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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pochins | LSE:PCH | London | Ordinary Share | GB0006926017 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPCH
RNS Number : 7424W
Pochin's PLC
31 January 2013
Pochin's PLC (the "Group")
Half year report for the six months to 30 November 2012
Headlines
-- Revenue from continuing operations GBP43.3m (2011: GBP30.7m) -- Profit after tax from continuing operations GBP0.50m (2011: GBP0.49m) -- Net profit (including discontinued operations) GBP0.27m (2011: GBP0.33m loss)
Chairman's Statement
The results for the 6 months ended 30 November 2012 show a profit after tax on continuing activities of GBP0.50m (2011: GBP0.49m) and a loss from discontinued activities of GBP0.23m (2011: GBP0.82m) which combine in an overall profit for the period of GBP0.27m (2011: GBP0.33m loss).
Revenue for the period from continuing activities was GBP43.3m. The comparable figure for 2011 was GBP30.7m. No interim dividend is being proposed by the board.
Group
The disposal of the Concrete Pumping business was completed on 31 July 2012 and the Group now comprises two divisions, namely those of Construction and Property. In the latter, further progress has been made in reducing the Group's involvement in joint ventures with the result that the Group is now a more focused business. This will lead to a simplification of the Group structure and a corresponding reduction in overheads. During the period, the Group's bank facilities were renewed to 31 October 2014 and its indebtedness continued to be reduced.
Construction
The division increased turnover by 30 per cent over the same period last year whilst maintaining its operating margins. During the period, the division has successfully completed projects for Nestlé and Rolls Royce and has a forward order book in excess of GBP70m.
Property
The division's investment portfolio continues to provide steady rental income with largely maintained levels of occupancy. A number of non-speculative development schemes have been undertaken, including the successful completion of a new head office for TATA Chemicals Europe Limited in Northwich. Progress in disposing of non-core holdings remains slow, reflecting the illiquid market in regional secondary property.
Summary
With the elimination of concrete pumping trading losses, the Group is in a position to benefit from its core activities of construction and property investment and development. The strong turnover performance in construction is a reflection of the division's established reputation for quality and reliability. This continues to prove of great value in sustaining the Group during the difficult conditions which persist in the regional commercial property market.
Finance Director
As previously announced, the Group's Finance Director, John Edwards, has given notice to terminate his employment with the Group. I am therefore pleased to confirm the appointment of Nigel Rawlings as Group Finance Director with effect from 1 February 2013. This is the subject of a separate announcement released today.
Richard Fildes
Chairman
Enquiries:
Pochin's PLC
John Moss, Chief Executive
John Edwards, Finance Director
Nigel Rawlings, Finance Director Designate 01606 833 333
Charles Stanley Securities
Russell Cook / Carl Holmes 0207 149 6000
Consolidated income statement
6 months ended 6 months ended 12 months 30 November 2012 30 November ended GBP'000 2011 31 May 2012 GBP'000 GBP'000 --------------------------------------- ------------------ --------------- ------------- Revenue 43,305 30,722 71,601 Cost of sales (41,028) (29,066) (67,956) ------------------ --------------- ------------- Gross profit 2,277 1,656 3,645 Operating expenses (2,714) (2,444) (6,530) Other operating income 1,512 1,641 3,327 Losses on revaluation of investment properties - - (1,099) ------------------ --------------- ------------- Operating profit/(loss) 1,075 853 (657) Share of profit after taxation in joint ventures 23 206 439 Finance income 536 655 1,335 Finance cost (1,032) (1,203) (2,225) ------------------ --------------- ------------- Profit/(loss) before taxation 602 511 (1,108) Taxation (100) (26) (167) ------------------ --------------- ------------- Profit/(loss) for the period from continuing operations 502 485 (1,275) Discontinued operations Loss for the period from discontinued operations (234) (817) (1,987) Profit/(loss) for the period 268 (332) (3,262) ------------------ --------------- ------------- Attributable to: Equity holders of the company 253 (351) (3,299) Non controlling interests 15 19 37 268 (332) (3,262) ------------------ --------------- ------------- Basic and diluted earnings/(loss) per share from continuing operations 2.5p 2.4p (6.3p) from discontinued operations (1.2p) (4.0p) (9.7p) ------------------ --------------- ------------- Total 1.3p (1.6p) (16.0p) ------------------ --------------- -------------
Consolidated statement of comprehensive income
