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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 |
TIDMDSN
RNS Number : 4393P
Densitron Technologies PLC
19 August 2014
Densitron Technologies plc
Unaudited Interim Results
Densitron Technologies plc ("Densitron" or "the Company" or "the Group") is pleased to announce its unaudited interim results for the six months ended 30(th) June 2014.
Summary
-- Revenue decreased by 7.0% to GBP9.3m (2013: GBP10.0m).
-- Orders booked increased by 8.3% to GBP11.8m (2013: GBP10.9m).
-- Orderbook increased by 27.6% to GBP12.5m (2013: GBP9.8m)
Financial Summary on continuing operations
6 months to 6 months to 30(th) June 2014 30(th) June 2013 Unaudited Unaudited ---------------------- ------------------ ------------------ Revenue GBP9.27m GBP9.96m ---------------------- ------------------ ------------------ Loss from operations GBP(0.13m)* GBP(0.23m) ---------------------- ------------------ ------------------ Loss before taxation GBP(0.17)m GBP(0.26)m ---------------------- ------------------ ------------------ Loss per share (0.31)p (0.45)p ---------------------- ------------------ ------------------ Orders booked GBP11.8m GBP10.9m ---------------------- ------------------ ------------------
* Including the cost of the property in Newcastle
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Martin Davison
Tel: 020 7601 6100
Chairman's Statement
Operation review
I am pleased to be able to report that the business has significantly strengthened in the first six months of the year with a number of new pieces of business having been won, several projects having entered their mass production phases and existing customers having provided repeat orders. While revenues have been disappointing in comparison to the same period in 2013 and consequently the Group remains loss making, I believe that the business has now been positioned for the future with a substantial increase in the level of orders being booked in the first half of the year and the level of the orderbook at 30 June 2014.
At the end of June 2014 the business had confirmed orders from customers but not yet delivered of GBP12.5 million compared with GBP9.8 million at 30 June 2013, an increase of 27.6%, demonstrating the progress that the business has made in the first half of the year. These orders will start to be delivered during the second half of 2014 and into 2015.
The majority of the Group's sales are denominated in currencies other than Sterling and the strength in Sterling over the first 6 months of 2014 reduced the impact of some of the improvements we achieved over the period. The table below shows the headline numbers reported for the first 6 months of 2014 compared with our reported figures in 2013 and the 2013 figures restated at the exchange rates used for the 6 months to 30 June 2014.
6 months 6 months 6 months to 30(th) to 30(th) to 30(th) June 2014 June 2013 June 2013 Reported Reported Restated GBP000 GBP000 GBP000 Orders booked 11,838 10,900 10,109 ----------- ----------- ----------- Revenues 9,267 9,957 9,352 ----------- ----------- ----------- Gross profit 2,496 2,705 2,540 ----------- ----------- ----------- Loss before tax (168) (261) (272) ----------- ----------- -----------
The restated figures help to emphasise the progress that the business made in the first half of 2014. Orders booked in the period increased by 17% compared with the restated result for 2013. Although revenues and gross profit remained similar to the restated result for 2013 the savings made in addressing the cost structure of the business resulted in a reduction in the loss before tax of 38.2% against the restated result for 2013.
The second half of the year is traditionally stronger than the first half and with the level of booked orders due to be shipped in the second half it is expected that this will continue to be the case in 2014. The pipeline of new business remains strong and the Board is confident that the outturn for the full year will be in line with market expectations.
Other matters
The Group owns a piece of land at Blackheath, London for which it continues to work to progress the development potential. Additionally the Board continues to work with Agents to let a property that the Company is the tenant of in Newcastle. The Board will advise Shareholders when there is further information on either of these matters.
