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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Hightex | LSE:HTIG | London | Ordinary Share | GB00B19PH233 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6705E Hightex Group PLC 28 September 2007 HIGHTEX GROUP PLC INTERIM FINANCIAL INFORMATION FOR THE SIX MONTHS ENDED 30 JUNE 2007 CHAIRMAN'S STATEMENT RESULTS OVERVIEW Hightex designs, produces and installs polymer membrane tensile structures (lightweight roofs and building envelopes) for sports and commercial projects worldwide. SolarNext is chiefly focused on applications in the solar generation of energy and also on solar cooling in order to enable the cleaner provision of air conditioning. The first half of 2007 has seen the Hightex Group make further progress in developing its businesses. Revenues have increased by 46% with the unaudited consolidated results for the six month period to 30 June 2007 showing a turnover of Euro5.7 million, compared with combined Euro3.9 million for the first six months of 2006. The loss before taxation for the period was Euro437,000, compared with a combined loss before taxation of Euro894,000 in the first half of 2006. The Hightex Group was not created until 6 September 2006, when the company acquired all the underlying Hightex businesses. The combined financial information for the six months ended 30 June 2006 therefore relates to the time before Hightex Group plc was incorporated, but has been previously reported on that basis as if the Hightex Group had been formed throughout the comparative period. Further details of comparative financial information are set out in note 2 to the interim report. The deficit per share for the period was Euro(0.0030) (combined 2006: Euro(0.0079)). CASH FLOW In the half year ended 30 June 2007, the Group had an operating cash outflow of Euro166,000 (2006: cash inflow of Euro110,000). The net cash outflow amounted to Euro810,000 (2006: cash inflow of Euro2,314,000), the balance of the cash outflow being principally due to net capital expenditure from cash resources of Euro358,000 and the repayment of shareholder loans of Euro286,000. The cash inflow in the first half of 2006 arose as the net proceeds from equity fund-raisings by the constituent parts of the Group in that period. OPERATIONS POLYMER MEMBRANE BUSINESS The Hightex membrane business designs, produces and installs polymer membrane structures for a diversity of projects ranging from roof systems for sports stadia to transparent enclosures for leisure centres. Recent projects include the Skilled Stadium at Robina, the Gold Coast in Brisbane, Australia; Miroiterie in Lausanne; Aquapark Sopot in Poland; Oasis in Ireland; a bus terminal in the Czech Republic; projects in Horseferry Road, London and at Chessington in the UK; and the Munich Technology Centre in Germany. The intention of the board is immediately to establish two well-focussed operations in South Africa and the Americas, in addition to its existing operations in Europe, to which management resources can be devoted and expanded and then to create a permanent presence in South East Asia and Australasia. Hightex continues to increase its project volume in the supply of transparent ETFE roof systems for leisure and commercial buildings and in the last six months has secured more than Euro1.5 million of new contracts in Europe. In addition, Hightex has recently received a Letter of Intent for the installation of an ETFE Roof on a very substantial project in Lisbon, Portugal. Hightex is working on the transition from this status to a signed contract, and will announce further details at such time. Hightex is actively pursuing project opportunities for the 2012 London Olympics, and is working to support and work within the design teams by bringing its specialist knowledge to help create future projects in which to participate. In South Africa, Hightex is forming a joint venture company with Circle Capital Ventures (Pty) Ltd, with whom it has submitted tenders for the membrane roof and facades on some of the new football stadia to be built in connection with the FIFA World Cup in 2010. In the Americas, Hightex has already been awarded three design and engineering contracts with a total value in excess of US$1 million, which it is hopeful may lead to significant contracts. One of these contracts concerns a marine research centre, which it is proposed will combine Hightex's architectural membrane systems with SolarNext's cooling technology and flexible membrane solar cells, to create a fully sustainable clean energy building. In