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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Proventec | LSE:PROV | London | Ordinary Share | GB00B2R1Q018 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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TIDMPROV
RNS Number : 9964S
Proventec PLC
21 September 2010
+--------------------------------+--------------------------------+
| Press Release | 21 September 2010 |
+--------------------------------+--------------------------------+
Proventec Plc
("Proventec" or the "Company" or the "Group")
Interim Results for the twelve months ended 31 March 2010
Proventec Plc (AIM:PROV, Alternext:ALTPC), a provider of specialist steam
cleaning and coatings technologies, today announces its unaudited interim
results for the twelve months ended 31 March 2010.
Financial Highlights
+----+--------------------------------------------------------------+
| · | Turnover, after adjusting for the discontinued CryoJet |
| | operation and for Frank GmbH not being owned for a full year |
| | in the corresponding period, fell by 8% |
+----+--------------------------------------------------------------+
| · | Gross profit fell by 3.5% to 38.6% |
| | |
+----+--------------------------------------------------------------+
| · | Overheads, after adjusting for Frank GmbH not being owned |
| | for a full year in the corresponding period, were reduced by |
| | 10% |
+----+--------------------------------------------------------------+
Operational Highlights
+----+--------------------------------------------------------------+
| · | Proventec Healthcare won a competitive tender for a minimum |
| | two year contract with the NHS Supply Chain to provide |
| | brushes, mops, buckets and associated products worth an |
| | estimated GBP4 million over this period |
+----+--------------------------------------------------------------+
| · | Received a first order from a major global food manufacturer |
| | to provide a dry steam cleaning in place (CIP) assembly for |
| | two new food conveyor lines with anticipated follow on |
| | orders worth over GBP1 million |
+----+--------------------------------------------------------------+
| · | Awarded second stage funding of GBP300,000 for the |
| | development of a hand hygiene system |
+----+--------------------------------------------------------------+
| · | Launched the new "Apollo" range of industrial dry steam |
| | equipment designed, developed and manufactured entirely |
| | within the Group |
+----+--------------------------------------------------------------+
David Chestnutt, Chief Executive of Proventec, commented:
"The majority of 2010 to date has involved the Board's efforts maintaining the
financial integrity of the Group. This has been against an extremely difficult
economic background. Despite this, there have been some notable successes which
encourage the Board to believe Proventec is moving in the right direction,
including high profile contract wins and expansion in the food manufacturing
market.
"With a heavily reduced debt burden and a clearer capital structure, the Group
is in a stronger position to deal with the commercial pressures of the current
economic climate."
Shareholders will have noted the announcements of 8 July 2010 and 6 September
2010 and a further announcement in respect of the proposed Scheme of Arrangement
will be made in due course.
For further information, please contact:
+--------------------------------------+----------------------+
| Proventec Plc | |
+--------------------------------------+----------------------+
| David Chestnutt, Chief Executive | Tel: + 44 (0) 151 |
| | 706 0626 |
+--------------------------------------+----------------------+
| dchestnutt@proventecplc.com | www.proventecplc.com |
+--------------------------------------+----------------------+
+--------------------------------------+-----------------------+
| Seymour Pierce | |
+--------------------------------------+-----------------------+
| Nicola Marrin | Tel: + 44 (0) 20 |
| | 7107 8000 |
+--------------------------------------+-----------------------+
| Corporate Finance | www.seymourpierce.com |
+--------------------------------------+-----------------------+
Media enquiries:
+--------------------------------------+------------------------+
| Abchurch Communications | |
+--------------------------------------+------------------------+
| Henry Harrison-Topham / Simone | Tel: +44 (0) 20 7398 |
| Elviss | 7702 |
+--------------------------------------+------------------------+
| henry.ht@abchurch-group.com | www.abchurch-group.com |
+--------------------------------------+------------------------+
CHAIRMAN'S STATEMENT
The last few months have seen a considerable amount of negotiation and
discussion with the Company's principal stakeholders over the re-structuring of
the debt burden affecting the Company. The culmination of these discussions and
negotiations is encapsulated in the formal announcement of the agreement reached
between the Representative Committee of the Loan Note Holders of GBP15 million
8.5% Loan Notes and InnoConcepts NV, the Company's largest shareholder and
ultimate guarantor of the Loan Notes. The proposed Scheme of Arrangement which
is to be put before the Companies Court (part of the Chancery Division of the
High Court) will result in fundamental changes to the Company's financial
structure, namely:
+----+--------------------------------------------------------------+
| · | Cash investment of GBP2.5 million into equity at 57 pence; |
| | |
+----+--------------------------------------------------------------+
| · | Reduction in Loan Notes from GBP14.88 million to GBP7 |
| | million; |
+----+--------------------------------------------------------------+
| · | Conversion of the balance of GBP7.88 million Loan Notes and |
| | GBP3.5 million of other debt into equity at 57 pence; |
+----+--------------------------------------------------------------+
| · | The cancellation of warrants for 5,625,000 ordinary shares; |
| | and |
+----+--------------------------------------------------------------+
| · | The surrender and of options to directors and employees for |
| | 1,013,000 ordinary shares. |
+----+--------------------------------------------------------------+
These changes will greatly simplify and strengthen the Group's capital
structure.
