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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 : 3867E
Straight PLC
30 May 2012
30 May 2012
Straight plc
Preliminary Results
for the year ended 31 December 2011
Straight plc (AIM: STT), the recycling products and services group, is pleased to announce its unaudited Preliminary Results for the year ended 31 December 2011.
Financial Highlights
-- Group revenue GBP28.0m (2010: GBP30.7m) -- Underlying* operating profit GBP0.2m (2010: GBP2.0m) -- (Loss)/profit before tax GBP(0.8m) (2010: GBP1.5m) -- Adjusted* earnings per share 6.7p (2010: 15.3p) -- Basic loss per share 2.1p (2010: earnings of 8.6p) -- Dividends paid 2.6p (2010: 3.5p)
Operational Highlights
-- Manufacturing fully vertically integrated -- Blow moulding facility introduced -- New management team in place in acquired factory -- Group logistics consolidated into one site
* excludes the impact of acquisition costs, reorganisation costs, share scheme charges, amortisation of customer relationships and trademarks and deferred tax of GBP1.0m (2010: GBP0.8m)
Commenting on the results, Jonathan Straight, Chief Executive of Straight plc:
"It is fair to say that 2011 has been a tough year for us with a number of key issues to deal with. Notwithstanding these difficulties, our market share has remained intact and the Board has worked very hard to mitigate those matters that we have previously reported.
"We are now some way into 2012 and we are beginning to see the results of the actions we have taken. We are optimistic for the rest of the year and beyond."
James Newman, Chairman of Straight plc, added:
"The Board and management team have worked hard to address a number of challenges faced by the Group throughout the year. As a result in 2012 the Group is returning to profitability and the picture is more positive."
For further information please contact:
Straight plc James Newman, Chairman 07850 672 727 Jonathan Straight, Chief Executive 0113 245 2244 07977 002 366 Cenkos Securities Ivonne Cantu (Nomad) Christian Hobart (Sales) 0207 397 8980 Redleaf Polhill Rebecca Sanders-Hewett 0207 566 6720 Jenny Bahr straight@redleafpolhill.com
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 Dyro Holdings, a key supplier of injection moulded products to the group. The Dyro 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.
-- Three quarters of the products supplied are produced in Straight's own factory which has been 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 previously reported on the challenges faced by the Group in 2011 at the half year and I am delighted to say that the Board and management team have worked hard to address them throughout the year. As a result in 2012 the Group is returning to profitability and the picture is more positive.
Trading performance
Group revenue in the full year fell by 9% to GBP28.0m (2010: GBP30.7m). This was due to a more cautious strategy in relation to contracts involving a high degree of risk and also due to the timing of some high value municipal projects.
Maintaining market share is of paramount importance to the Group. As a consequence it has been necessary to be more competitive across a small number of product groups. Whilst the efficiency of the acquired manufacturing facility has improved since the year end, the benefits have accrued more slowly than anticipated. As a result the underlying operating profits were GBP0.2m (2010: GBP2.0m). After accounting for the costs of re-organisation, mainly relating to the move into manufacturing, the Group registered a loss before tax of GBP0.8m (2010: profit of GBP1.5m).
During 2011 the Board was successful in replacing the management structures in the manufacturing facility, consolidating the three main distribution sites into one and introducing a blow moulding capability which is of key importance for the future. The new factory management is continuing to make progress with further productivity improvements forecast for 2012.
Net debt at the year end was GBP4.1m. With the cash outflows on the capital investment programme now complete, net debt is now falling and stood at GBP3.3m at the end of April 2012.
The Group continues to enjoy a good relationship with its bankers. A successful outcome is anticipated to the ongoing process of renewing its facilities.
Trade Business
Revenue fell to GBP25.3m (2010: GBP28.5m). In municipal markets sales fell to GBP17.5m (2010: GBP22.0m) although market share was maintained. This was partially offset by an increase in non-municipal business from GBP6.5m to GBP7.8m.
