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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 : 4042A
Supercart PLC
30 March 2012
30 March 2012
Supercart Plc
("Supercart" or the "Company")
Interim Results for the six months ended 31 December 2011
Highlights
- Turnover increased by 14.4% to GBP 6.37m (2010: GBP 5.57m)
- Gross profit margins improved to 18.7% compared to 17.7% for the six months to 31 December 2010
- Operating profits unchanged at GBP 0.1m (2010: GBP 0.1m) - Pre tax profit of GBP 14,000 (2010: Loss GBP 5,000) - Net Cash at 31 December 2011 was GBP 528,000 (31 December 2010: GBP 1.25 million) - Turnover for the six months to 31 December: 2011 2010 GBP'000 GBP'000 change North America 2,782 2,337 +19% South Africa 3,550 3,024 +17% Europe 41 196 -79%
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 report our interim results which, for the first time, are in respect of the six month period to 31 December, following the change of the financial year end. Although, in what is traditionally our busier trading period, we have achieved a modest improvement on the equivalent period in 2010, the results are at a much lower level than we had expected.
Financial Results
Turnover of GBP6.37million (2010: GBP5.57 million) was 14% higher than the comparative period in 2010 due to good performances in both North America and South Africa. Gross margins in the six month period improved to 18.7% for the period (2010: 17.7%). The operating profit for the period was GBP0.12 million (2010: profit of GBP0.13 million), and retained profit was GBP14,000 as against a loss of GBP5,000 for the equivalent six months of 2010.
As at 31 December 2011 the Company had cash reserves of GBP0.53 million (2010: GBP1.25 million) and trade and other receivables of GBP2.41 million (2010: GBP1.86 million). Management continues to keep strict control on overheads, and further cost reduction measures have been implemented since the start of January to reflect the current level of trading activity. Nevertheless the Directors are considering further equity and debt funding arrangements to provide the Company with additional working capital sufficient to meet its anticipated requirements over the coming months. The Board expects to be in a position to announce further details shortly.
Operational Review
North America
Across the range of our North American product range, unit sales of trolleys increased by 2% over the same period in 2010, while average unit retail prices increased by over 15%, resulting in an increase in revenue of 19%. During this period, as announced in our annual report and accounts, we have seen a significant increase in the unit sales of our all plastic trolleys to approximately 25% of North American sales.
Continued careful cost management has assisted us in achieving an increase in gross profit by over 120%. Also assisted by our continued expense control, North America showed a profit before tax for the first time for a six month reporting period.
Production in the first half was impacted, to a limited extent, by some production problems with our US manufacturing partner but these have been addressed and we are confident that these issues have now been resolved with no ongoing impact or cost to the Company.
South Africa
Supercart continues to sell its comprehensive product range across the full spectrum of grocery retailers. Unit sales showed an 8% increase over the same period in 2010 which, together with average unit retail price increases of 9% has resulted in a total revenue increase of 17% over the same six month period in 2010.
Sales increases of the Grocer 160 litre and Nexus 135 litre trolleys are reasonable but the larger Excel 200 litre trolley continues to make excellent double digit increases so that it now represents over 50% of our basic Grocer product sales in the period.
In sterling terms, our profit in South Africa has been adversely affected by the 20% appreciation of the Rand against the Pound.
Europe
Unit sales of the hybrid versions of both the Nexus and Excel trolleys have been disappointing during the period reflecting a reduced demand under the distribution agreement with Caddie S.A., Costs are low due to the terms of this agreement and thus the effect on loss before tax is minimal. Caddie S.A. has itself announced that it is under Court Protection pending a refinancing of the business. Supercart is monitoring the position closely
Outlook
In South Africa, we hope to see the positive unit sales trend highlighted above to continue as retailers move up to the larger capacity and modern designed Excel 200 litre trolley.
European progress has slowed as a result of the reduced retailer demand in the six months to 31 December 2011. We hope for a better environment during the current year.
We are working hard to continue the sales growth we are seeing in North America. It is encouraging to see sales of our all plastic trolleys continuing to grow in this market. Currently, we are receiving heightened levels of interest from further retail groups as a result of this exposure.
