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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Supercart | LSE:SC. | London | Ordinary Share | GB0034211036 | ORD 0.4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMSC.
RNS Number : 5640Q
Supercart PLC
05 August 2010
5 August 2010
Supercart plc
("Supercart" or the "Company")
Interim results for the period ended 30 June 2010
Highlights
· Turnover up by 199% to GBP2,830,463 (2009: GBP947,000)
· Gross margins increased from 17.8% to 23.4%
· Operating costs virtually unchanged at GBP1,179,000 (2009: GBP1,160,000)
· Operating loss of GBP505,225 (2009: loss of GBP991,000)
· Pre-tax loss of GBP612,000 (2009: loss of GBP1,083,000)
· Loss per share 0.96p (2009: loss of 2.23p)
Mike Wolfe, Chief Executive, commenting on the results said:
"For the first time in our history, we commenced the year with a complete set of
products in all of our markets. This has made a big impact in our most
important market North America. The resulting near six times increase in our
revenue in North America was very encouraging as we continue to work extremely
hard to ensure that we re-acquire the legacy business that is available but
which was on hold during the acquisition of Rehrig.
South Africa also produced an excellent result with an increase of almost 75% in
revenue. Europe has the makings of a successful business and together with
Caddie, we sold more trolleys into the European market than ever before. I
believe that we are well positioned as we now enter the, historically, much more
significant half of the year for sales."
Enquiries:
+--------------------------------------------------+-------------------+
| Supercart plc | 01732 459898 |
+--------------------------------------------------+-------------------+
| Chief Executive | |
+--------------------------------------------------+-------------------+
| Mike Wolfe | |
+--------------------------------------------------+-------------------+
| Charles Stanley Securities | 020 7149 6000 |
+--------------------------------------------------+-------------------+
| Nominated Adviser and Broker | |
+--------------------------------------------------+-------------------+
| Russell Cook/Ben Johnston/Carl Holmes | |
+--------------------------------------------------+-------------------+
| Tavistock Communications | 020 7920 3150 |
+--------------------------------------------------+-------------------+
| Jeremy Carey | |
+--------------------------------------------------+-------------------+
Chairman's Statement
Following the significant growth in revenue in 2009, the current year has
already given grounds for further encouragement. In the first half of this year,
the levels of sales in each of our important markets, South Africa, Europe and
particularly North America, have shown good increases over similar periods of
recent years. This has been achieved against a background of continued
uncertainty in global retail markets.
Financial Results
Turnover of GBP2.81million (2009: GBP0.95 million) was 199% higher than the
comparative period in 2009 due primarily to a strong performance in North
America. As a result gross margins in the first six months improved
significantly to 23.4% for the period (2009: 17.8%). The operating loss for the
period was reduced to GBP0.51million (2009: loss of GBP0.99 million) and
retained losses fell to GBP612,000 from a loss for the first six months of 2009
of GBP1,083,000.
As announced at the time of the Preliminary Results statement on 28 June, the
Directors are considering further equity and debt funding arrangements to
provide the Company with further working capital sufficient to meet its
anticipated requirements over the coming months. The Board has received
confirmation of support in principle from certain of the Company's main
shareholders and while there can be no certainty that such funding will be
ultimately successful, the Board expects to be in a position to announce further
details shortly.
Operational Review
North America
We have continued to focus on securing orders for our new range of products
based on the moulds we acquired from Rehrig International Corp. in 2009. We have
made further progress and were able to announce, in June 2010, significant
orders from a current customer along with further initial orders from two
national retail chains, both being former customers of Rehrig.
In July 2010, the index of US consumer confidence fell to 50.4 from a revised
54.3 in June 2010. We continue to feel the pressure on our prices in this market
but are pleased that we have been able to restore and maintain our margins so
far this year.
We have an excellent working relationship with our principal plastic
manufacturer, Mayco Inc., the Detroit, Michigan subsidiary of our single largest
shareholder, Venture Holdings B.V. In February 2010, we were able to move from
our offices in Richmond, Virginia, to offices within a Mayco facility in Fraser,
Detroit. We have also been provided, more recently, with our own assembly area
next to our offices which, we believe, will continue to improve our operational
efficiencies as we move into the busy period of the year.
