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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 |
From Jul 2019 to Jul 2024
TIDMDSN
RNS Number : 8183M
Densitron Technologies PLC
23 August 2011
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 2011.
Highlights
0 Revenue increased by 31% to GBP11.3m (2010: GBP8.6m).
0 Operating profit increased by 260% to GBP0.54m (2010: GBP0.15m).
0 Orders booked increased by 6% to GBP11.2m (2010: GBP10.6m).
0 Distribution of the proceeds of the disposal of Evervision to Shareholders totaling 5p per share.
0 Interim dividend declared of 0.2p per share (2010: 0.1p per share).
Financial Highlights on continuing operations
Hot Features
Premium
6 months to 6 months to
30(th) June 2011 30(th) June 2010
Unaudited Unaudited
----------------------- ------------------ ------------------
Revenue GBP11.28m GBP8.58m
----------------------- ------------------ ------------------
Profit from operations GBP0.54m GBP0.15m
----------------------- ------------------ ------------------
Profit before taxation GBP0.50m GBP0.10m
----------------------- ------------------ ------------------
Earnings per share 0.52p 0.03p
----------------------- ------------------ ------------------
Orders booked GBP11.2m GBP10.6m
----------------------- ------------------ ------------------
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Tom Price / Martin Davison
Tel: 020 7601 6100
Chairman's Statement
I am pleased to be able to report that the Group has continued with the progress that it made during 2010 and is now delivering a growing return on its business.
The orders booked during the first half of 2011 were GBP11.2m compared with GBP10.6m booked in the first half of 2010, a growth of 5.7%. The orders booked during the first half of 2010 contained an amount of GBP0.5m for last time buy orders following the announcement that a range of products were being withdrawn by the manufacturer. Excluding these orders the increase in the first six months of 2011 would have been in excess of 10%.
Due to the time lag between orders being booked and delivered to customers the growth in sales and gross profit in the first half of 2011 were expected to be significantly ahead of the growth in orders and that is how it turned out. Sales for the first half of 2011 were GBP11.3m compared with GBP8.6m for the same period in 2010, an increase of 31%. Gross profit achieved grew from GBP2.6m to GBP3.3m, an increase of 27%.
Given the growth in business activity the administrative expenses increased to GBP2.8m in 2011 from GBP2.5m in 2010. As a result of this growth the Group achieved an operating profit of GBP0.54m in the first six months of 2011 compared with GBP0.15m for the first six months of 2010. This is ahead of our internal forecast and confirms that the business is well on track to achieve market expectations for the full year.
Operational review
The Group's operations are primarily the design, development, marketing and selling of electronic displays.
European business - The European business has continued to grow during the first half of the year with orders being booked to the value of GBP5.7m compared with GBP5.4m booked during the first half of 2010, an increase of 6%. Sales during the first six months of the year totaled GBP5.9m, compared with GBP4.7m achieved in the same period during 2010, an increase of 26%. Gross profit achieved during the first half of the year was GBP1.5m compared with GBP1.3m achieved in the same period in 2010, an increase of 15%.
US business - The US has continued to perform strongly in the first half of the year. Orders totaling GBP4.1m were booked compared with GBP4.0m booked in the same period during 2010, a further increase of 2.5% on top of substantial growth in 2010. Sales were GBP4.0m compared with GBP3.0m in the same period of 2010, an increase of 33%. Gross profit amounted to GBP1.1m compared with GBP0.9m achieved in the same period in 2010, an increase of 22%.
Asian business - The Asian business which is made up of Densitron Asia and Densitron Corporation of Japan achieved significant growth during the first half of 2011. In the six months to 30 June 2011 orders were GBP1.4m compared with GBP1.2m in 2010, an increase of 17%. Sales were GBP1.4m compared with GBP0.8m in the same period in 2010 an increase of 75%. Gross profit was GBP0.7m, compared with GBP0.4m achieved in the same period in 2010, also an increase of 75%.
Land at Blackheath
This is the 1.25 acre strip of land in Blackheath, London, for which the Group is seeking planning permission.
I reported in my Chairman's Statement in the 2010 Annual Report that a planning application for the land had been rejected and that we were considering our next step. Having taken further advice of leading Counsel we have withdrawn our appeal and agreed on a different strategy. This is to pursue reclassification of the site under the LDF (Local Development Framework) process and explore existing use rights on the site.
