We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 |
TIDMSWP
RNS Number : 5601D
SWP Group PLC
24 March 2011
Half Year Results
for the six months ended 31 December 2010
SWP Group plc (the "Group")
Half Year Results
for the six months ended 31 December 2010
Chairman's Statement
Corporate Review
SWP has developed its core activities to become a global specialist provider of engineering solutions across the building, construction, oil, gas and utility sectors based upon branded products used within niche markets on an increasingly global basis. Positive results have been achieved despite market conditions remaining difficult and challenging throughout the period. The economies in a number of key markets particularly Spain and the UK remain depressed for construction related projects. It may be some time before sustained growth returns to these damaged economies which have been so adversely affected by recession which combined with the banking crisis has made the funding of projects much more difficult. Despite this Fullflow and Ulva which together represent some 85% of our turnover have performed robustly whilst the poor trading environment has continued to affect volume at both DRC (membranes) and Crescent of Cambridge (metal staircases).
Financial Results
Against a background of depressed market conditions we consider that the results recorded for the six month period to 31(st) December 2010 are highly resilient and very much in line with the strategic direction in which we are driving this Group forward. Sales revenues have been maintained at GBP12,702,000 (2009 GBP12,349,000) an increase of 2.9% in line with expectations. Operating profits before exceptional expenses and the amortisation of acquired intangible assets have remained steady at GBP1,429,000 (2009 GBP1,410,000), whilst profits before taxation of GBP1,154,000 compare with GBP1,178,000 for the same period in 2009.
Profits attributable to shareholders amounted to GBP841,000 (2009 GBP858,000) after the application of a full tax charge which comprises current corporation tax (see Note 4) of GBP220,000 and the release of deferred tax assets of GBP93,000 booked in earlier years in compliance with IAS 12.
Unaudited Unaudited six months six months ended 31.12.10 ended 31.12.09 GBP'000 GBP'000 Revenue 12,702 12,349 Operating profit before exceptional costs and amortisation of intangible assets 1,429 1,410 Profit before tax 1,154 1,178 Profit after tax 841 858 Earnings per share 0.42p 0.43p (Note 1)
Note 1. The calculation of earnings per share in respect of the six month period to 31 December 2009 has been restated to take account of the bonus issue declared in 2010 of 10 new ordinary shares for every ordinary share held in the Group ranking pari passu.
Operational Highlights
Fullflow
Challenging domestic markets have not prevented Fullflow's Rainwater Management Division from delivering a respectable result, flowing from a combination of further improvements in operating performance and continued success in international markets.
The re-organisation in the second half of FY 2010 has reduced operating costs without in any way hampering the group's ability to serve its customers. The combination of fresh management attention and leaner operations will continue to deliver improvements in operational effectiveness going forward.
Fullflow UK continues to provide its syphonic rainwater management systems to the higher end of the specification driven market, which is well illustrated in the UK by the upcoming London Olympics in which spectators arriving by air into London Heathrow, or by Eurostar into St Pancras will pass through Fullflow reference sites before continuing on to their Olympic venues, which incorporate Fullflow's systems including Stratford Shopping Centre (Westfield), International Broadcasting Centre, Media Press Centre and ODA Basketball Arena. In addition, another prestige development will be unveiled on a world stage when Silverstone reveals its prestigious new pits complex for the 2011 British Grand Prix where Fullflow's expertise has been utilised and installed.
The number of such large projects has diminished in the current economic climate presenting the businesses with the challenge of handling a higher number of smaller projects, which it has proven to be adept at adjusting to with the accent on operational effectiveness.
The French business, which for a long time found it difficult to generate profit, has blossomed under new leadership and its employee team is now enjoying contributing well in a market that has been somewhat less affected by the recession than Spain or the UK.
The Spanish business has witnessed the greatest downturn in its domestic market and following the completion of the T4 project at Barajas airport has relied upon its success in international markets, including the construction of the new Renault facility in Morocco which is being transacted jointly with the French business. International business development is now very much focused upon Brazil for stadia, airport and railway station projects in the build up to the football World Cup in 2014 and the Olympic Games in 2016.
