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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 |
Hot Features
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TIDMDSN
RNS Number : 5256S
Densitron Technologies PLC
13 September 2010
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 30th
June 2010.
Highlights
Ø Revenue increased by 18% to GBP8.6m (2009: GBP7.3m).
Ø Operating profit of GBP0.15m (2009: operating loss GBP0.14m).
Ø Orders booked increased by 77% to GBP10.6m (2009: GBP6.0m).
Ø An increase in the total orderbook of GBP2.2m to GBP10.3m at 30 June 2010 (31
December: 2009 GBP8.1m).
Ø Net debt reduced by GBP0.1m to GBP0.2m at 30 June 2010 (31 December 2009:
GBP0.3m).
Ø Evervision generated significant profits and cash during the first six months
of the year.
Ø A further capital reduction negotiated with Evervision. Payment of GBP0.5m
received on 3 September 2010.
Ø Resumption of payment of dividends to shareholders with declaration of 0.1p
per share interim dividend.
Financial Highlights on continuing operations
+-----------------------+-----------------------+-----------------------+
| | 6 months to | 6 months to |
| | 30th June 2010 | 30th June 2009 |
| | Unaudited | Unaudited |
| | | |
+-----------------------+-----------------------+-----------------------+
| Revenue | GBP8.58m | GBP7.25m |
| | | |
+-----------------------+-----------------------+-----------------------+
| Profit/(loss) from | GBP0.15m | GBP(0.14)m |
| operations | | |
| | | |
+-----------------------+-----------------------+-----------------------+
| Profit/(loss) before | GBP0.10m | GBP(0.19)m |
| taxation | | |
| | | |
+-----------------------+-----------------------+-----------------------+
| Earnings/(loss) per | 0.03p | (0.28)p |
| share | | |
| | | |
+-----------------------+-----------------------+-----------------------+
| Orderbook | GBP10.30m | GBP8.50m |
| | | |
+-----------------------+-----------------------+-----------------------+
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Tim Metcalfe / Martin Davison
Tel: 020 7601 6100
Chairman's Statement
I am pleased to report that the Group has weathered the downturn well and that
we have seen far more confidence in our markets over the first six months of the
year than expected.
We began the year with a depleted orderbook, and therefore the focus for the
first six months has been to rebuild it. Orders for the first 6 months of 2010
amounted to GBP10.6m compared with GBP6.0m booked in the same period in 2009, an
increase of 77%. The increase in orders has come from both new customers and
existing customers alike and is across the Group's product ranges.
Due to factory lead times extending during the recovery, and customer order
schedules, it has been difficult to translate the orders booked during the
period into sales and as such the rapid growth in orders has produced a time lag
when turning them into sales. Consequently, the increase in sales for the first
six months of the year was at a slower rate than for orders. Sales for the first
six months of 2010 were GBP8.6m compared with sales made in the first half of
2009 of GBP7.3m, an increase of only 18%. This has resulted in a substantial
increase in the orderbook during the period and at 30 June 2010 it amounted to
GBP10.3m, an increase in the period of GBP2.2m. We therefore expect to see the
growth in sales accelerate during the second half of the year.
Gross margin achieved in the six months amounted to GBP2.63m compared with
GBP2.49m in the same period in 2009, an increase of 6%. The gross margin
percentage has come under pressure from the mix of sales being conducted,
increasing prices from Far East manufacturers and increasing shipping costs.
We announced in the first half of 2009 that cost saving measures had been
introduced and these economies have enabled administrative expenses to be 8%
lower than in 2009.
As a result of the increase in sales and the reduction in administrative
expenses, the Group achieved an operating profit of GBP0.15m in the first six
months of 2010 compared with a loss of GBP0.14m in the same period in 2009.
We have reduced our level of borrowings from GBP1.9m at 31 December 2009 to
GBP1.8m at 30 June 2010. The level of net debt has also reduced from GBP0.3m at
31 December 2009 to GBP0.2m at 30 June 2010. We would expect to see the level of
gross debt to increase over the remainder of the year as the level of business
being conducted increases.
Operational review
The Group's operations are primarily the design, development, marketing and
selling of electronic displays, the electronics that drive them and the plastics
that house them.
European business - The European business has performed ahead of expectations,
booking orders to the value of GBP5.4m compared with GBP3.8m booked during the
first half of 2009, an increase of 42%. Sales during the first six months of the
year totaled GBP4.7m, compared with GBP3.8m achieved in the same period during
2009, an increase of 24%. Gross margin increased from GBP1.29m in 2009 to
GBP1.35m in 2010, an increase of 4.7% reflecting a reduction in the gross margin
percentage due to the issues referred to above.
