Final Results

 

TIDMJDR 
 
RNS Number : 6650Y 
Jourdan PLC 
08 September 2009 
 

Jourdan PLC 
(Jourdan or the "Company") 
 
 
Results for the year ended 30 June 2009 
 
 
 
 
 
 
Chairman's Statement 
 
 
Financial Results 
This has been another year of substantial progress with the timely disposal of 
the assets of the marginally profitable John Corby Limited business, a major 
increase in underlying profits from the continuing activities and the successful 
implementation of the agreement for the future funding of the Pension Fund. 
 
 
Full year sales from continuing activities increased by 3% to GBP18.1 million 
(2008: GBP17.6 million). Operating profit from continuing activities before 
amortisation and impairment of intangibles was GBP1,975,000 (2008: GBP1,452,000 
excluding a one off surplus of GBP410,000 on settlement of certain pension 
liabilities). Prior year figures have been amended to reflect John Corby Limited 
as a discontinued activity. 
 
 
In overall terms profit before tax was GBP1,394,000 (2008: GBP344,000). Earnings 
per share for the year were 27.0p (2008: 9.0p). 
 
 
The Company remains well capitalised, with net current assets of GBP561,000 at 
30 June 2009 (2008: GBP358,000). Bank borrowing was reduced by 59% to GBP814,000 
during the year and the Company has agreed new facilities with Lloyds TSB Bank 
plc for the year ending 1 July 2010. 
 
 
I am pleased to announce that your Directors recommend a final dividend of 8.0p 
per share (2008: 8.0p) making a total of 12.0p per share (2008: 8.0p) for the 
year. If approved at the Company's AGM on 22 October 2009, the final dividend 
will be paid on 27 November 2009 to members on the register on 16 October 2009. 
 
 
 
 
Operating Companies 
 
 
Westfield Medical/Clinipak, a leading UK manufacturer and supplier of single-use 
sterilisation packaging material to the medical and healthcare industry, 
achieved substantially improved sales and profits. Particular mention should be 
made of the growth in Export Sales of 23% from the previous record figure 
achieved for the year ended 30 June 2008; exports now comprise 40% of 
Westfield/Clinipak sales. Exports were boosted by the devaluation of sterling. I 
wish also to point out the excellent reputation both Westfield and Clinipak have 
developed for product quality and adherence to delivery dates. 
 
 
Nelsons Labels had a difficult year reflecting the UK economy. The operational 
results showed some improvement, although the performance was adversely affected 
by continuing legal expenses arising from disputes with the previous owners of 
Prime Packaging. The Board anticipates that these will be resolved during the 
current year. Some of the bad debt from one of Nelsons' major French customers 
has been recouped, and we anticipate that further amounts will be received in 
the first half of the year. 
 
 
 
 
Discontinued Activities 
As reported last year, in May of 2008 the business of Suncrest was sold to a 
sister company of Magiglo Limited, which then continued to manufacture Corby 
trouser presses on behalf of the Company.  Corby remained responsible for all 
commercial functions but when the new owners of the Suncrest business went into 
administration in early 2009, the ongoing position became unsustainable. The 
Corby business was sold in May 2009. GBP224,000 was received during the 2009 
financial year and a further GBP412,000 is due to be paid in monthly instalments 
until August 2010. In addition, Jourdan retained the responsibility for 
collecting outstanding debtors and paying creditors. The disposal of Corby was a 
further step in focusing our resources on the medical packaging industry. 
 
 
 
 
Group Pensions 
As at 30 June 2009 the Company's obligations in respect of the Jourdan Pension 
Fund (after tax) had increased to GBP2,318,000 compared with GBP2,070,000 as at 
30 June 2008. In 2009 approximately GBP900,000 was paid by the Company into the 
Pension Fund and since 30 June 2009 another injection of GBP500,000 has been 
made. In addition the Company is required to make payments of approximately 
GBP400,000 per annum and these will continue to be made on a monthly basis. This 
is in respect of a Pension Fund which has only two active members, reduced from 
seven last year! 
 
 
 
 
People 
Our employees have worked exceptionally hard to achieve these results in 
difficult market conditions. Their skill and motivation is essential to 
Jourdan's success, and we thank them all. 
 