Victor Segal
Chairman
6 months 6 months Consolidated statement ended ended of comprehensive income 31 December 31 December for the period 2011 2010 Notes Unaudited Unaudited GBP'000 GBP'000 Continuing Operations Revenue 3 6,373 5,569 Cost of sales (5,179) (4,582) ----------------- ----------------- Gross profit 1,194 987 Research & development tax credits - 33 Administrative expenses (1,074) (892) ----------------- ----------------- Operating profit 120 128 Investment revenue - - Finance costs (106) (133) ----------------- ----------------- Profit/(loss) before taxation 14 (5) ----------------- ----------------- Tax - - Profit/(loss) for the period attributable to equity holders of the parent 14 (5) ================= ================= Earnings / (loss) per share Basic and diluted (pence per share) 4 0.01 (0.01) As at As at Consolidated statement 31 December 31 December of financial position 2011 2010 Unaudited Unaudited Notes GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 5 4,802 5,381 Deferred tax asset - - ----------------- ----------------- Total non-current assets 4,802 5,381 Current assets Inventories 429 470 Trade and other receivables 6 2,411 1,863 Cash and cash equivalents 528 1,254 ----------------- ----------------- Total current assets 3,368 3,587 Total Assets 8,170 8,968 ================= ================= Equity and Liabilities Capital and reserves Issued share capital 594 594 Share premium account 9,073 9,073 Share option reserve 190 183 Foreign currency translation reserve 43 65 Retained earnings (8,010) (7,588) ----------------- ----------------- Total Equity 1,890 2,327 Non-current liabilities Finance lease obligations 490 1,151 Other financial liabilities 986 741 Deferred tax liability 30 30 ----------------- ----------------- Total non-current liabilities 1,506 1,922 Current liabilities Trade and other payables 7 3,761 3,903 Finance lease obligations 416 157 Other financial liabilities 597 659 ----------------- ----------------- Total current liabilities 4,774 4,719 Total liabilities 6,280 6,641 Total equity and liabilities 8,170 8,968 ================= =================
Consolidated statement of changes in equity
for the period ended 31 December 2011
Foreign Issued Share Share Currency share premium option Translation Retained Total capital Account reserve Reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 1 June 2010 254 7,849 163 65 (7,583) 748 --------------- --------------- --------------- ---------------- -------------- --------------- Unaudited loss to 31 December 2010 - - - - (5) (5) Issue of 85 million shares 340 1,360 - - - 1,700 Share issue costs - (136) - - - (136) Provision for share options valuation - - 20 - - 20 Balance at 31 December 2010 594 9,073 183 65 (7,588) 2327 --------------- --------------- --------------- ---------------- -------------- --------------- Audited loss to 30 June 2011 - - - 16 (436) (420) Provision for share options valuation - - 7 - - 7 --------------- --------------- --------------- ---------------- -------------- --------------- Balance at 30 June 2011 594 9,073 190 81 (8,024) 1,914 --------------- --------------- --------------- ---------------- -------------- --------------- Unaudited profit to 31 December 2011 - - - (38) 14 (24) --------------- --------------- --------------- ---------------- -------------- --------------- Balance at 31 December 2011 594 9,073 190 43 (8,010) 1,890 --------------- --------------- --------------- ---------------- -------------- --------------- 6 months 6 months Condensed consolidated ended ended statement of cash flows 31 December 31 December for the period 2011 2010 Unaudited Unaudited GBP'000 GBP'000 Cash flows from operating activities Profit/(loss) for period 14 (5) Depreciation 69 67 Finance expense 106 133 Net foreign exchange gain 21 27 ----------------- ----------------- 210 222 ----------------- ----------------- Movements in working capital (Increase)/decrease in inventories (17) (13) (Increase)/decrease in receivables (890) (732) Increase/ (decrease) in payables 1,406 794 ----------------- ----------------- Cash used by operations 709 271 ----------------- ----------------- Finance costs paid (106) (133) Net cash used by operating activities 603 138 ----------------- ----------------- Cash flows from investing activities Purchase of property, (7) - plant and equipment Net cash used in investing (7) - activities ----------------- ----------------- Cash flows from financing activities Proceeds from issue of share capital - 1,400 Payments for share issue costs - (136) Repayment of finance lease and instalment sale borrowings (276) (156) ----------------- ----------------- Net cash from financing activities (276) 1,108 ----------------- ----------------- Net increase in cash and cash equivalents 320 1,246 Cash and cash equivalents at the beginning of the period 163 (8) Effects of exchange rate changes on the balance of cash held in foreign currencies 45 16 ----------------- Cash and cash equivalents at the end of the period 528 1,254 ----------------- -----------------
Notes on the unaudited interim financial information
1. Basis of preparation and significant accounting policies
Basis of preparation
The unaudited condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards. The unaudited condensed financial statements are presented in Sterling and have been prepared under the historical cost basis.
The Directors are satisfied that the Group has and will maintain sufficient financial resources to enable it to continue in the foreseeable future and therefore they continue to adopt the going concern basis in preparing the unaudited interim financial statements.
Significant accounting policies
The same accounting policies, presentation and methods of computation are followed in these unaudited condensed financial statements as were applied in the preparation of the Group's financial statements for the period ended 30 June 2011.
As a result of new and revised standards effective after 1(st) July 2011 there are no significant changes in accounting policies.
