RNS Number : 4574V
Densitron Technologies PLC
29 May 2008
DENSITRON TECHNOLOGIES PLC
("Densitron" or the "Company")
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31st DECEMBER 2007
Densitron Technologies plc, the design and developer of electronic displays presents its preliminary results for the year ended 31st
December 2007.
* Part of the land at Blackheath sold for £1.2 million.
* Gaming Division sold for £543,000 plus a future royalty stream based on turnover of the Gaming business.
* Net debt reduced from £4.0 million to £1.6 million.
* Gearing reduced from 62% to 22%.
* Orders booked in the year increased from £14.6m to £16.3m.
* Profit retained for the period £1.1m compared with a loss of £0.5m in 2006.
Financial highlights *
2007 2006
£m £m
Revenue 14.0 15.4
Profit/(loss) from operations 1.1 (0.1)
Retained profit/(loss) 1.1 (0.5)
Earnings/(loss) per share 1.67p (0.82)p
Gearing 22% 62%
Orderbook 7.4m 5.1m
* From 1 January 2006 the Group is required to prepare its consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS). Comparative information has been restated in accordance with the transitional rules governing the change from UK
Generally Accepted Accounting Practice (UK GAAP) to IFRS and a full reconciliation of the changes impacting the comparative figures will be
included in our full year Annual Report and Accounts.
For further enquiries, please contact:
Tim Pearson, Group Finance Director
Densitron Technologies plc Tel: 0207 648 4200
John Wakefield, Director of Corporate Finance
Blue Oar Securities Plc Tel: 0117 933 0020
Chairman's statement
This will be my last Chairman's statement to you as I intend to step down at the forth coming Annual General Meeting.
Densitron Technologies plc is now a very different Group to the one I joined three years ago.
When I joined the Board as interim Chairman in May 2005 Densitron was in turmoil. The company's finances were precarious, its
operational structure was ineffective and the flow of information from subsidiaries was erratic. Shareholders, understandably, were furious.
My priorities were therefore to stabilise the Group's finances, to establish proper divisional reporting, to assess which businesses should
be sold and which should be retained and to devise a plan to create value for shareholders.
We agreed new facilities with our bankers, Barclays Bank PLC, and focused on either moving Group companies into profit or selling
loss-makers. With proper reporting in place, it soon became apparent that the public information displays division, for which we initially
had high hopes, in fact only had a limited future. This business was sold immediately for £1 million. We also realised that the Group did
not have the financial strength to see the Gaming division through its start up phase. This business was sold for a profit of £500,000. In
addition, Densitron will continue to share in the future business as we have a five year royalty agreement in place. The royalties payable
for the first eleven months of trading are ahead of our expectations.
Our remaining operating division, Displays, is now solidly profitable, having made £1.1 million operating profit before Group overhead
and interest in 2007. Sales were lower than in 2006 partly as a result of the weakening of the US dollar against UK sterling and partly as a
result of a weak orderbook at the end of 2006. However an increase in margins and a reduction in administrative expenses resulted in a solid
profit for the year. Orders booked during 2007 were £16.3 million compared with £14.6 million in 2006 giving an orderbook at the end of 2007
of £7.4 million. These orders will help to underpin the business in 2008.
Having addressed the difficulties with Group's operating activities, the Board has been able to focus on maximising its two key
investment assets. During 2007, agreement was reached for the sale of part of the sports ground in Blackheath to Greenwich Borough Council
for £1,233,985 and this was concluded on 21 December 2007. The sale of the strip of land enabled the Company to repay some of its borrowings
and this will see a reduction in interest payable over the next 6 months of some £78,000. The Company has retained a strip of land of
approximately 1.25 acres which the Board is planning to develop for residential housing and has appointed an Agent to manage the planning
process. The Land currently attracts a Metropolitan Land Order which prohibits development but the Board is confident that it will be able
to obtain re-designation for the land. When there are any significant developments shareholders will be kept informed.
Evervision Electronics Limited (formerly VBest Electronics Corporation), the Group's investment in a displays manufacturing company in
Taiwan, remains a substantial asset for the Group with good potential upside.
