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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Avon Technologies Plc | LSE:AVON | London | Ordinary Share | GB0000667013 | ORD #1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.00 | 0.13% | 1,486.00 | 1,486.00 | 1,492.00 | 1,500.00 | 1,448.00 | 1,500.00 | 51,098 | 16:35:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Rubber,plastics Hose & Belts | 275M | 3M | 0.0991 | 150.55 | 449.03M |
Hot Features
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RNS Number : 3617V
Avon Rubber PLC
28 May 2008
Avon Rubber p.l.c.
Strictly embargoed until 07:00 28 May 2008
Unaudited interim results for the six months ended 31 March 2008
31 March 2008 31 March 2007
(restated)
£Millions
£Millions
CONTINUING OPERATIONS
REVENUE 23.4 31.2
OPERATING (LOSS)/PROFIT (1.9) 0.5
(LOSS)/PROFIT FOR THE PERIOD (5.9) 0.1
(LOSS)/EARNINGS PER SHARE:
Basic (20.7)p (0.5)p
Continuing operations (6.1)p 3.6p
* US$112 million US Government multi-year respirator contract confirmed
* Continued demand from UK MoD for current generation respirators
* Demand for the new C50, FM53 and ST53 respirators and EH15 emergency hood is growing in markets around the world
* Dairy business performed well
* Aerosol gasket business sold
* European mixing facility to close
Commenting on the results, Peter Slabbert, Chief Executive said: "The award of the $112 million, multi-year contract by the US
Government should underpin the Group's return to profitability in the short-term and secure a long-term and growing revenue stream for our
Protection business. Our immediate priority is on increasing our profits through manufacturing efficiencies and cost reductions and
converting significant opportunities for sales of our market leading range of respiratory protection products around the world.
The first half year has seen an improved performance from our already successful Dairy business and we expect this to be maintained. We
further expect to secure long-term contracts for our Engineered Fabrications business which will provide benefits in 2009.
The Board is confident that the foundations are in place for a period of sustainable and profitable growth."
For further enquiries, please contact:
Avon Rubber p.l.c.
Peter Slabbert, Chief Executive 020 7067 0700
(until 1.00pm)
From 29 May: 01225 896 831
Fiona Stewart, Corporate Communications Executive 01225 896 871
Weber Shandwick Financial
Richard Hews 020 7067 0700
Rachel Martin
Hannah Marwood
An analyst meeting will be held at 09:45 for 10:00 am this morning at the offices of
Weber Shandwick Financial, Fox Court, 14 Gray's Inn Road, London, WC1X 8WS
NOTES TO EDITORS: Avon Rubber p.l.c. is an international polymer engineering group adding value through material, manufacturing and
industry sector expertise. The Group is currently capitalised at approximately £34 million. Avon supplies a range of advanced CBRN
respiratory protection solutions through Avon Protection Systems Inc. to the world's military and police forces, as well as first responders
and emergency services. Avon Rubber p.l.c. owns Avon-ISI, which designs, develops and manufactures a range of SCBA equipment for fire,
rescue and law enforcement, as well as military applications. Avon Rubber p.l.c. also owns Avon Engineered Fabrications manufacturing
products including hovercraft skirting and flexible storage tanks and a world leading dairy business manufacturing dairy liners and tubing.
Interim statement
INTRODUCTION
The delayed award by the US Government of the $112 million production contract for the M50 respirator announced on 19 May was welcome
news for the Group. In the period to 31 March 2008, our Dairy business performed well, but in our Protection & Defence business, the delay
in the M50 full rate production order and production difficulties in producing filters at the new Cadillac facility, contributed to a
disappointing overall operating loss of £1.9m (2007: £0.5m profit). We have completed the lengthy strategic refocusing of our business to
two sectors, Protection & Defence and Dairy with the sale of our aerosol gasket business announced in February and the decision to close our
European mixing plant which was announced in January.
RESULTS
Revenue from continuing operations fell in the half year to £23.4m (2007: £31.2m) despite increased revenues from the Dairy business.
