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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Romag | LSE:ROM | London | Ordinary Share | GB0033665729 | 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% | 35.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMROM
RNS Number : 4482M
Romag Holdings PLC
25 May 2010
ROMAG HOLDINGS PLC
Interim results for the six months to 31 March 2010
Romag Holdings plc, a specialist manufacturer of glass and plastic composites
for renewable energy, security, transport and architectural applications is
pleased to announce its interim results for the six months to 31 March 2010.
25 May 2010
Summary
+--------------------------------------------------------------------------+
| · Trading improvement to group trading profit of GBP0.3m (2009 - |
| loss GBP1.3m) |
+--------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------+
| · Group revenue down 11% on last year |
+--------------------------------------------------------------------------+
| - PowerGlaz revenues up 5% |
| - Architecture/Specialist transport revenues down 38% (affected by |
| adverse weather) |
+--------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------+
| · Pre-tax profit GBP0.1m (2009 - GBP1.1m, which included a GBP2.7m |
| exceptional profit on disposal of currency hedging contracts) |
+--------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------+
| · Gearing reduced to 55% (September 2009 - 57%) |
+--------------------------------------------------------------------------+
| |
+--------------------------------------------------------------------------+
| · UK feed-in-tariff already providing significant boost to PowerGlaz |
| enquiries and prospects |
+--------------------------------------------------------------------------+
JOHN M. KENNAIR, MBE, Chairman said:
"We are pleased to announce a return to trading profitability in the first half
of 2010, following a year of unprecedented economic challenges in 2009. At the
2009 full year results we announced that we were introducing new photovoltaic
products and were beginning to see recovery in our PowerGlaz revenues. With
photovoltaic pricing more stabilised, six months into 2010 we continue to be
encouraged by a gradual pick up in PowerGlaz sales, coupled with a marked
increase in enquiries in this part of the business, spurred by the introduction
of the feed-in tariff in the UK.
Our architectural sales have continued to be impacted by the downturn in the
construction sector. The architectural business, and our other markets, have
also been disrupted by severe weather conditions at the start of 2010 which put
projects on hold.
The markets we operate in remain challenging but are showing signs of
improvement. For the company as a whole we maintain our view that 2010 will be a
year of steady recovery thanks to the cost cutting measures already implemented
and new products introduced by management. The second half of the year is
traditionally stronger and we anticipate this to be the case again in 2010. We
remain positive in our longer term outlook and are confident that the
introduction of the UK feed-in-tariff will bear fruit as the substantial
increase in enquiries for our photovoltaic products converts to sales."
ENQUIRIES
+-----------------------------------+-----------------------------------+
| Romag Holdings plc | |
+-----------------------------------+-----------------------------------+
| Lyn Miles, Chief Executive | Tel: 01207 500000 |
| David Banks, Finance Director | Today: 020 7074 1800 |
| | After today: 01207 500000 |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| Kreab Gavin Anderson | Tel: 020 7074 1800 |
+-----------------------------------+-----------------------------------+
| Ken Cronin | |
+-----------------------------------+-----------------------------------+
| Michael Turner | |
+-----------------------------------+-----------------------------------+
| Natalie Biasin | |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| Arbuthnot Securities | Tel: 020 7012 2000 |
+-----------------------------------+-----------------------------------+
| Tom Griffiths | |
+-----------------------------------+-----------------------------------+
| Antonio Bossi | |
+-----------------------------------+-----------------------------------+
Note to editors:
Romag Holdings plc is a leading manufacturer of glass and plastic composites
based in Consett, County Durham. Romag has developed a range of photovoltaic
glass products (PowerGlaz and PowerPark) for use in the generation of renewable
energy.
Romag also manufactures a wide range of products for the security, transport and
architecture markets to protect people against a variety of risks and threats.
Businesses using the group's high-impact glass products include BAA, Securicor,
government departments, banks, building societies and train operators.
ROMAG HOLDINGS PLC
Chairman's statement
_________________________________________________________________________
I am pleased to report on the results for the six months to 31 March 2010. The
directors anticipated that this year would be a year of recovery for the
business and group trading has returned to profitability following the
volatility that occurred last year in the group's markets.
