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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 |
TIDMPROV
RNS Number : 1398H
Proventec PLC
24 May 2011
Press Release 24 May 2011
Proventec Plc
("Proventec" or the "Company" or the "Group")
Interim Results
Proventec Plc (AIM:PROV, Alternext:ALTPC), the provider of specialist steam cleaning technologies and janitorial supplies, today announces its interim results for the six months to 31 March 2011.
Highlights
-- Turnover for the period of GBP7.5 million (6 months to 31 March 2010: GBP7.1 million) -- Gross profit for the period of GBP2.5 million (6 months to 31 March 2010: GBP2.6 million) -- Loss before tax of GBP715,000 (6 months to 31 March 2010: GBP1.6 million) -- Positive results from the Durham and Darlington NHS Trust's clinical trial using Proventec's steam cleaning equipment -- Janitorial supplies market remains robust -- Potential growth opportunity for Industrial steam cleaning equipment is significant
David Chestnutt, Chief Executive of Proventec, commented:
"Having restructured the Group's finances, the focus during the period has been on driving sales and developing our markets. Despite the continued difficult trading conditions, Proventec has reported a 6% increase in revenues compared to the same period last year. We have reported a significantly reduced loss compared to the previous period and the Board strives to identify new growth opportunities to put the Group in a stronger commercial and financial position."
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 Elviss Tel: +44 (0) 20 7398 7702 henry.ht@abchurch-group.com www.abchurch-group.com
CHAIRMAN'S STATEMENT
It is just over five and half months since the implementation of the Scheme of Arrangement in December 2010.
Your Directors have continued to strive to improve the Group's trading performance and to drive down costs in what remains a very difficult commercial climate.
The results for the six months to 31 March 2011 reflect these aims and show some success in achieving them but despite this, the Group continues to trade at a loss.
The Group's consolidated balance sheet has been strengthened by the write back of the interest charges that were waived as part of Scheme, and the new shares have now been issued and the revised terms of the Loan Note reflected in the Amended and Restated Loan Note Deed. Both the new shares, which maybe traded on AIM, and the amended Loan Notes are registered for trading on Alternext, part of Euronext, in Paris.
Following the implementation of the Scheme, Frank Verell, Finance Director for Amsterdams Effectenkantoor B.V. ("AEK"), the Company's adviser in the Netherlands, was invited to join the Board. His involvement in the Group has been greatly appreciated and his input welcomed. With the departure of Peter Teerlink in December 2010, I took up the position of Chairman of the Company following seven years on the Board as a non-executive director. The Board joins me in thanking Peter for his contribution to Proventec over the last five years.
Your Board continues to look for opportunities that will strengthen the Group and improve its performance. I look forward on updating shareholders with progress in due course.
Michael Hough
Chairman
23 May 2011
CHIEF EXECUTIVE'S REPORT
The previous accounts for the eighteen months to 30 September 2010 covered a tumultuous period in the Group's existence.
The results for the six months to 31 March 2011 reflect many of the changes put into effect with the approval of the Scheme of Arrangement in December 2010.
The Group is making modest progress in reducing the run rate of trading losses and also reflects the reduction in costs that the Board has made within the Group. That process is an ongoing exercise.
Turnover for the six months shows a 6% increase compared to the same period last year and while our gross profit percentage has further reduced by 1.5%, the Group has cut its administrative costs by just under 12% on an annual basis.
The finance costs are greatly reduced following the amendment and revision to the terms of the Loan Notes but the figure in these accounts only reflects a period of 113 days from the date of approval of the Scheme to 31 March 2011 and not a full six months charge.
The EBITDA loss of GBP423,000 in the six month period is a considerable improvement in the Group's performance but it is still a loss and as such these losses must be stemmed as quickly as possible as Proventec tries to return to profit.
There will be further reorganisation in the steam business arising from the slow take up from the healthcare sector despite the excellent results of the Durham and Darlington NHS Trust's clinical trial, as shown by some of the data released at the Showcase Hospitals annual forum in March this year.