Taking into account a full year of factory overheads, operating costs rose from GBP3.5m to GBP4.9m. Despite gross margins rising from 24.0% to 24.5% boosted by a full year's contribution from manufacturing operations, underlying operating profits fell to GBP1.3m (2010: GBP3.3m).
Retail Business
The Retail Business continued its strong growth through 2011 with revenue rising 23% to GBP2.7m (2010: GBP2.2m). Underlying operating profit increased to GBP158,000. The business has benefitted from a new management team throughout 2011 and the development of the blow moulding facility has further strengthened the proposition.
Vertical integration
Two thirds of Group sales were from products manufactured in house and this figure is expected to rise in 2012. In addition the Hull site now serves as the main distribution centre for the Group, thus saving on distribution costs. The changes made at the site, whilst challenging and taking longer than anticipated, have put the Group on a stable footing for the future.
Earnings per share
Adjusted earnings per share for the year, which exclude the impact of reorganisation costs, share scheme charges, corporate development costs, amortisation of customer relationships and trademarks and deferred tax were 6.7p (2010: 15.3p). Basic loss per share was 2.1p (2010: earnings of 8.6p).
Dividend
The Board remains committed to a policy of paying dividends. However, in view of the challenges faced over the past year and the substantial cash investments made, the Board is not recommending the payment of a dividend at this time. This position will be kept under review.
Business developments
Both sales and order intake for the first four months of 2012 have been higher than in 2011. The order book remains strong and remains ahead of budget. A clear path of action has been agreed in order to maximse Group profitability going forward.
Acquisitions
We remain committed to growing our business both organically and through strategic acquisitions. We continue to evaluate opportunities as they arise. During 2011 there were no suitable targets identified meeting our criteria for investment.
Board
I would like to thank my colleagues on the Board and all the staff for their exceptional efforts and support during 2011.
Outlook
Demand for the Group's products and services remains strong in both its Trade and Retail markets. The Group is continuing to invest in the development of new and innovative products as well as improvements to both tooling and machinery which will improve efficiency even further. Significant changes have been made and now that the roadmap for further improvements has been agreed, we are able to approach the current year with a renewed confidence and an expectation of a return to profitability.
James Newman
Chairman
30 May 2012
Chief Executive's Review
It is fair to say that 2011 has been a tough year for us with a number of key issues to deal with. Notwithstanding these difficulties, our market share has remained intact and the Board has worked very hard to mitigate those matters that we have previously reported.
The restructuring of the manufacturing facility has proved more challenging than expected. Whilst further work remains to be done, we are pleased to report that all of the underlying issues have now been addressed, clear signs of improvement have been demonstrated and further planned changes are forecast to deliver additional benefits.
Trade Business
Municipal market
The core municipal activity of our business is underpinned by European and UK legislation. As recycling targets increase in the coming years, the requirement for containment solutions is expected to grow and we are well placed to capitalise on this growth.
Our municipal market share has been maintained despite competitive pricing on certain products, however, operational improvements and new product developments during the current year are expected to improve margins in these areas.
Over the past few years, it has been our policy to develop areas of activity outside of the municipal market in order to insulate the Group against any potential downturn in public spending. The reported reduction in municipal sales was limited to the second half of 2011 and was due to the phasing of projects. However, sales in the first four months of 2012 have returned to expected levels.
Non-municipal markets
Non-municipal sales increased to 30.8% of overall trade sales (2010: 22.8%). The Board will continue to pursue the strategy of increasing market share in this area.
UK Garden and Hardware sales grew by 96% to GBP5.5m (2010: GBP2.8m) driven by the benefits of the Dyro Holdings acquisition and increased consumer spending on these product groups.
Overseas sales grew by 30% to GBP1.3m (2010: 1.0m). Our products are currently represented in 37 countries, and we have recently been successful in securing a significant food waste container contract in the USA. We believe that there is considerable potential in overseas markets and we will continue to pursue opportunities outside of the UK.
