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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Pgi Grp | LSE:PGI | London | Ordinary Share | GB0006911696 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:4372D PGI Group PLC 06 September 2007 Chairman's statement The Group profit before tax, biological asset and hyperinflation adjustments in the half year to 30th June 2007 was #1,863,000, compared with #1,449,000 in the half year to June 2006. We have continued the disclosure we introduced at the year end of displaying the biological asset and Zimbabwe hyperinflation adjustments as a separate column in the profit and loss account. For the reasons I gave in my Chairman's statement for 2006, shareholders are again urged to view these adjustments with caution when assessing the Group's financial performance. Including these adjustments, the Group profit before tax was #2,878,000 (half year to June 2006 #2,882,000). A major reduction in Group borrowings was made last year when all of the #7.5 million of loan stock was converted into ordinary shares. This considerably reduced the net interest cost, which was down to #246,000 in the half year to June 2007 from #763,000 in the comparable period in 2006. Profits for the Food group were down 6%. Tea production was stable, though a combination of lower tea prices and cost inflation has squeezed margins. The perishable businesses in Zambia recorded strong improvements. The rose company, Khal Amazi, shipped 67 million stems in the first six months, a 45% increase on the same period in 2006. The vegetable business has concentrated on increasing pea production to satisfy the strong seasonal demand in Europe. The Malawi macadamia cracking factory has operated for the first time, and performance has been in line with expectation. With our maturing nut orchards, we expect this to be an increasing contributor to profits. Eastern Highlands, in Zimbabwe, is still facing difficult conditions. Although it maintained its tea production, quality was adversely affected by innumerable interruptions to the power supplies. Inflation and movements in the market exchange rate have soared so much that it is impossible to track the true financial performance of this business. Following Jensen's successful raising of a new fund (Jensen Group I Limited Partnership 'JGILP') in July 2006, I am pleased to report that it has now effectively allocated the entire fund to investments in and around St Petersburg . These investments have been made in four projects, three of which are detailed in the Review of Activities for 2006. The fourth and final investment, made in July 2007, was the acquisition of a portfolio of 12 properties in central St Petersburg. The current leases of the properties are less than one year. The intention is to restructure the leases and refinance the investment with medium/ long term bank loans. We are now considering the launch of a new fund. The Food group businesses are seasonal, so predicting the Group's results for the year before the new season begins is always difficult. Nevertheless, based on the assumption that crops, prices and inflation/exchange rate movements continue at current levels, we anticipate a satisfactory outcome for the full year. The Board will consider making a dividend payment when the full year's results are available. Rupert Pennant-Rea Chairman 6 September 2007 PGI Group Plc Interim condensed consolidated income statement for the six months ended 30 June 2007 Six months ended 30 June 2007 2006 Result before Biological Total Result before Biological Total biological assets and biological assets and (restated) assets and hyperinflation assets and hyperinflation hyperinflation adjustments hyperinflation adjustments adjustments adjustments --------------------- ----- -------- ------- ------- ------- ------- ------ Continuing operations Notes #000 #000 #000 #000 #000 #000 Revenue 3 11,206 (416) 10,790 10,367 46 10,413 Cost of sales (5,077) 125 (4,952) (4,522) (24) (4,546) --------------------- ----- -------- ------- ------- ------- ------- ------ Gross profit 6,129 (291) 5,838 5,845 22 5,867 --------------------- ----- -------- ------- ------- ------- ------- ------ Distribution costs (1,148) - (1,148) (938) (2) (940) Administrative expenses (2,985) 64 (2,921) (2,761) (107) (2,868) Other operating income 102 (3) 99 67 3 70 --------------------- ----- -------- ------- ------- ------- ------- ------ (4,031) 61 (3,970) (3,632) (106) (3,738) --------------------- ----- -------- ------- ------- ------- ------- ------ Profit/(loss) from operations 2,098 (230) 1,868 2,213 (84) 2,129 Share of associate's results 11 - 11 - - - Fair value adjustment to biological assets - 1,197 1,197 - 1,421 1,421 --------------------- ----- -------- ------- ------- ------- ------- ------ 2,109 967 3,076 2,213 1,337 3,550 --------------------- ----- -------- ------- ------- ------- ------- ------ Finance revenue 50 - 50 141 - 141 Finance costs (296) - (296) (905) 1 (904) --------------------- ----- -------- ------- ------- ------- ------- ------ Net finance costs (246) - (246) (764) 1 (763) --------------------- ----- -------- ------- ------- ------- ------- ------ Profit after net finance costs 1,863 967 2,830 1,449 1,338 2,787 --------------------- ----- -------- ------- ------- ------- ------- ------ Monetary working capital hyperinflation adjustments - 48 48 - 95 95 --------------------- ----- -------- ------- ------- ------- ------- ------ Profit before taxation 1,863 1,015 2,878 1,449 1,433 2,882 Taxation 4 (490) (261) (751) (570) (331) (901) --------------------- ----- -------- ------- ------- ------- ------- ------ Profit for period from continuing operations 3 1,373 754 2,127 879 1,102 1,981 --------------------- ----- -------- ------- ------- ------- ------- ------ Discontinued operations Loss after taxation from discontinued operations 5 - - - (87) - (87) --------------------- ----- -------- ------- ------- ------- ------- ------ Profit for the period 1,373 754 2,127 792 1,102 1,894 --------------------- ----- -------- ------- ------- ------- ------- ------ Attributable to: Equity holders of the parent 1,116 739 1,855 598 1,121 1,719 Minority interests 257 15 272 194 (19) 175 --------------------- ----- -------- ------- ------- ------- ------- ------ 1,373 754 2,127 792 1,102 1,894 --------------------- ----- -------- ------- ------- ------- ------- ------ Pence Pence Pence Pence --------------------- ----- -------- ------- ------- ------- ------- ------ Earnings per ordinary share 6 From continuing and discontinued operations - basic 0.9 1.4 0.6 1.8 - diluted 0.9 1.4 0.6 1.7 From continuing operations - basic and diluted 0.9 1.4 0.7 1.8 --------------------- ----- -------- ------- ------- ------- ------- ------ Dividend per ordinary share 7 0.25 - --------------------- ----- -------- ------- ------- ------- ------- ------ PGI Group Plc Interim condensed consolidated balance sheet at 30 June 2007 Group 30 June 2007 31 December 2006 Excluding Including Excluding Including hyperinflation hyperinflation hyperinflation hyperinflation adjustments adjustments* adjustments adjustments* #000 #000 #000 #000 -------------------- ----- ------- ------- ------- ------- ASSETS Non-current assets Goodwill 1,880 1,880 1,901 1,901 Biological assets 12,436 12,436 12,665 12,665 ------- ------- ------- ------- Property, plant and equipment 9,824 9,824 9,372 9,372 Hyperinflation adjustment - 155 - 642 ------- ------- ------- ------- 9,824 9,979 9,372 10,014 Investment properties 1,281 1,281 1,313 1,313 Investments - associate 197 197 200 200 - other 41 41 43 43 -------------------- ----- ------- ------- ------- ------- 25,659 25,814 25,494 26,136 -------------------- ----- ------- ------- ------- ------- Current assets ------- ------- ------- ------- Inventories 1,709 1,709 2,061 2,061 Hyperinflation adjustment - 42 - 42 ------- ------- ------- ------- 1,709 1,751 2,061 2,103 Trade and other receivables 3,392 3,392 1,759 1,759 Cash and cash equivalents 1,702 1,702 2,840 2,840 -------------------- ----- ------- ------- ------- ------- 6,803 6,845 6,660 6,702 -------------------- ----- ------- ------- ------- ------- Total assets 32,462 32,659 32,154 32,838 -------------------- ----- ------- ------- ------- ------- EQUITY AND LIABILITIES Equity attributable to equity holders of the parent company Share capital 32,365 32,365 32,326 32,326 Share premium account 425 425 420 420 Capital redemption reserve 250 250 250 250 Revaluation reserve 691 691 700 700 Retained earnings (15,843) (15,679) (17,041) (16,528) -------------------- ----- ------- ------- ------- ------- 17,888 18,052 16,655 17,168 Minority interests 2,807 2,807 2,690 2,690 -------------------- ----- ------- ------- ------- ------- Total equity 20,695 20,859 