Half Yearly Report

 

TIDMHNN 
 
RNS Number : 6352Z 
Norman Hay PLC 
25 September 2009 
 

 
 
 
 
NORMAN HAY plc 
 
Norman Hay plc Interim Results for the six months ended 30 
June 2009 
 
Chairman's Statement 
 
The Norman Hay Group achieved pre-tax profits of GBP433,000 in the six months to 
30 June 2009 (2008: GBP1,785,000) on a turnover of GBP12.4m (2008: GBP13.7m). 
We have been experiencing turbulent trading conditions around the world since 
the final quarter of 2008 as our customers were affected by prevailing economic 
conditions. 
Since that time we have been restructuring and adjusting our manufacturing base 
to help offset the effects of lower customer demand, whilst ensuring that our 
individual businesses remain in a strong position to take advantage of any 
long-term growth opportunities. 
Basic earnings per share are 3.7p (2008: 8.1p) and we are maintaining the 
interim dividend of 2.0p per share, reflecting our confidence in the underlying 
strength of the Group. 
This dividend will be paid on 30 October 2009 to shareholders on the register on 
2 October 2009. 
 
OPERATIONAL OVERVIEW 
 
·Surface Coatings - 'Armourcote' 
Overall divisional sales in the first half were comparable with the same period 
last year, boosted by the turnover from AST Coventry which we acquired in July 
2008. 
The surface coatings division remained profitable (prior to exceptional costs) 
despite losses in some of the automotive focused and start-up operations. 
During the second half of 2008 zinc plating operations from our Coventry City 
Centre site were transferred to AST with a resulting reduction in overheads and 
in May of this year we disposed of the balance of wet processing on the site, 
creating a profit on sale of GBP998,000 on a deferred consideration basis. 
Following this disposal we incurred reorganisation and redundancy costs of 
GBP203,000 which are reflected in the first half results. 
 
·Automotive Sealants - 'Ultraseal' 
 
Ultraseal performed extremely well in extraordinary trading conditions during 
which several automotive manufacturers not only slowed down but actually stopped 
all vehicle production for several months. 
Remaining profitable at the operating level in a period which suffered the 
resultant reduction in turnover is a great result, indicating the depth and 
strength of this global operation and the strict cost management which has been 
applied over this difficult period. 
 
·Construction Chemicals - 'TAM International' 
Turnover increased by 18% as we expanded into new territories in the 
Asia-Pacific region. 
 
The construction market in the UK has been very depressed and in Hong Kong there 
have been similar delays in the roll out of government capital projects and 
other major infrastructure works. 
 
These are now expected to ramp up in the last quarter of the year but in the 
meantime it has held back the expected rapid growth of our manufacturing unit in 
Taiwan. 
 
Losses made in these locations, coupled with the cost of start-up operations and 
the new Tunnelling & Mining division being set up in South-East Asia and 
Australia, have led to an overall operating loss in the first half of the year. 
 
Our ability to take advantage of the fast growth opportunities in the 
Asia-Pacific region has been significantly enhanced by the infrastructure and 
resources in which we have invested over the past three years. 
 
·Chemical Process Plant & Equipment 
 
Our specialized plant manufacturing business remains profitable and has a record 
level of orders. 
 
However some of these contracts for capital projects have been delayed by 6 to 9 
months as customers manage their cash flows in line with their general levels of 
business. 
 
OUTLOOK 
The Group is well placed to benefit from any improvements in sales as and when 
economies around the world recover and there is an upturn in industrial end 
markets. 
 
Peter L Hay 
Chairman 
ENDS - 
 
Further information: 
+----------------------------------+--------------------------------------------+ 
| Vic Bellanti                     | Tel: [phone]                         | 
+----------------------------------+--------------------------------------------+ 
| Norman Hay plc                   |                                            | 
+----------------------------------+--------------------------------------------+ 
|                                  |                                            | 
+----------------------------------+--------------------------------------------+ 
| Andrew Kitchingham               | Tel: [phone]                          | 
+----------------------------------+--------------------------------------------+ 
| Brewin Dolphin                   |                                            | 
+----------------------------------+--------------------------------------------+ 
 
