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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Security Res. | LSE:SRG | London | Ordinary Share | GB00B0WHXB01 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMSRG
RNS Number : 9857J
Security Research Group PLC
24 July 2013
Security Research Group plc
("Security Research Group" or the "Company")
Final Results for the year ended 31 March 2013
The Directors of Security Research Group are pleased to announce the audited final results for the year ended 31 March 2013. The Report and accounts and notice of AGM will shortly be posted to shareholders and a copy will be made available on the Company's website (www.srgroupplc.com).
Financial Highlights
Hot Features
Premium
2013 2012
GBP'000 GBP'000
------------------------------- -------- --------
Specialist electronics 6,765 11,635
Property information services 152 744
Packaging solutions 302 273
Head office (616) (660)
Operating profit 6,603 11,992
Underlying earnings per share 23.24p 35.75p
Basic earnings per share 15.89p 19.76p
-- MoD contract successfully concluded on time and on budget
-- GBP18.3m repaid to shareholders over the last two years
-- GBP5.4m cash at year end
Enquiries:
Security Research Group plc
Jonathan Mervis, Chairman 020 7881 0800
John Warwick, Finance Director
WH Ireland Limited
Chris Fielding, Head of Corporate Finance 020 7220 1650
James Bavister, Corporate Finance Executive
Chairman's Statement
Another year of strong turnover and excellent profit figures have been achieved, although slightly down on last year. This year's turnover at GBP29,363,893 and last year's at GBP37,272,645 were substantially better than historical levels.
Profit before tax and exceptional items for the year was GBP6,682,042 compared with a profit before tax and exceptional items of GBP12,070,793 in the prior year. The substantial level of profits earned during the period is due to the application of engineering, manufacturing and sales techniques in supplying world beating products.
Shareholders will no doubt have welcomed the GBP15,191,577 returned to them through two share buy backs in the year which, together with GBP3,083,155 returned to them in the previous year, equates to GBP18,274,732, amounting to 94p per share based on the 19.4 million shares currently in issue. GBP5.4 million cash was retained at the year end.
A two year MOD contract came to an end with all equipment delivered, approved and accepted by this exacting customer. Product deployment in December 2012 was a satisfying end to two years of dedicated work. However, changes in operational requirements for overseas forces, the impending withdrawal of ISAF forces from Afghanistan and the change in tactics employed by insurgents have resulted in a substantial reduction in the deployment of our innovative and unique detector at present.
The Specialist Electronics Division has now been able to concentrate its resource and effort on developing new products and markets, and to place emphasis on a global sales drive. Reference is made in the financial statements to a number of innovative devices having unique selling points. These products are predominantly for use in non-conflict situations and are being marketed in the UK and in a number of other selected countries.
At the annual Distributor Conference held in Corby in April 2013, attended by more than 30 Distributors from across the globe, these products were launched and enthusiastically received.
Property Information Services (PSG) and Packaging Solutions (Moore & Buckle) both had a profitable year.
We are grateful to the outstanding commitment and loyalty of our employees who have been substantially responsible for the excellent achievements.
The Specialist Electronics Division is our main focus as it redevelops and re-energises its core marketplace supported by a dynamic marketing strategy. The positive response it is receiving from potential customers can be attributed to the rapid and cooperative dovetailing of the sales and engineering teams. We look forward to reporting to shareholders the results of these initiatives in due course.
CEO's Update
Specialist Electronics
The past year has seen changes to the Senior Management Team in the Specialist Electronics Division.
Damian Rowbotham, previously Finance Director for ComfortDelGro's UK & Ireland businesses, joined us in April 2012 as the Managing Director of Audiotel International. In addition, Barney Hubble who was critical to the success of the recent MOD contract, was appointed to the board as Business Development Director during the year.
Julie Brown (Resources Director) retired after 17 years dedicated service to Audiotel and in recent months Debbie Braybrook (Finance Director) has moved on to pastures new as part of a major re-organisation of the team.
