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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 : 5421W
Densitron Technologies PLC
20 August 2015
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 2015.
Summary
-- Revenue increased by 22.6% to GBP11.4m (2014: GBP9.3m).
-- Operating profit before exceptional items GBP0.3m (2014: GBP0.1m loss)
-- Orderbook increased by 7.2% to GBP13.4m (2014: GBP12.5m).
Financial Summary
6 months to 6 months to 30(th) June 2015 30(th) June 2014 Unaudited Unaudited ---------------------- ------------------ ------------------ Revenue GBP11.40m GBP9.27m ---------------------- ------------------ ------------------ Loss from operations GBP(0.15m)* GBP(0.13m) ---------------------- ------------------ ------------------ Loss before taxation GBP(0.23)m* GBP(0.17)m ---------------------- ------------------ ------------------ Loss per share (0.51)p (0.31)p ---------------------- ------------------ ------------------
* After the cost of the lease surrender of the property in Newcastle totalling GBP0.4m
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Martin Davison / David Coaten
Tel: 020 7601 6100
Chairman's Statement
Operation review
I am pleased to report that the business has continued to strengthen in the first six months of the year and has achieved a significant increase in revenues following the increase in the level of orders booked during 2014. In addition orders booked during the first half of the year have enabled the business to maintain a strong orderbook and helped to improve the visibility of the business into the future.
The operating results for the first six months of the year demonstrate the progress that the Group has made over the last 18 months. Revenues have increased by 22.6% to GBP11.4 million compared with GBP9.3 million in 2014. Gross profit has increased by 21.8% to GBP3.0 million compared with GBP2.5 million in 2014. With administrative expenses having only marginally increased by 3.2% to GBP2.8 million from GBP2.7 million in 2014, profit from operations before exceptional items achieved in the period was GBP0.3 million compared with a loss of GBP0.1 million in 2014.
At 30th June 2015 the business had confirmed orders from customers of GBP13.4 million compared with GBP12.5 million at 30 June 2014, an increase of 7.2%, demonstrating the continued progress that the business has made during the first half of 2015. These orders will be delivered during the second half of the current year and into 2016.
The second half of the year is traditionally stronger than the first half year and looking at the revenues already scheduled over the remainder of the year I would anticipate this trend continuing during the second half of 2015. For this reason the Board is confident that the business will achieve its market expectations for the full year.
The growth that has been reported in the first six months of the year has been largely from the core business with the US, France and Taiwan performing particularly strongly. The UK has continued to underperform but has revenues scheduled in the second half of the year substantially higher than those achieved in the first half of the year. I have previously reported that the business has undertaken three investments in new product lines and I am pleased to report that in the first six months of the year the Bonding line that was set up in Taiwan is now delivering good revenues. Work has continued with the other investments in Ripdraw and Densipaper to build the pipeline of opportunities and there remain significant opportunities for both of these investments to deliver a return for the Group.
Other matters
The Group retains a piece of land located at Blackheath in South East London. The Board continues to work with its advisors on realising the potential of the land and will advise Shareholders when there is further information to report.
Jan G Holmstrom
Chairman
19 August 2015
Unaudited Condensed Consolidated Income Statement
For the six months ended 30th June 2015
6 months 6 months Year to to 30(th) to 30(th) 31st December June June 2014 2015 2014 GBP000 GBP000 GBP000 Revenue 11,396 9,267 20,678 Cost of sales (8,356) (6,771) (15,122) ----------- ----------- --------------- Gross profit 3,040 2,496 5,556 Other operating income 34 87 - Distribution costs (25) (24) (47) ----------- ----------- --------------- Administrative expenses (2,775) (2,689) (5,090) Exceptional costs in respect (424) - - of lease surrender ----------- ----------- --------------- (3,199) (2,689) (5,090) ----------- ----------- --------------- (Loss)/profit from operations (150) (130) 419 Financial income - 1 - Financial expenses (75) (39) (79) ----------- ----------- --------------- (Loss)/profit before tax (225) (168) 340 Income tax expense (131) (53) (185) ----------- ----------- --------------- (Loss)/profit for the period (356) (221) 155 ----------- ----------- --------------- Attributable to: Equity holders of the parent (355) (216) 159 Non-controlling interest (1) (5) (4) ----------- ----------- --------------- (356) (221) 155 ----------- ----------- --------------- Basic and diluted (loss)/earnings per share (0.51)p (0.31)p 0.23p ----------- ----------- ---------------