the US, SolarNext and Hightex are about to complete a futuristic building with a translucent membrane cushion roof showcasing a new technology developed by SolarNext which combines exceptional high thermal insulation properties with high light transmission. The first six months of 2007 has been a period focused both on growing Hightex's presence in its core markets and on marketing to secure new contracts. It is our hope and expectation that we will be in a position to announce the successful conversion of a number of promising proposals, currently under consideration into firm contracts in the near future. SOLAR BUSINESS The solar business has been slower to develop than anticipated, but the Company has generated modest initial revenue from engineering consulting for a very large international retailer. More significantly, SolarNext is developing solar cooling kits. After having finalised the testing with the absorption chiller "chillii(R) PSC 10", the first five units made were all sold in August 2007 with minimal marketing and sales support. Two additional customers have placed orders for another three units of this absorption machine. The adsorption chiller "chillii(R) STC 6" was shown at INTERSOLAR 2007 in Freiburg: it is expected that the testing stage will be completed at the end of October. In a further development, the Company has developed an innovative system control panel, which is able to control the heating system, the warm water system and the cooling system of a building. So far as the Company is aware, this product is unique. It is expected that the first prototype of this system will be delivered in October and the first mini series will be produced in December this year. This system not only allows one control panel to run the whole heating and cooling system but also reduces the cost of a solar cooling kit considerably. The Company absorption and adsorption solar cooling kits can be adapted to different market conditions and applications without any need for redesign for different applications or climate conditions. On 16 July, Hightex announced that it had signed an agreement with VHF Technologies SA for the exclusive system co-development of a flexible photovoltaic ETFE membrane for intelligent building envelopes, known as Flexcell TM. It is expected that the first Flexcell product installation will be completed during October 2007 and that it will then be demonstrated to the building and clean energy market. CONCLUSION The businesses of the Group have made reasonable progress in the period and we are encouraged by the improved results compared to 2006. The nature of both the membrane and the solar business is such that considerable development expenditure is required to build up a pipeline of substantial and smaller projects which provide critical mass. The loss before taxation for the first half year of Euro437,000 is stated after charging a deficit of Euro430,000 incurred on the solar business. For the membrane business we have seen a very encouraging start to 2007 but, whilst welcome when they are signed, a reliance on larger, long term contracts is not without its difficulties. A change in the specification and delay in the timing of one specific larger contract, combined with the aforementioned investment in the solar business, is likely to result in the Company making a small loss for the full year, although at a much improved level compared to 2006. The Directors believe that good progress has been made in developing the membrane business in its three principal geographical areas of activity and that the company is working to realise the excellent potential of the SolarNext business, not only in solar cooling products but also in applying the Flexcell photovoltaic membrane to some of its roofs for sporting stadia and other structures throughout the world. The Group is therefore now well positioned to drive significant additional growth in the coming months and looks forward to being able to provide shareholders with additional updates. Charles DesForges Chairman 27 September 2007 For further information please contact: Charles DesForges (Chairman) 07799 626 238 Frank Molter (Finance Director) 0049 1729 651 464 Sindre Ottesen/Thilo Hoffmann 020 7426 9000 (Landsbanki Securities (UK) Limited) CONSOLIDATED INCOME STATEMENTS Notes 6 Months Period ended 30 June 31 Dec 2007 2006 (Unaudited) (Audited) Euro'000 Euro'000 Turnover 5,735 3,790 Cost of sales (3,202) (1,838) Gross margin 2,533 1,952 Salaries and related expenses (1,215) (947) Other operating expenses (1,666) (1,969) Depreciation and amortisation (158) (136) Operating deficit (506) (1,100) Net interest 4 69 (46) Net deficit before taxation (437) (1,146) Taxation 5 110 249 Loss after tax and before minorities (327) (897) Minority interest (29) (53) Loss from continuing operations and attributable to equity holders (356) (950) (Deficit)/surplus per share Deficit per share in Hightex Group plc 6 Euro(0.0030) Euro(0.0079) With the exception of exchange differences arising on combination, the Group had no recognized gains or losses other than the deficit for the period. Changes in combined shareholders' equity are set out in the statement below. As described in note 2, the income statements set out above have been prepared in accordance with the basis of preparation adopted in the audited financial statements of the Company for the period from incorporation on 28 June 2006 to 31 December 2006 and incorporated the trading results of the Hightex Group for the approximately four month period from the date of acquisition on 6 September 2006. The company has previously published financial information in relation to the period prior to the formation of the Group on a combined basis and further comparative financial information on this basis is included in note 2. CONSOLIDATED BALANCE SHEETS Notes 30 June 31 Dec 2007 2006 (Unaudited) (Audited) Euro'000 Euro'000 Current assets Cash and cash equivalents 4,495 5,305 Inventories and work in progress 103 143 Accounts receivable 3,964 3,638 Total current assets 8,562 9,086 Non-current assets Goodwill 6,627 6,627 Intangible fixed assets 77 65 Property, plant and equipment (net) 974 768 Deferred tax assets 371 143 Total non-current assets 8,049 7,603 Total assets 16,611 16,689 Current liabilities Trade accounts payable 1,023 1,329 Accrued liabilities and deferred income 2,244 1,358 Other accounts payable 786 1,009 Total current liabilities 4,053 3,696 Non-current liabilities Accrued liabilities and deferred income 193 187 Other non-current liabilities 91 67 Total non-current liabilities 284 254 Shareholders' equity Share capital 6 1,775 1,775 Share premium account 6 11,757 11,757 Retained earnings (1,485) (991) Minorities 227 198 Total shareholders' equity 12,274 12,739 Total liabilities and shareholders' equity 16,611 16,689 CONSOLIDATED STATEMENT OF CASH FLOWS 6 Months Period ended 30 June 31 Dec 2007 2006 (Unaudited) (Audited) Euro'000 Euro'000 Cash flows from operating activities Operating loss for the period: (506) (1,100) Adjustments for: Loss on disposal - 4 Depreciation and amortisation 141 186 Net operating income before working capital changes (365) (910) Changes in working capital: Decrease/(increase) in inventories 40 (143) Decrease/(increase) in accounts receivable (327) 903 Increase in accounts payable 486 260 Net cash (used in)/generated from operating activities (166) 110 Interest paid (18) (115) Income tax paid (34) (23) Net cash used in operating activities (218) (28) Cash flows from investing activities Acquisition of subsidiary, net of cash acquired - 4,307 Acquisition of property, plant and equipment (358) (468) Interest received 87 69 Net cash (used in)/generated from investing activities (271) 3,908 Cash flows before financing (489) 3,880 Cash flows from financing activities Issue of shares for cash - 2,178 Costs of issue of shares - (1,088) Movements in shareholders' loans (286) 263 Changes in finance leases 75 72 Exchange difference (110) - Net cash provided by financing activities (321) 1,425 Net increase/(decrease) in cash and cash equivalents (810) 5,305 Cash and cash equivalents, beginning of period 5,305 - Cash and cash equivalents, end of period 4,495 5,305 Cash at bank and in hand comprises: Cash and cash equivalents 1,860 2,997 Cash lodged under performance and warranty bonds 2,635 2,308 4,495 5,305 STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY Combined share Share premium Retained capital account earnings Total Euro'000 Euro'000 Euro'000 Euro'000 Balances at 28 June 2006 - - - - Net deficit for the period - - (950) (950) Exchange differences - - (41) (41) Issue of shares 1,775 12,845 - 14,620 Costs of issue of shares - (1,088) - (1,088) Balances at 31 December 2006 1,775 11,757 (991) 12,541 Net deficit for the period - - (356) (356) Exchange differences - - (138) (138) Balances at 30 June 2007 1,775 11,757 (1,485) 12,047 1. Business of the Hightex Group plc Hightex Group plc is the holding company for the Group. The principal activity of the Group is the design, supply and assembly of polymer membrane structures for use in engineering and construction of technically advanced buildings. The Company's principal subsidiary, Hightex International AG ('HTI') is the holding company for a number of companies which were acquired by HTI during 2006, including Hightex Americas LLC. The HTI sub-group undertakes the polymer membrane business. The business of SolarNext AG is the exploitation of solar energy for solar cooling and other applications, including the design and implementation of active technology (photovoltaics and thermal applications) in the area of foil and membrane structures. 