We incurred an operating loss of £1.9m (2007: £0.5m profit) on these revenues. Net interest was unchanged at £0.4m and the non cash
finance credit on our net retirement benefit surplus reduced to £0.6m (2007: £1.3m) due to changed actuarial assumptions. This resulted in
a loss before tax of £1.8m (2007: £1.3m profit) and after a tax credit of £0.1m (2007: £nil) the Group incurred a loss for the period
from continuing operations of £1.7m (2007: £1.3m profit).
A loss of £4.2m (2007: £1.2m) was incurred on discontinued operations, including £0.6m attributable to the loss on disposal of the
aerosol gasket business and £2.6m to the closure of the mixing plant. The Group loss for the period was £5.9m (2007: £0.1m profit). The
basic loss per share was 20.7p (2007: 0.5p) and the loss per share from continuing operations was 6.1p (2007: 3.6p earnings per share).
Net debt increased from £10.4m at the 2007 year end to £13.5m at 31 March 2008. Inventories in particular increased during the period
as we manufactured product and bought raw materials in anticipation of increased revenues in the second half of the year. Operating
activities absorbed £2.3m (2007: £4.2m) resulting from the loss incurred and working capital which increased by £0.9 million in the
continuing operations. The net proceeds from the sale of the aerosol gasket business of £1.6m and further asset sales generated net cash
from investing activities of £0.7m (2007: cash outflow of £3.4m) after capital expenditure of £1.3m (2007: £3.4m). This reduced level of
capital expenditure follows the high spend in the past few years on both the development of new products and the Cadillac facility.
PROTECTION & DEFENCE
The delay in the award of the M50 long-term production contract initially anticipated in the early part of this calendar year had a
significant negative impact on the new Cadillac facility. The growth of this business, however, is now underpinned by this order for 100,000
respirators per year, which we expect will be supplemented by a further contract option allowing for potential additional volumes of 200,000
per annum for a period of up to 10 years. We expect these mask systems orders to be supplemented by significant filter and spares orders.
Difficulties with producing filters supplied with M50 respirators on the low rate initial production order contributed to cost overruns
in the new Cadillac facility which delayed delivery of complete systems to the customer. Good progress has been made on resolving these
production problems and the balance of this order will now be shipped in the early part of the second half of the year. While we are
currently production capable, we have to invest heavily - at short term cost - in order to ensure consistency and quality of output which
will benefit us over the 10 to 15 year production life of this new product range.
The performance of the Avon Engineered Fabrications business in Mississippi was affected by delays to new long-term contracts due to
factors outside our control. These orders are still expected although the timing is uncertain.
At Avon-ISI, which supplies self contained breathing apparatus (SCBA), the new US National Fire Protection Association approved Z Seven
SCBA has been well received by the market. Following the delayed approval in October and a period of sample production and evaluation, we
have experienced a significant level of enquiries and orders towards the end of the financial half year. Our UK Protection business
benefited from continuing demand from the UK MoD and performed satisfactorily. Their focus includes selling our full range of respiratory
protection products to markets around the world and the level of enquiry and opportunity indicates high potential demand for our new C50,
FM53 and ST53 respirators and EH15 emergency hood.
Total revenues for the division were £12.2m (2007: £19.3m) incurring an operating loss of £3.4m (2007: £0.8m). In preparation for
future volume growth our current cost base is significantly underutilised and the contribution from incremental revenues will therefore
directly impact future operating profits.
DAIRY
The healthy profit and cashflows from our Dairy business continue to underpin the Group's performance. Revenues increased by 12.1% to
£10.8m (2007: £9.7m) with improvement in both the US and European businesses. Higher milk prices and growth in sales of our own branded
products, particularly into new markets such as China, were both positive factors. Despite higher input costs driven in particular by the
oil price, we saw some benefit from lower overhead costs in our UK production facility resulting in a higher operating profit of £1.8m
(2007: £1.3m).
DIVIDENDS
In view of the below expectation first half year results together with the Group's short-term working capital funding requirement as we
build up to full production volumes on the US Government contract, the Board feels it is prudent not to pay an interim dividend for this
year. It is our intention to resume dividend payments as soon as the trading results and liquidity position allow us to do so.