As a further consequence of these changes, the Board has resolved to change the
Group's annual reporting date and this accounting period is being extended to an
eighteen month reporting period to 30 September 2010. This date of 30 September
will become the Group's usual annual reporting date in the future. As a
consequence, the Board expects that the next results announcement (for the
eighteen month reporting period to 30 September 2010) will be made before the
end of December 2010 and the interim results for the period ending 31 March 2011
will be announced during May 2011.
The results which are reported today are the twelve months to 31 March 2010
which are unaudited and stated before impairments, write-offs and the capital
re-construction envisaged by the Scheme of Arrangement.
The Company, as you by now will be aware, had been in discussions with the
former largest shareholder in the Company about supporting an equity investment
or alternative loan finance package. These discussions appeared to be reaching
an amicable and successful conclusion in the middle of the year. However, with
short notice, our major shareholder ended those discussions and furthermore
advised the Company that it would not provide any further financial support.
Because of this abrupt turn of events your Board had no alternative other than
to advise the Stock Exchange of the Company's re-financing issues and to request
that Proventec's shares be suspended while the Board sought alternative
financial support.
This, as you will have seen from the announcement initially made on 8 July 2010
and confirmed in the announcement on 6 September 2010, has been achieved. The
suspension of the Company's shares will remain in place until the Scheme of
Arrangement is sanctioned by the Court and the refinancing is therefore finally
completed. It is anticipated that this will happen during November 2010.
The trading climate remains extremely challenging and will require the directors
and staff to re-double their focus on the trading and development of the Company
but I am indebted to David Chestnutt, Chief Executive, and Thomas Stücken, Chief
Commercial Officer, who have borne the brunt of these financial and structural
challenges and worked tirelessly to ensure the Company's future for the benefit
of all the Company's stakeholders.
Peter Teerlink
Chairman
21 September 2010
CHIEF EXECUTIVE'S REPORT
The Chairman in his statement has summarised the considerable changes the Board
has been able to make to the Company's capital structure following the long and
diligent negotiations over recent months.
The majority of 2010 to date has involved the Board's efforts maintaining the
financial integrity of the Group. This has been against an economic environment
which threatens to sink back into recession, although in reality it is doubtful
that we have even come out of recession. The sales across all Group companies
have been affected but most pressure has been felt in the machine sales
divisions of Osprey where the sale of its specialist dry steam equipment has
suffered along with that of many other industrial equipment providers due to a
significant fall off in the purchases of capital equipment.