Evervision has factories in both Taiwan and mainland China. 2007 began well for Evervision with significant orders requiring the
recruitment of new production personnel in its main factory in China. Due to a combination of poor training and poor supervision the
production line experienced a number of quality issues causing the production yield to be very poor. Consequently, the margin achieved in
the first half of 2007 was very poor causing Evervision to make a loss. These issues were addressed and the problems improved in the second
half of the year. During the second half of the year a decision was made to rationalise the production capabilities of Evervision which
resulted in the decision to close one of its Taiwanese factories. This resulted in a significant impairment of plant, property and equipment
resulting in a further significant loss in the second half of the year. However, despite the problems referred to above, Evervision
continued to generate cash during 2007 and by the end of the year it was carrying approximately £6m of net cash. The Board has recognised a temporary reduction in the value of the investment in the year and
considers that the carrying value of Evervision on the Balance sheet at £6.1m is reasonable.
The restructuring of the group would not have been possible without the support and encouragement of our major shareholder Peter
Gyllenhammar who stood by us in our hour of need. I am pleased to report that we have repaid the majority of Peter's loan and are in the
process of repaying the balance. Jan Holmstrom has worked very closely with me since joining the board and I am very pleased that he has
agreed to take on the role of Chairman after I step down
I would like to take this opportunity to thank the directors and staff at Densitron for their continuing commitment to the company and
our shareholders for their continuing support.
Outlook and strategy - The strategy for the Displays business continues to be organic growth and opportunistic strategic acquisitions
should they arise. In 2007 it was more profitable than in 2006 and continues to grow steadily. We are making good progress in unlocking the
value of the land in Blackheath where we believe that a patient approach to re-designation will produce very material returns in relation to
Densitron's market capitalisation. Meanwhile, Evervision has weathered a tough 2007, demonstrating its resilience. We confidently expect
further progress in 2008.
Ralph Baber
Interim Chairman
28 May 2008
Unaudited Consolidated Income Statement
For the year ended 31 December 2007
2007 2006
£000 £000
Continuing operations
Revenue 14,043 15,441
Cost of sales (9,727) (10,807)
Gross profit 4,316 4,634
Other operating income 1,024 52
Distribution costs (30) (54)
Administrative expenses (4,198) (4,691)
Profit/(loss) from operations 1,112 (59)
Financial income 96 53
Financial expenses (390) (245)
Profit/(loss) before tax 818 (251)
Income tax expenses (161) (66)
Profit/(loss) for the period from continuing operations 657 (317)
Discontinued operations
Profit/(loss) for the period from discontinued operations 437 (201)
Profit/(loss) for the period 1,094 (518)
Attributable to:
Equity holders of the parent 1,081 (529)
Minority interests 13 11
1,094 (518)
Basic earnings per share
Earnings/(loss) per share from continuing and discontinued 1.67p (0.82)p
operations
Earnings/(loss) per share on continuing operations 0.99p (0.51)p
Diluted earnings per share
Earnings/(loss) per share from continuing and discontinued 1.63p (0.82)p
operations
Earnings/(loss) per share on continuing operations 0.97p (0.51)p
Unaudited Consolidated Balance Sheet
At 31 December 2007
2007 2006
£000 £000
Non current assets
Property, plant and equipment 208 127
Goodwill 143 143
Financial assets 6,589 7,211
Deferred tax assets 44 67
6,984 7,548
Current assets
Inventories 641 637
Trade and other receivables 2,457 3,120
Financial assets 765 1,040
Income tax recoverable 56 160
Cash and cash equivalents 1,397 1,292
5,316 6,249
Non current assets and assets of a disposal group - 559
classified as held for sale
5,316 6,808
Total assets 12,300 14,356
Current liabilities
Short term borrowings and overdrafts 2,861 3,529
Trade and other payables 1,863 2,232
Current tax payable 72 66
Provisions - 75
4,796 5,902
Liabilities directly associated with assets of a disposal
group classified as held
for sale - 194
4,796 6,096
Non current liabilities
Borrowings 94 1,731
Provisions 328 260
Deferred tax liabilities 7 -
429 1,991
Total liabilities 5,225 8,087
7,075 6,269
Equity
Share Capital 3,483 3,233
Share premium account - 21,204
Retained earnings 3,838 (17,969)
Available for sale reserve (648) (140)
Special reserve 478 -
Translation reserve (128) (111)
Equity attributable to shareholders of Densitron 7,023 6,217
Minority interests 52 52
Total equity 7,075 6,269