BOARD AND MANAGEMENT CHANGES
Terry Stead stood down as Chief Executive on 21 April 2008 and has been succeeded by Peter Slabbert, previously Group Finance Director
and acting head of rest of world sales for the Protection business. A new Finance Director will be appointed in due course and we are also
taking steps to strengthen the sales and marketing function. This, together with the appointment of David Evans as a Non-Executive Director,
means that the Group's restructuring is largely complete and we now have an excellent team experienced in the high value added Protection &
Defence and Dairy businesses who are closely focused on delivering the benefits from the substantial opportunities in these markets.
OUTLOOK
The award of the $112 million, multi-year contract by the US Government should underpin the Group's return to profitability in the
short-term and secure a long-term and growing revenue stream for our Protection business. Our immediate priority is on increasing our
profits through manufacturing efficiencies and cost reductions and converting significant opportunities for sales of our market leading
range of respiratory protection products around the world.
The first half year has seen an improved performance from our already successful Dairy business and we expect this to be maintained. We
further expect to secure long-term contracts for our Engineered Fabrications business which will provide benefits in 2009.
The Board is confident that the foundations are in place for a period of sustainable and profitable growth.
Statement of Directors' responsibilities
The Interim Report and Accounts is the responsibility of, and has been approved by, the Directors. The Directors are responsible for
preparing the Interim Report and Accounts in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial
Services Authority. The Disclosure and Transparency Rules ('DTR') require that the accounting policies and presentation applied to the
half-yearly figures must be consistent with those applied in the latest published annual accounts, except where the accounting policies and
presentation are to be changed in the subsequent annual accounts, in which case the new accounting policies and presentation should be
followed, and the changes and the reasons for the changes should be disclosed in the Interim Report and Accounts, unless the United Kingdom
Financial Services Authority agrees otherwise.
The Directors confirm that this condensed set of financial statements has been prepared in accordance with the International Accounting
Standard 34, 'Interim Financial Reporting' as adopted by the European Union, and that the interim management report herein includes a fair
review of the information required by DTR4.2.7 and DTR 4.2.8.
Miles Ingrey-Counter
Company Secretary
Independent review report to Avon Rubber p.l.c.
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six
months ended 31 March 2008, which comprises the consolidated income statement, consolidated balance sheet, consolidated statement of
recognised income and expense, consolidated cash flow statement and related notes. We have read the other information contained in the
half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information
in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial
Services Authority.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European
Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the
Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept
or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United
Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 31 March 2008 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Bristol 28 May 2008
Consolidated Income Statement
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(unaudited) (unaudited (unaudited and
Note and restated)
restated) £'000
£'000 £'000
Continuing operations
Revenue 3 23,385 31,191 60,287
Cost of sales (19,808) (24,652) (46,994)
Gross profit 3,577 6,539 13,293
Operating expenses (5,526) (6,081) (11,457)
Operating (loss)/profit from 3,4 (1,949) 458 1,836
continuing operations
Finance income 5 3 - 114
Finance costs 5 (451) (417) (915)
Other finance income 5 566 1,251 2,489
(Loss)/profit before tax (1,831) 1,292 3,524
Taxation 6 109 17 (717)
(Loss)/profit for the period (1,722) 1,309 2,807
from continuing operations
Discontinued operations
Loss for the period from 7 (4,166) (1,171) (1,712)
discontinued operations
(Loss)/profit for the period (5,888) 138 1,095
Profit attributable to 5 273 1
minority interest
(Loss)/profit attributable to (5,893) (135) 1,094
equity shareholders
(5,888) 138 1,095
(Loss)/earnings per share 9
expressed in pence per share
Basic (20.7) (0.5) 3.9
Diluted (20.7) (0.5) 3.8
(Loss)/earnings per share from
continuing operations
Basic (6.1) 3.6 10.1
