![](/cdn/assets/images/search/clock.png)
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 |
---|---|---|---|---|---|
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 : 9278S
Mountfield Group plc
30 September 2014
30 September 2014
Mountfield Group Plc
(the "Company" or the "Group")
Half-yearly report to 30 June2014
Mountfield Group plc (the "Group"), the AIM listed construction company specialising in building, fitting out and refurbishing commercial buildings and, in particular, data centres, announces its half-yearly report to 30 June 2014.
-- Gross profit of GBP0.8m (2013: GBP1.0m) on revenue of GBP5.6m (GBP5.2m). -- Group margins decreased from 19.6% to 15.0%.
-- Mountfield Building Group Limited ("Mountfield") revenues reduced by 14% to GBP2.2m due to contract starts delayed into H2. Margins fell from 18.6% to 4.3% due to less payment than anticipated being received on a major contract and also extra staff costs of employees recruited to increase the number of contracts that the Group is able to process.
-- Connaught Access Flooring Limited ("Connaught") revenues increased by 20% to GBP3.4m with a improvement in margins from 19.9% to 22.1%.
-- Cash used in operations was GBP430k against cash generated from operations of GBP197k in the corresponding period of 2013.
-- Administrative expenses increased to GBP0.82m (GBP0.76m) -- Pre-tax profits decreased to GBP4k from GBP236k. -- Group pipeline and level of activity remain high. -- Directors confident for Group's prospects for 2014 and beyond.
Graham Read, Chief Executive Officer,said:
"Demand for the Group's services remaining strong in the first half of 2014 but as a result of margins coming under pressure (in particular on one of Mountfield's contracts) and starts being deferred on some others, pre-tax profits during the period were reduced to a level (GBP4k) below those achieved in the same period of 2013 (GBP236k). This reduction does not reflect a general weakening in the Group's business or of its prospects as the change in strategy for Mountfield that put increased emphasis on fit-out and building fabric repair work is producing additional work, contacts and opportunities and demand for its services in the data centre construction area remain strong. It does however reflect a lower than expected payment being received from the main contractor on a major contract.
In addition Connaught has made another strong contribution to the Group's performance.
The Directors do not believe that the problems that affected the Group profits in the first half of 2014 will impact on the Group in the longer term. The Group is currently in late stage negotiations on a number of significant contracts which, if concluded as expected, will result in a satisfactory performance for the year as a whole."
Mountfield Group Plc Peter Jay, Chairman Graham Read, Chief Executive Officer +44 (0)1268 561 516 WH Ireland (Nominated Adviser) Chris Fielding +44 (0)20 7220 1666
Chairman and CEO's Statement
The reduction in the Group's pre-tax profits in the first half of 2014 from GBP236k (2013) to GBP4k despite revenue increasing to GBP5.6m from GBP5.3m (2013) was caused principally by the reduction in projected margin on a major contract that was undertaken by Mountfield referred to above and the delayed start on certain of its other contracts.
The composition of the Group's construction activities continues to change as it makes increased efforts to acquire business in the areas of fit-out of office, industrial and leisure premises and on building fabric repair work. These efforts have led in recent weeks to Mountfield being awarded contracts for work with an aggregate value of GBP1.5m. In addition demand for the Group's services, both in terms of construction (Mountfield) and flooring (Connaught) in the data centre field, remain high. With the Group's pipeline remaining at high levels the prospects for the second half of the year remain extremely encouraging.
The first half of the year saw Group margins slip back to the figure last seen in 2012 (15.0%) but an improvement is anticipated in the second half of the year as the Group's undertakes more higher margin work.
The first half of 2014 has seen another strong performance by Connaught. Its reputation for completing large flooring projects has produced contracts in respect of major new office developments with new ones being already under negotiation.
The Directors do not believe that the problems that affected the Group profits in the first half of 2014 will impact on the Group in the longer term. The Group is currently in late stage negotiations on a number of significant contracts which, if concluded as expected, will result in a satisfactory performance for the year as a whole."