19,345 19,858 -------------------- ----- ------- ------- ------- ------- Non-current liabilities Interest bearing loans and borrowings 1,294 1,294 1,383 1,383 Other payables 184 184 275 275 ------- ------- ------- ------- Provision for deferred tax liabilities 2,172 2,172 2,016 2,016 Hyperinflation adjustment - 33 - 171 ------- ------- ------- ------- 2,172 2,205 2,016 2,187 Defined pension plan deficit 2,439 2,439 3,764 3,764 -------------------- ----- ------- ------- ------- ------- 6,089 6,122 7,438 7,609 -------------------- ----- ------- ------- ------- ------- Current liabilities Interest bearing loans and borrowings 2,342 2,342 2,755 2,755 Trade and other payables 2,813 2,813 2,102 2,102 Current tax liabilities 523 523 514 514 -------------------- ----- ------- ------- ------- ------- 5,678 5,678 5,371 5,371 -------------------- ----- ------- ------- ------- ------- Total liabilities 11,767 11,800 12,809 12,980 -------------------- ----- ------- ------- ------- ------- Total equity and liabilities 32,462 32,659 32,154 32,838 -------------------- ----- ------- ------- ------- ------- * These are the Group's balance sheets for the six months ended 30 June 2007 and for the year ended 31 December 2006. PGI Group Plc Interim condensed consolidated cash flow statement for the six months ended 30 June 2007 Six months ended 30 June 2007 2006 Including (restated) hyperinflation Including adjustments hyperinflation adjustments #000 #000 ------------------------------------------ -------- --------- Cash flow from operating activities Profit/(loss) from operations - Continuing operations 1,868 2,129 - Discontinued operations - (57) ------------------------------------------ -------- --------- 1,868 2,072 Adjustment for: Depreciation of property, plant and equipment 408 564 Disposal of property, plant and equipment (18) (11) Additional retirement benefit costs 49 (100) Oversea tax paid (375) (92) Hyperinflation indexation adjustment 221 (34) ------------------------------------------ -------- --------- Operating profit before changes in working capital 2,153 2,399 Decrease in inventories 483 549 Increase in trade and other receivables (1,633) (1,527) Increase in trade and other payables 622 669 Exchange difference on working capital (529) (247) ------------------------------------------ -------- --------- Cash generated from operations 1,096 1,843 ------------------------------------------ -------- --------- Cash flows from investing activities Capital expenditure (1,290) (1,448) Disposal of property, plant and equipment 25 11 Additions to investments (net) 9 - ------------------------------------------ -------- --------- Net cash from investing activities (1,256) (1,437) ------------------------------------------ -------- --------- Cash flows from financing activities Issue of shares (net of expenses) 44 92 Payment of loans and finance lease liabilities (200) (332) Finance costs, net of bank interest received (307) (709) Dividend paid (323) - Dividends and other payments to minority interests (net) (53) 62 Distribution from property fund (net) (8) (12) ------------------------------------------ -------- --------- Net cash from financing activities (847) (899) ------------------------------------------ -------- --------- Net (decrease) in cash and cash equivalents (1,007) (493) Cash and cash equivalents at beginning of period 959 3,328 Effects of exchange rate changes on cash and cash equivalents 109 211 ------------------------------------------ -------- --------- Cash and cash equivalents at end of period 61 3,046 ------------------------------------------ -------- --------- Cash and cash equivalents comprise: Cash 1,702 3,623 Overdrafts (1,641) (577) ------------------------------------------ -------- --------- Cash and cash equivalents 61 3,046 ------------------------------------------ -------- --------- Interest bearing loans and borrowings due within one year (2,342) (9,253) Less: short term debt 701 8,676 ------------------------------------------ -------- --------- Overdrafts (1,641) (577) ------------------------------------------ -------- --------- PGI Group Plc Interim condensed consolidated statement of changes in equity Attributable to equity holders of the Company Six months ended Share Share premium & Revaluation Retained Total Minority Total equity 30 June 2007 capital capital reserve earnings interests redemption #000 #000 #000 #000 #000 reserves #000 #000 --------------- ------- ------- -------- ------- ------ ------ ------ Balance at 1 January 2007 32,326 670 700 (16,528) 17,168 2,690 19,858 --------------- ------- ------- -------- ------- ------ ------ ------ Changes in equity Hyperinflation indexation movement - - - 343 343 - 343 Exchange differences on translation of net oversea assets: - before hyperinflation indexation - - (4) (1,779) (1,783) (83) (1,866) - hyperinflation indexation movement - - - (511) (511) - (511) Actuarial gain (net) of defined benefits pension plan - - - 1,313 1,313 - 1,313 Deferred tax on property revaluations and fair value adjustment: - before hyperinflation indexation - - (5) (49) (54) (12) (66) - hyperinflation indexation movement - - - 1 1 - 1 --------------- ------- ------- -------- ------- ------ ------ ------ Net income/ (expense) recognised directly in equity - - (9) (682) (691) (95) (786) Profit for the six months - - - 1,855 1,855 272 2,127 --------------- ------- ------- -------- ------- ------ ------ ------ Total recognised - - - income and (expense) - - (9) 1,173 1,164 177 1,341 --------------- ------- ------- -------- ------- ------ ------ ------ Issue of new ordinary shares on exercise of share options 39 5 - - 44 - 44 Dividend paid - - - (323) (323) - (323) Distribution from property fund (net) - - - (1) (1) (7) (8) Repayment of advances from non-equity minority - - - - - (53) (53) --------------- ------- ------- -------- ------- ------ ------ ------ Balance at 30 June 2007 32,365 675 691 (15,679) 18,052 2,807 20,859 --------------- ------- ------- -------- ------- ------ ------ ------ PGI Group Plc Interim condensed consolidated statement of changes in equity continued Attributable to equity holders of the Company Six months ended Share Share premium & Revaluation Retained Total Minority Total equity 30 June 2006 capital capital reserve earnings interests redemption #000 #000 #000 #000 #000 reserves #000 #000 --------------- ------- ------- -------- ------- ------ ------ ------ Balance at 1 January 2006 24,429 10,955 639 (22,550) 13,473 1,147 14,620 --------------- ------- ------- -------- ------- ------ ------ ------ Prior year adjustment to restate inventories to lower of cost or net realisable value, less tax effect of #14,000 - - - (52) (52) - (52) Prior year adjustment to restate biological assets at fair value, less tax effect of #421,000 - - - (1,771) (1,771) 1,350 (421) Prior year adjustment to incorporate hyperinflation indexation, less tax effect of #244,000 - - - 803 803 - 803 Prior year adjustment to incorporate additional deferred tax on property revaluations - - - (217) (217) - (217) --------------- ------- ------- -------- ------- ------ ------ -------- Restated balance 24,429 10,955 639 (23,787) 12,236 2,497 14,733 --------------- ------- ------- -------- ------- ------ ------ -------- Changes in equity Hyperinflation indexation movement - - - 501 501 - 501 Exchange difference on translation of net oversea assets: - before hyperinflation indexation - - (32) (3,005) (3,037) (183) (3,220) - hyperinflation indexation movement - - - (136) (136) - (136) Actuarial gain (net) of defined benefits pension plan - - - 490 490 - 490 Deferred tax on property revaluations and fair value adjustment: - before hyperinflation indexation - - - (55) (55) - (55) - hyperinflation indexation movement - - - (91) (91) - (91) Transfer - (25) - 25 - - - --------------- ------- ------- -------- ------- ------ ------ -------- Net income/ (expense) recognised directly in equity - (25) (32) (2,271) (2,328) (183) (2,511) Profit for the six months - - - 1,719 1,719 175 1,894 --------------- ------- ------- -------- ------- ------ ------ -------- Total recognised income and (expense) - (25) (32) (552) (609) (8) (617) --------------- ------- ------- -------- ------- ------ ------ -------- Issue of new ordinary shares on exercise of share options 74 18 - - 92 - 92 Dividends paid to minority interests - - - - - (7) (7) Distributions from property fund (net) - - - (3) (3) (9) (12) Advances from non-equity minority Interests (net) - - - - - 57 57 --------------- ------- ------- -------- ------- ------ ------ -------- Balance at 30 June 2006 24,503 10,948 607 (24,342) 11,716 2,530 14,246 ----------------- ------ ------- -------- ------- ------ ------ -------- PGI Group Plc Notes to the interim condensed consolidated financial statements 1. Corporate information PGI Group Plc is a public limited company incorporated and domiciled in the United Kingdom, whose shares are publicly traded. The principal activities of the Company and its subsidiaries ('the Group') are described in Note 3. The interim condensed consolidated financial statements of the Group for the six months ended 30 June 2007 were authorised for issue in accordance with a resolution of the directors on 6 September 2007. 