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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ath Resources | LSE:ATH | London | Ordinary Share | GB00B013H730 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMATH
RNS Number : 3077G
ATH Resources plc
28 June 2012
28 June 2012
ATH Resources plc
("ATH" or "the Group")
Interim Results
ATH Resources Plc (AIM: ATH), one of the UK's largest coal producers, reports its unaudited Interim Results for the six months ended 1(st) April 2012.
Highlights
- Revenue of GBP44.6 million (2011: GBP33.9 million), on sales of 796,000 tonnes (2011: 706,000 tonnes)
- Operating loss before exceptional items of GBP3.9 million, after including a provision of GBP1.1million in respect of the Government's Carbon Reduction Scheme (2011: profit GBP1.7 million)
- Exceptional write off of work in progress of GBP2.0 million in respect of increased workings at Muir Dean
- Average selling price increased to GBP56 per tonne (2011: GBP48 per tonne) - Proved and probable reserves of 7 million tonnes (2011: 7.9 million tonnes) - Applications for two new sites totalling 1.7 million tonnes submitted into planning
- Net borrowings, (including hire purchase of GBP11.6 million) at GBP30.6 million down from GBP31.5 million as at 2 October 2011
- International coal prices down 28% since the beginning of the financial year - Production costs increased due to increased mining ratios and higher gas oil costs
Commenting on the interim results, Alistair Black, Chief Executive of ATH said:
"Against the background of a difficult market with a fall in the international price of coal of 28% since the beginning of the financial year, the Group's average selling price increased by 16% over the same period last year. This was achieved through the successful renegotiation of its legacy contracts and alterations to the mining plan to focus on the extraction of higher quality coal.
"However, increased gas oil costs, delays to certain extensions and higher mining ratios increased the overall cost of mining and reduced profit margins. Following the rapid fall in international coal prices, and with commodity markets forecasting that future prices will not stage any meaningful recovery in the medium term, the Group has reviewed all of its existing and future operations with a view to concentrating investment on those sites which will continue to generate cash even in this depressed market. Consequently annual levels of production will be reduced for as long as low coal prices persist. The Group's revised plan affords for the continued investment in the development pipeline in order to be able to take advantage of any future market recovery as and when it occurs."
ENDS
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For further information:
ATH Resources plc
David Port, Non-Executive Chairman Tel: +44 (0) 7836 693798
Alistair Black, Chief Executive Tel: +44 (0) 1302 760 462
www.ath.co.uk
Seymour Pierce Ltd
Stewart Dickson (Nominated Adviser)
Richard Redmayne / Katie Ratner (Broker) Tel: +44 (0) 207 107 8000
www.seymourpierce.com
Media enquiries:
Hudson Sandler
Andrew Leach / Charlie Jack / Katie Tel: +44 (0) 207 796 4133
Matthews
www.hudsonsandler.com
Chairman's Statement
Introduction
Comparatively inexpensive supplies of natural gas in North America and a very mild winter have led to an over-supply of coal into global markets as US Generators either switched away from coal to gas or reduced output. Consequently, international coal prices fell by 28% in the first half of the financial year. Although there are now signs of some rebalancing of supply and demand, particularly in the North American coal fields, the continued worldwide economic slowdown has meant that coal prices are likely to remain uncertain for the foreseeable future. Gas oil costs remained high for most of the period but have reduced in recent weeks. However, in accordance with its normal policy, the Group has hedged the cost of its gas oil, and whilst this has reduced the impact on the Group's costs in the first half of the financial year, it will not benefit from any cost reductions until the current hedging arrangements unwind later this year.
The challenging economic environment has prompted the Board to review all of its operations to ensure that during these difficult times it is strictly managing its cost base and that cash generation is maximised. It should be noted that whilst profitability will be impacted significantly, the Group should still be able to generate cash in the absence of any further reductions in coal prices.
Sales
With Netherton now in full production sales volumes increased to 796,000 tonnes (2011: 706,000 tonnes). Additionally, the renegotiation of legacy contracts together with improved coal qualities following changes to the mining plan, average selling prices increased to GBP56 a tonne (an increase of 16%). This was achieved in spite of lower demand for the Group's high priced domestic products following a very mild winter.
