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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 |
From May 2019 to May 2024
TIDMSC.
RNS Number : 5740C
Supercart PLC
09 March 2011
SUPERCART PLC
("Supercart" or the "Company")
Supercart (AIM:SC.), the UK company involved in the design, marketing and distribution of plastic shopping trolleys, is pleased to announce its Interim Results for the 12 months to 31 December 2010.
Chairman's Statement
2010 ended on a positive note, with record sales in North America, a significant improvement in margins and a considerably reduced loss compared with 2009.
Financial Results
Turnover of GBP8.91 million (2009: GBP7.35 million) was 21.2% higher than thecomparative period in 2009 due primarily to a strong performance in North America. Gross margins improved significantly to 18.7% (2009: 11.5%). Administrative expenses were reduced by nearly 30% to GBP2.00 million (2009: GBP2.82 million) which is in line with the cost reduction plans previously announced. The operating loss for the period was reduced to GBP0.30 million (2009: loss of GBP2.17 million), and retained losses fell to GBP286,000 from a loss in 2009 of GBP2.02 million.
Following the successful Share placing and subscription which raised GBP1.4 million in October, the Company completed the period with cash of GBP1.25 million.
Operational Review
North America
We have been successful in gaining market share during a period that has seen US consumer confidence remain fairly static during the second half of 2010. Sales revenue increased by 11% and by improving our margin retention and reducing costs, losses in the period reduced by 70%.
As reported in our trading update of 4 February 2011, we received a significant order from one of our large US based international retail customers in the last quarter of 2010 that we were not able to deliver, due to constraints with the retailer, in 2010. This should have a positive impact in the first half of 2011.
South Africa
For the 12 months to 31 December 2010, our South African operations continued to produce excellent results with across the board increases in sales to all of our retail customers, which was achieved against a background of reduced consumer confidence.
Overall, sales revenue increased by 20%. We continued to maintain our margins and control our costs which led to an encouraging GBP406,000 pre-tax profit for the period, a substantial improvement over 2009.
Europe
Our strategic alliance with Caddie S.A., first announced on 17 December 2009, has now been in effect for a full 12 months with a positive impact on our European operations.
As a result, we managed to reduce our 2009 losses of GBP446,000 to a near break-even position of GBP43,000 loss.
Outlook
We announced on 16 December 2010 that we have changed the Company's trading period to 30 June. The Board anticipates that the audited results for the 18 months to 30 June 2011 will be announced in October 2011.
The period from 1(st) January to 30(th) June is traditionally a quieter period in our industry. As explained above in some detail, we are better positioned than we have been in the past, in North America, Europe and South Africa. The outlook for the balance of 2011 and beyond remains positive and gives us good grounds for encouragement.
Victor Segal
Chairman
9 March 2011
Enquiries:
Supercart plc
Chief Executive
Mike Wolfe 01732 459898
Charles Stanley Securities
Nominated Adviser and Broker
Russell Cook/Carl Holmes 020 7149 6000
Hot Features
Premium
Consolidated
statement of
comprehensive
income for the 12 months ended 12 months ended
period 31 31 December 31 December
December 2010 2010 2009
Unaudited Audited
GBP'000 GBP'000
Continuing
Operations Notes
Revenue 8,912 7,354
Cost of Sales (7,246) (6,506)
-------------------- --------------------
Gross Profit 1,666 848
Research &
development tax
credits 33 42
Administrative
expenses (2,000) (2,820)
-------------------- --------------------
Operating loss (301) (1,930)
Investment
revenue - 11
Finance Costs (240) (254)
-------------------- --------------------
Loss before
taxation (541) (2,173)
-------------------- --------------------
Tax - (2)
Loss for the
period
attributable to
equity holders
of the parent (541) (2,175)
==================== ====================
Other
comprehensive
income
Exchange
difference
arising on
translation of
foreign
operations 255 154
-------------------- --------------------
Other
comprehensive
income/(loss)
for the period
(net of tax) 255 154
Total
comprehensive
loss for the
period
attributable to
equity holders
of the parent (286) (2,021)
==================== ====================
Loss per share
(pence)
Basic and fully
diluted 4 (0.76) (3.92)
Consolidated statement As at As at
of financial position 31 December 31 December
at 31 December 2010 2010 2009
Unaudited Audited
GBP'000 GBP'000
Notes
Assets
Non-current assets
