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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Frame 1 | LSE:FRME | London | Ordinary Share | GB00B05R5L10 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number : 9657V
Frame 1 PLC
04 June 2008
FRAME 1 PLC
INTERIM RESULTS
FOR THE 6 MONTHS' PERIOD ENDED 31 MARCH 2008
CHAIRMAN'S STATEMENT
On the 8 March 2008 the company changed its name from Crystalband PLC to Frame 1 PLC.
Turnover for the six months' period to 31 March 2008 amounted to £2,982k, an increase of £169k on the same period last year. I am
delighted to report that this resulted in a gross profit of £988k compared to £697k for the same period last year. This represents an 8.4%
increase in the gross margin and is wholly down to the increased efficiency of the way the business is now managed and operated. We are now,
at last, seeing the benefits of the difficult decisions taken at the end of 2006 and the efforts of the new management team since then.
Given the losses sustained in the periods prior to my chairmanship, we are not yet able to declare a dividend.
Unfortunately, one of the larger Local Authority contracts that has been a valuable source of business for the company over the past
couple of years has now ended. Whilst we are hoping that we may be successful in our attempts to secure future Local Authority contracts, I
am happy to be able to report that this turnover has been replaced by a number of other contracts with commercial customers, many with
improved margins.
The management team is also actively considering a number of other initiatives to grow the core business and further improve
efficiencies. I am, therefore, very pleased to report that now we have turned the business to profitability I am confident that we can now
see the business grow.
I believe the business is now in a position to expand in a controlled and manageable manner. However, I have to acknowledge that the
market remains challenging and I suspect will remain difficult throughout the remainder of the current financial year. That said, I am
delighted to be able to report that we are continuing to trade profitably. In the current difficult trading climate and given the
difficulties we have come through since the change in management, this will be a tremendous achievement.
Alan Rothwell
Chairman
4th June 2008
CONSOLIDATED INCOME STATEMENT
FOR THE 6 MONTHS' PERIOD ENDED 31 MARCH 2008
______________________________________________________________________ 6 months to 6
months to Year end
31.03.08 31.03.07 30.09.07
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
Revenue 2,982 2,813 5,920
Cost of sales (1,994) (2,116) (4,174)
Gross Profit 988 697 1,746
Other operating expenses (828) (864) (1,720)
Profit/(Loss) from operations 160 (167) 26
Finance income - 11 11
Finance costs (63) (83) (156)
Profit/(Loss) Before Taxation 97 (239) (119)
Taxation - - 303
Profit/(Loss)for Year/Period 97 (239) 184
Basic earnings per share (pence) 2 0.347 (0.857) 0.659
for profit attributable to the
equity holders
All the group's activities are derived from continuing operations.
The notes at the end of this announcement form an integral part of these interim financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHS' PERIOD ENDED 31 MARCH 2008
______________________________________________________________________ Share Capital Share
Premium Retained Earnings Total Equity
£'000 £'000 £'000 £'000
Balance at 01 October 2006 139 2,769 (2,128) 780
Profit for the period - - 184 184
Total recognised income and - - 184 184
expense for the period
Balance at 30 September 2007 139 2,769 (1,944) 964
Share Capital Share Premium Retained Earnings Total Equity
£'000 £'000 £'000 £'000
Balance at 01 October 2006 139 2,769 (2,128) 780
(Loss) for the period - - (239) (239)
Total recognised income and - - (239) (239)
expense for the period
Balance at 31 March 2007 139 2,769 (2,367) 541
Share Capital Share Premium Retained Earnings Total Equity
£'000 £'000 £'000 £'000
Balance at 01 October 2007 139 2,769 (1,944) 964
Profit for the period - - 97 97
Total recognised income and - - 97 97
expense for the period
Balance at 31 March 2008 139 2,769 (1,847) 1,061
CONSOLIDATED BALANCE SHEET
FOR THE 6 MONTHS' PERIOD ENDED 31 MARCH 2008
________________________________________________________________________< /fipP> 6 months to 6
months to Year to