Unaudited Consolidated Statement of Recognised Income and Expense
For the year ended 31 December 2007
2007 2006
£000 £000
Foreign currency translation differences for foreign (17) (112)
operations
Fair value adjustment of financial assets (508) (704)
Income and expense directly recognised in equity (525) (816)
Profit/(loss) for the period 1,094 (518)
Total recognised income and expense for the period 569 (1,334)
Attributable to:
Equity holders of the Company 556 (1,344)
Minority interest 13 10
Total recognised income and expense for the period 569 (1,334)
Unaudited Consolidated Cash Flow Statement
For the year ended 31 December 2007
2007 2006
£000 £000
Cash flows from operating activities
Profit/(loss) before taxation 818 (251)
Loss for the period of discontinued operations (46) (870)
Adjustments for:
Share based payment expense - 165
Depreciation 43 79
Profit on disposal of fixed assets (848) -
Loss on write off of investment 12 -
Net finance expense 294 192
Effect of exchange rate fluctuations (279) 46
(6) (639)
Change in inventories 89 193
Change in trade and other receivables 672 (154)
Change in trade and other payables (187) (374)
Change in provisions (7) -
561 (974)
Income tax paid (17) (146)
Net cash from/(used in) operating activities 544 (1,120)
Cash flows from investing activities
Interest received 66 53
Proceeds from sale of property, plant and equipment 1,016 2
Disposal of discontinued operation 933 291
Acquisition of property, plant and equipment (55) (19)
Net cash generated from investing activities 1,960 327
Cash flows from financing activities
Proceeds from issue of share capital 250 -
Inception of new loans - 1,500
Repayment of borrowings (1,587) (470)
Interest paid (380) (286)
Payment of finance lease liabilities (21) (25)
Change in invoice discounting creditor (196) (225)
Change in letters of credit 95 (161)
Dividend paid to minorities (13) (11)
Net cash (used in)/generated from financing activities (1,852) 322
Net increase/(decrease) in cash and cash equivalents 652 (471)
Cash and cash equivalents at 1st January 191 662
Effect of exchange rate fluctuations on cash held 30 -
Cash and cash equivalents at 31st December 873 191
Notes to the preliminary results
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 with those parts of the Companies Act 1985 applicable to companies preparing their accounts under Adopted IFRSs.
This is the first time the Group has prepared its financial statements in accordance with IFRSs, having previously prepared its financial
statements in accordance with UK accounting standards. Details of the transition from UK accounting standards to IFRSs have affected the
Group's reported financial position, financial performance and cash flows are given in note 2 to the Preliminary Announcement.
The accounting policies applied are consistent with those set out in the financial statements of Densitron Technologies plc for the year
ended 31st December 2006 as amended in the Restatement for IFRS referred to above. The financial information in the announcement is
unaudited and does not constitute the company's statutory accounts for the years ended 31st December 2007 or 2006. The financial information
for the year ended 31st December 2006 is derived from the statutory accounts for that year, which were prepared under UK GAAP, 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 1985, s 237(2) or (3).
The statutory accounts for the year ended 31st December 2007, 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.
In preparing these financial statements, the Group has elected to apply the following transitional arrangements permitted by IFRS 1
'First-time adoption of International Financial Reporting Standards':
* Business combinations effected before 1st January 2006 have not been restated.
* The carrying amount of capitalised goodwill at 31st December 2005 that arose on business combinations accounted for using the
acquisition method under UK GAAP was frozen at this amount and tested for impairment at 1st January 2006.
* Goodwill written-off directly to reserves on business combinations effected before 1 January 1998 has not retrospectively been
capitalised and will not be transferred to the income statement on the disposal of the subsidiary to which it relates.
* Only those exchange differences arising on the retranslation of foreign operations since 1st January 2006 have been recognised as
a separate component of equity.
Certain comparative amounts have been reclassified to conform with the current year's presentation. In addition, the comparative income
statement has been re-presented as if an operation discontinued during the current period had been discontinued from the start of the
comparative period. A full reconciliation between previously reported financial statements prepared under UK GAAP and on the basis as stated
above will be included in our Annual Report and Accounts.