The key figures in the Group's results for the first twelve months to 31 March
2010 of our eighteen month reporting period to 30 September 2010 are:
+----+--------------------------------------------------------------+
| · | Turnover, after adjusting for the discontinued CryoJet |
| | operation and for Frank GmbH not being owned for a full year |
| | in the corresponding period, fell by 8% |
+----+--------------------------------------------------------------+
| · | Gross profit fell by 3.5% to 38.6% |
| | |
+----+--------------------------------------------------------------+
| · | Overheads, after adjusting for Frank GmbH not being owned |
| | for a full year in the corresponding period, were reduced by |
| | 10% |
+----+--------------------------------------------------------------+
Despite the difficult trading picture there have been some notable successes
which encourage the Board to believe Proventec is moving in the right direction:
+----+--------------------------------------------------------------+
| · | Proventec Healthcare won a competitive tender for a minimum |
| | two year contract with the NHS Supply Chain to provide |
| | brushes, mops, buckets and associated products worth an |
| | estimated GBP4 million over this period. |
+----+--------------------------------------------------------------+
| · | Received a first order from a major global food manufacturer |
| | to provide a dry steam cleaning in place (CIP) assembly for |
| | two new food conveyor lines with anticipated follow on |
| | orders worth over GBP1 million |
+----+--------------------------------------------------------------+
| · | Awarded second stage funding of GBP300,000 for the |
| | development of a hand hygiene system |
+----+--------------------------------------------------------------+
| · | Launched the new "Apollo" range of industrial dry steam |
| | equipment designed, developed and manufactured entirely |
| | within the Group |
+----+--------------------------------------------------------------+
The internal operational re-structuring of the Group continues as the Board
looks to further reduce and manage Group costs and to maximise its resources to
ensure our best efforts are targeted at the most opportune markets.
These figures have not been subject to audit or impairment review nor do they
reflect any of the recently agreed capital re-structuring which is subject to
confirmation by the Courts later this year.
The trading companies in the Group have had to cope with their own normal and
anticipated commercial pressures which have been exacerbated by the public
funding issues of their ultimate parent company, Proventec. I would like to
thank all our senior management and staff who have continued to carry out their
own duties in the Group's various trading subsidiaries against this backdrop of
uncertainty which has not been aided by the Board's inability to keep all those
informed of our progress due to the confidentiality of our protracted
negotiations.
As a Board we remain confident that the progress made to date will see a change
in the fortunes of the Group during 2011 and in subsequent years.
May I thank my Board colleagues for their support and hard work over the last
twelve months and, with a heavily reduced debt burden and a clearer capital
structure, the Group is in a stronger position to deal with the commercial
pressures of the current economic climate.
D M A Chestnutt
Chief Executive
21 September 2010
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2010
+------------------------------------+----------+-----------+-----------+---------+
| | | Unaudited | Unaudited | Audited |
| | | 31 March | 30 | 31 |
| | | 2010 | September | March |
| | | GBP'000 | 2009 | 2009 |
| | | | GBP'000 | GBP'000 |
+------------------------------------+----------+-----------+-----------+---------+
| Assets | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Non-current assets | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Property, plant and equipment | | 606 | 888 | 906 |
+------------------------------------+----------+-----------+-----------+---------+
| Goodwill | | 25,357 | 26,867 | 27,125 |
+------------------------------------+----------+-----------+-----------+---------+
| Other intangible assets | | 4,710 | 4,834 | 4,949 |
+------------------------------------+----------+-----------+-----------+---------+
| Available for sale financial | | 63 | 12 | 12 |
| assets | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Share of associate net assets | | 8 | 8 | 8 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| | | 30,744 | 32,609 | 33,000 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Current assets | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Inventories | | 2,714 | 2,837 | 2,848 |
+------------------------------------+----------+-----------+-----------+---------+
| Trade and other receivables | | 4,068 | 4,567 | 4,149 |
+------------------------------------+----------+-----------+-----------+---------+
| Cash and cash equivalents | | 416 | 900 | 1,095 |
+------------------------------------+----------+-----------+-----------+---------+