Production
Netherton and Duncanziemere are in full production and are producing coal in line with management expectations.
The incidence of old workings at the Group's Muir Dean site have again increased, further reducing coal production and increasing mining costs. The reduced levels of production, together with previously announced delays to planned extensions are expected to result in a fall in sales volumes of around 250,000 tonnes for the full year compared to that planned at the beginning of the year of which approximately 90,000 tonnes impacted in the first half of the year. The reduction in reserves at Muir Dean has resulted in a further write off of site development costs and work in progress provisions with a consequent impact on Group performance.
The Group's production at its Glenmuckloch site is now in its final phase and a final decision on whether or not the Eastern Extension will be worked has been deferred until the end of the calendar year. The Group is working with the Local Authorities and other stakeholders on initiatives to minimise the number of redundancies as a result of this delay. In the event the extension is not mined, production will be reduced by 500,000 tonnes over the next two years.
Overall the Group expects production to be around 1.6 million tonnes for the current year with both Netherton and Duncanziemere sites producing coal in line with expectations.
Production costs in the current year reflect a full six months production at Netherton compared to 2011 when site development costs were largely capitalised to be written off in line with coal production. This, together with the impact of mining higher ratio sites, and higher costs of Gas oil has resulted in mining costs increasing to GBP54 per tonne (2011: GBP39 per tonne). The cash cost of operations excluding depreciation, adjustments for work in progress and capitalisation of site development costs remained unchanged at GBP44 per tonne.
Site Development
The Group continues to explore opportunities to develop new sites in order to secure future production, accordingly two new sites, which in total should produce around 1.7 million tonnes of coal have now entered the planning process. In the light of the current international coal price the Group is re-assessing all sites in its development pipeline and may decide to slow down its mining plans until economic conditions improve.
Proved and probable reserves currently stand at around 7 million tonnes, of which around 4 million tonnes is fully permitted.
Carbon Reduction Commitment ("CRC Scheme")
The Group has submitted an application for judicial review of the CRC Scheme. If unsuccessful, under phase 1 the CRC Scheme will result in a cash payment of GBP1.1 million in July 2012 with the potential of two further annual payments thereafter. The Group has taken the decision to make a provision in respect of the first of these payments in the case it is found that the Group is ultimately liable.
Banking Facilities
As previously announced, the Group's existing facilities with its lenders are scheduled to expire in May 2013 and the Board is in detailed and ongoing discussions with its banks regarding the facilities required going forward. The discussions are continuing against a background where the Group expects to continue to reduce debt even in these difficult trading conditions.
Outlook
The proportion of Group sales exposed to movement in the international price of coal will increase significantly as existing contracts are fulfilled towards the end of this calendar year. Consequently, in the absence of a recovery in the international price of coal, trading conditions are expected to remain challenging. Whilst the Group has already implemented a number of actions to mitigate the impact of the factors outlined above, further measures will be implemented to minimise operating costs and capital expenditure. The Group's strategy during these challenging conditions is to maximise cash generation from current operations whilst continuing to invest in its development pipeline thereby placing the business in the best possible position to benefit from any recovery in coal prices.
David Port
Non-Executive Chairman
28 June 2012
Condensed consolidated income statement (unaudited)
for the six months ended 1 April 2012
Six months Six months Year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
Notes GBP000 GBP000 GBP000
------------------------------------------- ----- ---------- ---------- ---------
Continuing operations
Revenue 2 44,639 33,934 84,166
Cost of sales (42,986) (27,777) (71,434)
------------------------------------------- ----- ---------- ---------- ---------
Gross profit 1,653 6,157 12,732
Other operating income 3 - 2,054 2,082
Impairment of goodwill - (1,650) (1,650)
Administrative expenses (5,525) (4,860) (10,139)
------------------------------------------- ----- ---------- ---------- ---------
Operating (loss)/profit before exceptional
items (3,872) 1,701 3,025
Exceptional operating items 4 (2,039) (4,131) (6,230)
------------------------------------------- ----- ---------- ---------- ---------
Operating loss (5,911) (2,430) (3,205)
Finance costs (1,214) (1,195) (2,641)
------------------------------------------- ----- ---------- ---------- ---------
Loss before taxation (7,125) (3,625) (5,846)
Taxation 5 2,008 473 1,218
------------------------------------------- ----- ---------- ---------- ---------
Loss attributable to ordinary shareholders (5,117) (3,152) (4,628)
------------------------------------------- ----- ---------- ---------- ---------
Loss per share 6
From continuing operations
Basic (12.8)p (7.9)p (11.5)p
Diluted (12.8)p (7.9)p (11.5)p
Before exceptional items
Basic (7.7)p (0.4)p 0.0p
Diluted (7.7)p (0.4)p 0.0p
------------------------------------------- ----- ---------- ---------- ---------
There are no recognised gains and losses other than as stated in the income statement.