Property, plant and
equipment 5 5,381 5,114
Deferred tax asset - 17
----------------- -----------------
Total non-current
assets 5,381 5,131
Current assets
Inventories 470 366
Trade and other
receivables 6 1,863 1,431
Cash and cash
equivalents 1,254 501
----------------- -----------------
Total current assets 3,587 2,298
Total Assets 8,968 7,429
================= =================
Equity and Liabilities
Capital and reserves
Issued share capital 594 254
Share premium account 9,084 7,849
Share option reserve 183 163
Foreign currency
translation reserve 131 65
Retained earnings (7,440) (6,899)
----------------- -----------------
Total Equity 2,552 1,432
Non-current liabilities
Finance lease
obligations 1,526 1,397
Other financial
liabilities 512 568
Deferred tax liability 30 44
----------------- -----------------
Total non-current
liabilities 2,068 2,009
Current liabilities
Trade and other
payables 7 3,532 2,814
Finance lease
obligations 532 924
Other financial
liabilities 284 250
----------------- -----------------
Total current
liabilities 4,348 3,988
Total liabilities 6,416 5,997
Total equity and
liabilities 8,968 7,429
================= =================
Consolidated statement of changes in equity
for the period ended 31 December 2010
Foreign
Issued Share Share Currency
share premium option Translation Retained Total
capital Account reserve Reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 January
2009 194 6,497 153 (89) (4,724) 2,031
------------ ------------ ------------ ---------------- ------------- ------------
Loss for
period to
31
December
2009 - - - 154 (2,175) (955)
Issue of
15
million
shares 60 1,440 - - - 1,500
Share
issue
costs - (88) - - - (88)
Provision
for share
options
valuation - - 10 - - 10
Balance at
31
December
2009 254 7,849 163 65 (6,899) 1,432
------------ ------------ ------------ ---------------- ------------- ------------
Unaudited
loss to
31
December
2010 - - - 66 (541) (475)
Issue of
85
million
shares 340 1,360 1,700
Share
issue
costs (125) (125)
Provision
for share
options
valuation 20 20
------------ ------------ ------------ ---------------- ------------- ------------
Balance at
31
December
2010 594 9,084 183 131 (7,440) 2552
------------ ------------ ------------ ---------------- ------------- ------------
12 months
Condensed consolidated statement 12 month ended ended
of cash flows for the period 31 December 31 December
31 December 2010 2010 2009
Unaudited Audited
GBP'000 GBP'000
Cash flows from operating
activities
Loss for period (541) (2,175)
Income tax expense - (40)
Depreciation 109 80
Loss on disposal of property,
plant and equipment - -
Interest income - (11)
Finance expense 240 254
Share based payment charges - 10
Net foreign exchange gain 17 (28)
-------------------------------------- ------------------- -----------------
(175) (1,910)
-------------------------------------- ------------------- -----------------
Movements in working capital
(Increase)/Decrease in
inventories (104) (301)
(Increase)/Decrease in
receivables (432) 154
Increase/ (Decrease) in payables 864 864
-------------------------------------- ------------------- -----------------
Cash used by operations 153 (1,193)
-------------------------------------- ------------------- -----------------
Finance costs paid (240) (254)
Income tax received - 41
-------------------------------------- ------------------- -----------------
Net cash used by operating
activities (87) (1,406)
-------------------------------------- ------------------- -----------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (20) (203)
Proceeds from disposal of
property, plant and equipment - 32
Interest received - 11
-------------------------------------- ------------------- -----------------
Net cash used in investing
activities (20) (160)
-------------------------------------- ------------------- -----------------
Cash flows from financing
activities
Proceeds from issue of share
capital 1,400 1,500
Payments for share issue costs (125) (88)
Repayment of finance lease and
instalment sale borrowings (324) (322)
-------------------------------------- ------------------- -----------------
Net cash from financing
activities 951 1,090
-------------------------------------- ------------------- -----------------
Net (decrease)/increase in cash
and cash equivalents 844 (476)
Cash and cash equivalents at
the beginning of the period 501 1,025
Effects of exchange rate changes
on the balance of cash held
in foreign currencies (91) (48)
Cash and cash equivalents at
the end of the
period 1,254 501
-------------------------------------- ------------------- -----------------
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 twelve months to 31 December 2010 are following usual seasonal trends
3 Segment information
Total for
South Other reportable
USA Africa Europe Segments segments
December 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External segment
