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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Imagelinx | LSE:ILI | London | Ordinary Share | GB0004352935 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.225 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMILI
RNS Number : 3990Q
Imagelinx PLC
03 August 2010
Imagelinx plc (the "Company")
Interim Results
03 August 2010
Highlights
· Half year revenue of GBP6.1m, up by GBP0.5m (8.1%) on the comparable
period in the prior year (2009 first half GBP5.6m).
· Costs incurred in increasing capacity resulted in a loss before tax of
GBP286,000 (2009 first half profit of GBP487,000). Reorganisation and cost
reductions to be complete in August 2010.
· Earnings before interest, depreciation, intangible assets amortisation,
exceptional items and tax GBP200,000 (2009 first half GBP775,000).
· Two new major clients won in the first half of the year and will begin
contributing to revenue in the second half.
· Share capital restructure and cancellation of share premium reserve
eliminates the historical losses from the balance sheet.
Operating review
The main feature of the first half year's results has been the increase in cost
of sales by GBP0.6m to GBP3.7m, compared to the second half of last year
GBP3.1m. In March, it was reported with the annual results for 2009 that our
costs had increased in the last quarter of 2009 and that these costs would
continue into the current year. This has indeed been the case. The additional
expenditure including the establishment of the Cincinnati studio and additional
staff in some locations was incurred to urgently strengthen service levels. The
result has been that despite an increase of 8.1% in revenue, a loss of
GBP286,000 before tax was incurred. The process of offsetting these costs as
work is rebalanced across the Group began in the second quarter and will be
completed in August 2010.
Earnings before exceptional items, amortisation of intangible assets,
depreciation, interest and tax were GBP200,000. The operating result before
other operating expenses, which includes exceptional costs and amortisation was
a small loss of GBP3,000.
Administration costs at GBP2.4m were broadly in line with the second half of
last year (GBP2.3m). Revenue of GBP6.1m was also very similar to the second
half of 2009, however, this represented a rise of 8.1% from the first half of
2009.
Other operating expenses of GBP269,000 include exceptional costs of GBP169,000
relating to redundancies and the change of management in North America and a
further GBP100,000 charge for intangible assets amortisation. Earnings per
share loss is 0.10p (2009 first half: Earnings per share profit of 0.17p).
The net bank borrowing has increased from GBP125,000 at the end of 2009 to
GBP742,000. Trade and other debtors rose from GBP3.6m at the end of last year to
GBP4.1m at the end of June, 2010, however debtors have since returned to a more
normal level of GBP3.6m and net borrowings to GBP476,000.
Capital investment of GBP0.2m has also contributed to the increased net
borrowing position. The implementation of new studio tools across the main
sites in the UK and the USA has taken place, and a new order entry system is
nearing completion of its roll-out. Both of these have already assisted in
handling larger volumes and the improved automation will assist both quality and
production. Total capital expenditure during the period was GBP0.4m of which
GBP0.2m has been lease financed.
Two additional clients have been won in the first half of the year, and these
will contribute to turnover before the end of the third quarter. One client is a
major spirits branded business and the other is a large printer in France. The
second half of the year will see the conclusion of a considerable number of
tenders for existing and new business.
On 16th June 2010 the share capital and share premium accounts were reduced by a
capital reduction as approved by the High Court. The capital reduction
eradicated the historical loss of GBP45m in the profit and loss account. The
deferred shares were also cancelled as part of this process, so that Imagelinx
now has a clearer and simpler balance sheet which better reflects the current
position of the company.
Outlook
With a lower cost base going into the second half of the year, and assuming that
revenue remains at approximately the same levels as in the first half of the
year, a significantly improved performance in the second half of the year is
expected.
Enquiries:
Imagelinx plc
Richard Clothier, Chairman Tel: +44 (0) 7771 644 962
Alistair Rae, CEO Tel: +44 (0) 7736 883 934
Seymour Pierce Limited (Nominated Advisor and Broker)
Freddy Crossley/David Foreman
Tel: +44 (0)20 7107 8000
Editors Note:
Imagelinx plc is a global provider of graphic brand management services.
