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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 |
From Jun 2019 to Jun 2024
TIDMEVN
RNS Number : 6097U
Environ Group (Investments) PLC
23 December 2011
23 December 2011
Environ Group (Investments) Plc
("Environ" or the "Group")
Interim Results for the six months ended 30 September 2011
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 2011.
Environ Group (Investments) Plc
Mark Sims
Tel: +44 (0) 1782 826939
Nominated Advisor:
Grant Thornton Corporate Finance
Gerry Beaney
Tel: +44 (0) 20 7383 5100
Broker:
Seymour Pierce Limited
Jacqui Briscoe
Tel: +44 (0) 207 107 8000
Chairman's Statement
After some months of steady if small profitability, we remarked at the annual meeting that the year had gone satisfactorily and that was indeed the case. However, since then the trading difficulties of a large customer , a dramatic change in government legislation which has halved the feed in tariffs on solar installations and continual pressure on margins have pushed the group back into losses with all the consequent effects. As a result, the Group will need to considerably revise strategy and plans over the coming months, which may include a substantial review of goodwill.
To further illustrate the margin problem it is interesting to reflect that on a fair proportion of our work we are now receiving prices lower than 10 years ago!
The second half of the year will doubtless continue to be tough. That being the case, your board has decided to put to shareholders that we delist Environ from the AIM market. This will save considerably on expenses and, whilst as a private company we would endeavour to obtain some form of 'matched bargain' facility we don't actually believe there will be any loss of liquidity as it is currently impossible to deal in any quantity in Environ shares even though quoted. We would also continue to maintain public company standards and keep shareholders fully in touch with their company's progress. Your board own approximately 60% of the shares and have undertaken to vote in favour.
In the current difficult climate, the Board feels that the Group's credit conditions have been restrictive and companies under separate ownership would fare better. Consequently in line with its review of strategy the board is proposing to dispose of a 51% interest in BGC Limited to its management. Further details of this will be set out in a circular to be posted to shareholders shortly. In line with this review there may be further partial disposals. In our opinion, all three businesses are involved in areas of the economy where there is a considerable long term future. However, the short term is going to be very tough indeed.
Nigel Wray
CHAIRMAN
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UNAUDITED CONSOLIDATED INCOME STATEMENT 6 MONTHS ENDED 30 SEPTEMBER
2011
6 Months ended 6 Months ended 12 Months ended
30 September 30 September 31 March
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
GBPooo GBPooo GBPooo
Continuing Operations
Revenue 8,208 8,461 19,507
Cost of Sales (6,182) (5,735) (13,147)
Gross Profit 2,026 2,726 6,360
Other Administrative
Expenses (2,119) (2,810) (5,881)
(Loss)/profit before
exceptional items (93) (84) 479
Exceptional items -- -- 258
(Loss)/profit from
operating activities (93) (84) 737
before amortisation
Amortisation -- -- --
(Loss)/profit from
operating activities (93) (84) 737
Net finance expense (155) (137) (276)
(Loss)/profit before
taxation (248) (221) 461
Income tax credit/(expense) -- -- 212
(Loss)/profit from
continuing operations (248) (221) 673
================ ================ ================
Pence per share Pence per share Pence per share
CONTINUING OPERATIONS
Basic (loss)/proft
per ordinary share (0.18) (0.65) 0.79
Diluted (loss)/proft
per ordinary share (0.08) (0.23) 1.05
UNAUDITED CONSOLIDATED CHANGES IN EQUITY 6 MONTHS ENDED 30 SEPTEMBER
2011
Called Profit
up Share &
share Premium Other Loss Total
capital Account Reserves Account equity
GBPooo GBPooo GBPooo GBPooo GBPooo
At start of period 5,570 17,747 276 (15,503) 8,090
(Loss) for the period -- -- -- (248) (248)
At end of period 5,570 17,747 276 (15,751) 7,842
======== ======== ========= ========= ========
UNAUDITED CONSOLIDATED CHANGES IN EQUITY 6 MONTHS ENDED 30 SEPTEMBER
2010
Called Profit
up Share &
share Premium Other Loss Total
capital Account Reserves Account equity
GBPooo GBPooo GBPooo GBPooo GBPooo
At start of period 4,402 13,916 1,843 (16,176) 3,985
Issue of shares (net of issue
costs) 1,162 3,798 (1,528) -- 3,432
(Loss) for the period -- -- -- (221) (221)
At end of period 5,564 17,714 315 (16,397) 7,196
======== ======== ========= ========= ========
AUDITED CONSOLIDATED CHANGES IN EQUITY 12 MONTHS ENDED 31
MARCH 2011
Called Profit
up Share &
share Premium Other Loss Total
capital Account Reserves Account equity
GBPooo GBPooo GBPooo GBPooo GBPooo
At start of period 4,402 13,916 1,843 (16,176) 3,985
Issue of shares (net of issue
costs) 1,168 3,332 -- -- 4,500
Profit for the period -- -- -- 673 673
Shares issued in lieu of deferred
consideration -- -- (1,000) -- (1,000)
Amounts relating to earlier acquisitions -- -- (68) -- (68)
Transfer to share premium account -- 499 (499) -- --
At end of period 5,570 17,747 276 (15,503) 8,090
======== ======== ========= ========= ========
