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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| U.k. Spac Plc | LSE:SPC | London | Ordinary Share | GB00B3CQW227 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.205 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMMOGP
RNS Number : 4313J
Mountfield Group plc
30 June 2011
Hot Features
Premium
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010
The Company is pleased to present the Group's financial statements
for the year ended 31 December 2010 The year to 31 December 2010
proved to be a tough year for the Group with both subsidiaries -
Mountfield Building Group Limited and Connaught Access Flooring
Limited - experiencing a decline in turnover as challenging market
conditions persisted. The return of tendering activity in our core
data centre and IT market noted in the latter part of 2010 has
continued to gather pace into 2011. In May 2011 the Company
announced that it had been awarded three contracts with an
aggregate value of approximately GBP5 million to fit out various
data centres in the UK for leading data centre operators. The
Directors are encouraged by the increased level in demand and are
optimistic that it will continue. In May 2011 the Group completed
a fundraising of GBP560,000, before expenses, resulting in the
Group's shareholder base being enhanced with the addition of small
cap institutions. The market for new data centres was weak in
2010, not only in terms of enquiries but also the construction of
new data centres. General construction and fit-out work also
suffered due to the difficult economic environment, as a result
margins on contracts won remained under pressure. Working Capital
As a result of the difficult market conditions, working capital
has been under pressure and the Group has taken steps to manage
its creditors, cut costs and restructure the business by moving
further towards using sub-contract labour rather than employing a
fixed workforce. In order to support the Group further, the
Executive Directors have reduced their emoluments and also as loan
note holders they have waived all interest relating to these loans
(GBP130,355) for the year under review. In addition repayment of
GBP4.4m of loan notes due in 2011 have been deferred to June 2016.
Results Revenue GBP8.5m (2009: GBP10.33m) Loss before tax GBP0.87m
(2009: GBP2.43m) -- Mountfield Building Group made a pre-tax loss
of GBP0.95m (2009:GBP1.28m) based upon turnover of GBP4.5m
(2009:GBP5.15m) for the year ended 31 December 2010, after
eliminating inter-company trading. -- Connaught Access Flooring
made a pre-tax profit of GBP309,000 (2009:GBP369,000) based upon
turnover of GBP4m (2009:GBP5m) for the year ended 31 December
2010. -- Mountfield Land had no turnover during the year to 31
December 2010 (2009:GBPNil) and recorded a loss of GBP1,073
(2009:GBP108,000 loss). -- The Company made a pre-tax loss for the
year ended 31 December 2010 of GBP227,047 which included a
share-based payment during the year of GBPnil (2009:GBP986,000
loss including a share based payment of GBP242,000)
Divisional reviews
The Group consists of three integrated businesses:-
Mountfield Building Group Limited (..MBG..)
MBG has two divisions; direct contracting and trade contracting services.
The former works as the main contractor with end user clients and
specialises in the nationwide installation of data centres for large
companies. The trade contract division delivers specialist building
work and multi trade packages and refurbishment for main development
contractors.
During 2010 the focus was on winning smaller scale contracts from
existing clients in order to source revenue and also to maintain
the relationships with clients during the downturn. This was successfully
achieved and MBG did not lose any of its core clients during that
period.
Connaught Access Flooring Limited ("Connaught")
Connaught is a provider of flooring systems to both main contractors
and corporate end users primarily focused on the data centre market.
The Company has established itself as one of the few recognised specialists
for fitting commercial office space for corporate end users. However
with the continuing decline in the commercial office market a refocus
has seen diversification into refurbishment projects in existing
office space as end users take stock. Despite adverse market conditions,
our data centre works held up well throughout the year with two significant
projects completed and thus, allied with diversification into the
residential sector and broadening of our main contractor relationships,
we have seen a reasonably profitable year and one in which we have
created solid foundations for 2011.
Mountfield Land Limited ("ML")
ML was set up to source and enhance the value of land before selling
its interest. Whilst residential market conditions remain very tough
we have identified significant new opportunities in the commercial
property sector which should enable ML to focus on securing construction
business for the Group. We will, however, continue to seek opportunities
in the residential market.
Data Centre Market
After two years in which there has been little sign of activity,
this market it is now showing strong growth in certain areas, such
as the banking and the retail sectors. This is driven by companies
setting up their own facilities in order to reduce costs rather than
outsource them to data centres operated by telecom companies. The
Directors believe that over the next three years there will be further
growth in the data centre market and that with the Company's experience,
reputation and contacts, it is ideally placed to benefit from this
growth.