revenues 3,692 4,700 480 40 8,912
Internal segment
revenues - - - - -
------------------------- --------------- ---------------- ------------- ------------- -------------
Total segment
revenues 3,692 4,700 480 40 8,912
Interest revenue - - - -
Interest expense (30) (151) - - (181)
Depreciation and
amortisation (55) (49) - (1) (105)
Profit/(loss) before
tax (218) 406 (43) (39) 106
Non-current assets
allocated for the
purposes of
depreciation and
amortisation
charges
amortisation
charges 145 2,401 - 776 3,322
Total for
South Other reportable
USA Africa Europe Segments segments
December 2009 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External segment
revenues 3,323 3,918 22 91 7,354
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
amortisation (26) (37) (7) (2) (72)
Profit/(loss) before
tax (719) 34 (446) (79) (1210)
Non-current assets
allocated for the
purposes of
depreciation and
amortisation
charges 156 2,183 21 662 3,022
Reconciliations
(i) Group
revenues
December December
2010 2009
GBP'000 GBP'000
Total revenues for
reportable
segments 8,912 7,354
------------------------- --------------- ---------------- ------------- -------------
Group's revenues 8,912 7,354
------------------------- --------------- ---------------- ------------- -------------
(ii) Group loss
before tax
December December
2010 2009
GBP'000 GBP'000
Loss before tax for
trading segments 106 (1210)
Share-based payment
charges - (10)
Head office costs (647) (953)
------------------------- --------------- ---------------- ------------- -------------
Loss before tax (541) (2,173)
------------------------- --------------- ---------------- ------------- -------------
(iii) Group
assets
December December
2010 2009
GBP'000 GBP'000
Total non-current
assets allocated to
trading segments 3,322 3,022
Head office
non-current assets 2,059 2,109
Current assets not
allocated for
internal reporting
purposes:
Group inventories 470 366
Group trade and
other receivables 1,863 1,431
Group cash and cash
equivalents 1,254 501
---------------- ------------- -------------
3,587 2,298
------------------------- --------------- ---------------- ------------- -------------
Group assets 8,968 7,429
------------------------- --------------- ---------------- ------------- -------------
(iv) Other
material items
Reportable
trading
segment Head office
totals adjustments Group
December 2010 GBP'000 GBP'000 GBP'000
Interest revenue - - -
Interest expense (181) (59) (240)
Depreciation and
amortisation (105) (4) (109)
------------------------- --------------- ---------------- -------------
December 2009
Interest revenue 10 1 11
Interest expense (202) (52) (254)
Depreciation and
amortisation (72) (8) (80)
------------------------- --------------- ---------------- -------------
The adjustments relate to head office items.
4 Loss per share
12 months 12 months
ended ended
31 December 31 December
2010 2009
Unaudited Audited
Loss for the period attributable
to
shareholders (GBP'000) (541) (2,175)
Weighted average number
of shares
in issue 70,952,055 55,527,397
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
Plant,
equipment,
furniture
Moulds under Motor and
Moulds construction vehicles fittings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January
2010 5,119 25 49 122 5,315
Additions 2 10 - 8 20
Disposals - - (30) - (30)
Translation
differences 415 - 1 9 425
At 31
December
2010 5,536 35 20 139 5,730
------------ ----------------- ------------- ----------------- ------------
Accumulated
depreciation
At 1 January
2010 102 - 17 82 201
Charge for
period 85 - 11 9 105
Disposals - - (11) - (11)
Translation
differences 42 - - 12 54
------------ ----------------- ------------- ----------------- ------------
At 31
December
2010 229 - 17 103 349
------------ ----------------- ------------- ----------------- ------------
Net book
value at 31
December
2010 5,307 35 3 36 5,381
============ ================= ============= ================= ============
Net book
value at 31
December
2009 5,017 25 32 40 5,114
============ ================= ============= ================= ============
6 Trade and other receivables
As at As at
31 December 31 December
2010 2009
Unaudited Audited
GBP'000 GBP'000
Trade receivables 1,847 1,290
Other receivables - 124
Prepayments and accrued income 16 17
1,863 1,431
================= =================
7 Trade and other payables
As at As at
31 December 31 December
2010 2009
Unaudited Audited
GBP'000 GBP'000
Trade payables 2,892 2,149
Overdraft - -
Accruals and deferred income 266 232
Other payables 188 67
Research and developmental tax
reclaims - 34
Employee benefits 37 138
Taxation and social security 149 194
----------------- -----------------
3,532 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 3TH 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 UWOBRASAORAR
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