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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Swp Grp. | LSE:SWP | London | Ordinary Share | GB00B010NX28 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMSWP
RNS Number : 6692I
SWP Group PLC
17 March 2010
SWP Group plc (the "Group")
Half Year Report
for the six months ended 31 December 2009
Chairman's Statement
Corporate Review
When I last wrote to shareholders in November 2009 in respect of the year's
trading to 30th June 2009 I described the difficult market conditions in which
we were operating as "a year of containment". The subsequent six month period to
31st December 2009 has not witnessed any material improvement in the economic
climate whereas your Group has made significant progress within its two main
operating businesses, namely, at Fullflow a leader in rainwater management as
well as at Ulva which has recorded further growth in the supply of materials for
the management of corrosion under insulation ("CUI") to an increasing number of
oil and gas majors operating in a wide range of international territories.
Our other operating subsidiaries at Crescent of Cambridge (metal staircases) and
DRC Polymer Products (membranes) which continue to serve primarily the
construction sector have continued to mark time in depressed market conditions
through rigorous cost containment against a background of reduced levels of
activity and demand.
Financial Highlights
Under the above circumstances we are entitled to be very pleased with the
results achieved for the six month period to 31st December 2009. With overall
sales largely flat at GBP12,349,000 (2008: GBP12,864,000) the quality of our
earnings has been enhanced due to the favourable mix of business which has been
skewed in favour of our Ulva brand thereby increasing average gross margins to
41.3% from 38.4% recorded in the corresponding period in 2008. Operating profits
before amortisation of acquired intangibles amounted to GBP1,140,000 (2008:
GBP863,000) an increase of 63.4%. With lower interest rates and reduced debt
levels finance costs fell to GBP149,000 as compared to GBP294,000 for the
corresponding period in 2008. Pre tax profits advanced to GBP1,178,000 (2008:
GBP452,000) an increase of 160% compared to the same period one year earlier.
Profits attributable to shareholders amounted to GBP858,000 (2008: GBP407,000)
after taking into account a full tax charge made up of current corporation tax
(see Note 5) of GBP99,000 and the release of deferred tax assets of GBP221,000
booked in earlier years in compliance with IAS12.
The Group is utilising its losses carried forward from earlier years in an
efficient and effective manner thereby limiting the cash impact of corporation
tax liabilities incurred as a result of improved profitability.
+--------------------------+-----------+--+-----------+
| | Unaudited | | Unaudited |
| | six | | six |
| | months | | months |
| | ended | | ended |
| | 31.12.09 | | 31.12.08 |
| | GBP'000 | | GBP'000 |
+--------------------------+-----------+--+-----------+
| | | | |
+--------------------------+-----------+--+-----------+
| Turnover | 12,349 | | 12,864 |
+--------------------------+-----------+--+-----------+
| Operating Profit | 1,327 | | 746 |
+--------------------------+-----------+--+-----------+
| Profit before tax | 1,178 | | 452 |
+--------------------------+-----------+--+-----------+
| Profit after tax | 858 | | 407 |
+--------------------------+-----------+--+-----------+
| Profit per share | | | |
| | 4.78p | | 2.30p |
+--------------------------+-----------+--+-----------+
Financial Structure
At the Group's Annual General Meeting held in London on 13th January 2010
shareholders approved the various resolutions placed before them including,
inter alia, the bonus issue of ten new shares in addition to each share
currently held ranking pari passu as well as the elimination of our share
premium account through its transfer to pure equity and retained earnings. The
formal ratification for this is currently passing through the Courts and we
anticipate that by year end the entire process of strengthening the Group's
balance sheet will have been completed. Based on the Group's trading performance
to date this year your directors expect to be in a position to declare a maiden
dividend for the year ending 30th June 2010 if the momentum which has been
created is successfully maintained.