31.03.08 31.03.07 30.09.07
Unaudited Unaudited Audited
Restated Restated
£'000 £'000 £'000
Assets
Non Current Assets
Intangible assets 2,894 2,894 2,894
Property, plant and equipment 448 514 481
3,342 3,408 3,375
Current Assets
Inventories 223 208 246
Trade and other receivables 1,642 1,135 1,606
Cash and cash equivalents 1 96 1
1,866 1,439 1,853
Liabilities
Current Liabilities
Trade and other payables (4,147) (4,220) (2,631)
Net Current Liabilities (2,281) (2,781) (778)
Non Current Liabilities
Interest bearing borrowings (86) (1,633)
Net assets 1,061 541 964
Capital and reserves attributable
to the equity holders of the
company
Ordinary shares 139 139 139
Share premium 2,769 2,769 2,769
Retained profits (1,847) (2,367) (1,944)
Total equity 1,061 541 964
CONSOLIDATED CASHFLOW STATEMENT
FOR THE 6 MONTHS' PERIOD ENDED 31 MARCH 2008
______________________________________________________________________ 6 months to 6
months to Year end
31.03.08 31.03.07 30.09.07
Unaudited Unaudited Audited
Restated Restated
£'000 £'000 £'000
Cash Flows from Operating Activities
Profit / (loss) before tax 97 (239) (119)
Non Cash Adjustments
Depreciation 33 36 71
Cash Flows before changes in working 130 (203) (48)
capital
Decrease in inventories 23 44 7
(Increase)/ Decrease in trade (37) 1,833 1,684
receivables
(Decrease) in trade payables (115) (1,657) (1,484)
(129) 220 207
Cash flows from investing activities
Payments to acquire property, plant and - (14) (18)
equipment
Cash Inflow Before Financing 1 3 141
Financing
Proceeds from new short term loans 250 0
Principal payment on hire purchase (42) (41) (81)
agreements
Net Cash (Outflow)/ Inflow from (42) 209 (81)
Financing
Net (Decrease)/ Increase in Cash and (41) 212 60
cash equivalents
Cash and cash equivalents as at 01 (56) (116) (116)
October 2007
Cash and cash equivalents as at 31 (97) 96 (56)
March 08
NOTES TO THE ACCOUNTS
FOR THE 6 MONTHS' PERIOD ENDED 31 MARCH 2008
______________________________________________________________________ 1. Accounting Policies
The Group's interim financial statements for the six months ended 31 March 2008 are prepared in accordance with IFRS and the
comparatives for those periods are restated to reflect IFRS, except where otherwise required or permitted by IFRS 1, "First Time Adoption of
IFRS".
2. Earnings Per Share
6 months to 6 months to Year end
31.03.08 31.03.07 30.09.07
Unaudited Unaudited Audited
Restated Restated
£'000 £'000 £'000
Net profit / (loss) attributable to 97 (239) 184
equity shareholders for basic earnings
per share
6 months to 6 months to Year end
31.03.08 31.03.07 30.09.07
Unaudited Unaudited Audited
Earnings per ordinary share 0.347 (0.857) 0.659
Earnings per share have been calculated on the net basis on the profit on ordinary activities after taxation using the weighted average
number of ordinary shares in issue 27,886,401.
3. Transition to IFRS
The International Accounting Standards Board (IASB) issued IFRS 1 "First Time Adoption of International Financial Reporting Standards"
to establish requirements for the first time adoption of IFRS. In general a company is required to select an accounting policies that comply
with IFRS and apply these accounting policies retrospectively to all the periods presented in the first IFRS financial statements. The
opening IFRS balance sheet is to be prepared at the date of transition to IFRS based upon the selected accounting policies under IFRS. The
transition date is the start of the earliest period for which full comparative information is presented in accordance with IFRS. The Group's
transition date is 01 October 2006.
The Group has elected to take advantage of provisions within IFRS1 "First Time Adoption of International Financial Reporting Standards"
which offers certain exemptions from applying IFRS to the opening sheet prepared at 30 September 2007.
The comparative figures shown in this report have been restated to reflect the new accounting policies under IFRS. Reconciliations and
explanations of the effects of adopting the new policies on the Group's equity, profits and cash flows are shown below:
* IFRS3 "Business combinations" has not been applied to business combinations prior to 01 April 2007. The carrying amount of the
opening IFRS balance sheet at 01 April 2007 is therefore its carrying amount under UK GAAP.