UNAUDITED CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER
2011
At At At
30 September 30 September 31 March
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
GBPooo GBPooo GBPooo
Non current assets
Property, plant
and equipment 192 233 222
Goodwill 12,000 12,000 12,000
Total non current
assets 12,192 12,233 12,222
============= ============= ==========
Current assets
Inventories 504 470 223
Trade and other
receivables 3,445 2,842 3,369
Cash and cash
equivalrnts 170 763 488
Total current
assets 4,119 4,075 4,080
============= ============= ==========
Total assets 16,311 16,308 16,302
Current liabilities
Bank loans and
overdrafts (968) (147) (251)
Finance leases (10) (17) (12)
Convertible loan
notes -- (50) --
Trade and other
payables (4,226) (4,959) (4,780)
Current tax payable -- (206) --
Deferred consideration -- (575) --
Total current
liabilities (5,204) (5,954) (5,043)
============= ============= ==========
Non current liabilities
Finance leases -- (3) (4)
Convertible loan
notes (3,155) (3,155) (3,155)
Deferred tax liability (10) -- (10)
Other payables (100) -- --
Total non current
liabilities (3,265) (3,158) (3,169)
============= ============= ==========
Total liabilities (8,469) (9,112) (8,212)
Net assets 7,842 7,196 8,090
============= ============= ==========
Capital and reserves
Share capital 5,564 5,564 5,570
Share premium
account 17,714 17,714 17,747
Other reserves 315 315 276
Profit and loss
account (15,751) (16,397) (15,503)
Shareholders'
funds 7,842 7,196 8,090
============= ============= ==========
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT 6 MONTHS ENDED 30 SEPTEMBER
2011
6 Months 6 Months 12 Months
ended ended ended
30 September 30 September 31 March
2011 2010 2011
(Unaudited) (Unaudited) (Audited)
GBPooo GBPooo GBPooo
Net cash from operating activities (965) (668) (564)
Interest and loan arrangement costs (155) (137) (127)
Income taxes paid -- (84) (67)
Net cash from operating activities (1,120) (889) (758)
------------- ------------- ----------
Cashflow from investing activities
Amounts paid in respect of previous
acquisitions -- -- (318)
Disposal of subsidiary undertakings
(net of cash) -- 289 200
Purchases of property, plant and
equipment (9) (9) (59)
Net cash from investing activities (9) 280 (177)
------------- ------------- ----------
Financing
Proceeds from issue of shares -- 3,600 3,600
Repayment of convertible loan notes -- -- (50)
Costs of share issue -- (169) (168)
Proceeds of other loan 100 -- --
Repayment of bank loans -- (2,282) (2,282)
Finance lease repayments (6) (40) (44)
Net cash from financing activities 94 1,109 1,056
------------- ------------- ----------
Net (decrease) / increase in cash
and cash equivalents (1,035) 500 121
Cash and cash equivalents at start
of period 237 116 116
Cash and cash equivalents at end
of period (798) 616 237
------------- ------------- ----------
Comprising of:
Cash and cash equivalents per the
balance sheet 170 763 488
Bank borrowings (968) (147) (251)
Cash, cash equivalents and short
term borrowings (798) 616 237
------------- ------------- ----------
(Loss) / Profit for the year (248) (221) 673
Depreciation of property, plant
and equipment 36 46 73
Deferred tax -- -- 10
Income tax credit/expense recognised
in profit and loss account -- -- (222)
Finance expenses recognised in profit
and loss account 155 137 276
Exceptional item - release of deferred
consideration payable -- -- (258)
Loss on disposal of fixed assets 2 -- 34
Decrease/(increase) in inventories (281) (359) (112)
Decrease/(increase) in receivables (76) 788 62
Increase/(decrease) in payables (553) (1,059) (1,100)
Net cash from operating activities (965) (668) (564)
------------- ------------- ----------
NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT
For the 6 months ended 30 September 2011
1 BASIS OF PREPARATION OF INTERIM REPORT
The information for the period ended 30 September 2011 is not audited and does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The comparative figures for the year ended 31 March 2011 are not the Company's statutory accounts for that financial year as defined in Section 435 of the Companies Act 2006. The interim accounts for the half year ended 30 September 2010 were also unaudited.
The statutory accounts for the year ended 31 March 2011 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 2011 as well as all interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") at 30 September 2011.
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 2011.
3 EARNINGS PER SHARE
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2011 2010 2011
Continuing operations
Numerators; earnings
attributable to equity GBP (248,000) GBP(221,289) GBP 673,000
Interest on convertible
loan notes GBP 128,200 GBP 128,200 GBP 310,000
Earnings used in the
calculation of total
diluted earnings per
share GBP (119,800) GBP (93,089) GBP 983,000
============== ============= ============
No. No. No.
Denominators; weighted average number
of equity shares
Basic 137,684,623 34,304,153 85,698,000
Effect of dilutive potential
ordinary shares: share
options and convertible
loan notes 10,926,333 5,317,833 7,646,000
Diluted 148,610,956 39,621,986 93,344,000
============== ============= ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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