 
+---------+---------+---------+---------+---------+---------+---------+---------+--------+ 
| Statement of      |                   |                   |                   | 
| Comprehensive     |                   |                   |                   | 
| Income            |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| for the half year |                   |                   |                   | 
| ended 30 June     |                   |                   |                   | 
| 2009              |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |       Unaudited 6 |       Unaudited 6 | Audited 12 months | 
|                   |       months 2009 |       months 2008 |              2008 | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |            GBP000 |            GBP000 |            GBP000 | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Revenue           |           12,399  |           13,681  |           27,001  | 
+-------------------+-------------------+-------------------+-------------------+ 
| Cost of sales     |           (8,678) |           (8,087) |          (17,175) | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Gross profit      |            3,721  |            5,594  |            9,826  | 
+-------------------+-------------------+-------------------+-------------------+ 
| Distribution      |             (256) |             (331) |           (1,036) | 
| costs             |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Administrative    |           (4,131) |           (3,869) |           (6,857) | 
| expenses          |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Other income      |            1,129  |              413  |              497  | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Profit from       |              463  |            1,807  |            2,430  | 
| operations        |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Finance income    |               13  |               58  |              139  | 
+-------------------+-------------------+-------------------+-------------------+ 
| Finance costs     |              (43) |              (80) |             (206) | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Profit before     |              433  |            1,785  |            2,363  | 
| taxation          |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Taxation          |              (61) |             (568) |             (810) | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Profit after      |              372  |            1,217  |            1,553  | 
| taxation          |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Other             |                   |                   |                   | 
| comprehensive     |                   |                   |                   | 
| income for the    |                   |                   |                   | 
| year, after tax   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Exchange          |             (263) |               122 |               723 | 
| differences on    |                   |                   |                   | 
| translation of    |                   |                   |                   | 
| foreign           |                   |                   |                   | 
| operations        |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Deferred tax on   |                0  |                 8 |                 4 | 
| items taken       |                   |                   |                   | 
| directly to       |                   |                   |                   | 
| equity            |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Other             |             (263) |               130 |               727 | 
| comprehensive     |                   |                   |                   | 
| income for the    |                   |                   |                   | 
| year, net of tax  |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Total             |              109  |             1,347 |             2,280 | 
| comprehensive     |                   |                   |                   | 
| income for the    |                   |                   |                   | 
| year              |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Profit            |                   |                   |                   | 
| attributable to:  |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Owners of the     |              536  |             1,174 |             1,562 | 
| parent            |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Minority interest |             (164) |                43 |               (9) | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |              372  |             1,217 |             1,553 | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Total             |                   |                   |                   | 
| comprehensive     |                   |                   |                   | 
| income            |                   |                   |                   | 
| attributable to:  |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Owners of the     |               259 |             1,304 |             2,302 | 
| parent            |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Minority interest |             (150) |                43 |              (22) | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |               109 |             1,347 |             2,280 | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Earnings per      |                   |                   |                   | 
| share             |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Basic earnings    |              3.7p |              8.1p |             10.7p | 
| per share         |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Diluted earnings  |              3.6p |              8.0p |             10.4p | 
| per share         |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
|                   |                   |                   |                   | 
+-------------------+-------------------+-------------------+-------------------+ 
| Statement of      |                   |                   |                   |        | 
| Financial         |                   |                   |                   |        | 
| Position          |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| at 30 June 2009   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |       Unaudited 6 |       Unaudited 6 | Audited 12 months |        | 
|                   |       months 2009 |       months 2008 |              2008 |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |            GBP000 |            GBP000 |            GBP000 |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Assets            |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Non-current       |                   |                   |                   |        | 
| assets            |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Intangible assets |            2,850  |            2,476  |            2,952  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Property, plant   |            5,635  |            5,165  |            5,837  |        | 
| and equipment     |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Investments       |               26  |               26  |               26  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Other receivables |              850  |                7  |                 - |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total non-current |            9,361  |            7,674  |            8,815  |        | 
| assets            |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Current assets    |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Inventories       |            2,472  |            2,041  |            2,846  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Trade and other   |            6,148  |            6,388  |            7,206  |        | 
| receivables       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Cash and cash     |            1,343  |            3,215  |            1,015  |        | 
| equivalents       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total current     |            9,963  |           11,644  |           11,067  |        | 
| assets            |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total assets      |           19,324  |           19,318  |           19,882  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Current           |                   |                   |                   |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Financial         |              392  |              677  |              512  |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Trade and other   |            4,398  |            4,738  |            4,380  |        | 
| payables          |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Provisions        |              108  |              112  |              114  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Current tax       |              313  |              902  |              653  |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total current     |            5,211  |            6,429  |            5,659  |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Non-current       |                   |                   |                   |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Financial         |            1,768  |            1,208  |            2,000  |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Trade and other   |                 - |                 - |               21  |        | 
| payables          |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Deferred tax      |              435  |              159  |              422  |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total non-current |            2,203  |            1,367  |            2,443  |        | 
| liabilities       |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total liabilities |            7,414  |            7,796  |            8,102  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Net assets        |           11,910  |           11,522  |           11,780  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Equity            |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Share capital     |            1,481  |            1,481  |            1,481  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Share premium     |            1,254  |            1,254  |            1,254  |        | 
| account           |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Capital           |               94  |               94  |               94  |        | 
| redemption        |                   |                   |                   |        | 
| reserve           |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Other reserves    |              766  |              766  |              766  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Reserve for own   |             (322) |             (322) |             (322) |        | 
| shares            |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Share scheme      |               51  |               34  |               43  |        | 
| reserve           |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Foreign exchange  |              508  |              158  |              772  |        | 
| reserve           |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Retained earnings |            7,908  |            7,657  |            7,372  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Equity            |           11,740  |           11,122  |           11,460  |        | 
| attributable to   |                   |                   |                   |        | 
| equity holders of |                   |                   |                   |        | 
| the parent        |                   |                   |                   |        | 
| company           |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Minority interest |              170  |              400  |              320  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
| Total equity      |           11,910  |           11,522  |           11,780  |        | 
+-------------------+-------------------+-------------------+-------------------+--------+ 
|                   |                   |                   |                   |        | 
+---------+---------+---------+---------+---------+---------+---------+---------+--------+ 
 