Operational Highlights
Fullflow
Against a backdrop of generally depressed market conditions, Fullflow produced a
very satisfactory result for the period. Although sales suffered an overall
decrease, a combination of efficiency improvements, material cost reductions and
overhead savings meant that Fullflow's operating profit increased significantly
compared to the equivalent period last year.
Fullflow is increasingly an international business, and UK sales, including
those of Plasflow, accounted for less than 40% of total sales in the period.
This was partly due to the impact of the large projects being undertaken at Doha
Airport in Qatar and Madrid Barajas Airport in Spain, but progress was achieved
on a number of other fronts and with UK construction markets likely to remain at
a low ebb for the foreseeable future it is important that Fullflow continues to
develop its international operations.
In this regard it is expected that progress will be achieved on three main
fronts: firstly by winning more major international projects (such as Airports
for example) which Fullflow will take on directly, secondly by helping its
existing international partners to generate extra business and thirdly by
extending its network of international partners. Already there is movement on at
least some of these fronts and Fullflow has just secured its first order for a
project in Vietnam. There is even the possibility of one of our partners
entering the vast and potentially lucrative market in China.
One of the characteristics of Fullflow is that its management teams consist in
the main of relatively young and highly committed individuals. These teams have
now been in place for some years and we believe that there is now an excellent
blend of youth and experience which has the potential to drive the business on
to further success. In addition both Fullflow and Plasflow are widely respected
for the quality of their products and the service levels which they provide and
even at a time when market conditions mean that price has assumed a higher level
of importance than ever, these assets provide the best possible platform from
which to build lasting relationships and sustainable success.
Crescent of Cambridge
Crescent's UK market has remained static and whilst enquiry levels have been
strong, too few projects have attracted the necessary funding. The Crescent team
is patiently awaiting recovery whist maintaining vigorous cost control.
Crescent has always provided a premium product to the more discerning end of the
market and continues to do so today without compromise on issues of quality,
service and compliance despite the difficult market conditions which have seen
some contractors installing non-compliant stairs procured solely on price.
Despite the difficult conditions, investment has continued in the enhancement of
the design automation software which is now fully integrated with the
manufacturing system and providing front end tendering cost information based on
current live costs. This is especially helpful when negotiating in price
sensitive market conditions. This key investment is expected to underpin
Crescent's ability to grow revenues whilst containing the cost base when
recovery begins.
Revenues and profitability have been in line with expectation following the
restructuring, which was completed in the last financial year, with the
exception of one bad debt flowing from the Haymills insolvency which impacted
profit by GBP46,000.
DRC Polymer Products
DRC Polymer Products has a number of challenges with which its management team
are preoccupied. Specialist chemicals and raw materials are used in the
production of most of DRC's products which are sourced from all over the world.
The weakness of sterling is therefore of concern to us in terms of cost control
and the protection of sustainable margins. In addition to this there are a
number of technical projects in which DRC is currently investing which are being
profiled on the company's equipment, all of which are designed to enhance the
company's product offering to a wide range of valued customers. Technical
development is likely to command greater levels of time, commitment and
resources in future and is constantly under review.
Modular Build
Hylam Uniroof remains the product of choice for the sector and DRC's focus
remains on providing a high level of service to its loyal customers, some of
which are operating at quite markedly reduced activity levels. Overall, the
activity continues at an acceptable level and the team is ready to ramp-up
volume when the market picks-up.
Hylam IQ
A fourth UK water utility adopted the Hylam IQ intelligent membrane system in
the period under review awarding DRC contracts for three reservoirs. Elsewhere
activity has been limited pending the commencement of the new five year AMP
period in April 2010. The outlook for Hylam IQ is positive with a number of key
projects in the pipeline.
FPA Membrane
The Drinking Water Inspectorate (DWI) approved Hylam FPA membrane range has been
extended to meet specific client driven requirements and has been selected for a
number of substantial projects in the UK and international markets. Sales in the
period under review have been steady but the outlook is positive for this niche
engineered membrane.
