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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Environ Group | LSE:EVN | London | Ordinary Share | GB00B50K2P36 | 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% | 0.55 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 2950X
Environ Group (Investments) PLC
03 December 2010
3 December 2010
Environ Group (Investments) Plc
("Environ Group" or the "Group")
Interim Results for the six months ended 30 September 2010
Environ Group, a holding company focused on the support services sector within
the UK, today announces its interim results for the six months ended 30
September 2010.
Highlights:
· The Group is moving towards its goal of achieving profitability with a
significant reduction in losses (six months to 30 September 2010: GBP221,000
loss), a notable improvement from the considerable loss made in the previous six
months to the year ended March 2010
· A year of restructuring and consolidation now complete
· Oversubscribed share offer in September 2010
· Strengthened balance sheet following fundraising and repayment of
Chairman's loan
· The Board remains heavily invested in the business
· Strengthening of the Board with appointment of Mrs. Janet Domin, Mr. Neil
Chapman and Mr. Christopher Arnott
· Disposals made earlier this year are now starting to show a positive
impact on the results
· GBP1.3m contract with Macclesfield based, Cheshire Peaks and Plains
Housing Trust ("CPPHT")
· Remain focused on legislation led services
Post Period End Highlights
· Past five months have seen the Group move into a healthy but small
profit, month on month
· Current agreement with CPPHT was extended, almost immediately
· BGC Ltd ("BGC") and Fenhams Ltd. ("Fenhams") see renewable energy market
as main growth sector. Contracts worth over GBP1,000,000 have already been won
· Fenhams widening its geographical base with contract wins across the
country. BGC has launched a pioneering centre of excellence for training on the
installation of renewable energy technology
· Intumescent Protective Coatings Ltd. ("IPCL") is currently working on
the iconic Shard building at London Bridge
· IPCL is working on a complete fire prevention and protection solution for
Registered Social Landlord ("RSLs), Councils and Private Commercial businesses
for the Retrofit market
Commenting on the results, Mark Sims, Chief Executive Officer, said:
"As I am sure you are aware, there have been a number of high profile businesses
within the industry that have been wound up in recent months. Although this is
of concern for the industry as a whole, it has opened up a number of key
opportunities, as the lead contractor, for smaller more personable businesses,
such as Environ Group. We have been approached regarding a number of tenders
that have come about because of the collapse of these businesses, and it is
hoped that we can turn these opportunities into successful long standing
contract wins.
"Additionally, the introduction of the Renewable Heat Incentive and the Green
Deal, along with the launch of the BGC Renewable Energy Centre should drive
opportunities and new business to the Group, supporting the Group's focus on
legislation led services. Customer retention is also very important and the
feedback that we have been receiving from our customers has been very positive.
"The Group has streamlined its operations, reduced its overheads and has made
strategic disposals where necessary, in order to ensure profitability in the
future. This restructuring phase is now complete and we have a strong and
experienced Board in place to help drive the business forward. Although we made
a modest loss for the period under review, the Group has traded profitably for
the past five months. I am confident that the Group is in a good position and
that the second half of the year will offer significant opportunities for
growth."
For further enquiries, please contact:
Environ Group (Investments) Plc
Mark Sims, Chief Executive Officer Tel: +44 (0)
1782 826939
Nominated Advisor
Grant Thornton Corporate Finance
Gerry Beaney/Adam Suggett Tel: +44 (0)
20 7383 5100
Broker
Seymour Pierce Limited
Jacqui Briscoe
Tel: +44 (0) 20 7107 8000
Financial PR
Bishopgate Communications
Gemma O'Hara/Siobhra Murphy Tel: +44 (0) 20
7562 3350
environ@bishopsgatecommunications.com
Chairman's Statement
It's not much to write home about but the very modest loss for the first six
months is at least an improvement on the very large loss of the six months
previous. I am also happy to report that the past five months have seen us move
into a modest profit month on month.