6 months ended 6 months ended 12 months 30 November 30 November ended 2012 2011 31 May 2012 GBP'000 GBP'000 GBP'000 --------------------------------------- --------------- --------------- ------------- Profit/(loss) for the period 268 (332) (3,262) Other comprehensive income Actuarial losses (2) (1,003) (2,177) Deferred taxation on actuarial losses - 261 501 Cash flow hedging: Current year fair value movement - (223) (300) Reclassification to profit or loss - - 880 Deferred taxation on cash flow hedging - 58 (151) Realisation of revaluation reserve on disposal (38) - (20) --------------- Total comprehensive income for the period 228 (1,239) (4,529) --------------- --------------- ------------- Attributable to non controlling interests 15 19 37 Attributable to owners of the parent 213 (1,258) (4,566) --------------- --------------- ------------- 228 (1,239) (4,529) --------------- --------------- -------------
Consolidated statement of changes in equity
Total attributable Non-controlling Share Own Revaluation Hedge Retained to owners Interest capital shares reserve reserve earnings of the GBP'000 Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent GBP'000 GBP'000 ------------------------- ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- At 1 June 2012 5,200 (745) 2,245 - 12,304 19,004 197 19,201 Equity dividend - - - - - - (14) (14) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Transactions with owners - - - - - - (14) (14) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Profit for the period - - - - 253 253 15 268 Other comprehensive income Actuarial losses - - - - (2) (2) - (2) deferred tax on - - - - - - - - actuarial losses Realisation of revaluation reserve on disposal - - (38) - - (38) - (38) Total comprehensive income for the period - - (38) - 251 213 15 228 ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- At 30 November 2012 5,200 (745) 2,207 - 12,555 19,217 198 19,415 ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Total attributable Non-controlling Share Own Revaluation Hedge Retained to owners Interest capital shares reserve reserve earnings of the GBP'000 Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent GBP'000 GBP'000 ------------------------- ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- At 1 June 2011 5,200 (745) 2,265 (580) 17,428 23,568 216 23,784 Equity dividend - - - - - - (38) (38) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Transactions with owners - - - - - - (38) (38) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Loss for the period - - - - (351) (351) 19 (332) Other comprehensive income Actuarial losses - - - - (1,003) (1,003) - (1,003) Deferred tax on actuarial losses - - - - 261 261 - 261 Cash flow hedging: current period fair value movements - - - (223) - (223) - (223) deferred tax on cash flow hedging - - - - 58 58 - 58 ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Total comprehensive income for the period - - - (223) (1,035) (1,258) 19 (1,239) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- At 30 November 2011 5,200 (745) 2,265 (803) 16,393 22,310 197 22,507 ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Total attributable Non-controlling Share Own Revaluation Hedge Retained to owners Interest capital shares reserve reserve earnings of the GBP'000 Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent GBP'000 GBP'000 ------------------------- ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- At 1 June 2011 5,200 (745) 2,265 (580) 17,428 23,568 216 23,784 Cost of share based payments - - - - 2 2 - 2 Equity dividend - - - - - - (56) (56) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Transactions with owners - - - - 2 2 (56) (54) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Loss for the period - - - - (3,299) (3,299) 37 (3,262) Other comprehensive income Actuarial losses - - - - (2,177) (2,177) - (2,177) Deferred tax on actuarial losses - - - - 501 501 - 501 Revaluation of property, plant & equipment - - (20) - - (20) - (20) Cash flow hedging: current period fair value movements - - - (300) - (300) - (300) reclassification adjustment-discontinued cash flow hedge - - - 880 - 880 - 880 deferred tax on cash flow hedging - - - - (151) (151) - (151) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- Total comprehensive income for the period - - (20) 580 (5,126) (4,566) 37 (4,529) ------------ --------- ------------- --------- ---------- ------------- ----------------- --------- At 31 May 2012 5,200 (745) 2,245 - 12,304 19,004 197 19,201 ------------ --------- ------------- --------- ---------- ------------- ----------------- ---------
Consolidated balance sheet