Unaudited Condensed Statement of Comprehensive Income
For the six months to 30th June 2015
6 months 6 months Year to to to 31st December 30th June 30th June 2014 2015 2014 Audited GBP000 GBP000 GBP000 (Loss)/profit for the period (356) (221) 155 ----------- ----------- --------------- Other comprehensive income: Foreign currency translation differences for foreign operations (80) (168) (37) Total other comprehensive loss (80) (168) (37) ----------- ----------- --------------- Total comprehensive loss for the period (436) (389) 118 ----------- ----------- --------------- Attributable to: Equity holders of the parent (434) (384) 123 Non-controlling interest (2) (5) (5) (436) (389) 118 ----------- ----------- ---------------
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2015
30th 30th 31st June June December 2015 2014 2014 Audited GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 107 208 173 Investment property 500 500 500 Goodwill 143 143 143 Other intangible assets 714 583 770 Deferred tax assets 86 7 86 -------- -------- ---------- 1,550 1,441 1,672 -------- -------- ---------- Current assets Inventories 2,255 1,412 1,931 Trade and other receivables 4,172 3,801 5,129 Income tax recoverable 17 99 57 Cash and cash equivalents 1,190 801 948 -------- -------- ---------- 7,634 6,113 8,065
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2015 02:00 ET (06:00 GMT)
-------- -------- ---------- Total assets 9,184 7,554 9,737 -------- -------- ---------- Current liabilities Borrowings 2,535 1,862 2,380 Trade and other payables 3,741 3,269 4,348 Current tax payable 21 56 59 Provisions 9 9 9 -------- -------- ---------- 6,306 5,196 6,796 -------- -------- ---------- Non-current liabilities Borrowings 416 56 41 Trade and other payables - 30 - Provisions 107 111 108 Deferred tax liabilities 124 1 125 -------- -------- ---------- 647 198 274 -------- -------- ---------- Total liabilities 6,953 5,394 7,070 2,231 2,160 2,667 -------- -------- ---------- Equity Share Capital 697 697 697 Retained earnings 1,736 1,705 2,086 Special reserve 72 83 77 Revaluation reserve 450 450 450 Translation reserve (732) (785) (653) -------- -------- ---------- Equity attributable to shareholders of Densitron 2,223 2,150 2,657 Minority interests 8 10 10 Total equity 2,231 2,160 2,667 -------- -------- ----------
Unaudited Condensed Statement of Changes in Shareholders' Equity
For the 6 months to 30th June 2015
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 2014 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 Profit for the period - - - - 375 375 1 376 Other total comprehensive income for the period - 132 - - - 132 (1) 131 Transfer from special reserve - - (6) - 6 - - - -------- ------------ -------- ------------ --------- ------------- ---------------- -------- Balance at 31 December 2014 697 (653) 77 450 2,086 2,657 10 2,667 Loss for the period - - - - (355) (355) (1) (356) Other total comprehensive income for the period - (79) - - - (79) (1) (80) Transfer from special reserve - - (5) - 5 - - - -------- ------------ -------- ------------ --------- ------------- ---------------- -------- Balance at 30 June 2015 697 (732) 72 450 1,736 2,223 8 2,231 -------- ------------ -------- ------------ --------- ------------- ---------------- --------
Unaudited Condensed Consolidated Cash Flow Statement
For the 6 months ended 30th June 2015
6 months 6 months Year to to to 31st December 30th June 30th June 2014 2015 2014 Audited GBP000 GBP000 GBP000 Cash flows from operating activities (Loss)/profit before taxation (225) (168) 340 Adjustments for: Depreciation 69 52 142 Amortisation 73 58 85 Net finance expense 75 38 79 (8) (20) 646 Change in inventories (364) (23) (497) Change in trade and other receivables 898 73 (1,220) Change in trade and other payables (565) 31 1,111 Change in provisions - - (3) ----------- ----------- --------------- (39) 61 37 Income tax paid (135) (46) (93) Net cash (used in)/from operating activities (174) 15 (56) ----------- ----------- --------------- Cash flows from investing activities Interest received - 1 - Payment for intangible assets (21) (2) (260) Acquisition of plant, property and equipment (7) (71) (49) Net cash used in investing activities (28) (72) (309) ----------- ----------- --------------- Cash flows from financing activities Inception of new loans 1,509 176 322 Repayment of borrowings (269) (79) (216) Interest paid (65) (39) (80) Change in trade finance creditor (87) (124) 503 Change in letters of credit (161) 22 231 Net cash from/(used in) financing activities 927 (44) 760 ----------- ----------- --------------- Net increase/(decrease) in cash and cash equivalents 725 (101) 395 Cash and cash equivalents at 1(st) January 484 111 111 Effect of exchange rate fluctuation on cash held (19) (17) (22) Cash and cash equivalents at the end of the period 1,190 (7) 484 ----------- ----------- ---------------
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2015
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 2015 and are unchanged from those disclosed in the group's Annual Report for the year ended 31 December 2014.
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2015 02:00 ET (06:00 GMT)
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