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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 : 0526G
Densitron Technologies PLC
06 May 2011
DENSITRON TECHNOLOGIES PLC
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31(st) DECEMBER 2010
Hot Features
Premium
Densitron Technologies plc ("Densitron" or the "Company" or the "Group"),
the designer and developer of electronic displays is pleased to announce
its preliminary unaudited results for the year ended 31(st) December
2010.
A year of substantial growth has positioned the business well on its
three year growth plan.
0 Revenue increased by 37% from GBP15.1 million to GBP20.8 million.
0 Profit from continuing operations (excluding loss on disposal of
available-for-sale asset) increased from GBP0.2m to GBP0.7m.
0 Orders booked in the year increased by 64% from GBP13.3 million to
GBP21.8 million.
0 Re-financing exercise completed with all borrowings now supported
by trade.
0 Pipeline of new business opportunities continued to be strengthened
during the year and into 2011.
0 GBP3.9 million received following capital reduction and subsequent
disposal of Evervision.
0 Proposed repayment to shareholders of 5p per share consisting of
a 4p Capital Reduction and a 1p Dividend.
0 Interim dividend of 0.1p per share paid and a final dividend of 0.2p
proposed.
2010 2009
GBPmillions GBPmillions
Revenue 20.8 15.1
Profit from operations * 0.7 0.2
Basic earnings per share * 0.72p 0.18p
Orders booked 21.8 13.3
Order Book 10.1 8.1
* Excludes loss on the sale of available-for-sale asset
Jan G Holmstrom, Chairman of Densitron, commented:
"I am delighted with the progress that the business has made during the year. The work that has been done to develop new products and markets has put the Group in a position to be able to grow substantially over the next few years and this is demonstrated by the continuing growth in the order book that has been achieved during the first quarter of 2011. "
Enquiries:
Densitron Westhouse Securities Grahame Falconer / Tim Pearson Tom Price / Martin Davison Tel: 0207 648 4200 Tel: 020 7601 6100
Chairman's Statement
Introduction
I am pleased to be able to report to shareholders on a successful year for the business and with confidence for the future. The markets in which the Group operates saw growing confidence which has enabled the business to outperform its internal budgets and consequently deliver, in my view, substantial and sustainable growth.
Densitron Displays
I reported in my statement in the 2009 Annual Report that we were cautiously optimistic about 2010. At the time of writing that statement we had seen an encouraging start to the year with a significant growth in the order book in the first quarter. Much of that growth was due to customers re-stocking so it was difficult to assess how strong the recovery actually was. Reviewing the situation now I am pleased to report that the encouraging start was maintained throughout the year with each month's booked orders being higher than the equivalent month in the previous year.
The fact that we were able to weather the recession and take advantage of the growth opportunities as they presented themselves is testament to the work that has been ongoing over the last four years in restructuring the Group. Having disposed of the loss making divisions of the Group and addressed the debt position, the Group is now focussed on growing the Displays business. A number of areas where there is potential for significant growth have been identified and are being pursued, for example touch screen displays are very much in demand following the huge success for mobile phones.
Evervision Electronics Co. Ltd (Evervision)
Evervision is the Taiwanese display manufacturer in which Densitron owned 24.48% of the share capital until its disposal during the year.
In 2009 I reported that Evervision had carried out a capital reduction resulting in a cash payment to Densitron of GBP1.2m. In 2010 a further sum of approximately GBP0.5m was received by way of capital reduction. Following that capital reduction it was apparent that future returns of cash were going to be difficult to achieve and when an opportunity arose to realise the investment as a whole the Board considered that it was in the best interests of the shareholders to sell the Group's investment.
The Group had never been able to exert significant influence over Evervision and Evervision was not core to the Group's business, indeed the investment and supply relationships were managed entirely separately. Although the realisation of the investment will result in a loss on disposal in the year it has enabled the Board to announce that it will use the cash generated to make a return of 5p per share to Shareholders.
Land at Blackheath
The land at Blackheath is a 1.25 acre piece of land that the Group owns in Blackheath, South East London.
During the year we submitted a planning application for development of the land which was turned down by the Local Council. We had anticipated that this would be the outcome since the land is designated as Metropolitan Open Land and we expected that we would need to appeal the decision on the basis that the designation is no longer valid.
