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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Plantic Tech. | LSE:PLNT | London | Ordinary Share | AU0000XINEG8 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 4951C Plantic Technologies Limited 02 September 2008 02 September, 2008 PLANTIC TECHNOLOGIES LIMITED ("Plantic" or "the Company") Interim Results for 6 months ended 30 June 2008 Plantic (AIM:PLNT), the technology company engaged in the development and commercialisation of a range of environmentally friendly plastics from renewable resources announces its interim results for the 6 months to the 30th June, 2008. Plantic's novel polymer manufacturing technology is based on the use of high-amylose corn starch, a material derived from annual harvesting of non-GM, but specially selected (hybrid) corn. The unique chemical and film-forming properties of this type of starch allows for development of a range of applications across conventional plastics markets. In addition to being renewably sourced, users can take advantage of excellent end-of-life properties such as biodegradability and compostability. OVERVIEW The six month period to 30 June 2008 has seen a number of significant developments for Plantic in the areas of new product development, sales and manufacturing. During this time, we have extended our global distribution and development agreement with DuPont Packaging and Industrial Polymers for injection moulding resins and sheet in the US to include Japan and continued to progress our conversion partnerships with Amcor and Bemis in the key flexible packaging markets. The commercial milestones achieved in the first half of 2008 have been: * Sales volume of Plantic® material increased by 52% compared to the same period in 2007. Plantic finished the half year with a strong orderbook, significantly higher than the same period in 2007. This was, in major part, to fulfill orders from DuPont to enable the major launch of their Plantic® injection moulding resin and sheet under the DuPont* Biomax® TPS brand. * Extension of the DuPont distribution agreement to cover Japan. * Implementation of a number of major manufacturing process improvements * Launch of the new high performance sheet grade at the Interpack Exhibition, Germany: first orders received. * Ongoing business from major global brand owners and leading retailers including Cadbury, Marks & Spencer and Sainsbury's. * Continuing R&D and joint customer development to perfect and bring to commercial readiness Plantic's film and barrier resins. Financial Performance The consolidated loss of the group for the six months ended 30 June 2008 was A$5,613,949 (2007: six months loss A$4,460,770). Consolidated sales revenue (excluding grant revenue) for the six months was A$798,492 (2007: six months A$774,488). Plantic's financial position remains strong, with a half year end cash position of A$31 million. Finance revenue from cash on deposit increased for the 6 months ended 30 June 2008 to A$1,100,580 (2007: A$539,966) The net loss incurred by Plantic for the 6 months ended 30 June 2008 increased by A$1.15m compared to the same period in 2007. Included in the 2008 loss were the following significant or non-recurring expenses: * redundancy provision A$0.2m (2007: $Nil); * share based payments relating to the IPO $0.6m (2007: A$0.4m); and * unrealised foreign currency losses A$0.7m (2007: A$0.3m). The loss attributable to ordinary equity holders decreased to A$0.07 per share for the 6 months ended 30 June 2008 (2007: A$0.09 per share) Throughout 2008, the Company continued its focus on research and development with total expenses incurred relating to research and development were $1,281,938 (2007: $1,559,195). Rationalisation and consolidation of the research and development delivered cost reductions in the period with a heightened focus on our key development projects. In addition, the commissioning of the resin manufacturing line completed in 2008 increased our engineering and manufacturing scale up costs resulting in additional cost of sales in the period, having an adverse impact on gross profit. Cost of sales for the months ended 30 June 2008 was A$922,022 (2007: A$653,521) Order Book The amount of product sold to customers increased by 52% in 2008. Furthermore, Plantic finished the half year with a strong order book due in major part to DuPont first orders for market development purposes. The strength of the order book is extremely encouraging, as it not only underpins sales in 2008, but also demonstrates belief on the part of our customers and partners in the importance and relevance of our products. Leadership In March 2008, Mr. Brendan Morris was appointed to the position of Chief Executive Officer. During this time, Mr. Morris has worked closely with the board to review our strategy, resulting in his renewed focus on the key strategic initiatives, including manufacturing, product