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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sterling Green | LSE:SGG | London | Ordinary Share | GB00B1N0T068 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.44 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSGG 30 September 2009 Sterling Green Group plc ("Sterling" or "the Company") Final Results for the year ended 31 March 2009 CHAIRMAN'S STATEMENT Introduction and review of activities I am pleased to present the financial statements of Sterling Green Group plc and its subsidiaries ("the Group") covering the year ended 31 March 2009. Results and dividends Revenue for the year ended 31 March 2009 was GBP1,966,000 (15 month period ended 31 March 2008 - GBP1,309,000). Revenue was made up of GBP1,609,000 (15 month period ended 31 March 2008 - GBP970,000) from debt management services and GBP357,000 (15 month period ended 31 March 2008 - GBP339,000) relating to mortgage business. The Group loss after taxation for the year amounted to GBP347,000 (15 month period ended 31 March 2008 - GBP1,648,000). The Directors are not able to recommend the payment of a dividend. Trading review In the Chairman's Statement dated 30 September 2008 which accompanied the 2008 financial statements, I reported that the Board had overseen a significant reduction in the Group's operational costs, following amongst other things, a streamlining of the senior management team. Those events have enabled the Group to show, at an operating level, a profit of GBP31,000 for the second half of the financial year ended 31 March 2009, having already reported an interim operating loss for the 6 month period ended 30 September 2008 of GBP352,000. This turnaround reflects the combination of reduced operating costs and increased revenues. Current performance and future developments The Group has started the new financial year as a much more streamlined business, with a lower overhead base and improving recurring revenues in its debt management business. The current economic climate in the UK is enabling the Group to increase its customer numbers at a faster rate than that seen during the year ended 31 March 2009. At the present time, the Group already has in excess of 3,000 live clients and the Board believe that the resulting rising levels of recurring income give the Group a solid foundation on which to build a profitable future. The Group's working capital position remains challenging. The Group is currently operating within its existing borrowing facilities and based on forecasts prepared for the period ended 31 March 2011 management remain confident that this situation will continue throughout the forecast period. Should those forecasts not be achieved, however, the Group will need to reduce its operating costs further and will be required to consider raising additional capital through the issue of further equity or through increased bank or other facilities. Further regulation in the UK debt management industry appears inevitable as competition in the sector continues to increase. The Board will welcome the introduction of any new regulation and considers that the Group's existing procedures and systems meet with industry best practice. The introduction of new regulation often leads to acquisition opportunities and the Board considers that the acquisition of debt management businesses or debt management portfolios remains a viable option for increasing Group revenues and profitability in the short term. J M Edelson Chairman 29 September 2009 Further Enquiries: Sterling Green Group plc Tel: +44 161 975 5757 Michael Edelson John East & Partners Limited, a subsidiary of Merchant Tel: +44 20 7628 2200 Securities Plc David Worlidge / Simon Clements CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2009 Note Year ended Period ended 31 March 31 March 2009 2008 GBP000 GBP000 Revenue 1,966 1,309 Cost of sales (1,069) (1,423) Gross profit/(loss) 897 (114) Administrative expenses (1,218) (1,538) Loss from operations (321) (1,652) Investment income 5 24 Finance costs (49) (20) Loss on ordinary activities before taxation (365) (1,648) Income tax credit 2 18 - Loss on ordinary activities after taxation (347) (1,648) attributable to equity holders of the parent Loss per share - basic and diluted 3 (0.12p) (0.70p) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2009 Note 2009 2008 GBP000 GBP000 Non-current assets Intangible assets 1,115 1,115 Property, plant and equipment 209 309 Total non-current assets 1,324 1,424 Current assets Trade and other receivables 142 141 Cash and cash equivalents 4 182 180 Total current assets 324 321 Current liabilities Trade and other payables (319) (318) Current tax liabilities - (18) Borrowings (86) (284) Total current liabilities (405) (620) Net current liabilities (81) (299) Non-current liabilities Borrowings (318) (153) Total non-current liabilities (318) (153) Net assets 925 972 Equity Called up share capital 288 280 Share premium account 1,710 1,518 Share capital to be issued 100 - Capital reserve 6 6 Other reserve 891 891 Accumulated losses (2,070) (1,723) Total equity 925 972 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2009 Note Year ended Period ended 31 March 31 March 2009 2008 GBP000 GBP000 Cash flows used in operating activities Loss before tax (365) (1,648) Adjustments for: Depreciation of property, plant and equipment 101 113 Investment income (5) (24) Finance costs 49 20 Operating cash flows before movement in (220) (1,539) working capital Increase in trade and other receivables (1) (46) Increase in trade and other payables 1 88 Net cash used in operating activities (220) (1,497) Cash flows from investing activities Investment income received 5 24 Purchase of property, plant and equipment (1) (389) Acquisition of subsidiary, net of cash - (29) acquired Net cash from/(used in) investing activities 4 (394) Cash flows from financing activities Capital element of lease payments (85) (68) Finance leases entered into - 307 Loans advanced 250 - Issue of ordinary share capital, net of costs 200 1,593 Proceeds in advance of issue of share capital 100 - Finance costs paid (49) (20) Net cash from financing activities 416 1,812 Net increase/(decrease) in cash and cash 200 (79) equivalents Cash and cash equivalents at the start of the (18) 61 year Cash and cash equivalents at the end of the 4 182 (18) year CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2009 Attributable to equity holders of the parent Share Share Share Capital Other Accumulated Total capital premium capital reserve reserve losses account to be issued GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 At 1 January 2007 85 - - 6 - (75) 16 Loss for the - - - - - (1,648) (1,648) period Issue of share 195 1,677 - - 891 - 2,763 capital Costs of share - (159) - - - - (159) issue At 31 March 2008 280 1,518 - 6 891 (1,723) 972 Loss for the year - - - - - (347) (347) Issue of share 8 192 - - - - 200 capital Share capital to - - 100 - - - 100 be issued At 31 March 2009 288 1,710 100 6 891 (2,070) 925 Other reserve The other reserve is a merger reserve created on the acquisition of Sterling Green Limited. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009 1. BASIS OF PREPARATION The financial information set out above does not constitute the Company's statutory financial statements for the period ended 31 March 2008 and for the year ended 31 March 2009, but is derived from those financial statements. The Auditors have reported on those financial statements; their reports were unqualified and did not contain statements under the Companies Act 1985, sections 237(2) or (3). The financial statements from which the financial information set out above is derived have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS). The Board has considered the Group's financial position and trading prospects using detailed forecasts covering the period ending 31 March 2011. Those forecasts incorporate the current drawn down loan facility which is confirmed as available until 30 September 2010. There are no financial covenants attached to that facility. Accordingly, the Board considers that there will be no breaches of financial covenants during the period to 30 September 2010. Having made appropriate consideration, the Board believes that it has adequate resources to continue trading for the foreseeable future, and accordingly, the going concern basis has been adopted in preparing these financial statements. 2. INCOME TAX CREDIT Year ended Period ended 31 March 31 March 2009 2008 GBP000 GBP000 Current tax: Income tax credit 18 - The income tax credit is calculated at 28% (period ended 31 March 2008 - 30%) of the estimated assessable loss for the year. The income tax credit for the year can be reconciled to the income statement as follows: Year ended Period ended 31 March 31 March 2009 2008 GBP000 GBP000 Loss before tax (365) (1,648) Loss on ordinary activities multiplied by the (102) (494) relevant standard rate of income tax in the UK of 28% (2008 - 30%) Effect of: Expenses not deductible for tax purposes 6 18 Depreciation for year in excess of capital 28 34 allowances Utilisation of losses 18 - Losses carried forward 68 442 Current tax credit for the year 18 - Unrecognised deferred tax assets The following deferred tax assets have not been brought into account as assets: 2009 2008 GBP000 GBP000 Tax losses 476 333 Temporary differences 56 23 3. LOSS PER SHARE The calculation of basic loss per share is based on the following: Basic Year ended Period ended 31 March 31 March 2009 2008 Loss for the year (GBP000) (347) (1,648) Weighted average number of shares 287,569,637 235,986,036 Loss per share (pence) (0.12) (0.70) Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming conversion of all dilutive potential ordinary shares. During the year the Company's potential ordinary shares consist of share options, warrants and deferred consideration. Due to losses in the current year and preceding period there are no dilutive ordinary shares. 4. NOTES TO THE CASHFLOW STATEMENT 4.1 Cash and cash equivalents Cash and cash equivalents consist of bank balances and bank overdrafts. Cash and cash equivalents included in the cash flow statement comprise the following balance sheet amounts: 2009 2008 GBP000 GBP000 Cash at bank 182 180 Bank overdrafts - (198) Cash and cash equivalents 182 (18) 4.2 Significant non-cash transactions During the comparative period the Group acquired property, plant and equipment with a total cost of GBP340,000 of which GBP307,000 was acquired by means of finance leases. Part of the purchase price for the acquisition of Sterling Green Limited during the comparative period comprised ordinary shares. The fair value of the shares issued was GBP950,000. 5. DIVIDEND The directors are not able to recommend the payment of a dividend. 6. COPIES OF THE REPORT & ACCOUNTS Copies of the Report & Accounts will be posted to shareholders shortly and are also available from the Company's registered office at Number 14, The Embankment, Vale Road, Heaton Mersey, Stockport, Cheshire SK4 3GN and from the Company's website www.sterlinggreen.co.uk. END
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