We now have a stronger, more broadly experienced and focussed sales team moving forward, which under the direction of the new Senior Management Team, will bring the recently launched products to the global marketplace in the current year.
During the MOD contract we operated from two separate premises in Corby, but have recently merged all our operations in one centre. This provides a fully modern, well equipped factory and office complex ready to take on the new challenges that will be presented in the years to come.
The end of the MOD contract has seen serious downsizing of the production team and I would like to take the opportunity to thank all those staff who were employed with us for their dedicated service during the last two years.
Property Information Services
The PSG team based in Barnsley, South Yorkshire, have performed well under the supervision of Andrea Glover (Managing Director) in a very challenging marketplace.
The PSG Franchisee Network continues to promote and market a comprehensive selection of legal reports and services under the online PSG Connect banner. The unique combination of a truly national supplier with a 'local' service is the envy of its competitors.
Packaging Solutions
The small Moore & Buckle team based in St Helens have remained stable and continue to perform profitably in a niche marketplace.
Operating Review
Specialist Electronics
Overview
2013 was a year of two distinct parts for the Specialist Electronics Division. The first part was all about delivery when the entire Division, and in particular the production and technical teams, rose to the challenge of successfully delivering the MOD contract, on time and on budget. The second part was focused on raising the company and brand profile, achieved through sales and marketing activity and a raft of new product releases. The rebranding activity and product innovation were very well received by our distribution network and customer base. Turnover for the year was GBP23,566,245 compared with GBP31,281,262 in the prior year. The operating profit before exceptional items for the year was GBP6,765,220 compared with an operating profit before exceptional items of GBP11,635,491 in the prior year.
Product and Technical Leadership
The conclusion of the MOD contract during the year allowed the technical team to focus their expertise on new product development. The results have been especially pleasing with our latest releases being not only world beating in terms of performance, but also unique in their application. Our NLJD Archway for electronics detection, a world first, has attracted a great deal of interest, most significantly in Asia and Eastern Europe. Our new portable Meeting Guard, released earlier this year, provides 24/7 real-time protection from eavesdropping, with remote monitoring if required, and once again is a unique proposition generating a great deal of interest. We have a clear roadmap for technical development with a range of innovative products in the pipeline, which we are extremely excited about, and we continue to invest in focused research to help preserve technical leadership in our field.
Manufacturing Excellence
Quality remains at the heart of our business and our global reputation has certainly been strengthened through our work with the UK Government. Following contract completion, the production team numbers were reduced, but fortunately we were able to retain the most skilled and flexible staff for the business going forward. Our capability has been substantially enhanced over the last few years, with both facilities and skills markedly better. We now boast the flexibility to be able to manufacture both highly complex low volume electronic products and high volume batches as required.
Sales Development
One of our recent goals was to raise the division's profile globally. This activity commenced in earnest with a rebranding exercise, new marketing collateral and importantly a refreshed website. These were successfully launched to our global network of distributors in April 2013, together with our latest products and technical roadmap. The distribution network has been energised by the speed and quality of product development activity and also welcomed our increased dynamism in supporting their sales efforts.
Specialist Electronics New Products
Enhanced SB Range of NLJDs
Effectively locating concealed electronic devices.
The new Superbroom (SB) range is our latest advance in lightweight powerful Non-Linear Junction Detector (NLJD) technology.
A versatile device which incorporates the best elements from our 35 years of developing NLJDs. SB is available in a range of output powers, 2W, 4W and 10W. An Explosive Ordnance Disposal (EOD) variant is also available, which incorporates a metal detector for increased target detection and discrimination.
Archway
Detecting concealed items.
The Archway is the future in Intellectual Property theft protection. Specifically designed using the advanced technology of Non-Linear Junction Detection, it is able to detect concealed devices even if they are turned off.
Suitable for detecting a wide range of electronic components and devices including mobile phones, SIM cards, USB memory sticks, listening and recording devices or cameras.
The Archway can be used as a conventional security-style archway or, for a more discreet approach, it can be supplied as a single panel. The versatility of the Archway makes it an essential part of your security.