 
 
 
Group Reorganisation 
On 26 June 2009 the business and assets of Nelsons Labels, together with the 
residual assets and liabilities of the Suncrest and Corby businesses, were hived 
up to Jourdan. Each continues to operate as stand-alone divisions of the 
Company. 
 
 
The Company has today separately announced proposals for a delisting of the 
Company's shares from trading on AIM and an associated partial tender offer to 
enable the Company to buy in and cancel up to 680,002 ordinary shares at 250 
pence per share.  Further details of these proposals are set out in that 
separate announcement. 
 
 
The proposals are subject to shareholder approval. A circular with full details 
of the proposals, together with a notice convening a general meeting to consider 
the requisite resolutions to give effect to the proposals will be sent to 
Shareholders shortly, along with the Company's Annual Report & Accounts for the 
year ended 30 June 2009. 
 
 
 
 
Outlook 
Following the disposal of the Suncrest and Corby businesses, the Directors 
believe Jourdan is well positioned to yield positive returns to shareholders. 
Whilst trading conditions remain difficult for Nelsons Labels, the medical 
packaging business of Westfield Medical and Clinipak is a clear leader in a 
strong market place with excellent prospects. In addition, the Company holds 
valuable property assets and has taken major steps to manage its obligations in 
the pensions arena. 
 
 
Trading for the year to date is satisfactory and, while the outturn for the 
current year cannot be certain given the prevailing economic climate, the Board 
anticipates that further progress will be made in the current year. 
 
 
 
 
  CONSOLIDATED INCOME STATEMENT 
 
 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |    Year to |    Year to | 
|                                            |       |    30 June |    30 June | 
|                                            |       |       2009 |       2008 | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |Notes  |    GBP000s |    GBP000s | 
+--------------------------------------------+-------+------------+------------+ 
| Continuing operations                      |       |            | (restated) | 
+--------------------------------------------+-------+------------+------------+ 
| Revenue                                    |  1    |     18,101 |     17,551 | 
+--------------------------------------------+-------+------------+------------+ 
| Cost of sales                              |       |   (11,601) |   (11,442) | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Gross profit                               |       |      6,500 |      6,109 | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Net operating costs                        |       |    (4,609) |    (4,714) | 
+--------------------------------------------+-------+------------+------------+ 
| Operating profit                           |       |      1,891 |      1,395 | 
+--------------------------------------------+-------+------------+------------+ 
| Finance income                             |       |         74 |        109 | 
+--------------------------------------------+-------+------------+------------+ 
| Finance costs                              |       |      (220) |      (114) | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Profit before tax                          |       |      1,745 |      1,390 | 
+--------------------------------------------+-------+------------+------------+ 
| Taxation                                   |       |      (541) |      (533) | 
+--------------------------------------------+-------+------------+------------+ 
| Profit for the year from continuing        |       |      1,204 |        857 | 
| operations                                 |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Discontinued operations                    |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| (Loss)/profit for the year after taxation  |  6    |      (296) |        432 | 
+--------------------------------------------+-------+------------+------------+ 
| Profit/(loss) on disposal after taxation   |  6    |         11 |      (982) | 
+--------------------------------------------+-------+------------+------------+ 
| (Loss)/profit for the year from            |       |      (285) |      (550) | 
| discontinued operations                    |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Profit for the year attributable to equity |       |        919 |        307 | 
| holders of the Parent Company              |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
|                                            |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Earnings per share from continuing         |       |      Pence |      Pence | 
| operations                                 |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Basic                                      |  7    |       35.4 |       25.2 | 
+--------------------------------------------+-------+------------+------------+ 
| Diluted                                    |  7    |       35.4 |       25.1 | 
+--------------------------------------------+-------+------------+------------+ 
| Loss per share from discontinued           |       |            |            | 
| operations                                 |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Basic                                      |  7    |      (8.4) |     (16.2) | 
+--------------------------------------------+-------+------------+------------+ 
| Diluted                                    |  7    |      (8.4) |     (16.1) | 
+--------------------------------------------+-------+------------+------------+ 
| Earnings per share from continuing and     |       |            |            | 
| discontinued operations                    |       |            |            | 
+--------------------------------------------+-------+------------+------------+ 
| Basic                                      |  7    |       27.0 |        9.0 | 
+--------------------------------------------+-------+------------+------------+ 
| Diluted                                    |  7    |       27.0 |        9.0 | 
+--------------------------------------------+-------+------------+------------+ 
 