Some exceptional costs (GBP66,000, 2009 GBPnil) were incurred in July and August 2010 when we closed the manufacturing facility in Paris to allow the capacity utilisation of our manufacturing facility in Madrid to rise closer to full capacity thereby increasing our operating efficiency and effectiveness on a Group basis.
Patience at Plasflow is beginning to be rewarded as long pursued projects for the electrical utilities, particularly in the nuclear sector, are starting to flow and augment the steady state base load business. Plasflow is beginning to show the latent potential that has long been anticipated for its highly specialised and proficient service offering in the fabrication of large diameter plastic pipes through its state of the art production facility in Rotherham.
Polymer Membrane Division
Ulva
Ulva's volume is in line with expectation at levels similar to FY2010 as the business reaches the tail end of a number of major oil and gas projects and anticipates the commencement of the next multi-year prospects.
Each of these major projects can be considered as worthy reference sites representing best practice in the management of Corrosion Under Insulation (CUI) on process pipe work and vessels as a result of the professionalism of the Ulva certified applicators together with end user decisions to employ Ulva's site services team to assist with the delivery of best practice. The discerning oil & gas majors that have specified the system are fully satisfied that by working collaboratively, we have ensured that precisely the level of protection envisaged within the project specifications has been delivered without compromise.
Ulva has a strong prospect list for major projects, a number of which are now on the starting blocks.
Investment in a direct Houston based presence is beginning to contribute and expectations are high. Similar investment in South East Asia has not produced the same return and the operation has been discontinued in favour of an alternative approach to that market.
Hylam Uniroof
DRC manufactures a specialised paper backed roofing laminate which has particular application in the modular build sector of the construction industry. The product is fabricated into bespoke sized roofing blankets and sold in roll form to other fabricators. Despite DRC's high market share, volumes have declined to 25% of the level enjoyed in 2008 as a result of the modular build sector being hit particularly hard by the downturn in the construction industry. At that level, the overhead cost associated with the fabrication of blankets could not be recovered and a decision was taken to exit the blanket fabrication market and its associated cost in order to focus on supplying the product in roll form to the network of existing blanket fabricators. The reorganisation will ensure that the DRC business operates profitably in the current environment.
Hylam FPA
This product, which is now the only unqualified material accepted for contact with potable water by the Drinking Water Inspectorate (DWI) in the UK for tank lining, baffle curtains and floating covers continues to perform ahead of expectation both within the domestic market and for key projects in the Middle East, supported by a very competent UK based fabrication and installation partner.
Hylam IQ
A key project was completed in the period under review for an asset in the North West of England which delivered not only the benefit of electronic leak detection within the roof sealing membrane of a key service reservoir, but also the benefit of continuous monitoring and alarming of the roof. DRC's capability and pedigree in this niche and technical product area has not been fully rewarded due to lower than anticipated expenditure by the water utilities in the first year of the Asset Management Programme AMP 5 period. It remains to be seen whether maintenance expenditure will increase as we penetrate deeper into the AMP period.
Crescent
As in previous reports the decline within the Construction Industry has hit our Crescent operation hard as manufacturers continue to chase a declining volume of work particularly in the commercial sector. This has adversely affected the operations of a number of larger customers whose turnover has fallen dramatically over the past two or three years. By contrast the decline in Crescent's core business has been significantly less than with that of its larger customers reflecting the strength of the brand.
Good levels of repeat business continue to be enjoyed from the national and regional contractors but the substantial reduction in supply to the modular build sector has resulted in a disproportionate affect on the Crescent business. The strategy of cost reduction and containment, new leadership and new enthusiastic sales professionals is the approach that will help Crescent round the curve and return to profit but during the period under review it has remained stubbornly loss making.
Earnings Per Share
Shareholders have benefitted from the declaration of a maiden dividend which was paid on 4(th) January 2011. On a comparative basis earnings per share for the six months to 31(st) December 2010 remain at similar levels of 0.42p (2009 0.43p) after recalculation for the bonus issue of 10 new ordinary shares for every ordinary share held in the Group ranking pari passu. It is anticipated that if the results to the financial year ended 30(th) June 2011 continue to meet the Board's expectations a similar level of dividend will be declared to that of last year.