Ulva
DRC continues to provide Ulva with a constant stream of high quality Ulvashield
with good efficiency and low levels of waste, which will grow in line with the
development of the Ulva business. Ulva and DRC are also working collaboratively
on the further enhancement of the Ulvashield compound.
Ulva Insulation Systems
Corrosion Under Insulation (CUI) continues to be a subject in sharp focus for
many of the Oil, Gas and Petrochemical multinationals and operators. The
extension of Ulva's presence and reach with effective sales offices in Houston
and Kuala Lumpur and the appointment of local agents in key markets has been
well received and rewarded with the inclusion of the system in a number of
additional corporate specifications and a number of key new project
specifications. Projects have been completed or agreed for new customers in
Japan, Brazil and two countries in South East Asia.
Ulva's offering has been extended to include full time site presence to assist
the end client and installation contractor in areas such as the achievement of
best practice, quality assurance procedures and training. This service is
currently being utilised on two major projects for the Norwegian sector under
construction in Korea and Holland.
Business performance for the period under review was very much in line with
expectation and the outlook remains positive.
Earnings per share
Shareholders will be pleased to note that EPS has increased from 2.30p per share
in the first half of 2008 to 4.78p per share for the six month period to 31st
December 2009 which equates to an increase (after tax) of 108%. This augers well
for the future and supports the Board's aspirations to enter the dividend list
later this year.
Staff
The severity of the economic climate dictates that all employees within our
Group are charged with the responsibility of making stringent efforts to
maximise the performance of the Group. In this regard we are grateful to staff
at all levels without whose dedication and commitment these vastly improved
results would not have been possible.
Board Changes
We are delighted to welcome onto the Board of our parent company Colin Stott who
joined our Group back in October 2006 as a consultant and who has worked
tirelessly at both Crescent and DRC prior to taking over as managing director of
Ulva where he has had prime responsibility for not only its successful
integration within the operating structure of this Group but for the delivery of
our international strategy designed to facilitate profitable growth both in the
short and longer term. Colin's considerable experience as an international
operator will be invaluable to the Group in achieving our given objectives
within global markets as well as the exploitation of our brand portfolio.
Current Trading and Prospects
Notwithstanding the disappointing economic outlook in general the current period
has started strongly and together with the results posted for the first half the
Board is confident that we will deliver very positive results for the financial
year to 30th June 2010. Many challenges exist but with the commitment,
professionalism and energy of our team we remain confident that we shall be able
to exploit many of the opportunities which lie before us. The Board remains, as
ever, focused on further profitable growth allied to diligent control over costs
and to maximising shareholder value. We look forward with confidence to the
remainder of 2009/2010 and beyond.
J A F Walker
Chairman
17th March 2010
Unaudited Consolidated Income Statement
+----------------------------+-------------+----------+----------------+----------+---------------+
| Six months | Six | | Six | | Year |
| ended | months | | months | | ended |
| 31 December 2009 | ended | | ended | | 30.06.09 |
| | 31.12.09 | | 31.12.08 | | Audited |
| | Unaudited | | Unaudited | | GBP'000 |
| | GBP'000 | | GBP'000 | | |
+----------------------------+-------------+----------+----------------+----------+---------------+
| | | | | | |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Revenue | 12,349 | | 12,864 | | 24,745 |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Cost of sales | (7,253) | | (7,928) | | (14,764) |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Gross profit | 5,096 | | 4,936 | | 9,981 |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Operating expenses | (3,686) | | (4,073) | | (7,558) |
+----------------------------+-------------+----------+----------------+----------+---------------+
| | 1,410 | | 863 | | 2,423 |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Exceptional operating | | | | | |
| expenses | | | | | (134) |
| | - | | - | | |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Amortisation of intangible | | | | | |
| assets acquired through | | | | | |
| business combinations net | (83) | | (117) | | (165) |
| of deferred tax | | | | | |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Operating profit | | | | | |
| | 1,327 | | 746 | | 2,124 |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Financial income | | | | | 42 |
| | - | | - | | |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Financial costs | (149) | | (294) | | (534) |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Profit on ordinary | | | | | |
| activities before taxation | | | | | |
| | 1,178 | | 452 | | 1,632 |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Income tax charge | (320) | | (45) | | (37) |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Profit for the period | | | | | |
| attributable to equity | | | | | |
| holders of the parent | 858 | | 407 | | 1,595 |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Basic earnings per share | | | | | |
| (pence) | | | | | |
| | 4.78p | | 2.30p | | 9.02p |
+----------------------------+-------------+----------+----------------+----------+---------------+
| Diluted earnings per | | | | | |
| share (pence) | | | | | |
| | 4.78p | | 2.30p | | 9.02p |
+----------------------------+-------------+----------+----------------+----------+---------------+
Turnover and operating profit all derive from continuing operations.