US business - The US was the first location in the Group to enter recession and
was the first to exit it. The first half of 2010 has been strong with orders
totaling GBP4m compared with GBP1.6m booked in the same period during 2009, an
increase of 150%. Sales were GBP3.0m compared with GBP2.7m in the same period of
2009, an increase of 11%. Gross margin amounted to GBP0.86m compared with
GBP0.75m achieved in the same period in 2009, an increase of 15%.
Asian business - The Asian business is made up of Densitron Asia and Densitron
Corporation of Japan. In the six months to 30 June 2010 orders were GBP1.2m
compared with GBP0.7m in 2009, an increase of 71%. Sales remained at GBP0.8m and
gross profit was GBP0.4m, compared with GBP0.5m in 2009, a decrease of 20%
reflecting the margin issues explained above.
Both the Asian subsidiaries have continued to perform well in the first half of
the year. Densitron Asia's primary function remains as a support role to the
rest of the Group, but it is also beginning to increase the amount of orders
taken from external customers. Densitron Japan operates in the competitive
Japanese market and while its sales and margins have remained similar to 2009,
its orders have increased by 77%.
Evervision Electronics Corporation
Evervision is the Group's 24.48% investment in a Taiwanese display manufacturing
company.
Evervision has performed well during the first half of 2010 achieving an
operating profit of approximately GBP1.4m and has continued to generate cash.
A further capital reduction was approved during the first half of the year and
the Company received its share amounting to GBP500,000 on 3 September 2010.
Land at Blackheath
This is a 1.25 acre strip of land in Blackheath, London, for which the Group is
seeking planning permission.
I am pleased to report that the planning application for development of six
houses is complete and has been submitted to the local authority for
consideration. When we have further news we will keep shareholders informed.
Dividend
The Board of Directors consider that Densitron is in a much stronger financial
position than it has been for some time and are optimistic regarding the outlook
for trading. Consequently, I am pleased to announce a resumption of the payment
of dividends, with an interim dividend of 0.1p per share being declared which
will be paid on 22 October 2010to members recorded on the Company's share
register at 24 September 2010.
Outlook
I have been very encouraged by the level of orders booked during the first half
of 2010 and I am pleased that this improvement has continued into the second
half of the year. We have far exceeded our internal forecasts for the first six
months, which gives us strong confidence for the second half of the year.
Jan Holmstrom
Chairman
13 September 2010
Unaudited Condensed Consolidated Income statement
For the six months ended 30th June 2010
+------------------------------------+----------+----------+----------+----------+----------+
| | 6 months | | 6 months | | Year to |
| | to 30th | | to 30th | | 31st |
| | June | | June | | December |
| | 2010 | | 2009 | | 2009 |
| | | | | | Audited |
| | GBP000 | | GBP000 | | GBP000 |
+------------------------------------+----------+----------+----------+----------+----------+
| Continuing operations | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Revenue | 8,581 | | 7,252 | | 15,123 |
+------------------------------------+----------+----------+----------+----------+----------+
| Cost of sales | (5,947) | | (4,760) | | (10,188) |
+------------------------------------+----------+----------+----------+----------+----------+
| Gross profit | 2,634 | | 2,492 | | 4,935 |
+------------------------------------+----------+----------+----------+----------+----------+
| Other operating income | 45 | | 103 | | 269 |
+------------------------------------+----------+----------+----------+----------+----------+
| Distribution costs | (27) | | (25) | | (50) |
+------------------------------------+----------+----------+----------+----------+----------+
| Administrative expenses | (2,498) | | (2,710) | | (4,908) |
+------------------------------------+----------+----------+----------+----------+----------+
| Profit/(loss) from operations | 154 | | (140) | | 246 |
+------------------------------------+----------+----------+----------+----------+----------+
| Financial income | 3 | | 20 | | 28 |
+------------------------------------+----------+----------+----------+----------+----------+
| Financial expenses | (60) | | (69) | | (115) |
+------------------------------------+----------+----------+----------+----------+----------+
| Profit/(loss) before tax | 97 | | (189) | | 159 |
+------------------------------------+----------+----------+----------+----------+----------+
| Income tax expense | (68) | | (9) | | (48) |
+------------------------------------+----------+----------+----------+----------+----------+
| Profit/(loss) for the period | 29 | | (198) | | 111 |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Attributable to: | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Equity holders of the parent | 23 | | (196) | | 122 |
+------------------------------------+----------+----------+----------+----------+----------+
| Minority interests | 6 | | (2) | | (11) |