In the relative turmoil of our marketplace, it's far too early to say whether
the corner has been turned but the entire Board remain both substantial
investors in the company and believers in the long term future of the business.
The refurbishment of the United Kingdom's housing stock, 'green' insulation,
warm front policies, decent homes standards, solar power, fire protection and
prevention - all this surely has to be good long term business with excellent
growth prospects, though certainly there will be bumps along the road as we have
said before, and indeed much as we are all, across the country, experiencing at
the moment.
Whilst it is therefore too early by far to give any firm guidance as to the
future, it should be possible to have a far better idea in 6 months' time.
Nigel Wray
Chairman
Chief Executive Officer's report
Overview
This is my inaugural CEO's statement and I am pleased to report that although
Environ Group has been through a significant period of change over the last 12
months, the six months under review have undoubtedly seen us make satisfactory
progress. We have seen an encouraging improvement across the Group with a number
of key contract wins. Additionally, the Board has been strengthened with the
appointment of Mrs. Janet Domin, Mr. Neil Chapman and Mr. Christopher Arnott as
Non-Executive Directors of the Company. Both Christopher and Neil have
significant experience in the fire prevention and protection market and have
helped, and will continue to help, with driving this growth area of the
business. Janet brings with her a demonstrable track record having worked at HM
Customs and Excise concentrating on finance functions. She was also instrumental
in increasing Fenhams contract growth between 1999 and 2007.
Following the recent fundraising and repayment of the Chairman's loan, we
believe that Environ Group is now financially stable and in a position to
benefit from the opportunities that are presenting themselves following the
recent Spending Review and the collapse of some major players within the support
services sector - this is already evident in the opportunities becoming
available on a daily basis.
As you will see from the numbers, revenues are significantly down compared with
the previous year. However, retrenchment across the Group has now left us in a
far stronger position to benefit from the current work levels. It is the Board's
belief that the disposals made earlier this year are now starting to show a
positive impact on the results and will continue to do so moving forward.
Furthermore, the Group is moving towards its goal of achieving sustainable
profitability with a significant reduction in losses, a notable improvement from
the considerable loss made in the previous six months to the year ended March
2010.
Furthermore, post period end, we have seen a move into profitability, during
October and November, and although there are no guarantees that profitability
will be sustained until the end of the year, this is a positive step forward for
the Group.
Trading Operations
I am pleased to report that all three trading subsidiaries have performed well
over the past few months. This year started with some legacy issues arising from
the major losses of last year. The Board were able to continue with the
strategic action plans prepared as part of the divestment programme in February
2010. This included some job losses, which, whilst regrettable, were vital to
ensure the continued health of the Group moving forward.
The Board sees green energy as its main growth sector and is working towards
expanding this specialist area across the Group. BGC and Fenhams are both part
of the Microgeneration Certification Scheme ("MCS"), an independent scheme that
certifies microgeneration products and installers, and have worked on some of
the UK's biggest photovoltaic installations, including the combined solar
thermal and photovoltaic arrays on the side of E-ON, the utility giant's, head
office in Coventry.
In order to keep up with the growing demand for renewable energy, BGC has
launched a pioneering centre of excellence for training on the installation of
renewable energy technology. The centre, which is based in Etruria,
Stoke-on-Trent, currently has 15 trainees, all of whom we expect to work in
BGC's growing renewable energy division. The centre will also be opened up to
local schools in order to give school children an insight into renewable energy
technology and its benefits, with the use of practical examples. We believe this
centre will help to position BGC as a nationally recognised provider of
renewable technology and allow us to maximise all opportunities within this
exciting sector.