Unaudited Consolidated Balance Sheet
+------------------------------------+------------+---+-----------+----------+---+------------+
| As at 31 December 2009 | As at | | As at 31.12.08 | | As at |
| | 31.12.09 | | GBP'000 | | 30.06.09 |
| | GBP'000 | | | | GBP'000 |
+------------------------------------+------------+---+----------------------+---+------------+
| | GBP'000 | | GBP'000 | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Non-current assets | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Intangible assets | 8,936 | | 9,170 | | 9,045 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Property, plant and equipment | 5,087 | | 5,136 | | 5,114 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Trade and other receivables | 689 | | 462 | | 655 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Deferred tax assets | 924 | | 888 | | 1,150 |
+------------------------------------+------------+---+-----------+--------------+------------+
| | 15,636 | | 15,656 | | 15,964 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Current assets | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Inventories | 3,901 | | 3,659 | | 3,972 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Trade and other receivables | 9,889 | | 10,175 | | 9,866 |
+------------------------------------+------------+---+-----------+--------------+------------+
| | 13,790 | | 13,834 | | 13,838 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Total assets | 29,426 | | 29,490 | | 29,802 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Current liabilities | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Trade and other payables | (6,363) | | (8,116) | | (7,410) |
+------------------------------------+------------+---+-----------+--------------+------------+
| Current tax liabilities | (494) | | (348) | | (309) |
+------------------------------------+------------+---+-----------+--------------+------------+
| Obligations under finance leases | (98) | | (152) | | (117) |
+------------------------------------+------------+---+-----------+--------------+------------+
| Bank loans and overdrafts | (2,438) | | (4,047) | | (4,127) |
+------------------------------------+------------+---+-----------+--------------+------------+
| | (9,393) | | (12,663) | | (11,963) |
+------------------------------------+------------+---+-----------+--------------+------------+
| Non-current liabilities | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Bank loans | (3,458) | | (2,740) | | (2,600) |
+------------------------------------+------------+---+-----------+--------------+------------+
| Deferred tax liabilities | (2,679) | | (2,739) | | (2,719) |
+------------------------------------+------------+---+-----------+--------------+------------+
| Obligations under finance leases | (24) | | (19) | | (47) |
+------------------------------------+------------+---+-----------+--------------+------------+
| | (6,161) | | (5,498) | | (5,366) |
+------------------------------------+------------+---+-----------+--------------+------------+
| | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Total liabilities | (15,554) | | (18,161) | | (17,329) |
+------------------------------------+------------+---+-----------+--------------+------------+
| NET ASSETS | 13,872 | | 11,329 | | 12,473 |
+------------------------------------+------------+---+-----------+--------------+------------+
| | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Capital and reserves | | | | | |
+------------------------------------+------------+---+-----------+--------------+------------+
| Called up share capital | 93 | | 89 | | 89 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Share premium account | 13,205 | | 12,534 | | 12,534 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Capital reserves | 41 | | 41 | | 41 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Revaluation reserve | 229 | | - | | 229 |
+------------------------------------+------------+---+-----------+--------------+------------+
| Retained earnings | 304 | | (1,335) | | (420) |
+------------------------------------+------------+---+-----------+--------------+------------+
| TOTAL EQUITY | 13,872 | | 11,329 | | 12,473 |
+------------------------------------+------------+---+-----------+--------------+------------+
| | | | | | | |
+------------------------------------+------------+---+-----------+----------+---+------------+
Unaudited Consolidated Cash Flow Statement
+----------------------------------+-----------+----------+-----------+----------+----------+
| Six months ended 31 December | Six | | Six | | Year |