 
 
 
 
+---------------------------------------------------+-----------+-----------+---------+ 
| Consolidated Cash Flow Statement                  |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| for the half year ended 30 June 2009              |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   | Unaudited | Unaudited | Audited | 
|                                                   |  6 months |  6 months |      12 | 
|                                                   |      2009 |      2008 |  months | 
|                                                   |           |           |    2008 | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Cash flows from operating activities              |    GBP000 |    GBP000 |  GBP000 | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Operating profit                                  |      463  |    1,807  |  2,430  | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Profit on sale of business                        |     (998) |         - |       - | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Release of negative goodwill                      |         - |         - |   (231) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Depreciation                                      |      313  |      220  |    566  | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Loss/(profit) on sale of property, plant and      |       34  |     (388) |   (378) | 
| equipment                                         |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Share option charge                               |        8  |        8  |     17  | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Decrease/(increase) in inventories                |      351  |     (246) |   (614) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Decrease in receivables                           |    1,206  |      451  |    886  | 
+---------------------------------------------------+-----------+-----------+---------+ 
| (Decrease)/increase in payables                   |     (207) |      808  |   (721) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Increase/(decrease) in provisions                 |        6  |       30  |    (28) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Finance income                                    |       13  |       58  |    139  | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Finance costs                                     |      (43) |      (80) |   (206) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Tax paid                                          |     (387) |     (335) |   (781) | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Net cash generated from operating activities      |      759  |    2,333  |  1,079  | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Cash flows from investing activities              |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Acquisition of subsidiaries net of cash acquired  |         - |         - |   (210) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Purchase of property, plant and equipment         |     (200) |     (670) | (1,030) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Proceeds of disposal of property, plant and       |         - |      684  |    691  | 
| equipment                                         |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Net cash (used)/raised in investing activities    |     (200) |       14  |   (549) | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Cash flows from financing activities              |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Dividends paid to shareholders                    |         - |         - |   (669) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Payments for purchase of share capital in         |         - |         - |    (26) | 
| subsidiary                                        |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Net proceeds from issue of share capital to       |         - |      197  |    197  | 
| minority shareholders                             |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Finance lease repayment                           |      (30) |      (28) |    (59) | 
+---------------------------------------------------+-----------+-----------+---------+ 
| New loans raised                                  |      138  |      196  |    303  | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Repayment of loans                                |     (157) |     (113) |   (214) | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Net cash (used)/raised in financing activities    |      (49) |      252  |   (468) | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Net increase in cash and cash equivalents         |      510  |    2,599  |     62  | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Cash and cash equivalents at the beginning of the |      827  |      541  |    541  | 
| period                                            |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Effects of foreign exchange changes               |        6  |       75  |    224  | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
| Cash and cash equivalent at the end of the period |    1,343  |    3,215  |    827  | 
+---------------------------------------------------+-----------+-----------+---------+ 
|                                                   |           |           |         | 
+---------------------------------------------------+-----------+-----------+---------+ 
 
 
 
 
 
Notes 
 
 
1. The calculation of basic earnings per share is based on the profit of 
GBP536,000 (2008 : GBP1,174,000) and on the weighted average number of ordinary 
shares in issue 14,546,000 (2008 : 14,546,000). 
 
 
2. The half yearly report has been prepared in accordance with the recognition 
and measurement principles of International Financial Reporting Standards (IFRS) 
as endorsed by the European Union using accounting policies that are expected to 
be applied for the financial year ended 31 December 2009. 
 
3. The financial 
information in this half-yearly report does not constitute statutory accounts 
within the meaning of Section 434 of the Companies Act 2006. 
 
 4. The 
comparative financial information for the year ended 31 December 2008 does not 
constitute statutory accounts within the meaning of Section 240 of the Companies 
Act 1985. The statutory accounts of Norman Hay plc for the year ended 31 
December 2008 have been reported on by the Company's auditors and have been 
delivered to the Registrar of Companies. The auditor's report was unqualified, 
did not include a reference to matters which the auditors drew attention by way 
of emphasis without qualifying their report, and did not contain statements 
under Section 237(2) or 272(3) of the Companies Act 1985. 
5.  This statement will be sent out to shareholders and copies will be made 
available at the Company's registered office, Godiva Place Coventry, CV1 5PN. 
Tel: [phone] www.normanhay.com 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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