 
 
 
  CONSOLIDATED BALANCE SHEET 
 
 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |      As at |      As at | 
|                                            |      |    30 June |    30 June | 
|                                            |      |       2009 |       2008 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |    GBP000s |    GBP000s | 
+--------------------------------------------+------+------------+------------+ 
| ASSETS                                     |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Non-current assets                         |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Property, plant and equipment              |      |      1,501 |      1,629 | 
+--------------------------------------------+------+------------+------------+ 
| Goodwill                                   |      |      4,736 |      4,736 | 
+--------------------------------------------+------+------------+------------+ 
| Other intangible assets                    |      |        438 |        522 | 
+--------------------------------------------+------+------------+------------+ 
| Deferred tax assets                        |      |        883 |        714 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |      7,558 |      7,601 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Current assets                             |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Inventories                                |      |      1,430 |      2,029 | 
+--------------------------------------------+------+------------+------------+ 
| Trade and other receivables                |      |      3,507 |      4,092 | 
+--------------------------------------------+------+------------+------------+ 
| Current tax receivable                     |      |          - |         90 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |      4,937 |      6,211 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Non-current assets classified as held for  |      |      1,324 |      1,502 | 
| sale                                       |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Total assets                               |      |     13,819 |     15,314 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| LIABILITIES                                |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Current liabilities                        |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Trade and other payables                   |      |    (4,159) |    (5,853) | 
+--------------------------------------------+------+------------+------------+ 
| Current tax payable                        |      |      (217) |          - | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |    (4,376) |    (5,853) | 
+--------------------------------------------+------+------------+------------+ 
| Non-current liabilities                    |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Long-term provisions                       |      |       (15) |       (44) | 
+--------------------------------------------+------+------------+------------+ 
| Pension liability                          |      |    (3,219) |    (2,875) | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |    (3,234) |    (2,919) | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Total liabilities                          |      |    (7,610) |    (8,772) | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Net assets                                 |      |      6,209 |      6,542 | 
+--------------------------------------------+------+------------+------------+ 
|                                            |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| EQUITY                                     |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
| Share capital                              |      |      3,400 |      3,400 | 
+--------------------------------------------+------+------------+------------+ 
| Share premium account                      |      |        260 |        260 | 
+--------------------------------------------+------+------------+------------+ 
| Other reserves                             |      |      3,145 |      3,145 | 
+--------------------------------------------+------+------------+------------+ 
| Profit and loss reserve                    |      |      (596) |      (263) | 
+--------------------------------------------+------+------------+------------+ 
| Equity attributable to equity holders      |      |      6,209 |      6,542 | 
| of the Parent Company                      |      |            |            | 
+--------------------------------------------+------+------------+------------+ 
 
 
 
 
  CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE 
 
 
+----------------------------------------------+----+------------+------------+ 
|                                              |    |    Year to |    Year to | 
|                                              |    |    30 June |    30 June | 
|                                              |    |       2009 |       2008 | 
+----------------------------------------------+----+------------+------------+ 
|                                              |    |            |            | 
+----------------------------------------------+----+------------+------------+ 
|                                              |    |    GBP000s |    GBP000s | 
+----------------------------------------------+----+------------+------------+ 
|                                              |    |            |            | 
+----------------------------------------------+----+------------+------------+ 
| Actuarial loss recognised in the Pension     |    |    (1,231) |    (1,931) | 
| Fund                                         |    |            |            | 
+----------------------------------------------+----+------------+------------+ 
| Movement on deferred tax relating to pension |    |        344 |        522 | 
| actuarial loss                               |    |            |            | 
+----------------------------------------------+----+------------+------------+ 
| Net expense recognised directly in equity    |    |      (887) |    (1,409) | 
+----------------------------------------------+----+------------+------------+ 
| Profit for the year                          |    |        919 |        307 | 
+----------------------------------------------+----+------------+------------+ 
| Total recognised income and expense in the   |    |         32 |    (1,102) | 
| year attributable to equity holders          |    |            |            | 
+----------------------------------------------+----+------------+------------+ 
 
 
 