Retail Business
The Retail Business had a successful year thanks to its unique position in the market where it runs water butt offers with most of the UK Water Companies and delivers compost bins in partnership with almost all English District Councils.
Building on the success of 2011, sales in 2012 have continued to grow both through the supply of additional water saving products and also due to strong demand for water butts as a result of drought conditions in some parts of the country.
We have now built a business which handles most of its transactions online. There are further ambitions for growth in our web-based activity and we intend to further develop a number of our web sites to enable a significant increase in sales in this lucrative part of the business.
Manufacturing
The new management is continuing a programme of improvements in the manufacturing facility, including further increasing labour efficiency and investment in new machinery, and is making excellent progress.
Management and staff
The past months have required an exceptional effort from my Board colleagues, management and staff. I would like to thank them for their ongoing commitment and for all of their hard work.
Outlook
Our dedication to the supply of innovative products backed with exceptional customer service continues unabated.
We are now some way into 2012 and we are beginning to see the results of the actions we have taken. We are optimistic for the rest of the year and beyond.
Jonathan Straight
Chief Executive
30 May 2012
Finance Director's Review
Revenue and Operating Margins
Trade Business
Revenues decreased by 10% to GBP25.3m (2010: GBP28.2m) and underlying operating profits were GBP1.3m (2010: GBP3.3m).
The process of vertical integration including the consolidation of three distribution sites into the one site in Hull, the replacement of the legacy pre-acquisition factory management team and the costs of introducing blow-moulding production reduced profit before tax to GBP568,000 (2010: GBP3,348,000) after reorganisation costs of GBP578,000 and finance costs of GBP139,000.
Retail Business
Retail sales grew by 23% during the year to GBP2.7m (2010: GBP2.2m) with an operating profit of GBP158,000 (2010: GBP1,000). The business has made a very strong start in 2012 and is expected to deliver further increases in profitability.
Central Overheads
Underlying central operating costs fell in the year to GBP1.3m (2010: GBP1.4m). Total central costs were GBP1.5m (2010: GBP1.9m).
Cash flow
The fall in profitability in the year impacted cash generated from operations which fell to GBP0.7m (2010: GBP1.4m). Extra resource applied in credit control was well timed, reducing debtor days to 38 by the first quarter of 2012. The cash inflow from debtors of GBP1.2m was offset by an increase in stock of GBP0.4m and a reduction in creditors of GBP0.6m. These stock increases are now being reversed.
In addition to the reorganisation costs associated with vertical integration, the Group invested GBP1.5m (2010: GBP2.2m) in capital equipment mainly associated with the introduction of blow moulding operations and the extension of the manufacturing site. This capital investment is now virtually complete.
The dividend paid during the year was GBP0.3m (2010: GBP0.4m) and related to the profits made in 2010. The Board is not recommending any dividend to be paid in 2012.
The net decrease in cash and cash equivalents in the Group during the year was GBP1.9m (2010: GBP0.8m).
Net Debt
At the end of the year the Group had net debt of GBP4.1m (2010: GBP2.4m). With cash outflows associated with the above investment and reorganisation now complete, the Group has begun to rapidly reduce its net debt position. In the four months to the end of April, net debt had been reduced by GBP0.8m to GBP3.3m. This improvement, driven by strong operating cash flows, is expected to continue as the year progresses.
Earnings
Adjusted earnings per share for the year which exclude acquisition costs, reorganisation costs, share scheme charges, amortisation of customer relationships and trademarks and deferred tax were 6.7p (2010: 15.3p). Basic loss per share was 2.1p (2010: earnings of 8.6p).
Review of key performance indicators
2011 2010 Change GBP'000 GBP'000 %
Group revenue 27,974 30,660 -9
Gross profit 6,951 7,512 -7
Underlying EBITDA* 1,143 2,675 -57
(Loss)/profit before tax (790) 1,473 n/a
Cash generated from operations 697 1,395 -50
*EBITDA before corporate development costs, reorganisation costs and share option costs of GBP0.9m
The underlying EBITDA fell as a consequence of the lower revenues and gross profit and also a full year's manufacturing overhead.