Results
Sales in the six months to 31 March 2010 fell by 11% compared to the
corresponding period last year to GBP9.1m (2009 - GBP10.2m). Cost cutting
measures that were taken in 2009 have led to an improvement in gross margins
(even if the exceptional write down of inventories to net realisable value is
excluded from the 2009 figures - see note 2), and the group recorded a trading
profit of GBP0.3m for the period (2009 - loss GBP1.3m). Pre tax profits were
GBP0.1m (2009 - loss GBP1.6m before exceptional profit of GBP2.7m on disposal of
currency hedging contracts).
Trading
We have experienced more favourable conditions than last year in the markets for
our range of photovoltaic products, which are sold under the name PowerGlaz. In
particular, photovoltaic prices have been relatively stable during the period.
The architectural and specialist transport markets experienced a 38% fall in
turnover over the corresponding period last year and the architectural market
remains subdued.
The adverse weather conditions this winter over such a long period have caused
substantial delays in many of our major projects.
Cash, working capital and gearing
Over the six months, the group generated cash of GBP0.2m and reduced gearing to
55% compared with 57% at 30 September 2009.
Inventories remain higher than we would wish, but we expect these to reduce in
the second half of the year.
Dividends
The directors do not recommend payment of an interim dividend. They will review
the potential for proposing a final dividend when the results for the full year
are available.
Outlook
The introduction of a feed-in tariff (FIT) for the UK was announced in February
this year and came into effect on 1 April. The FIT makes investment in
renewable energy products attractive and has proved a significant boost to the
solar markets in other European countries where they have been in place for a
number of years.
Already, we have seen a very substantial increase in the number of enquiries in
the UK for all kinds of solar installations, including solar farms, industrial
buildings, supermarkets, housing projects and commercial properties.
The adverse weather conditions have also held back progress on the construction
of Romag's own FIT project, but this is now expected to be substantially
complete by the year end.
ROMAG HOLDINGS PLC
Chairman's statement (continued)
_________________________________________________________________________
Whilst the directors expect further improvement in the traditionally stronger
second half, the FIT will have only a small impact on trading in the current
financial year. However, the directors believe that the quality and diversity
of opportunities that the FIT is generating will produce a substantial increase
in sales and profitability in 2011 and beyond.
JOHN M. KENNAIR, MBE
Chairman
25 May 2010
ROMAG HOLDINGS PLC
Consolidated income statement
Unaudited results for the six months to 31 March 2010
_________________________________________________________________________
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | Year to 30 |
| |Notes | Six months to 31 March | September |
+------------------------------+-------+----------------------------------+--------------------+
| | | 2010 | | 2009 | | 2009 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | Unaudited | | Unaudited | | Audited |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Group revenue | | 9,132 | | 10,222 | | 19,726 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Cost of sales | 2 | 7,415 | | 10,117 | | 17,895 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Gross profit | | 1,717 | | 105 | | 1,831 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Distribution costs | | 163 | | 137 | | 233 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Administrative expenses | | 1,253 | | 1,291 | | 2,605 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Group trading profit/(loss) | | 301 | | (1,323) | | (1,007) |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Other operating income | 3 | 39 | | 2,751 | | 2,779 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Group operating profit from | | | | | | |
| continuing | | 340 | | 1,428 | | 1,772 |
| operations | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Finance costs | | (277) | | (364) | | (696) |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Profit on ordinary | | 63 | | 1,064 | | 1,076 |
| activities before taxation | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Tax expense | 4 | (19) | | (298) | | (319) |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Profit for the period from | | | | | | |
| continuing operations | | 44 | | 766 | | 757 |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| Earnings per share - basic | 5 | 0.1p | | 1.5p | | 1.5p |
| and diluted | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+------------------------------+-------+-----------+----------+-----------+----------+---------+
ROMAG HOLDINGS PLC
Consolidated statement of comprehensive income
Unaudited results for the six months to 31 March 2010
_________________________________________________________________________
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | | Year to 30 |
| | | Six months to 31 March | September |
+--------------------------------+---+----------------------------------+--------------------+
| | | 2010 | | 2009 | | 2009 |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | Unaudited | | Unaudited | | Audited |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Income and expense recognised | | | | | | |
| directly in equity | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Gain on cash flow hedges | | - | | 1,590 | | 1,590 |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Transfers to income statement: | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| On cash flow hedges - other | | - | | (2,722) | | (2,722) |
