We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Densitron Tech. | LSE:DSN | London | Ordinary Share | GB0002637394 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMDSN
RNS Number : 9187K
Densitron Technologies PLC
22 April 2015
DENSITRON TECHNOLOGIES PLC
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
Hot Features
Premium
Densitron Technologies plc ("Densitron" or the "Company"
or the "Group"), the designer, developer and distributor
of electronic displays announces its preliminary unaudited
results for the year ended 31 December 2014.
Ø Revenues increased by 3.5% to GBP20.7 million
(2013: GBP20.0 million).
Ø Orders booked increased 10.6% to GBP24.1 million
(2013: GBP21.8 million).
Ø Orderbook increased 23.6% to GBP13.1 million
(2013: GBP10.6 million).
Ø Earnings per share 0.23p compared with a loss
per share of 1.02p in 2013.
Jan G Holmstrom, Chairman of Densitron, commented:
"In 2014 the business progressed significantly delivering a substantial improvement over the result in the previous year. With the increase in the orderbook at the end of the year the business is in a good position to continue to grow in the coming year."
Enquiries:
Densitron Westhouse Securities Grahame Falconer / Tim Martin Davison Pearson Tel: 020 7601 6100 Tel: 0207 648 4200
Chairman's statement
I am pleased to be able to report that the business has made significant progress during the year achieving a profit before tax broadly in line with market expectations. Business from existing customers has grown, a number of new projects have been won and several projects that were being worked on during the previous year entered their mass production phases.
TRADING RESULTS
Revenues from the operating business for the year increased to GBP20.7m from GBP20.0m in 2013. This is despite the movement in exchange rates which impacted the Group revenues. Had the exchange rate been the same as the corresponding exchange rates used in 2013 the revenues reported would have been GBP21.6m for 2014.
Although there was a fall in gross margin, gross profit increased to GBP5.6m in 2014 from GBP5.5m in 2013. Together with a reduction in administrative expenses the business generated a profit from operations of GBP0.4m compared with a loss of GBP0.5m in 2013.
As a consequence of the disappointing result in 2013 the Board reviewed its strategy for the business and concluded that it remained sound in the medium to long term. However, in the short term it was considered that a review of the way in which the business is structured should be carried out and the cost structure of the business should be reviewed further. This was undertaken at the end of 2013 and beginning of 2014 and the necessary changes were implemented. These have had a positive impact on the results in the current year and will continue to help the business in 2015.
The core business performed well during 2014 and largely managed to cover the shortfall in business from the internally developed products and services. Unfortunately Ripdraw, Bonding and ePaper have taken considerably longer to develop and market than had been anticipated and consequently did not deliver the returns that we had expected during the year. Each has now developed a good pipeline of opportunities underpinning the decision to invest in them and it will be a key area of focus to convert these opportunities into sales revenue in 2015.
LAND AT BLACKHEATH
The Group owns a piece of land at Blackheath, London which is a legacy from a larger sports ground previously owned and sold to Greenwich Council in 2006. The land is designated as Metropolitan Open Land which precludes development. However, the Council is undertaking a review of its Core Strategy in relation to all open spaces under its designation and as part of this process we have been working to re-designate the land to make future development possible. The progress of the review continues to be protracted but is likely to be concluded over the next 12 months. In the meantime the Board continues to investigate other options to enhance the value of the land.
NEWCASTLE PROPERTY
As previously communicated we have actively tried to find a long term solution for the lease commitment that we have had in Newcastle since we reached an out of court agreement in 2013. We concluded that the building was inefficient for our business needs so the decision was taken to underlet the property. However, that proved to be more complicated than we anticipated primarily due to the requirement to underlet the property at the current market rent and the Landlord not permitting a change of use status. The former prevented the Company from mitigating the cost of the lease by discounting the rent and the latter precluded an opportunity to underlet the property to an interested party in the leisure industry. However, in March 2015 the Directors reached an agreement with the Landlord to surrender the lease for a final payment of GBP400,000.
The annual cost to the Company of the property (including rent, rates, insurance and ancillary costs) was approximately GBP240,000. Consequently, the settlement figure represented the total cost of the building to the Company over a period of approximately 22 months. With the lease due to expire on 31 December 2022 a further 7 years and 9 months, this represented a significant discount on the overall exposure. The overall cost to the Company for this situation has been approximately GBP1.3m.