+------------------------------------+----------+----------+----------+----------+----------+
| | 29 | | (198) | | 111 |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Basic and diluted earnings per | | | | | |
| share | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Earnings/(loss) per share from | | | | | |
| continuing and discontinued | 0.03p | | (0.28)p | | 0.18p |
| operations | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Earnings/(loss) per share on | | | | | |
| continuing operations | 0.03p | | (0.28)p | | 0.18p |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
Unaudited Condensed Statement of comprehensive income
For the six months to 30th June 2010
+------------------------------------+----------+----------+----------+----------+----------+
| | 6 months | | 6 months | | Year to |
| | to | | to | | 31st |
| | 30th | | 30th | | December |
| | June | | June | | 2009 |
| | 2010 | | 2009 | | Audited |
| | | | | | GBP000 |
| | GBP000 | | GBP000 | | |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Profit/(loss) for the period | 29 | | (198) | | 111 |
+------------------------------------+----------+----------+----------+----------+----------+
| Other comprehensive income: | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Available-for-sale investments: | | | | | |
| Valuation gains on | - | | - | | 54 |
| available-for-sale investments | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Foreign currency translation | | | | | |
| differences for foreign operations | 110 | | (325) | | (354) |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Total other comprehensive income | 110 | | (325) | | (300) |
+------------------------------------+----------+----------+----------+----------+----------+
| Total comprehensive income for the | 139 | | (523) | | (189) |
| period | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Attributable to: | | | | | |
+------------------------------------+----------+----------+----------+----------+----------+
| Equity holders of the parent | 133 | | (521) | | (171) |
+------------------------------------+----------+----------+----------+----------+----------+
| Minority interests | 6 | | (2) | | (18) |
+------------------------------------+----------+----------+----------+----------+----------+
| | 139 | | (523) | | (189) |
+------------------------------------+----------+----------+----------+----------+----------+
Unaudited Condensed Consolidated Balance Sheet
As at 30th June 2010
+-------------------------------------+---------+----------+---------+----------+----------+
| | 30th | | 30th | | 31st |
| | June | | June | | December |
| | 2010 | | 2009 | | 2009 |
| | | | | | Audited |
| | | | | | GBP000 |
| | GBP000 | | GBP000 | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Non-current assets | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Property, plant and equipment | 259 | | 201 | | 235 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Goodwill | 143 | | 143 | | 143 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Financial assets | 5,100 | | 6,185 | | 5,100 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Deferred tax assets | 35 | | 63 | | 47 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | 5,537 | | 6,592 | | 5,525 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Current assets | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Inventories | 1,082 | | 1,084 | | 667 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Trade and other receivables | 4,157 | | 2,396 | | 3,681 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Financial assets | 318 | | 391 | | 393 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Income tax recoverable | 95 | | 95 | | 128 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Cash and cash equivalents | 1,662 | | 1,450 | | 1,626 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | 7,314 | | 5,416 | | 6,495 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Total assets | 12,851 | | 12,008 | | 12,020 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Current liabilities | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Borrowings | 1,839 | | 2,432 | | 1,934 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Trade and other payables | 2,849 | | 1,851 | | 2,248 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Current tax payable | 128 | | 31 | | 70 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Provisions | 35 | | 84 | | 34 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | 4,851 | | 4,398 | | 4,286 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Non-current liabilities | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Borrowings | 134 | | 240 | | - |
+-------------------------------------+---------+----------+---------+----------+----------+
| Provisions | 177 | | 154 | | 178 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Deferred tax liabilities | - | | 4 | | - |
+-------------------------------------+---------+----------+---------+----------+----------+