Diluted (6.1) 3.5 9.8
Consolidated Statement of Recognised Income and Expense
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(unaudited) (unaudited) (unaudited)
£'000 £'000 £'000
(Loss)/profit for the financial period (5,888) 138 1,095
Actuarial gain recognised in 9,323 5,527 26,187
retirement benefit schemes
Movement on deferred tax relating to (2,611) - (4,606)
retirement benefit schemes
Net exchange differences offset in 583 (1,610) (2,441)
reserves
Net gains not recognised in income 7,295 3,917 19,140
statement
Total recognised income for the period 1,407 4,055 20,235
Attributable to:
Equity shareholders 1,402 3,782 20,234
Minority interest 5 273 1
Total recognised income for the period 1,407 4,055 20,235
Consolidated Balance Sheet
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(unaudited) (unaudited) (unaudited)
Note £'000 £'000 £'000
Assets
Non-current assets
Goodwill 5,705 5,294 5,511
Intangible assets 11,317 12,086 11,794
Property, plant and equipment 18,700 21,247 20,041
Deferred tax assets 334 1,053 334
Retirement benefit assets 26,300 - 16,380
62,356 39,680 54,060
Current assets
Inventories 14,346 12,929 11,526
Trade and other receivables 10,518 16,889 12,773
Cash and cash equivalents 710 1,876 957
25,574 31,694 25,256
Assets classified as held for - - 2,173
sale
25,574 31,694 27,429
Liabilities
Current liabilities
Financial liabilities
- Borrowings 14,245 11,906 11,393
- Derivative financial - 15 -
instruments
Trade and other payables 15,364 19,011 13,906
Deferred tax liabilities 265 - 265
Current tax liabilities 350 621 744
30,224 31,553 26,308
Liabilities directly associated
with assets classified as held - - 1,707
for sale
30,224 31,553 28,015
Net current (liabilities)/assets (4,650) 141 (586)
Non-current liabilities
Deferred tax liabilities 8,862 2,260 6,251
Retirement benefit obligations 656 7,712 1,730
Provision for liabilities and 10 4,600 2,880 2,037
charges
14,118 12,852 10,018
Net assets 43,588 26,969 43,456
Shareholders' equity
Ordinary shares 11 29,141 28,340 29,125
Share premium 34,708 34,212 34,707
Capital redemption reserve 500 500 500
Translation reserve (2,061) (1,814) (2,644)
Profit and loss account (19,262) (35,059) (18,789)
Equity shareholders' funds 12 43,026 26,179 42,899
Minority interests (equity 562 790 557
interests)
Total equity 43,588 26,969 43,456
Consolidated Cash Flow Statement
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(unaudited) (unaudited) (unaudited)
Note £'000 £'000 £'000
Cash flows from operating
activities
Cash used in operations 13 (1,735) (3,762) (1,894)
Finance income received 3 - 114
Finance costs paid (483) (258) (896)
Tax paid (93) (178) (438)
Net cash used in operating (2,308) (4,198) (3,114)
activities
Cash flows from investing
activities
Proceeds from sale of 7 1,571 - -
operations
Proceeds from sale of 413 3 14
property, plant and equipment
Purchase of property, plant (908) (2,032) (2,874)
and equipment
Purchase of intangible assets (367) (1,408) (2,445)
Net cash generated from/(used 709 (3,437) (5,305)
in) investing activities
Cash flows from financing
activities
Net proceeds from issue of 17 86 1,441
ordinary share capital
Net movements in loans 5,037 3,921 (2,488)
Dividends paid to shareholders (1,367) (1,326) (2,353)
Net cash generated from/(used 3,687 2,681 (3,400)
in) financing activities
Net increase/(decrease) in 2,088 (4,954) (11,819)
cash and cash equivalents
Cash and cash equivalents at (5,037) 6,893 6,893
beginning of the period
Effects of exchange rate (20) (63) (111)
changes
Cash and cash equivalents at 14 (2,969) 1,876 (5,037)
end of the period
Notes to the Interim Financial Statements
1. Basis of preparation
This condensed consolidated half-yearly financial information for the half-year ended 31 March 2008 has been prepared in accordance with
the Disclosures and Transparency rules of the Financial Services Authority and with IAS 34, 'Interim financial reporting' as adopted by the
European Union. The half-yearly condensed consolidated financial report should be read in conjunction with the annual financial statements
for the year ended 30 September 2008, which have been prepared in accordance with IFRS as adopted by the European Union.
These financial statements were approved by the Board of Directors on 27 May 2008.
2. Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30 September 2007, as
described in those financial statements.
Recent accounting developments
The following standards, amendments and interpretations have been issued by the International Accounting Standards Board or by the IFRIC
but have not yet been adopted. Subject to endorsement by the European Union, these will be adopted in future periods. IFRS 8 has been
endorsed, and the other standards, amendments and interpretations are being considered for endorsement.
