title for the new ordinary shares.
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,
-- No share certificates have or will be issued for any of the deferred shares. 9. Net cash flow from operations 31 August 31 August 2011 2010 GBP000 GBP000 ----------------------------------------------- ---------- ---------- (Loss)/profit for the year (2,954) 879 Depreciation of property, plant and equipment 776 596 Amortisation of intangible assets 1,058 977 Impairment of intangible assets 490 - Share-based payments 18 32 Finance income (14) (8) Finance expense 454 233 Income tax (credit)/expense (1,212) 68 ----------------------------------------------- ---------- ---------- EBITDA* (1,384) 2,777 ----------------------------------------------- ---------- ---------- Gain on sale of property, plant and equipment and fair value adjustments (14) (165) Decrease in inventories 686 1,028 Decrease in trade and other receivables 2,331 353 Decrease in trade, other payables and provisions (2,927) (2,175) ----------------------------------------------- ---------- ---------- 76 (959) ----------------------------------------------- ---------- ---------- Net cash (utilised in)/generated from operations (1,308) 1,818 ----------------------------------------------- ---------- ----------
* 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 2011 2010 GBP000 GBP000 --------------------------------------- ---------- ---------- Net increase/(decrease) in cash, cash equivalents and bank overdrafts 4,953 (1,792) New loans (11,870) - Repayment of loans 5,473 1,000 Other non-cash movements 235 (17) --------------------------------------- ---------- ---------- Increase in net debt (1,209) (809) Opening net debt (5,696) (4,887) --------------------------------------- ---------- ---------- Closing net debt (6,905) (5,696) --------------------------------------- ---------- ----------
11. 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 2011 and the year ended 31 August 2010.
The financial statements for the year ended 31 August 2010 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 2011 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 2011 are expected to be posted to shareholders no later than 31 December 2011 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.
12. Annual General Meeting
The Annual General Meeting will be held at the offices of Armour Automotive Limited, Woolmer Industrial Estate, Bordon, Hants GU35 9QE on Tuesday 31 January 2012.
ABOUT ARMOUR
Armour Group is the United Kingdom's leading consumer electronics group within the home and in-vehicle communications and entertainment markets, committed to designing, manufacturing and distributing leading-edge audio and visual products and solutions.
Armour Group has two principal UK based operating divisions, Armour Home and Armour Automotive, and Armour Asia based in Hong Kong. The Group employs over 200 people across operating sites in the UK, Scandinavia 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 66 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 and award-winning 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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