It has operations in UK and USA, offices in France and Germany and is quoted on
the Alternative Investment Market in London.
CONSOLIDATED INCOME STATEMENT
+----------------------------+-------+---------------+---------------+---------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+----------------------------+-------+---------------+---------------+---------------+
| | | 6 months | 6 | Year |
| | | | months | |
+----------------------------+-------+---------------+---------------+---------------+
| | Notes | ended 30 | ended | ended |
| | | June | 30 | 31 |
| | | | June | December |
+----------------------------+-------+---------------+---------------+---------------+
| | | 2010 | 2009 | 2009 |
+----------------------------+-------+---------------+---------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+-------+---------------+---------------+---------------+
| cONTINUING OPERATIONS | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| Revenue | 3 | 6,103 | 5,648 | 11,728 |
+----------------------------+-------+---------------+---------------+---------------+
| Cost of sales | | (3,746) | (2,774) | (5,822) |
+----------------------------+-------+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+----------------------------+-------+---------------+---------------+---------------+
| GROSS PROFIT | | 2,357 | 2,874 | 5,906 |
+----------------------------+-------+---------------+---------------+---------------+
| | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| Other operating income | | - | - | 98 |
+----------------------------+-------+---------------+---------------+---------------+
| Administration expenses | | (2,360) | (2,267) | (4,594) |
+----------------------------+-------+---------------+---------------+---------------+
| Other operating expenses | | (269) | (94) | (205) |
+----------------------------+-------+---------------+---------------+---------------+
| | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+----------------------------+-------+---------------+---------------+---------------+
| OPERATING RESULT | | (272) | 513 | 1,205 |
+----------------------------+-------+---------------+---------------+---------------+
| | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| Finance income | | - | - | - |
+----------------------------+-------+---------------+---------------+---------------+
| Finance costs | | (14) | (26) | (46) |
+----------------------------+-------+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+----------------------------+-------+---------------+---------------+---------------+
| (LOSS)/PROFIT BEFORE TAX | | (286) | 487 | 1,159 |
+----------------------------+-------+---------------+---------------+---------------+
| | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| Tax expense | | - | - | (9) |
+----------------------------+-------+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+----------------------------+-------+---------------+---------------+---------------+
| | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| RESULT FOR THE PERIOD | | (286) | 487 | 1,150 |
+----------------------------+-------+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+----------------------------+-------+---------------+---------------+---------------+
| | | | | |
| (Loss)/profit per ordinary | 4 | | | |
| share | | | | |
+----------------------------+-------+---------------+---------------+---------------+
| Basic | | (0.10p) | 0.17p | 0.40p |
+----------------------------+-------+---------------+---------------+---------------+
| Diluted | | (0.10p) | 0.16p | 0.38p |
+----------------------------+-------+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+----------------------------+-------+---------------+---------------+---------------+
consolidated STATEMENT OF comprehensive income
+-----------------------------+--+---------------+---------------+---------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------+--+---------------+---------------+---------------+
| | | 6 months | 6 | Year |
| | | | months | |
+-----------------------------+--+---------------+---------------+---------------+
| | | ended 30 | ended | ended |
| | | June | 30 | 31 |
| | | | June | December |
+-----------------------------+--+---------------+---------------+---------------+
| | | 2010 | 2009 | 2009 |
+-----------------------------+--+---------------+---------------+---------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+--+---------------+---------------+---------------+
| | | | | |
+-----------------------------+--+---------------+---------------+---------------+
| (Loss)/profit for the | | (286) | 487 | 1,150 |
| period | | | | |
+-----------------------------+--+---------------+---------------+---------------+
| | | | | |
+-----------------------------+--+---------------+---------------+---------------+
| Exchange differences on | | 12 | (76) | (1) |
| translation of foreign | | | | |
| operations | | | | |
+-----------------------------+--+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+-----------------------------+--+---------------+---------------+---------------+
