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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Flowgroup | LSE:FLOW | London | Ordinary Share | GB00B19H7076 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0145 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFLOW
RNS Number : 5623K
Flowgroup plc
11 April 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
11 April 2018
Flowgroup plc
("Flowgroup", the "Group" or the "Company")
Publication of circular and unaudited results
Further to its announcement on 10 April 2018 regarding the conditional sale of Flow Energy Limited ("Flow Energy"), to Co-operative Energy Limited ("Co-op Energy") (the "Sale"), the Company announces that it has today posted an explanatory circular to Shareholders detailing the Sale, together with a notice of the General Meeting to be held at the offices of Hogan Lovells International LLP, Atlantic House, Holborn Viaduct, London EC1A 2FG at 9.00 a.m. on 27 April 2018, in connection with the Sale. The circular is available to view on the Company's website at http://www.flowgroup.uk.com/
The Company also announces a summary of its unaudited results for the financial year ended 31 December 2017, which have been extracted from unaudited management accounts. The Company expects to issue its full audited 2017 results following completion of the disposal of Flow Energy Limited.
The Group expects to report that in the year ended 31 December 2017, its revenues increased by 40% to GBP138.1 million (2016: GBP98.8 million) and a gross profit (before exceptional items) of GBP8.3 million (2016: GBP7.1 million). After exceptional items totalling approximately GBP1.9 million (2016: GBP22.1 million), the Group expects to report a loss before taxation of approximately GBP20.8 million (2016 GBP45.8 million). As at 31 December 2017, net liabilities were GBP23.6 million (31 December 2016: GBP14.7million).
The summary unaudited management accounts are set out below:
Unaudited Group Income Statement
Unaudited Unaudited Unaudited Audited Audited Audited Year to 31 Year to 31 Year to 31 Year to 31 Year to 31 Year to 31 December 2017 December 2017 December 2017 December 2016 December 2016 December 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- -------------- --------------- --------------- -------------- --------------- Before Before exceptional Exceptional exceptional Exceptional items items (Note 2) Total items items (Note 2) Total --------------- -------------- --------------- --------------- -------------- --------------- Revenue 138,136 - 138,136 98,796 - 98,796 Cost of sales (129,822) - (129,822) (91,732) (3,277) (95,009) --------------- -------------- --------------- --------------- -------------- --------------- Gross profit 8,314 - 8,314 7,064 (3,277) 3,787 Administrative expenses (24,929) (1,919) (26,848) (30,612) (18,823) (49,435) --------------- -------------- --------------- --------------- -------------- --------------- Operating loss (16,615) (1,919) (18,534) (23,548) (22,100) (45,648) Net finance costs (2,242) (119) --------------- --------------- Loss before income tax (20,776) (45,767) Income tax 360 1,129 --------------- --------------- Loss for the financial period / year (20,416) (44,638) =============== ===============
Unaudited Group Statement of Financial Position
Unaudited as at 31 December 2017 Audited as at 31 December 2016 GBP'000 GBP'000 ----------------------------------- --------------------------------- GBP'000 GBP'000 ASSETS Non-current assets Intangible assets 1,099 1,973 Property, plant and equipment 411 658 ----------------------------------- --------------------------------- 1,510 2,631 ----------------------------------- --------------------------------- Current assets Inventories - 495 Trade and other receivables 29,873 20,631 Current tax receivable 722 1,231 Cash and cash equivalents 1,134 5,850 ----------------------------------- --------------------------------- 31,729 28,207 ----------------------------------- --------------------------------- Total assets 33,239 30,838 =================================== ================================= LIABILITIES Non-current liabilities Borrowings 17,687 2,182 Provisions 536 - ----------------------------------- --------------------------------- 18,223 2,182 ----------------------------------- --------------------------------- Current liabilities Trade and other payables 37,575 43,402 Provisions 1,027 - ----------------------------------- --------------------------------- 38,602 43,402 ----------------------------------- --------------------------------- Total liabilities 56,825 45,584 =================================== ================================= EQUITY Capital and reserves attributable to equity holders of the Company Share capital 16,983 15,876 Share premium account 67,981 59,238 Accumulated losses (113,044) (92,628) Reverse acquisition reserve (821) (821) Other reserves 5,315 3,589 ----------------------------------- --------------------------------- Total shareholders' equity (23,586) (14,746) ----------------------------------- --------------------------------- Total equity and liabilities 33,239 30,838 =================================== =================================
Unaudited Group Statement of Cash Flows