Jan G Holmstrom
Chairman
19 August 2014
Unaudited Condensed Consolidated Income Statement
For the six months ended 30th June 2014
6 months 6 months Year to to 30(th) to 30(th) 31st December June June 2013 2014 2013 Audited GBP000 GBP000 GBP000 Revenue 9,267 9,957 20,047 Cost of sales (6,771) (7,252) (14,584) ----------- ----------- --------------- Gross profit 2,496 2,705 5,463 Other operating income 87 15 3 Distribution costs (24) (30) (53) ----------- ----------- --------------- Administrative expenses (2,689) (2,921) (5,271) Exceptional costs in respect of lease settlement - - (593) ----------- ----------- --------------- (2,689) (2,921) (5,864) ----------- ----------- --------------- Loss from operations (130) (231) (451) Financial income 1 1 - Financial expenses (39) (31) (69) ----------- ----------- --------------- Loss before tax (168) (261) (520) Income tax expense (53) (54) (199) ----------- ----------- --------------- Loss for the period (221) (315) (719) ----------- ----------- --------------- Attributable to: Equity holders of the parent (216) (311) (705) Non-controlling interest (5) (4) (14) ----------- ----------- --------------- (221) (315) (719) ----------- ----------- --------------- Basic and diluted loss per share (0.31)p (0.45)p (1.02)p ----------- ----------- ---------------
Unaudited Condensed Statement of Comprehensive Income
For the six months to 30th June 2014
6 months 6 months Year to to to 31st December 30th June 30th June 2013 2014 2013 Audited GBP000 GBP000 GBP000 Loss for the period (221) (315) (719) ----------- ----------- --------------- Other comprehensive income: Foreign currency translation differences for foreign operations (168) (11) (358) Total other comprehensive loss (168) (11) (358) ----------- ----------- --------------- Total comprehensive loss for the period (389) (326) (1,077) ----------- ----------- --------------- Attributable to: Equity holders of the parent (384) (324) (1,062) Non-controlling interest (5) (2) (15) (389) (326) (1,077) ----------- ----------- ---------------
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2014
30th June 30th June 31st December 2014 2013 2013 Audited GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 708 840 765 Goodwill 143 143 143 Other intangible assets 583 392 582 Deferred tax assets 7 23 7 ---------- ---------- -------------- 1,441 1,398 1,497 ---------- ---------- -------------- Current assets Inventories 1,412 1,297 1,424 Trade and other receivables 3,801 3,833 3,895 Income tax recoverable 99 116 125 Cash and cash equivalents 801 1,663 848 ---------- ---------- -------------- 6,113 6,909 6,292 ---------- ---------- -------------- Total assets 7,554 8,307 7,789 ---------- ---------- -------------- Current liabilities Borrowings 1,862 2,270 1,764 Trade and other payables 3,269 2,294 3,121 Current tax payable 56 52 34 Provisions 9 18 9 ---------- ---------- -------------- 5,196 4,634 4,928 ---------- ---------- -------------- Non-current liabilities Borrowings 56 119 83 Trade and other payables 30 - 81 Provisions 111 116 111 Deferred tax liabilities 1 - 37 ---------- ---------- -------------- 198 235 312 ---------- ---------- -------------- Total liabilities 5,394 4,869 5,240 2,160 3,438 2,549 ---------- ---------- -------------- Equity Share Capital 697 697 697 Retained earnings 1,705 2,443 1,917 Special reserve 83 93 87 Revaluation reserve 450 450 450 Translation reserve (785) (273) (617) ---------- ---------- -------------- Equity attributable to shareholders of Densitron 2,150 3,410 2,534 Minority interests 10 28 15 Total equity 2,160 3,438 2,549 ---------- ---------- --------------
Unaudited Condensed Statement of Changes in Shareholders' Equity
For the 6 months to 30th June 2014
Share Translation Special Revaluation Retained Total Non-controlling Total capital reserve reserve reserve earnings Attributable interest equity to equity holders of the GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 parent GBP000 GBP000 Balance at 1 January 2013 697 (260) 97 450 2,750 3,734 30 3,764 Loss for the period - - - - (311) (311) (4) (315) Other total comprehensive income for the period - (13) - - - (13) 2 (11) Transfer from special reserve - - (4) - 4 - - - -------- ------------ --------- ------------ --------- ------------- ---------------- -------- Balance at 30 June 2013 697 (273) 93 450 2,443 3,410 28 3,438 Profit for the period - - - - (394) (394) (10) (404) Other total comprehensive income for the period - (344) - - - (344) (3) (347) Payment of dividend - - - - (138) (138) - (138) Transfer from special reserve - - (6) - 6 - - - -------- ------------ --------- ------------ --------- ------------- ---------------- -------- Balance at 31 December 2013 697 (617) 87 450 1,917 2,534 15 2,549 Loss for the period - - - - (216) (216) (5) (221) Other total comprehensive income for the period - (168) - - - (168) - (168) Transfer from special reserve - - (4) - 4 - - - -------- ------------ --------- ------------ --------- ------------- ---------------- -------- Balance at 30 June 2014 697 (785) 83 450 1,705 2,150 10 2,160 -------- ------------ --------- ------------ --------- ------------- ---------------- --------
Unaudited Condensed Consolidated Cash Flow Statement
For the 6 months ended 30th June 2014
6 months 6 months Year to to to 31st December 30th June 30th June 2013 2014 2013 Audited GBP000 GBP000 GBP000 Cash flows from operating activities Loss before taxation (168) (261) (520) Adjustments for: Depreciation 52 74 117 Amortisation 58 21 79 Net finance expense 38 30 69 (20) (136) (255) Change in inventories (23) 16 (187) Change in trade and other receivables 73 1,306 987 Change in trade and other payables 31 (1,035) (20) Change in provisions - 9 - ----------- ----------- --------------- 61 160 525 Income tax paid (46) (107) (218) Net cash from operating activities 15 53 307 ----------- ----------- --------------- Cash flows from investing activities Interest received 1 1 - Payment for intangible assets (2) (7) (276) Acquisition of plant, property and equipment (71) (62) (50) (72) (68) (326) ----------- ----------- --------------- Cash flows from financing activities Inception of new loans 176 - - Repayment of borrowings (79) (113) (169) Interest paid (39) (31) (69) Change in trade finance creditor (124) 189 261 Change in letters of credit 22 (69) (626) Dividends paid to owners of the Company - - (138) Net cash used in financing activities (44) (24) (741) ----------- ----------- --------------- Net decrease in cash and cash equivalents (101) (39) (760) Cash and cash equivalents at 1(st) January 111 961 961 Effect of exchange rate fluctuation on cash held (17) 28 (90) Cash and cash equivalents at the end of the period (7) 950 111 ----------- ----------- ---------------
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2014
1. General information
Densitron Technologies plc is a public limited company incorporated in the United Kingdom under the Companies Act 2006 (registration number 1962726).