BGC has won a significant new contract with Macclesfield based, Chesire Peaks
and Plains Housing Trust. The original contract, which has commenced and runs
until March 2011, is worth approximately GBP1.3 million and includes the
installation of 100 new bathrooms and kitchens, carrying out 60 major rewiring
projects and making 250 heating system improvements. In September's announcement
we stated that the Board believed that CPPHT could offer the Group additional
opportunities and I am pleased to report that the current agreement was
extended, almost immediately, to include a comprehensive separate programme of
mains and earthing works to be carried out over a 35 week period. This
additional work will be carried out by the electrical division of BGC.
Part of the strategy is to offer renewable energy services to all our existing
customers. BGC has recently won a major GBP500,000 contract with a Registered
Social Landlord ("RSL") and Fenhams has won a contract with a large "not for
profit" organisation that aims to deliver renewable energy solutions.
The reduction in the number of people living in "fuel poverty" is a major UK
wide initiative and the Group is committed to providing a fast, friendly and
efficient service to all those households allocated new systems via the Warm
Front Scheme. The Comprehensive Spending Review in October this year announced
changes to the format and level of grants available, and we will continue to
work closely with all parties to ensure that this worthy initiative is
maintained and upgraded in the coming years.
Both BGC and Fenhams are continuing to see a growing number of renewable energy
opportunities in the market and are currently working on a number of tenders -
we hope to update shareholders in the near future.
As part of the Group's diversification plans, all three subsidiaries have
managed to widen their customer base. BGC has concentrated on its local markets,
Fenhams has been able to take advantage of its national network to win new work
as far afield as the South Coast, Home Counties and East Anglia as well as new
leads in the North East. IPCL, although based in the North East, has won
significant work in Scotland as well as major contracts in London.
IPCL is a good fit alongside the existing social services sector businesses
within the Group as it applies complimentary services and products to similar
and new sectors. Since January, in a difficult construction market, it has
strengthened its existing relationships with the majority of the UK's leading
construction and fabrication companies and has offered complimentary services to
the Group's existing customer base - IPCL is working on a complete fire
prevention and protection solution for RSLs, Local Councils and private
commercial businesses for the retrofit market. The fire protection and
prevention sector is predominantly driven by fire regulation and legislation,
which is continually being updated and these changes generally introduce more
stringent fire regulation. These regulations predominantly affect landlords and
commercial businesses that are required to comply with all current fire
regulations and legislation or face prosecution.
IPCL's services are fully accredited by the FIRAS - the industry recognised
standard, which guarantees the quality of the work carried out. Because IPCL
offers a fully comprehensive one-stop shop for fire prevention services it
minimises the need for multiple contractors and warranties on single projects.
Opportunities and Outlook
As I am sure you are aware, there have been a number of high profile businesses
within the industry that have been wound up in recent months. Although, this is
of concern for the industry as a whole, it has opened up a number of key
opportunities, as the lead contractor, for smaller more personable businesses,
such as Environ Group. We have been approached regarding a number of tenders
that have come about because of the collapse of these businesses, and it is
hoped that we can turn these opportunities into successful long standing
contract wins.
Additionally, the introduction of the RHI and the Green Deal, along with the
launch of the BGC Renewable Energy Centre should drive opportunities and new
business to the Group, supporting the Group's focus on legislation led services.
Customer retention is also very important and the feedback that we have been
receiving from our customers has been very positive. The BGC team has been
working closely with its customers to ensure that it meets their needs
throughout the process and it is by building and maintaining these important
relationships that BCG is winning repeat business and contract extensions.
The Group has streamlined its operations, reduced its overheads and has made
strategic disposals where necessary, in order to ensure profitability in the
future. This restructuring phase is now complete and we have a strong and
experienced Board in place to help drive the business forward. The Group is
financially stable with a good cash position, and although we made a modest loss
for the period under review, the Group has traded profitably during October and
November. I am confident that the Group is in a good position and that the next
six months will offer significant opportunities for growth.