Condensed consolidated balance sheet (unaudited)
as at 1 April 2012
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
------------------------------ -------- -------- ---------
ASSETS
Non-current assets
Goodwill 3,763 3,763 3,763
Property, plant and equipment 67,087 73,133 67,214
------------------------------ -------- -------- ---------
70,850 76,896 70,977
------------------------------ -------- -------- ---------
Current assets
Inventories 8,494 10,256 11,463
Trade and other receivables 14,724 10,648 14,988
Cash and cash equivalents 2,151 3,436 498
------------------------------ -------- -------- ---------
25,369 24,340 26,949
------------------------------ -------- -------- ---------
Total assets 96,219 101,236 97,926
------------------------------ -------- -------- ---------
LIABILITIES
Current liabilities
Trade and other payables (17,288) (14,323) (15,155)
Financial liabilities (10,490) (9,057) (5,617)
Final void provision (1,227) (1,731) (3,048)
------------------------------ -------- -------- ---------
(29,005) (25,111) (23,820)
------------------------------ -------- -------- ---------
Non-current liabilities
Financial liabilities (22,030) (28,669) (26,175)
Final void provision (27,918) (20,859) (23,706)
Deferred tax liabilities - (2,752) (2,008)
(49,948) (52,280) (51,889)
------------------------------ -------- -------- ---------
Total liabilities (78,953) (77,391) (75,709)
------------------------------ -------- -------- ---------
Net assets 17,266 23,845 22,217
------------------------------ -------- -------- ---------
EQUITY
Share capital 200 200 200
Share premium 27,855 27,855 27,855
Deficit on reserves (10,789) (4,210) (5,838)
------------------------------ -------- -------- ---------
Total equity 17,266 23,845 22,217
------------------------------ -------- -------- ---------
Condensed consolidated statement of changes in equity
for the six months ended 1 April 2012
Called Share Total equity
up
share premium Retained shareholders'
capital account earnings funds
GBP000 GBP000 GBP000 GBP000
-------------------------------------------- ------- ------- -------- -------------
At 3 October 2010 200 27,855 (355) 27,700
-------------------------------------------- ------- ------- -------- -------------
Loss for the year - - (4,628) (4,628)
Other comprehensive income for the year - - - -
-------------------------------------------- ------- ------- -------- -------------
Total comprehensive income for the year - - (4,628) (4,628)
-------------------------------------------- ------- ------- -------- -------------
Transactions with equity shareholders
Dividends paid - - (801) (801)
Adjustment in share-based payment reserve - - (54) (54)
-------------------------------------------- ------- ------- -------- -------------
Total transactions with equity shareholders - - (855) (855)
-------------------------------------------- ------- ------- -------- -------------
At 2 October 2011 200 27,855 (5,838) 22,217
-------------------------------------------- ------- ------- -------- -------------
At 3 October 2010 200 27,855 (355) 27,700
-------------------------------------------- ------- ------- -------- -------------
Loss for the period - - (3,152) (3,152)
Other comprehensive income for the period - - - -
-------------------------------------------- ------- ------- -------- -------------
Total comprehensive income for the period - - (3,152) (3,152)
-------------------------------------------- ------- ------- -------- -------------
Transactions with equity shareholders
Dividends paid - - (801) (801)
Adjustment in share-based payment reserve - - 98 98
-------------------------------------------- ------- ------- -------- -------------
Total transactions with equity shareholders - - (703) (703)
-------------------------------------------- ------- ------- -------- -------------
At 3 April 2011 200 27,855 (4,210) 23,845
-------------------------------------------- ------- ------- -------- -------------
At 2 October 2011 200 27,855 (5,838) 22,217
-------------------------------------------- ------- ------- -------- -------------
Loss for the period - - (5,117) (5,117)
Other comprehensive income for the period - - - -
-------------------------------------------- ------- ------- -------- -------------
Total comprehensive income for the period - - (5,117) (5,117)
-------------------------------------------- ------- ------- -------- -------------
