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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Security Res. | LSE:SRG | London | Ordinary Share | GB00B0WHXB01 | ORD 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Security Research Group plc Interim Results for the six months ended 30 September 2014 Security Research Group plc (`the Group') comprises Specialist Electronics, consisting of Audiotel International Limited (`Audiotel') and its subsidiary Security Research Limited, Property Information Services Businesses ('PSG') and Moore & Buckle (Flexible Packaging) Limited (`M&B'). Specialist Electronics is focused on improving its existing range of products and on developing a range of completely new innovative products aimed at the commercial market. PSG is a major provider of both commercial and residential property searches and Energy Performance Certificates to the conveyancing marketplace in England and Wales. PSG trades both through its expanded wholly owned operation based in Yorkshire and its national network of PSG Brand Franchisees across England and Wales. M&B provides specialist, bespoke, flexible packaging solutions. highlights * Group profit before taxation £798,000 (2013: £219,000). * Specialist Electronics operating profit £274,000 (2013: £7,000). * Property Information Services operating profit £598,000 (2013: £368,000). * M&B's operating profit £169,000 (2013: £123,000). Enquiries: Security Research Group plc 0207 881 0800 Jonathan Mervis, Chairman John Warwick, Finance Director WH Ireland Limited 0207 220 1666 Chris Fielding / James Bavister Chairman's statement Specialist Electronics The operating profit for the period was £274,000 (2013: £7,000). The trading figures remain substantially lower than for the recent periods which benefited from the one off £50 million Ministry of Defence contract which concluded in December 2012. Audiotel continues to focus on the improvement of its existing product range along with the development of new innovative products primarily aimed at the commercial market. Notable sales during the period included:- * For the Australian homeland security services, a £268,000 sale of SuperBroom handheld detectors. * For the Egyptian government, a £120,000 sale of Archway systems which are suitable for detecting a wide range of active and inert electronics including mobile phones, USB memory sticks, electronic detonators and covert surveillance devices. * Sales to Dubai, Japan and Columbia of around £200,000, in total, for miscellaneous equipment. New products now at the prototype stage include:- * A `personal surveillance scanner' designed to provide real-time security against wireless surveillance intrusion. * A handheld electronics detector which can be used, together with an Archway, for body searches. * A handheld scanner aimed at the mobile phone detection marketplace, which can detect concealed `screened electronic devices' currently undetectable by traditional equipment. Following a review of specialist electronics activities we intend to increase our resource in both the sales and technical departments so enhancing our expertise in the development and marketing of mobile device apps which can be linked to our product ranges. PSG The outlook for PSG has improved substantially. The operating profit for the period was £598,000 (2013: £368,000). The improvement at PSG can be attributed to:- * Increased volume of house sale transactions. * Regular proactive, comparative reviews of each individual franchisee's performance measured against that of peers which have a similar total of dwellings within their franchises. * Monitoring of enforceable performance targets. * The continued success of the enhanced national online platform which has enabled a more effective delivery of products and services. Plans are under consideration to extend the PSG brand to deliver a wider range of different legal services to PSG's loyal and long standing client base of 2000 solicitors. M&B M&B's operating profit of £169,000 (2013: £123,000) improved by 37% compared with the first half of the previous financial year. Outlook The Directors are confident that with improving performance in each of its divisions the outlook for the Group is decidedly positive. Jonathan Mervis Chairman 5 November 2014 consolidated income statement for the six months ended 30 September 2014 Six months Six months Year ended ended ended 30 September 30 September 31 March 2014 2013 2014 Unaudited Unaudited Audited £000 £000 £000 Revenue 4,996 4,799 9,061 Cost of sales (2,195) (2,295) (4,102) Gross profit 2,801 2,504 4,959 Administrative expenses (2,124) (2,294) (4,414) Operating profit before exceptional 677 210 545 items Exceptional administrative credits 113 - 1,177 Operating profit 790 210 1,722 Finance income 8 9 17 Profit on ordinary activities before 798 219 1,739 taxation Income tax (expense)/credit (158) 25 (210) Profit on ordinary activities after 640 244 1,529 taxation Basic earnings per share 3.31p 1.26p 7.89p Diluted earnings per share 3.31p 1.25p 7.86p The consolidated income statement has been prepared on the basis that all operations are continuing operations. consolidated statement of comprehensive income for the six months ended 30 September 2014 The profit on ordinary activities after taxation represents the Group's total comprehensive income for the period. consolidated statement of changes in equity for the six months ended 30 September 2014 Share Share Capital Retained Total Capital Premium Redemption Earnings Reserve £000 £000 £000 £000 £000 At 1 April 2013 3,885 552 1,965 1,446 7,848 Total comprehensive income for - - - 244 244 the period At 30 September 2013 3,885 552 1,965 1,690 8,092 Cancellation of own shares (19) - 19 - - Receipt in relation to share - - - 79 79 cancellation Total comprehensive income for - - - 1,285 1,285 the period At 31 March 2014 3,866 552 1,984 3,054 9,456 Total comprehensive income for - - - 640 640 the period At 30 September 2014 3,866 552 1,984 3,694 10,096 30 September 30 September 31 March 2014 2013 2014 Unaudited Unaudited Audited £000 £000 £000 Non-current assets Goodwill 3,273 3,273 3,273 Other intangible assets 462 597 536 Property, plant and equipment 405 365 440 Deferred tax asset 186 282 221 4,326 4,517 4,470 Current assets Inventories 1,292 1,262 1,527 Trade and other receivables 2,779 2,502 2,966 Current tax asset 269 289 269 Cash and cash equivalents 3,605 2,849 3,473 7,945 6,902 8,235 Current liabilities Trade and other payables (1,963) (3,272) (2,865) Current tax liability (212) (55) (384) (2,175) (3,327) (3,249) Net current assets 5,770 3,575 4,986 Net assets 10,096 8,092 9,456 Represented by: Capital and reserves attributable to equity holders Called up share capital 3,866 3,885 3,866 Share premium account 552 552 552 Capital redemption reserve 1,984 1,965 1,984 Retained earnings 3,694 1,690 3,054 Total equity 10,096 8,092 9,456 consolidated statement of financial position at 30 September 2014 Six months Six months Year ended ended ended 30 September 30 September 31 March 2014 2013 2014 Unaudited Unaudited Audited £000 £000 £000 Cash flows from operating activities Profit before taxation 798 219 1,739 Adjustments for: Depreciation of property, plant and 56 57 110 equipment Amortisation of other intangible assets 214 256 494 Profit on disposal of property, plant (3) (16) (46) and equipment Interest receivable (8) (9) (17) Decrease/(increase) in receivables 187 219 (245) Decrease/(increase) in inventories 235 (73) (338) Decrease in payables (902) (2,394) (2,801) Cash generated from/(used in) operations 577 (1,741) (1,104) Income tax paid (295) (597) (422) Net cash generated from/(used in) 282 (2,338) (1,526) operating activities Cash flows from investing activities Purchase of property, plant and (26) (19) (176) equipment Expenditure on other intangible assets (140) (225) (403) Proceeds from sale of property, plant 8 24 84 and equipment Interest received 8 9 17 Net cash used in investing activities (150) (211) (478) Cash flows from financing activities Received in relation to share - - 79 cancellation Net cash generated from financing - - 79 activities Net increase/(decrease) in cash and cash 132 (2,549) (1,925) equivalents Cash and cash equivalents at beginning 3,473 5,398 5,398 of period Cash and cash equivalents at end of 3,605 2,849 3,473 period consolidated statement of cash flows for the six months ended 30 September 2014 notes to the interim financial statements for the six months ended 30 September 2014 1. general information The interim financial statements for the six months ended 30 September 2014 were authorised for issue in accordance with a resolution of the Board of Directors on 4 November 2014. The Company is a public limited company incorporated in the United Kingdom. The address of its registered office is 133 Ebury Street, London SW1W 9QU. The Company's ordinary shares are admitted to trading on the AIM market of the London Stock Exchange. The financial information for the six months ended 30 September 2014 set out in this interim report is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the year ended 31 March 2014 are extracted from the statutory financial statements which have been filed with the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006. 2. basis of preparation The interim financial statements have been prepared under the historical cost convention and in accordance with applicable International Financial Reporting Standards (IFRSs), International Accounting Standards (IAS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations adopted for use by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. The information within these interim financial statements has been prepared in accordance with IAS 34 `Interim Financial Reporting' as adopted by the European Union. 3. accounting policies The principal accounting policies used in preparing the interim financial statements and those the group expects to apply in its financial statements for the year ending 31 March 2015 are unchanged from those disclosed in the statutory financial statements for the year ended 31 March 2014. 4. segmental analysis Six months Six months Year ended ended ended 30 September 30 September 31 March 2014 2013 2014 Unaudited Unaudited Audited £000 £000 £000 Revenue - operating segment Specialist electronics 1,656 1,440 2,761 Property information services 2,560 2,606 4,692 Packaging solutions 780 753 1,608 4,996 4,799 9,061 Revenue - geographical area United Kingdom 4,347 4,608 8,280 Asia and Middle East 96 156 552 Europe 67 20 163 Other 486 15 66 4,996 4,799 9,061 Operating profit/(loss) Specialist electronics 274 7 26 Property information services 598 368 845 Packaging solutions 169 123 313 Head office (364) (288) (639) Exceptional items 113 - 1,177 790 210 1,722 Net operating assets Specialist electronics 1,241 83 995 Property information services 3,263 3,316 2,989 Packaging solutions 1,965 1,933 1,994 Head office 22 (89) 5 6,491 5,243 5,983 Interest bearing assets 3,605 2,849 3,473 10,096 8,092 9,456 5. exceptional administrative credits Six months Six months Year ended ended ended 30 September 30 September 31 March 2014 2013 2014 Unaudited Unaudited Audited £000 £000 £000 Legal settlement with local 113 - 1,177 authority 6. earnings per share Basic earnings per share calculations have been arrived at by reference to the following profit and weighted average number of shares in issue during the period. The actual number of shares in issue at 30 September 2014 was 19,328,900. Six months Six months Year ended ended ended 30 September 30 September 31 March 2014 2013 2014 Profit after tax £640,000 £244,000 £1,529,000 Weighted average number of shares in 19,328,900 19,426,324 19,380,415 issue Basic earnings per share 3.31p 1.26p 7.89p Weighted average number of shares in 19,355,824 19,552,285 19,449,684 issue adjusted to take account of shares under option Diluted earnings per share 3.31p 1.25p 7.86p
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