| operating income | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Tax credit | | - | | 317 | | 306 |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Net expense recognised | | | | | | |
| directly in | | - | | (815) | | (826) |
| equity | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Profit for the period | | 44 | | 766 | | 757 |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Total recognised income and | | | | | | |
| expense for the period | | 44 | | (49) | | (69) |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Attributable to: | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
| Equity holders of parent | | 44 | | (49) | | (69) |
| company | | | | | | |
+--------------------------------+---+-----------+----------+-----------+----------+---------+
Consolidated statement of changes in equity
Unaudited results for the six months to 31 March 2010
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | Equity | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | share | | Share | | Merger | | Hedging | | Retained | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | capital | | premium | | reserve | | reserve | | earnings | | Total |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 | | GBP000 |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| At 30 September 2008 | 12,505 | | 10,924 | | 406 | | 815 | | 8,028 | | 32,678 |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Total recognised | | | | | | | | | | | |
| income and | - | | - | | - | | (815) | | 746 | | (69) |
| expense | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Share-based payment | - | | - | | - | | - | | 90 | | 90 |
| charge | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Dividends | - | | - | | - | | - | | (375) | | (375) |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| At 30 September 2009 | 12,505 | | 10,924 | | 406 | | - | | 8,489 | | 32,324 |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Total recognised | | | | | | | | | | | |
| income and | - | | - | | - | | - | | 44 | | 44 |
| expense | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Share-based payment | - | | - | | - | | - | | 60 | | 60 |
| charge | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
| Unaudited as at 31 | 12,505 | | 10,924 | | 406 | | - | | 8,593 | | 32,428 |
| March 2010 | | | | | | | | | | | |
+----------------------+---------+----------+---------+----------+---------+----------+---------+----------+----------+----------+---------+
ROMAG HOLDINGS PLC
Consolidated balance sheet
Unaudited results for the six months to 31 March 2010
_________________________________________________________________________
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | 31 March | 30 |
| | | | September |
+-------------------------------+------+----------------------------------+-------------+
| | | 2010 | | 2009 | | 2009 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | Unaudited | | Unaudited | | Audited |
| | | GBP000 | | GBP000 | | GBP000 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Assets | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Non-current assets | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Property, plant and equipment | | 25,477 | | 24,877 | | 26,753 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Intangible assets | | 5,942 | | 6,280 | | 6,134 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Deferred tax assets | | 16 | | 30 | | 16 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | 31,435 | | 31,187 | | 32,903 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Current assets | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Inventories | | 13,892 | | 12,147 | | 13,748 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Trade and other receivables | | 10,230 | | 9,594 | | 10,230 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Cash | | - | | 362 | | - |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | 24,122 | | 22,103 | | 23,978 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Total assets | | 55,557 | | 53,290 | | 56,881 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Equity and liabilities | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Current liabilities | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Trade and other payables | | 1,583 | | 2,028 | | 2,277 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Financial liabilities | | 1,666 | | 969 | | 1,846 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Corporation tax | | 44 | | 1,003 | | 46 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Government grants | | 76 | | 57 | | 87 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | 3,369 | | 4,057 | | 4,256 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Non-current liabilities | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Financial liabilities | | 16,149 | | 13,894 | | 16,672 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Government grants | | 303 | | 9 | | 321 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Deferred tax liabilities | | 3,308 | | 3,016 | | 3,308 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | 19,760 | | 16,919 | | 20,301 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Total liabilities | | 23,129 | | 20,976 | | 24,557 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Net assets | | 32,428 | | 32,314 | | 32,324 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Capital and reserves | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Equity share capital | | 12,505 | | 12,505 | | 12,505 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Share premium | | 10,924 | | 10,924 | | 10,924 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Merger reserve | | 406 | | 406 | | 406 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Retained earnings | | 8,593 | | 8,479 | | 8,489 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| | | | | | | |
