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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 |
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Security Research Group plc
("Security Research Group" or the "Company")
Interim Results for the six months ended 30 March 2013
Security Research Group comprises Specialist Electronics, consisting of
Audiotel International Limited (`Audiotel') and its subsidiary Security
Research Limited, Property Information Services Businesses ('PSG') and Moore &
Buckle (Flexible Packaging) Limited (`M&B').
Following completion in December 2012 of the GBP50 million order for Improvised
Explosive Device (`IED') detectors from the Ministry of Defence (`MoD'),
Specialist Electronics is now focussed on improving its existing range of
products and on developing a range of completely new innovative products aimed
at the commercial market.
PSG is a major provider of both commercial and residential property searches
and Energy Performance Certificates to the conveyancing marketplace in England
and Wales. PSG trades both through its expanded wholly owned operation based in
Yorkshire and its national network of PSG Brand Franchisees across England and
Wales.
M&B provides specialist, bespoke, flexible packaging solutions.
highlights
* Group profit before taxation GBP219,000 (2012: GBP8,587,000).
* Specialist Electronics operating profit GBP7,000 (2012: GBP8,609,000).
* Property Information Services operating profit GBP368,000 (2012: GBP62,000).
* M&B's operating profit GBP123,000 (2012: GBP146,000).
For further information please visit www.srgroupplc.com
Enquiries:
Security Research Group plc
Jonathan Mervis , Chairman 020 7881 0800
John Warwick, Finance Director
W H Ireland Limited
Chris Fielding/ James Bavister 020 7220 1650
chairman's statement
for the six months ended 30 September 2013
Specialist Electronics
The fall in Group Profit before taxation from GBP8,587,000 to GBP219,000 reflects
the completion of the GBP50 million MoD contract and the sea change in global
markets for IED Detection equipment, which was responsible for a large
proportion of the profits last year. Withdrawal of the great majority of ISAF
forces from operational theatre in Afghanistan, as well as a change in
strategic tactics, has curtailed the prospects for further orders for the
foreseeable future.
Shareholders have, however, already benefitted through share buy backs
totalling over GBP15 million as a result of the MoD contract.
The Annual Report highlighted our goal of developing new products based on
proprietary applications of our technology for the global market place and a
commensurate upgrade of the Specialist Electronics profile. There has been
positive work in progress on all fronts.
Guard Products
The high profile and risk of danger and damage to government agencies,
corporations and a range of their advisers to the consequences flowing from
eavesdropping, bugging and covert videoing has become of increasing concern.
To reduce the risk of exposure to these threats and to raise the protective bar
even further than previously achieved Audiotel has upgraded its Guard Products
and is planning a major re-launch early in the new year. Operating in real time
on a 24/7 basis Meeting Guard displays unequivocally on a screen, either as an
alert or alarm, evidence of eavesdropping, bugging or the operation of covert
video. The meeting participants are, therefore, made aware immediately of
possible breaches of security.
The Enhanced Superbroom
The Enhanced Superbroom is the latest lightweight Non-Linear Junction Detector
(NLJD). Its variable power enables it, in the first instance, to identify the
general area of the threat and then to follow up by identifying the threat with
pin point accuracy. Since its launch five months ago in July 2013 Enhanced
Superbrooms have been sold to customers in Italy, Portugal, Finland, Saudi
Arabia, South Africa, Singapore and Taiwan as well as to The Foreign and
Commonwealth Office.
The result of a GBP1 million MoD tender for this product is expected before the
calendar year end.
The Archway
The Archway detects a wide range of information storing devices, including SIM
cards, USB memory sticks, hidden cameras and listening and recording devices.
It also detects mobile phones. There is interest from an important Chinese
customer and from a major global manufacturer of electronic consumer products.
PSG
The outlook for PSG has improved substantially. The operating profit for the
period was GBP368,000 (2012: GBP62,000).
PSG is benefitting from, and will continue to benefit from, a variety of
factors including:-
* Rising house sale transactions.
* All franchisees having signed up to a new agreement for five years with an
option to renew.
* Continued investment in IT, creating a national user friendly platform to
process and deliver an expanding range of products resulting in increases
in income with only minimal increases in costs.