| Investments held for sale | | - | - | - |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| | | 7,198 | 8,304 | 8,092 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Total assets | | 37,942 | 40,913 | 41,092 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| EQUITY AND LIABILITIES | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Equity attributable to equity | | | | |
| holders of the parent | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Share capital | | 1,543 | 1,542 | 1,242 |
+------------------------------------+----------+-----------+-----------+---------+
| Other reserves | | 12,294 | 12,996 | 12,297 |
+------------------------------------+----------+-----------+-----------+---------+
| Retained earnings | | (181) | 2,420 | 3,444 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| | | 13,656 | 16,958 | 16,983 |
+------------------------------------+----------+-----------+-----------+---------+
| Minority interest | | 101 | 268 | 252 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Total equity | | 13,757 | 17,226 | 17,235 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Non-current liabilities | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Long term borrowings | | 14,649 | 14,318 | 14,260 |
+------------------------------------+----------+-----------+-----------+---------+
| Deferred tax | | - | - | - |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Total non-current liabilities | | 14,649 | 14,318 | 14,260 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Current liabilities | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Trade and other payables | | 6,511 | 6,544 | 6,798 |
+------------------------------------+----------+-----------+-----------+---------+
| Current portion of long term | | 3,025 | 2,825 | 2,799 |
| borrowings | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Current tax payable | | - | - | - |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Total current liabilities | | 9,536 | 9,369 | 9,597 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Total liabilities | | 24,185 | 23,687 | 23,857 |
+------------------------------------+----------+-----------+-----------+---------+
| | | | | |
+------------------------------------+----------+-----------+-----------+---------+
| Total equity and liabilities | | 37,942 | 40,913 | 41,092 |
+------------------------------------+----------+-----------+-----------+---------+
The financial statements were approved and authorised for issue by the Board on
20 September 2010 and were signed on its behalf by D Chestnutt.
CONSOLIDATED INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED 31 MARCH 2010
+---------------------------+-----+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
| | | 12 months | 6 months | 12 |
| | | To | to 30 | months |
| | | 31 March | September | to |
| | | 2010 | 2009 | 31 |
| | | GBP'000 | GBP'000 | March |
| | | | | 2009 |
| | | | | GBP'000 |
+---------------------------+-----+-----------+-----------+----------+
| Continuing operations | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Revenue | | 14,442 | 7,353 | 14,990 |
+---------------------------+-----+-----------+-----------+----------+
| Cost of sales | | (8,871) | (4,414) | (8,683) |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Gross profit | | 5,571 | 2,939 | 6,307 |
+---------------------------+-----+-----------+-----------+----------+
| Other income | | | - | - |
+---------------------------+-----+-----------+-----------+----------+
| Administrative expenses - | | (6,773) | (3,354) | (6,723) |
| recurring | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Impairment of goodwill | | - | - | (16,000) |
+---------------------------+-----+-----------+-----------+----------+
| Impairment of investments | | - | - | (3,260) |
+---------------------------+-----+-----------+-----------+----------+
| Impairment of receivables | | - | - | (7,458) |
+---------------------------+-----+-----------+-----------+----------+
| Total administrative | | (6,773) | (3,354) | (33,441) |
| expenses | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Finance costs | | (1,585) | (733) | (1,537) |
+---------------------------+-----+-----------+-----------+----------+
| Share of associates | | - | - | 28 |
| operating loss | | | | |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| (Loss)/profit before | | (2,787) | (1,148) | (28,643) |
| taxation | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Income tax expense | | - | (1) | 748 |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| (Loss) for the period | | | | |
| from continuing | | (2,787) | (1,149) | (27,895) |
| operations | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Loss for the year from | | | | |
| discontinued operations | | (829) | 126 | (5) |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Loss for the year | | (3,616) | (1,023) | (27,900) |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Attributable to:- | | | | |
+---------------------------+-----+-----------+-----------+----------+
| equity shareholders | | (3,625) | (1,022) | (27,853) |
+---------------------------+-----+-----------+-----------+----------+
| Minority interest | | 9 | (1) | (47) |
+---------------------------+-----+-----------+-----------+----------+
| | | (3,616) | (1,023) | (27,900) |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Earnings per share | | | | |
+---------------------------+-----+-----------+-----------+----------+