+-------------------------------+------+-----------+----------+-----------+---+---------+
| Equity shareholders' funds | | 32,428 | | 32,314 | | 32,324 |
+-------------------------------+------+-----------+----------+-----------+---+---------+
ROMAG HOLDINGS PLC
Consolidated statement of cash flows
Unaudited results for the six months to 31 March 2010
_________________________________________________________________________
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | Year to 30 |
| | Notes | Six months to 31 March | September |
+----------------------------------+-------+----------------------------------+--------------------+
| | | 2010 | | 2009 | | 2009 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | Unaudited | | Unaudited | | Audited |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Operating activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Profit for the period | | 44 | | 766 | | 757 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Adjustments to reconcile profit | | | | | | |
| for the period to net | | | | | | |
| cash inflow from operating | | | | | | |
| activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Tax on continuing operations | | 19 | | 298 | | 319 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Net finance costs | | 277 | | 364 | | 696 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Depreciation of property, plant | | 1,353 | | 1,417 | | 2,824 |
| and equipment | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Amortisation of intangible | | 192 | | 120 | | 167 |
| assets | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Share-based payment charge | | 60 | | 60 | | 90 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Profit on disposal of property, | | (2) | | - | | - |
| plant & equipment | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Increase in inventories | | (144) | | (4,116) | | (5,717) |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Decrease in trade and other | | 92 | | 2,413 | | 1,728 |
| receivables | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| (Decrease)/increase in trade and | | (664) | | 570 | | 876 |
| other payables | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Movement in provisions - | | | | | | |
| deferred government | | (29) | | (29) | | (57) |
| grants | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Cash generated from operations | | 1,198 | | 1,863 | | 1,683 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Income taxes paid | | (21) | | - | | (686) |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Net cash flow from operating | | 1,177 | | 1,863 | | 997 |
| activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Investing activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Payments to acquire property, | | (99) | | (41) | | (3,360) |
| plant & equipment | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Receipts from disposals of | | | | | | |
| property, plant & | | 12 | | - | | - |
| equipment | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Payments to acquire intangible | | - | | (1,873) | | (1,774) |
| assets | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Receipts of government grants | | - | | - | | 370 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Net cash flow from investing | | (87) | | (1,914) | | (4,764) |
| activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Financing activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Interest paid | | (367) | | (351) | | (672) |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Interest element of hire | | (20) | | (47) | | (28) |
| purchase payments | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Dividends paid to equity | | | | | | |
| shareholders of the parent | 6 | - | | (375) | | (375) |
| company | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| New borrowings | | - | | 546 | | 3,836 |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Repayment of borrowings | | (272) | | (223) | | (427) |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Repayment of capital element of | | | | | | |
| hire purchase | | (241) | | (341) | | (669) |
| contracts | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Net cash flow from financing | | (900) | | (791) | | 1,665 |
| activities | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Increase/(decrease) in cash and | | | | | | |
| cash | | 190 | | (842) | | (2,102) |
| equivalents | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Cash and equivalents at the | 7 | (898) | | 1,204 | | 1,204 |
| start of the period | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
| Cash and equivalents at the end | 7 | (708) | | 362 | | (898) |
| of the period | | | | | | |
+----------------------------------+-------+-----------+----------+-----------+----------+---------+
ROMAG HOLDINGS PLC
Notes
Unaudited results for the six months to 31 March 2010
_________________________________________________________________________
1. Basis of preparation
The condensed consolidated interim financial statements of the group for the six
months ended 31 March 2010 consolidate the accounts of Romag Holdings plc and
its subsidiary undertakings. They have been prepared using the accounting
policies set out in the group's 2009 annual report. The interim results are not
reviewed by the auditors, Ernst & Young LLP.
The adoption of International Accounting Standard 1 - 'Presentation of Financial
Statements (revised)' has required the 'Reconciliation of movements on reserves
and equity' to be presented as a primary statement entitled 'Consolidated
statement of changes in equity'. In addition, the 'Consolidated statement of
recognised income and expense has been replaced with the 'Consolidated statement
of comprehensive income'.