We are currently planning the next steps in this process and will advise Shareholders when there is further information. The land has been held on the books at a value of approximately GBP50,000 and we have previously stated that, in the directors' opinion, the Land could be worth up to GBP500,000. We engaged a firm of surveyors to carry out a professional valuation at 31 December 2010 and they have confirmed a valuation of GBP500,000 and we have recognised that uplift in these accounts.
Banking arrangements
The Group has worked very closely with its primary banker, Barclays Bank PLC, over the last few years reducing the level of debt within the Group. Having eliminated all but debt that is supported by trading, the Group is no longer weighed down by disproportionate levels of debt and we will not see financing as a barrier to future growth.
Shareholders
The Group's directors are committed to providing a return to Shareholders whether it is by way of capital growth or distribution.
Capital growth - following the release of the 2009 annual report the Group's Nomad, Westhouse Securities Limited, issued a research note on the Group which was updated following the release of the interim results. To complement the research the executives held meetings with potential investors and the wider investment community to both introduce the Group and detail the Group's future strategy. The raising of the profile of the Group and the improving results has had a major impact on the share price over the year with the price rising from 4.75p per share at 31 December 2009 to 15.25p per share at 31 December 2010.
Dividend - at the interim I was delighted to announce the first dividend payment to Shareholders for a number of years and am further pleased to be able to recommend a final dividend payment of 0.2p per share. Together with the payment of an interim dividend of 0.1p per share this represents a dividend payment based on the trading results for the year of 0.3p per share.
Capital Reduction - following the disposal of the Group's investment in Evervision Electronics Co. Ltd the Board agreed that, in view of the fact this was a capital sum it should be treated as such. A number of options on how best to utilise the funds were considered, but the Board concluded that since the Group's primary strategy of organic growth does not require funding over and above that generated from operations and that the time was not right for strategic investments, a repayment to shareholders was the most appropriate use of the funds. Consequently the directors have recommended a capital reduction of 4p per share and a special dividend of 1p per share which, providing Shareholder and Court approval is received, will be paid in May 2011.
Outlook and strategy
The outlook for the business is encouraging and we have seen a continuation in the growth in the orderbook in the first quarter of 2011. The Group has in place a strategy to deliver substantial growth over the next three years based on an organic growth strategy and the Board has concluded that this is the most appropriate strategy in the short term. While strategic acquisitions have not been ruled out the Board believes that delivering a better return from the existing business is the key to the long term prosperity of the Group.
I would like to thank the directors and staff throughout the Group for their hard work during the year. They have ensured that the Group is well positioned with an excellent range of products and a growing customer base ensuring that the Group is best placed to take the business forward. Finally I would like to thank the Company's shareholders for your continuing support.
Jan G Holmstrom
Chairman
Densitron Technologies plc
Consolidated income statement
For the year ended 31 December 2010
2010 2009
GBP000 GBP000
Continuing operations
Revenue 20,770 15,123
Cost of sales (14,928) (10,188)
--------- ---------
Gross profit 5,842 4,935
Other operating income 174 269
Distribution costs (62) (50)
Administrative expenses (5,263) (4,908)
Loss on disposal of available-for-sale
asset (1,174) -
--------- ---------
(Loss)/profit from operations (483) 246
Financial income 6 28
Financial expenses (92) (115)
--------- ---------
(Loss)/profit before tax (569) 159
Income tax expenses (109) (48)
--------- ---------
(Loss)/profit for the period (678) 111
--------- ---------
Attributable to:
Equity holders of the parent (674) 122