| From continuing | | | | |
| operations | | | | |
+---------------------------+-----+-----------+-----------+----------+
| Basic | | (19.4) | (8.6) | (227.4) |
+---------------------------+-----+-----------+-----------+----------+
| Diluted | | (19.4) | (8.6) | (227.4) |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| From continuing and | | | | |
| discontinuing operations | | | | |
+---------------------------+-----+-----------+-----------+----------+
| basic | | (25.2) | (7.7) | (227.4) |
+---------------------------+-----+-----------+-----------+----------+
| diluted | | (25.2) | (7.7) | (227.4) |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
| | | | | |
+---------------------------+-----+-----------+-----------+----------+
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE TWELVE MONTHS ENDED 31 MARCH 2010
+-----------------------------+-+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
| | | 12 months | 6 months | 12 |
| | | to | to | months |
| | | 31 March | 30 | to |
| | | 2010 | September | 31 |
| | | GBP'000 | 2009 | March |
| | | | GBP'000 | 2009 |
| | | | | GBP'000 |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Loss for the period from | | | | |
| continuing operations | | (2,787) | (1,149) | (27,895) |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Net exchange differences on | | | | |
| translating foreign | | (1,102) | (397) | 5,764 |
| operations | | | | |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Profit/(loss) for the | | | | |
| period from discontinued | | 286 | 126 | (5) |
| operations | | | | |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Loss recognised on disposal | | | | |
| of discontinued operations | | (1,115) | - | - |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Total comprehensive income | | | | |
| and expense for the period | | (4,718) | (1,420) | (22,136) |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Attributable to the | | 9 | 1 | (47) |
| minority interest | | | | |
+-----------------------------+-+-----------+-----------+----------+
| Attributable to equity | | | | |
| holders of the parent | | (4,727) | (1,421) | (22,089) |
+-----------------------------+-+-----------+-----------+----------+
| | | | | |
+-----------------------------+-+-----------+-----------+----------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER EQUITY
FOR THE TWELVE MONTHS ENDED 31 MARCH 2010
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | Foreign | | |
| | Share | Share | Shares | Share | Retained | currency | Share | |
| | capital | premium | to be | options | earnings | reserve | warrants | Total |
| | GBP'000 | GBP'000 | issued | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | GBP'000 | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| For the year | | | | | | | | |
| ended 31 March | | | | | | | | |
| 2010 | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 1 April | 1,242 | 155 | - | 85 | 3,444 | 10,586 | 1,471 | 16,983 |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Loss for the | | | | | | | | |
| period | | | | | | | | |
| attributable to | - | - | - | - | (3,625) | - | - | (3,625) |
| equity | | | | | | | | |
| shareholders | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Unrealised | | | | | | | | |
| exchange | - | - | - | - | - | (1,102) | - | (1,102) |
| movement | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Issue of Shares | 301 | 1,099 | - | - | - | - | - | 1,400 |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Movement in | 301 | 1,099 | - | - | (3,625) | (1,102) | - | (3,327) |
| period | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 31 March | 1,543 | 1,254 | - | 85 | (181) | 9,484 | 1,471 | 13,656 |
| 2010 | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| For the period | | | | | | | | |
| ended 30 | | | | | | | | |
| September 2009 | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 1 April | 1,242 | 155 | - | 85 | 3,444 | 10,586 | 1,471 | 16,983 |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Loss for the | | | | | | | | |
| period | | | | | | | | |
| attributable to | - | - | - | - | (1,024) | - | - | (1,024) |
| equity | | | | | | | | |
| shareholders | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Unrealised | | | | | | | | |
| exchange | - | - | - | - | - | (397) | - | (397) |
| movement | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Issue of shares | 300 | 1,096 | | - | - | - | - | 1,396 |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| Movement in | 300 | 1,096 | - | - | (1,024) | (397) | - | (25) |
| period | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| At 30 September | 1,542 | 1,251 | - | 85 | 2,420 | 10,189 | 1,471 | 16,958 |
| 2009 | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
| | | | | | | | | |
+-----------------+---------+---------+---------+---------+----------+----------+----------+---------+
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER EQUITY
FOR THE TWELVE MONTHS ENDED 31 MARCH 2010
(continued)
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | Foreign | | |
| | Share | Share | Share | Retained | currency | Share | |
| | capital | premium | options | earnings | reserve | warrants | Total |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| For the year | | | | | | | |