Unaudited Year to 31 December 2017 Audited Year to 31 December 2016 GBP'000 GBP'000 -------------------------------------- -------------------------------------- Cash flows from operating activities Cash consumed by operations (27,012) (6,839) ====================================== ====================================== Cash flows from investing activities Expenditure on intangible assets (2,872) (5,524) Purchase of property, plant and equipment (187) (644) Interest received 5 13 -------------------------------------- -------------------------------------- Net cash used in investing activities (3,054) (6,155) ====================================== ====================================== Cash flows from financing activities Net proceeds from the issue of ordinary shares 9,850 - Issue of convertible unsecured loan notes 15,500 - -------------------------------------- -------------------------------------- Net cash generated from financing activities 25,350 - ====================================== ====================================== Net decrease in cash and cash equivalents (4,716) (12,994) Cash and cash equivalents at beginning of the year 5,850 18,844 -------------------------------------- -------------------------------------- Cash and cash equivalents at end of the year 1,134 5,850 ====================================== ======================================
Unaudited Group Statement of Changes in Equity
Reverse Total Share Share Accumulated acquisi-tion Other Share-holders' capital premium losses reserve reserves Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------- --------- ------------ -------------- ---------- ---------------- Balance at 1 January 2016 15,876 59,238 (47,990) (821) 2,686 28,989 Share based payments - - - - 903 903 --------- --------- ------------ -------------- ---------- ---------------- Transactions with owners - - - - 903 903 Loss for the financial period - - (44,638) - - (44,638) --------- --------- ------------ -------------- ---------- ---------------- Balance at 31 December 2016 15,876 59,238 (92,628) (821) 3,589 (14,746) Proceeds from shares issued 1,107 9,954 - - - 11,061 Share issue costs - (1,211) - - - (1,211) Issue of convertible unsecured loan notes - - - - 1,038 1,038 Share based payments - - - - 688 688 --------- --------- ------------ -------------- ---------- ---------------- Transactions with owners 1,107 8,743 - - 1,726 11,576 Loss for the financial period - - (20,416) - - (20,416) --------- --------- ------------ -------------- ---------- ---------------- Balance at 31 December 2017 16,983 67,981 (113,044) (821) 5,315 (23,586) ========= ========= ============ ============== ========== ================
Notes to the Unaudited Group Management Accounts
1 Basis of preparation and accounting policies
The financial information for the year ended 31 December 2017 has been extracted from unaudited management accounts and does not constitute the Group's financial statements. Financial statements for the year ended 31 December 2017 have not yet been prepared, audited or delivered to the Registrar of Companies.
The accounting policies used in the preparation of the unaudited financial information are consistent with those used in the interim report for the 6 months ended 30 June 2017 and expected to be adopted in the annual financial statements for the year ended 31 December 2017.
The comparative figures are derived from the Group's financial statements for the year ended 31 December 2016 which carried an unqualified audit report, did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006 and have been filed with the Registrar of Companies.
2 Exceptional items
Unaudited Audited Year to 31 Year to 31 December 2017 December 2016 GBP'000 GBP'000 --------------- --------------- Adjustments to recognised assets and liabilities (483) 22,100 Reorganisation costs 2,402 - --------------- --------------- 1,919 22,100 =============== ===============
Further reorganisation costs comprising redundancy, empty property and contract settlements have been recognised during the year ended 31 December 2017 in respect of both the Flow Products and Flow Energy businesses. Adjustments to recognised assets and liabilities comprise the net of release of previous provisions, the gain on the settlement of long term creditors and the write off of fixed assets.
Exceptional items recognised during the year ended 31 December 2016 arise from the scaling back of the operations of the Flow Products division and comprise reductions in the balance sheet value of inventories and intangible assets together with adjustments to the carrying values of directly related prepayments and liabilities.
Enquiries
+44 (0)20 3817 3637 Flowgroup plc Alan Lovell, Chairman Nigel Canham, Chief Financial Officer +44 (0)20 3696 Smith Square Partners LLP (Financial adviser) 7260 Jonathan Coddington / Matt Alexander Cenkos Securities plc (Nominated adviser and broker) +44 (0)20 7397 Stephen Keys / Mark Connelly / Callum Davidson 8900 (Corporate Finance) Walbrook PR Ltd (Financial PR advisers) +44 (0)20 7933 Paul McManus / Nick Rome 8780
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
April 11, 2018 05:29 ET (09:29 GMT)
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