The sales of larger steam equipment, developed by the Group's German subsidiary, Frank GmbH, for the industrial sector continues to grow and there looks to be considerable growth potential in this market albeit, at present, each customer requires a bespoke solution.
The turnover in the janitorial side of Proventec's business has shown great resilience but currency costs and pressures on margins makes this an extremely competitive business in the current economic environment.
David Chestnutt
Chief Executive
23 May 2011
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2011
Unaudited Audited Unaudited 31 30 31 March September March 2011 2010 2010 GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 331 497 606 Goodwill 5,985 5,985 25,357 Other intangible assets 525 541 4,710 Available for sale financial assets - - 63 Investments accounted for using the equity method 17 17 8 6,858 7,040 30,744 ---------- ----------- ---------- Current assets Inventories 2,850 3,077 2,714 Trade and other receivables 3,690 3,638 4,068 Cash and cash equivalents 488 678 416 7,028 7,393 7,198 Total assets 13,886 14,433 37,942 ---------- ----------- ---------- EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 3,979 1,543 1,543 Other reserves 22,722 11,612 12,294 Retained earnings (24,869) (25,831) (181) 1,831 (12,676) 13,656 Minority interest (49) (31) 101 Total equity 1,783 (12,707) 13,757 ---------- ----------- ---------- Non-current liabilities Long term borrowings 7,265 292 14,649 Deferred tax 72 70 - Total non-current liabilities 7,337 362 14,649 ---------- ----------- ---------- Current liabilities Trade and other payables 4,766 7,422 6,511 Current portion of long term borrowings - 19,356 3,025 Total current liabilities 4,766 26,778 9,536 Total liabilities 12,103 27,140 24,185 Total equity and liabilities 13,886 14,433 37,942 ---------- ----------- ----------
The financial statements were approved and authorised for issue by the Board on 23 May 2011 and were signed on its behalf by D Chestnutt.
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2011
Unaudited Unaudited 6 months Audited 6 months to 18 months to 31 March to 30 September 31 March 2011 2010 2010 GBP'000 GBP'000 GBP'000 Continuing operations Revenue 7,529 19,741 7,089 Cost of sales (5,000) (12,829) (4,457) Gross profit 2,529 6,912 2,632 Other income - ---------- ----------------- ---------- Administrative expenses - recurring (3,050) (10,367) (3,419) Impairment of goodwill - (13,706) - Impairment of investments - (12) - Impairment of intangible assets - (2,842) - Impairment of receivables - (505) - Total administrative expenses (3,050) (27,432) (3,419) Finance costs (194) (733) (852) Share of associates operating loss - (54) - (Loss)/profit before taxation (715) (22,944) (1,639) Income tax expense - (96) 1 (Loss) for the period from continuing operations (715) (23,040) (1,638) Loss for the period from discontinued operations - (6,413) (955) Loss for the period (715) (29,453) (2,593) ========== ================= ========== Attributable to:- equity shareholders (697) (29,360) (2,603) Minority interest (18) (93) 10 ---------- ----------------- ---------- (715) (29,453) (2,593) ========== ================= ========== Earnings per share From continuing operations Basic (2.27) (155.7) (10.68) Diluted (2.27) (155.7) (10.68) From continuing and discontinuing operations basic (2.27) (199.2) (16.87) diluted (2.27) (199.2) (16.87) ---------- ----------------- ----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2011
Unaudited Audited Unaudited 6 months 18 months 6 months to to to 31 March 30 September 31 March 2011 2010 2010 GBP'000 GBP'000 GBP'000 Total loss for the period (715) (29,453) (2,593) Net exchange differences on translating foreign operations (62) (1,699) (705) Net interest adjustment on repayment 1,659 - - Total comprehensive income and expense for the period 882 (31,152) (3,298) ---------- -------------- ---------- Attributable to the minority interest (18) (93) 10 Attributable to equity holders of the parent 900 (31,152) (3,308) ---------- -------------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MARCH 2011
Foreign Share Share Share Retained currency Share Minority capital premium options earnings reserve warrants Interest Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 For the period ended 31 March 2011 At 1 October 1,543 1,254 - (25,831) 8,887 1,471 (31) (12,707) -------- -------- -------- --------- --------- --------- --------- --------- Comprehensive income Loss for the period - - (697) - - (18) (715) Other comprehensive income Unrealised exchange movement - - - - (62) - (62) Interest adjustment - - - 1,659 - - - 1,659 Total comprehensive income for the period - - - 962 (62) - (18) 882 Issue of shares 2,436 11,172 - - - - - 13,608 Movement in period 2,436 11,172 - 962 (62) - (18) 14,490 -------- -------- -------- --------- --------- --------- --------- --------- At 31 March 2011 3,979 12,426 - (24,869) 8,825 1,471 (49) 1,783 -------- -------- -------- --------- --------- --------- --------- --------- For the period ended 30 September 2010 At 1 April 1,242 155 85 3,444 10,586 1,471 252 17,235 -------- -------- -------- --------- --------- --------- --------- --------- Comprehensive income Loss for the period - - - (29,360) - - (93) (29,452) Other comprehensive income Unrealised exchange movement - - - - (1,699) - - (1,699) Total comprehensive income for the period - - - (29,360) (1,699) - (93) (31,152) Issue of shares 301 1,099 - - - - - 1,400 Cancellation of options - - (85) 85 - - - - On disposal - - - - - - (190) (190) Movement in period 301 1,099 (85) (29,275) (1,699) - (283) (29,942) -------- -------- -------- --------- --------- --------- --------- --------- At 30 September 2010 1,543 1,254 - (25,831) 8,887 1,471 (31) (12,707) -------- -------- -------- --------- --------- --------- --------- --------- For the period ended 31 March 2010 At 1 October 1,542 1,251 85 2,420 10,189 1,471 268 17,226 ------ ------ --- -------- ------- ------ ------ --------- Comprehensive income Loss for the period - - - (2,601) - - 10 (2,591) Other comprehensive income Unrealised exchange movement - - - - (705) - - (705) Total comprehensive income for the period - - - (2,601) (705) - 10 (3,296) Issue of shares 1 3 - - - - - 4 On disposal - - - - - - (177) (177) Movement in period 1 3 - (2,601) (705) - (167) (3,469) ------ ------ --- -------- ------- ------ ------ --------- At 31 March 2010 1,543 1,254 85 (181) 9,484 1,471 101 (13,757) ------ ------ --- -------- ------- ------ ------ ---------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 MARCH 2011
Unaudited Unaudited Audited 6 months 6 months 18 months To to 31 March to 30 September 31 March 2011 2010 2010 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated from continuing operations (1,464) (2,717) (240) Interest received - 15 (17) Interest paid (40) (1,278) (890) Tax received - 1 - Net cash flow from continuing operating activities (1,504) (3.979) (1,147) ------------- ----------------- ---------- Cash flows from investing activities (Continuing operations) Proceeds from sale of available for sale financial assets 12 50 - Purchase of property, plant and equipment (12) (176) 3 Purchase of intangible assets - (44) 10 Increase in investments - (51) (51) Sale of subsidiary - - (56) Net cash flow from investing activities - (221) (94) ------------- ----------------- ---------- Cash flows from financing activities (Continuing operations) (Repayment of) /Proceeds from new loans 1,090 2,451 783 Proceeds from issue of share capital - 1,504 4 Payment of finance lease liabilities (9) (87) (34) Costs in issuing share capital (278) (104) - Net cash flow from financing activities 803 3,764 753 ------------- ----------------- ---------- Net cash flow from discontinued operations 511 19 4 ------------- ----------------- ---------- Net decrease in cash and cash equivalents (190) (417) (484) Cash and cash equivalents at beginning of the period 678 1,095 900 Cash and cash equivalents at end of the period 488 678 416 ------------- ----------------- ----------
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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