The operating cashflow of GBP0.7m takes into account the cost of reorganisation and the working capital adjustments mentioned above.
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. The Group mitigates this risk by maximising its use of recycled polymer, which is much less price volatile than virgin polymer. This is the key way in which the risk posed by rapid movements in 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 mitigated this risk by developing its relationships with key raw material suppliers and ensuring that the materials used, especially recycled polymers, are closely and appropriately specified.
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 consumptions are regularly reviewed by the Board, which constantly monitors the Group's cash resources.
Restatement of 2010 comparatives
In 2010 provisional fair values were recorded in respect of the acquisition of Dyro Holdings Limited. During the year these were finalised. As required by the relevant accounting standard, comparative information has been restated as appropriate. The principal changes between the provisional and final fair values were a reduction in plant and machinery of GBP0.4m and goodwill of GBP0.7m.
James Mellor
Finance Director
30 May 2012
Consolidated Statement of Comprehensive Income
For the year ended 31 December2011
Unaudited Restated 2011 2010 Note GBP'000 GBP'000
Revenue 2 27,974 30,660
Cost of sales (21,023) (23,148)
_____ _____
Gross profit 6,951 7,512
Operating costs 4 (6,785) (5,520)
_____ _____
Underlying operating profit 166 1,992
Share option costs (16) (19)
Amortisation of customer relationships and
trade marks (86) (37)
Corporate development costs 5 (38) (308)
Reorganisation costs 5 (677) (90)
Finance costs (139) (65)
_____ _____
(Loss)/profit before taxation 2 (790) 1,473
Income tax 6 547 (487)
_____ _____
(Loss)/profit for the year attributable to
the equity holders of the Company (243) 986
_____ _____
(Loss)/earnings per share (continuing and total)
for (loss)/profit attributable to the equity holders
of the Company during the year
Adjusted basic 7 6.7p 15.3p
Adjusted diluted 7 6.7p 15.0p
Basic 7 (2.1)p 8.6p
Diluted 7 (2.1)p 8.4p
Consolidated Balance Sheet
At 31 December 2011
Unaudited Restated 2011 2010 GBP'000 GBP'000
Non current assets
Property, plant and equipment 8,116 7,207
Intangible assets 6,838 6,862
_____ _____ 14,954 14,069
Current assets
Trade and other receivables 4,143 5,179
Inventories 2,999 2,630
Cash and short-term deposits - 809
_____ _____ 7,142 8,618 _____ _____
Total assets 22,096 22,687
_____ _____
Current liabilities
Bank overdraft (1,083) -
Trade and other payables (6,589) (7,077)
Financial liabilities (2,125) (1,125)
Income tax payable - (678)
Provisions (554) (193)
_____ _____ (10,351) (9,073)
Non-current liabilities
Financial liabilities (871) (2,507)
Deferred taxation (691) (493)
Provisions (417) (322)
_____ _____ (1,979) (3,322) _____ _____
Total liabilities (12,330) (12,395)
_ ___ _____
Net assets 9,766 10,292
_____ _____
Capital and reserves
Issued share capital 119 119
Share premium 6,386 6,386
Merger reserve 744 744
Share option reserve 291 275
Profit and loss account 2,226 2,768
_____ _____
Total equity 9,766 10,292
_____ _____
Consolidated Statement of Changes in Equity
For the year ended 31 December 2011
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 2010 115 5,970 744 256 2,615 9,700
Profit and total comprehensive income
for the year - - - - 986 986
Shares issued to the employee benefit trust 4 416 - - (420) -
Share based payments - - - 19 - 19
Dividends - - - - (413) (413)
_____ _____ _____ _____ _____ _____
At 1 January 2011 119 6,386 744 275 2,768 10,292
Loss and total comprehensive income - - - - (243) (243)
for the year
Share based payments - - - 16 - 16
Dividends - - - - (299) (299)
_____ _____ _____ _____ _____ _____
At 31 December 2011 119 6,386 744 291 2,226 9,766