Reconciliation of financial impacts on reported net assets and profit
30 September 2007 31 March 2007
£'000 £'000
UK GAAP net assets as previously reported 461 804
Business combinations 80 160
IFRS net assets 541 964
The financial impact on profit for the period is as follows;
30 September 2007 31 March 2007
£'000 £'000
UK GAAP (loss) / profit as previously (319) 24
reported
Business combinations - Goodwill 80 160
amortisation
IFRS profit (239) 184
Reconciliation of income statements from UK GAAP to IFRS
Year Ended 30 September 2007 GAAP differences
UK GAAP Business IFRS
Combinations
Audited Unaudited Unaudited
£'000 £'000 £'000
Revenue 5,920 - 5,920
Cost of sales (4,174) - (4,174)
Gross Profit 1,746 - 1,746
Other operating expenses (1,880) 160 (1,720)
(Loss)/ Profit from operations (133) 160 28
Finance income 11 - 11
Finance costs (156) - (156)
(Loss)/ Profit Before Taxation (279) 160 (119)
Taxation 303 - 303
Profit for Year/Period 24 160 184
Basic earnings per share (pence) 0.09p - 0.659p
for profit attributable to the
equity holders
Reconciliation of income statements from UK GAAP to IFRS
Period ended 31 March 2007 GAAP differences
Business
UK GAAP Combinations IFRS
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Revenue 2,813 - 2,813
Cost of sales (2,116) - (2,116)
Gross Profit 697 - 697
Other operating expenses (944) 80 (864)
Profit/(Loss) from operations (247) 80 (167)
Finance income 11 - 11
Finance costs (83) - (83)
Profit/(Loss) Before Taxation (319) 80 (239)
Taxation - - -
Profit/(Loss)for Year/Period (319) 80 (239)
Basic earnings per share (1.1)p (0.857)p
(pence) for profit
attributable to the equity
holders
Reconciliation of balance sheets for UK GAAP to IFRS
Year Ended 30 September 2007 GAAP differences
UK GAAP Business IFRS
Combinations
Audited Unaudited Unaudited
£'000 £'000 £'000
Assets
Non Current Assets
Intangible assets 2,734 160 2,894
Property, plant and equipment 481 - 481
3,215 160 3,375
Current Assets
Inventories 246 - 246
Trade and other receivables 1,606 - 1,606
Cash and cash equivalents 1 - 1
1,853 - 1,853
Liabilities
Current Liabilities
Trade and other payables (2,631) - (2,631)
Net Current Liabilities (778) - (778)
Non Current Liabilities
Interest bearing borrowings (1,633) - (1,633)
Net assets 804 160 964
Capital and reserves
attributable to the equity
holders of the company
Ordinary shares 139 - 139
Share premium 2,769 - 2,769
Retained profits (2,104) 160 (1,944)
Total equity 804 160 964
Reconciliation of balance sheets for UK GAAP to IFRS
Period ended 31 March 2007 GAAP differences
UK GAAP Business IFRS
Combinations
Unaudited Unaudited Unaudited
£'000 £'000 £'000
Assets
Non Current Assets
Intangible assets i 2,814 80 2,894
Property, plant and equipment 514 - 514
3,328 80 6,322
Current Assets
Inventories 208 - 208
Trade and other receivables 1,135 - 1,135
Cash and cash equivalents 96 - 96
1,439 - 1,439
Liabilities
Current Liabilities
Trade and other payables (4,220) - (4,220)
Interest bearing borrowings
Net Current Liabilities (2,781) - (2,781)
Non Current Liabilities
Interest bearing borrowings (86) - (86)
Net assets 461 80 541
Capital and reserves
attributable to the equity
holders of the company
Ordinary shares 139 - 139
Share premium 2,769 - 2,769
Retained profits (2,447) 80 (2,367)
Total equity 461 80 541
i) Goodwill
Goodwill recognised under UK GAAP prior to the date of transition is recognised as its net book value at the transition date as allowed
under IFRS 1 and then tested annually for impairment.
Impairment of Goodwill
Goodwill is not amortised but is reviewed for impairment on an annual basis for changes in circumstances that indicate the carrying
value may be impaired. This is done by estimating the future cash flows and choosing a suitable discount rate in order to calculate the
present value of the cash flows. No impairment loss was recognised.
The board of directors A Rothwell
G Dallimore
G Torr
Chairman A Rothwell
Company secretary S Stembridge
Registered office Unit 22 Castle Park Industrial Estate
Flint
CH6 5XA
Auditors Cowgill Holloway LLP
Regency House
45-51 Chorley New Road
Bolton
Lancs
BL1 4QR
Bankers National Westminster Bank Plc
22 Castle Street
Liverpool
L2 0UP
Nomad W H Ireland
11 St James's Square
Manchester
M2 6WH
Solicitors Atticus Legal LLP
Steam Packet House
76 Cross Street
Manchester
M2 4JU
For further information please contact;
Sharon Stembridge, Frame 1 PLC - Tel 01352 763333
Daniel Bate, WH Ireland - Tel 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BBGDLDSGGGIS
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