development and sales targets, and achieving a significant reduction in our fixed cost base. Shareholding In April 2008 Plantic announced Mr. Gordon Merchant's agreement to extend his share lock-up agreement for a further period of one year from 29 April 2008. Mr. Merchant is a Non-Executive Director of the Company and a holder of 18.4% of the Company's issued share capital. Outlook Plantic enjoys strong and established relationships with a number of large international corporations in the chemicals, industrial packaging and retail sectors. These organisations have recognised the importance of being able to offer their own customers a product that reduces damage to the environment and have embraced Plantic's technology as a viable and commercially attractive solution to this challenge. Our strategy will be to maintain and grow this base of commercial supporters, focusing on driving sales and increasing the range and functionality of our products by sharing our respective technological expertise. The Board remains confident in Plantic's long term growth prospects and success. The full Interim Report is available on the Company's website www.plantic.com.au. Copies will be available from that date from the Company's office, 51 Burns Road, Altona, VIC, 3018, Australia and from the offices of Pelham Public Relations, No. 1 Cornhill, London EC3V 3ND, United Kingdom. Ian Wightwick Chairman 2 September 2008 Further information Plantic Technologies: Brendan Morris, Chief +44 (0)20 7743 6679 (today) or +61 (0)3 9353 7983 Executive Officer Nomura Code: Juliet Thompson +44 (0)20 7776 1204 Media enquiries: Pelham PR: Archie Berens +44 (0)207 743 6679 Candice Sgroi +44(0)207 743 6376 Income Statement (Unaudited) for the half year ending 30 June 2008 CONSOLIDATED 6 months 6 months 2008 2007 Notes $ $ Sales revenue 798,492 774,488 Government grants 73,174 287,573 Cost of sales (922,022) (653,521) Engineering and manufacturing scale up costs (1,339,550) (642,300) Gross Profit (1,389,906) (233,760) Finance revenue 2 1,100,580 539,966 Other expenses 2 (696,917) (330,811) Administrative & selling expenses (2,620,258) (2,002,576) Research and development expenses (1,281,938) (1,559,195) Share based payment expense (588,929) (374,022) Loss before income tax and finance costs (5,477,368) (3,960,398) Finance costs (136,581) (500,372) Loss before income tax (5,613,949) (4,460,770) Income tax - - Net loss (5,613,949) (4,460,770) Cents Cents Loss per share for loss attributable to the ordinary equity holders of the company Basic loss per share (7.04) (8.68) Diluted loss per share (7.04) (8.68) Statement of Changes in Equity (Unaudited) for the half year ended 30 June 2008 Other reserves Share based Issued Capital Foreign currency Accumulated losses Total payments reserve translation reserve CONSOLIDATED $ $ $ $ $ $ Balance at 1 January 2007 100,134 172,508 21,520,977 (158,739) (21,307,419) 327,461 Foreign currency translation - - - 267,957 - 267,957 Total income and - - 267,957 - 267,957 expense for the period recognised directly in equity Net loss for the period - - - - (4,460,770) (4,460,770) Total income and - - - 267,957 (4,460,770) (4,192,813) expense for the period EquityTransactions: Share Based Payment - 374,021 - - - 374,021 Conversion of convertible (100,134) - 10,697,543 - - 10,597,409 notes Increase in share capital - - 48,152,190 - - 48,152,190 Less transaction costs - - (4,126,716) - - (4,126,716) Balance at 30 June 2007 - 546,529 76,243,994 109,218 (25,768,189) 51,131,552 Balance at 1 January 2008 - 1,205,515 76,261,380 (190,982) (31,573,810) 45,702,103 Foreign currency translation - - - (139,476) - (139,476) Total income and - - - (139,476) (5,613,949) (5,753,425) expense for the period recognised directly in equity Net loss for the period - - - - - Total income and - - - (139,476) (5,613,949) (5,753,425) expense for the period EquityTransactions: Share Based Payment - 513,127 - - - 513,127 Conversion of convertible - - - - notes Increase in share capital - - 75,802 - - 75,802 Less transaction costs - - - - - - Balance at 30 June 2008 - 1,718,642 76,337,182 (330,458) (37,187,759) 40,537,607 Balance Sheet (Unaudited) as at 30 June 2008 CONSOLIDATED 30 June 31 December 30 June 2008 2007 2007 (Audited) $ $ $ Assets Cash and cash equivalents 30,967,095 38,002,376 45,864,672 Trade and other receivables 880,396 1,652,400 722,171 Inventories 4,243,067 3,294,014 2,585,835 Other current assets 335,789 524,295 490,766 Total Current Assets 36,426,347 43,473,085 49,663,444 Plant and equipment 8,914,404 8,034,931 7,222,922 Total Non-current Assets 8,914,404 8,034,931 7,222,922 Total Assets 45,340,751 51,508,016 56,886,366 Liabilities Trade and other payables 1,263,583 1,719,035 1,484,100 Interest bearing liabilities 679,325 706,760 560,123 Provisions 130,078 308,699 154,661 Total Current Liabilities 2,072,986 2,734,494 2,198,884 Interest bearing liabilities 2,697,978 