Staff
As in previous years the quality of the Group's earnings is dependent upon a lot of hard work and effort by the Group's employees who collectively and individually have demonstrated by their loyalty, dedication and commitment that our Group is in capable hands for the future. We are grateful to our employees for their efforts as our management teams have been reshaped and focused towards difficult and changing market conditions.
Current Trading and Prospects
Despite the severity of the downturn in market conditions as well as the uncertain and volatile economic outlook which are of constant concern we consider that the prospects for the Group remain in line with the Board's expectations. Whilst many challenges remain, not the least of which is the "project" led nature of both Fullflow's and Ulva's respective businesses, we are confident that our products remain in demand internationally and that we will grow organically in accordance with the strategic plans which we put in place some time ago. We look forward to more favourable market conditions but at the same time continue to focus on profitable growth with active control over costs within each and every business area. With greater levels of specification of our products internationally we look forward to the remainder of 2011 and beyond with confidence.
J A F Walker
Chairman
Unaudited Consolidated Statement of Comprehensive Income
Year Six months Six months ended ended 31.12.10 ended 31.12.09 30.06.10 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Revenue Note 1 12,702 12,349 26,578 Cost of sales (7,692) (7,253) (14,730) ---------------- ---------------- ---------- Gross profit 5,010 5,096 11,848 Operating expenses (3,581) (3,686) (8,580) ---------------- ---------------- ---------- 1,429 1,410 3,268 Exceptional operating expenses (66) - (442) Amortisation of intangible assets acquired through business combinations net of deferred tax (83) (83) (165) ---------------- ---------------- ---------- Operating profit 1,280 1,327 2,661 Financial income - - 3 Financial costs (126) (149) (390) ---------------- ---------------- ---------- Profit on ordinary activities before taxation 1,154 1,178 2,274 Income tax charge (313) (320) (591) ---------------- ---------------- ---------- Profit for the period 841 858 1,683 ---------------- ---------------- ---------- Total comprehensive income Profit for the period and total comprehensive income attributable to equity holders of the company 841 858 1,683 ---------------- ---------------- ---------- Basic earnings per share 0.42p 0.43p 0.84p (pence) Note 2 ---------------- ---------------- ---------- Diluted earnings per share 0.41p 0.43p 0.84p (pence) ---------------- ---------------- ----------
Note 1 Turnover and operating profit all derive from continuing operations.
Note 2. The calculation of earnings per share in respect of the six month period to 31 December 2009 has been restated to take account of the bonus issue declared in 2010 of 10 new ordinary shares for every ordinary share held in the Group ranking pari passu.
Unaudited Consolidated Statement of Changes in Equity
Share Called Share based Profit up share premium Capital payment Re-valuation & loss capital account reserve reserve reserve account Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2009 89 12,534 41 - 229 (1,564) 11,329 Result for the period - - - - - 1,144 1,144 ------ ----------- ------- ----------- --------- --------------- ----------- At 30 June 2009 89 12,534 41 - 229 (420) 12,473 Result for the period - - - - - 859 859 Issue of shares 3 671 - - - - 674 Purchase of treasury shares - - - - - (134) (134) ------ ----------- ------- ----------- --------- --------------- ----------- At 31 December 2009 92 13,205 41 - 229 305 13,872 Result for the period - - - - - 824 824 Bonus issue 924 (924) - - - - - Capital reorganisation - (12,281) - - - 12,281 - Purchase of treasury shares - - - - - (154) (154) ------ ----------- ------- ----------- --------- --------------- ----------- At 30 June 2010 1,016 - 41 - 229 13,256 14,542 Result for the period - - - - - 841 841 Share based payment - - - 17 - - 17 Purchase of treasury shares - - - - (152) (152) ------ ----------- ------- ----------- --------- --------------- ----------- At 31 December 2010 1,016 - 41 17 229 13,945 15,248 ------ ----------- ------- ----------- --------- --------------- -----------
Unaudited Consolidated Statement of Financial Position