| ended 31 March | | | | | | | |
| 2009 | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| At 1 April | 12,170 | 21,107 | 58 | (855) | 4,822 | 1,471 | 38,773 |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Loss for the | | | | | | | |
| year | | | | | | | |
| attributable to | - | - | - | (27,853) | - | - | (27,853) |
| equity | | | | | | | |
| shareholders | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Issue of shares | 248 | 24 | - | - | - | - | 272 |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Issue of | - | - | 27 | - | - | - | 27 |
| options | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Reduction of | | | | | | | |
| Share capital | (11,176) | - | - | 11,176 | - | - | - |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Cancellation of | | | | | | | |
| Share premium | - | (20,976) | - | 20,976 | - | - | - |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Unrealised | | | | | | | |
| exchange | - | - | - | - | 5,764 | - | 5,764 |
| movement | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| Movement in | (10,928) | (20,952) | 27 | 4,299 | 5,764 | - | (21,790) |
| year | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| At 31 March | 1,242 | 155 | 85 | 3,444 | 10,586 | 1,471 | 16,983 |
| 2009 | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
| | | | | | | | |
+-----------------+----------+----------+---------+----------+----------+----------+----------+
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED 31 MARCH 2010
+----------------------------------+--+-----------+-----------+---------+
| | | Unaudited | Unaudited | Audited |
| | | 12 months | 6 months | 12 |
| | | to 31 | to 30 | months |
| | | March | September | to |
| | | 2010 | 2009 | 31 |
| | | GBP'000 | GBP'000 | March |
| | | | | 2009 |
| | | | | GBP'000 |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Cash flows from operating | | | | |
| activities | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Cash generated from continuing | | (1,011) | (771) | 370 |
| operations | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Interest received | | 11 | 28 | 121 |
+----------------------------------+--+-----------+-----------+---------+
| Interest paid | | (1,596) | (706) | (1,442) |
+----------------------------------+--+-----------+-----------+---------+
| Tax (paid) / received | | - | - | 9 |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Net cash flow from continuing | | | | |
| operating activities | | (2,596) | (1,449) | (942) |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Cash flows from investing | | | | |
| activities | | | | |
| (Continuing operations) | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Acquisition of subsidiaries (net | | - | - | (1,112) |
| of cash acquired) | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Acquisition of available for | | - | - | (6) |
| sale financial assets | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Sale of subsidiaries | | (56) | - | - |
+----------------------------------+--+-----------+-----------+---------+
| Proceeds from sale of tangible | | 6 | 6 | - |
| assets | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Proceeds from sale of available | | | | |
| for sale financial assets | | 50 | 50 | - |
+----------------------------------+--+-----------+-----------+---------+
| Purchase of property, plant and | | (146) | (149) | (294) |
| equipment | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Purchase of intangible assets | | (35) | (45) | (99) |
+----------------------------------+--+-----------+-----------+---------+
| Increase in investments | | (51) | - | - |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Net cash flow from investing | | (232) | (138) | (1,511) |
| activities | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Cash flows from financing | | | | |
| activities | | | | |
| (Continuing operations) | | | | |
+----------------------------------+--+-----------+-----------+---------+
| (Repayment of) /Proceeds from | | 804 | 21 | (712) |
| new loans | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Proceeds from issue of share | | 1,504 | 1,500 | 272 |
| capital | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Payment of finance lease | | (59) | (25) | (54) |
| liabilities | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Costs in issuing share capital | | (104) | (104) | - |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Net cash flow from financing | | 2,145 | 1,392 | (494) |
| activities | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Net cash flow from discontinued | | 4 | - | - |
| operations | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Net decrease in cash and cash | | (679) | (195) | (2,947) |
| equivalents | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Cash and cash equivalents at | | | | |
| beginning of the period | | 1,095 | 1,095 | 4,042 |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| Cash and cash equivalents at end | | 416 | 900 | 1,095 |
| of the period | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
| | | | | |
+----------------------------------+--+-----------+-----------+---------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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