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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Optare | LSE:OPE | London | Ordinary Share | GB00B2PGSY66 | 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% | 0.035 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOPE
RNS Number : 1182Z
Optare PLC
08 December 2014
Optare plc
(the "Company", "Group" or "Optare")
Interim Results for the six months ended 30 September 2014
Optare is pleased to announce its unaudited results for the six months ended 30 September 2014.
Key highlights:
-- Introduction of the MetroCity Euro 6, a low weight integral structure vehicle, available in 2 lengths of 10.1m to 10.8m. The first Metrocity order was delivered in May 2014;
-- Successful launch of Optare's new Euro 6 double deck, the MetroDecker, at the London Transport Museum in May 2014. The order book for the MetroDecker is now open;
-- Introduction of the MetroCity EV. The Metrocity EV was launched by the Mayor of London in July of this year;
-- Orders for electric vehicles (EVs) received for all major London operators, who are currently trialling Optare's EVs. As of September 30(th) 2014, Optare has 45 EVs operating in the UK market and is the leader in full electric vehicles in the UK (where Optare has 100% market share) and Europe;
-- Introduction of the new Solo and Versa Euro 6 engine power. The first order for 37 units has now been delivered to Northern Ireland;
-- Introduction of the new hybrid power generation. The first order for 10 units has been delivered in September 2014;
-- Optare has been awarded for its excellence in environment and green technology by the Indo European Business Forum at a recent awards ceremony at the House of Lords, Westminster, London; and
-- Increased market share of single deck UK market; up by 2.0% as of September 2014 v September 2013. The overall single deck UK market was down by 9% YTD in 2014.
Financial headlines:
-- EBITDA loss of GBP(1.4)m compared to H1 2013 loss of GBP(0.8)m; -- Loss from operations of GBP(2.1)m compared to H1 2013 loss of GBP(1.4)m;
-- Gross margin decreased to 9.5% (H1: 2013 10.3%), this was primarily driven by the execution of new product orders and the introduction of new Euro 6 specification vehicles;
Sales volumes are lower than PY by 13%.
-- Underlying administration costs increased to GBP4.6m (H1: 2013 GBP4.4m). Administration costs include a one off charge of GBP0.3m relating to obligations resulting from an onerous contract in May 2014; and
-- Loss per share increased from 0.08p at September 2013 to 0.12p at September 2014.
Commenting on the interim results, Enrico Vassallo, Optare's CEO: "We have seen a difficult trading period in the first half of the 2014/15 financial year, due to the contraction of the UK bus market and the launch of several new products and Euro 6 specification vehicles. We have continued to invest in new products and, for the first time, the Company can offer an extended product range to meet operators' urban and suburban requirements. The Management are committed to top line growth in both UK and export markets and to reduce fixed costs to ensure a long term sustainable future for Optare plc".
For further information:
Optare plc Tel: +44 (0) 8434 873 200
Enrico Vasallo - Chief Executive Officer
Cenkos Securities plc Tel: +44 (0) 20 7397 8900
Stephen Keys
CHAIRMAN AND CHIEF EXECUTIVE REVIEW
-- Turnover for the 6 months ended 30 September 2014 was GBP29.4m (H1 2013: GBP32.4m). 2013 H1 results included the completion of a kit export order (GBP3.0m). Volumes for the same period were 177 compared to 204 buses and 31 kits in H1 2013.
-- The Company has continued to invest in the long-term future of the business with capital expenditure in the 6 months to 30 September 2014 of GBP0.8m (H1 2013: GBP0.9m). The expenditure was principally on product development - the lightweight Euro 6 integral double deck ("MetroDecker") and the low weight midi-bus ("MetroCity") - and Euro 6 integration into current ranges;
-- Optare's banking arrangements were renewed by Barclays with a total bank facility of GBP23m still available and Ashok Leyland continues to support Optare plc with resources as required;
-- Loss per share increased from 0.08p at September 2013 to 0.12p at September 2014.
Current trading and prospects
-- The order book as at 30 September 2014 was GBP21.7m (30 September 2013: GBP22.5m). The Company is now tendering for MetroDecker orders to strengthen the order book and plan to further supplement this through volume orders from the large UK bus operators, supported by the full product offering that Optare now has available;
-- Optare has delivered its targeted first Euro 6 engines in Q2 of the 2014/15 financial year. Further Euro 6 production volume is planned into H2;
-- The export strategy is taking longer to realize than was originally envisaged, but the first tender for Bahrain has been successfully won. Optare continues to promote its products in export markets, to reduce its reliance on UK customers;
-- Optare continues to be the leader in low emission technology and have a substantial lead on the competition. With increasing focus on life cycle costs, Optare continues to invest in improving fuel efficiency of its product range; and
-- Continued integration with Ashok Leyland through the planned launch of Optare's Solo EV with AL branding at the Bus Expo in New Delhi early next year.