Transactions with equity shareholders
Dividends paid - - - -
Adjustment in share-based payment reserve - - 166 166
-------------------------------------------- ------- ------- -------- -------------
Total transactions with equity shareholders - - 166 166
-------------------------------------------- ------- ------- -------- -------------
At 1 April 2012 200 27,855 (10,789) 17,266
-------------------------------------------- ------- ------- -------- -------------
Condensed consolidated cash flow statement (unaudited)
for the six months ended 1 April 2012
Six months Six months Year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
Notes GBP000 GBP000 GBP000
--------------------------------------------- ----- ---------- ---------- ---------
Cash flows from operating activities
Cash generated from operations 8 7,913 10,076 16,172
Interest paid (867) (980) (1,957)
Tax paid - (436) (435)
--------------------------------------------- ----- ---------- ---------- ---------
Net cash from operating activities 7,046 8,660 13,780
--------------------------------------------- ----- ---------- ---------- ---------
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment 47 560 561
Interest received - 1 -
Site development costs (3,315) (7,455) -
Purchases of property, plant and equipment (2,882) (954) (10,585)
--------------------------------------------- ----- ---------- ---------- ---------
Net cash used in investing activities (6,150) (7,848) (10,024)
--------------------------------------------- ----- ---------- ---------- ---------
Cash flows from financing activities
Dividends paid - (801) (801)
Repayment of borrowings - - (1,000)
Payment of hire purchase liabilities (2,743) (5,194) (8,076)
New asset-backed finance raised - 4,266 4,266
New revolving credit facility drawdown 3,500 2,000 -
--------------------------------------------- ----- ---------- ---------- ---------
Net cash from/(used in) financing activities 757 271 (5,611)
--------------------------------------------- ----- ---------- ---------- ---------
Net increase in cash and cash equivalents 1,653 1,083 (1,855)
Cash and cash equivalents at beginning
of period 498 2,353 2,353
--------------------------------------------- ----- ---------- ---------- ---------
Cash and cash equivalents at end of
period 2,151 3,436 498
--------------------------------------------- ----- ---------- ---------- ---------
Notes to the interim report
for the six months ended 1 April 2012
1 Basis of preparation
The Group has drawn up its interim report for the 26 week period ended 1 April 2012 (2011: 26 weeks ended 3 April 2011). The interim report is unaudited and does not constitute statutory financial statements within the meaning of Section 434 of the Companies Act 2006.
The interim report has been prepared using policies that are consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union. As permitted, this report has not been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The financial information relating to the year ended 2 October 2011 is an extract from the latest published financial statements on which the auditors gave an unqualified report that did not contain statements under Section 498 (2) or (3) of the Companies Act 2006 and which have been filed with the Registrar of Companies.
In forming its opinion as to going concern, the Board prepares forecasts and projections based upon detailed assumptions, in particular with regard to levels of coal production together with the level of borrowings and other facilities made available to the Group. The Board also takes account of reasonable possible changes in trading performance to determine whether the Group should be able to operate within its current level of facilities. Key factors that have been considered are:
0 Bank facilities providing a facility through to 31 May 2013. The facility is currently GBP22.0 million, with scheduled reductions reducing to GBP19 million by September 2012 and then to GBP16 million in April 2013. These facilities contain performance covenants including interest cover, debt to borrowing ratio and debt service ratio, which if breached could lead to a need to renegotiate terms or, in the extreme case, a reduction or withdrawal of the facilities concerned. The Board is currently in discussions with its Lenders regarding the facilities it requires going forward.