 
  CONSOLIDATED CASH FLOW STATEMENT 
 
 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        | Year to  |  Year to | 
|                                           |        |  30 June |  30 June | 
|                                           |        |     2009 |     2008 | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |  GBP000s |  GBP000s | 
+-------------------------------------------+--------+----------+----------+ 
| Cash flows from operating activities      |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Profit after tax                          |        |      919 |      307 | 
+-------------------------------------------+--------+----------+----------+ 
| Adjustments for:                          |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          Depreciation                     |        |      251 |      445 | 
+-------------------------------------------+--------+----------+----------+ 
|          Amortisation of intangible       |        |       84 |      260 | 
|          assets                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          Impairment of intangible assets  |        |        - |      207 | 
+-------------------------------------------+--------+----------+----------+ 
|          Profit on disposal of property,  |        |        - |    (653) | 
|          plant and equipment              |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          (Profit)/loss on sale of         |        |     (15) |    1,364 | 
|          discontinued activity            |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          Pension contributions            |        |    (985) |    (476) | 
+-------------------------------------------+--------+----------+----------+ 
|          Other gains                      |        |     (46) |     (23) | 
+-------------------------------------------+--------+----------+----------+ 
|          Finance income                   |        |     (74) |     (13) | 
+-------------------------------------------+--------+----------+----------+ 
|          Finance cost                     |        |      283 |      238 | 
+-------------------------------------------+--------+----------+----------+ 
|          Tax expense recognised in income |        |      475 |       37 | 
|          statement                        |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          (Increase)/decrease in           |        |     (60) |      526 | 
|          inventories                      |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          Decrease/(increase) in trade and |        |      473 |    (181) | 
|          other receivables                |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          Decrease in trade and other      |        |    (376) |    (432) | 
|          payables                         |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|          Impairment of non-current assets |        |      252 |        - | 
|          classified as held for sale      |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Cash generated from operations            |        |    1,181 |    1,606 | 
+-------------------------------------------+--------+----------+----------+ 
| Interest paid                             |        |    (185) |    (238) | 
+-------------------------------------------+--------+----------+----------+ 
| Tax received/(paid)                       |        |        3 |    (327) | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Net cash inflow from operating activities |        |      999 |    1,041 | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Cash flows from investing activities      |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Acquisition of subsidiaries, net of cash  |        |        - |    (187) | 
| acquired                                  |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Purchase of property, plant and equipment |        |    (223) |    (206) | 
+-------------------------------------------+--------+----------+----------+ 
| Proceeds from sale of non-current assets  |        |        - |      932 | 
+-------------------------------------------+--------+----------+----------+ 
| Proceeds from disposal of equipment       |        |        - |        6 | 
+-------------------------------------------+--------+----------+----------+ 
| Proceeds from disposal of discontinued    |        |      748 |       70 | 
| operations                                |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Interest received                         |        |       74 |       13 | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Net cash generated from investing         |        |      599 |      628 | 
| activities                                |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Cash flows from financing activities      |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Dividends paid                            |        |    (408) |    (272) | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Net cash used in financing activities     |        |    (408) |    (272) | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Net increase in cash and cash equivalents |        |    1,190 |    1,397 | 
+-------------------------------------------+--------+----------+----------+ 
| Cash and cash equivalents at beginning of |        |  (2,004) |  (3,401) | 
| year                                      |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
|                                           |        |          |          | 
+-------------------------------------------+--------+----------+----------+ 
| Cash and cash equivalents at end of year  |        |    (814) |  (2,004) | 
+-------------------------------------------+--------+----------+----------+ 
 
 
 
 
  NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS 
 
 
 
 
1.    Basis of preparation 
These Summarised Consolidated Financial Statements have been prepared under the 
historical cost convention. 
 
 
These Summarised Consolidated Financial Statements have been prepared in 
accordance with the accounting policies set out below which are based on IFRS in 
issue as adopted by the European Union and in effect at 30 June 2009. 
 
 
Comparative figures in the Income Statement (and notes thereto) have been 
restated to disclose the results and related operating assets of John Corby 
Limited (to be re-named Tribulation II Limited) as arising in respect of 
discontinued activities. 
 
 
2.    Accounts 
For the purpose of Section 435 of the UK Companies Act 2006 this announcement 
constitutes non-statutory accounts. No statutory accounts dealing with the year 
ended 30 June 2009 have been delivered to the Registrar of Companies nor have 
yet been reported on by the auditor. Statutory accounts for the year ended 30 
June 2008 have been delivered to the Registrar of Companies and reported on by 
the auditor, receiving an unqualified opinion. 
 