Dividend
As previously advised a special dividend and capital reduction totaling 5p per share was paid in May 2011 following the sale of Evervision in 2010. In addition a final dividend of 0.2p per share based on the 2010 accounts was paid in June 2011.
The Board of Directors is pleased with the progress that the business is making and in particular the increase in profitability. Consequently, I am pleased to declare an interim dividend of 0.2p per share, an increase of 100% compared to last year. The dividend will be paid to shareholders on the register on 9 September 2011. The Company's shares will trade 'Ex-dividend' on 7 September 2011 and the proposed payment date is 30 September 2011.
Outlook
Although we are mindful of the general slowdown in the global economy, the outlook for the business remains encouraging. Our cautious optimism is due to the growing global demand for the products that the Group sells. Our strategy is to grow the business organically and we have concluded that this is currently the most appropriate way to expand our business. Whilst not ruling out strategic acquisitions we believe that the existing business can deliver greater returns and we are concentrating on growing the operating margin. We recognise that there are opportunities for geographical growth, with the office in Italy that was opened during 2010 already delivering a positive return. To that end we are intending to create a presence in India in the second half of the year with a view to opening an office in 2012. India is a location that has delivered a substantial number of leads during the first half of the year.
Jan G Holmstrom
Chairman
22 August 2011
Unaudited Condensed Consolidated Income Statement
For the six months ended 30th June 2011
6 months 6 months Year to
to 30(th) to 30(th) 31st December
June June 2010
2011 2010 Audited
GBP000 GBP000 GBP000
Continuing operations
Revenue 11,276 8,581 20,770
Cost of sales (7,953) (5,947) (14,928)
----------- ----------- ---------------
Gross profit 3,323 2,634 5,842
Other operating income 93 45 174
Distribution costs (37) (27) (62)
Administrative expenses (2,835) (2,498) (5,263)
Loss on disposal of
available-for-sale asset - - (1,174)
----------- ----------- ---------------
Profit/(loss) from operations 544 154 (483)
Financial income 1 3 6
Financial expenses (41) (60) (92)
----------- ----------- ---------------
Profit/(loss) before tax 504 97 (569)
Income tax expense (143) (68) (109)
----------- ----------- ---------------
Profit/(loss) for the period 361 29 (678)
----------- ----------- ---------------
Attributable to:
Equity holders of the parent 361 23 (674)
Non-controlling interest - 6 (4)
----------- ----------- ---------------
361 29 (678)
----------- ----------- ---------------
Basic and diluted earnings/(loss)
per share
Earnings per share from continuing
operations 0.52p 0.03p 0.72p
----------- ----------- ---------------
Earnings/(loss) per share 0.52p 0.03p (0.97)p
----------- ----------- ---------------
Unaudited Condensed Statement of Comprehensive Income
For the six months to 30th June 2011
6 months 6 months Year to
to to 31st December
30th June 30th June 2010
2011 2010 Audited
GBP000 GBP000 GBP000
Profit/(loss) for the period 361 29 (678)
----------- ----------- ---------------
Other comprehensive income:
Foreign currency translation
differences for foreign
operations (151) 110 137
Impact on treasury shares
following capital reduction 20 - -
Total other comprehensive
(loss)/income (131) 110 137
----------- ----------- ---------------
Total comprehensive income/(loss)
for the period 230 139 (541)
----------- ----------- ---------------
Attributable to:
Equity holders of the parent 228 133 (535)
Non-controlling interest 2 6 (6)
230 139 (541)
----------- ----------- ---------------
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2011
31st December
30th June 30th June 2010
2011 2010 Audited
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 744 259 757
Goodwill 143 143 143
Other intangible assets 97 - 87
Financial assets - 5,100 -
Deferred tax assets 4 35 41
---------- ---------- --------------
988 5,537 1,028
---------- ---------- --------------
Current assets
Inventories 1,530 1,082 1,348
Trade and other receivables 4,826 4,157 4,916
Financial assets 45 318 165
Income tax recoverable 121 95 123
Cash and cash equivalents 2,106 1,662 6,002
---------- ---------- --------------
8,628 7,314 12,554
---------- ---------- --------------
Total assets 9,616 12,851 13,582
---------- ---------- --------------
Current liabilities
Borrowings 1,423 1,839 2,246
Trade and other payables 3,734 2,849 3,499