| 2009 | months | | months | | ended |
| | ended | | ended | |30.06.09 |
| | 31.12.09 | | 31.12.08 | | Audited |
| |Unaudited | |Unaudited | | GBP'000 |
| | GBP'000 | | GBP'000 | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Profit after tax | 858 | | 407 | | 1,595 |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Adjustments for: | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Net finance costs | 149 | | 294 | | 492 |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Corporation tax charge | 320 | | 45 | | 269 |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Depreciation of property, plant | 185 | | 209 | | 414 |
| and equipment | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Amortisation of intangible | 123 | | 123 | | 243 |
| assets | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Profit on disposal of plant and | - | | - | | (6) |
| equipment | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Operating cash flows before | | | | | |
| movement in working capital | | | | | |
| | 1,635 | | 1,078 | | 3,007 |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Decease/(increase) in | 71 | | 124 | | (189) |
| inventories | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Increase in receivables | (57) | | (629) | | (735) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Decrease in payables | (807) | | (336) | | (967) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Interest paid | (147) | | (310) | | (612) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Interest received | - | | - | | 2 |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Corporation tax paid | (191) | | - | | (231) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Net cash inflow from operating | 504 | | (73) | | 275 |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Cash flow from investing | | | | | |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Purchase of property, plant and | (158) | | (180) | | (384) |
| equipment | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Purchase of intangible assets | (14) | | - | | (10) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Proceeds from disposals of | | | | | |
| property, plant and equipment | - | | - | | 27 |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Net cash outflow from investing | (172) | | (180) | | (367) |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Cash flow from financing | | | | | |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Issue of ordinary shares | 675 | | - | | (44) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Term loan conversion to euro | 1,443 | | - | | - |
| denomination | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Bank loans repaid | (247) | | - | | - |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Purchase of treasury shares | (134) | | - | | - |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Finance lease repayments - net | (42) | | (59) | | (116) |
+----------------------------------+-----------+----------+-----------+----------+----------+
| | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Net cash inflow/(outflow) from | | | | | |
| financing | 1,695 | | (59) | | (160) |
| activities | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Net increase/(decrease) in cash | | | | | |
| and bank | 2,027 | | (312) | | (252) |
| overdrafts | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Cash, cash equivalents and bank | | | | | |
| overdrafts at | (3,477) | | (3,225) | | (3,225) |
| beginning of period | | | | | |
+----------------------------------+-----------+----------+-----------+----------+----------+
| Cash, cash equivalents and bank | | | | | |
| overdrafts at end of period | (1,450) | | (3,537) | | (3,477) |
+----------------------------------+-----------+----------+-----------+----------+----------+
Notes to the Interim Report
1. Basis of Preparation
The Condensed Interim Financial Statements have been prepared using accounting
policies consistent with International Financial Reporting Standards and in
accordance with International Accounting Standards (IAS) 34 Interim Financial
Reporting.
The financial information for the six month period ended 31 December 2009 and
2008 has not been audited by the Group's auditors and does not constitute
accounts within the meaning of s240 of the Companies Act 2006. The financial
information for the year ended 30 June 2009 is an abridged version of the
Group's accounts which received an unqualified auditors' report and did not
contain a statement under s237(2) or (3) of the Companies Act 2006 and have been
filed with the Registrar of Companies.