Mark Sims
Chief Executive Officer
UNAUDITED CONSOLIDATED INCOME STATEMENT 6 MONTHS ENDED 30 SEPTEMBER 2010
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | 6 Months | | 6 Months | | 12 |
| | | | ended | | ended | | Months |
| | | | | | | | ended |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | 30 | | 30 | | 31 |
| | | | September | | September | | March |
| | | | 2010 | | 2009 | | 2010 |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | (Unaudited) | | (Unaudited) | | (Audited) |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | GBPooo | | GBPooo | | GBPooo |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| Continuing Operations | | | | | |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | | | |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| Revenue | 8,461 | | 10,968 | | 19,085 |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | Cost of Sales | (5,735) | | (6,793) | | (13,568) |
+----------+---------------------------------------+-------------+----------+-------------+----------+-----------+
| Gross Profit | 2,726 | | 4,175 | | 5,517 |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | Other Administrative Expenses | (2,810) | | (3,071) | | (6,260) |
+----------+---------------------------------------+-------------+----------+-------------+----------+-----------+
| (Loss)/profit before exceptional items | (84) | | 1,104 | | (743) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | Exceptional items | -- | | -- | | (7,072) |
+----------+---------------------------------------+-------------+----------+-------------+----------+-----------+
| (Loss)/profit from operating activities | (84) | | 1,104 | | (7,815) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | Net finance expense | (137) | | (140) | | (392) |
+----------+---------------------------------------+-------------+----------+-------------+----------+-----------+
| (Loss)/profit before taxation | (221) | | 964 | | (8,207) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | Income tax credit/(expense) | -- | | (270) | | 82 |
+----------+---------------------------------------+-------------+----------+-------------+----------+-----------+
| (Loss)/profit from continuing operations | (221) | | 694 | | (8,125) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | Discontinued businesses | | | 81 | | (9,035) |
+----------+---------------------------------------+-------------+----------+-------------+----------+-----------+
| (Loss)/profit for the financial period | (221) | | 775 | | (17,160) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | | | |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| | | | Pence | | Pence | | Pence |
| | | | per | | per | | per |
| | | | share | | share | | share |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| CONTINUING OPERATIONS | | | | | |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| Basic (loss)/profit per ordinary share | (0.65) | | 3.94 | | (43.48) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | | | |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| Diluted (loss)/profit per ordinary share | (0.23) | | 3.94 | | (33.58) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | | | |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| DISCONTINUED OPERATIONS | | | | | |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| Basic (loss)/profit per ordinary share | N/A | | 0.46 | | (48.34) |
+--------------------------------------------------+-------------+----------+-------------+----------+-----------+
| | | | | | | | |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
| Diluted (loss)/profit per ordinary share | N/A | | 0.46 | | (37.63) |
+----------+----------+----------------------------+-------------+----------+-------------+----------+-----------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 MONTHS ENDED 30
SEPTEMBER 2010
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| | Called | | Share | | Other | | Profit | | Total |
| | up | | | | | | & | | |
| | | | Premium | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| | Share | | Account | | Reserves | | Loss | | Equity |
| | capital | | | | | | Account | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| | GBPooo | | GBPooo | | GBPooo | | GBPooo | | GBPooo |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| At start of period | 4,402 | | 13,916 | | 1,843 | | (16,176) | | 3,985 |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| Issue of shares (net | 1,162 | | 3,798 | | (1,528) | | | | 3,432 |