As at As at As at 31.12.10 31.12.09 30.06.10 GBP'000 GBP'000 GBP'000 Non-current assets Investments 25 - - Intangible assets 8,679 8,936 8,799 Property, plant and equipment 5,686 5,087 5,761 Trade and other receivables 513 689 598 Deferred tax assets 643 924 736 ---------- ---------- ---------- 15,546 15,636 15,894 ---------- ---------- ---------- Current assets Inventories and work in progress 4,338 3,901 3,692 Trade and other receivables 9,041 9,889 9,144 ---------- 13,379 13,790 12,836 ---------- ---------- ---------- Total assets 28,925 29,426 28,730 ---------- ---------- ---------- Current liabilities Trade and other payables (5,967) (6,363) (7,118) Current tax liabilities (226) (494) (213) Obligations under finance leases (27) (98) (34) Bank loans and overdrafts (2,402) (2,438) (1,250) ---------- ---------- ---------- (8,622) (9,393) (8,615) ---------- ---------- ---------- Non-current liabilities Bank loans (2,368) (3,458) (2,842) Deferred tax liabilities (2,682) (2,679) (2,717) Obligations under finance leases (5) (24) (14) ---------- ---------- ---------- (5,055) (6,161) (5,573) ---------- ---------- ---------- Total liabilities (13,677) (15,554) (14,188) ---------- ---------- ---------- NET ASSETS 15,248 13,872 14,542 ========== ========== ========== Capital and reserve Called up share capital 1,016 92 1,016 Share premium account - 13,205 - Share based payments reserve 17 - - Capital reserve 41 41 41 Revaluation reserve 229 229 229 Retained earnings 13,945 305 13,256 ---------- ---------- ---------- TOTAL EQUITY 15,248 13,872 14,542 ========== ========== ==========
Unaudited Consolidated Statement of Cash Flows
Six months Six months Year ended ended 31.12.10 ended 31.12.09 30.06.10 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Profit after tax 839 858 1,683 Adjustments for: Net finance costs 126 149 387 Corporation tax charge 313 320 108 Depreciation of property, plant and equipment 184 185 325 Amortisation of intangible assets 120 123 246 Profit on disposal of plant and equipment (2) - 35 ---------------- ---------------- ----------- Operating cash flows before movement in working capital 1,580 1,635 2,784 (Increase)/decrease in inventories and work in progress (646) 71 280 Decrease/(increase) in receivables 188 (57) 1,193 Decrease in payables (1,150) (807) (293) Interest paid (142) (147) (391) Interest received - - 3 Corporation tax paid (207) (191) (204) ---------------- ---------------- ----------- Net cash inflow from operating activities (377) 504 3,372 ---------------- ---------------- ----------- Cash flow from investing activities Investments (25) - - Purchase of property, plant and equipment (114) (158) (1,011) Purchase of intangible assets - (14) - Proceeds from disposals of property, plant and equipment 6 - 4 ---------------- ---------------- ----------- Net cash outflow from investing activities (133) (172) (1,007) ---------------- ---------------- ----------- Cash flow from financing activities Issue of ordinary shares - 675 674 Term loan conversion to euro denomination - 1,443 1,303 Bank loans repaid (474) (247) (764) Purchase of treasury shares (152) (134) (288) Finance lease repayments, net (16) (42) (116) ---------------- ---------------- ----------- Net cash (outflow)/inflow from financing activities (642) 1,695 809 ---------------- ---------------- ----------- Net (increase)/decrease in cash and bank overdrafts (1,152) 2,027 3,174 Cash, cash equivalents and bank overdrafts at beginning of period (303) (3,477) (3,477) ---------------- ---------------- ----------- Cash, cash equivalents and bank overdrafts at end of period (1,455) (1,450) (303) ================ ================ ===========
Notes to the Interim Report
1. Basis of Preparation
The Interim Financial Statements have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted in the European Union and in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting.
The financial information for the six month periods ended 31 December 2010 and 31 December 2009 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 2010 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 interim financial statements as were applied in the preparation of the Group's financial statements for the year ended 30 June 2010. In addition the Directors adopted a new accounting policy in respect of share based payments which is stated below.
Share-based payments
The Group operates an equity-settled, share-based payment compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the company. The fair value of the employee service received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the statement of comprehensive income, with a corresponding adjustment to equity.
Where options are exercised if the company issues new shares the proceeds received net of any directly attributable transactions costs are credited to share capital (nominal value) and share premium.
2. Taxation
Interim period income tax is accrued based on the estimated average annual effective income tax rate.