The surrender was financed by a loan at market terms from the Company's largest shareholder, Mr P Gyllenhammar. The independent directors took advice from the Company's Nomad, Westhouse Securities Limited, concluding that the settlement was fair and reasonable insofar as the Company's shareholders are concerned.
SHAREHOLDERS AND DIVIDENDS
The Directors remain committed to delivering a return to Shareholders by both increasing shareholder value and by paying dividends. However, despite the improvement in trading during the year, the impact from the remaining ongoing lease liability and the final settlement of the lease has inevitably had a detrimental impact on the liquidity of the Group. In these circumstances the board does not consider that it is appropriate to pay a dividend for the year, so do not recommend the payment of a final dividend.
OUTLOOK
Business that has already been booked and is due for delivery in 2015 is encouraging having increased to GBP13.1 million at the beginning of 2015 from GBP10.6 million at the beginning of 2014. This provides confidence that the core business can continue to grow during 2015 and this together with the prospect that the business will begin to derive revenues from its internally developed products and services gives rise for optimism about the business in both the short and medium term. With the Newcastle property distraction finally behind us, we are now able to focus entirely on our business activities.
I would like to thank the Directors and staff throughout the Group for their continued hard work and dedication during the year.
Finally I would like to thank the Company's Shareholders for their continued support.
JAN G HOLMSTROM
Chairman
Densitron Technologies plc
Consolidated income statement
For the year ended 31 December 2014
2014 2013
GBP000 GBP000
Revenue 20,678 20,047
Cost of sales (15,122) (14,584)
--------- ---------
Gross profit 5,556 5,463
Other operating income - 3
Distribution costs (47) (53)
--------- ---------
Administrative expenses (5,090) (5,271)
Exceptional costs in respect
of lease settlement - (593)
--------- ---------
(5,090) (5,864)
--------- ---------
Profit/(loss) from operations 419 (451)
Financial expenses (79) (69)
--------- ---------
Profit/(loss) before tax 340 (520)
Income tax expenses (185) (199)
--------- ---------
Profit/(loss) for the
year 155 (719)
--------- ---------
Attributable to:
Equity holders of the
parent 159 (705)
Non-controlling interests (4) (14)
--------- ---------
155 (719)
--------- ---------
Basic and diluted earnings/(loss)
per share 0.23p (1.02)p
--------- ---------
Densitron Technologies plc
Consolidated statement of comprehensive income
For the year ended 31 December 2014
2014 2013
GBP000 GBP000
Profit/(loss) for the
year 155 (719)
------- --------
Other comprehensive income/(expense)
Items that may be reclassified
subsequently to profit or loss
Exchange losses on translation
of foreign operations (37) (358)
Total other comprehensive
expense (37) (358)
------- --------
Total comprehensive income/(expense)
for the year 118 (1,077)
------- --------
Total comprehensive income/(expense)
attributable to:
Owners of the parent 123 (1,062)
Non-controlling interests (5) (15)
------- --------
118 (1,077)
------- --------
Densitron Technologies plc
Consolidated Statement of Financial Position
At 31 December 2014
2014 2013
GBP000 GBP000
Non current assets
Property, plant and equipment 173 265
Investment property 500 500
Goodwill 143 143
Other intangible assets 770 582
Deferred tax assets 86 7
------- -------
1,672 1,497
------- -------
Current assets
Inventories 1,931 1,424
Trade and other receivables 5,129 3,895
Income tax recoverable 57 125
Cash and cash equivalents 948 848
------- -------
8,065 6,292
------- -------
Total assets 9,737 7,789
------- -------
Current liabilities
Borrowings and overdrafts 2,380 1,764
Trade and other payables 4,348 3,121
Current tax payable 59 34
Provisions 9 9
------- -------
6,796 4,928
------- -------
Non current liabilities
Borrowings 41 83
Trade and other payables - 81
Provisions 108 111
Deferred tax liabilities 125 37
------- -------
274 312
------- -------
Total liabilities 7,070 5,240
------- -------
2,667 2,549
------- -------
Equity
Share Capital 697 697
Retained earnings 2,086 1,917
Special reserve 77 87
Revaluation reserve 450 450
Translation reserve (653) (617)
------- -------
Equity attributable to
shareholders of Densitron 2,657 2,534
Non-controlling interests 10 15
Total equity 2,667 2,549
------- -------
Densitron Technologies plc
Consolidated Cash Flow Statement
