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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Supercart | LSE:SC. | London | Ordinary Share | GB0034211036 | ORD 0.4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSC.
RNS Number : 3653S
Supercart PLC
18 November 2011
18 November 2011
Supercart Plc
("Supercart" or the "Company")
Preliminary announcement of results for the 18 months ended 30 June 2011
Highlights
-- Turnover of GBP11.5m (For the 12 months ended 31 December 2009 GBP7.4m) -- Trolley unit sales up by 18% on comparable periods ended 31(st) December
-- Gross profit margins over the 18 months to 30 June 2011 improved to 17.9% compared to 11.5% for the 12 months to 31 December 2009
-- Loss for the 18 months to June 2011 fell to GBP1.1m compared to a loss of GBP2.2m for the 12 months to June 2009
-- Net Cash at 30 June 2011 was GBP79k (30 June 2009: GBP38k, 30 June 2010: (GBP8k))
Mike Wolfe, Chief Executive, commenting on the results said:
"We are encouraged that the Company continues to move towards profitability, and we believe that these results are particularly credible given that it includes two of our quieter six month trading periods. We have spent effort focusing on improving the costs of production, particularly in our North American market, which is beginning to reflect itself in the significant improvement in gross profit margins that we are currently enjoying. With our continued control of our costs and the success we are having with national and international retailers both in North America and Europe, I believe that we have good reasons for viewing these results with the optimism they deserve."
Enquiries:
Supercart Plc 01732 459898
Chief Executive
Mike Wolfe
Charles Stanley Securities 020 7149 6000
Nominated Advisor and Broker
Russell Cook/Carl Holmes
Chairman's Statement
I am pleased to present our results for the period from 1(st) January 2010 to 30(th) June 2011. On 16(th) December 2010 we announced the change in our accounting reference date and accordingly, the enclosed results represent the 18 month period ended 30(th) June 2011. Historically, trading in the January to June period has only represented approximately 20% of the calendar year's turnover. Thus the 18 month period to 30(th) June 2011 includes two of these low revenue Spring periods. Despite this fact, we have managed to reduce our losses over the two fiscal periods by over 48%.
This has been achieved primarily through continued increases in the penetration of the North American market, referred to in our trading statements of 9(th) March and 27(th) June 2011, along with European sales through our distributor, Caddie S.A. (Caddie). Trading in South Africa has continued with a steady increase in both units sold and revenue achieved.
Results
For the eighteen month period ended 30(th) June 2011, Supercart generated turnover of GBP11.54m. As mentioned in our statement of 9(th) March 2011, turnover for the year to 31(st) December 2010 increased by 21% to GBP8.91m (2009: GBP7.35m). Revenues in the final six months to 30(th) June 2011 were GBP2.63m. Gross margins have remained above 17% during the first six months of 2011 and were 17.9% over the eighteen months to 30(th) June 2011. (12 months to 31(st) December 2009: 11.5%). Administrative expenses have remained tightly controlled, in line with the cost reduction plans previously announced and totalled GBP2.91m for the 18 month period to 30(th) June 2011, which compares to the figure of GBP2.82m for the 12 months to 31(st) December 2009.
The 2009 financial statements have been restated to reflect the financing of moulds and equipment acquired in that year which were financed by two loans rather than as previously recorded in finance lease obligations. This correction has no impact on the Company's cash position nor on the Consolidated Statement of Income. The effect is summarised in note 6 below.
Geographical breakdown of sales and operating costs
Operating Operating Operating Sales Sales Sales profit/(loss) profit/(loss) profit/(loss) for 12 for 12 for 18 for for for months Months months 12 months 12 months 18 months to to to to to to 31 Dec 31 Dec 30 Jun 31 Dec 31 Dec 30 Jun 2009 2010 2011 2009 2010 2011 --------------- -------- -------- -------- --------------- --------------- --------------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 --------------- -------- -------- -------- --------------- --------------- --------------- North America 3,323 3,692 4,694 (719) (218) (576) --------------- -------- -------- -------- --------------- --------------- --------------- South Africa 3,918 4,700 6,117 34 406 537 --------------- -------- -------- -------- --------------- --------------- --------------- Other 113 520 729 (525) (82) (139) --------------- -------- -------- -------- --------------- --------------- ---------------
Net cash balances at 30(th) June 2011 were GBP78,831 (30(th) June 2009 - GBP38,000, 30(th) June 2010 - GBP (8,000))
The directors are not recommending the payment of a final dividend in respect of the fiscal period ended 30(th) June 2011.