Meeting Guard
Meeting room protection.
The Meeting Guard provides a flexible solution for keeping meeting rooms, office and public areas safe from eavesdropping. Providing real-time protection from active devices as well as transmission from store and forward devices.
The Meeting Guard benefits from a compact and portable design that allows it to be deployed easily with no additional infrastructure and minimal training.
Property Information Services
Review
Turnover for the Property Information Services division for the year was GBP4,234,208 compared with GBP4,576,410 in the previous year. The operating profit before exceptional items for the year was GBP152,244 compared with an operating profit before exceptional items of GBP743,503 for the previous year. A goodwill impairment charge of GBP1,416,694 was incurred in the year which, in addition to the GBP3,537,539 incurred in the previous year, reflects the fact that housing transactions are unlikely to return to historic levels for some considerable time.
Property Search Group and its network of franchisees continue to work in harmony, presenting a nationwide brand revered and respected by the legal community. There have been substantial improvements to the online ordering platform that consistently scores top marks with PSG's clients when compared to other platforms supplied by its competitors. In addition, internal IT systems across the network have been updated to provide seamless, end-to-end delivery of products that have improved service to clients, decreased administration tasks, added additional quality controls and increased efficiency.
Packaging Solutions
Review
Moore & Buckle remained a stable, consistent performer in a very specialist marketplace.
Turnover for the year was GBP1,563,440 compared with GBP1,414,973 in the previous year. The operating profit before exceptional items for the year was GBP301,947 compared with an operating profit before exceptional items of GBP272,725 in the previous year. A goodwill impairment charge of GBP287,058 was incurred in the year which, in addition to GBP600,000 incurred in the previous year, reflects a harsher business climate for this sector of the marketplace.
Consolidated income statement
For the year ended 31 March 2013
2013 2012
Note GBP GBP
------------------------------------- ----- ------------- -------------
Revenue 2 29,363,893 37,272,645
Cost of sales (14,045,747) (16,733,938)
------------------------------------- ----- ------------- -------------
Gross profit 15,318,146 20,538,707
Administrative expenses (8,715,130) (8,547,204)
------------------------------------- ----- ------------- -------------
Operating profit before exceptional
items 6,603,016 11,991,503
Exceptional administrative
expenses 3 (1,703,752) (4,137,539)
------------------------------------- ----- ------------- -------------
Operating profit 4 4,899,264 7,853,964
Finance costs 8 (10,929) -
Finance income 9 89,955 79,290
------------------------------------- ----- ------------- -------------
Profit on ordinary activities
before taxation 4,978,290 7,933,254
Income tax expense 10 (1,295,735) (2,823,233)
------------------------------------- ----- ------------- -------------
Profit on ordinary activities
after taxation 3,682,555 5,110,021
------------------------------------- ----- ------------- -------------
Basic earnings per share 12 15.89p 19.76p
------------------------------------- ----- ------------- -------------
Diluted earnings per share 12 15.74p 19.57p
------------------------------------- ----- ------------- -------------
The consolidated income statement has been prepared on the basis that all operations are continuing operations.
Consolidated statement of comprehensive income
For the year ended 31 March 2013
The profit on ordinary activities after taxation represents the Group's total comprehensive income for the year.