| of issue costs) | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| (Loss) for the | | | | | | | (221) | | (221) |
| period | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| At end of period | 5,564 | | 17,714 | | 315 | | (16,397) | | 7,196 |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
| | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+--------+
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 MONTHS ENDED 30
SEPTEMBER 2009
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| | Called | | Share | | Other | | Profit | | Total |
| | up | | | | | | & | | |
| | | | Premium | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| | Share | | Account | | Reserves | | Loss | | Equity |
| | capital | | | | | | Account | | |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| | GBPooo | | GBPooo | | GBPooo | | GBPooo | | GBPooo |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| At start of period | 3,623 | | 12,626 | | 1,340 | | 984 | | 18,573 |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| Issue of shares (net | 257 | | 593 | | | | | | 850 |
| of issue costs) | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| Profit for the | | | | | | | 775 | | 775 |
| period | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
| At end of period | 3,880 | | 13,219 | | 1,340 | | 1,759 | | 20,198 |
+----------------------+---------+----------+---------+----------+----------+----------+---------+----------+--------+
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 12 MONTHS ENDED 31 MARCH
2010
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| | Called | | | | | | Profit | | |
| | up | | | | | | & | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| | Share | | Share | | Other | | Loss | | Total |
| | capital | | Premium | | Reserves | | Account | | equity |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| | GBPooo | | GBPooo | | GBPooo | | GBPooo | | GBPooo |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| At start of period | 3,623 | | 12,626 | | 1,340 | | 984 | | 18,573 |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| Issue of shares (net | 779 | | 1,290 | | | | | | 2,069 |
| of issue costs) | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| (Loss) for the | | | | | | | (17,160) | | (17,160) |
| period | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| Adjustment to contingent | | | | (1,250) | | | | (1,250) |
| consideration | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+----------+----------+----------+----------+
| Shares to be issued | | | | | 1,003 | | | | 1,003 |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| Amounts relating to earlier | | | | 400 | | | | 400 |
| acquisitions | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+----------+----------+----------+----------+
| Liabilities to be | | | | | 300 | | | | 300 |
| exchanged for shares | | | | | | | | | |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
| Share based payments; | | | | 50 | | | | 50 |
| services provided | | | | | | | | |
+--------------------------------+----------+---------+----------+----------+----------+----------+----------+----------+
| At end of period | 4,402 | | 13,916 | | 1,843 | | (16,176) | | 3,985 |
+----------------------+---------+----------+---------+----------+----------+----------+----------+----------+----------+
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
| UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2010 |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
| At At At | | | | | |
| 30 30 31 | | | | | |
| September September March | | | | | |
| 2010 2009 2010 | | | | | |
| (Unaudited) (Unaudited) (Audited) | | | | | |
| GBPooo GBPooo GBPooo | | | | | |
| Non current assets | | | | | |
| Property, plant and equipment 233 550 270 | | | | | |
| Goodwill 12,000 19,860 12,000 | | | | | |
| Intangible assets -- 4,367 -- | | | | | |
| Deferred tax asset -- 29 -- | | | | | |
| Investments -- 62 -- | | | | | |
| Total non current assets 12,233 24,868 12,270 | | | | | |
| Current assets | | | | | |
| Inventories 470 1,552 111 | | | | | |
| Trade and other receivables 2,842 5,843 3,631 | | | | | |