South Africa
This mature market for Supercart continues to provide excellent results with a
74% increase in revenue for the first six months. Our sales team succeeded in
persuading some retailers to place their orders in the quieter first six months
of the year which will assist our production and shipping cycles as we enter the
busy second half of the year. We announced on 28 June 2010 one of our largest
single orders ever for delivery by September 2010.
Our Nexus and XL all plastic trolleys, first introduced into this market just
over a year ago, continue to make good progress with unit sale increases over
2009 of over 50%.
Europe
We have previously noted the severity of the impact of the recession on European
retailers in particular. In this light, our strategic alliance with Caddie S.A.,
first announced on 17 December 2009, is a most positive development. We have
already seen some of the early fruits of this cooperation with sales to a number
of European retailers in the last six months.
Australia
We have scaled back our costs in this market as we wait for some key retail
decisions to be made in the next few months.
Outlook
Historically, sales in the second half of the year have tended to be anywhere
between twice and four times that enjoyed in the first six months. This results
from a combination of factors that impact the retail economy and are similar
throughout the markets in which we operate.
We are now moving forward with good sales growth, despite the economic
conditions that are common to all our markets. We have addressed the problems
that affected our margins as we grew our volumes in North America towards the
end of 2009.
We expect 2010 to be a much better year.
Victor Segal
Chairman
5 August 2010
+-----------------------------+-------+--+-----------+-----------+-----------+
| Consolidated statement of | | | 6 months | 6 months | 12 months |
| comprehensive income for | | | ended | ended | ended |
| the period 30 June 2010 | | | 30 June | 30 June | 31 |
| | | | 2010 | 2009 | December |
| | | | | | 2009 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | Unaudited | Unaudited | Audited |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Continuing Operations |Notes | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Revenue | | | 2,830 | 947 | 7,354 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Cost of Sales | | | (2,156) | (778) | (6,506) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Gross Profit | | | 674 | 169 | 848 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Research & development tax | | | - | - | 42 |
| credits | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Administrative expenses | | | (1,179) | (1,160) | (2,820) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Operating loss | | | (505) | (991) | (1,930) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Investment revenue | | | - | 2 | 11 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Finance Costs | | | (107) | (94) | (254) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Loss before taxation | | | (612) | (1,083) | (2,173) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Tax | | | - | - | (2) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Loss for the period | | | (612) | (1,083) | (2,175) |
| attributable to equity | | | | | |
| holders of the parent | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Other comprehensive income | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Exchange difference arising | | | 118 | 128 | 154 |
| on translation of foreign | | | | | |
| operations | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Other comprehensive | | | 118 | 128 | 154 |
| income/(loss) for the | | | | | |
| period (net of tax) | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total comprehensive loss | | | (494) | (955) | (2,021) |
| for the period attributable | | | | | |
| to equity holders of the | | | | | |
| parent | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Loss per share (pence) | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Basic and fully diluted | 4 | | (0.96) | (2.23) | (3.92) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | As at | As at | As at |
| | | | 30 June | 30 June | 31 |
| Consolidated statement of | | | 2010 | 2009 | December |
| financial position at 30 | | | | | 2009 |
| June 2010 | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | Unaudited | Unaudited | Audited |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| |Notes | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Assets | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Non-current assets | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Property, plant and | 5 | | 5,122 | 4,829 | 5,114 |
| equipment | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Deferred tax asset | | | - | - | 17 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total non-current assets | | | 5,122 | 4,829 | 5,131 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Current assets | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Inventories | | | 457 | 207 | 366 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Trade and other receivables | 6 | | 1,131 | 690 | 1,431 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Cash and cash equivalents | | | - | 38 | 501 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total current assets | | | 1,588 | 935 | 2,298 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total Assets | | | 6,710 | 5,764 | 7,429 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Equity and Liabilities | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Capital and reserves | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Issued share capital | | | 254 | 194 | 254 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Share premium account | | | 7,849 | 6,497 | 7,849 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Share option reserve | | | 163 | 204 | 163 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Foreign currency | | | (63) | 39 | 65 |