The Company is domiciled in the United Kingdom and its registered address is 4(th) Floor, 72 Cannon Street, London, EC4N 6AE. The Company's Ordinary Shares are traded on the AIM Market of the London Stock Exchange. The Group's principal activities are the design, development and delivery of electronic display and display related technologies.
2. Basis of preparation
This unaudited consolidated interim financial information has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively EU IFRSs). The principal accounting policies used in preparing the interim results are those it expects to apply in its financial statements for the year ended 31 December 2014 and are unchanged from those disclosed in the group's Annual Report for the year ended 31 December 2013.
The financial information for the six months ended 30 June 2014 and 30 June 2013 is unreviewed and unaudited and does not constitute the group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 December 2013 has, however, been derived from the audited statutory financial statement for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 498(2) - 498(3) of the Companies Act 2006.
The financial information in the Interim Report is presented in Sterling and all values are rounded to the nearest thousand pounds (GBP'000) except when otherwise indicated.
3. Segmental analysis
UK France Finland Germany US Japan Taiwan Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 6 months to 30 June 2014 Revenue Total 2,607 1,045 145 676 3,936 1,083 2,581 12,073 Intercompany (327) (45) (38) - (63) (12) (2,321) (2,806) -------- -------- -------- -------- -------- -------- -------- -------- Revenue from external customers 2,280 1,000 107 676 3,873 1,071 260 9,267 -------- -------- -------- -------- -------- -------- -------- -------- (Loss)/profit before tax (80) 39 (23) (5) 254 (10) (74) 101 -------- -------- -------- -------- -------- -------- -------- -------- 6 months to 30 June 2013 Revenue Total 2,867 1,005 213 909 4,065 1,514 2,430 13,003 Intercompany (795) (32) (23) - (30) - (2,166) (3,046) -------- -------- ------- -------- -------- -------- -------- --------- Revenue from external customers 2,072 973 190 909 4,035 1,514 264 9,957 -------- -------- ------- -------- -------- -------- -------- --------- Profit/(loss) before tax (158) 4 (17) - 251 78 (192) (34) -------- -------- ------- -------- -------- -------- -------- --------- Year to 31 December 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 -------- -------- ------- -------- -------- -------- -------- --------- Reconciliation of reportable segments, profit and loss, assets and liabilities to the Group's corresponding amounts: 6 months 6 months Year to to 30th to 30th 31st December June June 2013 2014 2013 Audited Unaudited Unaudited GBP000 GBP000 GBP000 Profit after income tax expenses Total profit for reporting segments 101 (34) 464 Costs associated with Head Office (269) (227) (391) Exceptional items - - (593) Income tax expenses (53) (54) (199) ----------- ----------- --------------- Loss after income tax expenses (221) (315) (719) ----------- ----------- ---------------
4. Taxation
Taxation for the 6 months ended 30(th) June 2014 has been calculated by applying the estimated tax rate for the current financial year ending 31(st) December 2014.
5. Dividend
The Board does not propose an interim dividend in respect of the six months to 30 June 2014 (2013: 0.1 pence).
6. Earnings per share
6 months 6 months Year to to to 30th 31st December 30th June June 2013 2014 2013 Audited Unaudited Unaudited GBP000 GBP000 GBP000 Loss attributable to ordinary shareholders Loss on continuing operations attributable to ordinary shareholders (216) (311) (705) ------------- ------------- --------------- Weighted average number of ordinary shares Issued at 1 January 2014 69,669,106 69,669,106 69,669,106 Effect of purchase of Treasury shares on 23(rd) October 2008 (500,000) (500,000) (500,000) ------------- ------------- --------------- Weighted average number of ordinary shares at 30(th) June 2014 69,169,106 69,169,106 69,169,106 ------------- ------------- ---------------
7. Notes supporting the cash flow statement
6 months 6 months Year to to to 30th 31st December 30th June June 2013 2014 2013 Audited Unaudited Unaudited GBP000 GBP000 GBP000 Cash and cash equivalents for the purposes of the cash flow statement comprises: Cash at bank and in hand 801 1,663 848 Bank overdrafts (808) (713) (737) (7) 950 111 ----------- ----------- ---------------
8. Copies of Interim report
The Interim report is available to view and download from the Company's website at www.densitron.com. If shareholders would like a hardcopy of the interim report they should contact the Company Secretary, Tim Pearson.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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