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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petards Group Plc | LSE:PEG | London | Ordinary Share | GB00B4YL8F73 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.50 | 7.00 | 8.00 | 7.50 | 7.50 | 7.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Systems Service | 9.42M | -1.05M | -0.0173 | -4.34 | 4.55M |
Balance at 31 December 2014 6,651 25,192 1,075 204 (30,510) (211) 2,401
Consolidated Balance Sheet
at 31 December 2014
Note 2014 2013 GBP000 GBP000 ASSETS Non-current assets Property, plant and equipment 187 165 Goodwill 401 401 Development costs 1,103 640 Deferred tax assets 516 653 2,207 1,859 Current assets Inventories 1,439 1,779 Trade and other receivables 2,982 983 Cash and cash equivalents - escrow deposits 54 - Cash and cash equivalents 1,434 1,440 5,909 4,202 Total assets 8,116 6,061 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 6 6,651 6,645 Share premium 25,192 25,153 Equity reserve 204 206 Merger reserve 1,075 1,075 Currency translation reserve (211) (211) Retained earnings deficit (30,510) (31,132) Total equity 2,401 1,736 Non-current liabilities Interest-bearing loans and borrowings 5 1,524 1,518 Deferred tax liabilities 100 128 1,624 1,646 Current liabilities Interest-bearing loans and - - borrowings Other trade and other payables 4,091 2,679 4,091 2,679 Total liabilities 5,715 4,325 Total equity and liabilities 8,116 6,061
Consolidated Statement of Cash Flows
for year ended 31 December 2014
Note 2014 2013 GBP000 GBP000 Cash flows from operating activities Profit/(loss) for the year 620 (2,293) Adjustments for: Depreciation 48 47 Amortisation of intangible assets 198 261 Financial income 3 (3) (20) Financial expense 3 152 1,078 Income tax credit - (95) Exchange differences - (13) Operating cash flows before movement in working capital 1,015 (1,035) Change in trade and other receivables (2,035) 647 Change in inventories 340 (568) Change in trade and other payables 1,340 (267) Cash generated from operations 660 (1,223) Interest received 3 20 Interest paid (110) (60) Tax received 208 - Net cash from operating activities 761 (1,263) Cash flows from investing activities Acquisition of property, plant and equipment (70) (40) Capitalised development expenditure (661) (371) Cash deposits held in escrow (54) 77 Net cash outflow from investing activities (785) (334) Cash flows from financing activities Proceeds from exercise of share options 6 18 - Proceeds from share issue - 1,150 Expenses of share issue - (87) Water Hall transaction 3 - (83) Proceeds from sale of own shares - 595 Repayment of bank borrowings - (42) Net cash inflow from financing activities 18 1,533 Net decrease in cash and cash equivalents (6) (64) Water Hall transaction: Settlement of working capital facility 3 - 1,551 Total movement in cash and cash equivalents in the year (6) 1,487 Cash and cash equivalents at 1 January 1,440 (47) Cash and cash equivalents at 31 December 1,434 1,440 1 Basis of preparation and status of financial information
The financial information set out in this statement has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU ("adopted IFRSs"), IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. It does not include all the information required for full annual accounts.
The financial information does not constitute the Company's statutory accounts for the years ended 31 December 2014 or 31 December 2013 but is derived from those accounts. Statutory accounts for 2013 have been delivered to the registrar of companies, and those for 2014 will be delivered in due course. The auditor has reported on those accounts; his reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying his report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
2 Segmental information
The analysis by geographic segment below is presented in accordance with IFRS 8 on the basis of those segments whose operating results are regularly reviewed by the Board of Directors (the Chief Operating Decision Maker as defined by IFRS 8) to make strategic decisions, to monitor performance and to allocate resources.
The directors consider the Group to have only one segment in terms of products and services, being the development, supply and maintenance of technologies used in advanced security, surveillance and ruggedised electronic applications.
As the Board of Directors receives revenue, EBITDA and operating profit/(loss) on the same basis as set out in the Consolidated Income Statement no further reconciliation is considered to be necessary.
As in 2013 the Group's operations continue to comprise one segment.
Revenue by geographical destination can be analysed as follows:
2014 2013 GBP000 GBP000 United Kingdom 10,773 5,482 Continental Europe 1,724 488 Rest of World 965 289 _____ _____ 13,462 6,259 _____ _____
Included in the above amounts are revenues of GBP9,793,000 (2013: GBP862,000) in respect of construction contracts. The balance comprises revenue from sales of goods and services.
3 Financial income and expense 2014 2013 GBP000 GBP000 Recognised in profit or loss Interest on bank deposits 3 - Net foreign exchange gain - 20 Financial expenses 3 20 GBP000 GBP000 Interest expense on financial liabilities at amortised cost 150 100 Net foreign exchange loss 2 - Water Hall transaction (see below) - 978 Financial expenses 152 1,078
On 29 August 2013 the Group completed a debt for equity swap with Water Hall Group plc ('the Water Hall transaction'). Under the terms of the arrangement, the Group issued equity share options, and convertible loan notes with a combined fair value of GBP2,975,000 to:
(i) settle its working capital facility of GBP1,551,000
(ii) purchase its own shares to the value of GBP592,000 and
(iii) acquire the remaining net assets of Water Hall Group plc which comprised cash of GBP72,000 and net
liabilities of GBP68,000 relating to trade and other payables net of VAT receivables.
The loss on this transaction of GBP860,000 was included in total exceptional finance costs for the year of GBP978,000; the balance included transaction expenses of GBP118,000 (transaction expenses totalled GBP155,000 of which GBP37,000 was allocated to merger reserve). The net cash effect of the transaction was an outflow of GBP83,000. In addition, the Group's overdraft of GBP1,551,000 was settled. The debt for equity swap resulted in the Group obtaining control of the Water Hall Group plc legal entity with the result that, from 29 August 2013, Water Hall Group plc has been consolidated into the accounts.
4 Taxation
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