As at As at As at 30 November 30 November 31 May 2012 2012 2011 GBP'000 GBP'000 GBP'000 ----------------------------------------- ------------- ------------- ------------- Non current assets Property, plant and equipment 1,583 3,749 3,773 Investment properties 33,655 32,980 32,231 Investments ------------- ------------- ------------- Joint ventures 3,838 4,653 3,632 Available for sale - 960 - ------------- ------------- ------------- Deferred tax assets 1,939 2,174 1,939 ------------- ------------- ------------- Total non current assets 41,015 44,516 41,575 ------------- ------------- ------------- Current assets Inventories 16,846 23,138 19,286 Trade and other receivables 13,070 12,877 12,085 Cash and cash equivalents 1,978 1,216 1,765 Corporation tax recoverable 184 319 330 ------------- ------------- ------------- Total current assets 32,078 37,550 33,466 ------------- ------------- ------------- Assets classified as held-for-sale - 4,205 1,965 ------------- ------------- ------------- Total assets 73,093 86,271 77,006 ------------- ------------- ------------- Current liabilities Trade and other payables 22,459 27,420 20,612 Bank loans 754 8,805 6,465 Bank overdrafts - 20,666 20,741 Total current liabilities 23,213 56,891 47,818 ------------- ------------- ------------- Liabilities classified as held-for-sale 1,456 2,451 2,730 ------------- ------------- ------------- Net current liabilities 7,409 (17,587) (15,117) ------------- ------------- ------------- Non current liabilities Bank loans 23,140 1,535 1,186 Retirement benefit obligation 2,980 1,944 3,008 Provisions 2,000 - 2,176 Other payables 889 943 887 ------------- ------------- ------------- Total non current liabilities 29,009 4,422 7,257 ------------- ------------- ------------- Total liabilities 53,678 63,764 57,805 ------------- ------------- ------------- Net assets 19,415 22,507 19,201 ------------- ------------- ------------- Shareholders' equity Share capital 5,200 5,200 5,200 Own shares (745) (745) (745) Revaluation reserve 2,207 2,265 2,245 Hedge reserve - (803) - Retained earnings 12,555 16,393 12,304 ------------- ------------- ------------- Equity shareholders' funds 19,217 22,310 19,004 Minority interest 198 197 197 ------------- ------------- ------------- Total equity 19,415 22,507 19,201 ------------- ------------- -------------
Consolidated cash flow statement
6 months ended 6 months 12 months 30 November ended ended 2012 30 November 31 May 2012 2011 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------------------------------------- -------- --------- -------- --------- -------- --------- Net cash from operating activities Profit/(loss) for the period 268 (332) (3,262) Loss for the period from discontinued operations 234 817 1,987 Income tax 100 26 167 Finance income (536) (655) (1,335) Finance cost 1,032 1,203 2,225 Share of results of joint ventures (23) (206) (439) Cash flow hedge movement in joint - 165 - ventures Depreciation charge 49 59 120 Goodwill written off - - 10 Credit in respect of share based payments - - 2 Profit on sale of property, plant (2) - - and equipment Profit on sale of investment properties - - (145) Losses on revaluation of investment properties - - 1,099 Loss on disposal of joint ventures and associates - - 142 Loss on disposal of available for sale financial assets - - 84 Provision against investments in joint ventures 149 10 1,022 Provision against investment in available for sale investments - 284 284 Net movement on disposal of joint - 500 - ventures Income from joint ventures 23 17 35 -------- --------- -------- --------- -------- --------- Operating profit before changes in working capital 1,294 1,888 1,996 Decrease/(increase) in inventories 3,165 (5,313) (2,186) (Increase)/decrease in receivables (985) (770) 22 Increase/(decrease) in payables 2,603 (1,884) 1,256 Cash flows used in operating activities (discontinued) (559) (275) (1,246) -------- --------- -------- --------- -------- --------- 5,518 (6,354) (158) Interest paid (465) (596) (1,006) Income taxes received/(paid) 46 - (46) -------- --------- -------- --------- -------- --------- Net cash from/(used in) operating activities 5,099 (6,950) (1,210) Investing activities Interest received 4 1 23 Purchase of property, plant and equipment (9) - (105) Proceeds from sale of investment properties - - 520 Proceeds from sale of property, 3 - - plant and equipment Proceeds from disposal of joint ventures and associates - - 837 Proceeds from disposal of available for sale financial assets - - 876 (Increase)/decrease in interest in joint ventures and associates (355) (95) 244 Settlement of guarantee liabilities in joint ventures - - (5,000) Net cash used in investing activities (357) (94) (2,605) Financing activities Proceeds from new loans 18,862 - 925 Repayment of loans (2,619) (502) (4,116) Net cash from/(used in) financing activities 16,243 (502) (3,191) Net increase/(decrease) in cash and cash equivalents 20,985 (7,546) (7,006) Cash and cash equivalents at beginning of period (19,007) (12,001) (12,001) Cash and cash equivalents at end of period 1,978 (19,547) (19,007) -------- --------- -------- --------- -------- --------- Cash and cash equivalents at end of period (continuing) 1,978 (19,450) (18,976) Cash and cash equivalents at end of period (discontinued) - (97) (31) -------- --------- -------- --------- -------- --------- Total 1,978 (19,547) (19,007) -------- --------- -------- --------- -------- --------- 1. The interim report was approved by the board on 29 January 2013. 2. General information and basis of preparation
The interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 May 2012. They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 May 2012.