The same accounting policies, presentation and methods of computation are
followed in these condensed financial statements as were applied in the
preparation of the Group's financial statements for the year ended 30 June 2009.
2. Taxation
Interim period income tax is accrued based on the estimated average
annual effective income tax rate.
3. Dividends
The Directors are not recommending the payment of an interim dividend.
4. Segmental Reporting
+--------------------------+-----------+----------+-----------+----------+-----------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 30.06.09 |
| | 31.12.09 | | 31.12.08 | | Unaudited |
| | Unaudited | | Unaudited | | GBP'000 |
| | GBP'000 | | GBP'000 | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| (i) Business Segments | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Revenue | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Rainwater management | 7,433 | | 8,224 | | 15,389 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Metal staircases | 1,034 | | 1,541 | | 2,757 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Polymer membrane | 3,882 | | 3,099 | | 6,599 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Corporate | - | | - | | - |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Total Revenue | 12,349 | | 12,864 | | 24,745 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Operating Profit | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Rainwater management | 487 | | 209 | | 801 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Metal staircases | (106) | | (149) | | (350) |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Polymer membrane | 404 | | 157 | | 616 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Corporate | 542 | | 529 | | 1,057 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Total operating profit | 1,327 | | 746 | | 2,124 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| (ii) Geographical | | | | | |
| Segments | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Revenue | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| United Kingdom | 5,770 | | 7,135 | | 12,421 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Europe | 4,366 | | 4,979 | | 8,972 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Far East | 1,721 | | 314 | | 2,847 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Middle East | 492 | | 436 | | 505 |
+--------------------------+-----------+----------+-----------+----------+-----------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-----------+
| Total Revenue | 12,349 | | 12,864 | | 24,745 |
+--------------------------+-----------+----------+-----------+----------+-----------+
5. Income Tax Expense
Recognised in the income statement
+--------------------------+-----------+----------+-----------+----------+-------------+
| | Six | | Six | | Year |
| | months | | months | | ended |
| | ended | | ended | | 30.06.09 |
| | 31.12.09 | | 31.12.08 | | Unaudited |
| | Unaudited | | Unaudited | | GBP'000 |
| | GBP'000 | | GBP'000 | | |
+--------------------------+-----------+----------+-----------+----------+-------------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-------------+
| Current tax expense | | | | | |
+--------------------------+-----------+----------+-----------+----------+-------------+
| Current year - UK | 99 | | 45 | | 269 |
| corporation tax | | | | | |
+--------------------------+-----------+----------+-----------+----------+-------------+
| Deferred tax movement | 221 | | - | | (232) |
+--------------------------+-----------+----------+-----------+----------+-------------+
| | | | | | |
+--------------------------+-----------+----------+-----------+----------+-------------+
| Total tax expense in | 320 | | 45 | | 37 |
| income statement | | | | | |
+--------------------------+-----------+----------+-----------+----------+-------------+
6. Profit per Share
Profit per share is calculated on the basis of 17,934,296 shares (2008:
17,729,546) which is the weighted average of the number of shares in issue
during the period.
The Group's share options are not dilutive for profit per share
calculations.
7. Copies of Interim Report
Copies of the half year report will be posted to shareholders in due
course and are available from the Group head office at Bedford House, 1 Regal
Lane, Soham, Ely, Cambridgeshire, CB7 5BA or available to view from the Group's
website at http://www.swpgroupplc.com.
For further information or enquiries:
J.A.F Walker D.J Pett
R. Kauffer
Chairman Director of Finance KBC
Peel Hunt
Nominated Advisor & Broker
Tel: 01353 723270 Tel: 01353 723270 Tel: 0207
418 8900
Mobile: 07800 951151 Mobile: 07940 523135 Mobile: 07841
673210
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNASRRKAOAAR
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