| | 311 | | 398 | | 178 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Total liabilities | 5,162 | | 4,796 | | 4,464 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| | 7,689 | | 7,212 | | 7,556 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Equity | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Share Capital | 3,483 | | 3,483 | | 3,483 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Retained earnings | 3,825 | | 3,281 | | 3,752 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Special reserve | 137 | | 340 | | 188 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Available-for sale-reserve | 54 | | - | | 54 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Translation reserve | 144 | | 56 | | 34 |
+-------------------------------------+---------+----------+---------+----------+----------+
| Equity attributable to shareholders | 7,643 | | 7,160 | | 7,511 |
| of Densitron | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Minority interests | 46 | | 52 | | 45 |
+-------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+-------------------------------------+---------+----------+---------+----------+----------+
| Total equity | 7,689 | | 7,212 | | 7,556 |
+-------------------------------------+---------+----------+---------+----------+----------+
Unaudited Condensed Statement of Changes in Shareholders Equity
For the 6 months to 30th June 2010
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| | | Share | Translation | Special | Available- | Retained | Total | Non-controlling | Total |
| | | capital | reserve | | for-sale | earnings | Attributable | interest | equity |
| | | | | reserve | reserve | | to equity | | |
| | | | | | | | holders of | | |
| | | | | | | | the parent | GBP000 | |
| | | GBP000 | GBP000 | | GBP000 | GBP000 | GBP000 | | GBP000 |
| | | | | GBP000 | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Balance | | | | | | | | | |
| at 1 | | 3,483 | 381 | 390 | - | 3,428 | 7,682 | 71 | 7,753 |
| January | | | | | | | | | |
| 2009 | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Total | | | | | | | | | |
| comprehensive | | - | (325) | - | - | (197) | (522) | (19) | (541) |
| income for | | | | | | | | | |
| the period | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Transfer | | | | | | | | | |
| from | | - | - | (50) | - | 50 | - | - | - |
| special | | | | | | | | | |
| reserve | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Balance | | | | | | | | | |
| at 30 | | 3,483 | 56 | 340 | - | 3,281 | 7,160 | 52 | 7,212 |
| June 2009 | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Total | | | | | | | | | |
| comprehensive | | - | (22) | - | 54 | 319 | 351 | (7) | 344 |
| income for | | | | | | | | | |
| the period | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Transfer | | | | | | | | | |
| from | | - | - | (152) | - | 152 | - | - | - |
| special | | | | | | | | | |
| reserve | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Balance | | | | | | | | | |
| at 31 | | 3,483 | 34 | 188 | 54 | 3,752 | 7,511 | 45 | 7,556 |
| December | | | | | | | | | |
| 2009 | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Total | | | | | | | | | |
| comprehensive | | - | 110 | - | - | 22 | 132 | 1 | 133 |
| income for | | | | | | | | | |
| the period | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Transfer | | | | | | | | | |
| from | | - | - | (51) | - | 51 | - | - | - |
| special | | | | | | | | | |
| reserve | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| Balance | | | | | | | | | |
| at 30 | | 3,483 | 144 | 137 | 54 | 3,825 | 7,643 | 46 | 7,689 |
| June 2010 | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
| | | | | | | | | | |
+---------------+----------+---------+-------------+---------+------------+----------+--------------+-----------------+--------+
Unaudited Condensed Consolidated Cash flow Statement
For the 6 months ended 30th June 2010
+------------------------------------+---------+----------+---------+----------+----------+
| | 6 | | 6 | | Year to |
| | months | | months | | 31st |
| | to | | to | | December |
| | 30th | | 30th | | 2009 |
| | June | | June | | Audited |
| | 2010 | | 2009 | | GBP000 |
| | | | | | |
| | GBP000 | | GBP000 | | |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Profit/(loss) before taxation | 97 | | (189) | | 159 |
+------------------------------------+---------+----------+---------+----------+----------+
| Adjustments for: | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Depreciation | 23 | | 30 | | 50 |
+------------------------------------+---------+----------+---------+----------+----------+
| Net finance expense | 58 | | 49 | | 92 |
+------------------------------------+---------+----------+---------+----------+----------+
| | 178 | | (110) | | 301 |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in financial asset | 55 | | (236) | | (446) |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in inventories | (417) | | 180 | | 654 |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in trade and other | (389) | | 2,531 | | 1,423 |
| receivables | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in trade and other payables | 582 | | (1,928) | | (1,681) |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in provisions | - | | (34) | | (60) |
+------------------------------------+---------+----------+---------+----------+----------+
| | 9 | | 403 | | 191 |
+------------------------------------+---------+----------+---------+----------+----------+
| Income tax paid | 24 | | (59) | | (79) |
+------------------------------------+---------+----------+---------+----------+----------+