3,047,605 3,532,116 Provisions 32,180 23,814 23,814 Total Non-current Liabilities 2,730,158 3,071,419 3,555,930 Total Liabilities 4,803,144 5,805,913 5,754,814 Net Assets 40,537,607 45,702,103 51,131,552 Equity Issued capital 76,337,182 76,261,380 76,243,994 Reserves 1,388,184 1,014,533 655,747 Accumulated Losses (37,187,759) (31,573,810) (25,768,189) Total Equity 40,537,607 45,702,103 51,131,552 Cash Flow Statement (Unaudited) for the half year ended 30 June 2008 CONSOLIDATED 6 months 6 months 2008 2007 $ $ Receipts from customers and related parties 1,187,475 1,068,771 Grants received 73,174 287,573 Other income - 20,182 Payments to suppliers and employees (8,186,321) (6,163,736) Net cash flows used in operating activities (6,925,672) (4,787,210) Purchase of property, plant and equipment (1,417,687) (69,589) (net of finance leases) Net cash flows used in investing activities (1,417,687) (69,589) Interest paid (136,581) (146,297) Interest received 1,961,197 519,784 Repayment of borrowings (377,062) (336,298) Proeeds from borrowings - 138,747 Proceeds from issue of shares - 48,152,190 Payments of share issue costs - (4,126,716) Net cash flows from/(used in) financing 1,447,554 44,201,410 activities Net increase/(decrease) in cash and cash (6,895,805) 39,344,611 equivalents Cash and cash equivalents (139,476) 267,957 Cash - at beginning of period 38,002,376 6,252,104 - at end of period 30,967,095 45,864,672 Notes to the Financial Statements * The Interim Report has been subject to a review by the company's auditors Ernst & Young (which was not an audit). During the review they did not become aware of any matter that would make them believe that the Interim Financial Report of Plantic Technologies Limited and the entities it controlled during the half-year, is not in accordance with: (a) the Australian Corporations Act 2001, including: (i) giving a true and fair view of the consolidated entity's financial position as at 30 June 2008 and of its performance for the half-year ended on that date, and; (ii) complying with Accounting Standard AASB134 Interim Financial Reporting Corporations Regulations 2001 (b) other mandatory financial reporting requirements in Australia. 2. Analysis of Revenue CONSOLIDATED 6 months 6 months 30/06/08 30/06/07 $ $ Finance revenue Interest revenue 1,100,580 519,784 Other finance revenue - 20,182 Total finance revenue 1,100,580 539,966 Other expenses Foreign exchange loss (696,917) (330,811) Total other expenses (696,917) (330,811) 3. Segmental Analysis The Group operates in two geographical segments being Australia and Europe and one business segment being the plastics industry. The geographical segments are determined on the location of the Group's assets. Geographical segments The following tables present revenue and profit information and certain asset and liability information regarding geographical segments for the half years ended 30 June 2008 and 30 June 2007. CONSOLIDATED For the six months ended Australia Europe Total 30 June 2008 $ $ $ Revenue Sales to external customers 691,980 106,512 798,492 Inter Segment Sales 134,216 36,404 170,620 Government grants 73,174 - 73,174 Total segment revenue 899,370 142,916 1,042,286 Inter-segment elimination (134,216) (36,404) (170,620) Total consolidated revenue 765,154 106,512 871,666 Result Segment results (5,909,687) (668,261) (6,577,948) Loss before income tax and (5,909,687) (668,261) (6,577,948) finance revenue & finance cost Interest revenue 1,068,030 32,550 1,100,580 Finance costs (136,581) - (136,581) Loss before income tax (4,978,238) (635,711) (5,613,949) Income tax expense - - - Net loss for the half year (4,978,238) (635,711) (5,613,949) CONSOLIDATED For the six months ended Australia Europe Total 30 June 2007 $ $ $ Revenue Sales to external customers 453,901 320,587 774,488 Inter Segment Sales 159,292 56,506 215,798 Government grants 287,573 - 287,573 Total segment revenue 900,766 377,093 1,277,859 Inter-segment elimination (159,292) (56,506) (215,798) Total consolidated revenue 741,474 320,587 1,062,061 Result Segment results (3,825,638) (674,726) (4,500,364) Loss before income tax, (3,825,638) (674,726) (4,500,364) finance revenue and finance cost Finance revenue 539,966 - 539,966 Finance costs (500,372) - (500,372) Loss before income tax (3,786,044) (674,726) (4,460,770) Income tax expense - - - Net loss for the half year (3,786,044) (674,726) (4,460,770) 4. The Directors do not recommend the payment of a dividend. 5. The full Interim Report is available on the Company's website www.plantic.com.au. Copies will be available from that date from the Company's office, 51 Burns Road, Altona, VIC, 3018, Australia and from the offices of Pelham Public Relations, No. 1 Cornhill, London EC3V 3ND, United Kingdom. This information is provided by RNS The company news service from the London Stock Exchange END IR QFLFBVKBEBBZ
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