3. Segmental Reporting
Polymer membrane Total Rainwater Metal six Corporate six management staircases months six months six months six months ended 31 months ended 31 ended 31 ended 31 Dec ended 31 Dec Dec 2010 Dec 2010 2010 Dec 2010 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External revenues 7,792 957 3,953 - 12,702 Intergroup sales 1,294 - 305 - 1,599 ----------- ----------- --------- ---------- --------- Total revenues 9,086 957 4,258 - 14,301 Cost of sales (6,189) (788) (2,314) - (9,291) ----------- ----------- --------- ---------- --------- Gross profit 2,897 169 1,944 - 5,010 Operating expenses (1,952) (370) (963) (296) (3,581) ----------- ----------- --------- ---------- --------- 945 (201) 981 (296) 1,429 Exceptional operating expenses (19) - - (47) (66) Amortisation of intangible assets acquired through business combinations net of deferred tax - - - (83) (83) Intergroup royalty (charge)/income - - (492) 492 - Intergroup management fees (151) (30) (44) 225 - Intergroup rent (charges)/income - - (36) 36 - Operating profit 775 (231) 409 327 1,280 Financial income - Financial costs (14) - (19) (93) (126) Intergroup financial charges (14) - (26) 40 - ----------- ----------- --------- ---------- --------- Profit on ordinary activities before taxation 747 (231) 364 274 1,154 Income tax (charge)/credit (189) 59 (92) (91) (313) ----------- ----------- --------- ---------- --------- Profit for the year attributable to equity holders of the company 558 (172) 272 183 841 =========== =========== ========= ========== ========= Polymer Rainwater membrane Total management Metal six Corporate Intergroup six six months staircases months year six year six months ended six months ended 31 months months ended 31 31 Dec ended 31 Dec ended 31 ended 31 Dec 2010 2010 Dec 2010 2010 Dec 2010 Dec 2010 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other information Capital expenditure 24 - 32 58 - 114 Depreciation and amortisation 59 50 68 127 - 304 Segmental assets 15,815 2,520 8,388 10,057 (7,855) 28,925 Segmental liabilities (10,068) (1,034) (6,526) (3,904) 7,855 (13,677) ------------ ----------- --------- ---------- ----------- --------- Net assets as at 31 Dec 2010 5,747 1,486 1,862 6,153 - 15,248 ============ =========== ========= ========== =========== ========= Polymer membrane Total Rainwater Metal six Corporate six management staircases months six months six months six months ended 31 months ended 31 ended 31 ended 31 Dec ended 31 Dec Dec 2009 Dec 2009 2009 Dec 2009 2009 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External revenues 7,433 1,034 3,882 - 12,349 Intergroup sales 1,331 - 198 - 1,529 ----------- ----------- --------- ---------- --------- Total revenues 8,764 1,034 4,080 - 13,878 Cost of sales (6,032) (688) (2,062) - (8,782) ----------- ----------- --------- ---------- --------- Gross profit 2,732 346 2,018 - 5,096 Operating expenses (2,245) (422) (831) (188) (3,686) ----------- ----------- --------- ---------- --------- 487 (76) 1,187 (188) 1,410 Amortisation of intangible assets acquired through business combinations net of deferred tax - - - (83) (83) Intergroup royalty (charge)/income - - (608) 608 - Intergroup management fees - (30) (144) 174 - Intergroup rent (charges)/income - - (31) 31 - Operating profit 487 (106) 404 542 1,327 Financial income - - - - - Financial costs (7) - (8) (134) (149) Intergroup financial charges (13) - (31) 44 - ----------- ----------- --------- ---------- --------- Profit on ordinary activities before taxation 467 (106) 365 452 1,178 Income tax (charge)/credit (96) 47 (131) (140) (320) ----------- ----------- --------- ---------- --------- Profit for the year attributable to equity holders of the company 371 (59) 234 312 858 =========== =========== ========= ========== ========= Polymer Rainwater membrane Total management Metal six Corporate Intergroup six six months staircases months year six year six months ended six months ended 31 months months ended 31 31 Dec ended 31 Dec ended 31 ended 31 Dec 2009 2009 Dec 2009 2009 Dec 2009 Dec 2009 2009 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other information Capital expenditure 