Current tax payable 169 128 179
Provisions 59 35 34
---------- ---------- --------------
5,385 4,851 5,958
---------- ---------- --------------
Non-current liabilities
Borrowings 15 134 24
Provisions 121 177 117
Deferred tax liabilities - - 141
---------- ---------- --------------
136 311 282
---------- ---------- --------------
Total liabilities 5,521 5,162 6,240
4,095 7,689 7,342
---------- ---------- --------------
Equity
Share Capital 697 3,483 3,483
Retained earnings 2,771 3,825 3,082
Special reserve 116 137 117
Revaluation reserve 450 - 450
Available-for sale-reserve - 54 -
Translation reserve 20 144 171
---------- ---------- --------------
Equity attributable to shareholders
of Densitron 4,054 7,643 7,303
Minority interests 41 46 39
Total equity 4,095 7,689 7,342
---------- ---------- --------------
Unaudited Condensed Statement of Changes in Shareholders Equity
For the 6 months to 30th June 2011
Total
Attributable
Available- to equity
Share Translation Special for-sale Retained holders of Non-controlling Total
capital reserve reserve reserve Revaluation earnings the parent interest equity
GBP000 GBP000 GBP000 GBP000 reserve GBP000 GBP000 GBP000 GBP000
Balance at
1 January
2010 3,483 34 188 54 - 3,752 7,511 45 7,556
Total comprehensive
income for
the period - 110 - - - 22 132 1 133
Transfer
from special
reserve - - (51) - - 51 - - -
-------- ------------ -------- ----------- ------------ --------- ------------- ---------------- --------
Balance at
30 June 2010 3,483 144 137 54 - 3,825 7,643 46 7,689
Total comprehensive
income for
the period - 27 - - - (694) (667) (7) (674)
Revaluation
of land - - - - 450 - 450 - 450
Payment of
dividend - - - - - (69) (69) - (69)
Disposal of
available-for-sale
investment - - - (54) - - (54) - (54)
Transfer
from special
reserve - - (20) - - 20 - - -
-------- ------------ -------- ----------- ------------ --------- ------------- ---------------- --------
Balance at
31 December
2010 3,483 171 117 - 450 3,082 7,303 39 7,342
Total comprehensive
income for
the period - (151) - - - 360 209 2 211
Capital reduction (2,786) - - - - 20 (2,766) - (2,766)
Dividend - - - - - (692) (692) - (692)
Transfer
from special
reserve - - (1) - - 1 - - -
-------- ------------ -------- ----------- ------------ --------- ------------- ---------------- --------
Balance at
30 June 2011 697 20 116 - 450 2,771 4,054 41 4,095
-------- ------------ -------- ----------- ------------ --------- ------------- ---------------- --------
Unaudited Condensed Consolidated Cash Flow Statement
For the 6 months ended 30th June 2011
6 months 6 months Year to
to to 31st December
30th June 30th June 2010
2011 2010 Audited
GBP000 GBP000 GBP000
Cash flows from operating
activities
Profit/(loss) before taxation 504 97 (569)
Adjustments for:
Depreciation 29 23 48
Loss on sale of available-for-sale
asset - - 1,174
Net finance expense 40 58 85
573 178 738
Change in financial asset (45) 55 (165)
Change in inventories (198) (417) (665)
Change in trade and other
receivables 41 (389) (1,220)
Change in trade and other payables 61 582 1,191
Change in provisions 29 - (60)
----------- ----------- ---------------
461 9 (181)
Income tax paid (138) 24 146
Net cash from operating activities 323 33 (35)
----------- ----------- ---------------
Cash flows from investing
activities
Interest received 1 3 3
Proceeds from capital reduction
of available-for-sale investments - - 483
Proceeds from disposal of
available-for-sale investment - 3,476
Disposal of discontinued operation 165 20 393
Payment for intangible assets (10) - (87)
Acquisition of plant, property and
equipment (23) (40) (116)
133 (17) 4,152
----------- ----------- ---------------
Cash flows from financing
activities
Repayment of borrowings (9) (57) (287)
Interest paid (41) (60) (92)
Change in trade finance creditor (701) (118) 450
Change in letters of credit (200) 621 675
Capital reduction paid to the
owners of the Company (2,766) - -
Dividends paid to owners of the
Company (692) - (69)
Net cash (used in)/received from
financing activities (4,409) 386 677
----------- ----------- ---------------
Net (decrease)/increase in cash
and cash equivalents (3,953) 402 4,794
Cash and cash equivalents at 1(st)
January 6,002 1,107 1,107
Effect of exchange rate
fluctuation on cash held (22) 69 101
Cash and cash equivalents at the
end of the period 2,027 1,578 6,002
----------- ----------- ---------------
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2011
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 2011 and are unchanged from those disclosed in the group's Annual Report for the year ended 31 December 2010.
The financial information for the six months ended 30 June 2011 and 30 June 2010 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 2010 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
2011
Revenue
Total 3,740 1,694 266 980 4,101 1,188 3,530 15,499
Intercompany (764) (28) - - (134) - (3,297) (4,223)
-------- ------- -------- -------- ------- ------- -------- --------
Revenue from
external
customers 2,976 1,666 266 980 3,967 1,188 233 11,276
-------- ------- -------- -------- ------- ------- -------- --------
Profit before
tax 86 33 2 21 421 171 41 775
-------- ------- -------- -------- ------- ------- -------- --------
6 months to 30 June
2010
Revenue
Total 3,190 1,149 371 1,185 3,063 695 2,493 12,146
Intercompany (1,173) (22) - - (20) - (2,350) (3,565)
-------- ------- -------- -------- ------- ------- -------- --------
Revenue from
external
customers 2,017 1,127 371 1,185 3,043 695 143 8,581
-------- ------- -------- -------- ------- ------- -------- --------
Profit/(loss)
before tax 44 (1) 32 (56) 196 40 25 280
-------- ------- -------- -------- ------- ------- -------- --------
Year to 31 December
2010
Revenue
Total 7,734 2,421 635 2,928 6,869 1,882 6,489 28,958
Intercompany (2,453) (66) - - (46) (22) (5,601) (8,188)
-------- ------- -------- -------- ------- ------- -------- --------
Revenue from
external
customers 5,281 2,355 635 2,928 6,823 1,860 888 20,770
-------- ------- -------- -------- ------- ------- -------- --------
Profit/(loss)
before tax 117 (16) (21) (49) 575 112 89 807
-------- ------- -------- -------- ------- ------- -------- --------
Reconciliation of reportable segments, profit and loss, assets and
liabilities to the Group's corresponding amounts:
6 months 6 months Year to 31st
to 30th June to 30th June December
2011 2010 2010
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue
Total revenue for reported
segments 15,499 12,146 28,958
Elimination of inter-segmental
revenues (4,223) (3,565) (8,188)
-------------- -------------- -------------
Group's revenue per
consolidated statement of
comprehensive income 11,276 8,581 20,770
-------------- -------------- -------------
Profit/(loss) after income tax
expenses
Total profit for reporting
segments 775 280 807
Costs associated with Head
Office (271) (183) (202)
Loss on disposal of
available-for-sale
investment - - (1,174)
Income tax expenses (143) (68) (109)
-------------- -------------- -------------
Profit/(loss) after income tax
expenses 361 29 (678)
-------------- -------------- -------------
4. Taxation
Taxation for the 6 months ended 30(th) June 2011 has been calculated by applying the estimated tax rate for the current financial year ending 31(st) December 2011.
5. Dividend
An interim dividend of 0.2 pence per share has been proposed by the Board in respect of the six months to 30 June 2011 (2010: 0.1 pence).
6. Earnings per share
6 months 6 months
to to 30th Year to
30th June June 31st December
2011 2010 2010
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Profit/(loss) attributable to
ordinary shareholders
Profit/(loss) attributable to
ordinary shareholders 361 23 (674)
Exceptional loss - - 1,174
----------- ----------- ---------------
Profit on continuing operations
attributable to ordinary
shareholders 361 23 500
----------- ----------- ---------------
Weighted average number of
ordinary shares
Issued at 1 January 2011 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
2011 69,169,106 69,169,106 69,169,106
----------- ----------- ---------------
7. 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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