Non-controlling interests (4) (11)
--------- ---------
(678) 111
--------- ---------
Basic and diluted earnings per share on continuing 0.72p 0.18p
operations
--------- ---------
Basic and diluted earnings per (0.97)p 0.18p
share
--------- ---------
Densitron Technologies plc
Consolidated statement of comprehensive income
For the year ended 31 December 2010
2010 2009
GBP000 GBP000
(Loss)/profit for the year (678) 111
------- -------
Other comprehensive income
Available for sale investments:
Valuation gains on available for
sale investments - 54
Exchange gains/(losses) on translation
of foreign operations 137 (354)
Total other comprehensive income/(loss) 137 (300)
------- -------
Total comprehensive loss for the
year (541) (189)
------- -------
Total comprehensive loss attributable
to:
Owners of the parent (535) (171)
Non-controlling interests (6) (18)
------- -------
(541) (189)
------- -------
Densitron Technologies plc
Consolidated Balance Sheet
At 31 December 2010
2010 2009
GBP000 GBP000
Non current assets
Property, plant and equipment 757 235
Goodwill 143 143
Other intangible assets 87
Financial assets - 5,100
Deferred tax assets 41 47
-------- --------
1,028 5,525
-------- --------
Current assets
Inventories 1,348 667
Trade and other receivables 4,916 3,681
Financial assets 165 393
Income tax recoverable 123 128
Cash and cash equivalents 6,002 1,626
-------- --------
12,554 6,495
-------- --------
Total assets 13,582 12,020
-------- --------
Current liabilities
Short term borrowings and overdrafts 2,246 1,934
Trade and other payables 3,499 2,248
Current tax payable 179 70
Provisions 34 34
-------- --------
5,958 4,286
-------- --------
Non current liabilities
Borrowings 24 -
Provisions 117 178
Deferred tax liabilities 141 -
-------- --------
282 178
-------- --------
Total liabilities 6,240 4,464
-------- --------
7,342 7,556
-------- --------
Equity
Share Capital 3,483 3,483
Retained earnings 3,082 3,752
Special reserve 117 188
Revaluation reserve 450 -
Available for sale reserve - 54
Translation reserve 171 34
-------- --------
Equity attributable to shareholders
of Densitron 7,303 7,511
Non-controlling interests 39 45
Total equity 7,342 7,556
-------- --------
Densitron Technologies plc
Consolidated Cash Flow Statement
For the year ended 31 December 2010
2010 2009
GBP000 GBP000
Cash flows from operating activities
(Loss)/profit before taxation (569) 159
Adjustments for:
Depreciation 48 50
Loss on the sale of available-for-sale
asset 1,174 -
Net finance expense 85 92
738 301
Change in financial assets (165) (446)
Change in inventories (665) 654
Change in trade and other receivables (1,220) 1,423
Change in trade and other payables 1,191 (1,681)
Change in provisions (60) (60)
-------- --------
(181) 191
Income tax paid 146 (79)
-------- --------
Net cash from operating activities (35) 112
-------- --------
Cash flows from investing activities
Interest received 3 23
Proceeds from capital reduction
of available for sale investment 483 1,139
Proceeds from disposal of available-for-sale
asset 3,476 -
Disposal of discontinued operation 393 495
Payment for intangible asset (87) -
Acquisition of property, plant
and equipment (116) (54)
-------- --------
Net cash generated from investing
activities 4,152 1,603
-------- --------
Cash flows from financing activities
Inception of new loans - 16
Repayment of borrowings (287) (1,015)
Interest paid (92) (115)
Payment of finance lease liabilities - (5)
Change in invoice discounting
creditor 450 (251)
Change in letters of credit 675 (281)
Dividend paid to the owners of
the Company (69) -
Dividend paid to non-controlling
interests - (8)
-------- --------
Net cash generated from financing
activities 677 (1,659)
-------- --------
Net increase in cash and cash
equivalents 4,794 56
Cash and cash equivalents at 1(st)
January 1,107 1,202
Effect of exchange rate fluctuations
on cash held 101 (151)
-------- --------
Cash and cash equivalents at 31(st)
December 6,002 1,107
-------- --------
Densitron Technologies plc
Statement of changes in equity
For the year ended 31 December 2010
Total
Available attributable
for to equity
Share Translation Special sale Revaluation Retained holders of Non-controlling Total
Capital reserve reserve reserve reserve earnings parent interest Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at
1(st) January
2009 3,483 381 390 - - 3,428 7,682 71 7,753
Total
comprehensive
income - (347) - 54 - 122 (171) (18) (189)