| translation reserve | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Retained earnings | | | (7,511) | (5,807) | (6,899) |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total Equity | | | 692 | 1,127 | 1,432 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Non-current liabilities | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Finance lease obligations | | | 1,406 | 1,590 | 1,397 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Other financial liabilities | | | 437 | 1,015 | 568 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Deferred tax liability | | | 27 | 22 | 44 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total non-current | | | 1,870 | 2,627 | 2,009 |
| liabilities | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Current liabilities | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Bank Overdraft | | | 8 | - | - |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Trade and other payables | 7 | | 2,940 | 1,313 | 2,814 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Finance lease obligations | | | 916 | 367 | 924 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Other financial liabilities | | | 284 | 330 | 250 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total current liabilities | | | 4,148 | 2,010 | 3,988 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total liabilities | | | 6,018 | 4,637 | 5,997 |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| Total equity and | | | 6,710 | 5,764 | 7,429 |
| liabilities | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
| | | | | | |
+-----------------------------+-------+--+-----------+-----------+-----------+
Consolidated statement of changes in equity
for the period ended 30 June 2010
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | Issued | Share | Share | Foreign | Retained | Total |
| | share | premium | option | Currency | earnings | equity |
| | capital | Account | reserve | Translation | | |
| | | | | Reserve | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Balance at 1 | 194 | 6,497 | 153 | (89) | (4,724) | 2,031 |
| January 2009 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Unaudited loss | - | - | - | 128 | (1,083) | (955) |
| for six months | | | | | | |
| to 30 June 2009 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Provision for | - | - | 51 | - | - | 51 |
| share options | | | | | | |
| valuation | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Balance at 30 | 194 | 6,497 | 204 | 39 | (5,807) | 1,127 |
| June 2009 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Loss for six | - | - | - | 154 | (2,175) | (2,021) |
| months to 31 | | | | | | |
| December 2009 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Issue of 15 | 60 | 1,440 | - | - | - | 1,500 |
| million shares | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Share issue | - | (88) | - | - | - | (88) |
| costs | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Provision for | - | - | 10 | - | - | 10 |
| share options | | | | | | |
| valuation | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Balance at 31 | 254 | 7,849 | 163 | 65 | (6,899) | 1,432 |
| December 2009 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Unaudited loss | - | - | - | (128) | (612) | (740) |
| for six months | | | | | | |
| to 30 June 2010 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| Balance at 30 | 254 | 7,849 | 163 | (63) | (7,511) | 692 |
| June 2010 | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
| | | | | | | |
+-----------------+----------+----------+----------+-------------+-----------+-----------+
+------------------------------+-----+--+-----------+-----------+----------+-----------+
| Condensed consolidated | | | 6 months | 6 months | 12 months ended |
| statement of cash flows for | | | ended | ended | 31 December 2009 |
| the period 30 June 2010 | | | 30 June | 30 June | |
| | | | 2010 | 2009 | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | Unaudited | Unaudited | Audited |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Loss for period | | | (612) | (1,083) | (2,175) |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Income tax expense | | | - | - | (40) |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Depreciation | | | 43 | 27 | 80 |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Loss on disposal of | | | (19) | - | - |
| property, plant and | | | | | |
| equipment | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Interest income | | | (1) | (2) | (11) |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Finance expense | | | 107 | 94 | 254 |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Share based payment charges | | | - | 51 | 10 |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Net foreign exchange gain | | | (10) | - | (28) |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | (492) | (913) | (1,910) |
+------------------------------+-----+--+-----------+----------------------+-----------+
| Movements in working capital | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| (Increase)/Decrease in | | | (91) | (142) | (301) |
| inventories | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| (Increase)/Decrease in | | | 300 | 812 | 154 |
| receivables | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Increase/ (Decrease) in | | | 109 | (559) | 864 |
| payables | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Cash used by operations | | | (174) | (802) | (1,193) |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Finance costs paid | | | (107) | (94) | (254) |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Income tax received | | | - | - | 41 |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Net cash used by operating | | | (281) | (896) | (1,406) |