| Cash and cash equivalrnts 763 667 116 | | | | | |
| Total current assets 4,075 8,062 3,858 | | | | | |
| Total assets 16,308 32,930 16,128 | | | | | |
| Current liabilities | | | | | |
| Bank loans and overdrafts (147) (1,072) (2,282) | | | | | |
| Finance leases (17) (83) (52) | | | | | |
| Convertible loan notes (50) (525) -- | | | | | |
| Trade and other payables (4,959) (5,074) (5,731) | | | | | |
| Current tax payable (206) (425) (289) | | | | | |
| Deferred consideration (575) (240) (388) | | | | | |
| Total current liabilities (5,954) (7,419) (8,742) | | | | | |
| Non current liabilities | | | | | |
| Bank loans and overdrafts -- (2,214) -- | | | | | |
| Finance leases (3) (11) (8) | | | | | |
| Convertible loan notes (3,155) -- (3,205) | | | | | |
| Deferred tax liability -- (1,428) -- | | | | | |
| Other payables -- (250) -- | | | | | |
| Deferred consideration -- (1,410) (188) | | | | | |
| Total non current liabilities (3,158) (5,313) (3,401) | | | | | |
| Total liabilities (9,112) (12,732) (12,143) | | | | | |
| Net assets 7,196 20,198 3,985 | | | | | |
| Capital and reserves | | | | | |
| Share capital 5,564 3,880 4,402 | | | | | |
| Share premium account 17,714 13,219 13,916 | | | | | |
| Other reserves 315 1,340 1,843 | | | | | |
| Profit and loss account (16,397) 1,759 (16,176) | | | | | |
| Shareholders' funds 7,196 20,198 3,985 | | | | | |
| | | | | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
| | | | | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
| | | | | | |
| | | | | | |
| | | | | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
| UNAUDITED CONSOLIDATED CASH FLOW STATEMENT 6 MONTHS ENDED 30 | | | | | |
| SEPTEMBER 2010 | | | | | |
| 6 Months 6 Months 12 | | | | | |
| ended ended Months | | | | | |
| ended | | | | | |
| 30 30 31 | | | | | |
| September September March | | | | | |
| 2010 2009 2010 | | | | | |
| (Unaudited) (Unaudited) (Audited) | | | | | |
| GBPooo GBPooo GBPooo | | | | | |
| Net cash from operating activities (668) 813 (1,325) | | | | | |
| Interest and loan arrangement costs (137) (119) (337) | | | | | |
| Income taxes paid (84) (294) (291) | | | | | |
| Net cash from operating activities (889) 400 (1,953) | | | | | |
| Cashflow from investing activities | | | | | |
| Acquisition of subsidiary undertakings -- (200) (1,166) | | | | | |
| (net of cash) | | | | | |
| Amounts paid in respect of previous -- -- (801) | | | | | |
| acquisitions | | | | | |
| Disposal of subsidiary undertakings 289 -- 1,289 | | | | | |
| (net of cash) | | | | | |
| Expenditure on research and -- (250) -- | | | | | |
| development | | | | | |
| Purchases of property, plant and (9) (199) (160) | | | | | |
| equipment | | | | | |
| Proceeds from disposal of property, -- -- 23 | | | | | |
| plant and equipment | | | | | |
| Net cash from investing activities 280 (649) (815) | | | | | |
| Financing | | | | | |
| Proceeds from issue of shares 3,600 872 956 | | | | | |
| Proceeds from issue of convertible -- 525 3,205 | | | | | |
| loan notes | | | | | |
| Costs of share issue (169) (22) (111) | | | | | |
| Proceeds of new bank and other loans -- -- 575 | | | | | |
| Repayment of bank loans (2,282) (398) (1,352) | | | | | |
| Finance lease repayments (40) (45) (98) | | | | | |
| Net cash from financing activities 1,109 932 3,175 | | | | | |
| Net increase in cash and cash 500 683 407 | | | | | |
| equivalents | | | | | |
| Cash and cash equivalents at start of 116 (291) (291) | | | | | |
| period | | | | | |
| Cash and cash equivalents at end of 616 392 116 | | | | | |
| period | | | | | |
| Comprising of: | | | | | |
| Cash and cash equivalents per the 763 667 116 | | | | | |
| balance sheet | | | | | |
| Less: | | | | | |
| Bank overdraft (147) (136) -- | | | | | |
| Invoice Discounting -- (141) -- | | | | | |
| Cash, cash equivalents and short term 616 390 116 | | | | | |
| borrowings | | | | | |
| (Loss) / Profit for the year (221) 775 (17,160) | | | | | |
| Depreciation of property, plant and 46 84 113 | | | | | |
| equipment | | | | | |
| Amortisation and impairmnet of -- 312 6,489 | | | | | |
| goodwill and intangible assets | | | | | |
| Loss on disposal of subsidiaries -- -- 6,729 | | | | | |
| Income tax credit/expense recognised -- 270 (82) | | | | | |
| in profit and loss account | | | | | |
| Finance expenses recognised in profit 137 140 392 | | | | | |