3. Significant accounting policies
The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 May 2012.
4. Estimates
When preparing the interim financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty were the same as those applied in the Group's last annual financial statements for the year ended 31 May 2012.
5. Going concern
Since the year end, and following the disposal of Pochin Concrete Pumping Limited, the group successfully renegotiated its borrowing facilities with Royal Bank of Scotland plc to 31 October 2014.
As part of the refinancing process, the directors prepared a business plan together with forecasts to May 2015. These forecasts take account of reasonable changes in trading performance, the satisfaction of remaining parent company guarantee arrangements and other potential liabilities and show that the Group should be able to operate within the level of its revised facilities.
On this basis and after making enquires, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future, develop its property portfolio and advance its agreed business plan. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
6. Segmental information
Operating segments have been determined based on the reports regularly reviewed by the group board and which are used to make strategic and operational decisions. The Group board, excluding non-executive directors, is considered to be the Chief Operating Decision Maker and reviews the segments based on the nature of the services provided.
In the prior year, the Group was reorganised into two operating business segments based on the different services provided by each division: Construction and Property development and investment. The residential development segment was transferred to the property division during the prior year and comparative figures have been restated. The concrete pumping segment was classified as discontinued in the previous year.
As operations are carried out entirely within the UK, there is no further consideration of information on geographical areas in determining the Group's operating segments. The measurement policies used for segment reporting reflect those used for internal reporting and for the Group's financial statements. Inter-segmental pricing is done on an arms length open market basis.
6 months ended 30 November 2012
Property Total development Group continuing Discontinued Construction & investment management operations operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External sales 38,311 4,994 - 43,305 1,392 Inter-segment sales 932 - - 932 - Eliminations (932) - - (932) - -------------- -------------- ------------ ------------ -------------- Total revenue 38,311 4,994 - 43,305 1,392 Segment result Operating profit/(loss) 334 1,339 (599) 1,074 (221) Share of profit after taxation in joint ventures - 23 - 23 - Net finance cost (29) (463) (3) (495) (13) -------------- -------------- ------------ ------------ -------------- Profit/(loss) before taxation 305 899 (602) 602 (234) -------------- -------------- ------------ ------------ -------------- Taxation (100) - ------------ -------------- Profit/(loss) for the period 502 (234) ------------ --------------
Within the construction segment, external sales of GBP15,513,000 arise from two major customers that individually
account for more than 10 per cent of the entity's revenues. Customer A GBP11,658,000 and Customer B GBP3,855,000.
Property Elimination Total development of inter-segment continuing Discontinued Construction & investment items operations operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Assets and liabilities Segment assets 27,230 111,407 (69,382) 69,255 - Investment in equity accounted joint ventures and associates - 3,838 - 3,838 - -------------- ------------- ----------------- ----------- -------------- Total assets 27,230 115,245 (69,382) 73,093 - Segment liabilities 21,994 99,610 (69,382) 52,222 1,456 -------------- ------------- ----------------- ----------- -------------- Net assets/(liabilities) 5,236 15,635 - 20,871 (1,456) Other information Capital expenditure 9 - - 9 - Depreciation 33 16 - 49 - Provision against investment in joint ventures - 149 - 149 -
6 months ended 30 November 2011
Property Total development Group continuing Discontinued Construction & investment management operations operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External sales 29,325 1,397 - 30,722 4,907 Inter-segment sales 155 - - 155 27 Eliminations (155) - - (155) (27) -------------- ------------- ------------ ----------- -------------- Total revenue 29,325 1,397 - 30,722 4,907 Segment result Operating profit/(loss) (58) 1,651 (740) 853 (287) Loss on remeasurement and cost of disposal - - - - (490) Share of profit after taxation of joint ventures - 206 - 206 - Net finance income/(cost) 38 (591) 5 (548) (40) -------------- ------------- ------------ ----------- -------------- Profit/(loss) before taxation (20) 1,266 (735) 511 (817) -------------- ------------- ------------ ----------- -------------- Taxation (26) - ----------- -------------- Profit/(loss) for the period 485 (817) ----------- --------------
Within the construction segment, external sales of GBP18,631,000 arise from five major customers that individually account for more than 10 per cent of the entity's revenues. Customer A GBP5,941,000, Customer B GBP3,449,000, Customer C GBP3,288,000, Customer D GBP3,020,000 and Customer E GBP2,933,000.