_____ _____ _____ _____ _____ _____
Consolidated Cash Flow Statement
For the year ended 31 December2011
Unaudited Restated 2011 2010 GBP'000 GBP'000
Cash flows from operating activities
Loss/(profit) after taxation: (243) 986
Adjustment for:
Depreciation 931 656
Profit on sale of property, plant and equipment (5) (49)
Amortisation 132 131
Taxation expense recognised in income statement (547) 487
Net finance costs 139 65
Share option costs recognised in income statement 16 19
Increase in inventories (369) (666)
Decrease/(increase) in trade and other receivables 1,206 (1,159)
(Increase)/decrease in trade and other payables (563) 925
_____ _____
Cash generated from operations 697 1,395
Income tax paid - (492)
_____ _____
Net cash from operating activities 697 903
_____ _____
Cash flows from investing activities
Purchase of business combinations net of cash acquired (12) (1,568)
Purchase of intangibles (108) (600)
Purchase of property, plant and equipment (1,477) (2,233)
Proceeds from sale of equipment 59 130
_____ _____
Net cash used in investing activities (1,538) (4,271)
_____ _____
Cash flows from financing activities
Interest paid (117) (65)
Dividends paid (299) (418)
Proceeds from borrowings 535 3,755
Repayment of borrowings (749) (312)
Repayment of hire purchase contracts (421) (367)
_____ _____
Net cash flow from financing activities (1,051) 2,593
Net decrease in cash and cash equivalents (1,892) (775) _____ _____ Cash and cash equivalents at beginning of period 809 1,584 _____ _____ Cash and cash equivalents at end of period (1,083) 809 _____ _____
Notes to the Preliminary Announcement
For the year ended 31 December 2011
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 2010, as described in those annual financial statements.
2. Segmental reporting
The operating results are attributable to the principal activities of the Group.
Trade Trade Trade Total Central
Commercial M'facturing Adjustments Trade Retail overhead Total
2011 2011 2011 2011 2011 2011 2011
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External sales 25,302 - - 25,302 2,672 - 27,974
Inter-segment sales - 15,503 (15,503) - - - -
_____ _____ _____ _____ _____ _____ _____
Total revenue 25,302 15,503 (15,503) 25,302 2,672 - 27,974
_____ _____ _____ _____ _____ _____ _____
Gross profit 3,473 2,734 - 6,207 744 - 6,951
Operating costs (2,317) (2,605) - (4,922) (586) (1,277) (6,785)
Underlying
operating profit 1,156 129 - 1,285 158 (1,277) 166
_____ _____ _____ _____ _____ _____ _____
Share option costs (16) (16)
Amoritsation of goodwill
and trademarks - - - - - (86) (86)
Corporate
development costs - - - - - (38) (38)
Reorganisation costs (393) (185) - (578) - (99) (677)
Finance costs (79) (60) - (139) - - (139)
Profit/(loss)
before taxation 684 (116) - 568 158 (1,516) (790)
_____ _____ _____ _____ _____ _____ _____
Trade Trade Trade Total Central
Commercial M'facturing Adjustment 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) (1,357) (5,520)
Underlying
operating profit 3,148 200 - 3,348 1 (1,357) 1,992
_____ _____ _____ _____ _____ _____ _____
Share option costs (19) (19)
Amoritsation of goodwill
and trademarks - - - - - (37) (37)
Corporate
development costs - - - - - (308) (308)
Reorganisation costs - - - - - (90) (90)
Finance costs - - - - - (65) (65)
Profit/(loss)
before taxation 3,148 200 - 3,348 1 (1,876) 1,473
_____ _____ _____ _____ _____ _____ _____
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 GBP592,000 (2010: GBP505,000) and amortisation of software of GBP22,000 (2010: GBP67,000) has been included within the operating costs of the Trade Commercial Business. Depreciation of GBPnil (2010: GBP48,000) and amortisation of intangible assets of GBP24,000 (2010: GBP9,000) has been included within the operating costs of the Retail Business. Depreciation of GBP339,000 (2009: GBP103,000) 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.