| Total COMPREHENSIVE income | | (274) | 411 | 1,149 |
| for the period | | | | |
+-----------------------------+--+---------------+---------------+---------------+
| | | _____________ | _____________ | _____________ |
+-----------------------------+--+---------------+---------------+---------------+
consolidated STATEMENT OF CHanges in equity
+------------------+--------------+--------------+--------------+--------------+--------------+
| | Share | Share | Translation | Retained | |
| | Capital | Premium | reserve | earnings | Total |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| At 1 July 2009 | 14,452 | 38,644 | (106) | (45,751) | 7,239 |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Credit in | | | | | |
| respect of share | - | - | - | (6) | (6) |
| based payments | | | | | |
| and total | | | | | |
| transactions | | | | | |
| with owners | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Profit for the | - | - | - | 663 | 663 |
| period | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Currency | | | | | |
| translation | - | - | 75 | - | 75 |
| differences | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Total | | | | | |
| comprehensive | - | - | 75 | 663 | 738 |
| income | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| At 31 December | 14,452 | 38,644 | (31) | (45,094) | 7,971 |
| 2009 | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Capital | (14,163) | (38,644) | - | 52,807 | - |
| reduction and | | | | | |
| total | | | | | |
| transactions | | | | | |
| with owners | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Loss for the | - | - | - | (286) | (286) |
| period | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Currency | | | | | |
| translation | - | - | 12 | - | 12 |
| differences | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| Total | | | | | |
| comprehensive | - | - | 12 | (286) | (274) |
| income | | | | | |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
| At 30 June 2010 | 289 | - | (19) | 7,427 | 7,697 |
+------------------+--------------+--------------+--------------+--------------+--------------+
| | ____________ | ____________ | ____________ | ____________ | ____________ |
+------------------+--------------+--------------+--------------+--------------+--------------+
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+---------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------------+-------------+-------------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
+---------------------------------+-------------+-------------+-----------+
| | 2010 | 2009 | 2009 |
+---------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+-------------+-------------+-----------+
| NON-CURRENT ASSETS | | | |
+---------------------------------+-------------+-------------+-----------+
| Goodwill | 4,384 | 4,384 | 4,384 |
+---------------------------------+-------------+-------------+-----------+
| Other intangible assets | 293 | 491 | 393 |
+---------------------------------+-------------+-------------+-----------+
| Property, plant and equipment | 1,247 | 919 | 1,053 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | 5,924 | 5,794 | 5,830 |
+---------------------------------+-------------+-------------+-----------+
| CURRENT ASSETS | | | |
+---------------------------------+-------------+-------------+-----------+
| Inventories | 101 | 70 | 109 |
+---------------------------------+-------------+-------------+-----------+
| Trade and other receivables | 4,117 | 3,198 | 3,557 |
+---------------------------------+-------------+-------------+-----------+
| Cash and cash equivalents | 17 | 152 | 166 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | 4,235 | 3,420 | 3,832 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| TOTAL ASSETS | 10,159 | 9,214 | 9,662 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| CURRENT LIABILITIES | | | |
+---------------------------------+-------------+-------------+-----------+
| Trade and other payables | (1,433) | (1,274) | (1,310) |
+---------------------------------+-------------+-------------+-----------+
| Obligations under finance | (66) | (60) | (32) |
| leases | | | |
+---------------------------------+-------------+-------------+-----------+
| Bank overdrafts and loans | (759) | (480) | (291) |
+---------------------------------+-------------+-------------+-----------+
| Loan notes | - | (161) | - |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | (2,258) | (1,975) | (1,633) |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| NON-CURRENT LIABILITIES | | | |
+---------------------------------+-------------+-------------+-----------+
| Obligations under finance | (204) | - | (58) |
| leases | | | |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | (204) | - | (58) |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | | | |
+---------------------------------+-------------+-------------+-----------+
| TOTAL LIABILITiES | (2,462) | (1,975) | (1,691) |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| NET ASSETS | 7,697 | 7,239 | 7,971 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| EQUITY | | | |