Operations
North America
Unit sales and turnover have both continued satisfactorily into the first half of 2011. In addition and as announced on 27(th) June 2011, we received a significant order for our all-plastic 'MAX200' trolley, which has now been fully shipped. We are now also seeing interest for this product from other US retail chains.
Gross profits in North America have continued to improve from the previous period and now represent almost 28% of group, up from just over 20%.
During the first quarter of 2011 we successfully moved to a new manufacturer in the Detroit area. This has helped the Company to maintain the flexibility we need as we were gearing up for the additional orders from the 'MAX200' mould referred to above as well as to ensure continued price competitiveness.
South Africa
Unit trolley sales in calendar 2010 continued to increase over 2009 despite a softening economy and a mature market for our products. This like for like increase has been maintained into the first half of 2011 for both units sold and total revenue. Revenue has increased in the six months to June 2011 by more than 60% when compared to the same period in 2010.
Europe
Sales of our hybrid trolleys through our distribution agreement with Caddie SA have progressed well and now represent just over 10% of total unit trolley sales. Our sales into the European market are now making an important and growing net contribution to the group and we anticipate that this growth will continue.
Outlook
Since my last chairman's statement, we have seen growth in all of our trading regions, despite an extremely challenging world-wide retail economy. In particular, we have continued our progress in North America, both in terms of unit sales and pre-tax results. Our current trading suggests that this progress should be maintained; renewed interest in our all-plastic MAX200 adds to our sense of cautious optimism. Accordingly, we are hopeful that the current year will witness a continuation of this growth.
Victor Segal
Chairman
18(th) November 2011
Consolidated Statement of Comprehensive Income
Eighteen months ended 30(th) June 2011
2011 18months 2009 12months Notes GBP'000 GBP'000 Revenue 11,540 7,354 Cost of sales (9,470) (6,506) ----------------------------------------------------------------------- ----- ------------------- ----------------- Gross profit 2,070 848 ----------------------------------------------------------------------- ----- ------------------- ----------------- Research & development tax credits 32 42 Administrative expenses (2,909) (2,820) ----------------------------------------------------------------------- ----- ------------------- ----------------- Operating loss (807) (1,930) Investment revenue 34 11 Finance costs (337) (254) ----------------------------------------------------------------------- ----- ------------------- ----------------- Loss before taxation (1,110) (2,173) ----------------------------------------------------------------------- ----- ------------------- ----------------- Tax (15) (2) ----------------------------------------------------------------------- ----- ------------------- ----------------- Loss for the period attributable to equity holders of the parent (1,125) (2,175) ----------------------------------------------------------------------- ----- ------------------- ----------------- Other comprehensive income Exchange difference arising on translation of foreign operations 16 154 ----------------------------------------------------------------------- ----- ------------------- ----------------- Total comprehensive loss for the period attributable to equity holders of the parent (1,109) (2,021) ----------------------------------------------------------------------- ----- ------------------- ----------------- Earnings per share Basic and diluted (pence per share) 2 (1.15) (3.92) ----------------------------------------------------------------------- ----- ------------------- -----------------
Consolidated Statement of Financial Position
At 30(th) June 2011
Restated 30 June 31 December 2011 2009 Notes GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 3 5,099 5,114 Deferred tax asset - 17 ----------------------------- -------------------------- -------- ------------ Total non-current assets 5,099 5,131 ----------------------------- -------------------------- -------- ------------ Current Assets Inventories 446 366 Trade and other receivables 4 1,521 1,431 Cash and cash equivalents 163 503 ----------------------------- -------------------------- -------- ------------ Total current assets 2,130 2,300 ----------------------------- -------------------------- -------- ------------ Total assets 7,229 7,431 ----------------------------- -------------------------- -------- ------------ Equity and Liabilities Capital and reserves Issued share capital 594 254 Share premium account 9,073 7,849 Share option reserve 190 163 Foreign currency translation reserve 81 65 Retained earnings (8,024) (6,899) ----------------------------- -------------------------- -------- ------------ Total equity 1,914 1,432 ----------------------------- -------------------------- -------- ------------ Non-current liabilities Finance lease obligations 6 827 1,022 Other financial liabilities 7 1,045 943 Deferred tax liability 34 44 ----------------------------- -------------------------- -------- ------------ Total non-current liabilities 1,906 2,009 ----------------------------- -------------------------- -------- ------------ Current liabilities Overdraft 84 2 Trade and other payables 5 2,355 2,814 Finance lease obligations 6 378 318 Other financial liabilities 7 592 856 ----------------------------- -------------------------- -------- ------------ Total current liabilities 3,409 3,990 ----------------------------- -------------------------- -------- ------------ Total liabilities 5,315 5,999 ----------------------------- -------------------------- -------- ------------ Total equity and liabilities 7,229 7,431 ----------------------------- -------------------------- -------- ------------
