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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 |
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TIDMSGG
26 November 2010
Sterling Green Group Plc
("Sterling Green" or "the Company")
Half-yearly results for the six month period
ended 30 September 2010
Highlights
* Total revenue increased to GBP1.32 million (2009: GBP1.14 million)
* Revenue from debt management services increased by 20 per cent to GBP1.25
million (2009: GBP1.05 million)
* Profit before and after taxation increased to GBP38,000 (2009: loss of GBP41,000)
* Number of debt management clients up to 4,216 (2009: 3,120)
* Mortgage revenues decreased but operating profit increased due to cost
cutting measures
* Positive outlook with expectations of maiden profit for the full year
Michael Edelson, Chairman commented:
"I am very pleased that we have been able to generate a profit in the first
half compared with the loss in the first half of the previous year.
"We continue to build the number of active debt management clients which is
very encouraging. By focusing on the quality rather than the quantity of leads
we hope to maintain the growth we have experienced in the last year.
"I remain hopeful that we will deliver a modest full year maiden profit".
Enquiries:
Sterling Green Group plc Tel: 0161 975 5757
Michael Edelson
Merchant Securities Limited Tel: 020 7628 2200
Simon Clements/David Worlidge
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the Group's interim results for the six month period
ended 30 September 2010.
Results and dividend
The Group generated a profit before and after taxation for the six month period
of GBP38,000 (six months ended 30 September 2009: (loss) GBP41,000) on revenues of
GBP1,322,000 (2009: GBP1,139,000). Earnings per share for the six month period were
0.01p (2009: 0.01p loss per share)
The Directors do not recommend the payment of a dividend.
Trading review
Debt management services
Revenues for the six month period were GBP1,258,000 (2009: GBP1,052,000)
representing an increase of 20 per cent over the corresponding period in the
previous year. This improvement was mainly due to an increase in the volume and
quality of leads acquired from third parties. The improvement in the quality of
the leads has led to a small decline in gross margins from 51 per cent to 47
per cent in the period but we remain confident that the current level of gross
margin can be maintained as the Company grows.
Operating profits for the six month period were GBP133,000 (2009: GBP55,000)
representing an increase of 142 per cent. The Board was able to reduce
overheads in the debt management division during the period under review
compared with the prior year principally due to savings in accommodation costs
following renewal of the lease on the offices in central Manchester..
At 30 September 2010 the Group had 4,216 active debt management clients
compared to 3,120 at 30 September 2009 and 3,335 at 31 March 2010, equivalent
to an increase of 35 per cent over the last 12 months and 26 per cent in the
last six months, respectively.
Re-mortgage services
Revenues for the six month period were GBP64,000 (2009: GBP87,000) a reduction of
26 per cent in the period. Operating profits have increased in the period to GBP
18,000 (2009: GBP14,000) as the division was able to significantly reduce its
operating costs.
Outlook
The mortgage market remains severely contracted and the Board does not envisage
any significant upturn in revenues or profitability in this division for the
foreseeable future. However, since this division makes a small positive
contribution to the Group's results with minimum operating costs, the Board
will continue to trade on the basis that current levels of activity are at the
very least maintained.
The growth in new debt management clients since 31 March 2010 and the
corresponding increase in revenues and profitability has been very encouraging.
Accordingly, the Board believes that the Group is currently well positioned to
deliver growth in shareholder value and is hopeful that the Group will be able
to report a modest maiden profit for the full year to 31 March 2011.
Michael Edelson
Chairman
26 November 2010
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2010
Six months Six months Year
ended 30 ended 30 ended 31
September September March
2010 2009 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Revenue 1,322 1,139 2,106
Cost of sales (692) (557) (1,128)
Gross profit 630 582 978
Administrative expenses (565) (600) (1,143)
Profit/(Loss) from operations 65 (18) (165)
Finance costs (27) (23) (72)
Profit/(Loss) on ordinary activities 38 (41) (237)
before tax
Income tax charge - - (1)
Profit/(Loss) for the period and profit 38 (41) (238)
/(loss)
attributable to equity holders of the
parent
Earnings/(Loss) per share 0.01p (0.01p) (0.08p)
Basic and diluted
There were no other items of comprehensive income other than the profit/(loss)
for the period.
All amounts shown above relate to continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2010
Six months Six months Year
ended 30 ended 30 ended 31
September September March
2010 2009 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Balance at the beginning of the period 687 925 925
Total comprehensive income for the
period
Profit/(Loss) for the period 38 (41) (238)
Balance at the end of the period 725 884 687
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2010
As at 30 As at 30 As at
September September 31 March
2010 2009 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Non-current assets
Goodwill 1,115 1,115 1,115
Property, plant and equipment 89 161 116
Total non-current assets 1,204 1,276 1,231
Current assets
Trade and other receivables 226 235 108
Cash and cash equivalents 76 97 28
Total current assets 302 332 136
Total assets 1,506 1,608 1,367
Current liabilities
Trade and other payables (340) (364) (361)
Current tax liabilities - - (1)
Borrowings (24) (86) (39)
Total current liabilities (364) (450) (401)
Net current liabilities (62) (118) (265)
Non-current liabilities
Borrowings (417) (274) (279)
Total non-current liabilities (417) (274) (279)
Total liabilities (781) (724) (680)
Net assets 725 884 687
Equity
Share capital 304 304 304
Share premium account 1,794 1,794 1,794
Capital reserve 6 6 6
Other reserves 891 891 891
Accumulated losses (2,270) (2,111) (2,308)
Total equity 725 884 687
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2010
Six months Six months Year
ended 30 ended 30 ended 31
September September March
2010 2009 2010
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Cash flows (used in)/from operating
activities
Profit/(Loss) before tax 38 (41) (237)
Adjustments for:
Depreciation of property, plant and 31 49 98
equipment
Finance costs 27 23 72
Operating cash flows before movement in 96 31 (67)
working capital
(Increase)/Decrease in trade and other (118) (93) 34
receivables
(Decrease)/Increase in trade and other (21) 45 42
payables
Corporation tax paid (1) - -
Net cash (used in)/from operating (44) (17) 9
activities
Cash flow used in investing activities
Purchase of property, plant and (4) (1) (5)
equipment
Net cash used in investing activities (4) (1) (5)
Cash flow from/(used in) financing
activities
Capital element of finance lease (27) (44) (86)
payments
Proceeds from new loans 150 - -
Finance costs (27) (23) (72)
Net cash from/(used in) financing 96 (67) (158)
activities
Net increase/(decrease) in cash and 48 (85) (154)
cash equivalents
Cash and cash equivalents at the start 28 182 182
of the period
Cash and cash equivalents at the end of 76 97 28
the period
NOTES TO THE HALF-YEARLY REPORT
FOR THE SIX MONTH PERIOD ENDED 30 SEPTEMBER 2010
1. Reporting entity
Sterling Green Group plc (the "Company") is a company incorporated in the
United Kingdom under the Companies Act 2006. The interim results of the Company
for the six month period ended 30 September 2010 comprise the Company and its
subsidiaries (together the "Group").
The annual report and financial statements of the Group for the year ended 31
March 2010 are available upon request from the Company's registered office by
writing to the Company Secretary, Sterling Green Group plc, Number 14, The
Embankment, Vale Road, Heaton Mersey, Stockport SK4 3GN or can be obtained from
the Company's website which is www.sterlinggreen.co.uk.
2. Statement of compliance
These interim results have been prepared on the basis of the recognition and
measurement requirements of IFRS anticipated to be in issue as either endorsed
by the EU and effective (or available for early adoption) at 31 March 2011.
These interim results should be read in conjunction with the annual report and
financial statements of the Group for the year ended 31 March 2010, which were
approved for issue by the Board of Directors on 29 September 2010, as it
provides an update on previously reported information. The comparative figures
for the year ended 31 March 2010 are not the Group's statutory financial
statements for the financial year. They are, however, derived from the
statutory financial statements for that year which have been delivered to the
Registrar of Companies. Those financial statements received an unqualified
audit report which did not contain statements under sections 498 (2) or (3) of
the Companies Act 2006.
These interim results were approved by the Board on 26 November 2010. The
financial information contained therein for the six month period ended 30
September 2010, and similarly the six month period ended 30 September 2009, has
neither been audited nor reviewed.
3. Significant accounting policies
The accounting policies used in the presentation of these interim results are
consistent with those used in the annual report and financial statements of the
Group for the year ended 31 March 2010.
4. Estimates
The preparation of interim results 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.
In preparing these interim results, 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 financial
statements of the Group for the year ended 31 March 2010.
5. Operating segments
The Group's business segments are its debt management division, its
re-mortgaging operations and its head office operations. This is the basis on
which the Group reports its primary segmental information. In the table below,
all revenues are generated by sales to external parties.
Debt Re- Unallocated Total
Management mortgages Group items
GBP000 GBP000 GBP000 GBP000
Performance by activity:
Revenue:
- six months ended 30 1,258 64 - 1,322
Sept 2010
- six months ended 30 1,052 87 - 1,139
Sept 2009
- year ended 31 March 1,977 129 - 2,106
2010
Operating profit/(loss):
- six months ended 30 133 18 (86) 65
Sept 2010
- six months ended 30 55 14 (87) (18)
Sept 2009
- year ended 31 March 10 12 (187) (165)
2010
Total assets:
- 30 September 2010 1,494 5 7 1,506
- 30 September 2009 1,563 25 20 1,608
- 31 March 2010 1,358 6 3 1,367
The Group operates in a sector where no significant seasonal or cyclical
variations in revenues and operating results are experienced during the
financial year.
6. Earnings/(Loss) per share
The calculation of earnings/(loss) per share is based on the following:
Earnings/(Loss) Six months Six months Year
ended 30 ended 30 ended 31
September September March
2010 2009 2010
Earnings/(loss) for the 38 (41) (238)
purpose of basic and diluted
earnings/(loss) per share
being the net profit/(loss)
attributable to equity
holders of the parent (GBP000)
Number of shares 303,500,527 303,587,719
303,675,390
Weighted average number of - -
ordinary shares for the 12,227,723
purpose of basic earnings/
(loss) per share
Effect of dilutive potential
ordinary shares - share
options
Weighted average number of 315,903,113 303,500,527 303,587,719
ordinary shares for the
purpose of diluted earnings/
(loss) per share
Earnings/(Loss) per share
(pence)
Basic 0.01 (0.01) (0.08)
Diluted 0.01 (0.01) (0.08)
The Company's potential ordinary shares, which consist of share options, would
not be dilutive in the comparative periods due to the losses incurred.
7. Dividends
No dividend is proposed for the six month period ended 30 September 2010. No
dividend was paid in, or proposed for, the year ended 31 March 2010.
END
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