For the year ended 31 December 2014
2014 2013
GBP000 GBP000
Cash flows from operating
activities
Profit/(loss) before taxation 340 (520)
Adjustments for:
Depreciation 142 117
Amortisation 85 79
Net finance expense 79 68
646 (256)
Change in inventories (497) (187)
Change in trade and other
receivables (1,220) 988
Change in trade and other
payables 1,111 (20)
Change in provisions (3) -
-------- -------
37 525
Income tax paid (93) (218)
-------- -------
Net cash (used in)/from
operating activities (56) 307
-------- -------
Cash flows from investing
activities
Payment for intangible
asset (260) (276)
Acquisition of property,
plant and equipment (49) (50)
-------- -------
Net cash used in investing
activities (309) (326)
-------- -------
Cash flows from financing
activities
Inception of new loans 322 -
Repayment of borrowings (216) (169)
Interest paid (80) (69)
Change in invoice discounting
creditor 503 261
Change in short term borrowings 231 (626)
Dividend paid to the owners
of the Company - (138)
Net cash from/(used in)
financing activities 760 (741)
-------- -------
Net increase/(decrease)
in cash and cash equivalents 395 (760)
Cash and cash equivalents
at 1(st) January 111 961
Effect of exchange rate
fluctuations on cash held (22) (90)
-------- -------
Cash and cash equivalents
at 31(st) December 484 111
-------- -------
Densitron Technologies plc
Statement of Changes in Shareholder's Equity
For the year ended 31 December 2014
Share Translation Special Revaluation Retained Total Non-controlling Total
Capital reserve reserve reserve earnings attributable interest Equity
to equity
holders
of parent
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance
at 1(st)
January
2013 697 (260) 97 450 2,750 3,734 30 3,764
Profit/(loss)
for the
year - - - - (705) (705) (14) (719)
Other total
comprehensive
income - (357) - - - (357) (1) (358)
Payment
of dividends - - - - (138) (138) - (138)
Transfer
from special
reserve - - (10) - 10 - - -
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Balance
at 31(st)
December
2013 697 (617) 87 450 1,917 2,534 15 2,549
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Balance
at 1(st)
January
2014 697 (617) 87 450 1,917 2,534 15 2,549
Profit/(loss)
for the
year - - - - 159 159 (4) 155
Other total
comprehensive
income - (36) - - - (36) (1) (37)
Transfer
from special
reserve - - (10) - 10 - - -
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Balance
at 31(st)
December
2014 697 (653) 77 450 2,086 2,657 10 2,667
-------- ------------ -------- ------------ --------- ------------- ---------------- --------
Densitron Technologies plc
Notes to the Consolidated Financial Statements
For the year ended 31 December 2014
1. Basis of preparation
The financial statements have been prepared in accordance
with International Financial Reporting Standards, International
Accounting Standards and Interpretations (collectively
IFRSs) issued by the International Accounting Standards
Board (IASB) as adopted by the European Union (Adopted
IFRSs) and are in accordance with IFRS as issued by
the IASB.
The accounting policies applied are consistent with
those set out in the financial statements of Densitron
Technologies plc for the year ended 31 December 2013.
The financial information in the announcement is unaudited
and does not constitute the company's statutory accounts
for the years ended 31 December 2014 or 2013. The financial
information for the year ended 31 December 2013 is
derived from the statutory accounts for that year,
which were prepared under IFRSs as adopted by the EU,
which have been delivered to the Registrar of Companies.
The auditors reported on those accounts; their report
was unqualified, did not include references to any
matters to which the auditors drew attention by way
of emphasis without qualifying their reports and did
not contain statements under the Companies Act 2006.
The statutory accounts for the year ended 31 December
2014, prepared in accordance with IFRSs as adopted
by the EU, will be finalised on the basis of the financial
information presented by the directors in this preliminary
announcement and will be delivered to the Registrar
of Companies following the company's annual general
meeting.
2. Exceptional item
The exceptional item in 2013 relates to costs associated
with the settlement of a writ relating to a property
in Newcastle previously occupied by a former subsidiary
of the Company. As part of the settlement it was agreed
that the details of the settlement would remain confidential
but the exceptional item incorporates all costs incurred
relating to the settlement of the claim.