Property Elimination development of inter-segment Total continuing Discontinued Construction & investment items operations operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Asset and liabilities Segment assets 27,631 84,112 (34,330) 77,413 4,205 Investment in equity accounted joint ventures and associates - 4,653 - 4,653 - -------------- -------------- -------------------- ---------------- -------------- Total assets 27,631 88,765 (34,330) 82,066 4,205 Segment liabilities 22,177 73,466 (34,330) 61,313 2,451 Net assets/(liabilities) 5,454 15,299 - 20,753 1,754 -------------- -------------- -------------------- ---------------- -------------- Other information Capital expenditure 9 - - 9 - Depreciation 27 32 - 59 149 Provision against investment in joint ventures and available for sale financial assets - 294 - 294 -
12 months ended 31 May 2012
Property Total development continuing Discontinued & investment Group management operations operations ConstructionGBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External sales 66,663 4,938 - 71,601 8,929 Inter-segment sales 1,727 - - 1,727 90 Eliminations (1,727) - - (1,727) (90) ------------------- ------------- ---------------- ----------- ------------ Total revenue 66,663 4,938 - 71,601 8,929 Segment result Operating profit/(loss) 277 386 (1,320) (657) (1,235) Loss on remeasurement and cost of disposal - - - - (671) Share of profit after taxation in joint ventures - 439 - 439 - Net finance income/(cost) 78 (977) 9 (890) (81) ------------------- ------------- ---------------- ----------- ------------ Profit/(loss) before taxation 355 (152) (1,311) (1,108) (1,987) ------------------- ------------- ---------------- ----------- ------------ Taxation (167) - ----------- ------------ Loss for the year (1,275) (1,987) ----------- ------------
Within the construction segment, external sales of GBP28,360,000 arise from three major customers that individually
account for more than 10 per cent of the entity's revenues. Customer A GBP6,900,000, Customer B GBP7,800,000 and Customer C GBP13,660,000.
Property Elimination Total development of inter-segment continuing Discontinued & investment items operations operations ConstructionGBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Assets and liabilities Segment assets 25,822 91,063 (45,476) 71,409 1,965 Investment in equity accounted joint ventures and associates - 3,632 - 3,632 - ------------------- ------------- ----------------- ----------- ------------ Total assets 25,822 94,695 (45,476) 75,041 1,965 Segment liabilities 20,842 79,709 (45,476) 55,075 2,730 ------------------- ------------- ----------------- ----------- ------------ Net assets/(liabilities) 4,980 14,986 - 19,966 (765) Other information Capital expenditure 105 - - 105 - Depreciation 57 63 - 120 - Provision against investment in joint ventures and available for sale financial assets - 877 - 877 - Impairment of inventories - 686 - 686 - 7. Taxation
The taxation charge is calculated with reference to a prior year tax settlement.
8. Dividends
The directors are not proposing an interim dividend in respect of the 6 months ended 30 November 2012.
10. Earnings per share
The calculation of earnings per share (basic and diluted) is based on Group profit after taxation and non-controlling interests of GBP268,000 (2011: GBP332,000 loss) and the 20,800,000 ordinary shares of 25p in issue at 30 November 2012 and 30 November 2011. The number of shares in the calculation has been reduced at 30 November 2012 for the 440,500 (2011: 440,500) shares held in the Employee Share Trust. The assumed conversion of dilutive options has no impact on the number of shares and so diluted earnings per share is equal to basic earnings per share.