2. Basis of presentation and significant accounting policies The financial information has been prepared in accordance with applicable International Financial Reporting Standards ('IFRS'). The financial information set out in this interim financial report is unaudited and does not constitute the Company's statutory accounts for the six month period ended 30 June 2007. The accounting policies and practices used in preparing the financial information contained in this interim report are consistent with those used in preparing the statutory financial statements of the Company for the period ended 31 December 2006. The statutory financial statements of the Company for the period ended 31 December 2006 covered the period from incorporation of the Company and included the consolidated results of the Company's subsidiary undertakings for the period from 6 September 2006 (when the Hightex Group was created) to 31 December 2006. This is a different basis from that used in the preparation of the financial information contained in the document issued in relation to the admission of the Company to the AIM Market of the London Stock Exchange on 6th September 2006 and in the previously published financial information covering the six months ended 30 June 2006. The financial information on the underlying Hightex businesses contained in the Company's AIM Admission document and the interim financial report covering the six months ended 30 June 2006 related to the period before the Company acquired the HTI and SolarNext businesses, and were drawn up on a combined basis as if the Group had been in existence throughout that period. This was permitted by the Standards of Investment Reporting issued by the Auditing Practices Board in the United Kingdom. For comparison purposes, results for the current period and the previously published results are reproduced below. 6 Months 6 Months 12 Months 30 June 30 June 31 Dec 2007 2006 2006 A B C Note (Unaudited (Unaudited (Unaudited consolidated) combined) combined) Euro'000 Euro'000 Euro'000 Turnover 5,735 3,878 8,446 Cost of sales (3,202) (2,737) (4,915) Gross margin 2,533 1,141 3,531 Salaries and related expenses (1,215) (959) (2,120) Other operating expenses (1,666) (1,000) (3,146) Depreciation and amortisation (158) (83) (242) Operating (deficit)/ surplus (506) (901) (1,977) Net interest 69 7 (80) Net (deficit)/surplus before taxation (437) (894) (2,057) Taxation 110 353 484 Loss after tax and before minorities (327) (541) (1,573) Minority interest (29) - (37) Loss from continuing operations and attributable to equity holders (356) (541) (1,610) Notes A. The financial information in column A is consolidated financial information because the Group existed in its current structure throughout the six months ended 30 June 2007. B. The financial information in column B in relation to the six months ended 30 June 2006 was prepared on a combined basis as if the Group had been formed on 1 January 2006. C. The financial information in column C in relation to the year ended 30 June 2006 was prepared on a combined basis as if the Group had been formed on 1 January 2006. 3. List of principal entities Principal entities included in the consolidated financial information are as follows: Name of Company Country Holding Nature of business Hightex International AG Switzerland 100% Holding Company Hightex GmbH Germany 100% Design, consultancy, supply, installation and construction of membrane structures SolarNext AG Germany 100% Ownership an exploitation of solar and related technologies Hightex Limited UK 100% Installation and assembly of membrane structures Hightex Structures Pty Ltd South Africa 100% Design, consultancy, supply, installation and construction of membrane structures Hightex Pty Ltd Australia 100% Design, consultancy, supply, installation and construction of membrane structures Hightex Americas LLC United States 100% Design, consultancy, supply, installation and construction of membrane structures Metal System Sp z.o.o. Poland 60% Provision of steel structures and components 4. Interest 30 June 31 Dec 