2. First time adoption of International Reporting Standards (IFRS)
Reconciliations and explanatory notes on how the transition to IFRS has affected profit and net assets previously reported under UK
Generally Accepted Accounting Principles are given on the following pages:
Reconciliation of the Balance Sheet as at 1st January 2006 from UK GAAP to IFRS
UK GAAP as IFRS 3 IAS 36 IAS 39 IFRS as at
at Non Impairm Availab 1st
1st January recogniti ent of le for January
2006 on goodwil sale 2006
of l (b) asset
goodwill (c)
£000 Amortisat
ion
(a) £000 £000
£000 £000
Non current assets
Property, plant and equipment 388 388
Goodwill 184 (16) 168
Financial assets 7,357 564 7,921
Deferred tax assets 100 100
8,029 (16) 564 8,577
Current assets
Inventories 1,311 1,311
Trade and other receivables 4,120 4,120
Income tax recoverable 30 30
Cash and cash equivalents 2,382 2,382
7,843 7,843
Total assets 15,872 (16) 564 16,420
Current liabilities
Short term borrowings and 4,639 4,639
overdrafts
Trade and other payables 3,342 3,342
Current tax payable 56 56
Provisions 75 75
8,112 8,112
Non current liabilities
Long term borrowings 598 598
Long term financial 11 11
liabilities
Long term provisions 250 250
Deferred tax liabilities - -
859 859
Total liabilities 8,971 8,971
6,901 (16) 564 7,449
Equity
Share Capital 3,233 3,233
Share premium account 21,204 21,204
Retained earnings (17,589) (16) 564 (17,041)
Equity attributable to
shareholders of Densitron 6,848 (16) 564 7,396
Minority interests 53 53
Total equity 6,901 (16) 564 7,449
Reconciliation of the income statement for the year ended 31st December 2006 from UK GAAP to IFRS
UK GAAP IFRS 3 IAS 36 IFRS 5 IFRS 2 IFRS year
year ended Non recognition Impairment of Discontinued Warrants ended
31st December of goodwill goodwill (b) activities (g) 31st December
2006 Amortisation (a) (d) 2006
Audited
£000 £000 £000 £000 £000 £000
Revenue 20,314 (4,873) 15,441
Cost of sales (14,153) 3,346 (10,807)
Gross profit 6,161 (1,527) 4,634
Distribution costs (58) 4 (54)
Administrative expenses (6,968) 24 (25) 2,443 (165) (4,691)
Other operating income 102 (50) 52
(Loss)/profit from
operations (763) 24 (25) 870 (165) (59)
Profit on the sale of
subsidiaries 748 (748) -
Financial income 53 53
Financial expense (324) 79 (245)
Profit before tax (286) 24 (25) 201 (165) (251)
Income tax expense (66) (66)
Loss after tax (352) 24 (25) 201 (165) (317)
Discontinued
operations
Loss for the period from
discontinued operations - (201) (201)
(Loss) for the period (352) 24 (25) - (165) (518)
Reconciliation of the Balance Sheet as at 31st December 2006 from UK GAAP to IFRS
UK GAAP IFRS 3 IAS 36 IAS21 IFRS 5 IFRS 5 IAS 39 IFRS
as at Non Impairmen Cumula Non Non Availa as at
31st recognition t tive current current ble 31st
December of goodwill of transl assets assets for December
2006 amortisation goodwill ation classified classi-fied as sale 2006
(a) differ as held for sale (e) asset
ences held for (c)
£000 (b) (f) sale £000
£000 (e) £000
£000 £000
£000 £000
Non current assets
Property, plant and equipment 364 (1) (236) 127
Goodwill 160 24 (41) 143
Financial assets 7,351 (140) 7,211
Deferred tax assets 67 67
7,942 24 (41) (1) (236) (140) 7,548
Current assets
Inventories 931 (294) 637
Trade and other receivables 3,148 (28) 3,120
Financial assets 1,040 1,040
Income tax recoverable 160 160
Cash and cash equivalents 1,292 1,292
6,571 (322) 6,249
Non current assets classified - 323 236 559
as held for sale
6,571 1 236 6,808
Total assets 14,513 24 (41) - - (140) 14,356
Current liabilities
Short term borrowings and 3,529 3,529
overdrafts
Trade and other payables 2,426 (194) 2,232
Current tax payable 66 66
Provisions 75 75
6,096 (194) 5,902
Liabilities directly
associated with non current 194 194
assets classified as held for
sale
6,096 - 6,096
Non current liabilities
Borrowings 1,731 1,731
Provisions 260 260
1,991 1,991
Total liabilities 8,087 8,087
6,426 24 (41) - - (140) 6,269
Equity
Share Capital 3,233 3,233
Share premium account 21,204 21,204
Retained earnings (18,063) 24 (41) 111 (17,969)
Available for sale reserve (140) (140)
Translation reserve (111) (111)
Equity attributable to 6,374 24 (41) - (140) 6,217
shareholders of Densitron
Minority interests 52 52
Total equity 6,426 24 (41) - (140) 6,269
Notes to the IFRS Adjustments
a) Goodwill amortisation
Under UK GAAP, goodwill is amortised over its expected useful life, whereas under IFRS goodwill is considered to have an indefinite life
and is not amortised, but is tested for impairment annually. This adjustment reverses the amortisation charged in the year to 31st December
2006.
b) Impairment of goodwill
Impairment provisions have been made in both the years ended 31st December 2005 and 31st December 2006. Adjustments have been made to
reflect the impairment of goodwill.
c) Financial assets
The investment in Evervision electronics Limited (formerly VBest Electronics Co. Limited) has been accounted for as a fixed asset
investment at its cost less impairment under UK GAAP. The Group owns 24.48% of the equity of Evervision and under adopted IFRS is required
to consider its ability to exercise influence on the presumption that it has significant influence which would make Evervision an associate.
The Group does not have significant influence over the financial or operating policies of Evervision and has consequently accounted for its
holding as a financial asset available for sale at fair value under this policy.
Deferred consideration due on sales of investments was treated under UK GAAP and debtors due in more than one year. Under adopted IFRS
the substance of these transactions result in these amounts being treated as loans within financial assets and accounted for using the
effective interest method.
d) Discontinued Activities
Under adopted IFRS the results of discontinued activities can be shown as an item after loss for the period on continuing operations.
e) Non Current Assets Held for Sale
Under IFRS 5 assets whose carrying amount will be recovered principally through a sale transaction rather than continuing use are
classified as non current assets held for sale. The Sportsground that the Company owns in Blackheath is one such asset. At the 31st December
2006 the Company was in advanced negotiation with the Local Authority regarding the disposal of this asset.
In addition the sale of the Gaming business took place on 31st January 2007. At 31st December 2006 negotiations of the sale were in
progress and principal terms had been agreed. As such those assets subject to the sale have been classified as non current assets held for
sale.
f) Cumulative translation differences
Under IAS 21 cumulative translation differences for foreign operations should be disclosed within a translation reserve as a separate
part of equity. These differences are those arising only since the transition date.
g) Warrants
Under IFRS 2 the Company is required to recognise an expense for the provision of services in exchange for the issuance of shares or
rights to shares. The issuance of fully vested shares, or rights to shares, is presumed to relate to past services, requiring the full
amount of the grant-date fair value to be expensed immediately. A similar adjustment would have been required by FRS 20; the adjustment
would therefore have resulted in a prior year adjustment, were the company reporting under UK GAAP.
3. Business and Geographical segments
The Group manages its business by reporting by business segment and by geographical location of the business segment. The business
segments that the Group has operated in are displays, gaming boards and public information displays. Following the disposal of the gaming
board and public information displays divisions the group manages its remaining displays business on a geographical basis.
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.
Business segments
Continuing Discontinued Discontinued Eliminations
Displays Gaming Public information Head office Total
division division displays division
2007 2007 2007 2007 2007 2007
£000 £000 £000 £000 £000 £000
Revenue
External 16,695 244 - (244) - 16,695
Intercompany (2,652) (182) - 182 - (2,652)
Total 14,043 62 - (62) - 14,043
Profit/(loss) before tax
Continuing operations 522 - - - 296 818
Discontinued operations - 437 - - - 437
Total 522 437 - - 296 1,255
Balance sheet
Assets 2,588 - - - 9,712 12,300
Liabilities (3,137) - - - (2,088) (5,225)
Net assets (549) - - - 7,624 7,075
Other
Goodwill impairment - - - - - -
Capital expenditure
- Property, plant and 64 - - - - 64
equipment
Depreciation 8 - - - 35 43
2006 2006 2006 2006 2006 2006
£000 £000 £000 £000 £000 £000
Revenue
External 18,099 2,121 3,223 (5,344) - 18,099
Intercompany (2,658) (471) - 471 - (2,658)
Total 15,441 1,650 3,223 (4,873) - 15,441
Profit/(loss) before tax
Continuing operations 829 - - - (1,080) (251)
Discontinued operations - (871) 379 291 - (201)
Total 829 (871) 379 291 (1,080) (452)
Balance sheet
Assets 5,228 323 - - 8,805 14,356
Liabilities (4,727) (194) - - (3,166) (8,087)
Net assets 501 129 - - 5,639 6,269
Other
Goodwill impairment 10 15 - - - 25
Capital expenditure
- Property, plant and 43 1 5 - 30 79
equipment
Depreciation 23 1 15 - 39 78
Share based payments - - - - 165 165
The Group's secondary reporting format for reporting segmental information is by geographical location.