6 months ended 6 months ended 12 months ended 30 November 2012 30 November 2011 31 May 2012 Weighted Weighted average average Weighted no. no. average of shares Per of Per no. Per Earnings '000 share Earnings shares share Earnings of share GBP'000 p GBP'000 '000 p GBP'000 shares p '000 Continuing operations Basic EPS 502 20,360 2.5 485 20,360 2.4 (1,275) 20,360 (6.3) Effect of - - - - - - - - - share options --------------- ---------------- --------- ---------- ---------- ------- ---------- ---------- ------- Diluted EPS 502 20,360 2.5 485 20,360 2.4 (1,275) 20,360 (6.3) --------------- ---------------- --------- ---------- ---------- ------- ---------- ---------- ------- 6 months ended 6 months ended 12 months ended 30 November 2012 30 November 2011 31 May 2012 Weighted Weighted Weighted average average average no. of Per no. of Per no. of Per Earnings shares share Earnings shares share Earnings shares share GBP'000 '000 p GBP'000 '000 p GBP'000 '000 p Discontinued operations Basic EPS (234) 20,360 (1.2) (817) 20,360 (4.0) (1,987) 20,360 (9.7) Effect of - - - - - - - - - share options ---------- ---------------- ----------- ----------- ---------- ------- ----------- ---------- ------- Diluted EPS (234) 20,360 (1.2) (817) 20,360 (4.0) (1,987) 20,360 (9.7) ---------- ---------------- ----------- ----------- ---------- ------- ----------- ---------- ------- 6 months ended 6 months ended 12 months ended 30 November 2012 30 November 2011 31 May 2012 Weighted Weighted average average Weighted no. no. average of shares Per of Per no. Per Earnings '000 share Earnings shares share Earnings of share GBP'000 p GBP'000 '000 p GBP'000 shares p '000 Total operations Basic EPS 268 20,360 1.3 (332) 20,360 (1.6) (3,262) 20,360 (16.0) Effect of - - - - - - - - - share options --------------- ---------------- --------- ---------- ---------- ------- ----------- ---------- ------- Diluted EPS 268 20,360 1.3 (332) 20,360 (1.6) (3,262) 20,360 (16.0) --------------- ---------------- --------- ---------- ---------- ------- ----------- ---------- ------- 10. Disposal group classified as held for sale
Pochin Concrete Pumping Limited was treated as a discontinued operation until its sale as a going concern which was
completed on 31 July 2012. The results of the operation are summarised below (with all amounts attributable to owners of
the parent):
6 months ended 6 months 12 months 30 November ended ended 2012 30 November 31 May 2012 GBP'000 2011 GBP'000 GBP'000 -------------------------------------- ----------------- ------------- ------------- Revenue 1,392 4,907 8,929 Cost of sales (1,182) (4,172) (7,893) ------------ ------------- ------------- Gross profit 210 735 1,036 Operating expenses (242) (1,022) (2,271) Operating loss (32) (287) (1,235) Finance cost (13) (40) (81) ------------ ------------- ------------- Loss from discontinued operations before taxation (45) (327) (1,316) Tax - - - ------------ ------------- ------------- Net operating result from discontinued operations (45) (327) (1,316) Remeasurement and disposal of assets held for sale Loss on remeasurement and cost of disposal (189) (490) (671) ------------ ------------- ------------- Loss for the period from discontinued operations (234) (817) (1,987) ------------ ------------- ------------- Net cash flows used in discontinued operations Net cash flow used in operating activities (559) (275) (1,246) (559) (275) (1,246) ------------ ------------- ------------- Net cash flow used in discontinued operating activities Loss for the period (234) (817) (1,987) Finance cost 13 40 81 Depreciation charge - 149 - Operating cash flow before movement in working capital (221) (628) (1,906) Increase in inventories - (5) - Decrease in receivables 1,965 27 20 (Decrease)/Increase in payables (2,290) 361 566 Increase in provisions - - 155 Interest paid (13) (30) (81) (559) (275) (1,246) ------------ ------------- ------------- Assets of disposal group classified as held for sale Property, plant and equipment - 1,445 - Inventories - 223 - Trade and other receivables - 2,537 1,965 - 4,205 1,965 ------------ ------------- ------------- Liabilities of disposal group classified as held for sale Trade and other payables 351 2,149 794 Obligations under hire purchase agreements - - 595 Bank overdrafts - 97 31 Deferred tax liabilities - 205 205 Provisions 1,105 - 1,105 ------------ ------------- ------------- 1,456 2,451 2,730 ------------ ------------- ------------- 11. Provisions
Provisions include a liability in anticipation of a settlement of a parent company guarantee for a joint venture that could crystallise within 12 months following discussions with third parties. In addition, provisions also include other claims provisions that arise from the normal course of contractual relationships which could crystallise within 12 months.
12. The comparative figures for the year ended 31 May 2012 do not constitute statutory accounts for the purposes prescribed by the Companies Act 2006. A copy of the statutory accounts for the year ended 31 May 2012, which were prepared under International Financial Reporting Standards and which the auditors gave an unqualified report in accordance with the Companies Act 2006, have been filed with the Registrar of Companies.
13. This interim report is available on the Group's website (www.pochins.plc.uk).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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