Unaudited Restated 2011 2010
GBP'000 GBP'000
Depreciation 931 656
Amortisation 132 131
Operating lease rentals - land and buildings 352 211
Operating lease rentals - motor vehicles 73 28
Auditors' remuneration - audit services 59 44
Auditors' remuneration - non-audit services 23 82
Share based payments 16 19
4. Operating costs
Unaudited Restated 2011 2010
GBP'000 GBP'000
Distribution costs 4,373 3,742
Administrative expenses 2,412 1,778
_____ _____
Operating expenses 6,785 5,520
_____ _____ 5. Corporate development costs and exceptional items
Corporate development costs were incurred during 2011 of GBP38,000 (2009: GBP308,000) and relate to acquisitions made during 2010.
Reorganisation costs of GBP677,000 (2009: GBP90,000) were incurred during 2011 and mostly related to the consolidation of distribution in Hull, the replacement of the manufacturing management team and the introduction of blow moulding operations.
6. Taxation
Unaudited Restated 2011 2010
GBP'000 GBP'000
Corporation tax on profits - 354
Over provision in prior years (575) (30)
Losses carried back (170) -
____ ____
Current tax (745) 324
Deferred tax current year 59 108
Change in deferred tax rate (74) (15)
Under provision for deferred tax in the prior year 213 70
____ ____
Income tax expense (547) 487
____ ____
Analysis of total tax charge
(Loss)/profit before taxation (790) 1,473
____ ____
Profit before taxation multiplied by standard rate of
Corporation Tax in the UK (26.5%) (2010: 28%) (209) 412
Expenses not deductible for tax purposes 26 99
Deferred tax rate change (74) (15)
Losses carried back (125) -
Deferred tax on share options 48 (49)
(Over)/under provision in respect of prior periods (213) 40
____ ____ (547) 487 ____ ____ 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.
2011 2010 Weighted Weighted average average Earnings number Per share Earnings number Per share GBP'000 of shares pence GBP'000 of shares pence Basic (loss)/earnings attributable to (243) 11,499,294 (2.1) 986 11,499,294 8.6
ordinary shareholders
Dilutive effect of share options - - - - 254,003 (0.2)
____ _________ ____ ____ _________ ____
Diluted earnings per share (243) 11,499,294 (2.1) 986 11,753,927 8.4
____ _________ ____ ____ _________ ____
Adjusted earnings per share
Adjusted earnings per share are calculated on the basis of adjusted profit for the year after taxation (see below) 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 2010.
2011 2010 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 773 11,499,294 6.7 1,755 11,499,294 15.3
Dilutive effect of share options - - - - 254,003 (0.3)
____ _________ ____ ____ _________ ____
Diluted earnings per share 773 11,499,294 6.7 1,755 11,753,067 15.0
____ _________ ____ ____ _________ ____ Unaudited Restated 2011 2010 GBP'000 GBP'000
(Loss)/profit for the year attributable to the equity
holders of the Company (243) 986
Reorganisation costs 677 90
Share scheme charges 16 19
Amortisation of customer relationships and trademarks 86 37
Corporate development costs 38 308
Deferred tax 199 315
_____ _____
Adjusted earnings attributable to
ordinary shareholders 773 1,755
_____ _____ 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 2011, 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 2011 and audited financial statements for 2010. The unaudited financial information contained within the preliminary announcement for the year ended 31 December 2011 was approved by the Board on 30 May 2011. Statutory accounts for the year ended 31 December 2010 were approved by the Board of directors on 20 April 2011 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 29 June 2012. 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
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