Board and management changes
-- Mr Steven John Norris joined the company on 10th October 2014 in the position of Independent Non-Executive Director. Mr Norris has simultaneously taken on the role of Deputy Chairman of the Board and will assist Optare in working with the UK bus industry to achieve greener bus travel and improved air quality in the UK. Mr Norris, former MP for Oxford East and Epping Forest, has notable experience in the transport industry, being former Parliamentary Under-Secretary of State for Transport and Minister for Transport in London. Steven is either currently or has previously held roles as Chairman of the National Cycling Strategy Board, Director General of the Road Haulage Association and President of the Motor Cycle Industry Association, a Commissioner with the Independent Transport Commission, and a patron of the charities, Sustrans (a British charity to promote sustainable transport) and of the Campaign for Better Transport (UK) Trust.
Outlook
-- The Company anticipates that trading will remain difficult in the short term, but with a full product range to offer to the UK market, higher base volumes from the major groups and conversion of more export tenders, the future looks bright for the Company.
Enrico Vassallo John Fickling
Chief Executive Officer Chairman
Date Date
Consolidated income statement for the six months ended 30th September 2014 (unaudited) Unaudited Unaudited Audited 6 month 6 month period period 12 month ended ended 30 period 30 September September ended 31 2014 2013 March 2014 GBP000's GBP000's GBP000's Revenue 29,396 32,413 56,947 Cost of Sales (26,610) (29,083) (50,826) Gross profit 2,786 3,330 6,121 Administrative expenses (4,103) (3,955) (8,039) Distribution costs (497) (455) (499) Amortisation of intangibles (263) (278) (624) Loss from operations (2,077) (1,358) (3,041) Finance costs (586) (458) (1,020) Loss for the period from continuing operations (2,663) (1,816) (4,061) Loss on ordinary activities before taxation (2,663) (1,816) (4,061) Taxation - - - Loss attributable to the equity holders of the parent company (2,663) (1,816) (4,061) ============== =========== ============ Earnings/(loss) per ordinary share From continuing operations after exceptional items (basic and diluted) (0.12)p (0.08)p (0.18)p From continuing operations before exceptional items (basic and diluted) (0.12)p (0.08)p (0.18)p
There were no recognised gains or losses in the period other than the profit for the period and therefore no statement of recognised income and expenses is presented.
Consolidated balance sheet as at 30th September 2014 (unaudited)
Unaudited Unaudited Audited 6 month 6 month period 12 month period ended ended 30 period ended 30 September September 31 March 2014 2013 2014 GBP000's GBP000's GBP000's Non-current assets Goodwill 8,574 8,574 8,574 Other intangible assets 8,600 8,426 8,324 Property, plant equipment 3,192 3,484 3,300 20,366 20,484 20,198 ============================================================= ======================= ============== Current assets Inventories 8,812 6,046 12,423 Trade and other receivables 6,994 9,383 7,998 15,806 15,429 20,421 ------------------------------------------------------------- ----------------------- -------------- Total assets 36,172 35,913 40,619 ============================================================= ======================= ============== Current liabilities Trade and other payables 16,554 13,610 18,632 Bank loans and overdrafts 10,381 9,344 10,092 Provisions 1,843 2,567 1,589 Obligations under finance leases 69 69 64 28,847 25,590 30,377 ============================================================= ======================= ============== Non current liabilities Bank loans 15,000 15,000 15,000 Provisions 3,667 1,727 3,940 Obligations under finance leases 120 150 101 18,787 16,877 19,041 ------------------------------------------------------------- ----------------------- -------------- Total liabilities 47,634 42,467 49,418 ============================================================= ======================= ============== Net Liabilities (11,462) (6,554) (8,799) ============================================================= ======================= ============== Equity Called up share capital 9,005 9,005 9,005 Share premium 32,396 32,396 32,396 Share based payment reserve 42 42 42 Merger reserve 5,542 5,542 5,542 Retained loss (58,447) (53,539) (55,784) Total equity attributable to equity holders of the parent (11,462) (6,554) (8,799) ============================================================= ======================= ============== Consolidated Cash flow Statement for the six month period ended 30(th) September 2014 (unaudited) Unaudited Unaudited Audited Audited 6 month 6 month 12 month period ended period ended period 30 September 30 September ended 31 2014 2013 March 2014 GBP000's GBP000's GBP000's Operating activities Loss before tax (2,663) (1,816) (4,061) Tax - - - Depreciation and amortisation 675 568 1,148 Share based payments - - - Net finance expense 586 458 1,020 Loss on disposal of fixed assets - - 4 Operating cash flows before movements in working capital (1,402) (790) (1,889) ======================================== ====================== ============== Movement in inventories 3,611 4,292 (2,083) Movement in trade and other receivables 1,004 (1,663) (278) Movement in trade and other payables (2,078) (6,856) (1,834) Movement in provisions (19) 685 1,918 Cash absorbed by operations 1,116 (4,332) (4,166) ======================================== ====================== ============== Interest paid (586) (458) (1,020) Net cash flow from operating activities 530 (4,790 ) (5,186) ======================================== ====================== ============== Investing activities Purchase of property, plant and equipment (304) (418) (543) Internal capitalised costs (539) (433) (678) Net cash flow from investing activities (843) (851) (1,221) ---------------------------------------- ---------------------- -------------- Financing activities Loan repayments - 7,000 - Short term loans 221 202 7,476 Hire purchase agreement repayments 24 (15) (69) Net cash flow from financing activities 245 7,187 7,408 ---------------------------------------- ---------------------- -------------- Net increase/(decrease) in cash and cash equivalents (68) 1,546 1,001 ======================================== ====================== ============== Cash and cash equivalents at the beginning of the period (4,444) (5,445) (5,445) ---------------------------------------- ---------------------- -------------- Cash and cash equivalents at the end of the period (4,512) (3,899) (4,444) ======================================== ====================== ==============
Consolidated statement of changes in equity for the six month period ended 30 September 2014 (unaudited)
Share based Share Share Merger Retained payment Capital Premium Reserve earnings reserve Total GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's Balance at 31st March 2014 9,005 32,396 5,542 (55,784) 42 (8,799) Loss for the period - - - (2,663) - (2,663) Total comprehensive income for the year 9,005 32,396 5,542 (58,447) 42 (11,462) Balance at 30 September 2014 9,005 32,396 5,542 (58,447) 42 (11,462) --------- --------- --------- ---------- --------- ---------
Notes to the half yearly financial information for the six month period ended 30 September 2014
1. Basis of preparation
Optare plc (the "Company") is a company incorporated and domiciled in the UK.
The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 September 2014 comprise the Company and its subsidiaries (together referred to as the "Group") and equity account the Group's interest in jointly controlled entities.
The unaudited consolidated half-yearly financial information for the half year ended 30 September 2014 has been prepared in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union.
The condensed consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted in the EU. The current and comparative periods to September have been prepared using the accounting policies adopted in the annual financial statements for the period ended 31 March 2014.
The financial information contained in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. This report has not been audited by the Group's auditors.
Comparative figures for the period ended 31 March 2014 have been extracted from the statutory financial statements for that period which carried an unqualified audit report, did not contain a statement under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies.
These condensed consolidated interim financial statements were approved by the company's Board of Director's on the 8(th) December 2014.
2 Principal risks and uncertainties for the six months ending 30 September 2014
As for most businesses, there are a range of risks and uncertainties facing the Group. The principal risks and uncertainties are described in the Company's 2014 Annual Report and Accounts which can be downloaded from the Company's website (www.optare.com)
3 Loss per ordinary share
The calculation of earnings per ordinary share is based on the profit or loss for the period divided by the weighted average number of equity voting shares in issue. There were no potentially dilutive ordinary shares in existence during the period and so basic and diluted earnings per share are identical.
Unaudited Unaudited Audited Six month Six month 12 month period period period ended 30 ended 30 ended 31 September September March 2014 2014 2013 GBP000's GBP000's GBP000's Loss for purposes of basis loss per share (2,663) (1,816) (4,061) -------------- -------------- -------------- (net loss for the period attributable to equity holders of the parent) Number Number Number Weighted average number of ordinary shares for the purposes of basic earnings per share 2,235,291,827 2,235,291,827 2,235,291,827 Basic and fully diluted loss per share (0.12)p (0.08)p (0.18)p Excluding Exceptional items Loss for purposes of basis loss per share (2,663) (1,816) (4,061) -------------- -------------- -------------- (net loss for the period attributable to equity holders of the parent) Adjustment to exclude exceptional costs - - - Loss from continuing operations for the purposes of basic earnings per share (2,663) (1,816) (4,061) -------------- -------------- -------------- Basic and fully diluted loss per share (0.12)p (0.08)p (0.18)p
This information is provided by RNS
The company news service from the London Stock Exchange
END
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