2. Cost of Sales
Cost of sales includes the following charges:
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | Year to 30 |
| | | Six months to 31 March | September |
+-------------------------------------+----------+----------------------------------+--------------------+
| | | 2010 | | 2009 | | 2009 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | Unaudited | | Unaudited | | Audited |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| Write down of inventories to net | | 41 | | 910 | | 946 |
| realisable value | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
3. Other operating income
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | Year to 30 |
| | | Six months to 31 March | September |
+-------------------------------------+----------+----------------------------------+--------------------+
| | | 2010 | | 2009 | | 2009 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | Unaudited | | Unaudited | | Audited |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| Government grants released | | 29 | | 29 | | 57 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| Rent received | | 8 | | - | | - |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| Profit on disposal of plant & | | 2 | | - | | - |
| equipment | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| Profit on disposal of cash flow | | - | | 2,722 | | 2,722 |
| hedges | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | |
| | | 39 | | 2,751 | | 2,779 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
4. Taxation
The interim tax charge is based on an estimate of the likely effective tax rate
for the full year, expressed as a percentage of the expected results for the
year and then applied to the interim profit before tax.
5. Earnings per share
The calculations of earnings per share are based on earnings of GBP44,000 (2009
- GBP766,000), a basic weighted average of 50,020,000 shares in issue (2009 -
50,020,000) and a diluted weighted average of 50,151,000 shares in issue (2009 -
50,028,000).
The calculations of basic and diluted earnings per share for the year to 30
September 2009 are based on earnings of GBP757,000, a basic weighted average of
50,020,000 shares in issue and a diluted weighted average of 50,063,000 shares
in issue.
ROMAG HOLDINGS PLC
Notes (continued)
Unaudited results for the six months to 31 March 2010
_________________________________________________________________________
6. Dividends
The directors have not declared an interim dividend (2009 - Nil). Dividends
paid were:
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | Year to 30 |
| | | Six months to 31 March | September |
+-------------------------------------+----------+----------------------------------+--------------------+
| | | 2010 | | 2009 | | 2009 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | Unaudited | | Unaudited | | Audited |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | GBP000 | | GBP000 | | GBP000 |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
| Final dividend 0.75p per share paid | | - | | 375 | | 375 |
| on 6 March 2009 | | | | | | |
+-------------------------------------+----------+-----------+----------+-----------+----------+---------+
7. Note to the consolidated statement of cash flows
Analysis of net debt:
+--------------------------------------+-----------+----------+-----------+----------+----------+
| | 31 March | 30 September |
+--------------------------------------+----------------------------------+---------------------+
| | 2010 | | 2009 | | 2009 |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| | Unaudited | | Unaudited | | Audited |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| | GBP000 | | GBP000 | | GBP000 |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| Cash balances/(overdraft) | (708) | | 362 | | (898) |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| Bank loans due within one year | (468) | | (400) | | (464) |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| Bank loans due after one year | (15,744) | | (12,999) | | (16,020) |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| Hire purchase contracts | (895) | | (1,464) | | (1,136) |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| | | | | | |
+--------------------------------------+-----------+----------+-----------+----------+----------+
| | | | | | (18,518) |
| | (17,815) | | (14,501) | | |
+--------------------------------------+-----------+----------+-----------+----------+----------+
The group has the following borrowing facilities:
· a secured, revolving loan facility of GBP15 million with Lloyds TSB Bank
plc which expires on 30 April 2012;
· a secured overdraft facility of GBP2.5 million with Lloyds TSB Bank plc
which is due for renewal on 30 June 2011;
· a secured euro term loan from Lloyds TSB Bank plc repayable quarterly to
13 March 2015, of which GBP2.8m sterling equivalent was outstanding at 31 March
2010.
8. Publication of non-statutory financial statements
The information contained in the interim results does not constitute statutory
accounts as defined in section 435 of the Companies Act 2006 and the results are
unaudited. The financial information for the year to 30 September 2009 and the
six months to 31 March 2009 has been extracted from the group's 2009 annual
report and the 2009 interim report.
The 2009 annual report has been filed with the Registrar of Companies. The
audit report on the 2009 annual report was unqualified and did not contain a
statement under Section 498 (2) and (3), of the Companies Act 2006.
Electronic copies of the 2009 annual report and of this 2010 interim report are
available on the group's website at www.romag.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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