2 Cyclicality of Operations
Operations in the six months to 31 December 2011 are following usual seasonal trends
3 Segment information Total South Other for reportable USA Africa Europe Segments segments Six months ended GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 31 December 2011 - unaudited Total segment revenues 2,782 3,550 41 - 6,373 Interest expense (29) (53) - - (82) Depreciation and amortisation (32) (36) - - (68) Profit/(loss) before tax 82 359 (10) - 431 Non-current assets allocated for the purposes of depreciation and amortisation charges 2,044 1,938 - 780 4,762 Total South Other for reportable USA Africa Europe Segments segments Six months ended GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 31 December 2010 - unaudited Total segment revenues 2,337 3,024 196 11 5,569 Interest expense (26) (73) - - (99) Depreciation and amortisation (31) (35) - - (66) Profit/(loss) before tax (88) 547 (6) (1) 452 Non-current assets allocated for the purposes of depreciation and amortisation charges aaaamortisation charges 164 2,203 - 670 3,034 --------------------- --------------- ---------------- ------------ ---------------------- -------------------------- Reconciliations 6 months ended 6 months ended 31 December 31 December 2011 2011 Unaudited Unaudited GBP'000 GBP'000 Total revenues for reportable segments 6,373 5,569 --------------- ---------------- ------------------------------------ Group's revenues 6,373 5,569 --------------- ---------------- ------------------------------------ (i) Group loss before tax Profit before tax for trading segments 431 452 Share-based - - payment charges Head office costs (417) (457) --------------- ---------------- ------------------------------------ Profit/(loss) before tax 14 (5) --------------- ---------------- ------------------------------------ (ii) Group assets As at 31 As at 31 December December 2011 2010 unaudited unaudited GBP'000 GBP'000 Total non-current assets allocated to trading segments 4,762 3,322 Head office non-current assets 40 2,059 Group inventories 429 470 Group trade and other receivables 2,411 1,863 Group cash and cash equivalents 528 1,254 --------------- ---------------- ------------------------------------ 3,368 3,587 --------------- ---------------- ------------------------------------ Group assets 8,170 8,968 --------------- ---------------- ------------------------------------ (iii) Other material items Reportable trading segment Head office totals adjustments Group 6 months ended GBP'000 GBP'000 GBP'000 31 December 2011 - unaudited Interest expense (82) (24) (106) Depreciation and amortisation (68) (1) (69) --------------- ---------------- ------------------------------------ 6 months ended 31 December 2010 - unaudited Interest expense (99) (34) (133) Depreciation and amortisation (66) (1) (67) --------------- ---------------- ------------------------------------
The adjustments relate to head office items.
4 Earnings per share 6 months 6 months ended ended 31 December 31 December 2011 2010 Unaudited Unaudited Profit/(loss) for the period attributable to shareholders (GBP'000) 14 (5) Weighted average number of shares in issue 148,500,000 70,952,055
The profit/loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purpose of calculating the diluted loss per ordinary share are identical to those used for basic loss per ordinary share.
5 Property, plant and equipment Plant, Moulds equipment, under Motor furniture Moulds construction vehicles and fittings Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Cost At 1 January 2011 5,536 35 20 139 5,730 Additions - - - 7 7 Disposals - - (20) - (20) Translation differences (274) - - - (274) At 30 June 2011 5,262 35 - 146 5,443 ------------ ------------------ -------------- -------------------- ------------ Additions - - - 1 1 Disposals - - - - - Translation differences (252) - - (9) (261) ------------ ------------------ -------------- -------------------- ------------ At 31 December 2011 5,010 35 - 138 5,183 ------------ ------------------ -------------- -------------------- ------------ Accumulated depreciation At 1 January 2011 229 - 17 103 349 Charge for period 31 - - 5 36 Disposals - - (17) - (17) Translation differences (18) - - (6) (24) ------------ ------------------ -------------- -------------------- ------------ At 30 June 2011 242 - - 102 344 ------------ ------------------ -------------- -------------------- ------------ Charge for period 63 - - 6 69 Disposals - - - - - Translation differences (34) - - 2 (32) ------------ ------------------ -------------- -------------------- ------------ At 31 December 2011 271 - - 110 381 ------------ ------------------ -------------- -------------------- ------------ Net book value at 31 December 2011 4,739 35 - 28 4,802 ============ ================== ============== ==================== ============ Net book value at 30 June 2011 5,020 35 - 44 5,099 ============ ================== ============== ==================== ============ Net book value at 31 December 2010 5,307 35 3 36 5,381 ============ ================== ============== ==================== ============ 6 Trade and other receivables As at As at 31 December 31 December 2011 2010 Unaudited Unaudited GBP'000 GBP'000 Trade receivables 2,381 1,847 Prepayments and accrued income 30 16 2,411 1,863 ================= ================= 7 Trade and other payables As at As at 31 December 31 December 2011 2010 Unaudited Unaudited GBP'000 GBP'000 Trade payables 3,332 2,833 Accruals and deferred income 314 266 Other payables 42 618 Employee benefits 48 37 Taxation and social security 25 149 ----------------- ----------------- 3,761 3,903 ----------------- -----------------
8 Copies of this report will be sent to shareholders shortly and will be available from the Company's registered office, 3 The Mews, 16 Hollybush Lane, Sevenoaks, Kent TN13 3TH and available to download from the Company's website www.supercartplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UKANRUKAOUAR
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