* Investment in marketing of new products and regular CPD seminars for
solicitors.
* Development of ways of using the unique national network to deliver
services, other than property related services, to solicitor customers.
PSG Energy continues to have high quality expertise and provides excellent
service in this sector.
M&B
M&B's operating profit of GBP123,000 (2012: GBP146,000) was marginally down from
the first half of the previous financial year.
Outlook
Specialist Electronics is progressing with its plans for gaining wide
commercial acceptance for its latest products. These counter the theft of
information through the eavesdropping of confidential discussions and inhibit
the smuggling of memory devices loaded with classified information.
PSG, for the first time since 2007, stands to benefit from an upward trend in
residential housing sales leading to an increased income with only a minimal
increase in costs.
Jonathan Mervis
Chairman
4 December 2013
consolidated income statement
for the six months ended 30 September 2013
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue 4,799 25,781 29,364
Cost of sales (2,295) (10,342) (14,046)
Gross profit 2,504 15,439 15,318
Administrative expenses (2,294) (6,900) (8,715)
Operating profit before exceptional 210 8,539 6,603
items
Exceptional administrative expenses - - (1,704)
Operating profit 210 8,539 4,899
Finance costs - - (11)
Finance income 9 48 90
Profit on ordinary activities before 219 8,587 4,978
taxation
Income tax credit/(expense) 25 (2,010) (1,295)
Profit on ordinary activities after 244 6,577 3,683
taxation
Basic earnings per share 1.26p 27.06p 15.89p
Diluted earnings per share 1.25p 26.56p 15.74p
The consolidated income statement has been prepared on the basis that all
operations are continuing operations.
consolidated statement of comprehensive income
for the six months ended 30 September 2013
The profit on ordinary activities after taxation represents the Group's total
comprehensive income for the period.
consolidated statement of changes in equity
for the six months ended 30 September 2013
Share Share Capital Retained Total
Capital Premium Redemption Earnings
Reserve
GBP000 GBP000 GBP000 GBP000 GBP000
At 1 April 2012 5,148 438 626 12,955 19,167
Purchase of ordinary share - - - (4,184) (4,184)
capital for treasury
(including costs of GBP47,000)
Cancellation of own shares (368) - 368 - -
Total comprehensive income for - - - 6,577 6,577
the period
At 30 September 2012 4,780 438 994 15,348 21,560
Issue of new ordinary shares 76 114 - - 190
on exercise of options
Purchase of ordinary share - - - (11,008) (11,008)
capital for treasury
(including costs of GBP80,000)
Cancellation of own shares (971) - 971 - -
Total comprehensive income for - - - (2,894) (2,894)
the period
At 31 March 2013 3,885 552 1,965 1,446 7,848
Total comprehensive income for - - - 244 244
the period
At 30 September 2013 3,885 552 1,965 1,690 8,092
consolidated statement of financial position
for the six months ended 30 September 2013
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-current assets
Goodwill 3,273 4,977 3,273
Other intangible assets 597 668 628
Property, plant and equipment 365 743 411
Deferred tax asset 282 125 312
4,517 6,513 4,624
Current assets
Inventories 1,262 1,655 1,189
Trade and other receivables 2,502 4,413 2,721
Current tax asset 289 - -
Cash and cash equivalents 2,849 17,822 5,398
6,902 23,890 9,308
Current liabilities
Trade and other payables (3,272) (6,681) (5,666)
Current tax liability (55) (2,162) (418)
(3,327) (8,843) (6,084)
Net current assets 3,575 15,047 3,224
Net assets 8,092 21,560 7,848
Represented by:
Capital and reserves attributable to
equity holders
Called up share capital 3,885 4,780 3,885
Share premium account 552 438 552
Capital redemption reserve 1,965 994 1,965
Retained earnings 1,690 15,348 1,446
Total equity 8,092 21,560 7,848
consolidated statement of cash flows
for the six months ended 30 September 2013
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit before taxation 219 8,587 4,978
Adjustments for:
Depreciation of property, plant and 57 1,037 1,418
equipment
Amortisation of goodwill - - 1,704
Amortisation of other intangible assets 256 278 533
Profit on disposal of tangible assets (16) (2) (7)
Interest expense - - 11
Interest receivable (9) (49) (90)
Decrease in receivables 219 2,810 4,501
(Increase)/decrease in inventories (73) (342) 124
Decrease in payables (2,394) (4,490) (5,505)