3. Financial expense
2014 2013
GBP000 GBP000
Financial expenses
Bank borrowings 64 54
Invoice discounting charge 15 15
79 69
----------- -----------
4. Business and geographical
segments
The chief operating decision maker in the organization
is made up of an Executive Committee comprising the
Executive Directors and Chairman, they have determined
the operating segments detailed within this report
and on which the business is managed.
The Group is managed by the geographical location of
its subsidiaries and resources are allocated as required
on this basis:
Ø Europe - The European market, being so diverse,
is serviced by subsidiaries based in four locations:
Ø UK - the UK is responsible for business conducted
in the UK, management of the Group's distribution network
and sales into other locations where the Group does
not have a physical presence. The UK business contributed
26% (2013: 23%) to Group revenues.
Ø France - the subsidiary in France is responsible
for business conducted in France and with French customers
whose manufacturing operations may be located elsewhere
in the world. The French business contributed 13% (2013:
10%) to Group revenues.
Ø Nordic - Densitron Nordic is the Group's subsidiary
located in Finland and servicing business locally along
with Sweden and customers located in the Baltic region.
The Finnish business contributed 2% (2013: 1%) to Group
revenues.
Ø Germany - Densitron Deutschland is the Group's
subsidiary based in Germany. It is responsible for
business conducted in Germany, Switzerland and Austria
and through the Group's distributor based in Germany.
The German business contributed 8% (2013: 9%) to Group
revenues.
In total the European region represented the largest
part of the business contributing 49% (2013: 43%) to
Group revenues.
Ø US - the US segment is responsible for business
conducted in the US, Canada and Central and South America.
It represents 39% (2013: 41%) of the Group total revenues.
Ø Asia - The Asian segment is made up of subsidiaries
located in Japan and Taiwan.
Ø Japan - Densitron Japan is responsible for sales
into Japan. It contributed 10% (2013: 14%) to Group
revenues.
Ø Taiwan - Densitron Asia is the Group's subsidiary
located in Taiwan. It is primarily a facilitating function
for the rest of the Group managing suppliers located
in Taiwan and China. It contributed 2% (2013: 2%) to
Group revenues.
Inter-segment transfer pricing is based on the level
of work carried out and the risk encountered by each
party in order to make a third party sale.
UK France Finland Germany US Japan Taiwan Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2014
Revenue
Total 5,770 2,658 375 1,709 8,167 2,159 6,059 26,897
Intercompany (350) (85) (64) - (95) (7) (5,618) (6,219)
-------- -------- -------- -------- -------- -------- -------- ---------
Revenue
from external
customers 5,420 2,573 311 1,709 8,072 2,152 441 20,678
-------- -------- -------- -------- -------- -------- -------- ---------
Profit/(loss)
before
tax 39 209 (21) 69 664 90 (31) 1,019
-------- -------- -------- -------- -------- -------- -------- ---------
Balance
Sheet
Assets 3,181 919 98 140 2,881 1,005 778 9,002
Liabilities (2,192) (414) (42) (9) (1,778) (224) (1,411) (6,070)
-------- -------- -------- -------- -------- -------- -------- ---------
Net assets 989 505 56 131 1,103 781 (633) 2,932
-------- -------- -------- -------- -------- -------- -------- ---------
Other
Interest
payable 54 1 - - 9 1 - 65
Capital
expenditure
- Property,
plant
and equipment - 31 - 1 7 6 - 45
- Depreciation - 11 - - 92 12 22 137
- Capitalised
development
expenditure 109 - - - 117 - 33 259
- Amortisation 73 - - - - - 11 84
-------- -------- -------- -------- -------- -------- -------- ---------
UK France Finland Germany US Japan Taiwan Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2013
Revenue
Total 5,963 2,042 352 1,733 8,351 2,796 4,785 26,022
Intercompany (1,473) (57) (54) - (64) - (4,327) (5,975)
-------- -------- -------- -------- -------- -------- -------- ---------
Revenue
from external
customers 4,490 1,985 298 1,733 8,287 2,796 458 20,047
-------- -------- -------- -------- -------- -------- -------- ---------
Profit/(loss)
before
tax (61) 26 (70) 55 660 136 (282) 464
-------- -------- -------- -------- -------- -------- -------- ---------
Balance
Sheet
Assets 1,700 729 87 642 2,494 1,047 420 7,119