| activities | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Cashflows from investing | | | | | |
| activities | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Purchase of property, plant | | | (77) | (85) | (203) |
| and equipment | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Proceeds from disposal of | | | - | - | 32 |
| property, plant and | | | | | |
| equipment | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Interest received | | | - | 2 | 11 |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Net cash used in investing | | | (77) | (83) | (160) |
| activities | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Cashflows from financing | | | | | |
| activities | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Proceeds from issue of share | | | - | - | 1,500 |
| capital | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Payments for share issue | | | - | - | (88) |
| costs | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Repayment of finance lease | | | (138) | (115) | (322) |
| and instalment sale | | | | | |
| borrowings | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Net cash from financing | | | (138) | (115) | 1,090 |
| activities | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Net (decrease)/increase in | | | (496) | (1,094) | (476) |
| cash and cash equivalents | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Cash and cash equivalents at | | | 501 | 1,025 | 1,025 |
| the beginning of the period | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Effects of exchange rate | | | (13) | (11) | (48) |
| changes on the balance of | | | | | |
| cash held in foreign | | | | | |
| currencies | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| Cash and cash equivalents at | | | (8) | (80) | 501 |
| the end of the | | | | | |
| period | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | | | |
+------------------------------+-----+--+-----------+-----------+----------------------+
| | | | | | | |
+------------------------------+-----+--+-----------+-----------+----------+-----------+
Notes on the unaudited interim financial information
1. Basis of preparation and significant accounting policies
Basis of preparation
The unaudited condensed financial statements have been prepared using accounting
policies consistent with International Financial Reporting Standards. The
unaudited condensed financial statements are presented in Sterling and have been
prepared under the historical cost basis.
The Directors are satisfied that the Group has and will maintain sufficient
financial resources to enable it to continue in the foreseeable future and
therefore they continue to adopt the going concern basis in preparing the
unaudited interim financial statements.
Significant accounting policies
The same accounting policies, presentation and methods of computation are
followed in these unaudited condensed financial statements as were applied in
the preparation of the Group's financial statements for the year ended 31
December 2009.
With effect from 1 January 2010 the Group adopted the following new standards
and interpretations:
· IAS 2 Share-based Payment
The amended standard relates to group cash-settled share-based payment
transactions. The adoption of this amendment has not had a material impact on
the financial performance on the position of the Group.
· Additionally, a number of other interpretations and other amendments to
accounting standards have been adopted that do not have a significant impact on
the Group's accounting policies and reporting.
2 Cyclicality of Operations
Operations in the six months to 30 June 2010 are following usual seasonal
trends
3 Segment information
+------------------------+-+--------------+-------------+--+----------+---------------------+-------------------------+
| | USA | South | Europe | Other | Total |
| | | Africa | | Segments | for |
| | | | | | reportable |
| | | | | | segments |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| June 2010 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| External segment | 1,308 | 1,191 | 283 | 30 | 2,812 |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Internal segment | - | 18 | - | - | 18 |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Total segment revenues | 1,308 | 1,209 | 283 | 30 | 2,830 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Interest revenue | - | - | - | - | - |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Interest expense | (4) | (78) | - | - | (82) |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Depreciation and | (24) | (14) | (2) | (1) | (41) |
| amortisation | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Profit/(loss) before tax | (60) | (14) | (41) | (34) | (149) |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Non-current assets | | | | | |
| allocated for the | 161 | 2,203 | | 670 | 3,034 |
| purposes of depreciation | | | - | | |
| and amortization charges | | | | | |
| | | | | | |
| aaaamortisation charges | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | USA | South | Europe | Other | Total |
| | | Africa | | Segments | for |
| | | | | | reportable |
| | | | | | segments |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| June 2009 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| External segment | 226 | 685 | 17 | 19 | 947 |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Internal segment | - | - | - | - | - |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Total segment revenues | 226 | 685 | 17 | 19 | 947 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Interest revenue | - | - | - | - | - |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Interest expense | - | (94) | - | - | (94) |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Depreciation and | (14) | (8) | (2) | (1) | (25) |