0 Sales price in respect of a number of contracts are floating and based upon the international price of coal, creating a risk of unpredictability in revenues.
0 Recent performance has demonstrated the impact of unpredictable geological conditions on production volumes.
0 The Group requires adequate restoration bond facilities to continue to operate both existing and new sites. Shortage of bond facilities could lead to the Group not being able to operate at its planned levels of productions. Failure to renew a bond could result in a claim on the Group under the terms of its counter indemnities given to its bond providers.
The Board recognises the material uncertainties noted above but, based upon information available to it at the date of this interim report, confirms its belief that it is appropriate to use the going concern basis of preparation for this interim report.
The same accounting policies, presentation and methods of computation are followed in the interim report as applied in the latest published annual financial statements. New accounting standards issued in the period do not materially impact on the results of the Group and these will be fully detailed in the year end report.
The interim report was approved by the Board of Directors on 27 June 2012.
2 Segmental reporting
The Group only operates one segment, that being surface mining.
Surface Mining Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
1 April 2012 3 April 2011 2 October 2011
----------------- ------------ --------------
Income statement GBP000 GBP000 GBP000
------------------------------------------------- ----------------- ------------ --------------
Revenue
Total revenue 44,639 33,934 84,166
------------------------------------------------- ----------------- ------------ --------------
Result
Operating (loss)/profit before exceptional items (3,872) 1,701 3,025
Exceptional items (2,039) (4,131) (6,230)
------------------------------------------------- ----------------- ------------ --------------
Operating loss (5,911) (2,430) (3,205)
------------------------------------------------- ----------------- ------------ --------------
Unaudited Unaudited Audited
Six months ended Six months Year
ended ended
1 April 2012 3 April 2011 2 October 2011
----------------- ------------ --------------
Balance sheet GBP000 GBP000 GBP000
------------------------------------------------- ----------------- ------------ --------------
Assets
Segment assets 96,219 101,236 97,926
------------------------------------------------- ----------------- ------------ --------------
Liabilities
Segment liabilities (78,953) (77,391) (75,709)
------------------------------------------------- ----------------- ------------ --------------
Other information
Capital additions 6,197 8,409 10,585
Depreciation 8,692 5,852 13,977
------------------------------------------------- ----------------- ------------ --------------
3 Other operating income
Last year in January 2011, the Group, as permitted under the terms of the technology licence agreement with RecyCoal Limited, elected to receive a royalty payment of GBP2 million in exchange for reduced royalties in the future.
Following this the Group undertook a review of the expected future royalty receipts and reassessed the carrying value of the goodwill associated with the royalty stream. As a consequence the Group made an impairment write down of GBP1.65 million.
4 Exceptional items
During the period the Group has incurred the following exceptional items:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
-------------------------------------------------- ---------- ---------- ---------
Write off of work in progress 2,039 4,131 4,067
Increase in provision for future restoration work - - 1,563
Provision for additional payroll taxes in respect
of prior years - - 600
-------------------------------------------------- ---------- ---------- ---------
2,039 4,131 6,230
-------------------------------------------------- ---------- ---------- ---------
5 Taxation
The taxation credit for the period represents a credit in respect of deferred taxation at a rate of 25%.
6 Loss per share
Basic loss per share is calculated by reference to the weighted average number of ordinary shares in issue during the period of 40,075,158 (3 April 2011: 40,075,158; 2 October 2011: 40,075,158) and the loss for the period.
Unaudited Unaudited Audited
six months six months year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
Number Number Number
000 000 000
------------------------------------------- ---------- ---------- ---------
Weighted average number of shares in issue 40,075 40,075 40,075
------------------------------------------- ---------- ---------- ---------
There are 2,297,000 (2011: 2,483,000) potential dilutive ordinary shares on continuing operations, which have been disregarded in the above as they are anti-dilutive.