Statements of changes in equity
For the year ended 31 March 2013
Group Capital
Share Share redemption Retained
capital premium reserve earnings Total
equity
GBP GBP GBP GBP GBP
------------------------------ ------------ -------- ----------- ------------- -------------
At 1 April 2011 5,506,648 5,250 - 10,927,975 16,439,873
Issue of new ordinary shares
on exercise of options 267,778 432,222 - - 700,000
Purchase of ordinary share
capital (including costs of
GBP71,195) - - - (3,083,155) (3,083,155)
Cancellation of own shares (626,313) - 626,313 - -
Total comprehensive income
for the year - - - 5,110,021 5,110,021
------------------------------ ------------ -------- ----------- ------------- -------------
At 31 March 2012 5,148,113 437,472 626,313 12,954,841 19,166,739
Issue of new ordinary shares
on exercise of options 76,190 114,286 - - 190,476
Purchase of ordinary share
capital (including costs of
GBP127,393) - - - (15,191,577) (15,191,577)
Cancellation of own shares (1,339,038) - 1,339,038 - -
Total comprehensive income
for the year - - - 3,682,555 3,682,555
------------------------------ ------------ -------- ----------- ------------- -------------
At 31 March 2013 3,885,265 551,758 1,965,351 1,445,819 7,848,193
------------------------------ ------------ -------- ----------- ------------- -------------
Company Capital
Share Share redemption Retained
Capital premium reserve earnings Total
equity
GBP GBP GBP GBP GBP
------------------------------ ------------ -------- ----------- ------------- -------------
At 1 April 2011 5,506,648 5,250 - 7,465,232 12,977,130
Issue of new ordinary shares
on exercise of options 267,778 432,222 - - 700,000
Purchase of ordinary share
capital (including costs of
GBP71,195) - - - (3,083,155) (3,083,155)
Cancellation of own shares (626,313) - 626,313 - -
Total comprehensive income
for the year - - - 1,859,548 1,859,548
------------------------------ ------------ -------- ----------- ------------- -------------
At 31 March 2012 5,148,113 437,472 626,313 6,241,625 12,453,523
Issue of new ordinary shares
on exercise of options 76,190 114,286 - - 190,476
Purchase of ordinary share
capital (including costs of
GBP127,393) - - - (15,191,577) (15,191,577)
Cancellation of own shares (1,339,038) - 1,339,038 - -
Total comprehensive income
for the year - - - 9,025,624 9,025,624
------------------------------ ------------ -------- ----------- ------------- -------------
At 31 March 2013 3,885,265 551,758 1,965,351 75,672 6,478,046
------------------------------ ------------ -------- ----------- ------------- -------------
Consolidated statement of financial position
As at 31 March 2013
2013 2012
Note GBP GBP GBP GBP
----------------------------------- ----- ------------ ---------- --------------- -----------
Non-current assets
Goodwill 13 3,273,142 4,976,894
Other intangible assets 14 627,271 688,357
Property, plant and equipment 15 411,514 1,581,020
Deferred tax asset 20 312,101 125,047
4,624,028 7,371,318
----------------------------------- ----- ------------ ---------- --------------- -----------
Current assets
Inventories 18 1,189,318 1,312,635
Trade and other receivables 19 2,721,402 7,222,481
Cash and cash equivalents 5,397,860 17,268,743
----------------------------------- ----- ------------ ---------- --------------- -----------
9,308,580 25,803,859
----------------------------------- ----- ------------ ---------- --------------- -----------
Current liabilities
Trade and other payables 21 (5,666,328) (11,171,152)
Current tax liability (418,087) (2,837,286)
(6,084,415) (14,008,438)
----------------------------------- ----- ------------ ---------- --------------- -----------
Net current assets 3,224,165 11,795,421
----------------------------------- ----- ------------ ---------- --------------- -----------
Net assets 7,848,193 19,166,739
Represented by:
Capital and reserves attributable
to equity holders
Called up share capital 22 3,885,265 5,148,113
Share premium account 551,758 437,472
Capital redemption reserve 1,965,351 626,313
Retained earnings 1,445,819 12,954,841
----------------------------------- ----- ------------ ---------- --------------- -----------
Total equity 7,848,193 19,166,739
----------------------------------- ----- ------------ ---------- --------------- -----------
Company statement of financial position
As at 31 March 2013
2013 2012
Note GBP GBP GBP GBP
----------------------------------- ----- ------------ ---------- ------------- -------------
