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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Black Arrow | LSE:BLKA | London | Ordinary Share | GB0001014975 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1043J Black Arrow Group PLC 28 November 2008 BLACK ARROW GROUP PLC SUMMARY OF GROUP INTERIM RESULTS (UNAUDITED) CONSOLIDATED INCOME STATEMENT £'000 Half year Year September Ended March 2008 2007 2008 Continuing Operations Office furniture Manufacturing Distribution and partitioning 4,046 6,844 12,095 Leasing & Instalment finance 451 405 855 Rental Income from Investment Properties 288 358 728 Revenue 4,785 7,607 13,678 Cost of Sale (2,724) (4,960) (7,921) Gross Profit 2,061 2,647 5,757 Administration Expenses (2,226) (3,487) (7,203) Distribution Costs (191) (627) (1,036) Other Operating Income 45 91 455 Net gains on the disposal of property plant and equipment - - 7,786 Actuarial gain on defined benefit pension scheme 147 304 169 Operating (loss)/profit (164) (1,072) 5,928 Finance revenue 242 183 283 Other finance revenue - pensions 5 17 32 Profit/(loss) on ordinary activities before taxation 83 (872) 6,243 Taxation on profit on ordinary activities (Note 1) (7) (43) (1,509) Profit/(loss) for the period on continuing 76 (915) 4,734 operations Attributable to: Equity holders of the parent 43 (965) 4,649 Minority interests 33 50 85 76 (915) 4,734 PER SHARE Basic and diluted for profit/(loss) from continuing operations attributable to ordinary equity holders of the parent (note2) 0.40p (4.96p) 24.04p STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSES (UNAUDITED) For the half year to 30th Year September Ended March £'000 2008 2007 2008 Profit/(loss) attributable to shareholders of the parent undertaking 43 (965) 4,649 Profit attributable to minority interests 33 50 85 76 (915) 4,734 SUMMARISED CONSOLIDATED BALANCE SHEET (UNAUDITED) as at 30th September 31March £'000 2008 2007 2008 NON CURRENT ASSETS Property, plant and equipment 4,170 3,663 3,941 Investment Property 5,640 5,640 5,640 Trade and other receivables 1,619 1,773 1,741 11,429 11,076 11,322 CURRENT ASSETS Stocks 619 492 451 Work in Progress 726 336 200 Trade and other receivables 2,966 4,315 12,962 Cash & cash equivalents 10,893 5,539 3,143 15,204 10,682 16,756 TOTAL ASSETS 26,633 21,758 28,078 CURRENT LIABILITIES Trade and Other payables 1,639 2,164 2,321 Financial liabilities 34 - Provisions 147 299 232 Income tax payable 1,751 555 2,002 Accruals 28 49 19 3,565 3,101 4,574 NON CURRENT LIABILITIES Financial liabilities - 64 - Provisions 203 364 202 Deferred tax liability 580 580 580 Retirement benefit obligations 19 53 167 802 1,061 949 TOTAL LIABILITIES 4,367 4,162 5,523 NET ASSETS 22,266 17,596 22,555 CAPITAL AND RESERVES Equity share capital 3,744 3,890 3,819 Share premium account 312 312 312 Merger reserve 26 26 26 Capital Redemption Reserve 1,287 1,141 1,212 Profit & Loss Account 16,738 12,122 17,045 22,107 17,491 22,414 Minority Interests 159 105 141 TOTAL EQUITY 22,266 17,596 22,555 CONSOLIDATED CASH FLOWS STATEMENT (UNAUDITED) For the half year to 30th September Year Ended March £,000 2008 2007 2008 Operating Activities Profit/(loss) for the period on continuing 76 (915) 4,734 operations Adjustments to reconcile losses for the period to net cash inflows from operating activities Tax on continuing operations 7 43 1,509 Net finance revenue (242) (183) (283) Other finance revenue - pensions (5) (17) (32) Loss/(gain) on the sale of property, plant and equipment 34 (13) (7,786) Depreciation and impairment of plant and equipment 104 267 401 Difference between pension contributions paid and amounts recognised in the income statement 4 8 2 Actuarial gains on defined benefit pension plan (147) (304) (169) (Increase)/decrease in inventories (694) 479 656 Decrease/(Increase) in trade and other receivables 1,118 (1,361) (976) Increase/(decrease) in trade and other payables (931) 237 418 Movement in provisions (84) (118) (347) Cash outflow from operations (760) (1,877) (1,873) Income taxes paid - - (73) Net cash outflow from operating activities (760) (1,877) (1,946) Investing Activities Interest received 242 183 283 Sale of property plant and equipment 9,047 22 356 Payments to acquire property, plant and equipment (414) (55) (2,108) Net cash /inflow/(outflow) from investing activities 8,875 150 (1,469) Financing Activities Dividends paid to equity shareholders of the - - parent (389) Dividends paid to minority interests (15) - (15) Repayment of finance lease (16) (18) Purchase of own shares (350) (30) (332) Net cash outflow from financing activities (365) (46) (754) Increase/(decrease) in cash and cash equivalents 7,750 (1,773) (4,169) Cash and cash equivalents at the beginning of the year 3,143 7,312 7,312 Cash and cash equivalents at the end of the year 10,893 5,539 3,143 Reconciliation of movements in equity Equity share capital Share premium Merger reserve Capital redemption Retained Earnings account reserve £'000 £'000 £'000 £'000 £'000 At 31 March 2008 3,819 312 26 1,212 17,045 Retained in period 43 Repurchase of shares (75) 75 (350) At 30 September 2008 3,744 312 26 1,287 16,738 Equity share capital Share Premium Merger reserve Capital redemption Retained Earnings account reserve £'000 £'000 £'000 £'000 £'000 At 31 March 2007 3,899 312 26 1,132 11,770 Retained Loss for the period (965) Transfer from revaluation reserve 1,347 Repurchase of shares (9) 9 (30) At 30 September 2007 3,890 312 26 1,141 12,122 1. The tax charge for the six months to 30 September 2008 is in respect of the 50% owned subsidiary where group losses cannot be offset. 2. The basic losses/earnings per share calculation is based on losses/profit attributable to members and the weighted average number of shares in issue during this period, excluding the shares held by the ESOP Trust. 3. The above financial information has neither been audited nor reviewed and does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. 4. The figures for the year ended 31 March 2008, are taken from the financial statements filed with the Registrar of Companies, the auditor*s report on these accounts was unqualified. 5. During the period to 30 September 2008 the company received the sales proceeds of £9,000,000 on completion of the sale of the Group*s headquarters. 6. Copies of the Chairman*s Statement and the Interim Results are posted on the company*s web-site www.logic-office.co.uk. Copies will also be available from the Company Secretary, Black Arrow Group plc, 155-157 Staines Road, Hounslow, Middlesex TW3 3JB CHAIRMAN'S COMMENTARY Following the sale of our Paragon Business, furniture activities are now confined to the Logic brand and in consequence turnover in the half-year to 30 September 2008 was lower than in the comparable period. Losses have been reduced and we are now focusing on the higher end of the market. Overall the group made a small pre-tax profit of £83,000 compared to a loss of £872,000 in the corresponding half-year. Within these figures is an actuarial gain on our pension scheme of £147,000 compared to a gain of £304,000 last year. Our leasing division produced increased profits in spite of the difficult credit environment. Your Directors do not intend to recommend an interim dividend. . 28th November 2008 Arnold Edward Chairman Telephone No: 020 8572 7474 This information is provided by RNS The company news service from the London Stock Exchange END IR FKOKPQBDDFDB
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