Strategy
The Group's strategy is to continue as a leading player in the data
centre market while also providing a full range of specialist construction
and property services to both the private and public sectors on a
nationwide basis. Accordingly, the Group will continue to seek to
identify and acquire complementary businesses that can extend the
range of services, increase the opportunity for cross selling and
leverage its brands across the marketplace. This strategy is focused
on positioning the Group as a preferred supplier as market confidence
returns.
The Group will use the breadth of its services to continue to identify
new revenue streams within the trade construction and data centre
sectors and as highlighted above, this is likely to include the housing
market.
Outlook
The sharp downturn in revenue and activity that the Group suffered
during 2009 and 2010 required the Directors to consider the viability
of each part of the Group and its structure. The Directors believe
that the resulting changes have made the Group more streamlined,
focused and efficient and this should enable it to capitalise on
these achievements as the data centre market improves.
On behalf of the board we would like to thank our staff whose dedication
has helped the business during these lean times. Their professional
approach and success in bringing new skills to the business has meant
that the Group has emerged with considerably greater potential now
than ever before and can continue to look forward to a positive future.
Peter Jay Graham Read
Executive Chairman Chief Executive Officer
29 June 2011 29 June 2011
For further information please contact:
Mountfield Group PLC
Peter Jay/Graham Read
+44 (0)1268 561516
Arbuthnot Securities Limited (Nomad)
Tom Griffiths
+44 (0)20 7012 2000
First Columbus LLP (Broker)
John Nuttall
+44 (0)20 3002 2071
De Facto Financial (Media enquiries)
Mike Wort, Anna Dunphy
+44 (0)20 7556 1063
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
2010 2009
GBP GBP
Revenue 8,498,436 10,327,407
Cost of sales (7,694,878) (9,915,477)
Gross profit 803,558 411,930
Administrative expenses (1,601,582) (2,175,176)
Share based payments - (241,665)
Loans written off - (267,777)
Operating loss (798,024) (2,272,688)
Net finance costs (74,191) (160,674)
Loss before income tax (872,215) (2,433,362)
Income tax credit 244,044 596,011
Total comprehensive loss for the
year (628,171) (1,837,351)
============ ============
Loss per share
- basic (p) (0.36) (1.08)
============ ============
- diluted (p) (0.36) (1.08)
============ ============
All amounts relate to continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010
2010 2009
GBP GBP
ASSETS
Non-current assets
Intangible assets 15,816,529 15,816,529
Property, plant and equipment 140,587 188,828
Deferred income tax assets 664,240 425,040
----------- -----------
16,621,356 16,430,397
----------- -----------
Current assets
Inventories 76,381 125,924
Trade and other receivables 2,224,408 3,366,770
Cash and cash equivalents 600,852 699,865
----------- -----------
2,901,641 4,192,559
TOTAL ASSETS 19,522,997 20,622,956
=========== ===========
EQUITY AND LIABILITIES
Share capital and reserves
Issued share capital 175,311 171,311
Share premium 608,074 492,074
Share based payments reserve 294,022 294,022
Merger reserve 12,951,180 12,951,180
Reverse acquisition reserve (2,856,756) (2,856,756)
Retained earnings (1,115,613) (487,442)
TOTAL EQUITY 10,056,218 10,564,389
----------- -----------
Current liabilities
Trade and other payables 3,245,601 3,985,842
Short-term borrowings 1,786,357 690,175
Finance lease liabilities 8,573 18,845
Income tax 30 38,031
5,040,561 4,732,893
Non-current liabilities
Loan notes 4,412,705 5,306,318
Finance lease liabilities 13,513 19,356
Provision for deferred taxation - -
TOTAL LIABILITIES 9,466,779 10,058,567
----------- -----------
TOTAL EQUITY AND LIABILITIES 19,522,997 20,622,956
=========== ===========
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010
2010 2009
GBP GBP
Cash flows from operating activities
Operating loss (798,024) (2,272,688)
Adjusted for:
Depreciation 46,839 54,933
Loss on disposal of fixed asset 3,091 138
Loans written off - 267,777
Share based payment - 241,665
Decrease in inventories 49,543 9,556
Decrease in receivables 1,008,542 827,277
Decrease in payables (778,501) (474,577)
Cash used in operating activities (468,510) (1,345,919)
Finance costs (37,501) (17,650)
Finance income 1,570 339
Taxation received 100,663 (667,983)
--------- -----------
Net cash outflow from operating activities (403,778) (2,031,213)
--------- -----------