| amortisation | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Profit/(loss) before tax | (374) | (120) | (140) | (50) | (684) |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Non-current assets | | | | | |
| allocated for the | | | | | |
| purposes of depreciation | 208 | 2,003 | 24 | 585 | 2,820 |
| and amortisation charges | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | USA | South | Europe | Other | Total |
| | | Africa | | Segments | for |
| | | | | | reportable |
| | | | | | segments |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| December 2009 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| External segment | 3,323 | 3,918 | 22 | 91 | 7,354 |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Internal segment | - | - | - | - | - |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Total segment revenues | 3,323 | 3,918 | 22 | 91 | 7,354 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Interest revenue | - | 10 | - | - | 10 |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Interest expense | (5) | (184) | (13) | - | (202) |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Depreciation and | (26) | (37) | (7) | (2) | (72) |
| amortisation | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Profit/(loss) before tax | (719) | 34 | (446) | (79) | (1,210) |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Non-current assets | 156 | 2,183 | 21 | 662 | 3,022 |
| allocated for the | | | | | |
| purposes of depreciation | | | | | |
| and amortisation charges | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Reconciliations | | | | | |
| (i) Group | | | | | |
| revenues | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | June | June | December | |
| | | 2010 | 2009 | 2009 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | GBP'000 | GBP'000 | GBP'000 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Total revenues for | | 2,830 | 947 | 7,354 | |
| reportable segments | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Group's revenues | | 2,830 | 947 | 7,354 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| (ii) Group loss | | | | | |
| before tax | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | June | June | December | |
| | | 2010 | 2009 | 2009 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | GBP'000 | GBP'000 | GBP'000 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Loss before tax for | | (149) | (684) | (1,210) | |
| trading segments | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Share-based payment | | - | (51) | (10) | |
| charges | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Head office costs | | (463) | (348) | (953) | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Loss before tax | | (612) | (1,083) | (2,173) | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| (iii) Group | | | | | |
| assets | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | June | June | December | |
| | | 2010 | 2009 | 2009 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | GBP'000 | GBP'000 | GBP'000 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Total non-current assets | | 3,034 | 2,820 | 3,022 | |
| allocated to trading | | | | | |
| segments | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Head office non-current | | 2,088 | 2,009 | 2,109 | |
| assets | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Current assets not | | | | | |
| allocated for internal | | | | | |
| reporting purposes: | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Group inventories | | 457 | 207 | 366 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Group trade and other | | 1,131 | 690 | 1,431 | |
| receivables | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Group cash and cash | | - | 38 | 501 | |
| equivalents | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | | 1,588 | 935 | 2,298 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| Group assets | | 6,710 | 5,764 | 7,429 | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| (iv) Other | | | | | |
| material items | | | | | |
+--------------------------+--------------+----------------+----------+---------------------+-------------------------+
| | Reportable | Head office | Group | |
| | trading segment | adjustments | | |
| | totals | | | |
| | | | | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| June 2010 | GBP'000 | GBP'000 | GBP'000 | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Interest revenue | - | - | - | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Interest expense | (82) | (25) | (107) | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Depreciation and | (41) | (2) | (43) | |
| amortisation | | | | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| June 2009 | | | | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Interest revenue | - | 2 | 2 | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Interest expense | (94) | - | (94) | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Depreciation and | (25) | (2) | (27) | |
| amortisation | | | | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| December 2009 | | | | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Interest revenue | 10 | 1 | 11 | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Interest expense | (202) | (52) | (254) | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| Depreciation and | (72) | (8) | (80) | |
| amortisation | | | | |
+------------------------+------------------------------+-------------+---------------------+-------------------------+
| | | | | | | | |
+------------------------+-+--------------+-------------+--+----------+---------------------+-------------------------+
The adjustments relate to head office items.