* IFRS 8 'Operating segments'
* IAS 23 'Borrowing costs' (revised)
* IFRIC 12 'Service concession arrangements'
* IFRIC 13 'Customer loyalty programmes'
* IAS 27 'Consolidated and separate financial statements' (revised)
* IFRS 3 'Business combinations' (revised)
3. Segmental analysis
Due to the differing natures of the products and their markets, Avon Rubber p.l.c.'s primary reporting segment is by business sector.
The secondary reporting format comprises the geographical segments by origin.
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(unaudited) (unaudited and restated) (unaudited and restated)
£'000 £'000
£'000
Revenue by business sector
Protection and Defence 12,243 19,327 37,838
Dairy 10,842 9,670 19,071
Other Engineered Products 300 2,194 3,378
23,385 31,191 60,287
Operating profit by business
sector
Protection and Defence (3,406) (794) (1,037)
Dairy 1,799 1,281 2,975
Other Engineered Products (342) (29) (102)
(1,949) 458 1,836
Revenue by origin
Europe 5,890 8,659 16,923
North America 17,495 22,532 43,364
23,385 31,191 60,287
4. Operating profit
The following items of unusual nature have been credited to operating profit.
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Settlement of legal claims 376 - -
Cancellation of USA post retirement 505 - -
medical scheme
A scheme which provided post retirement medical benefits to certain former employees of previously disposed businesses has now been
terminated.
5. Interest and similar charges
Half year to Half Year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Bank loans and overdrafts (451) (416) (914)
Other interest charges - (1) (1)
Total interest payable (451) (417) (915)
Interest receivable 3 - 114
(448) (417) (801)
Other finance income represents the excess of the expected return on pension plan assets over the interest cost relating to retirement
benefit obligations.
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Interest cost: UK Scheme (6,799) (6,432) (12,863)
Expected return on plan assets: UK 7,446 7,752 15,479
Scheme
Other finance cost: USA Scheme (81) (69) (127)
566 1,251 2,489
6. Taxation
The split of the tax (credit)/charge between UK and overseas is as follows:
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
United Kingdom 167 - 88
Overseas (276) (17) 629
(109) (17) 717
7. Results from discontinued operations
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited and (Unaudited and restated)
restated) £'000
£'000
£'000
Revenue 5,754 6,558 13,434
Operating loss from (3,612) (1,171) (1,712)
discontinued operations
Operating loss is analysed as:
Before exceptional items (1,021) (1,171) (1,712)
Exceptional operating items (2,591) - -
Loss on disposal (554) - -
Loss for the period from (4,166) (1,171) (1,712)
discontinued operations
Discontinued operations consist of the UK mixing operation, which the company has announced is being closed during the financial year
and the UK aerosol gasket operation which was sold on 4 March 2008 to Crosslinks Limited.
2007 numbers have been restated to include the revenues and losses of these businesses.
Assets and liabilities directly attributable to the UK mixing operation, shown on the September 2007 balance sheet as held for sale have
now been reclassified as the operation will now be closed.
The loss on disposal resulting from the sale of the aerosol gasket operation has been calculated as follows:
£'000 £'000
Proceeds from sale 2,091
Costs associated with sale (179)
1,912
Assets and liabilities disposed of:
Property, plant and equipment (1,074)
Intangible assets (251)
Inventory (476)
Trade and other receivables (1,027)
Trade and other payables 362
(2,466)
Loss on disposal (554)
£1,750,000 was received on completion of the sale on 4 March 2008, £341,000 deferred consideration is included in trade and other
receivables in the interim balance sheet.
8. Dividends
The Directors are proposing that no interim dividend will be paid in respect of the half year ending 31 March 2008.
9. Loss per share
Basic loss per share is based on a loss attributable to ordinary shareholders of £5,893,000 (2007: £135,000) and 28,472,000 (2007:
27,637,000) ordinary shares being the weighted average of the shares in issue during the period on which dividends are paid.
Loss per share from continuing operations is based on a loss attributable to ordinary shareholders of £1,727,000 (2007: 1,036,000
profit).
Loss per share from discontinued operations amounts to 14.6p (2007: 4.1p) and is based on a loss of £4,166,000 (2007: £1,171,000).