Liabilities (1,369) (225) (19) (38) (1,207) (195) (809) (3,862)
-------- -------- -------- -------- -------- -------- -------- ---------
Net assets 331 504 68 604 1,287 852 (389) 3,257
-------- -------- -------- -------- -------- -------- -------- ---------
Other
Interest
payable 37 3 - - 9 1 - 50
Capital
expenditure
- Property,
plant
and equipment - 17 1 - 14 8 9 49
- Depreciation 1 9 1 1 67 12 23 114
- Capitalised
development
expenditure 128 - - 62 64 - 22 276
- Amortisation 32 - - 4 36 - 2 74
-------- -------- -------- -------- -------- -------- -------- ---------
Reconciliation of reportable segments, profit and
loss, assets and liabilities to the Group's corresponding
amounts:
2014 2013
GBP000 GBP000
Profit/(loss) after
income tax expense
Total profit for
reporting segments 1,019 464
Costs associated
with head office (679) (391)
Exceptional items - (593)
Income tax expenses (185) (199)
----------- ----------
Profit/(loss) after
income tax expense 155 (719)
----------- ----------
2014 2013
GBP000 GBP000
Assets
Total assets for
reportable segments 9,002 7,119
Assets attributable
to Head Office 236 171
Land at Blackheath 499 499
Group assets 9,737 7,789
----------- ----------
Liabilities
Total liabilities for
reportable segments 6,070 3,862
Liabilities attributable
to Head Office 1,000 1,378
----------- ----------
Group liabilities 7,070 5,240
----------- ----------
The analysis of the Group's segmental information by geographical location is:
External Non current Capital
revenue assets by expenditure
by location location by location
of customers of asset of assets
2014 2013 2014 2013 2014 2013
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Total operations
UK 2,469 2,197 952 708 114 129
France 2,338 1,650 40 32 31 17
Finland 206 185 3 8 - 1
Germany 1,309 1,242 - 177 1 62
Italy 224 362 - - - -
Poland 855 199
Netherlands 239 243
Other European 699 568 - - - -
USA 5,828 6,347 587 446 124 78
Canada 871 925 - - - -
Other Americas 114 88 - - - -
Japan 1,718 1,768 20 27 6 8
Taiwan 349 399 70 99 33 31
Malaysia 186 380 - - - -
China 1,827 1,784 - - - -
India 800 392
Singapore 341 647
Korea - 340
Vietnam 226 272
Other Rest of the
world 79 59 - - - -
------- ------- ------- ------- ------- -------
20,678 20,047 1,672 1,497 309 326
------- ------- ------- ------- ------- -------
5. Tax expense
2014 2013
GBP000 GBP000
Current tax expense
UK corporation tax and income tax of overseas
operations on profits for the year 153 175
Adjustments for under provisions
in prior periods 22 20
------- --------
175 195
Deferred tax expense
Origination and reversal
of temporary differences 10 4
------- --------
Total tax charge 185 199
------- --------
The reasons for the difference between the actual
tax charge for the year and the standard rate of corporation
tax in the UK applied to profits for the year are
as follows:
2014 2013
GBP000 GBP000
Profit/(loss) before tax 340 (520)
------- --------
Expected tax charge based
on the standard rate of corporation
tax in the UK of 21% (2013:
23%) 71 (120)
Losses carried forward 82 214
Disallowed expenses 5 10
Non taxable income (13) (2)
Movement in unprovided deferred
tax assets (6) 14
Utilisation of tax losses
brought forward (42) (13)
Adjustments for overseas
rate 66 76
Adjustment to prior years
tax charge 22 20
------- --------
185 199
------- --------
6. Earnings per share
The earnings and weighted average number of ordinary
shares used in the calculation of earnings per share
are as follows.
2014 2013
GBP000 GBP000
Profit attributable to ordinary
shareholders 159 (705)
2014 2013
Number Number
Weighted average number
of ordinary shares
Issued ordinary shares at
1(st) January 69,669,106 69,669,106
Effect of purchase of Treasury shares
on 23 October 2008 (500,000) (500,000)
------------ -----------
Weighted average number of ordinary
shares at 31 December 69,169,106 69,169,106
------------ -----------
7. Notes supporting the cash
flow statement
Cash and cash equivalents for the purposes
of the cash flow statement comprises:
2014 2013
GBP000 GBP000
Cash at bank and in hand 948 848
Bank overdrafts (464) (737)
------- -------
Cash and cash equivalents
at 31 December 2014 484 111
------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FMGZDVMDGKZM
1 Year Densitron Tech. Chart |
1 Month Densitron Tech. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