External revenue by location of customers Total assets by Capital expenditure by location of assets
location of
asset
2007 2006 2007 2006 2007 2006
£000 £000 £000 £000 £000 £000
Total operations
UK 2,813 6,230 248 (1,192) 3 36
Europe 3,469 5,537 517 512 4 4
USA 5,625 6,060 1,098 1,094 57 39
Asia 1,970 2,059 5,212 5,855 - -
Rest of the world 166 428 - - - -
14,043 20,314 7,075 6,269 64 79
Continuing operations
UK 2,813 3,210 248 (748) 3 30
Europe 3,469 4,505 517 512 4 4
USA 5,625 5,532 1,098 1,447 57 39
Asia 1,970 1,787 5,212 5,855 - -
Rest of the world 166 407 - - - -
14,043 15,441 7,075 7,066 64 73
Discontinued operations
UK - 3,021 - (444) - 6
Europe - 1,031 - - - -
USA - 528 - (353) - -
Asia - 272 - - - -
Rest of the world - 21 - - - -
- 4,873 - (797) - 6
4. Other income
2007 2006
£000 £000
Net gain on sale of property, plant and equipment 848 -
Exchange gains 81 -
Commissions receivable 3 52
Royalties receivable 85 -
Rent receivable 7 -
1,024 52
5. Financial income and expense
2007 2006
£000 £000
Financial income
Bank deposit interest 31 5
Interest on deferred consideration 65 48
96 53
Financial expenses
Bank borrowings 168 130
Hire purchase and finance leases 2 2
Invoice discounting charge 28 20
Other loan interest payable 192 93
390 245
6. Tax expense
2007 2006
£000 £000
Current tax expense
UK corporation tax and income tax of overseas operations on 53 34
profits for the year
Unrecoverable withholding tax 117 -
Double taxation relief - -
Adjustments for (over)/under provision in prior periods (30) 11
140 45
Deferred tax expense
Origination and reversal of temporary differences 21 21
Total tax charge 161 66
7. Results of discontinued operations
2007 2006
£000 £000
Revenue 244 4,873
Expenses other than finance costs (286) (5,743)
Finance costs (4) (79)
(46) (949)
Gain/(loss) from selling discontinued operations 483 748
Profit/(loss) for the year before tax 437 (201)
Profit/(loss) for the year after tax 437 (201)
Basic earnings/(loss) per share (pence) 0.67p (0.31)p
Diluted earnings/(loss) per share (pence) 0.66p (0.31)p
8. Earnings per share
The calculation of basic earnings per share at 31st December 2007 was based on the profit attributable to ordinary shareholders of
£1,081,000 (2006: Loss £529,000) and a weighted average number of ordinary shares outstanding of 64,819,791 (2006: 64,669,106).
Profit attributable to ordinary shareholders
2007 2006
£000 £000
Continuing operations 644 (328)
Discontinued operations 437 (201)
Profit attributable to ordinary shareholders 1,081 (529)
Weighted average number of ordinary shares
2007 2006
£000 £000
Issued ordinary shares at 1st January 64,669,106 64,669,106
Effect of shares issued on 21st December 2007 150,685 -
Weighted average number of ordinary shares at 31st 64,819,791 64,669,106
December 2007
Dilutive effect of warrants 1,375,734 1,428,571
Diluted weighted average number of ordinary shares 66,195,525 66,097,677
at 31st December 2007
In calculating the diluted loss per share in 2006 account has not been taken of the warrants, as they are not considered to be
dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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