The company has dilutive potential ordinary shares in respect of the Sharesave Option Scheme and the Performance Share Plan. The diluted
loss per share is not materially different to the basic loss per share.
10. Provisions for liabilities and charges
Reorganisation provision Automotive disposal £'000 Total
£'000 £'000
Opening balance 1 October 2006 1,526 1,900 3,426
Payments in the period (546) - (546)
At 31 March 2007 980 1,900 2,880
Opening balance 1 October 2007 737 1,300 2,037
Charged to income statement 2,591 - 2,591
(Payments)/receipts in the (480) 452 (28)
period
At 31 March 2008 2,848 1,752 4,600
11. Share capital
Number of shares Ordinary shares Share premium £'000
(thousands) £'000 Total
£'000
Opening balance 1 October 2006 28,275 28,275 34,191 62,466
Proceeds from shares issued 64 64 21 85
pursuant to option schemes
At 31 March 2007 28,339 28,339 34,212 62,551
Opening balance 1 October 2007 29,125 29,125 34,707 63,832
Proceeds from shares issued 16 16 1 17
pursuant to option schemes
At 31 March 2008 29,141 29,141 34,708 63,849
12. Changes in equity
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
At the beginning of the period 42,899 23,514 23,514
Loss for the period attributable to (5,893) (135) 1,094
equity shareholders
Dividends paid (1,367) (1,326) (2,353)
Actuarial gain recognised in 9,323 5,527 26,187
retirement benefit schemes
Movement on deferred tax relating to (2,611) - (4,606)
retirement benefit liabilities
Net exchange differences offset in 583 (1,610) (2,441)
reserves
New share capital subscribed 17 85 1,366
Movement in respect of employee 75 124 138
share schemes
At the end of the period 43,026 26,179 42,899
13. Cash generated from operations
Half year to Half year to Year to
31 Mar 08 31 Mar 07 30 Sep 07
(Unaudited) (Unaudited and (Unaudited and restated)
restated) £'000
£'000
£'000
Continuing operations
(Loss)/profit for the (1,722) 1,309 2,807
financial period
Adjustments for:
Tax (109) (17) 717
Depreciation 1,077 1,018 1,994
Impairment of fixed assets - - 250
Amortisation and impairment of 829 444 1,054
intangibles
Net interest expense 448 417 801
Other finance income (566) (1,251) (2,489)
Loss on disposal of property, 31 4 -
plant and equipment
Movements in working capital (918) (3,808) (5,663)
and provisions
Other movements (1,030) 16 (245)
Cash used in continuing (1,960) (1,868) (774)
operations
Discontinued operations
Loss for the financial period (4,166) (1,171) (1,712)
Adjustments for:
Depreciation 169 91 189
Loss on sale of discontinued 554 - -
operations
Movements in working capital 3,668 (814) 403
provisions
Cash generated from/(used in) 225 (1,894) (1,120)
discontinued operations
Cash used in operations (1,735) (3,762) (1,894)
14. Analysis of net debt
As at Exchange movements As at
30 Sep 07 Cash flow £'000 £'000 31 Mar 08
£'000 £'000
Cash at bank and in hand 791 (91) 10 710
Overdrafts (5,994) 2,347 (32) (3,679)
Current asset investments 166 (168) 2 -
classified as cash equivalents
Cash and cash equivalents (5,037) 2,088 (20) (2,969)
Debt due within 1 year (5,399) (5,037) (130) (10,566)
(10,436) (2,949) (150) (13,535)
Borrowing facilities
Total
facili Utilised Undrawn
ty
£'000 £'000 £'000
United Kingdom 16,450 14,177 2,273
North America 2,138 68 2,070
Utilised in respect of guarantees 377 377 -
18,965 14,622 4,343
All of the above facilities are subject to annual review, periodic covenant testing and have commitment periods which end within the
next twelve months. Since the period end the level of the bank facility in the United Kingdom has been increased to £17,500,000.
15. Seasonality
Seasonal fluctuations have no material impact on the company's revenues.
16. Copies of this announcement are available for download at www.avon-rubber.com. Further enquiries should be directed to the
company's registered office at Hampton Park West, Semington Road, Melksham, Wiltshire, SN12 6NB, England. Email: enquiries@avon-rubber.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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