Cash flows from investing activities
Purchase of equipment (9,630) (21,904)
Proceeds from sale of property, plant
and equipment 7,941 -
--------- -----------
Net cash outflow from investing activities (1,689) (21,904)
--------- -----------
Cash flows from financing activities
Proceeds from issue of shares 120,000 175,327
Finance lease rentals (16,115) (7,443)
Repayment of non-convertible loan
notes (420,621) (113,419)
Proceeds from short term loan loans 350,000 -
--------- -----------
Net cash flows generated from financing
activities 33,264 54,465
--------- -----------
Net decrease in cash and cash equivalents (372,203) (1,998,652)
Cash and cash equivalents brought
forward 9,690 2,008,342
Cash and cash equivalents carried
forward (362,513) 9,690
========= ===========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Share based Reverse
Share Share payments Merger acquisition Retained
capital premium reserve reserve reserve earnings Total
GBP GBP GBP GBP GBP GBP GBP
At 1 January
2009 169,558 318,500 52,357 12,951,180 (2,856,756) 1,349,909 11,984,748
Total
comprehensive
income - - - - - (1,837,351) (1,837,351)
Share based
payments - - 241,665 - - - 241,665
Shares issued
in period to
settle
creditor 1,753 173,574 - - - - 175,327
At 31 December
2009 171,311 492,074 294,022 12,951,180 (2,856,756) (487,442) 10,564,389
Shares issued
in period to
settle
creditor 4,000 116,000 - - - - 120,000
Total
comprehensive
income - - - - - (628,171) (628,171)
--------------
At 31 December
2010 175,311 608,074 294,022 12,951,180 (2,856,756) (1,115,613) 10,056,218
=========== =========== =========== ============== =============== =============== ===============
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2010
1 Preparation of non-statutory information
The financial information set out in this preliminary
announcement does not constitute statutory accounts
as defined in section 435 of the Companies Act 2006.
The consolidated balance sheet as at 31 December 2010
and the consolidated income statement, consolidated
statement of comprehensive income, consolidated cash
flow statement, consolidated statement of changes
in shareholders equity and associated notes for the
year then ended have been extracted from the Group's
2010 statutory financial statements upon which the
auditor's opinion is unqualified, and does not include
any statement under section 498 (2) or (3) of the
Companies Act 2006.
2 Post Balance Sheet Events
On 12 May 2011, it was announced that the Company
had raised GBP560,000 by way of a placing of 37,333,334
new ordinary shares of 0.1 pence each at a price of
1.5 pence per share. The proceeds of the issue will
be used to fund working capital and expenses of the
issue. The new shares issued represent approximately
17.56% of the Company's enlarged issued share capital.
On 29 June, it was announced that the Company had
issued 4,099,333 new ordinary shares of 0.1 pence
each at a price of 1.5 pence per share in settlement
of creditors.
Following these allotments, the Company had 216,744,454
ordinary shares of 0.1p each in issue.
3 Loss per share
The basic loss per share is calculated by dividing
the earnings attributable to equity shareholders by
the weighted average number of shares in issue. In
calculating the diluted loss per share, share warrants
outstanding have been taken into account where the
impact of these is dilutive.
The weighted average number of shares in the period
were:
2010 2009
Number Number
Basic Ordinary Shares of 0.1p each 172,648,673 170,879,375
Dilutive Ordinary Shares from warrants - -
Total diluted 172,648,673 170,879,375
=================================== ============================
In the year ended 31 December 2010, the conditions
attached to the warrants were not met and as such
there is no dilutive effect on the average weighted
number of ordinary shares or the diluted loss per
share.
3 Loss per share (continued)
2010 2009
Loss attributable to equity share holders of the parent GBP628,171 GBP1,837,351
=========================== =======================
Basic loss per share (p) (0.36) (1.08)
=========================== =======================
Diluted loss per share (p) (0.36) (1.08)
=========================== =======================
4 Preliminary Statement
Copies of the annual report for the year ended 31
December 2010 have been sent to shareholders and will
be available on the company's website www.mountfieldgroupplc.com
and from the company at 9 Hurricane Close Wickford
Business Park Wickford Essex SS11 8YR
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAKKEDDEFEEF
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