4 Loss per share
+---+---------------------------+-+------------+------------+------------+
| | | | 6 | 6 months | 12 months |
| | | | months | ended | ended |
| | | | ended | 30 June | 31 |
| | | | 30 June | 2009 | December |
| | | | 2010 | | 2009 |
+---+---------------------------+-+------------+------------+------------+
| | | | Unaudited | Unaudited | Audited |
+---+---------------------------+-+------------+------------+------------+
| | Loss for the period | | (612) | (1,083) | (2,175) |
| | attributable to | | | | |
| | shareholders (GBP'000) | | | | |
+---+---------------------------+-+------------+------------+------------+
| | | | | | |
+---+---------------------------+-+------------+------------+------------+
| | Weighted average number | | 63,500,000 | 48,500,000 | 55,527,397 |
| | of shares | | | | |
| | in issue | | | | |
+---+---------------------------+-+------------+------------+------------+
The losses attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted loss per ordinary
share are identical to those used for basic loss per ordinary share. This is
because the exercise of share options would have the effect of reducing the loss
per ordinary share and is therefore not dilutive under the terms of IAS 33.
These options could potentially be dilutive in the future.
5 Property, plant and equipment
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | | | Moulds | Moulds | Motor | Plant, | Total |
| | | | | under | vehicles | equipment, | |
| | | | | construction | | furniture | |
| | | | | | | and | |
| | | | | | | fittings | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Cost | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | At 1 January 2010 | | 5,119 | 25 | 49 | 122 | 5,315 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Additions | | - | - | - | 9 | 9 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Disposals | | - | - | (19) | - | (19) |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Translation | | 91 | - | - | (3) | 88 |
| | differences | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | At 30 June 2010 | | 5,210 | 25 | 30 | 128 | 5,393 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Accumulated | | | | | | |
| | depreciation | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | At 1 January 2010 | | 102 | - | 17 | 82 | 201 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Charge for period | | 32 | - | 4 | 7 | 43 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Translation | | 27 | - | - | - | 27 |
| | differences | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | At 30 June 2010 | | 161 | - | 21 | 89 | 271 |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Net book value at 30 | | 5,049 | 25 | 9 | 39 | 5,122 |
| | June 2010 | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
| | Net book value at 31 | | 5,017 | 25 | 32 | 40 | 5,114 |
| | December 2009 | | | | | | |
+---+----------------------+-+---------+--------------+----------+-----------------+---------+
6 Trade and other receivables
+---+---------------------------------+----------------+-----------+-----------+----------+
| | | | As at | As at | As at |
| | | | 30 June | 30 | 31 |
| | | | 2010 | June | December |
| | | | | 2009 | 2009 |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | | | Unaudited | Unaudited | Audited |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | | | | | |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | Trade receivables | | 1,016 | 593 | 1,290 |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | Other receivables | | 85 | 81 | 124 |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | Prepayments and accrued income | | 30 | 16 | 17 |
+---+---------------------------------+----------------+-----------+-----------+----------+
| | | | 1,131 | 690 | 1,431 |
+---+---------------------------------+----------------+-----------+-----------+----------+
7 Trade and other payables
+---+---------------------------------+----------+-----------+-----------+------------+
| | | | As at | As at | As at |
| | | | 30 June | 30 June | 31 |
| | | | 2010 | 2009 | December |
| | | | | | 2009 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | | | Unaudited | Unaudited | Audited |
+---+---------------------------------+----------+-----------+-----------+------------+
| | | | GBP'000 | GBP'000 | GBP'000 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | | | | | |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Trade payables | | 2,126 | 728 | 2,149 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Overdraft | | 8 | 118 | - |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Accruals and deferred income | | 304 | 214 | 232 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Other payables | | 139 | 52 | 67 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Research and developmental tax | | 34 | 42 | 34 |
| | reclaims | | | | |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Employee benefits | | 135 | 120 | 138 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | Taxation and social security | | 194 | 39 | 194 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | | | 2,940 | 1,313 | 2,814 |
+---+---------------------------------+----------+-----------+-----------+------------+
| | | | | | |
+---+---------------------------------+----------+-----------+-----------+------------+
8 Copies of this report will be sent to shareholders shortly and will be
available from the Company's registered office, 3 The Mews, 16 Hollybush Lane,
Sevenoaks, Kent TN13 3JT and available to download from the Company's website
www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USVBRRUAWRAR
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