2. Basis of preparation and accounting policies The interim condensed consolidated financial statements for the six months ended 30 June 2007 and 2006 are unaudited. They have been prepared in accordance with International Accounting Standard (IAS) 34, 'Interim Financial Reporting'. The accounting policies adopted are consistent with those followed in the preparation of the Group's financial statements for the year ended 31 December 2006. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's audited financial statements for the year ended 31 December 2006. The information for the year ended 31 December 2006 does not constitute the Group's statutory accounts for 2006 as defined in Section 240 of the Companies Act 1985. Statutory accounts for 2006 have been delivered to the Registrar of Companies. The Auditors' report on those accounts was unqualified and did not contain statements under Sections 237(2) or (3) of the Companies Act 1985. In the current financial year, the Group will adopt International Financial Reporting Standard (IFRS) 7, 'Financial Instruments: Disclosures', for the first time. As IFRS7 is a disclosure standard, there is no impact of a change in accounting policy on these interim financial statements. Full details of the change will be disclosed in the Group's financial statements for the year ending 31 December 2007. At the end of 2006 the Group restated and changed its accounting policy within the financial statements for the following: Restatements * To value agricultural produce after harvest at the lower of cost or net realisable value, previously fair value less estimated point-of-sale costs. * To record on the income statement a fair value adjustment to biological assets, previously shown as an exchange difference movement in retained earnings. Change in accounting policy * To incorporate the effects of the impact of hyperinflation on the Group's subsidiaries based in Zimbabwe, previously partially accounted for by recording the monetary working capital hyperinflation adjustment. These restatements and change in accounting policy have been accounted for retrospectively and recognised in the consolidated statement of changes in equity at 1 January 2006. The comparative statements for the six months ended 30 June 2006 have been restated to reflect these changes and the effect of the above changes on the previously reported profit after taxation for the six months ended 30 June 2006 is as follows: Continuing Discontinued Effect on Effect on basic operations operations and diluted earnings per share 30 June 2006 #000 #000 30 June 2006 Pence #000 ---------------------- ------- -------- ------- --------- Profit/(loss) after taxation: As previously reported 987 (87) 900 Restatements Change to inventories due to revised valuation (48) - (48) - Biological assets fair value adjustment 1,125 - 1,125 1.1 Change in accounting policy Hyperinflation adjustment (83) - (83) ------- -------- ------- As restated 1,981 (87) 1,894 ------- -------- ------- In addition to the above changes, some reclassifications were made between the income statement categories for the six months ended 30 June 2006, which had no effect on the Group's result for the period. PGI Group Plc Notes to the interim condensed consolidated financial statements Continued 3. Segmental reporting The Group's primary reporting segments are the following business sectors: Food group - Tea, roses, macadamia nuts and vegetables. Investment property management - Properties in St. Petersburg, Russia. The manufacturing segment has been classified as a discontinued operation for the six months ended 30 June 2006 (Note 5). SEGMENT REVENUE Six months ended 30 June 2007 Six months ended 30 June 2006 (Restated) Revenue before Revenue before hyperinflation Hyperinflation hyperinflation Hyperinflation adjustments adjustments Total adjustments adjustments Total #000 #000 #000 #000 #000 #000 -------- -------- -------- -------- -------- -------- Food group 10,578 (416) 10,162 10,158 46 10,204 Investment property management 628 - 628 209 - 209 -------- -------- -------- -------- -------- -------- 11,206 (416) 10,790 10,367 46 10,413 -------- -------- -------- -------- -------- -------- SEGMENT RESULTS Six months ended 30 June 2007 Six months ended 30 June 2006 (Restated) Result before Result before biological Biological biological Biological assets and assets and assets and assets and hyperinflation hyperinflation hyperinflation hyperinflation adjustments adjustment Total adjustment adjustment Total #000 #000 #000 #000 #000 #000 -------- -------- -------- -------- -------- -------- Food group 2,869 967 3,836 3,063 1,337 4,400 Investment property management 50 - 50 (82) - (82) Central costs net of sundry income (810) - (810) (768) - (768) -------- -------- -------- -------- -------- -------- 2,109 967 3,076 2,213 1,337 3,550 Net finance costs (246) - (246) (764) 1 (763) Monetary working capital hyperinflation adjustment - 48 48 - 95 95 -------- -------- -------- -------- -------- -------- Profit before tax 1,863 1,015 2,878 1,449 1,433 2,882 Taxation (490) (261) (751) (570) (331) (901) -------- -------- -------- -------- -------- -------- Profit for the period from continuing operations 1,373 754 2,127 879 1,102 1,981 -------- -------- -------- -------- -------- -------- PGI Group Plc Notes to the interim condensed consolidated financial statements continued 4. Taxation Six months ended 30 June 2007 2006 Continuing operations #000 #000 ------------------------------- --------- --------- Current taxation: UK Corporation tax (after double taxation relief) - - ------------------------------- --------- --------- Foreign taxation: Current taxation on income for the period 402 534 Adjustment in respect of prior periods - 11 ------------------------------ --------- --------- 402 545 ------------------------------- --------- --------- Deferred taxation: Origination and reversal of timing differences 357 363 Adjustment in respect of prior periods (8) (7) ------------------------------ --------- --------- 349 356 ------------------------------- --------- --------- Taxation on profit from continuing operations 751 901 ------------------------------ ---------- --------- In March 2007, the UK Government announced that they would introduce legislation to reduce the UK corporation tax rate to 28% with effect from 1 April 2008. This legislation, which has been substantively enacted by 30 June 2007, has had no impact upon these interim financial statements, nor is it expected to affect the Group's effective tax rate in the foreseeable future. 5. Discontinued operations Loss after taxation from discontinued operations Manufacturing Six months ended 30 June 2007 2006 #000 #000 ------------------------------- --------- --------- Revenue - 2,847 Cost of sales - (2,335) ------------------------------- --------- --------- Operating profit - 512 Operating expenses - (569) ------------------------------- --------- --------- Loss from operations - (57) Finance costs - (30) ------------------------------- --------- --------- Loss before taxation - (87) Taxation - - ------------------------------- --------- --------- Loss after taxation - (87) ------------------------------- --------- --------- Chillington Manufacturing, a division of P&G Industries Plc, which manufactures wheelbarrows in the United Kingdom was sold in July 2006. The results for Chillington Manufacturing which formed a separate business segment of the Group's operations, have been classified as discontinued operations for the six months ended 30 June 2006. The net cash flows attributable to Chillington Manufacturing were as follows: Six months ended 30 June 2007 2006 #000 #000 ------------------------------- --------- --------- Operating cash flows - (214) Investing cash flows - (48) Financing cash flows - (40) ------------------------------- --------- --------- Net cash outflow - (302) ------------------------------- --------- --------- PGI Group Plc Notes to the interim condensed consolidated interim financial statements continued 6. Earnings per ordinary share a. Basic Basic earnings per ordinary share is calculated by dividing the result attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period. Six months ended 30 June 2007 2006 Thousands Thousands --------- ------- Weighted average