Consolidated Statement of Changes in Equity
Eighteen months ended 30(th) June 2011
Foreign Share Share currency Share premium option translation Retained Capital account reserve reserve earnings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1st January 2009 194 6,497 153 (89) (4,724) 2,031 ----------------------- -------- -------- -------- ------------ --------- -------- Total comprehensive loss for the year ended 31(st) December 2009 - - - 154 (2,175) (2,021) Issue of 15 million shares 60 1,440 - - - 1,500 Share issue costs - (88) - - - (88) Provision for share options valuation - - 10 - - 10 ----------------------- -------- -------- -------- ------------ --------- -------- Balance at 1st January 2010 254 7,849 163 65 (6,899) 1,432 ----------------------- -------- -------- -------- ------------ --------- -------- Total comprehensive loss for the eighteen months ended 30(th) June 2011 - - - 16 (1,125) (1,109) Issue of 85 million shares 340 1,360 - - - 1,700 Share issue costs - (136) - - - (136) Provision for share options valuation - - 27 - - 27 ----------------------- -------- -------- -------- ------------ --------- -------- Balance at 30(th) June 2011 594 9,073 190 81 (8,024) 1,914 ----------------------- -------- -------- -------- ------------ --------- --------
Consolidated Statement of Cash Flows
Eighteen months ended 30th June 2011
18 months 12 months to to 30 June 31 December Cash flows from operating 2011 2009 activities GBP'000 GBP'000 Loss for the period before taxation (1,110) (2,173) Income tax benefit - (40) Depreciation 162 80 Interest income (34) (11) Finance costs 337 254 Share based payment charges 27 10 Net foreign exchange movement (143) (28) --------------------------------- --------- ------------ (761) (1,908) --------------------------------- --------- ------------ Movements in working capital (Increase) in inventories (80) (301) Decrease in trade and other receivables 268 154 (Decrease)/Increase in payables (459) 862 --------------------------------- --------- ------------ Cash used by operations (1,032) (1,193) --------------------------------- --------- ------------ Finance costs paid (337) (254) Income tax received - 41 --------------------------------- --------- ------------ Net cash used by operating activities (1,369) (1,406) --------------------------------- --------- ------------ Cash flows from investing activities Purchase of property, plant and equipment (34) (203) Proceeds from disposal of property, plant and equipment 26 32 Interest received 34 11 --------------------------------- --------- ------------ Net cash generated/used in investing activities 26 (160) --------------------------------- --------- ------------ Cash flows from financing activities Proceeds from issue of share capital 1,400 1,500 Payments for share issue costs (136) (88) Repayment of finance lease and instalment sale borrowings (355) (322) --------------------------------- --------- ------------ Net cash from financing activities 909 1,090 --------------------------------- --------- ------------ Net decrease in cash and cash equivalents (434) (476) Cash and cash equivalents at the beginning of the period 501 1,025 Effects of exchange rate changes on the balance of cash held in foreign currencies 12 (48) --------------------------------- --------- ------------ Cash and cash equivalents at the end of the period 79 501 --------------------------------- --------- ------------
Notes on the Financial Statements
Eighteen months ended 30th June 2011
1. Operating segments
The following information is given regarding the group's reportable segments
Total South Other for reportable Africa USA segments segments Period ended 30(th) June 2011 GBP'000 GBP'000 GBP'000 GBP'000 External and total segment revenues 6,117 4,694 729 11,540 Interest revenue 33 - - 33 Interest expense (231) (29) - (260) Depreciation and amortisation (75) (65) - (140) Profit/(loss) before tax 537 (576) (139) (178) Non-current assets allocated for the purposes of depreciation and amortisation charges 2,262 2,006 790 5,058 Total South Other for reportable Africa USA segments segments Period ended 31(st) December 2009 GBP'000 GBP'000 GBP'000 GBP'000 External and total segment revenues 3,918 3,323 113 7,354 Interest revenue 10 - - 10 Interest expense (184) (5) (13) (202) Depreciation and amortisation (37) (26) (9) (72) Profit/(loss) before tax 34 (719) (525) (1,210) Non-current assets allocated for the purposes of depreciation and amortisation charges 2,183 1,212 683 4,078
2. Earnings per share
The calculation of loss per share is based on the loss for the financial period of GBP1,124,979 (year ended 2009 - GBP 2,174,961) and the weighted average number of shares in issue, of 97,811,927 (2009 - 55,527,397).