 
3.    Report and accounts and AGM 
Copies of the Annual Report will be posted to shareholders shortly and copies 
will also be available from the registered office, Elm House, Elmer Street 
North, Grantham, Lincolnshire NG31 6RE. 
 
 
The Annual General Meeting will be held at 10.00 on 22 October 2009 at the 
offices of Bird &Bird, 15 Fetter Lane, London EC4A 1JP. 
 
 
4.    Dividends 
The Directors propose to declare a final dividend of 8.0p per share (2008: 8.0p) 
on the issued ordinary shares of GBP1 each in the Company. 
 
 
5.    Segmental reporting 
The Company's primary reporting format is business segment and its secondary 
format is geographical segment by origin of revenue. 
 
 
Business segment analysis:  The financial performance of each of the business 
segments is summarised below. All assets reside in the UK. 
 
 
Industrial products include Westfield Medical Limited, Clinipak Limited and 
Nelsons Labels (Manchester) Limited. Discontinued relates to John Corby Limited 
(to be re-named Tribulation II Limited) and Tribulation Limited (formerly 
Suncrest Surrounds Limited). 
 
+------------------------+------------+---------------+------------+--------------+ 
| Year ended 30 June     |            |               |            |              | 
| 2009                   |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
|                        | Industrial |       Central | Continuing | Discontinued | 
|                        |   products |         costs | operations |   operations | 
|                        |            |           and |            |              | 
|                        |            | consolidation |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
|                        |    GBP000s |       GBP000s |    GBP000s |      GBP000s | 
+------------------------+------------+---------------+------------+--------------+ 
| Revenue                |     18,073 |            28 |     18,101 |        2,220 | 
+------------------------+------------+---------------+------------+--------------+ 
| Operating              |      2,068 |          (93) |      1,975 |        (288) | 
| profit/(loss) before   |            |               |            |              | 
| amortisation and       |            |               |            |              | 
| impairment of          |            |               |            |              | 
| intangibles            |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
| Operating              |      1,984 |          (93) |      1,891 |        (288) | 
| profit/(loss)          |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
|                        |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
| Assets                 |     14,508 |       (2,013) |     12,495 |        1,324 | 
+------------------------+------------+---------------+------------+--------------+ 
| Liabilities            |    (8,722) |         1,312 |    (7,410) |        (200) | 
+------------------------+------------+---------------+------------+--------------+ 
| Total capital employed |      5,786 |         (701) |      5,085 |        1,124 | 
+------------------------+------------+---------------+------------+--------------+ 
| Goodwill               |      4,736 |             - |      4,736 |            - | 
+------------------------+------------+---------------+------------+--------------+ 
| Other intangible       |        438 |             - |        438 |            - | 
| assets                 |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
| Capital expenditure    |        199 |             - |        199 |           24 | 
+------------------------+------------+---------------+------------+--------------+ 
| Depreciation           |        219 |            19 |        238 |           13 | 
+------------------------+------------+---------------+------------+--------------+ 
| Amortisation and       |         84 |             - |         84 |            - | 
| impairment of          |            |               |            |              | 
| intangible assets      |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
| Share based payment    |          - |            43 |         43 |            - | 
| expense                |            |               |            |              | 
+------------------------+------------+---------------+------------+--------------+ 
 
 
+------------------------+------------+------------+------------+------------+ 
| Year ended 30 June     |            |            |            |            | 
| 2008                   |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
| (restated)             |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
| Revenue                |     17,531 |         20 |     17,551 |     10,747 | 
+------------------------+------------+------------+------------+------------+ 
| Operating              |      1,607 |        255 |      1,862 |        442 | 
| profit/(loss) before   |            |            |            |            | 
| amortisation and       |            |            |            |            | 
| impairment of          |            |            |            |            | 
| intangibles            |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
| Operating              |      1,140 |        255 |      1,395 |        442 | 
| profit/(loss)          |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
|                        |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
| Assets                 |     18,842 |    (7,698) |     11,144 |      4,170 | 
+------------------------+------------+------------+------------+------------+ 
| Liabilities            |   (11,775) |      5,180 |    (6,595) |    (2,177) | 
+------------------------+------------+------------+------------+------------+ 
| Total capital employed |      7,067 |    (2,518) |      4,549 |      1,993 | 
+------------------------+------------+------------+------------+------------+ 
| Goodwill               |      4,736 |          - |      4,736 |          - | 
+------------------------+------------+------------+------------+------------+ 
| Other intangible       |        522 |          - |        522 |          - | 
| assets                 |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
|                        |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
| Capital expenditure    |        174 |          - |        174 |         32 | 
+------------------------+------------+------------+------------+------------+ 
| Depreciation           |        227 |         20 |        247 |        198 | 
+------------------------+------------+------------+------------+------------+ 
| Amortisation and       |        467 |          - |        467 |          - | 
| impairment of          |            |            |            |            | 
| intangible assets      |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
| Share based payment    |          - |         73 |         73 |          - | 
| expense                |            |            |            |            | 
+------------------------+------------+------------+------------+------------+ 
 
