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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sceptre | LSE:SCEL | London | Ordinary Share | GB00B3BNQD36 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSCEL
RNS Number : 9699X
Sceptre Leisure PLC
15 December 2010
Sceptre Leisure plc
("Sceptre" or the "Company" or the "Group")
Interim Results for the six months ended 31 October 2010
Sceptre Leisure plc (AIM: SCEL), the AIM-listed leisure and gaming group today announces its interim results for the six months ended 31 October 2010.
Financial Performance
2010 2009 Revenue GBPm 19.7 21.2 Operating profit GBPm 1.2 1.6 Profit before tax GBPm 0.6 0.9 Basic EPS p 0.7 1.2
Robust Trading
-- Strong performance despite difficult trading conditions and legislative changes
-- Reported results reflect the sale of the fixed odds betting terminal machine estate in April 2010
-- Significant contract wins e.g. Punch's managed estate (800 machines) and lead the market operationally
-- Asset utilisation maintained at 95%
-- Net debt reduced to GBP15.8m from GBP17.0m in 2009
-- Continued innovation with "note payout" on AWPs
-- Lotteryking estate grew by 2.5%, further increasing market penetration
-- New catalogue at Kelly's Eye driving higher Christmas orders
-- Post half year end acquisition of RV Smith (925 machines) - integration going to plan
-- Well placed to take advantage of further organic and acquisitive growth opportunities
Ken Turner, Chief Executive of Sceptre Leisure plc, commented:
"We have demonstrated the strength of the Sceptre business in this period against a tough trading backcloth. Through quality of service and a market leading proposition we have traded strongly in the circumstances.
We will continue to seek growth organically and by selected acquisition.
We are in good shape to take advantage of opportunities that are afforded us."
15 December 2010
For further information, please contact
Sceptre Leisure plc Ken Turner 01772 694242 ------------------------------------- ------------- Panmure Gordon (NOMAD and Broker) 020 7459 3600 ------------------------------------- ------------- Andrew Burnett (Corporate Financing) ------------------------------------- ------------- Adam Pollock (Corporate Broking) ------------------------------------- ------------- College Hill 020 7457 2020 ------------------------------------- ------------- Matthew Smallwood Jamie Ramsay
Chairman's Statement
I am pleased to report on Sceptre Leisure plc's 2010 interim results. The Group has once again produced a profit for the first six months of the financial year. This is the result of efficient use of people and other Group resources, and the excellent customer service that has made us the leader in this business. I would like to take the opportunity to thank our staff, whose hard work and dedication to customer service have made such a result possible.
The six months under review have provided a challenging environment in which to operate. The industry continues to suffer pub closures in all areas of the UK, and recent changes to SWP (quiz machine) legislation by HM Revenue and Customs have reduced machine income for both machine operators and pub companies.
Following the sale of our fixed-odds betting terminal business in April 2010, the Board chose to reduce debt and conserve the Group's financial resources whilst assessing the opportunities available to it in the pub market. This approach has produced two important developments.
In September 2010 we announced a two-year deal to supply Punch's managed estate of pubs. The roll-out of approximately 800 machines was completed in November 2010.
Secondly, on 29 November 2010 we announced the acquisition of the amusement machine assets of RV Smith (Leisure) Limited for GBP1.2m.
Both of the above will contribute to what is traditionally a stronger second half of the financial year.
We have also continued to reduce debt levels. Net interest-bearing debt stood at GBP15.8m as at 31 October 2010, down from GBP17.0m a year earlier, further improving our gearing.
The short and medium-term outlook within the leisure market remains uncertain, particularly taking into account the increase in VAT being implemented at the beginning of 2011. However, I believe that the Group remains well-placed to take advantage of further opportunities for both organic and acquisitive growth in the coming months, and we look forward to the additional impetus provided by our Punch contract win and RV Smith acquisition in the second half of the financial year.
Douglas Yates
Chairman
15 December 2010
Chief Executive's Review
I am pleased to be able to report a good set of results for the six months ended 31 October 2010.
Whilst we are showing reductions of both turnover and profit against the same period last year, given the background of continued pub closures and legislative changes to quiz machines, the figures represent a strong performance in a difficult market. We continue to lead the market operationally and in terms of customer service, winning new business at the top end of the pub and leisure market.
Performance Overview
The sale of our 770 fixed-odds betting terminals in April 2010 meant we started the year from a lower platform when compared to the second half of the last financial year. In addition, pub closures contributed a further shortfall of some 510 machines as the first half of the year progressed.