Non-current assets
Property, plant and equipment 15 34,379 36,090
Investments in subsidiaries 16 6,650,322 8,354,074
6,684,701 8,390,164
----------------------------------- ----- ------------ ---------- ------------- -------------
Current assets
Trade and other receivables 19 43,802 15,472
Cash and cash equivalents 1,097,303 4,896,244
----------------------------------- ----- ------------ ---------- ------------- -------------
1,141,105 4,911,716
Current liabilities
Trade and other payables 21 (1,292,760) (848,357)
Current tax payable (55,000) -
----------------------------------- ----- ------------ ---------- ------------- -------------
(1,347,760) (848,357)
----------------------------------- ----- ------------ ---------- ------------- -------------
Net current (liabilities)/
assets (206,655) 4,063,359
----------------------------------- ----- ------------ ---------- ------------- -------------
Net assets 6,478,046 12,453,523
----------------------------------- ----- ------------ ---------- ------------- -------------
Represented by:
Capital and reserves attributable
to equity holders
Called up share capital 22 3,885,265 5,148,113
Share premium account 551,758 437,472
Capital redemption reserve 1,965,351 626,313
Retained earnings 75,672 6,241,625
----------------------------------- ----- ------------ ---------- ------------- -------------
Total equity 6,478,046 12,453,523
----------------------------------- ----- ------------ ---------- ------------- -------------
Statements of cash flows
For the year ended 31 March 2013
Group Company
2013 2012 2013 2012
GBP GBP GBP GBP
------------------------------------- ----------------- -------------- ------------- ------------
Cash flows from operating
activities
Profit before taxation 4,978,290 7,933,254 9,080,624 1,859,548
Adjustments for:
Depreciation of property,
plant and equipment 1,417,963 1,303,116 4,749 6,379
Amortisation of goodwill/investment
write down 1,703,752 4,137,539 1,703,752 4,137,539
Amortisation of other intangible
assets 533,392 367,196 - -
Profit on disposal of tangible
assets (7,485) (2,337) - -
Interest expense 10,929 - - -
Interest receivable (89,955) (79,290) (9,727) (10,963)
Dividends receivable - - (10,321,530) (6,370,260)
Changes in working capital:
Decrease/(increase) in receivables 4,501,079 (3,148,309) (28,330) 2,720
Decrease/(increase) in inventories 123,317 (163,109) - -
(Decrease)/increase in payables (5,504,824) 8,767,987 444,403 393,138
Cash generated from operations 7,666,458 19,116,047 873,941 18,101
Interest paid (10,929) - - -
Income tax paid (3,901,988) (163,799) - -
Net cash generated from operating
activities 3,753,541 18,952,248 873,941 18,101
------------------------------------- ----------------- -------------- ------------- ------------
Cash flows from investing
activities
Purchase of tangible assets (287,729) (2,052,547) (3,038) (847)
Purchase of other intangible
assets (472,306) (559,095) - -
Proceeds from the sale of
tangible assets 46,757 74,115 - -
Dividends received - - 10,321,530 6,370,260
Interest received 89,955 79,290 9,727 10,963
------------------------------------- ----------------- -------------- ------------- ------------
Net cash (used in)/generated
from investing activities (623,323) (2,458,237) 10,328,219 6,380,376
------------------------------------- ----------------- -------------- ------------- ------------
Cash flows from financing
activities
Issue of share capital 190,476 700,000 190,476 700,000
Purchase of own shares (15,191,577) (3,083,155) (15,191,577) (3,083,155)
------------------------------------- ----------------- -------------- ------------- ------------
Net cash used in financing
activities (15,001,101) (2,383,155) (15,001,101) (2,383,155)
------------------------------------- ----------------- -------------- ------------- ------------
Net (decrease)/increase in
cash and cash equivalents (11,870,883) 14,110,856 (3,798,941) 4,015,322
Cash and cash equivalents
at beginning of period 17,268,743 3,157,887 4,896,244 880,922
------------------------------------- ----------------- -------------- ------------- ------------
Cash and cash equivalents
at end of period 5,397,860 17,268,743 1,097,303 4,896,244
------------------------------------- ----------------- -------------- ------------- ------------
--ENDS--
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR RJMFTMBMTBMJ
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