 
 
 
   6.    Discontinued operations 
On 8 May 2009 the business of John Corby Limited (to be re-named Tribulation II 
Limited) was sold to Adam Fire Surrounds Limited. As at 30 June 2009 this 
operation is reported within discontinued operations. 
 
 
On 14 May 2008 the business of Tribulation Limited (formerly Suncrest Surrounds 
Limited) was sold to Newco 97531 Limited, a subsidiary of CJ Group Limited. The 
operating profit for the year relates to adjustment to provisions on sale. 
 
 
In the financial statements for the previous year, disclosures in respect of 
discontinued operations reflected Tribulation Limited only. However, the 2008 
comparatives have now been adjusted to include relevant disclosures for John 
Corby Limited (to be re-named Tribulation II Limited). 
 
 
+----------------------------------+-------------+------------+----------+ 
|                                  |        2009 |       2009 |     2009 | 
+----------------------------------+-------------+------------+----------+ 
|                                  | Tribulation | John Corby |    Total | 
|                                  |             |    Limited |          | 
+----------------------------------+-------------+------------+----------+ 
|                                  |     GBP000s |    GBP000s |  GBP000s | 
+----------------------------------+-------------+------------+----------+ 
| Revenue                          |           - |      2,220 |    2,220 | 
+----------------------------------+-------------+------------+----------+ 
| Cost of sales                    |           - |    (1,621) |  (1,621) | 
+----------------------------------+-------------+------------+----------+ 
|                                  |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
| Gross profit                     |           - |        599 |      599 | 
+----------------------------------+-------------+------------+----------+ 
| Operating costs                  |          48 |      (698) |    (650) | 
+----------------------------------+-------------+------------+----------+ 
| Impairment of non-current asset  |           - |      (252) |    (252) | 
| classified as held for sale      |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
| Net operating costs              |          48 |      (950) |    (902) | 
+----------------------------------+-------------+------------+----------+ 
| Operating profit/(loss)          |          48 |      (351) |    (303) | 
+----------------------------------+-------------+------------+----------+ 
| Finance costs                    |        (24) |       (39) |     (63) | 
+----------------------------------+-------------+------------+----------+ 
|                                  |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
| Profit/(loss) before tax         |          24 |      (390) |    (366) | 
+----------------------------------+-------------+------------+----------+ 
| Taxation                         |         (3) |         73 |       70 | 
+----------------------------------+-------------+------------+----------+ 
| Profit/(loss) for the year from  |          21 |      (317) |    (296) | 
| discontinued operations          |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
|                                  |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
|                                  |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
|                                  |        2008 |       2008 |     2008 | 
+----------------------------------+-------------+------------+----------+ 
|                                  | Tribulation | John Corby |    Total | 
|                                  |             |    Limited |          | 
+----------------------------------+-------------+------------+----------+ 
|                                  |     GBP000s |    GBP000s |  GBP000s | 
+----------------------------------+-------------+------------+----------+ 
| Revenue                          |       7,328 |      3,419 |   10,747 | 
+----------------------------------+-------------+------------+----------+ 
| Cost of sales                    |     (5,458) |    (2,457) |  (7,915) | 
+----------------------------------+-------------+------------+----------+ 
|                                  |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
| Gross profit                     |       1,870 |        962 |    2,832 | 
+----------------------------------+-------------+------------+----------+ 
| Operating costs                  |     (2,324) |      (719) |  (3,043) | 
+----------------------------------+-------------+------------+----------+ 
| Profit on disposal of            |           - |        653 |      653 | 
| non-current asset classified as  |             |            |          | 
| held for sale                    |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
| Net operating costs              |     (2,324) |       (66) |  (2,390) | 
+----------------------------------+-------------+------------+----------+ 
| Operating (loss)/profit          |       (454) |        896 |      442 | 
+----------------------------------+-------------+------------+----------+ 
| Finance costs                    |        (89) |       (35) |    (124) | 
+----------------------------------+-------------+------------+----------+ 
|                                  |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
| (Loss)/profit before tax         |       (543) |        861 |      318 | 
+----------------------------------+-------------+------------+----------+ 
| Taxation                         |         176 |       (62) |      114 | 
+----------------------------------+-------------+------------+----------+ 
| (Loss)/profit for the year from  |       (367) |        799 |      432 | 
| discontinued operations          |             |            |          | 
+----------------------------------+-------------+------------+----------+ 
 