2007 2006 Euro'000 Euro'000 Interest/receivables on bank and other deposits 87 69 Interest/payables on bank and other borrowings (18) (115) 69 (46) 5. Taxation 30 June 31 Dec 2007 2006 Euro'000 Euro'000 Deferred taxation 210 272 Current taxation (100) (23) Corporate taxation credit/(charge) 110 249 6. Share capital and (deficit)/surplus per share a) Share capital 2007 2006 Euro '000 Euro '000 Authorised: 170,000,000 Ordinary shares of 1p each 2,524 2,524 Issued: 119,652,582 Ordinary shares of 1p each 1,775 1,775 b) Share options and warrants On 30 June 2007 and as at the date of this document, the Company had outstanding warrants to subscribe for 8,928,750 new ordinary shares as follows: Exercise price Number of warrants per share Expiry date Issued in connection with the Placing of March 2006 1,128,750 Euro0.1107419 1 Dec 2010 Issued in connection with the Admission to AIM 7,800,000 #0.11 6 Sept 2008 The warrants are exercisable at any time before their respective expiry dates. RAB Special Situations (Master) Fund Limited holds a warrant to subscribe for 5,000,000 ordinary shares, which is included within the 7,800,000 noted in the table above. c) Deficit per share (i) Basic Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period: Deficit attributable to equity holders of the company (Euro 356,000) Weighted average number of ordinary shares in issue 119,652,582 Basic loss per share (0.30) Euro cent (ii) Diluted Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume conversion of all potential dilutive ordinary shares during the period. However, no potential ordinary shares are considered dilutive, as loss per share would decrease had the warrants in issue been exercised. 7. Movement in net funds 30 June 31 Dec 2007 2006 (Unaudited) (Audited) Euro'000 Euro'000 Loans from shareholders (483) - Cash and cash equivalents 4,495 5,305 Finance leases (212) - Net funds 3,800 5,305 At start of year 5,305 - Movement in net funds 1,505 5,305 8. Nature of financial information The financial information set out above does not represent statutory financial statements for Hightex Group plc or for any of the entities comprising the Group for the six month period ended 30 June 2007. The results for the period ended 31 December 2006 do not comprise statutory financial statements for the purpose of S240 Companies Act 1985 and have been extracted from the Group's published financial statements for that period, which have been filed with the Registrar of Companies and contain an unqualified Audit Report. The Interim Report for the six months ended 30 June 2007 was approved by the Directors on 27 September 2007. The next statutory financial statements of Hightex Group plc will cover the year ending 31 December 2007. These interim results will be circulated to shareholders in Hightex Group plc. Further copies can be obtained from the registered office at Masters House, 107 Hammersmith Road, London W14 0QH and on the Company's website at www.hightexworld.com. INDEPENDENT REVIEW REPORT BY MAZARS LLP TO THE SHAREHOLDERS OF HIGHTEX GROUP PLC The Directors Hightex Group plc Masters House 107 Hammersmith Road London W14 0QH 27 September 2007 Dear Sirs Independent Review Report by Mazars LLP to the shareholders of Hightex Group plc Introduction We have been instructed by the directors of Hightex Group plc to review the unaudited financial information for the six months ended 30 June 2007, which comprise the consolidated income statement, the consolidated balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity and related notes, and we have read the other information contained in the interim report for any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company, in accordance with guidance contained in Bulletin 1999/4 "Review of interim financial information" issued by the Auditing Practices Board. To the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the company, for all work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority as applicable to AIM listed companies require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding financial statements of the Company except where changes, and the reason for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data, and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the unaudited financial information as presented for the six months ended 30 June 2007. Mazars LLP Chartered Accountants 3 Sheldon Square London W2 6PS This information is provided by RNS The company news service from the London Stock Exchange END IR OKOKKOBKDBCB
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