| and loss account | | | | | |
| Share based payments -- 2 50 | | | | | |
| Decrease/(increase) in inventories (359) (232) (520) | | | | | |
| Decrease/(increase) in receivables 788 (921) 925 | | | | | |
| Increase/(decrease) in payables (1,059) 383 1,739 | | | | | |
| Net cash from operating activities (668) 813 (1,325) | | | | | |
| | | | | | |
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
| | | | | | |
| | | | | | |
| NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT | | | | | |
| For the 6 months ended 30 September 2010 | | | | | |
| | | | | | |
| 1 BASIS OF PREPARATION OF INTERIM REPORT | | | | | |
| | | | | | |
| The information for the period ended 30 September 2010 is not audited and does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The interim accounts for the half year ended 30 September 2009 were also unaudited. The comparative figures for the year ended 31 March 2010 are not the Company's statutory accounts for that financial year as defined in Section 435 of the Companies Act 2006. | | | | | |
| | | | | | |
| The statutory accounts for the year ended 31 March 2010 have been reported on by the Company's auditors and have been delivered to the Registrar of Companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006. | | | | | |
| | | | | | |
| This announcement contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of the preparation of this announcement and the Company undertakes no obligation to update these forward-looking statements. Nothing in this Interim Financial Report should be construed as a profit forecast. | | | | | |
| | | | | | |
| This Interim Financial Report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Environ Group (Investments) plc and its subsidiaries when viewed as a whole. | | | | | |
| | | | | | |
| 2 ACCOUNTING POLICIES | | | | | |
| | | | | | |
| Basis of accounting | | | | | |
| | | | | | |
| The report has been prepared on a going concern basis in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") at 30 September 2010 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2010. | | | | | |
| The group has not availed itself of early adoption options in such standards and interpretations. | | | | | |
| The principal accounting policies adopted are as set out in the Annual Report for the year ended 31 March 2010. | | | | | |
| | | | | | |
| 3 EARNINGS PER SHARE | | | | | |
| 6 months 6 months 12 | | | | | |
| ended ended months | | | | | |
| ended | | | | | |
| 30 30 31 | | | | | |
| September September March | | | | | |
| 2010 2009 2010` | | | | | |
| Continuing operations | | | | | |
| Numerators; earnings attributable GBP GBP GBP | | | | | |
| to equity (221,289) 694,000 (8,125,179) | | | | | |
| Interest on convertible loan GBP -- GBP | | | | | |
| notes 128,200 64,000 | | | | | |
| Earnings used in the calculation GBP GBP GBP | | | | | |
| of total diluted earnings per (93,089) 694,000 (8,061,179) | | | | | |
| share | | | | | |
| No. '000 No. '000 No. | | | | | |
| '000 | | | | | |
| Denominators; weighted average | | | | | |
| number of equity shares | | | | | |
| Basic 34,304,153 17,614,943 18,688,322 | | | | | |
| Effect of dilutive potential 5,317,833 -- 5,317,833 | | | | | |
| ordinary shares: share options | | | | | |
| and convertible loan notes | | | | | |
| Diluted 39,621,986 17,614,943 24,006,155 | | | | | |
| Discontinued Operations | | | | | |
| Numerators; earnings attributable N/A GBP GBP | | | | | |
| to equity 81,000 (9,034,657) | | | | | |
| No. '000 No. '000 No. | | | | | |
| '000 | | | | | |
| Denominators; weighted average | | | | | |
| number of equity shares | | | | | |
| Basic N/A 17,614,943 18,688,322 | | | | | |
| Effect of dilutive potential N/A -- 5,317,833 | | | | | |
| ordinary shares: share options | | | | | |
| and convertible loan notes | | | | | |
| Diluted N/A 17,614,943 24,006,155 | | | | | |
| | | | | | |
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+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
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+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
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+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+---------------+----------+---------------+----------+------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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