Distribution to
non-controlling
interest - - - - - - - (8) (8)
Transfer
from special
reserve - - (202) - - 202 - - -
-------- ------------ -------- ---------- ------------ --------- ------------- ---------------- -------
Balance at
31(st) December
2009 3,483 34 188 54 - 3,752 7,511 45 7,556
-------- ------------ -------- ---------- ------------ --------- ------------- ---------------- -------
Balance at
1(st) January
2010 3,483 34 188 54 - 3,752 7,511 45 7,556
Total
comprehensive
income - 137 - - - (672) (535) (6) (541)
Revaluation
of land - - - - 450 - 450 - 450
Payment of
dividends - - - - - (69) (69) - (69)
Disposal
of available
for sale
investment - - - (54) - - (54) - (54)
Transfer
from special
reserve - - (71) - - 71 - - -
-------- ------------ -------- ---------- ------------ --------- ------------- ---------------- -------
Balance at
31(st) December
2010 3,483 171 117 - 450 3,082 7,303 39 7,342
-------- ------------ -------- ---------- ------------ --------- ------------- ---------------- -------
Densitron Technologies plc
Notes to the Consolidated Financial Statements
For the year ended 31 December 2010
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(st) December 2009. The financial information in the announcement
is unaudited and does not constitute the company's statutory accounts
for the years ended 31(st) December 2010 or 2009. The financial information
for the year ended 31(st) December 2009 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(st) December 2010, 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. Other operating income
2010 2009
GBP000 GBP000
Commissions receivable - 5
Royalties receivable 165 186
Rent receivable - 5
Deferred consideration receivable - 70
Other 9 3
----------- ---------
174 269
----------- ---------
3. Financial income and expense
2010 2009
GBP000 GBP000
Financial income
Exchange gains - 5
Bank deposit interest - 2
Interest on deferred consideration 6 21
----------- ---------
6 28
----------- ---------
Financial expenses
Bank borrowings 65 102
Exchange losses 13 -
Invoice discounting charge 14 12
Other loan interest payable - 1
----------- ---------
92 115
----------- ---------
4. Loss on disposal of available-for-sale
asset
2010 2009
GBP000 GBP000
Proceeds received from the disposal 3,476 -
Carrying value of the investment (4,617) -
Balance on available-for sale
reserve 54
Costs associated with the disposal (87) -
----------- ---------
Loss on disposal (1,174) -
----------- ---------
On 30 September 2010 the Group disposed of its investment in a Taiwanese
manufacturing company, Evervision Electronics Co. Ltd (Evervision).
The Group owned 24.48% of the ordinary share capital of Evervision but,
in the directors opinion, was not able to exert significant influence
and consequently had treated the investment as available-for-sale. During
2009 the Group received approximately GBP1.2m in respect of a capital
reduction by Evervision and in 2010 a further GBP0.5m was received.
The directors believed it was unlikely that further income would be
received in the near future so took the opportunity to realize, what
they considered to be, a reasonable offer on the investment despite
the fact that this has led to a loss in the current year's results.
5. 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 on a geographical basis
determined by the location in which subsidiaries are located
and resources are allocated as required on this basis. The
Group is managed by the geographical location of its
subsidiaries: 0 Europe - The European market, being so
diverse, is serviced by subsidiaries based in four locations:
0 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% (2009: 23%) to Group
revenues. 0 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 11% (2009: 14%) to
Group revenues. 0 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 3% (2009: 4%) to Group
revenues. 0 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 14% (2009: 15%) to Group revenues. In total the
European region represented the largest part of the business
contributing 54% (2009: 56%) to Group revenues. 0 US - the US
segment is responsible for business conducted in the US,
Canada and Central and South America. It represents 33% (2009:
34%) of the Group total revenues. 0 Asia - The Asian segment
is made up of subsidiaries located in Japan and Taiwan. 0
Japan - Densitron Japan is responsible for sales into Japan.