+---------------------------------+-------------+-------------+-----------+
| Share capital | 289 | 14,452 | 14,452 |
+---------------------------------+-------------+-------------+-----------+
| Share premium account | - | 38,644 | 38,644 |
+---------------------------------+-------------+-------------+-----------+
| Translation reserve | (19) | (106) | (31) |
+---------------------------------+-------------+-------------+-----------+
| Profit and loss account | 7,427 | (45,751) | (45,094) |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | 7,697 | 7,239 | 7,971 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
CONSOLIDATED STATEMENT OF CASH FLOWS
+--------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+--------------------------+-------------+-------------+------------+
| | 6 months | 6 months | Year |
+--------------------------+-------------+-------------+------------+
| | ended 30 | ended 30 | ended 31 |
| | June | | December |
| | | June | |
+--------------------------+-------------+-------------+------------+
| | 2010 | 2009 | 2009 |
+--------------------------+-------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+-------------+-------------+------------+
| | | | |
+--------------------------+-------------+-------------+------------+
| NET CASH | (392) | 246 | 898 |
| (outflow)/inflow from | | | |
| operating activitieS | | | |
+--------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| Investing activities | | | |
+--------------------------+-------------+-------------+------------+
| Purchases of property, | (191) | (137) | (320) |
| plant and equipment | | | |
+--------------------------+-------------+-------------+------------+
| | ________ | ________ | _________ |
+--------------------------+-------------+-------------+------------+
| Net cash used in | (191) | (137) | (320) |
| investing activities | | | |
+--------------------------+-------------+-------------+------------+
| | ________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| Financing activities | | | |
+--------------------------+-------------+-------------+------------+
| Interest paid | (14) | (26) | (30) |
+--------------------------+-------------+-------------+------------+
| Repayment of obligations | (20) | (44) | (120) |
| under finance leases | | | |
+--------------------------+-------------+-------------+------------+
| Repayment of loans | - | - | (185) |
+--------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| Net cash used by | (34) | (70) | (335) |
| financing activities | | | |
+--------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| (DECREASE)/INCREASE in | (617) | 39 | 243 |
| cash | | | |
+--------------------------+-------------+-------------+------------+
| Cash and cash | (125) | (367) | (367) |
| equivalents at start of | | | |
| period | | | |
+--------------------------+-------------+-------------+------------+
| Net foreign exchange | - | - | (1) |
| difference | | | |
+--------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| Cash and cash | (742) | (328) | (125) |
| equivalents at end of | | | |
| period | | | |
+--------------------------+-------------+-------------+------------+
| | ________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| Cash and cash | | | |
| equivalents comprise | | | |
+--------------------------+-------------+-------------+------------+
| Cash and cash | 17 | 152 | 166 |
| equivalents | | | |
+--------------------------+-------------+-------------+------------+
| Bank overdrafts | (759) | (480) | (291) |
+--------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
| | (742) | (328) | (125) |
+--------------------------+-------------+-------------+------------+
| | _________ | _________ | _________ |
+--------------------------+-------------+-------------+------------+
1 Basis of Preparation
This interim announcement was approved by the Board of Directors on 2 August
2010.
The financial information set out in this interim report does not constitute
statutory accounts within the meaning of section 435 of the Companies Act 2006.
The group's statutory financial statements for the year ended 31 December 2009,
prepared under International Financial Reporting Standards as issued by the IASB
and adopted by the European Union (IFRS), have been filed with the Registrar of
Companies. The auditor's report on those financial statements was unmodified
and did not contain a statement under Section 498(2) or (3) (accounting records
or returns inadequate, accounts not agreeing with records and returns or failure
to obtain necessary information and explanations) of the Companies Act 2006.
The directors continually monitor the financial position of the group, taking
into account the latest forecasts of future cash flows and analyses of these
forecasts, sensitised in respect of the key uncertainties facing the group's
ability to generate cash. The directors consider that the group's ability to
continue as a going concern is dependant on the timing of actual versus targeted
sales in Imagelinx while it is building up the client base for its services.