 
 
+--------------------------------------------------+---------+------------+ 
| Cash flows from discontinued operations          |    2009 |       2008 | 
+--------------------------------------------------+---------+------------+ 
|                                                  | GBP000s |    GBP000s | 
+--------------------------------------------------+---------+------------+ 
|                                                  |         | (restated) | 
+--------------------------------------------------+---------+------------+ 
| Net cash flow from operating activity            |     384 |      (178) | 
+--------------------------------------------------+---------+------------+ 
| Net cash flow from investing activity            |     724 |        970 | 
+--------------------------------------------------+---------+------------+ 
| Net cash flow from financing activity            |       - |          - | 
+--------------------------------------------------+---------+------------+ 
| Net increase/(decrease) in cash and cash         |   1,108 |        792 | 
| equivalents                                      |         |            | 
+--------------------------------------------------+---------+------------+ 
 
 
In accordance with IAS 7 and IFRS 5, the cash flows above in respect of 
discontinued operations are included in the Consolidated Cash Flow Statement 
under their respective headings. 
 
 
+---------------------------------------+------+------------+------------+ 
| Profit/(loss) on disposal of          |      |       2009 |       2008 | 
| discontinued operations               |      |            |            | 
+---------------------------------------+------+------------+------------+ 
|                                       |      |    GBP000s |    GBP000s | 
+---------------------------------------+------+------------+------------+ 
|                                       |      |            | (restated) | 
+---------------------------------------+------+------------+------------+ 
| Property, plant and equipment         |      |         26 |        263 | 
+---------------------------------------+------+------------+------------+ 
| Inventories                           |      |        659 |        967 | 
+---------------------------------------+------+------------+------------+ 
| Trade and other receivables           |      |          - |      1,552 | 
+---------------------------------------+------+------------+------------+ 
| Trade and other payables              |      |      (124) |    (1,031) | 
+---------------------------------------+------+------------+------------+ 
| Net assets                            |      |        561 |      1,751 | 
+---------------------------------------+------+------------+------------+ 
|                                       |      |            |            | 
+---------------------------------------+------+------------+------------+ 
| Disposal proceeds (net of             |      |        576 |        387 | 
| professional fees)                    |      |            |            | 
+---------------------------------------+------+------------+------------+ 
|                                       |      |            |            | 
+---------------------------------------+------+------------+------------+ 
| Profit/(loss) on disposal before      |      |         15 |    (1,364) | 
| taxation                              |      |            |            | 
+---------------------------------------+------+------------+------------+ 
| Taxation                              |      |        (4) |        382 | 
+---------------------------------------+------+------------+------------+ 
| Profit/(loss) on disposal after       |      |         11 |      (982) | 
| taxation                              |      |            |            | 
+---------------------------------------+------+------------+------------+ 
 
 
7.    Earnings per share 
The calculation of the basic earnings per share is based on the earnings 
attributable to ordinary shareholders divided by the weighted average number of 
shares in issue during the period. 
 
 
The calculation of diluted earnings per share is based on the basic earnings per 
share, adjusted to allow for the issue of shares and the post-tax effect of 
interest on the assumed conversion of all dilutive options and other dilutive 
potential ordinary shares. 
 