15 2 136 19 - 172 Depreciation and amortisation 68 60 55 125 - 308 Segmental assets 17,443 2,733 5,113 15,322 (11,185) 29,426 Segmental liabilities (13,251) (1,017) (4,216) (8,255) 11,185 (15,554) ------------ ----------- --------- ---------- ----------- --------- Net assets as at 31 Dec 2009 4,192 1,716 897 7,067 - 13,872 ============ =========== ========= ========== =========== ========= Polymer Rainwater Metal membrane Corporate Total management staircases year year year year ended year ended ended 30 ended ended Year ended 30(th) 30 June 30 June June 30 June 30 June June 2010 2010 2010 2010 2010 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External revenues 15,769 1,944 8,865 - 26,578 Intergroup sales 956 120 598 - 1,674 ----------- ----------- --------- ---------- --------- Total revenues 16,725 2,064 9,463 - 28,252 Cost of sales (9,898) (1,418) (5,088) - (16,404) ----------- ----------- --------- ---------- --------- Gross profit 6,827 646 4,375 - 11,848 Operating expenses (4,920) (771) (2,116) (773) (8,580) ----------- ----------- --------- ---------- --------- 1,907 (125) 2,259 (773) 3,268 Exceptional operating expenses (263) - - (179) (442) Amortisation of intangible assets acquired through business combinations net of deferred tax - - - (165) (165) Intergroup royalty (charge)/income - - (1,409) 1,409 - Intergroup management fees (60) - (288) 348 - Intergroup rent (charges)/income - - (67) 67 - Operating profit 1,584 (125) 495 707 2,661 Financial income 3 - - - 3 Financial costs (14) (1) (10) (365) (390) Intergroup financial charges (27) - (60) 87 - ----------- ----------- --------- ---------- --------- Profit on ordinary activities before taxation 1,546 (126) 425 429 2,274 Income tax (charge)/credit (315) 55 (155) (176) (591) ----------- ----------- --------- ---------- --------- Profit for the year attributable to equity holders of the company 1,231 (71) 270 253 1,683 =========== =========== ========= ========== ========= Polymer Rainwater Metal membrane Corporate Total management staircases year year Intergroup year year ended year ended ended 30 ended 30 year ended ended 30 30 June 30 June June June 30 June June 2010 2010 2010 2010 2010 2010 2010 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other information Capital expenditure 18 2 196 795 - 1,011 Depreciation and amortisation 115 94 116 246 - 571 Segmental assets 14,260 2,724 9,155 10,607 (8,016) 28,730 Segmental liabilities (9,071) (1,066) (7,565) (4,502) 8,016 (14,188) ------------ ----------- --------- ---------- ----------- --------- Net assets as at 30 June 2010 5,189 1,658 1,590 6,105 - 14,542 ============ =========== ========= ========== =========== =========
4. Income Tax Expense
Recognised in the income statement
Six months Six months Year ended 31.12.10 ended 31.12.09 ended 30.06.10 Unaudited Unaudited Unaudited GBP'000 GBP'000 GBP'000 Current tax expense Current year - UK corporation tax 130 99 54 Current year - overseas tax 90 - 54 Deferred tax movement 93 221 483 Total tax expense in income statement 313 320 591 ---------------- ---------------- ----------------
5. Earnings Per Share
Earnings per share is calculated on the basis of 198,305,006 shares (2009: 197,277,256) which is the weighted average of the number of shares in issue during the period.
The diluted earnings per share is calculated on the basis of 202,805,006 shares (2009: 197,277,256) which is the weighted average of the number of shares in issue during the period.
6. Copies of Interim Report
Copies of the interim report are available to shareholders electronically via the Group's website or are available on request from the Group head office at Bedford House, 1 Regal Lane, Soham, Ely, Cambridgeshire, CB7 5BA or at http://www.swpgroupplc.com.
For further information or enquiries:
J.A.F Walker D.J Pett R. Kauffer
Chairman Director of Finance Peel Hunt LLP
Nominated Adviser & Broker
Tel: 01353 723270 Tel: 01353 723270 Tel: 0207 418 8900
Mobile: 07800 951151 Mobile: 07940 523135
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USRARAAAOUAR
1 Year SWP Group Chart |
1 Month SWP Group Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions