![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Straight | LSE:STT | London | Ordinary Share | GB0033695486 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTT
RNS Number : 6968D
Straight PLC
28 March 2011
Date 28 March 2011 Company Straight plc ("Straight" or "the Company") Embargoed for 0700hrs
Straight plc
Preliminary Results
for the year ended 31 December 2010
Straight plc (AIM: STT), the recycling products and services group, is pleased to announce its unaudited Preliminary Results for the year ended 31 December 2010.
Financial Highlights
-- Group revenue increased 8.3% to GBP30.66m (2009: GBP28.32m)
-- Underlying* operating profit increased 24.5% to GBP1.94m (2009: GBP1.55m)
-- Adjusted* earnings per share increased 20.8% to 12.2p (2009: 10.1p)
-- Dividend increased 14.3% to 4.0p (2009: 3.5p)
* excludes the impact of acquisition costs, exceptional items and share scheme charges
Operational Highlights
-- Acquisition and integration of UK business of Helesi plc
-- Acquisition of Dyro Holdings Limited
-- Acquisition of Tapmagic Limited
Post Year End Highlights
-- More than two thirds of output now manufactured in-house
Commenting on the results, James Newman, Chairman of Straight plc, said:
"I am delighted to report excellent results for 2010, a year in which the Group has protected its market leading position through vertical integration and has further improved trading performance in tough market conditions."
Jonathan Straight, Chief Executive of Straight plc, added:
"Having embarked on a five year plan in 2010 with the goal of becoming a vertically integrated, brand-led environmental products and services company with an international footprint, significant steps forward have been made and, as a direct consequence, profitability has improved.
"We now move forward as a strong and vertically integrated manufacturing and distribution business supplying diverse products to a broad range of markets. Our brand is gaining both strength and value and we intend to leverage this both organically and through further acquisitions."
For further information: please contact:
Straight plc 07850 672 727 James Newman, Chairman 0113 245 2244 Jonathan Straight, Chief Executive 07977 002 366 Cenkos Securities Ivonne Cantu (Nomad) Christian Hobart (Sales) 0207 397 8980 Redleaf Communications Lucy Salaman/Rebecca Sanders-Hewett 0207 566 6700
Notes to Editors
-- Straight plc is the UK's leading supplier of specialist kerbside recycling containers as well as being a key supplier of a broad range of waste and recycling container solutions. Founded in 1993 by the current Chief Executive, Jonathan Straight, the business has since supplied more than 25 million kerbside boxes, baskets and caddies to local authorities across the UK, securing its position as the industry leader.
-- The business operates through two divisions. The core Trade Business supplying products in bulk to local authorities, utilities, the waste industry, retailers and other businesses and the Retail Business supplying a range of proprietary environmentally friendly consumer products directly to the public, often in partnership with a local authority or a utility.
-- In 2010 two acquisitions changed the business model, which previously relied on outsourced manufacture. In March 2010 Straight acquired the business and assets of the UK business of Helesi plc giving it a proprietary position in the wheeled bin market. This was followed in August 2010 by the acquisition of Powell Plastics, a key supplier of injection moulded products to the group. The Powell factory, in Hull, has since been developed to include a blow moulding capability.
-- In February 2009, Straight added to its portfolio with the acquisition of Harcostar Garden Products, a long established premium brand consisting of water butts, compost bins, watering cans and accessories. This gained new distribution channels for the business in the UK and in Europe.
-- In 2005, Straight acquired Blackwall Limited, the UK's largest supplier of home composters and water butts. Through the Blackwall brand, Straight has delivered more than 3.5 million compost bins and water butts.
-- By the end of Q1 2011 almost two thirds of the products supplied will be produced in Straight's own factory which is currently being expanded.
-- Straight plc has established diverse overseas sales channels for its products, some of which are manufactured locally to their markets in North America and in Australia. Other markets are serviced from UK production.
-- Further information about the company and its products can be found at: www.straight.co.uk
Chairman's Statement
I am delighted to report excellent results for 2010, a year in which the Group has protected its market leading position through vertical integration and has further improved trading performance in tough market conditions.
Trading performance
Group revenue increased during the year by more than 8% to GBP30.66m (2009: GBP28.32m). Continued strong operating cash flows have allowed the Group to modestly leverage its balance sheet for the first time. Net debt (financial liabilities less cash and short term deposits) at 31 December 2010 was GBP2.82m (2009: net cash GBP1.58m).
Trade Business
Revenue increased to GBP28.49m (2009: GBP27.14m) as sales continued to grow across all our business lines. In particular, sales outside of the municipal market increased by 12.2% to GBP6.51m (2009: GBP5.80m).
Gross margins in the Trade Business increased to 24.0% (2009: 19.5%) and operating margins also increased to 11.8% (2009: 11.0%). This growth was achieved in spite of challenging market conditions and is a direct consequence of the Board's vertical integration strategy.
Ongoing development work and a programme of cost reductions at the Group's recently acquired main manufacturing site are expected to yield further improvements in 2011.
Retail Business
The Retail Business has delivered a second year of improved performance and is now profitable. Operating profit was GBP1,000 (2009: loss of GBP94,000).
Retail sales have made an encouraging start in 2011 and are expected to increase significantly compared to 2010 levels as a result of the Group's sole supplier position on the National Composting Framework. Consequently the Retail Business is forecast to make a more substantial contribution in 2011.
Overall Result
Improved overall performance has resulted in another year of substantial growth, Group underlying operating profits increasing by 24.5% to GBP1.94m (2009: GBP1.55m).
After accounting for corporate development costs of GBP308,000, exceptional items of GBP90,000 and finance costs of GBP65,000, the Group recorded a profit before tax of GBP1.47m (2009: GBP1.56m). The exceptional items relate to the former Helesi UK warehouse premises which the Group is closing.
Earnings per share
Adjusted earnings per share for the year, excluding the impact of corporate development costs, exceptional items and share scheme charges, were 12.2p (2009: 10.1p). Basic earnings per share were 8.6p (2009: 9.9p).
Dividend
Following the continued improvement in underlying operating profitability in 2010, the Board is proposing to increase the dividend for the full year to 4.0p (2009: 3.5p), an increase of 14.3%. The Board is proposing to pay a final dividend of 2.65p on 3 June 2011 to shareholders on the register of members on 6 May 2011, subject to shareholder approval at the Annual General Meeting.
Business Developments
In September 2010 the Group announced that it had embarked on a five year plan to create a vertically integrated and diverse group with an international profile.
Considerable progress has been made towards achieving these goals through an ambitious acquisition strategy including the acquisition of the UK business of Helesi plc on 31 March 2010, the acquisition of Dyro Holdings Limited (which trades as Powell Plastics) on 13 August 2010 and the acquisition of Tapmagic Limited on 1 December 2010.
In January 2011 it was announced that the Powell manufacturing site in Hull was being further developed with the installation of a number of blow moulding lines and the expansion of warehouse and storage space. This work is now substantially complete with blow moulding production having commenced on 7 February 2011 and the new warehouse scheduled to open this April. These improvements will enable the Group to further consolidate its production and reduce operating costs.
Board
I would like to thank my colleagues on the Board for another successful year of hard work and commitment in a tough economic climate.
Outlook
Market conditions remain challenging for businesses operating in the municipal sector, however, the legislation and targets driving the Group's core business remain in place and continue to drive growth. The Group has also continued to broaden its interests outside of the municipal market.
The Board has identified considerable cost savings which can be achieved within the Group's manufacturing facility and these will be implemented during the coming year. It is anticipated that these will broadly offset any potential impact from continuing difficult trading conditions allowing overall expectations for the year to be met.
Over the past year the Group has been transformed into a vertically integrated business. It continues to seek suitable acquisition targets in line with its stated strategy.
James H Newman
Chairman
28 March 2011
Chief Executive's Review
I am pleased to be able to report a strong year of further progress towards our goals. Having embarked on a five year plan in 2010 with the goal of becoming a vertically integrated, brand-led environmental products and services company with an international footprint, significant steps forward have been made and as a direct consequence, profitability has improved.
Trade Business
Sales to municipal customers continued to grow despite tough market conditions with customers expecting improved value in certain product areas. Notwithstanding these circumstances we have strengthened our position through our strategy of vertical integration and have been successful in maintaining our market share.
Prior to our acquisition of the Helesi UK business, we had never sold a proprietary plastic wheeled bin and as a consequence sales had been vulnerable to the performance of third party suppliers. Following the Helesi acquisition, sales of plastic wheeled bins made a welcome return to our product mix with the benefit of higher margin proprietary manufacture commencing during the summer. Sales to date have since returned to the levels achieved in previous years.
In the metal wheeled bin market, sales of our Steelybin(R) product grew by 25% consolidating our position as the second largest player in the UK.
The increase in sales to non municipal customers reduced our dependence on the UK municipal sector. Sales of the Ecosort(R) office recycling range grew threefold and sales of home and garden products were further enhanced by the addition of storage and shelving products acquired with the Dyro transaction.
Our strategy of vertical integration has so far involved the acquisition of the UK business of Helesi plc, the subsequent acquisition of Dyro Holdings Limited and also the commencement of in-house blow moulding. These milestones mark the evolution of our business model from reliance on outsourced production to now when more than two thirds of output is manufactured in our own facility. Our capability and potential profitability have been significantly enhanced by these achievements.
Retail Business
It is particularly pleasing to report further progress in the Retail business. During 2010 work commenced on the National Composting Framework, a new framework agreement set up to give local authorities a simple solution to providing home composting units, accessories and related communications without having to go out to tender. Straight plc is the key supplier on this framework and more than 80% of English District Councils are now under contract. The full benefit of this will be seen in 2011 and beyond.
Sales through our partnerships with leading water companies have remained buoyant, with all contracts renewed.
The acquisition of Tapmagic Limited proved timely and has enabled the bulk supply of a range of water saving equipment as well as the supply and fulfillment of water saving kits.
Management and staff
I would like to extend my personal thanks to my fellow directors and all of our staff. I would also like to welcome those new staff members who have joined the Group though our recent acquisitions.
Outlook
Our excellent performance in 2010 was achieved against a tough economic background and the goals for the first year of our five year plan have been fully met.
We now move forward as a strong and vertically integrated business supplying diverse products to a broad range of markets. Our brand is gaining both strength and value and we intend to leverage this both organically and through further acquisitions.
Jonathan Straight
Chief Executive
28 March 2011
Finance Director's Review
Revenue and Operating Margins
Trade Business
Revenues increased in the year by 5.0% to GBP28.49m (2009: GBP27.14m). This increase was mostly attributable to the successful strengthening of the Group's position in the plastic wheeled bin market following the acquisition of the business and assets of Helesi UK on 31 March. Products targeted towards non municipal markets, including the Ecosort(R) office recycling container range also performed strongly.
Operating profits increased by over 12% in the year to GBP3.35m (2009: GBP2.98m) with operating margins increasing to 11.8% (2009: 11.0%). Following the two acquisitions during the year, operating costs increased to GBP3.49m (2009: GBP2.31m). The focus in 2011 will be firmly placed on reducing these costs through manufacturing efficiencies in order to further improve operating margins and competitiveness.
Retail Business
Retail sales grew by more than 83% during the year to GBP2.17m (2009: GBP1.18m). The growth in sales was attributable to the Group's sole supplier position on the National Composting Framework as well as buoyant sales of water butts.
The Retail business made a small operating profit in the year of GBP1,000 (2009: loss of GBP94,000). This improvement was a consequence of the increased volumes, the efficient operating model and a low cost base which allowed the additional volumes to directly impact operating margins. Sales in the early part of 2011 have been significantly ahead of 2010. Consequently, the Retail Business is expected to make a more significant contribution to Group operating profits in 2011.
Central Overheads
Central overheads were in line with expectations at GBP1.41m in the year (2009: GBP1.33m).
Operating Cash flow
The Group's operations generated strong cash flows of GBP2.55m (2009: GBP1.48m) which, combined with the GBP2.59m raised from financing activities, enabled it to invest GBP5.43m in its expansion programme.
Dividends paid during the year were increased to GBP0.41m (2009: GBP0.38m).
Earnings
Adjusted earnings per share for the year were 12.2p (2009: 10.1p), an improvement of 20.8%. Basic earnings per share fell to 8.6p (2009: 9.9p) primarily as a consequence of the corporate development costs of GBP0.31m, which are excluded from adjusted earnings.
Review of key performance indicators
2010 2009 Change
GBP'000 GBP'000 %
Group revenue 30,660 28,320 +8
Gross profit 7,512 5,498 +37
Underlying EBITDA* 2,604 2,085 +25
Cash generated from operations 2,553 1,481 +72
*EBITDA before corporate development costs, exceptional items and share option costs.
The increase in Group revenue was attributable to the Group's successful return to the plastic wheeled bin market following the acquisition of the Helesi UK business and strong sales of products to non municipal customers.
The increase in gross profit was attributable to the stronger margins being achieved on sales of wheeled bins. This performance was further boosted towards the end of the year as the Dyro factory began to contribute to Group profitability.
The underlying EBITDA increased as a consequence of the strong sales and operating margins achieved in the year.
The move into manufacturing has seen underlying inventory levels increase by GBP0.67m and the cash generated from operations of GBP2.55m takes this into account.
Management of Financial Risk
The Group enjoys a degree of natural hedging where both purchases and sales are made in the same currency. The impact of foreign currency movements during the year on operating profit was small.
As a supplier of plastic products, the Group has always closely monitored the movement in polymer prices. Now that the Group has brought much of its plastic moulding operations in house, it has the opportunity which was not previously available to it to directly manage its raw material consumption by maximising the use of recycled polymer within its products. This is the key way in which the risk posed by rising polymer prices is mitigated.
Now that the Group is engaged in proprietary manufacture, the risk posed to it in respect of customer warranty claims is increased. The Group has taken action to mitigate this risk by increasing its control over raw material sourcing and is strengthening its ISO 9001 procedures.
The Group's rigorously enforced approach to credit control once again ensured that there were no significant bad debts.
Forecast short term and longer term cash consumption are regularly reviewed by the Board which constantly monitors the Group's cash resources.
James Mellor
Finance Director
28 March 2011
Consolidated Statement of Comprehensive Income
For the year ended 31 December2010
Unaudited Audited
2010 2009
Note GBP'000 GBP'000
Revenue 2 30,660 28,320
Cost of sales (23,148) (22,822)
_____ _____
Gross profit 7,512 5,498
Operating costs 4
(5,576) (3,943) _____ _____
Underlying operating profit 1,936 1,555
Corporate development costs 5 (308) -
Exceptional items 5 (90) -
Finance income - 1
Finance costs (65) -
_____ _____
Profit before taxation 2 1,473 1,556
Income tax expense 6 (487) (417)
_____ _____
Profit for the year attributable to
equity holders of the Company 986 1,139
_____ _____
Earnings per share (continuing and total)
for profit attributable to the equity holders
of the Company during the year
Adjusted basic 7 12.2p 10.1p
Adjusted diluted 7 11.9p 10.0p
Basic 7 8.6p 9.9p
Diluted 7 8.4p 9.9p
Consolidated Balance Sheet
At 31 December 2010
Unaudited Audited
2010 2009
GBP'000 GBP'000
Non current assets
Property, plant and equipment 7,624 3,433
Intangible assets 7,583 4,770
Investments - 35
_____ _____
15,207 8,238
Current assets
Trade and other receivables 5,179 3,102
Inventories 2,630 1,313
Cash and short-term deposits 809 1,584
_____ _____
8,618 5,999
_____ _____
Total assets 23,825 14,237
_____ _____
Current liabilities
Trade payables and other payables (7,257) (4,001)
Financial liabilities (1,125) -
Income tax payable (575) (358)
Provisions (193) -
_____ _____
(9,150) (4,359)
Non-current liabilities
Other payables (966) -
Financial liabilities (2,507) -
Deferred taxation (493) (178)
Provisions (417) -
_____ _____
(4,383) (178)
_____ _____
Total liabilities (13,533) (4,537)
_____ _____
_____ _____
Net assets 10,292 9,700
_____ _____
Capital and reserves
Issued share capital 119 115
Share premium 6,386 5,970
Merger reserve 744 744
Share option reserve 275 256
Profit and loss account 2,768 2,615
_____ _____
Total equity 10,292 9,700
_____ _____
Consolidated Statement of Changes in Equity
For the year ended 31 December 2010
Share Share Merger Share Profit Total
Capital Premium Reserve Option and Loss Equity
Account Reserve Account
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2009 115 5,970 744 234 1,855 8,918
Profit and total comprehensive income
for the year - - - - 1,139 1,139
Share based payments - - - 22 - 22
Dividends - - - - (379) (379)
_____ _____ _____ _____ _____ _____
At 1 January 2010 115 5,970 744 256 2,615 9,700
Profit and total comprehensive income - - - - 986 986
for the year
Shares issued to employee benefit trust 4 416 - - (420) -
Share based payments - - - 19 - 19
Dividends - - - - (413) (413)
_____ _____ _____ _____ _____ _____
At 31 December 2010 119 6,386 744 275 2,768 10,292
_____ _____ _____ _____ _____ _____
Consolidated Cash Flow Statement
For the year ended 31 December2010
Unaudited Audited
2010 2009
GBP'000 GBP'000
Cash flows from operating activities
Profit after taxation: 986 1,139
Adjustment for:
Depreciation 656 416
Profit on sale of property, plant and equipment (49) (2)
Amortisation 131 95
Taxation expense recognised in income statement 487 417
Net finance costs 65 (1)
Share option costs recognised in income statement 19 22
(Increase)/decrease in inventories (666) 220
(Increase)/decrease in trade and other receivables (1,159) 550
Increase/(decrease) in trade and other payables 2,083 (1,375)
_____ _____
Cash generated from operations 2,553 1,481
Income tax (paid)/repaid (492) 22
_____ _____
Net cash from operating activities 2,061 1,503
_____ _____
Cash flows from investing activities
Purchase of subsidiaries net of cash acquired (1,676) -
Purchase of intangibles (600) (124)
Purchase of property, plant and equipment (3,283) (998)
Proceeds from sale of equipment 130 1
Interest received - 1
_____ _____
Net cash used in investing activities (5,429) (1,120)
_____ _____
Cash flows from financing activities
Interest paid (65) -
Dividends paid (418) (379)
Proceeds from borrowings 3,755 -
Repayment of borrowings (312) -
Repayment of hire purchase contracts (367) -
_____ _____
Net cash flow from financing activities 2,593 (379)
Net (decrease)/increase in cash and cash equivalents (775) 4
_____ _____
Cash and cash equivalents at beginning of period 1,584 1,580
_____ _____
Cash and cash equivalents at end of period 809 1,584
_____ _____
Notes to the Preliminary Announcement
For the year ended 31 December 2010
1. Basis of preparation
The preliminary announcement has been prepared in accordance with applicable International Financial Reporting Standards as adopted by the EU and applied in accordance with the Companies Act 2006.
Other than as described below, the accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2009, as described in those annual financial statements.
Adoption of new and revised International Financial Reporting Standards
IFRS 3 (Revised), "Business Combinations" and consequential amendments to IAS 27, "Consolidated and Separate Financial Statements". The revisions require that all acquisition related costs are to be expensed to the income statement in the period incurred. In addition, where the acquirer has a pre-existing equity interest in the entity acquired and increases its equity interest such that it achieves control, it must re-measure its previously-held equity interest to fair value as at the date of obtaining control and recognise any resulting gain or loss in the income statement.
2. Segmental reporting
The operating results are attributable to the principal activities of the Group. Following the acquisition of Dyro Holdings Limited in August 2010, the Group is engaged in direct manufacture for the first time.
Trade Trade Trade Total Central Commercial M'facturing Adjustments Trade Retail overhead Total
2010 2010 2010 2010 2010 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 27,536 953 - 28,489 2,171 - 30,660
Inter-segment sales - 4,998 (4,998) - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 27,536 5,951 (4,998) 28,489 2,171 - 30,660
_____ _____ _____ _____ _____ _____ _____
Gross profit 5,874 968 - 6,842 670 - 7,512
Operating costs (2,726) (768) - (3,494) (669) (1,413) (5,576)
Underlying
operating profit 3,148 200 - 3,348 1 (1,413) 1,936
_____ _____ _____ _____ _____ _____ _____
Corporate
development costs - - - - - (308) (308)
Exceptional items - - - - - (90) (90)
Finance income - - - - - - -
Finance costs - - - - - (65) (65)
Profit/(loss)
Before taxation 3,148 200 - 3,348 1 (1,876) 1,473
_____ _____ _____ _____ _____ _____ _____
Trade Trade Trade Total Central Commercial M'facturing Adjustment Trade Retail overhead Total
2009 2009 2009 2009 2009 2009 2009
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 27,135 - - 27,135 1,185 - 28,320
Inter-segment sales - - - - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 27,135 - - 27,135 1,185 - 28,320
_____ _____ _____ _____ _____ _____ _____
Gross profit 5,292 - - 5,292 206 - 5,498
Operating costs (2,310) - - (2,310) (300) (1,333) (3,943)
Underlying
operating profit 2,982 - - 2,982 (94) (1,333) 1,555
_____ _____ _____ _____ _____ _____ _____
Corporate
development costs - - - - - - -
Exceptional items - - - - - - -
Finance income - - - - - 1 1
Finance costs - - - - - - -
Profit/(loss)
Before taxation 2,982 - - 2,982 (94) (1,332) 1,556
_____ _____ _____ _____ _____ _____ _____
It is not possible to split the central overheads (which include the amortisation of purchased contracts and trademarks) between the operating segments of the business as the resources to which they relate are common to all segments.
Depreciation of GBP520,000 (2009: GBP416,000) and amortisation of intangible assets of GBP122,000 (2009: GBP62,000) has been included within the operating costs of the Trade Commercial Business. Depreciation of GBP48,000 (2009: GBPnil) and amortisation of intangible assets of GBP9,000 (2009: GBP33,000) has been included within the operating costs of the Retail Business. Depreciation of GBP103,000 (2009: GBPnil) has been included within the operating costs of the Trade Manufacturing Business.
3. Profit before tax
The profit before taxation is stated after the costs below.
2010 2009
GBP'000 GBP'000
Depreciation 671 416 Amortisation 131 95
Operating lease rentals - land and buildings 211 157
Operating lease rentals - motor vehicles 28 -
Auditors' remuneration - audit services 44 29
Auditors' remuneration - non-audit services 82 5
Share based payments 19 22
4. Operating costs
2010 2009
GBP'000 GBP'000
Distribution costs 3,742 1,745
Administrative expenses 1,834 2,198
_____ _____
Operating expenses 5,576 3,943
_____ _____
5. Corporate development costs and exceptional items
Corporate development costs incurred during 2010 total GBP308,000 (2009: GBPnil) and relate to acquisitions made during the year.
Exceptional items incurred during 2010 total GBP90,000 (2009: GBPnil) and relate to the former Helesi UK warehouse premises which the Group is closing.
6. Taxation
2010 2009
GBP'000 GBP'000
Corporation tax on profits 354 358
(Over)/under provision in prior years (30) 1
____ ____
Current tax 324 359
Deferred tax current year 108 58
Change in deferred tax rate (15) -
Under provision of deferred tax in the prior year 70 -
____ ____
Income tax expense 487 417
____ ____
Analysis of total tax charge
Profit before taxation 1,476 1,556
____ ____
Profit before taxation multiplied by standard rate of
Corporation Tax in the UK (28%) (2009: 28%) 413 435
Expenses not deductible for tax purposes 98 3
Deferred tax rate change (15) -
Marginal relief - (22)
Deferred tax asset on share options (49) -
Under provision in respect of prior periods 40 1
____ ____
487 417
____ ____
7. Earnings per share
Basic earnings per share are calculated on the basis of profit for the financial year after tax divided by the weighted average number of shares in issue for the year.
Diluted earnings per share are calculated on the basis of profit for the year after tax divided by the weighted average number of shares in issue in the year plus the weighted average number of shares which would be issued if all the options granted were exercised.
2010 2009
Weighted Weighted
average average
Earnings number Per share Earnings number Per share
GBP'000 of shares pence GBP'000 of shares pence
Basic earnings attributable to 986 11,499,294 8.6 1,139 11,499,294 9.9
ordinary shareholders
Dilutive effect of share options - 254,633 (0.2) - 55,773 -
____ ________ ____ ____ _________ ___ Diluted earnings per share 986 11,753,927 8.4 1,139 11,555,067 9.9
____ _______ ___ ___ ________ __ Adjusted earnings per share
Adjusted earnings per share are calculated on the basis of adjusted profit for the year after taxation (see below), defined as profits attributable to the equity holders of the Company excluding exceptional items, share scheme charges and corporate development costs, divided by the weighted average number of shares in issue in the year. The comparative is calculated by reference to the weighted average number of shares in issue in 2009.
2010 2009
Weighted Weighted
average average
Earnings number Per share Earnings number Per share
GBP'000 of shares pence GBP'000 of shares pence
Adjusted earnings attributable to
ordinary shareholders 1,403 11,499,294 12.2 1,161 11,499,294 10.1
Dilutive effect of share options - 254,633 (0.3) - 55,773 (0.1)
____ _________ ____ ____ _________ ____
Diluted earnings per share 1,403 11,753,927 11.9 1,161 11,555,067 10.0
____ _________ ____ ____ _________ ____
2010 2009
GBP'000 GBP'000
Profit for the year attributable to the equity
holders of the Company 986 1,139
Exceptional items 90 -
Share scheme charges 19 22
Corporate development costs 308 -
_____ _____
Adjusted earnings attributable to
ordinary shareholders 1,403 1,161
_____ _____
8. Publication of non statutory accounts
These financial results do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Statement of Comprehensive Income, Consolidated Balance sheet at 31 December 2010, Consolidated Statement of Changes in Equity, Consolidated Cash Flow statement and selected notes for the year then ended have been extracted from the Group's unaudited financial statements for 2010 and audited financial statements for 2009. The financial information contained within the preliminary announcement for the year ended 31 December 2010 was approved by the Board on 28 March 2011. The financial statements for the year ended 31 December 2010 will be finalised on the basis of the financial information presented in this preliminary announcement and have not yet been delivered to the Registrar. Statutory accounts for the year ended 31 December 2009 were approved by the Board of directors on 23 March 2010 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.
9. Annual General Meeting
The Annual General Meeting of the Company will be held in Leeds on 27 May 2011. Full details will be included in the published Annual Report and Financial Statements, which will be sent to shareholders in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBARRABAOUUR
1 Year Straight Plc Chart |
1 Month Straight Plc Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions