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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Slimma | LSE:SLM | London | Ordinary Share | GB0008207705 | 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 |
TIDMSLM RNS Number : 4690J Slimma PLC 31 March 2010 Issued by Golley Slater Public Relations Date: Wednesday 31st March 2010 Embargoed: 7.00am Slimma plc Unaudited Final Results for the period ended 2 October 2009 STATEMENT BY THE CHAIRMAN, CAROLYN SIMONS The continuing and challenging global economic circumstances have had a major adverse effect on the Company's local and international market sector and are reflected in the results for the year ended 2 October 2009. Sales for the year amounted to GBP10.46million (2008: GBP13.49million), a fall of 22%. Some of this decrease was a direct result of the withdrawal from low margin contract sales and, excluding the lost revenue attributable to this, sales were down 18% as compared to the same period last year. Export sales accounted for 28% of Company sales (2008: 26%). Despite a very competitive market place, margins were held at the same level as last year. Operating losses for the year, before exceptional costs, amounted to GBP617,000 (2008: GBP436,000). This loss includes GBP100,000 of additional bad debt provisions compared to last year. International accounting standards require the recognition of unrealised losses on derivative contracts. The Company entered into a cap and floor agreement with the bank in June 2008, which has resulted in the requirement for a provision of GBP168,000 in the year and a restatement of last year's pre tax losses by GBP173,000. The significantly increased bad debt risks associated with the sector in which the Company operates, the lack of credit insurance, and the tightened and more expensive credit facilities on offer to small businesses in conjunction with the Company's own strengthened credit controls, have contributed to the shortfall in sales and made it increasingly difficult to predict future sales with any degree of certainty. With this in mind, and with the potential for further sales losses, the Company has accelerated its reorganisation programme based upon a revision of the Company's 2008 strategic financial model. The revised plan is due to be completed by the end of March 2010 and includes the closure of smaller loss-making brands to allow full concentration by management on the Company's key brands. This revised model should assist the Company in its efforts to move away from its loss making position and provide a better platform for success on the back of an eventual economic recovery. We are making satisfactory progress towards this goal. Although results continue to be disappointing, management and staff are working extremely hard to ensure the right platform is in place to build for future recovery. Despite the current market conditions, the board believes the Company will be well placed to take advantage of what it hopes to be an improving economic situation in the coming financial years. +------------------------+-----------------+--------------------------+ | Enquiries: | | | +------------------------+-----------------+--------------------------+ | Stephen Thwaite, Chief | Dan Bate | Katie Dale | | Executive | | | +------------------------+-----------------+--------------------------+ | Slimma plc | WH Ireland | Golley Slater | | | Limited | | +------------------------+-----------------+--------------------------+ | Tel: 01538 399 141 | Tel: 0161 832 | Tel: 0121 384 9743 | | | 2174 | | +------------------------+-----------------+--------------------------+ | www.slimma.com | | Mobile: 07918 716 754 | +------------------------+-----------------+--------------------------+ INCOME STATEMENT For the 52 week period ended 2 October 2009 +----------------------------------------+--------------+-------------+ | | 52 weeks | 53 weeks | | | ended | ended | | | 2 October | 3 October | | | 2009 | 2008 | | | | (As | | | | restated) | | | | | +----------------------------------------+--------------+-------------+ | | GBP000 | GBP000 | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | REVENUE - continuing operations | 10,459 | 13,494 | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | Direct costs before exceptional | (11,076) | (13,930) | | expenses | | | +----------------------------------------+--------------+-------------+ | Exceptional expenses - redundancy | (182) | (173) | | costs | | | +----------------------------------------+--------------+-------------+ | Exceptional trade receivable | (313) | - | | impairment | | | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | Operating expenses | (11,571) | (14,103) | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | OPERATING LOSS - continuing operations | (1,112) | (609) | +----------------------------------------+--------------+-------------+ | Finance income | 20 | 16 | +----------------------------------------+--------------+-------------+ | Finance costs | (179) | (237) | +----------------------------------------+--------------+-------------+ | Losses from derivatives not designated | | | | as hedging instruments | (168) | (173) | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | LOSS BEFORE INCOME TAX | (1,439) | (1,003) | +----------------------------------------+--------------+-------------+ | Income tax (charge)/credit | (297) | 216 | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | LOSS FOR THE PERIOD | (1,736) | (787) | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF | | | | THE COMPANY | (1,736) | (787) | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | EARNINGS PER ORDINARY SHARE (basic and | (18.50p) | (8.39p) | | diluted) | | | +----------------------------------------+--------------+-------------+ STATEMENT OF RECOGNISED INCOME AND EXPENSE For the 52 week period ended 2 October 2009 +----------------------------------------+--------------+-------------+ | | 52 weeks | 53 weeks | | | ended | ended | | | 2 October | 3 October | | | 2009 | 2008 | | | | (As | | | | restated) | +----------------------------------------+--------------+-------------+ | | GBP000 | GBP000 | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | Loss for the period as previously | (1,736) | (614) | | reported | | | +----------------------------------------+--------------+-------------+ | Actuarial gain on defined benefit | - | 4 | | pension scheme | | | +----------------------------------------+--------------+-------------+ | Related deferred tax on actuarial gain | - | (1) | | | | | +----------------------------------------+--------------+-------------+ | Prior period adjustment (see note 4) | - | (173) | +----------------------------------------+--------------+-------------+ | | | | +----------------------------------------+--------------+-------------+ | TOTAL RECOGNISED INCOME AND EXPENSE | (1,736) | (784) | +----------------------------------------+--------------+-------------+ | ATTRIBUTABLE TO EQUITY HOLDERS OF THE | | | | COMPANY | (1,736) | (784) | +----------------------------------------+--------------+-------------+ BALANCE SHEET At 2 October 2009 +---------------------+---------------------+--------------------------+ | | 2 October 2009 | 3 October 2008 | | | | (As restated) | +---------------------+---------------------+--------------------------+ | ASSETS | GBP000 | GBP000 | +---------------------+---------------------+--------------------------+ | NON-CURRENT ASSETS | | | +---------------------+---------------------+--------------------------+ | Property, plant and | 433 | 498 | | equipment | | | +---------------------+---------------------+--------------------------+ | Intangible assets | 537 | 529 | +---------------------+---------------------+--------------------------+ | Deferred tax assets | 58 | 355 | +---------------------+---------------------+--------------------------+ | Pension scheme | 383 | 383 | | surplus | | | +---------------------+---------------------+--------------------------+ | | 1,411 | 1,765 | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | CURRENT ASSETS | | | +---------------------+---------------------+--------------------------+ | Inventories | 2,887 | 2,151 | +---------------------+---------------------+--------------------------+ | Trade and other | 2,839 | 4,149 | | receivables | | | +---------------------+---------------------+--------------------------+ | Financial assets | - | 15 | +---------------------+---------------------+--------------------------+ | Cash at bank and in | 33 | 61 | | hand | | | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | TOTAL CURRENT | 5,759 | 6,376 | | ASSETS | | | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | TOTAL ASSETS | 7,170 | 8,141 | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | CURRENT LIABILITIES | | | +---------------------+---------------------+--------------------------+ | Financial | 3,560 | 3,219 | | liabilities | | | +---------------------+---------------------+--------------------------+ | Trade and other | 1,820 | 1,592 | | payables | | | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | TOTAL CURRENT | | | | LIABILITIES | 5,380 | 4,811 | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | NON-CURRENT | | | | LIABILITIES | | | +---------------------+---------------------+--------------------------+ | Financial liability | 341 | 173 | +---------------------+---------------------+--------------------------+ | | 341 | 173 | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | TOTAL LIABILITIES | 5,721 | 4,984 | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | TOTAL NET ASSETS | 1,449 | 3,157 | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | EQUITY | | | +---------------------+---------------------+--------------------------+ | Share capital | 521 | 521 | +---------------------+---------------------+--------------------------+ | Share premium | 3,052 | 3,024 | +---------------------+---------------------+--------------------------+ | Capital redemption | 285 | 285 | | reserve | | | +---------------------+---------------------+--------------------------+ | Treasury shares | (600) | (600) | +---------------------+---------------------+--------------------------+ | Retained | (1,809) | (73) | | (losses)/earnings | | | +---------------------+---------------------+--------------------------+ | | | | +---------------------+---------------------+--------------------------+ | TOTAL EQUITY | | | | ATTRIBUTABLE TO THE | | | | EQUITY HOLDERS OF | | | | THE COMPANY | 1,449 | 3,157 | +---------------------+---------------------+--------------------------+ STATEMENT OF CHANGES IN EQUITY For the 52 week period ended 2 October 2009 +------------------+---------+---------+------------+----------+----------+----------+ | | Share | Share | Capital | Treasury | Retained | Total | | | | | | | Earnings | | | | Capital | Premium | Redemption | Shares | | Equity | | | | | | | | | | | | | Reserve | | | | +------------------+---------+---------+------------+----------+----------+----------+ | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | +------------------+---------+---------+------------+----------+----------+----------+ | | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | At 28 September | 521 | 3,024 | 285 | (600) | 711 | 3,941 | | 2007 | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | Loss for the | | | | | | | | period to 3 | | | | | | | | October 2008 (as | - | - | - | - | (614) | (614) | | previously | | | | | | | | stated) | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | Prior period | - | - | - | - | (173) | (173) | | adjustment | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | Actuarial gain | | | | | | | | on pension | - | - | - | - | 3 | 3 | | scheme net of | | | | | | | | tax | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | At 3 October | 521 | 3,024 | 285 | (600) | (73) | 3,157 | | 2008 | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | Loss for the | | | | | | | | period to 2 | - | - | - | - | (1,736) | (1,736) | | October 2009 | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | VAT refund | | | | | | | | received on | - | 28 | - | - | - | 28 | | share issue | | | | | | | | costs | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ | At 2 October | 521 | 3,052 | 285 | (600) | (1,809) | 1,449 | | 2009 | | | | | | | +------------------+---------+---------+------------+----------+----------+----------+ CASH FLOW STATEMENT For the 52 week period ended 2 October 2009 +--------------------------------+---------------+---------------+ | | 52 weeks | 53 weeks | | | ended 2 | ended 3 | | | October 2009 | October 2008 | | | | (as restated) | +--------------------------------+---------------+---------------+ | | GBP000 | GBP000 | +--------------------------------+---------------+---------------+ | OPERATING ACTIVITIES | | | +--------------------------------+---------------+---------------+ | Loss before income tax | (1,439) | (1,003) | +--------------------------------+---------------+---------------+ | Finance income | (20) | (16) | +--------------------------------+---------------+---------------+ | Finance costs | 179 | 237 | +--------------------------------+---------------+---------------+ | Impact of defined benefit | - | (42) | | pension scheme | | | +--------------------------------+---------------+---------------+ | Losses from interest rate | 168 | 173 | | derivatives | | | +--------------------------------+---------------+---------------+ | Losses/(gains) from foreign | | | | currency forward contracts | 15 | (87) | +--------------------------------+---------------+---------------+ | Depreciation charge | 79 | 117 | +--------------------------------+---------------+---------------+ | Amortisation of designs, | 79 | 69 | | patents and trademarks | | | +--------------------------------+---------------+---------------+ | Amortisation of development | 391 | 404 | | costs | | | +--------------------------------+---------------+---------------+ | | (548) | (148) | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | CHANGES IN WORKING CAPITAL | | | +--------------------------------+---------------+---------------+ | Inventories | (736) | 290 | +--------------------------------+---------------+---------------+ | Trade and other receivables | 1,310 | (121) | +--------------------------------+---------------+---------------+ | Trade and other payables | 193 | 12 | +--------------------------------+---------------+---------------+ | | 767 | 181 | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | CASH FROM OPERATING ACTIVITIES | 219 | 33 | | | | | +--------------------------------+---------------+---------------+ | Net financing cost | (159) | (221) | +--------------------------------+---------------+---------------+ | Taxation repaid | - | - | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | | | | | NET CASH GENERATED FROM/(USED | | | | IN) OPERATING ACTIVITIES | 60 | (188) | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | INVESTING ACTIVITIES | | | +--------------------------------+---------------+---------------+ | Capital expenditure | (14) | (31) | +--------------------------------+---------------+---------------+ | Capitalisation of expenditure | (378) | (373) | | on design asset | | | +--------------------------------+---------------+---------------+ | Purchase of new brand | (65) | - | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | NET CASH USED IN INVESTING | | | | ACTIVITIES | (457) | (404) | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | FINANCING ACTIVITIES | | | +--------------------------------+---------------+---------------+ | VAT refund on share issue | 28 | - | | costs | | | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | NET CASH GENERATED FROM | | | | FINANCING ACTIVITIES | 28 | - | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | NET REDUCTION IN CASH AND CASH | | | | EQUIVALENTS | (369) | (592) | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | Cash and cash equivalents at | | | | beginning of the period | (3,158) | (2,566) | +--------------------------------+---------------+---------------+ | | | | +--------------------------------+---------------+---------------+ | CASH AND CASH EQUIVALENTS AT | | | | END OF THE PERIOD | (3,527) | (3,158) | +--------------------------------+---------------+---------------+ Slimma plc NOTES 1. Preparation of the financial statement The information in this unaudited preliminary results announcement has been prepared on the basis of the accounting policies which will be set out in the full financial statements for the period ended 2 October 2009 and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The results for the period ended 3 October 2008 are an abridged version of the Company's full financial statements for that period, which have been filed with the Registrar of Companies. The report of the auditors thereon was unqualified and did not contain statements under Section 237(2) of the Companies Act 1985. The full financial statements for the period ended 2 October 2009 will be delivered to the Registrar of Companies on 31 March 2010. 2. Segmental Report For management purposes, the Company's primary segments are analysed by geographical markets in which the business operates. The Company's risks and rates of return are affected predominantly by the countries in which it operates. As a result the Company's primary reporting format is geographical segments. The Company's revenue, profit before taxation and net assets were all derived from its principal activities. PRIMARY REPORTING FORMAT - Geographical segments +-------------------+----------+----------+---------+--------+---------------+ | 52 week period | UK | Other | North | Rest | Consolidation | | ended | | European | America | of | | | 2 October 2009 | | | | World | | | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Revenue | 7,514 | 2,565 | 116 | 264 | 10,459 | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | RESULT | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Operating loss | (574) | (196) | (322) | (20) | (1,112) | +-------------------+----------+----------+---------+--------+---------------+ | Finance income | | | | | 20 | +-------------------+----------+----------+---------+--------+---------------+ | Finance costs | | | | | (179) | +-------------------+----------+----------+---------+--------+---------------+ | Losses from | | | | | (168) | | derivatives | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Loss before tax | | | | | (1,439) | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Income tax | | | | | (297) | | (expenses)/credit | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Loss after tax | | | | | (1,736) | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Capital | | | | | | | additions | 14 | - | - | - | 14 | | (property, plant | | | | | | | and equipment) | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Capital | | | | | | | additions | 478 | - | - | - | 478 | | (intangible | | | | | | | assets) | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Depreciation | 79 | - | - | - | 79 | +-------------------+----------+----------+---------+--------+---------------+ | Amortisation | 391 | - | - | - | 470 | +-------------------+----------+----------+---------+--------+---------------+ | | | | | | | +-------------------+----------+----------+---------+--------+---------------+ | Assets | 6,327 | 973 | - | - | 7,300 | +-------------------+----------+----------+---------+--------+---------------+ | Liabilities | (5,532) | (132) | (187) | | (5,851) | +-------------------+----------+----------+---------+--------+---------------+ Segmental report (continued) +-------------------+--------+----------+---------+--------+---------------+ | 53 week period | UK | Other | North | Rest | Consolidation | | ended 3 October | | European | America | of | | | 2008 (As | | | | World | | | restated) | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Revenue | 9,955 | 2,692 | 440 | 407 | 13,494 | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | RESULT | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Operating loss | (449) | (122) | (20) | (18) | (609) | +-------------------+--------+----------+---------+--------+---------------+ | Finance income | | | | | 16 | +-------------------+--------+----------+---------+--------+---------------+ | Finance costs | | | | | (237) | +-------------------+--------+----------+---------+--------+---------------+ | Losses from | | | | | (173) | | derivatives | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Loss before tax | | | | | (1,003) | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Income tax | | | | | 216 | | (expenses)/credit | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Loss after tax | | | | | (787) | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Capital additions | | | | | | | (property, plant | 31 | - | - | - | 31 | | and equipment) | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Capital additions | | | | | | | (intangible | 373 | - | - | - | 373 | | assets) | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Depreciation | 117 | - | - | - | 117 | +-------------------+--------+----------+---------+--------+---------------+ | Amortisation | 473 | - | - | - | 473 | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | | | | | | | +-------------------+--------+----------+---------+--------+---------------+ | Assets | 6,377 | 927 | 944 | - | 8,248 | +-------------------+--------+----------+---------+--------+---------------+ | Liabilities | 4,126 | (822) | (143) | - | (5,091) | +-------------------+--------+----------+---------+--------+---------------+ 3. Earnings per Ordinary Share The calculations of earnings per share are based on the following profits and number of shares: +------------------------+----------+----------+-----------+-----------+ | | Basic | Basic | Basic | Basic | | | 52 weeks | adjusted | 53 weeks | adjusted | | | | | | | | | ended | 52 weeks | ended | 53 weeks | | | 2 | | 3 | | | | October | ended | October | ended 3 | | | 2009 | 2 | 2008 | October | | | | October | (As | 2008 | | | | 2009 | restated) | (As | | | | | | restated) | +------------------------+----------+----------+-----------+-----------+ | | GBP000 | GBP000 | GBP000 | GBP000 | +------------------------+----------+----------+-----------+-----------+ | | | | | | +------------------------+----------+----------+-----------+-----------+ | Loss for the financial | (1,736) | (1,736) | (787) | (787) | | period | | | | | +------------------------+----------+----------+-----------+-----------+ | Exceptional items | - | 495 | - | 173 | +------------------------+----------+----------+-----------+-----------+ | Tax effect | - | (139) | - | (48) | +------------------------+----------+----------+-----------+-----------+ | | | | | | +------------------------+----------+----------+-----------+-----------+ | Adjusted loss for the | (1,736) | (1,380) | (787) | (662) | | financial period | | | | | +------------------------+----------+----------+-----------+-----------+ +----------------------------------+-----------------+-----------------+ | Weighted average number of | 52 weeks ended | 53 weeks ended | | shares | 2 October 2009 | 3 October 2008 | +----------------------------------+-----------------+-----------------+ | | Number | Number | +----------------------------------+-----------------+-----------------+ | For basic, diluted and basic | 9,382,442 | 9,382,442 | | adjusted earnings per share * | | | +----------------------------------+-----------------+-----------------+ | | | | +----------------------------------+-----------------+-----------------+ | | | | +----------------------------------+-----------------+-----------------+ | The Company's earnings per share | 2009 | 2008 | | are as follows: | | (As restated) | +----------------------------------+-----------------+-----------------+ | | | | +----------------------------------+-----------------+-----------------+ | - Basic | (18.50p) | (8.39p) | +----------------------------------+-----------------+-----------------+ | - Basic adjusted | (14.71p) | (7.05p) | +----------------------------------+-----------------+-----------------+ * Excludes treasury shares The effect of the prior period adjustment on the earnings per share for 2008 was to increase the basic loss per share from 6.54p to 8.39p per share. 4. Prior period adjustment The prior period adjustment is caused by the recognition of an interest rate collar agreement entered into on 12 June 2008. The agreement was for a 15 year duration and fixes the interest rate at 5.99% on borrowings of GBP1.5 million. The valuation of the derivative as at 3 October 2008 was GBP173,000 and as at 2 October 2009 was GBP341,000. The change in fair value of these contacts is recognised in the Income Statement. The movement in the fair value of the contact between inception and 3 October 2008 was a loss of GBP173,000. This was not recorded in the financial statements for the period ended 3 October 2008 and has therefore been recorded as a prior period adjustment in the current year financial statements. The derivative contract was not in place at the commencement of the period ended 3 October 2008. 5. Approval of the Financial Statements This preliminary announcement was approved by the Board of Directors on 30th March 2010. 6. Annual General Meeting The Annual General Meeting will be held at Slimma plc, Slimma House, Barngate Street, Leek, Staffordshire, ST13 8AR at 10.00am on 23rd April 2010. 7. Availability of the Financial Statements The full Report and Financial Statements will be dispatched to all shareholders on or before 31 March 2010 and will be available to the public free of charge from the Company's Registered Office at Slimma plc, Slimma House, Barngate Street, Leek, Staffordshire, ST13 8AR. They will also appear on the Company's website www.slimma.com in due course. This information is provided by RNS The company news service from the London Stock Exchange END FR SDSFWSFSSEED
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