| Net cash from operating activities | 33 | | 344 | | 112 |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Cash flows from investing | | | | | |
| activities | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Interest received | 3 | | 3 | | 23 |
+------------------------------------+---------+----------+---------+----------+----------+
| Proceeds from capital reduction of | | | | | |
| available-for-sale investments | - | | - | | 1,139 |
+------------------------------------+---------+----------+---------+----------+----------+
| Disposal of discontinued operation | 20 | | 410 | | 495 |
+------------------------------------+---------+----------+---------+----------+----------+
| Acquisition of plant, property and | (40) | | (3) | | (54) |
| equipment | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| | (17) | | 410 | | 1,603 |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Cash flows from financing | | | | | |
| activities | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Inception of new loans | - | | - | | 16 |
+------------------------------------+---------+----------+---------+----------+----------+
| Repayment of borrowings | (57) | | (57) | | (1,015) |
+------------------------------------+---------+----------+---------+----------+----------+
| Interest paid | (60) | | (52) | | (115) |
+------------------------------------+---------+----------+---------+----------+----------+
| Payment of finance leases | - | | (5) | | (5) |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in trade finance creditor | (118) | | (567) | | (251) |
+------------------------------------+---------+----------+---------+----------+----------+
| Change in letters of credit | 621 | | (316) | | (281) |
+------------------------------------+---------+----------+---------+----------+----------+
| Dividends paid to minorities | - | | (9) | | (8) |
+------------------------------------+---------+----------+---------+----------+----------+
| Net cash used in financing | 386 | | (1,006) | | (1,659) |
| activities | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Net decrease in cash and cash | 402 | | (252) | | 56 |
| equivalents | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Cash and cash equivalents at 1st | 1,107 | | 1,202 | | 1,202 |
| January | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Effect of exchange rate | 69 | | (238) | | (151) |
| fluctuation on cash held | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
| Cash and cash equivalents at the | | | | | |
| end of the period | 1,578 | | 712 | | 1,107 |
+------------------------------------+---------+----------+---------+----------+----------+
| | | | | | |
+------------------------------------+---------+----------+---------+----------+----------+
Notes to the Unaudited Condensed Financial Statements
For the six months ended 30th June 2010
1. General information
Densitron Technologies plc is a public limited company ("the Company")
incorporated in the United Kingdom under the Companies Act 1985 (registration
number 1962726).
The Company is domiciled in the United Kingdom and its registered address is 4th
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 statement for the year ended 31 December 2010 and are
unchanged from those disclosed in the group's Annual Report for the year ended
31 December 2009.
The financial information for the six months ended 30 June 2010 and 30 June 2009
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 2009 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. Revenue
+-------------------------------------+-+-----------+-----------+----------+
| | | 6 months | 6 | Year to |
| | | to 30th | months | 31st |
| | | June | to 30th | December |
| | | 2010 | June | 2009 |
| | | Unaudited | 2009 | Audited |
| | | GBP000 | Unaudited | GBP000 |
| | | | GBP000 | |
+-------------------------------------+-+-----------+-----------+----------+
| Revenue by location of reporting | | | | |
| entity | | | | |
+-------------------------------------+-+-----------+-----------+----------+
| Europe | | 4,700 | 3,797 | 8,426 |
+-------------------------------------+-+-----------+-----------+----------+
| USA | | 3,043 | 2,681 | 5,199 |
+-------------------------------------+-+-----------+-----------+----------+
| Asia | | 838 | 774 | 1,498 |
+-------------------------------------+-+-----------+-----------+----------+
| | | 8,581 | 7,252 | 15,123 |
+-------------------------------------+-+-----------+-----------+----------+
+-------------------------------------+-+----------+---------+----------+
| Gross profit by location of | | | | |
| reporting entity | | | | |
+-------------------------------------+-+----------+---------+----------+
| Europe | | 1,350 | 1,294 | 2,711 |
+-------------------------------------+-+----------+---------+----------+
| USA | | 859 | 747 | 1,412 |
+-------------------------------------+-+----------+---------+----------+
| Asia | | 425 | 451 | 812 |
+-------------------------------------+-+----------+---------+----------+
| | | 2,634 | 2,492 | 4,935 |
+-------------------------------------+-+----------+---------+----------+
4. Segmental analysis
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | UK | France | Finland | Germany | US | Japan | Asia | Total |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| 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 | 2,017 | 1,127 | 371 | 1,185 | 3,043 | 695 | 143 | 8,581 |