Our average weekly rental per machine also fell during the period from GBP35.84 to GBP34.75 due for the most part to legislative changes made by HM Revenue and Customers governing the range of games available on SWP (quiz) machines.
The installation of the Punch Pub Company contract began during the second half of October, and at 31 October 2010 the Group was operating 21,100 machines, compared to 21,300 pieces at 30 April 2010. We have therefore continued to maintain our overall machine estate in terms of numbers, whilst increasing its quality through such a prestigious contract win.
We have maintained our asset utilisation at 95%, and we continue to improve our ratio of machines operated to people employed by regularly reviewing staffing levels in all areas of the business.
I would like briefly to review the activities in each of our three trading divisions.
Sceptre Leisure Solutions
Sceptre Leisure Solutions provides over 90% of Group revenues, and is a leading operator of amusement machines in the UK licensed market.
During the period under review we have improved our personnel to pieces operational ratio achieved through the regular review and adjustment of the number of staff working in all areas of our business.
These ratios have improved further following the award of the Punch Pub Company contract and our acquisition of RV Smith in November 2010, as we take the opportunity to drive operational performance as machine numbers grow once again.
We continue to invest in new technology within our machine estate. Sceptre was the first machine operator to offer "note payout" on AWPs (fruit machines) within the pub market. This technology offers significant benefits to the publican, as it reduces the requirement to refill the machines with coinage, and increases operational uptime by eliminating hopper starvation where the machine is unable to accept notes as payment due to a lack of cash available to pay out prizes. These devices can increase machine take by up to 20% when compared to coin-only payout machines.
We have also pioneered online solutions to monitor machines on site. This technology allows us to react more quickly to machine downtime, and in many cases we are able to fix simple faults online, thus reducing the necessity for an engineer to visit the site in person. This offers Sceptre significant savings in engineering and support cost.
The above technology advances, coupled to our excellent customer service have allowed us to generate more income per machine for Punch Pub Company than the other operators within their estate.
Lotteryking
Lotteryking continued to grow its machine estate by 2.5% over the six months under review, further increasing its penetration of the registered members' club market. Lotteryking continues to improve its financial performance, and following our restructure during the last financial year, it is now operating profitably. The sale of lottery tickets within pubs has also increased year-on-year by 83%, generating over GBP43,000 in contributions for The Christie charity through lotteries managed on their behalf in the six months to 31 October 2010. We aim for this success to continue in the coming months.
Kelly's Eye
We have further developed the Kelly's Eye brand during the course of the year, culminating in the introduction of a full-range catalogue to the pub and club market at the end of October 2010. The catalogue covers our full range of fundraising and indoor games, and also adds new product groups aimed specifically at the licensed market. It will form the basis of our continued growth in cross-selling the full range of Group products to the pub, club, and other licensed retail markets. The catalogue has been instrumental in generating an increased level of pre-Christmas orders within this area of the business.
Acquisition
On 29 November 2010, Sceptre Leisure plc announced the acquisition of the amusement machine assets of RV Smith (Leisure) Limited. The assets purchased comprised 925 machines in 277 leisure sites in the south of England. The total consideration payable was GBP1.2m, made up of GBP800 000 in cash and the issue of 1,444,043 new Ordinary Shares to the vendors.
The acquired machine estate was fully integrated into Sceptre's existing nationwide depot network within 14 days, and underlines the Group's ability to identify and consolidate selected acquisitions in a quick and efficient manner.
Outlook
In spite of a challenging operating climate, I believe that the Group remains well-placed to take advantage of opportunities within the licensed retail market.
We continue to win new business on the back of our excellent customer service, and we continue to identify acquisition opportunities in a fragmented machine market. We also continue to concentrate on our key operational ratios to ensure we maintain profitability and drive customer service.
Sceptre is looking forward to building on the first half of this financial year having added new machines through contract wins and acquisition, and we expect to continue outperforming our competitors in all areas of the market in the coming months.
Ken Turner
Chief Executive Officer
15 December 2010
Financial Review
I would like briefly to review the main areas of financial activity during the period under review.
Revenue
Group turnover reduced by 7.1% to GBP19.7m (2009: GBP21.2m), driven by a combination of pub closures and the sale of the fixed-odds betting terminal (FOBT) rental operation in April 2010.
Profitability
Whilst gross profit reduced only 3.5% to GBP6.0m, operating profit before exceptional items reduced by 24% to GBP1.2m, and profit before tax reduced 33% to GBP609,000.
There were a number of contributory factors to this decline in profit: amortisation increased to GBP289,000 (2009: GBP135,000) following the acquisition of The Australian 8 Ball Company Limited in December 2009 and the subsequent recognition and amortisation of intangible assets under IFRS. In addition, there was a loss on disposal of tangible and intangible assets of GBP12,000 (2009: profit of GBP81,000). Total administrative costs were therefore GBP137,000 higher than the same period last year.
Finance Costs
Net finance costs charged to income were GBP565,000 of which GBP642,000 was cash interest. The balance related to a non-cash interest rate swap gain of GBP77,000. The derivative contract was a condition of the Group's banking agreements with Bank of Scotland (now Lloyds Banking Group) and will continue to run alongside this facility until the end of the term loan in October 2012.
Earnings per Share
Basic earnings per share reduced to GBP0.7p (2009: 1.2p).
Exceptional Costs
During the period, the Group incurred certain one-off restructuring costs. These related to redundancy payments and provisions as a result of corporate restructuring, and totalled GBP49,000 (2009: GBPnil). These costs are set out in note 11 to these interim results.
Capital Expenditure
Capital expenditure was GBP5.1m for the six months ended 31 October 2010 compared with GBP7.4m in the same period last year. The 2009 level of capital expenditure was driven by the stakes and prizes review and investment in the FOBT estate which was sold in April 2010.
Financing
Net debt reduced to GBP15.8m from GBP17.0m a year ago, and GBP15.9m at 30 April 2010. During the period, GBP2.2m of the proceeds from the FOBT sale were used to pay down the revolving credit facility with Lloyds Banking Group.
As at 31 October 2009, GBP3.8m was drawn down against a total facility of GBP6.0m. Asset finance borrowings remained stable during the period, whilst we also continued to pay down our term and vendor loans, with GBP1.4m being repaid during the period.
Taxation
The effective rate of taxation in these interim statements is 32%, which is higher than the effective rate in the Group's 2010 annual report and accounts of 15%. The difference is attributable to negative goodwill on the acquisition of Australian 8 Ball Company Limited in December 2009 and prior year adjustments in the 2010 full year accounts.
Mark White
Finance Director
15 December 2010
Condensed Consolidated Statement of Comprehensive Income
Restated* Note Unaudited Unaudited Six months Six months Year ended ended ended 31 October 31 October 30 April Continuing operations 2010 2009 2010 GBP000 GBP000 GBP000 REVENUE 4 19,735 21,229 42,808 Direct costs (13,762) (15,041) (29,498) GROSS PROFIT 5,973 6,188 13,310 Distribution costs (32) (47) (93) Administrative expenses - normal (4,706) (4,618) (9,748) Administrative expenses - exceptional items 11 (49) - (803) Total administrative expenses (4,755) (4,618) (10,551) (Loss) / profit on disposal of tangible and intangible assets (12) 81 535 OPERATING PROFIT 1,174 1,604 3,201 Operating profit before exceptional items 1,223 1,604 4,004 Exceptional items 11 (49) - (803) ----------------------------------- ---- ----------- ----------- --------- Finance income 77 - 124 Finance costs (642) (695) (1,414) PROFIT BEFORE TAXATION 4 609 909 1,911 Tax expense 5 (193) (307) (293) PROFIT FOR THE FINANCIAL PERIOD AND TOTAL COMPREHENSIVE INCOME 416 602 1,618 ----------------------------------- ---- ----------- ----------- --------- PROFIT AND TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: - EQUITY HOLDERS OF THE PARENT 398 581 1,587 - NON-CONTROLLING INTEREST 18 21 31 416 602 1,618 ----------------------------------- ---- ----------- ----------- --------- EARNINGS PER ORDINARY SHARE - Basic 6 0.7p 1.2p 3.0p - Diluted 6 0.7p 1.1p 2.8p
* These results have been adjusted from those previously published as described in note 9
Condensed Consolidated Balance Sheet
Restated* Unaudited Unaudited 31 October 2010 31 October 2009 30 April 2010 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 ASSETS NON-CURRENT ASSETS Intangible assets 5,386 4,790 5,675 Property, plant and equipment 27,420 30,672 26,975 TOTAL NON-CURRENT ASSETS 32,806 35,462 32,650 CURRENT ASSETS Inventories 1,309 1,349 1,276 Trade and other receivables 7,140 6,269 5,771 Cash and cash equivalents 635 704 4,163 TOTAL CURRENT ASSETS 9,084 8,322 11,210 TOTAL ASSETS 41,890 43,784 43,860 ------------------- ------- -------- -------- -------- -------- -------- LIABILITIES CURRENT LIABILITIES Trade and other payables (6,992) (11,231) (7,533) Corporation tax (287) (1,156) (612) Interest bearing loans and borrowings (7,558) (10,845) (7,887) TOTAL CURRENT LIABILITIES (14,837) (23,232) (16,032) NON-CURRENT LIABILITIES Trade and other payables (2,287) (315) (130) Interest bearing loans and borrowings (8,924) (6,828) (12,193) Deferred taxation (1,949) (911) (1,976) Derivative financial instruments (213) (364) (290) TOTAL NON-CURRENT LIABILITIES (13,373) (8,418) (14,589) TOTAL LIABILITIES (28,210) (31,650) (30,621) ------------------- ------- -------- -------- -------- -------- -------- NET ASSETS 13,680 12,134 13,239 ------------------- ------- -------- -------- -------- -------- -------- EQUITY Share capital 5,394 5,384 5,394 Share premium account 4,840 4,840 4,840 Merger reserve (2,232) (2,332) (2,232) Retained earnings 5,589 4,181 5,166 EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 13,591 12,073 13,168 NON-CONTROLLING INTEREST 89 61 71 TOTAL EQUITY 13,680 12,134 13,239 ------------------- ------- -------- -------- -------- -------- --------
* These results have been adjusted from those previously published as described in note 9
Condensed Consolidated Statement of Cash Flows
Restated* Unaudited Unaudited 31 October 2010 31 October 2009 30 April 2010 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 609 909 1,911 Adjustments for: Depreciation 4,512 4,551 9,344 Amortisation 289 135 372 Recognition of negative goodwill - - (225) Impairment of intangible assets (brand names) - - 227 Equity-settled share options 25 115 131 Loss / (profit) on disposal of tangible and intangible assets 12 (81) (535) Finance gain on derivative financial instruments (77) (50) (124) Finance costs 642 695 1,414 CASH FLOWS FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL 6,012 6,274 12,515 Changes in working capital: Increase in inventories (33) (257) (180) Increase in trade and other receivables (1,369) (1,523) (946) Increase / (decrease) in trade and other payables 1,616 1,799 (2,612) CASH GENERATED FROM OPERATIONS 6,226 6,293 8,777 Finance costs (642) (695) (1,414) Income tax paid (550) (250) (250) NET CASH GENERATED FROM OPERATING ACTIVITIES 5,034 5,348 7,113 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of business net of cash acquired - - (996) Purchase of property, plant and equipment (5,116) (7,365) (12,389) Sales of tangible and intangible assets 152 673 4,557 NET CASH USED IN INVESTING ACTIVITIES (4,964) (6,692) (8,828) CASH FLOWS FROM FINANCING ACTIVITIES Movement in bank loans and loan notes (1,387) (900) (2,775) Revolving credit facility (payments) / drawdowns (2,200) - 5,999 Finance lease rental drawdowns / (payments) 112 (3,059) (1,576) Equity dividends paid - (100) (100) New shares issued - 5,496 5,497 NET CASH GENERATED FROM FINANCING ACTIVITIES (3,475) 1,437 7,045 NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (3,405) 93 5,330 --------------------- -------- ------- -------- ------- -------- ------- Cash and cash equivalents at start of period 3,693 (1,637) (1,637) CASH AND CASH EQUIVALENTS AT END OF PERIOD 288 (1,544) 3,693 --------------------- -------- ------- -------- ------- -------- -------
* These results have been adjusted from those previously published as described in note 9
Condensed consolidated statement of changes in equity
Equity attributable Share to equity Share premium Merger Retained holders of Non-controlling Total Unaudited capital account reserve earnings the parent interest equity 31 October 2010 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 -------------- ------- ------- ------- -------- ------------ --------------- ------ At 1 May 2010 5,394 4,840 (2,232) 5,166 13,168 71 13,239 Employee share-based payment - - - 25 25 - 25 -------------- ------- ------- ------- -------- ------------ --------------- ------ Transactions with owners - - - 25 25 - 25 -------------- ------- ------- ------- -------- ------------ --------------- ------ Profit for the financial period and total comprehensive income - - - 398 398 18 416 -------------- ------- ------- ------- -------- ------------ --------------- ------ At 31 October 2010 5,394 4,840 (2,232) 5,589 13,591 89 13,680 -------------- ------- ------- ------- -------- ------------ --------------- ------ Equity attributable Share to equity Share premium Merger Retained holders of Non-controlling Total Unaudited capital account reserve earnings the parent interest equity 31 October 2009 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 --------------- ------- ------- ------- -------- ------------ --------------- ------ At 1 May 2009 (as previously reported) 4,554 173 (2,332) 3,733 6,128 40 6,168 Prior year adjustment - - - (248) (248) - (248) --------------- ------- ------- ------- -------- ------------ --------------- ------ At 1 May 2009 (restated) 4,554 173 (2,332) 3,485 5,880 40 5,920 --------------- ------- ------- ------- -------- ------------ --------------- ------ Issue of shares in the period and net premium 830 4,667 - - 5,497 - 5,497 Employee share-based payment - - - 115 115 - 115 --------------- ------- ------- ------- -------- ------------ --------------- ------ Transactions with owners 830 4,667 - 115 5,612 - 5,612 --------------- ------- ------- ------- -------- ------------ --------------- ------ Profit for the period and total comprehensive income - - - 581 581 21 602 --------------- ------- ------- ------- -------- ------------ --------------- ------ At 31 October 2009 5,384 4,840 (2,332) 4,181 12,073 61 12,134 --------------- ------- ------- ------- -------- ------------ --------------- ------ At 1 May 2009 (as previously reported) 4,554 173 (2,332) 3,733 6,128 40 6,168 Prior year adjustment - - - (248) (248) - (248) --------------- ------- ------- ------- -------- ------------ --------------- ------ At 1 May 2009 (restated) 4,554 173 (2,332) 3,485 5,880 40 5,920 --------------- ------- ------- ------- -------- ------------ --------------- ------ Net proceeds from the issue of Ordinary Shares 830 4,667 - - 5,497 - 5,497 Shares issued on the acquisition of Australian 8 Ball Company Limited 10 - 100 - 110 - 110 Employee share-based payments - - - 131 131 - 131 Taxation effect of share-based payment - - - (37) (37) - (37) --------------- ------- ------- ------- -------- ------------ --------------- ------ Transactions with owners 840 4,667 100 94 5,701 - 5,701 --------------- ------- ------- ------- -------- ------------ --------------- ------ Profit for the financial year and total comprehensive income - - - 1,587 1,587 31 1,618 --------------- ------- ------- ------- -------- ------------ --------------- ------ At 30 April 2010 5,394 4,840 (2,232) 5,166 13,168 71 13,239 --------------- ------- ------- ------- -------- ------------ --------------- ------
Notes
1 Reporting Entity
Sceptre Leisure plc is a company registered and resident in England and Wales. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 October 2010 are unaudited and comprise the Company and its subsidiaries (together referred to as the "Group").
2 General information
These condensed consolidated interim financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 April 2010.
These condensed consolidated interim financial statements were approved by the board of directors on 15 December 2010.
3 Basis of preparation and accounting policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 April 2010.
The comparative figures for the financial year ended 30 April 2010 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified and (ii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 April 2010.
The Directors have prepared trading and cash flow forecasts for a period in excess of one year from the date of approval of these interim results. The forecasts make assumptions in respect of future trading conditions and in particular the Directors' estimates of growth in the number of machines placed. These forecasts have been sensitised to take into account current trading levels and known future machine number growth. Taking into account a number of reasonably forseeable sensitivies, the forecasts show that the Group will continue to meet its banking covenants and operate within currently available funding facilities for a period in excess of one year from the date of approval of these interim results.
After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Group's interim results.
4 Segmental information
The Board of Directors manages the Group in three business segments:
-- machine sales and rental;
-- the sale of lottery, indoor gaming and other products, and;
-- the operation of lotteries on behalf of charities.
During the period under review, over 90% of the Groups activities related to machine sales and rental, and therefore the remaining segments have been consolidated due to materiality. All revenue reported in the period under review arose within the United Kingdom.
Segment performance is monitored monthly as part of the management reporting process. The financial performance for each segment is analysed and consolidation adjustments to reach the Group results are shown separately.