It contributed 9% (2009: 9%) to Group revenues. 0 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
4% (2009: 1%) 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
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
-------- ------- -------- -------- ------- ------- -------- --------
Balance
Sheet
Assets 3,191 938 244 816 1,970 1,092 1,381 9,632
Liabilities (2,984) (264) (44) (107) (763) (115) (1,519) (5,796)
-------- ------- -------- -------- ------- ------- -------- --------
Net assets 207 674 200 709 1,207 977 (138) 3,836
-------- ------- -------- -------- ------- ------- -------- --------
Other
Interest
payable 42 3 - - 8 1 - 54
Capital
expenditure
- Property,
plant and
equipment 4 2 - 1 100 - - 107
-
Depreciation 1 2 2 1 37 - - 43
-------- ------- -------- -------- ------- ------- -------- --------
UK France Finland Germany US Japan Taiwan Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
2009
Revenue
Total 4,960 2,084 677 2,245 5,224 1,576 3,811 20,577
Intercompany (1,503) (37) - - (25) (265) (3,624) (5,454)
-------- ------- -------- -------- ------- ------- -------- --------
Revenue from
external
customers 3,457 2,047 677 2,245 5,199 1,311 187 15,123
-------- ------- -------- -------- ------- ------- -------- --------
Profit/(loss)
before tax (29) (15) (57) 74 244 59 15 291
-------- ------- -------- -------- ------- ------- -------- --------
Balance
Sheet
Assets 1,043 703 366 971 1,758 951 552 6,344
Liabilities (1,485) (345) (79) (139) (874) (199) (438) (3,559)
-------- ------- -------- -------- ------- ------- -------- --------
Net assets (442) 358 287 832 884 752 114 2,785
-------- ------- -------- -------- ------- ------- -------- --------
Other
Interest
payable 54 2 1 - 9 1 30 97
Capital
expenditure
- Property,
plant and
equipment - 1 - - 52 - - 53
-
Depreciation 2 2 2 1 32 - 3 42
-------- ------- -------- -------- ------- ------- -------- --------
Reconciliation of reportable segments, profit and loss, assets and
liabilities to the Group's corresponding amounts:
2010 2009
GBP000 GBP000
Revenue
Total revenue for reported segments 28,958 20,577
Elimination of inter-segmental
revenues (8,188) (5,454)
---------- ----------
Group's revenue per consolidated
statement of comprehensive income 20,770 15,123
---------- ----------
2010 2009
GBP000 GBP000
Profit after income tax
expense
Total profit for reporting
segments 807 291
Costs associated with
head office (202) (132)
Loss on disposal of available
for sale investment (1,174) -
Income tax expenses (109) (48)
---------- ----------
(Loss)/profit after income
tax expense (678) 111
---------- ----------
2010 2009
GBP000 GBP000
Assets
Total assets for reportable
segments 9,632 6,344
Assets attributable to
Head Office 3,451 517
Land at Blackheath 499 49
Evervision investment - 5,100
Other non segmental assets - 10
---------- ----------
Group assets 13,582 12,020
---------- ----------
Liabilities
Total liabilities for reportable
segments 5,796 3,559
Liabilities attributable
to Head Office 444 905
---------- ----------
Group liabilities 6,240 4,464
---------- ----------
The analysis of the Group's segmental information by geographical location is:
External revenue Non current Capital expenditure
by location assets by location by location
of customers of asset of assets
2010 2009 2010 2009 2010 2009
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Total
operations
UK 2,735 1,968 612 99 100 1
France 2,355 2,047 16 12 2 -
Finland 635 677 11 13 - -
Germany 2,928 2,246 101 101 1 -
Portugal 454 316 - - - -
Italy 122 146 - - - -
Other
European 284 139 - - - -
USA 7,438 4,791 260 179 100 52
Japan 1,860 1,113 28 1 - -
Taiwan 890 187 5,120
Malaysia 158 89 - - - -
China 623 944 - - - -
Tunisia 186 133 - - - -
Other Rest
of the
world 102 327 - - - -
--------- -------- --------- --------- --------- ----------
20,770 15,123 1,028 5,525 203 53
--------- -------- --------- --------- --------- ----------
6. Tax expense
2010 2009
GBP000 GBP000
Current tax expense
UK corporation tax and income tax of overseas operations
on profits for the year 34 8
Adjustments for (over)/under provision
in prior periods (72) 30
------- -------
(38) 38
Deferred tax expense
Origination and reversal of temporary
differences 147 10
------- -------
Total tax charge 109 48
------- -------
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:
2010 2009
GBP000 GBP000
(Loss)/profit before tax (569) 159
------- -------
Expected tax charge based on the
standard rate of corporation tax
in the UK of 28% (2009: 28%) (159) 45
Losses carried forward 91 96
Disallowed expenses 442 4
Non taxable income (171) (3)
Movement in unprovided deferred tax
assets 2 3
Utilisation of tax losses brought
forward (36) (133)
Adjustments for overseas rate 12 6
Adjustments to prior years tax charge (72) 30
109 48
------- -------
7. Earnings per share
The earnings and weighted average number of ordinary shares used in
the calculation of earnings per share are as follows.
2010 2009
GBP000 GBP000
(Loss)/profit attributable to ordinary
shareholders (674) 122
Exceptional loss 1,174 -
----------- -----------
Profit on continuing operations attributable
to ordinary shareholders 500 122
----------- -----------
2010 2009
GBP000 GBP000
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 2010 69,169,106 69,169,106
----------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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