3. Property, plant and equipment
Plant, equipment Moulds furniture under and Motor construction Moulds fittings Vehicles Total Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1st January 2009 25 3,710 78 112 3,925 Additions - 1,080 52 - 1,132 Disposals - - (2) (54) (56) Translation differences - 329 (6) (9) 314 ------------------------ ------------- ------- ---------- --------- ------- At 1st January 2010 25 5,119 122 49 5,315 Additions 10 - 24 - 34 Disposals - - - (49) (49) Translation differences - 143 - - 143 ------------------------ ------------- ------- ---------- --------- ------- At 30(th) June 2011 35 5,262 146 - 5,443 ------------------------ ------------- ------- ---------- --------- ------- Depreciation At 1st January 2009 - 67 52 27 146 Charge for the period - 39 26 15 80 Disposals - - (2) (23) (25 Translation differences (4) 6 (2) - ------------------------ ------------- ------- ---------- --------- ------- At 1st January 2010 - 102 82 17 201 Charge for the period - 142 20 - 162 Disposals - - - (17) (17) Translation differences - (2) - - (2) ------------------------ ------------- ------- ---------- --------- ------- At 30(th) June 2011 - 242 102 - 344 ------------------------ ------------- ------- ---------- --------- ------- Net book value ------------------------ ------------- ------- ---------- --------- ------- At 30th June 2011 35 5,020 44 - 5,099 ------------------------ ------------- ------- ---------- --------- ------- At 31st December 2009 25 5,017 40 32 5,114 ------------------------ ------------- ------- ---------- --------- -------
The net book value of assets held under finance leases an$ instalment sale agreements, was as follows:
Moulds Motor vehicles GBP'000 GBP'000 Net book value At 30(th) June 2011 3,462 - At 31st December 2009 3,142 12
4. Trade and other receivables
2011 2009 Group Group GBP'000 GBP'000 Trade receivables 1,157 1,290 Other receivables 342 124 Prepayments and accrued income 22 17 1,521 1,431 ------------------------------- -------- --------
5. Trade and other payables
2011 2009 Group Group GBP'000 GBP'000 Trade payables 1,534 2,149 Taxation and social security 20 194 Other payables 381 67 Research and development tax reclaims - 34 Income Tax 7 - Accruals and deferred income 377 232 Employee benefits 36 138 Due to subsidiary undertakings - - ----------------------------------- ------- ------- 2,355 2,814 ----------------------------------- ------- -------
6. Finance lease obligations
Restated 2011 2009 Group Group GBP'000 GBP'000 Minimum lease payments due - within 1 year 457 352 ------------------------------ -------- -------- - later than 1 year not later than 5 years 972 1,116 ------------------------------ -------- -------- Less: future finance charges (224) (128) ------------------------------ -------- -------- Present value of minimum lease payments 1,205 1,340 ------------------------------ -------- -------- Present value of minimum lease payments - within 1 year 378 318 - later than 1 year not later than 5 years 827 1,022 ------------------------------ -------- -------- 1,205 1,340 ------------------------------ -------- -------- Included in the financial statements as: - Current liabilities 378 318 - Non current liabilities 827 1,022 ------------------------------ -------- -------- 1,205 1,340 ------------------------------ -------- --------
In 2009 the group acquired moulds and equipment financed by two loans. The equipment and one of the loans was incorrectly recorded in the statement of financial position in the company instead of the US subsidiary. Both loans were incorrectly included in the finance lease obligations. The financial statements in 2009 have been restated to correct the errors. The effect is summarized below. There is no effect to the profit or losses or the equity in 2009. There is no effect in the period ended 30(th) June 2011.
Group Effect in 2009 GBP'000 Decrease in finance lease obligations Within 1 year 606 Later than 1 year not later than 5 years 375 Increase in other finance obligations Within 1 year 606 Later than 1 year not later than 5 years 375
7. Other financial obligations
Restated 2011 2009 Group Group GBP'000 GBP'000 Held at amortised cost - Liability under instalment sale agreement 1,127 818 ------------------------------ -------- -------- Other Loans 510 981 ------------------------------ -------- -------- 1,637 1,799 ------------------------------ -------- -------- Included in the financial statements as: - Current liabilities 592 856 - Non current liabilities 1,045 943 ------------------------------ -------- -------- 1,637 1,799 ------------------------------ -------- --------
8. Annual Report
The financial information above does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. Statutory accounts for the period ended 30 June 2011 have not been delivered to the registrar. An auditor's report has not yet been made on the company's statutory accounts for that period. The report is expected to contain a reference by way of emphasis without qualifying the report to the disclosure made in the accounts on going concern.
Copies of the Annual Report will be sent to shareholders Monday and will be available on the Company's website www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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