Machine sales and rental Other Central Group GBP000 GBP000 Corporate Costs GBP000 Six months Six months GBP000 Six Six months Segmental to to months to 31 to analysis 31 October 31 October October 31 October Restated Restated Restated Restated 2010 2009 2010 2009 2010 2009 2010 2009 Revenue 17,961 19,337 1,774 1,892 - - 19,735 21,229 Profit/(loss) before taxation 1,105 1,273 19 (45) (515) (319) 609 909 Segment assets 37,057 38,176 4,833 5,608 - - 41,890 43,784 -------------- ------ -------- ----- -------- ----- --------- ------ --------
5 Taxation
The taxation charge on the profit before taxation for the six months ended 31 October 2010 is calculated by reference to the directors' best estimate of the effective annual tax rate for the full year of 32% (2009: 15%). The movement in the effective tax rate is due to the recognition of negative goodwill on the acquisition of Australian 8 Ball Company Limited in December 2009 and prior year adjustments in the 2010 full year accounts.
6 Earnings per share
The calculations of earnings per share are based on the following profits and number of shares:
Six months Six months ended Year ended ended 31 31 October 30 April October 2010 2009 2010 Restated GBP000 GBP000 GBP000 Profit for the financial period 398 581 1,587 Six months Six months ended ended Year ended 31 October 31 October 30 April 2010 2009 2010 Number of Number of Number of Weighted average number of shares shares shares shares For basic earnings per share 55,545,542 49,407,533 52,426,333 Share options 3,458,607 3,757,116 3,617,694 For diluted earnings per share 59,004,149 53,164,649 56,044,027 Six months Six months ended ended Year ended 31 October 31 October 30 April The Group's earnings per share 2010 2009 2010 are as follows: Pence pence Pence - Basic 0.7 1.2 3.0 - Diluted 0.7 1.1 2.8
7 Share capital and share premium
The Company had 55,545,542 shares in issue as at the balance sheet date.
8 Dividends
The directors do not propose the payment of an interim dividend (2009 interim dividend: nil; 2010 full year dividend: nil).
9 Prior year adjustment
During the 2010 financial year, the Group revised its method of allocating interest over the life of the lease term in order to give a better approximation of a constant periodic rate of interest on the remaining balance of the liability in accordance with IAS 17, Leases. The effect of this was to increase interest bearing loans and borrowings by GBP248,000 as at 30 April 2009, and to reduce net assets as at 30 April 2009 by GBP248,000. This adjustment was fully disclosed in note 5 to the Group's 2010 annual report and accounts. The effect on the 2009 interim comparative figures was to increase interest bearing loans and borrowings by GBP15,000, increase finance costs by GBP15,000, and to reduce net assets as at 31 October 2009 by GBP15,000.
10 Net debt
31 October 31 October 2009 30 April 2010 Restated 2010 GBP000 GBP000 GBP000 Cash and cash equivalents 635 704 4,163 Bank overdrafts (347) (2,248) (470) ---------- ---------- -------- Cash and cash equivalents 288 (1,544) (3,693) Current interest bearing loans and borrowings (7,211) (8,597) (7,417) Non-current interest bearing loans and borrowings (8,924) (6,828) (12,193) (15,847) (16,969) (15,917) ---------- ---------- --------
11 Exceptional administrative expenses
Six months Six months ended ended Year ended 31 October 31 October 30 April 2010 2009 2010 GBP000 GBP000 GBP000 Restructuring and redundancy 49 - 195 Provision for rentals and business rates on onerous leases - - 452 Impairment of intangible assets - brands - - 227 Recognition of negative goodwill on acquisition of Australian 8 Ball Company Limited - - (225) Professional and financial expenses relating to corporate restructuring - - 154 Exceptional administrative cost / (credit) 49 - 803 ----------- ----------- ----------
12 Events after the balance sheet date
On 29 November 2010, the Company announced the acquisition of the amusement machine assets of R V Smith (Leisure) Limited, a southern UK based supplier of amusement machines. The assets purchased comprised 925 machines in 277 leisure sites. The total acquisition payable for the assets was GBP1.2m, satisfied by a cash payment of GBP800,000 and the issue of 1,444,043 new Ordinary Shares at 27.7p to the vendors. These Ordinary Shares rank parri passu with existing Ordinary Shares, and represent approximately 2.6% of the total issued share capital of the company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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