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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Longmead Grp. | LSE:LGM | London | Ordinary Share | GB0002249075 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1012A Longmead Group PLC 29 July 2008 THE LONGMEAD GROUP plc ("THE COMPANY") CHAIRMAN'S STATEMENT Trading Results The last six months have been particularly difficult with an air of pessimism pervading the whole industry. The majority of our customers have seen a significant decline in their sales and this has been compounded by the loss of one major customer which was reported last time. The Irish economy, which has been buoyant for many years, is now suffering a downturn with our sales there only 60% of last year's figure. In the UK, sales to our General Trade customers have fallen by some 7% compared with the same period last year which, although disappointing, does reflect the difficulties we are facing. Overall our turnover in the period was £903,000 (2007 £1.173 million) a fall of 23%, most of which is accounted for by one major customer. In spite of a fluctuating exchange rate and increases in raw materials worldwide, our margins have shown a small improvement on last year. We have continued to reduce overheads in spite of cost increases particularly on distribution, and in the six months under review overhead costs have been reduced by 6% which is a very creditable performance. In the six months the Company made a loss of £87,000 (2007 £36,000) entirely due to the shortfall in sales. Product Development We introduced a range of new products at the KBB Exhibition in Birmingham and they were well received. Their introduction has helped mitigate the fall in General Trade sales, although we are still awaiting further deliveries from the Far East which should assist our sales turnover. We have also introduced a new range of ceramic products which are aimed at the leisure industry. We have significant production capacity which is, at present, underutilised and we believe that the new products will enable us to fill the gap. The UK leisure industry is a growth area which we are hoping to exploit. Balance Sheet Our balance sheet at the period end was close to budget. In spite of poor sales, we have kept our stocks in line with budget. Debtors are somewhat less than budget but cash is almost exactly in line with budget. We have continued to repay the Medium Term Loan which stands at £802,000 at the period end. Our net assets per share are just under 22p per share. Future Prospects The next few months are going to be very demanding. There is a lack of market confidence among our customers which is resulting in a reduction in their stocks and we see very little prospect of an improvement over the next few months. We are keeping costs strictly under control and we are using sales promotions to try to generate extra sales. However, we cannot be other than pessimistic about the outcome for the year. REW Newman Chairman THE LONGMEAD GROUP plc UNAUDITED CONSOLIDATED INCOME STATEMENT FOR 26 WEEKS ENDED 3 MAY 2008 Unaudited Unaudited Audited 26 weeks to 26 weeks to 53 weeks to 3 May 2008 28 April 2007 3 Nov 2007 £'000 £'000 £'000 REVENUE 903 1,171 2,147 Cost of sales (465) (711) (1,399) _____ _____ _____ Gross profit 438 460 748 Selling and administrative expenses (492) (466) (940) _____ _____ _____ OPERATING (LOSS) (54) (6) (192) Finance income - - - Finance cost (31) (28) (58) _____ _____ _____ (LOSS) BEFORE TAXATION (85) (34) (250) Income tax expense - - - _____ _____ _____ (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (85) (34) (250) Dividends - - - _____ _____ _____ (LOSS) FOR THE PERIOD (85) (34) (250) _____ _____ _____ (LOSS) PER ORDINARY SHARE (BASIC AND DILUTED) (1.53)p (0.62)p (4.47)p THE LONGMEAD GROUP plc UNAUDITED CONSOLIDATED BALANCE SHEET AT 3 MAY 2008 Unaudited Unaudited Audited 3 May 2008 28 April 2007 3 Nov 2007 £'000 £'000 £'000 ASSETS Non-current assets Intangible assets 16 16 16 Property, plant and equipment 1,179 1,260 1,215 _____ _____ _____ 1,195 1,276 1,231 _____ _____ _____ Current assets Inventories 1,159 1,247 1,149 Trade and other receivables 441 460 440 Cash and cash equivalents 2 2 2 _____ _____ _____ 1,602 1,709 1,591 _____ _____ _____ TOTAL ASSETS 2,797 2,985 2,822 _____ _____ _____ CURRENT LIABILITIES Short term borrowings (495) (504) (432) Current portion of long term (58) (67) (62) borrowings Trade and other payables (261) (300) (231) _____ _____ _____ (814) (871) (725) _____ _____ _____ NON CURRENT LIABILITIES Long term borrowings (864) (694) (893) _____ _____ _____ 1,119 1,420 1,204 _____ _____ _____ EQUITY Share capital 558 558 558 Share premium account 1,398 1,398 1,398 Capital redemption reserve 19 19 19 Revaluation reserve 247 253 250 Profit and loss account (1,103) (808) (1,021) _____ _____ _____ TOTAL EQUITY 1,119 1,420 1,204 _____ _____ _____ THE LONGMEAD GROUP plc UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR 26 WEEKS ENDED 3 MAY 2008 Unaudited Unaudited Audited 26 weeks to 26 weeks to 53 weeks to 3 May 2008 28 April 2007 3 Nov 2007 £'000 £'000 £'000 CASH FLOW FROM OPERATING ACTIVITIES (Loss) after taxation (85) (34) (250) Depreciation 36 46 91 Finance cost/(income) - net 31 28 58 (Increase)/decrease in (10) 46 144 inventories (Increase)/decrease in trade and (1) 81 101 other receivables Increase/(decrease) in trade and 29 (15) (65) other payables _____ _____ _____ CASH GENERATED FROM OPERATIONS - 152 79 Interest (paid) (31) (28) (58) _____ _____ _____ NET CASH GENERATED FROM (31) 124 21 OPERATIONS _____ _____ _____ (Repayment)/drawdown of bank (28) (34) 146 loans Repayment of obligations under (4) (5) (10) finance leases _____ _____ _____ Net cash used in financing (32) (39) 136 activities _____ _____ _____ Net increase in cash and cash (63) 85 157 equivalents Cash and cash equivalents at (430) (587) (587) start of period _____ _____ _____ Cash and cash equivalents at end (493) (502) (430) of period _____ _____ _____ THE LONGMEAD GROUP plc Notes to the half-yearly financial statements 1. Basis of preparation The financial information contained in these half-yearly statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and the requirements of IFRS 1 'First Time Adoption of International Financial Reporting Standards' relevant to half-yearly reports because they are part of the period covered by the Group's first IFRS financial statements for the 52 weeks ending 1 November 2008. The financial information set out in this half-yearly report does not constitute statutory accounts as defined in Section 240 of the Companies Act 2005. The Group's statutory accounts for the 53 weeks ended 3 November 2008, prepared under UK GAAP, have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain a statement under Section 237 (2) of the Companies Act 1985.have been prepared on the basis of the accounting policies set out in the Group's 2007 statutory financial statements. 2. Accounting policies Financial statements have been prepared under the historical cost convention. Policies have changed from the previous year when the financial statements were prepared under applicable United Kingdom Generally Accepted Accounting Practice (UKGAAP). The comparative information has been restated in accordance with IFRS. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries (together the 'Group'). Subsidiaries are those entities the Company has power to control. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences to until the date that control ceases. Intragroup balances and transactions, and any unrealised gains arising from intragroup transactions, are eliminated in preparing the consolidated financial statements. Acquisitions of subsidiaries are dealt with by the purchase method. The purchase method involves the recognition at fair value of all identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, regardless of whether or not they were recorded in the financial statements of the subsidiary prior to acquisition. On initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet at their fair values, which are also used as the bases for subsequent measurement in accordance with the Group accounting policies. Goodwill is stated after separating out identifiable intangible assets. Goodwill represents the excess of acquisition cost over the fair value of the group's share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Revenue Revenue represents the fair value of consideration received or receivable for the sale of goods, excluding value added tax and trade discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer of the goods, generally upon delivery, and reliable measurement is possible. Revenue is not recognised where recovery of the consideration is not probable or there are significant uncertainties regarding associated costs, or the possible return of goods. Goodwill and intangible assets Goodwill representing the excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is capitalised and reviewed annually for impairment. Goodwill is carried at cost less accumulated impairment losses. Goodwill on acquisitions prior to 1 January 1998 was deducted from reserves in the year of acquisition. Such goodwill continues as a deduction from reserves and is not recognised in the income statement in the event of disposal. Property, plant and equipment Property, plant and equipment is stated at cost, net of depreciation and any provision for impairment. On first adoption of IFRS the carrying value of freehold land and buildings that had previously been revalued is shown as deemed cost, and not subsequently revalued. The revaluation surplus that had been previously recognised is retained in the revaluation reserve and transferred to distributable reserves on impairment, depreciation or disposal of the relevant properties as above. Depreciation is calculated to write down the cost or valuation, less estimated residual value, of all property, plant and equipment, other than freehold land, by equal annual instalments over their estimated useful economic lives. The rates generally applicable are: Freehold buildings 2% on valuation Plant and machinery l0% to 20% on cost Motor vehicles 25% on cost Equipment 20% on cost Inventories Inventories are stated at the lower of cost and net realisable value, on a first in first out basis. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on the estimated sales price after allowing for all further costs of completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate. Deferred taxation Deferred tax is calculated using the balance sheet liability method on temporary differences, and provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor the initial recognition of an asset or liability, unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. Deferred tax is measured at the tax rates that are expected to apply when the temporary differences reverse, based on the tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which the temporary difference can be utilised. Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that are charged or credited directly to equity in which case the related deferred tax is also charged or credited directly to equity. Leased assets Leases where the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and impairment losses. All other leases are classified as operating leases and the payments made under them are recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives are spread over the term of the lease. Pensions The Group operates a defined contribution scheme with costs being charged to the income statement in the period to which they relate. 3. Earnings per share The loss per ordinary share is calculated on the loss on ordinary activities after taxation and on a weighted average of ordinary shares in issue of 5,584,391 in the period (26 weeks to 28 April 2007: 5,584,391 and 53 weeks to 3 November 2007: 5,584,391). 4. Transition to IFRS The consolidated half-yearly financial statements have been prepared using the recognition and measurement principles of IFRS as adopted. The changes to accounting policies and their effect on restated comparatives are explained below, along with the financial impact upon equity and the profit for the period, and the changes between the comparative UK GAAP and IFRS income statements and balance sheets. Under UK GAAP, goodwill was treated in two ways. Prior to 1 July 1998, goodwill arising under the acquisition accounting method was written off directly to equity and recycled to the profit and loss account as part of the profit or loss on disposal of the acquired entity. Subsequent to that date, goodwill was capitalised and amortised over its useful economic life, up to a maximum period of ten years. The Group has taken the exemption in IFRS 1 for business combinations. As a result, the net book value of goodwill under UK GAAP at 29 October 2006 became the deemed cost of goodwill at the date of transition to IFRS. Under IFRS, this balance is no longer amortised but is subject to impairment testing on an annual basis, or more frequently if there is an indication of impairment. Goodwill previously written off directly to equity is not recycled to the income statement following a disposal of a previously acquired entity. The effect of adopting IFRS was to reverse the goodwill amortisation recognised under UK GAAP and to maintain the carrying value of goodwill in the balance sheet at the 29 October 2006 value. RECONCILIATION OF PROFIT FOR 26 WEEKS ENDED 28 APRIL 2007 UK GAAP Effect of IFRS transition to Unaudited IFRS Unaudited £'000 £'000 £'000 REVENUE 1,171 - 1,171 Cost of sales (713) 2 (711) _____ _____ _____ Gross profit 458 2 460 Selling and administrative expenses (466) - (466) _____ _____ _____ OPERATING (LOSS) (8) 2 (6) Finance income - - - Finance cost (28) - (28) _____ _____ _____ (LOSS) BEFORE TAXATION (36) 2 (34) Income tax expense - - - _____ _____ _____ (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (36) 2 (34) Dividends - - - _____ _____ _____ (LOSS) FOR THE PERIOD (36) 2 (34) _____ _____ _____ RECONCILIATION OF PROFIT FOR 53 WEEKS ENDED 3 NOVEMBER 2007 UK GAAP IFRS transition to Unaudited IFRS Unaudited £'000 £'000 £'000 REVENUE 2,147 - 2,147 Cost of sales (1,402) 3 (1,399) _____ _____ _____ Gross profit 745 3 748 Selling and administrative expenses (940) - (940) _____ _____ _____ OPERATING (LOSS) (195) 3 (192) Finance income - - - Finance cost (58) - (58) _____ _____ _____ (LOSS) BEFORE TAXATION (253) 3 (250) Income tax expense - - - _____ _____ _____ (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (253) 3 (250) Dividends - - - _____ _____ _____ (LOSS) FOR THE PERIOD (253) 3 (250) _____ _____ _____ RECONCILIATION OF EQUITY AT 28 APRIL 2007 UK GAAP Effect of IFRS transition to Unaudited IFRS Unaudited £'000 £'000 £'000 ASSETS Non-current assets Intangible assets 14 2 16 Property, plant and equipment 1,260 - 1,260 _____ _____ _____ 1,274 2 1,276 _____ _____ _____ Current assets Inventories 1,247 - 1,247 Trade and other receivables 460 - 460 Cash and cash equivalents 2 - 2 _____ _____ _____ 1,709 - 1,709 _____ _____ _____ TOTAL ASSETS 2,983 2 2,985 _____ _____ _____ CURRENT LIABILITIES ort term borrowings (504) - (504) Current portion of long term borrowings (67) - (67) Trade and other payables (300) - (300) _____ _____ _____ (871) - (871) _____ _____ _____ NON CURRENT LIABILITIES Long term borrowings (694) - (694) _____ _____ _____ 1,418 2 1,420 _____ _____ _____ EQUITY Share capital 558 - 558 Share premium account 1,398 - 1,398 Capital redemption reserve 19 - 19 Revaluation reserve 253 - 253 Profit and loss account (810) 2 (808) _____ _____ _____ TOTAL EQUITY 1,418 2 1,420 _____ _____ _____ RECONCILIATION OF EQUITY AT 3 NOVEMBER 2007 UK GAAP Effect of IFRS transition to Unaudited IFRS Unaudited £'000 £'000 £'000 ASSETS Non-current assets Intangible assets 13 3 16 Property, plant and equipment 1,215 - 1,215 _____ _____ _____ 1,228 3 1,231 _____ _____ _____ Current assets Inventories 1,149 - 1,149 Trade and other receivables 440 - 440 Cash and cash equivalents 2 - 2 _____ _____ _____ 1,591 - 1,591 _____ _____ _____ TOTAL ASSETS 2,819 3 2,822 _____ _____ _____ CURRENT LIABILITIES Short term borrowings (432) - (432) Current portion of long term borrowings (62) - (62) Trade and other payables (231) - (231) _____ _____ _____ (725) - (725) _____ _____ _____ NON CURRENT LIABILITIES Long term borrowings (893) - (893) _____ _____ _____ 1,201 3 1,204 _____ _____ _____ EQUITY Share capital 558 - 558 Share premium account 1,398 - 1,398 Capital redemption reserve 19 - 19 Revaluation reserve 250 - 250 Profit and loss account (1,024) 3 (1,021) _____ _____ _____ TOTAL EQUITY 1,201 3 1,204 _____ _____ _____ This information is provided by RNS The company news service from the London Stock Exchange END IR MGGZNGLDGRZM
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