number of ordinary shares in issue 129,351 97,886 --------- ------- Six months ended 30 June 2007 2006(Restated) Result before Result before biological biological assets and assets and hyperinflation hyperinflation adjustments Total adjustments Total #000 #000 #000 #000 -------------------------- --------- ------- -------- ------ Profit for the year from continuing and discontinued operations attributable to the equity holders of the Company 1,116 1,855 598 1,719 -------------------------- --------- ------- -------- ------ Profit for the year from continuing operations: Per consolidated income statement 1,373 2,127 879 1,981 Minority interest applicable to continuing operations (257) (272) (194) (175) -------------------------- --------- ------- -------- ------ Profit from continuing operations attributable to the equity holders of the Company 1,116 1,855 685 1,806 -------------------------- --------- ------- -------- ------ (Loss) from discontinued operations attributable to the equity holders of the Company - - (87) (87) -------------------------- --------- ------- -------- ------ pence pence pence pence -------------------------- --------- ------- -------- ------ Basic earnings per ordinary share - continuing and discontinued operations 0.9 1.4 0.6 1.8 - continuing operations 0.9 1.4 0.7 1.8 -------------------------- --------- ------- -------- ------ b. Diluted Diluted earnings per ordinary share is calculated on a weighted average of shares which assume the exercise of certain options. Six months ended 30 June 2007 2006 Thousands Thousands ------- ------- Weighted average number of ordinary shares in issue assuming the exercise of certain options 130,083 98,661 ------- ------- Six months ended 30 June 2007 2006(Restated) Result before Result before biological biological assets and assets and hyperinflation hyperinflation adjustments Total adjustments Total pence pence pence pence -------------------------- --------- ------- -------- ------ Diluted earnings per ordinary share - continuing and discontinued operations 0.9 1.4 0.6 1.7 - continuing operations 0.9 1.4 0.7 1.8 -------------------------- --------- ------- -------- ------ c. Discontinued operations pence pence pence pence -------------------------- --------- ------- -------- ------ Basic and diluted loss per ordinary share from discontinued operations - - (0.1) (0.1) PGI Group Plc Notes to the interim condensed consolidated interim financial statements continued 7. Dividend paid and proposed Six months ended 30 June 2007 2006 #000 #000 -------------------------------- -------- ------- Declared 2006 (not recognised as a liability in 2006) Equity dividends on ordinary shares: Interim dividend for 2006 0.25p per share, paid 23 January 2007 323 - -------------------------------- -------- ------- 8. Property, plant and equipment Capital expenditure on property, plant and equipment in the six months ended 30 June 2007 amounted to #1,290,000. 9. Related party transactions Two Russian companies owned by a director, Mr S. W. Wayne, provide services to subsidiary companies of Jensen Partners LLC and Jensen Limited and the property funds they manage. Jensen Partners LLC and Jensen Limited are subsidiaries of PGI Group Plc. The Russian companies are not designed to make profits but to reallocate expenses between the various entities. The amounts charged to the subsidiaries of Jensen Partners LLC and Jensen Limited and the amounts outstanding were as follows: Six months ended 30 June 2007 2006 #000 #000 --------------------------------- --------- ------- Charges for services from related parties 188 57 Amounts owed to related parties 69 66 --------------------------------- --------- ------- 10. Contingent liabilities There has been no change to the claim made by PT Shamrock Manufacturing Corpora ('Shamrock') in the amount of approximately #14.8 million as reported in Note 29 to the audited financial statements for the year ended 31 December 2006. Following the District Court of South Jakarta's ruling in favour of PGI Group Plc in February 2007, Shamrock filed a formal Memorandum of Appeal against the decision and PGI Group Plc has filed a Counter Memorandum of Appeal with the High Court in Indonesia on 23 July, 2007. This information is provided by RNS The company news service from the London Stock Exchange END IR UUUWUBUPMGAQ
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