 
Reconciliations of the earnings and the weighted average number of shares used 
in the calculations are set out below: 
 
 
+-----------------------------------+--------------+-----------+-----------+ 
| Year ended 30 June 2009           |     Earnings |  Weighted |  Earnings | 
|                                   | attributable |   Average |       per | 
|                                   |    to equity | number of |     share | 
|                                   |   holders of |    shares |           | 
|                                   |   the Parent |           |           | 
|                                   |      Company |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |      GBP000s |    Number |     Pence | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Profit after tax for calculation  |          919 |           |           | 
| of basic earnings per share       |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Notional taxed interest income    |            - |           |           | 
| accruing on dilution              |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Profit after tax for calculation  |          919 |           |           | 
| of diluted earnings per share     |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Number of shares for calculation  |              | 3,400,010 |           | 
| of basic earnings per share       |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Dilutive effect of potential      |              |         - |           | 
| shares                            |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Number of shares for calculation  |              | 3,400,010 |           | 
| of diluted earnings per share     |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Continuing and discontinued       |              |           |           | 
| operations                        |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Basic earnings per share          |              |           |      27.0 | 
+-----------------------------------+--------------+-----------+-----------+ 
| Diluted earnings per share        |              |           |      27.0 | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Continuing operations             |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Basic earnings per share          |        1,204 |           |      35.4 | 
+-----------------------------------+--------------+-----------+-----------+ 
| Diluted earnings per share        |              |           |      35.4 | 
+-----------------------------------+--------------+-----------+-----------+ 
|                                   |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Discontinued operations           |              |           |           | 
+-----------------------------------+--------------+-----------+-----------+ 
| Basic loss per share              |        (285) |           |     (8.4) | 
+-----------------------------------+--------------+-----------+-----------+ 
| Diluted loss per share            |              |           |     (8.4) | 
+-----------------------------------+--------------+-----------+-----------+ 
 
 
 
 
+--------------------------------------+--------------+-----------+----------+ 
| Year ended 30 June 2008              |     Earnings |  Weighted | Earnings | 
| (restated)                           | attributable |   average |      per | 
|                                      |    to equity |    number |    share | 
|                                      |   holders of |        of |          | 
|                                      |   the Parent |    shares |          | 
|                                      |      Company |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |      GBP000s |    Number |    Pence | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Profit after tax for calculation of  |          307 |           |          | 
| basic earnings per share             |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Notional taxed interest income       |           19 |           |          | 
| accruing on dilution                 |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Profit after tax for calculation of  |          326 |           |          | 
| diluted earnings per share           |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Number of shares for calculation of  |              | 3,400,010 |          | 
| basic earnings per share             |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Dilutive effect of potential shares  |              |     9,137 |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Number of shares for calculation of  |              | 3,409,147 |          | 
| diluted earnings per share           |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Continuing and discontinued          |              |           |          | 
| operations                           |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Basic earnings per share             |              |           |      9.0 | 
+--------------------------------------+--------------+-----------+----------+ 
| Diluted earnings per share           |              |           |      9.0 | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Continuing operations                |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Basic earnings per share             |          857 |           |     25.2 | 
+--------------------------------------+--------------+-----------+----------+ 
| Diluted earnings per share           |              |           |     25.1 | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Discontinued operations              |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
| Basic earnings per share             |        (550) |           |   (16.2) | 
+--------------------------------------+--------------+-----------+----------+ 
| Diluted earnings per share           |              |           |   (16.1) | 
+--------------------------------------+--------------+-----------+----------+ 
|                                      |              |           |          | 
+--------------------------------------+--------------+-----------+----------+ 
 
 
For the year ended 30 June 2008 the exercise price for the majority of the share 
options was greater than the average middle market price of the shares. For the 
remainder the notional interest charge outweighs the number of free shares. As 
such the shares are anti-dilutive. 
 
 
For the year ended 30 June 2009 all of the share options are anti-dilutive. 
 
 
 
 
8.    Annual Report 
The financial information above does not constitute statutory accounts within 
the meaning of Section 434 Companies Act 2006 as amended. 
 
Copies of the Annual Report will be sent to shareholders in due course and will 
be available on the Company's website www.jourdanplc.co.uk 
 
 
 
 
Contact: 
 
 
Jourdan plc 
David Abell, Chairman     Tel: [phone] 
 
 
Charles Stanley Securities     Tel: [phone] 
Nominated Adviser & Broker 
Russell Cook / Carl Holmes 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR ILFIDATIDIIA