The loss used in the calculation of basic and diluted loss per share is as follows:
Unaudited Unaudited Audited
six months six months year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
Loss for the period in the calculations of basic
and diluted loss per share (5,117) (3,152) (4,628)
Loss for period from exceptional items after tax 2,039 2,974 4,602
------------------------------------------------- ---------- ---------- ---------
Loss for period in the calculations of basic and
diluted loss per share before exceptional items (3,078) (178) (26)
------------------------------------------------- ---------- ---------- ---------
7 Dividends
Unaudited Unaudited Audited
six months six months year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
-------------------------------------------------- ---------- ---------- ---------
Declared and paid during the financial period
-------------------------------------------------- ---------- ---------- ---------
Final dividend for the year ended 3 October 2010:
2.00 pence per share - 801 801
- 801 801
-------------------------------------------------- ---------- ---------- ---------
Proposed after the balance sheet date and not - - -
recognised as a liability
-------------------------------------------------- ---------- ---------- ---------
8 Reconciliation of result before tax to net cash generated from operations
Unaudited Unaudited Audited
six months six months year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
------------------------------------------------- ---------- ---------- ---------
Loss before tax (7,125) (3,625) (5,846)
Finance costs 1,214 1,195 2,641
Depreciation of property, plant and equipment 8,692 5,852 13,977
(Profit)/ loss on disposal of property, plant
and equipment (31) 49 52
Impairment of goodwill - 1,650 1,650
Share-based payment expense 166 98 (54)
------------------------------------------------- ---------- ---------- ---------
Operating cash flows before movements in working
capital 2,916 5,219 12,420
Decrease/(Increase) in inventories 930 (2,463) (3,605)
Exceptional items - work in progress write down 2,039 4,131 4,067
Decrease/(increase) in receivables 264 741 (3,731)
Increase in payables and provisions 1,764 2,448 7,021
------------------------------------------------- ---------- ---------- ---------
Net cash generated from operations 7,913 10,076 16,172
------------------------------------------------- ---------- ---------- ---------
9 Analysis of net financial liabilities
Unaudited Unaudited Audited
six months six months year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
-------------------------------- ---------- ---------- ---------
Bank debt due within one year (6,500) (3,500) -
Bank debt due beyond one year (16,000) (18,500) (19,000)
Hire purchase contracts (10,299) (15,923) (13,041)
-------------------------------- ---------- ---------- ---------
Total borrowings (32,799) (37,923) (32,041)
Cash and cash equivalents 2,151 3,436 498
-------------------------------- ---------- ---------- ---------
Net borrowings (30,648) (34,487) (31,543)
-------------------------------- ---------- ---------- ---------
Financial instrument liability (178) (235) (286)
Unamortised borrowing costs 457 432 535
-------------------------------- ---------- ---------- ---------
Other financial liabilities 279 197 249
-------------------------------- ---------- ---------- ---------
Total net financial liabilities (30,369) (34,290) (31,294)
-------------------------------- ---------- ---------- ---------
10 Reconciliation of net cash flow to movement in net borrowings
Unaudited Unaudited Audited
six months six months year
ended ended ended
1 April 3 April 2 October
2012 2011 2011
GBP000 GBP000 GBP000
------------------------------------------------------ ---------- ---------- ---------
Increase/ (Decrease) in cash in the period 1,653 1,083 (1,855)
Cash outflow from reduction in debt and hire purchase
financing 2,742 5,194 9,076
------------------------------------------------------ ---------- ---------- ---------
Change in net borrowings resulting from cash flow 4,395 6,277 7,221
New asset-backed finance - (4,266) (4,266)
New revolving credit facility drawdown (3,500) (2,000) -
------------------------------------------------------ ---------- ---------- ---------
Movement in net borrowings in the period 895 11 2,955
Net borrowings brought forward (31,543) (34,498) (34,498)
------------------------------------------------------ ---------- ---------- ---------
Net borrowings carried forward (30,648) (34,487) (31,543)
------------------------------------------------------ ---------- ---------- ---------
11 Copies of the interim report
Copies of the interim report will be posted to shareholders in due course and are available from the Group's Head Office at Aardvark House, Sidings Court, Doncaster DN4 5NU or by visiting the Group's website www.ath.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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