Cash (used in)/generated from operations (1,741) 7,829 7,667
Interest paid - - (11)
Income tax paid (597) (2,685) (3,902)
Net cash (used in)/generated from (2,338) 5,144 3,754
operating activities
Cash flows from investing activities
Purchase of tangible assets (19) (203) (288)
Purchase of other intangible assets (225) (258) (472)
Proceeds from sale of tangible assets 24 6 47
Interest received 9 49 90
Net cash used in investing activities (211) (406) (623)
Cash flows from financing activities
Issue of share capital - - 190
Purchase of own shares - (4,184) (15,191)
Net cash used in financing activities - (4,184) (15,001)
Net (decrease)/increase in cash and cash (2,549) 554 (11,870)
equivalents
Cash and cash equivalents at beginning 5,398 17,268 17,268
of period
Cash and cash equivalents at end of 2,849 17,822 5,398
period
notes to the interim financial statements
for the six months ended 30 September 2013
1. general information
The interim financial statements for the six months ended 30 September 2013
were authorised for issue in accordance with a resolution of the Board of
Directors on 3 December 2013.
The Company is a public limited company incorporated in the United Kingdom. The
address of its registered office is 133 Ebury Street, London SW1W 9QU.
The Company's ordinary shares are admitted to trading on the AIM market of the
London Stock Exchange.
The financial information for the six months ended 30 September 2013 set out in
this interim report is unaudited and does not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006. The comparative
figures for the year ended 31 March 2013 are extracted from the statutory
financial statements which have been filed with the Registrar of Companies. The
auditors' report on those financial statements was unqualified and did not
contain statements under section 498(2) or (3) of the Companies Act 2006.
2. basis of preparation
The interim financial statements have been prepared under the historical cost
convention and in accordance with applicable International Financial Reporting
Standards (IFRSs), International Accounting Standards (IAS) and International
Financial Reporting Interpretations Committee (IFRIC) interpretations adopted
for use by the European Union and with those parts of the Companies Act 2006
applicable to companies reporting under IFRSs. The information within these
interim financial statements has been prepared in accordance with IAS 34
"Interim Financial Reporting" as adopted by the European Union.
3. accounting policies
The principal accounting policies used in preparing the interim financial
statements and those the group expects to apply in its financial statements for
the year ending 31 March 2014 are unchanged from those disclosed in the
statutory financial statements for the year ended 31 March 2013.
4. segmental analysis
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue - operating segment
Specialist electronics 1,440 22,801 23,566
Property information services 2,606 2,190 4,234
Packaging solutions 753 790 1,564
4,799 25,781 29,364
Revenue - geographical area
United Kingdom 4,608 25,579 28,833
Asia and Middle East 156 53 227
Europe 20 115 242
Other 15 34 62
4,799 25,781 29,364
4. segmental analysis (continued)
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Operating profit/(loss)
Specialist electronics 7 8,609 6,765
Property information services 368 62 152
Packaging solutions 123 146 302
Head office (288) (278) (616)
Exceptional items - - (1,704)
210 8,539 4,899
Net operating assets
Specialist electronics 83 (2,773) (1,512)
Property information services 3,316 4,420 2,935
Packaging solutions 1,934 2,236 1,964
Head office (89) (145) (937)
5,244 3,738 2,450
Interest bearing assets 2,849 17,822 5,398
8,093 21,560 7,848
5. earnings per share
Basic earnings per share calculations have been arrived at by reference to the
following profit and weighted average number of shares in issue during the
period. The actual number of shares in issue at 30 September 2013 was
19,426,324.
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2013 2012 2013
Profit after tax GBP244,000 GBP6,577,000 GBP3,683,000
Weighted average number of shares in 19,426,324 24,303,836 23,173,628
issue
Basic earnings per share 1.26p 27.06p 15.89p
Weighted average number of shares in 19,552,285 24,767,869 23,401,480
issue adjusted to take account of
shares under option
Diluted earnings per share 1.25p 26.56p 15.74p
END
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