A copy of the Interim Results is available on the company's website
www.imagelinx.co.uk
2 Accounting Policies
The accounting policies used in this interim report are the same as those set
out in the financial statements for the year ended 31 December 2009.
3 segmental analysis
Imagelinx plc operates in only one division, that of packaging graphics
services, with all significant operations being based either in the UK, Germany
or the United States. The segmental analysis of operations is as follows:
+---------------------------------+-------------+-------------+-----------+
| Segmental analysis by activity | (Unaudited) | (Unaudited) | (Audited) |
| | | | |
+---------------------------------+-------------+-------------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
+---------------------------------+-------------+-------------+-----------+
| | 2010 | 2009 | 2009 |
+---------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+-------------+-------------+-----------+
| | | | |
+---------------------------------+-------------+-------------+-----------+
| REVENUE BY ORIGIN FROM EXTERNAL | | | |
| CUSTOMERS | | | |
+---------------------------------+-------------+-------------+-----------+
| UK | 4,694 | 4,480 | 9,254 |
+---------------------------------+-------------+-------------+-----------+
| US | 1,409 | 1,168 | 2,474 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| Total Revenue | 6,103 | 5,648 | 11,728 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| | | | |
+---------------------------------+-------------+-------------+-----------+
| SEGMENT RESULT | | | |
+---------------------------------+-------------+-------------+-----------+
| UK | 141 | 493 | 1,023 |
+---------------------------------+-------------+-------------+-----------+
| Germany | (190) | (250) | (63) |
+---------------------------------+-------------+-------------+-----------+
| US | (223) | 270 | 245 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| Operating result | (272) | 513 | 1,205 |
+---------------------------------+-------------+-------------+-----------+
| | | | |
+---------------------------------+-------------+-------------+-----------+
| Finance costs | (14) | (26) | (46) |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
| (Loss)/profit before tax | (286) | 487 | 1,159 |
+---------------------------------+-------------+-------------+-----------+
| | _________ | _________ | _________ |
+---------------------------------+-------------+-------------+-----------+
4 PROFIT per ordinary share
The calculation of basic and diluted earnings per share is based on the
following data.
Earnings:
+--------------------------------+-------------+-------------+-----------+
| | (Unaudited) | (Unaudited) | (Audited) |
+--------------------------------+-------------+-------------+-----------+
| | 30 | 30 | 31 |
| | June | June | December |
+--------------------------------+-------------+-------------+-----------+
| | 2010 | 2009 | 2009 |
+--------------------------------+-------------+-------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-------------+-------------+-----------+
| (Loss)/profit for the year | (286) | 487 | 1,150 |
+--------------------------------+-------------+-------------+-----------+
| | | | |
+--------------------------------+-------------+-------------+-----------+
Number of shares
+--------------------------------+-------------+-------------+-------------+
| | 30 June | 30 June | 31 |
| | 2010 | 2009 | December |
| | | | 2009 |
+--------------------------------+-------------+-------------+-------------+
| | No. | No. | No. |
+--------------------------------+-------------+-------------+-------------+
| Weighted average number of | 289,038,635 | 289,038,635 | 289,038,635 |
| ordinary shares for the | | | |
| purposes of basic earnings per | | | |
| share | | | |
+--------------------------------+-------------+-------------+-------------+
| Effect of dilutive potential | 18,576,979 | 16,959,129 | 11,580,261 |
| ordinary shares Share options | | | |
+--------------------------------+-------------+-------------+-------------+
| Weighted average number of | | | |
| ordinary shares for the | 307,615,614 | 305,997,764 | 300,618,896 |
| purposes of diluted earnings | | | |
| per share | | | |
+--------------------------------+-------------+-------------+-------------+
In accordance with IAS 33 "Earnings per share", diluted earnings per share for
30 June 2010 is taken as being equal to basic earnings per share, where the
Group has recorded a loss, as the effect of including share options is
anti-dilutive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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