| customers | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Profit/(loss) | | | | | | | | |
| before tax | 44 | (1) | 32 | (56) | 196 | 40 | 25 | 280 |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| 6 months to 30 June | | | | | | | |
| 2009 | | | | | | | |
+-------------------------+--------+---------+---------+--------+--------+---------+---------+
| Revenue | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Total | 2,161 | 1,067 | 295 | 876 | 2,705 | 963 | 1,935 | 10,002 |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Intercompany | (576) | (26) | - | - | (24) | (273) | (1,851) | (2,750) |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Revenue from | | | | | | | | |
| external | 1,585 | 1,041 | 295 | 876 | 2,681 | 690 | 84 | 7,252 |
| customers | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Profit/(loss) | | | | | | | | |
| before tax | (137) | (4) | (23) | 5 | 62 | 25 | 4 | (68) |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Year to 31 December | | | | | | | |
| 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 | 3,457 | 2,047 | 677 | 2,245 | 5,199 | 1,311 | 187 | 15,123 |
| customers | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| Profit/(loss) | | | | | | | | |
| before tax | (29) | (15) | (57) | 74 | 244 | 59 | 15 | 291 |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
| | | | | | | | | |
+---------------+---------+--------+---------+---------+--------+--------+---------+---------+
+---------------------------------------+-----------+-----------+----------+
| 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 |
| | June | June | December |
| | 2010 | 2009 | 2009 |
| | Unaudited | Unaudited | Audited |
| | GBP000 | GBP000 | GBP000 |
+---------------------------------------+-----------+-----------+----------+
| | | | |
| Revenue | | | |
+---------------------------------------+-----------+-----------+----------+
| Total revenue for reported segments | 12,146 | 10,002 | 20,577 |
+---------------------------------------+-----------+-----------+----------+
| Elimination of inter-segmental | (3,565) | (2,750) | (5,454) |
| revenues | | | |
+---------------------------------------+-----------+-----------+----------+
| Group's revenue per consolidated | | | |
| statement of comprehensive income | 8,581 | 7,252 | 15,123 |
+---------------------------------------+-----------+-----------+----------+
| | | | |
+---------------------------------------+-----------+-----------+----------+
| Profit/(loss) after income tax | | | |
| expenses | | | |
+---------------------------------------+-----------+-----------+----------+
| Total profit/(loss) for reporting | 280 | (68) | 291 |
| segments | | | |
+---------------------------------------+-----------+-----------+----------+
| Costs associated with Head Office | (183) | (121) | (132) |
+---------------------------------------+-----------+-----------+----------+
| Income tax expenses | (68) | (9) | (48) |
+---------------------------------------+-----------+-----------+----------+
| Profit/(loss) after income tax | 29 | (198) | 111 |
| expenses | | | |
+---------------------------------------+-----------+-----------+----------+
| | | | |
+---------------------------------------+-----------+-----------+----------+
5. Taxation
Taxation for the 6 months ended 30th June 2010 has been calculated by applying
the estimated tax rate for the current financial year ending 31st December 2010.
6. Dividend
An interim dividend of 0.1 pence per share has been proposed by the Board in
respect of the six months to 30 June 2010 (2009: nil).
7. Earnings per share
+-------------------------------------+-+------------+------------+------------+
| | | 6 months | 6 | Year to |
| | | to | months | 31st |
| | | 30th | to 30th | December |
| | | June | June | 2009 |
| | | 2010 | 2009 | Audited |
| | | Unaudited | Unaudited | GBP000 |
| | | GBP000 | GBP000 | |
+-------------------------------------+-+------------+------------+------------+
| Profit/(loss) attributable to | | | | |
| ordinary shareholders | | | | |
+-------------------------------------+-+------------+------------+------------+
| Continuing operations | | 23 | (196) | 122 |
+-------------------------------------+-+------------+------------+------------+
| | | | | |
+-------------------------------------+-+------------+------------+------------+
| Weighted average number of ordinary | | | | |
| shares | | | | |
+-------------------------------------+-+------------+------------+------------+
| Issued at 1 January 2010 | | 69,669,106 | 69,669,106 | 69,669,106 |
+-------------------------------------+-+------------+------------+------------+
| Effect of purchase of Treasury | | | | |
| shares on 23rd October 2008 | | (500,000) | (500,000) | (500,000) |
+-------------------------------------+-+------------+------------+------------+
| Weighted average number of ordinary | | | | |
| shares at | | 69,169,106 | 69,169,106 | 69,169,106 |
| 30th June 2010 | | | | |
+-------------------------------------+-+------------+------------+------------+
9. 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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