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2014
6 months 6 months 12 months to 30 June to to 2014 30 June 31 December 2013 2013 (unaudited) (unaudited) (audited) Note GBP GBP GBP Revenue 5,608,294 5,227,055 12,312,140 Cost of sales (4,765,697) (4,203,485) (9,865,759) ------------ ------------ ------------- Gross profit 842,598 1,023,570 2,446,381 Administrative expenses (824,105) (756,566) (1,601,870) ------------ ------------ ------------- Operating Profit 18,493 267,004 844,512 Net finance (costs)/income (14,102) (31,169) (79,173) ------------ ------------ ------------- Profit before income tax 4,391 235,835 765,339 Income tax expense 3 (7,481) (57,756) (262,279) ------------ ------------ ------------- Total comprehensive (loss)/profit for the period (3,090) 178,079 502,760 ============ ============ ============= Earnings per share 4 Basic & diluted (0.001)p 0.08p 0.22p There are no recognized gains and losses other than those passing through the Statement of Comprehensive Income
Condensed consolidated statement of financial position
As at 30 June 2014
30 June 30 June 2013 31 December 2014 2013 (Unaudited) (Unaudited) (audited) GBP GBP GBP ASSETS Non-current assets Intangible assets 10,788,521 10,788,521 10,788,521 Property, plant and equipment 111,672 121,814 114,384 Deferred income tax assets 428,756 599,986 428,756 ------------------ ------------------ ------------ 11,328,949 11,510,321 11,331,661 ------------------ ------------------ ------------ Current assets Inventories 79,474 78,588 80,488 Trade and other receivables 2,688,090 2,851,689 3,243,910 Cash and cash equivalents 678,567 195,038 313,675 3,446,131 3,125,314 3,638,073 ------------------ ------------------ ------------ TOTAL ASSETS 14,775,081 14,635,636 14,969,734 ================== ================== ============ EQUITY AND LIABILITIES Share capital and reserves Issued share capital 254,244 216,744 254,244 Share premium 1,490,682 1,120,432 1,490,682 Share based payments reserve 342,779 329,771 337,279 Merger reserve 12,951,180 12,951,180 12,951,180 Reverse acquisition reserve (2,856,755) (2,856,756) (2,856,756) Retained earnings (6,326,064) (6,654,170) (6,322,974) ------------------ ------------------ ------------ TOTAL EQUITY 5,856,066 5,107,201 5,853,656 ------------------ ------------------ ------------ Current liabilities Trade and other payables 3,538,910 4,181,966 4,557,390 Short-term borrowings 2,114,600 1,718,892 1,087,665 Finance lease liabilities 8,735 5,439 6,917 Current tax payable 98,831 64,478 91,350 ------------------ ------------------ ------------ 5,761,076 5,970,775 5,743,322 Non-current liabilities Loan notes 3,152,893 3,553,475 3,363,029 Finance lease liabilities 5,046 4,184 9,727 TOTAL LIABILITES 8,919,015 9,528,435 9,116,078 ------------------ ------------------ ------------ TOTAL EQUITY & LIABILITIES 14,775,081 14,635,636 14,969,734 ================== ================== ============
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2014
Share Share premium Other Capital Reverse Merger Retained Total capital reserves redemption Acquisition reserve earnings GBP reserve reserve GBP GBP GBP GBP GBP GBP GBP Balance at 1 January 2013 216,744 1,120,432 320,960 - (2,856,755) 12,951,180 (6,832,250) 4,920,310 Total comprehensive income - - - - - - 178,079 178,079 Share based payments - - 8,811 - - - - 8,811 --------- ----------------- ---------- --------------------------- --------------- ------------ ------------------- ------------------ Balance at 30 June 2013 216,744 1,120,432 329,771 - (2,856,755) 12,951,180 (6,654,171) 5,107,201 --------- ----------------- ---------- --------------------------- --------------- ------------ ------------------- ------------------ Balance at 1 July 2013 216,744 1,120.432 329,771 - (2,856,755) 12,951,180 (6,654,171) 5,107,201 Total comprehensive income - - - - - - 324,681 324,681 Shares issued in period 45,000 405,000 - - - - - 450,000 Share cancelled in period (7,500) - - 7,500 - - - - Cost of shares issued - (34,750) - - - - - (34,750) Share based payments - - 6,524 - - - - 6,524 Cancelled share options - - (6,516) - - - 6,516 - Balance at 31 December 2013 254,244 1,490,682 329,779 7,500 (2,856,755) 12,951,180 (6,322,974) 5,853,656 --------- ----------------- ---------- --------------------------- --------------- ------------ ------------------- ------------------ Balance at 1 January 2014 254,244 1,490,682 329,779 7,500 (2,856,755) 12,951,180 (6,322,974) 5,853,656 Total comprehensive loss - - - - - - (3,090) (3,090) Share based payment - - 5,500 - - - - 5,500 --------- ----------------- ---------- --------------------------- --------------- ------------ ------------------- ------------------ Balance at 30 June 2014 254,244 1,490,682 335,279 7,500 (2,856,755) 12,951,180 (6,326,064) 5,856,066 --------- ----------------- ---------- --------------------------- --------------- ------------ ------------------- ------------------
Condensed consolidated cash flow statement
For the six months ended 30 June 2014
6 months to 6 months 12 months 30 June 2014 to to 30 June 2013 31 December (unaudited) 2013 (unaudited) (audited) GBP GBP GBP Cash from operating activities: Operating profit 18,493 267,004 844,512 Adjusted for: Depreciation 7,248 8,299 18,042 Loss on disposal of property, - - - plant and equipment Share based payment provision 5,500 8,810 15,335 (Increase)/ decrease in inventories 1,014 (3,021) 1,517 (Increase)/ decrease in trade and other receivables 555,820 (623,205) (1,015,430) (Decrease)/ increase in trade and other payables (1,018,480) 570,540 1,114,529 -------------- -------------- ------------- Cash (used in)/ generated by operations (430,405) 228,427 978,505 Finance costs (17,565) (34,850) (86,393) Finance income 3,463 3,681 7,220 Taxation paid - - (6,692) Net cash (outflow)/inflow from operating activities (444,507) 197,257 892,640 -------------- -------------- ------------- Cash flows from investing activities Purchase of equipment (4,538) (13,679) (15,994) Proceeds from sale of equipment - - - Net cash flows from used in investing activities (4,538) (13,679) (15,994) -------------- -------------- ------------- Cash flows from financing activities: Proceeds from issue of shares - - 450,000 Costs of shares issued - - (34,750) Finance lease rentals (2,863) (6,205) 816 Repayment of non-convertible loan notes (219,636) (165,446) (351,392) Proceeds from short-term loans 200,000 150,000 30,904 -------------- -------------- ------------- Net cash flows from financing activities (22,499) (21,651) 95,578 ============== ============== ============= Net (decrease)/increase in cash and cash equivalents (471,544) 161,927 972,224 Cash and cash equivalents brought forward 214,006 (758,219) (758,218) -------------- -------------- ------------- Cash and cash equivalents carried forward (257,538) (596,292) 214,006 ============== ============== =============
For the purposes of the cash flow statement, cash and cash equivalents comprise the following:
As at 30 As at 30 As at 31 December June 2014 June 2013 2013 GBP GBP GBP Cash at bank and in hand 678,567 195,038 313,675 Bank overdraft (936,10) (791,330) (99,669) (257,538) (596,292) (214,006) ============ =========== ================== 1. Notes to theInterim Report
Basis of preparation
The Group's interim financial statements for the six months ended 30 June 2014 were authorised for issue by the directors on 30 September 2014.
The consolidated interim financial statements, which are unaudited, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2013 have been filed with the registrar of companies at Companies House. The audit report on the statutory accounts for the year ended 31 December 2013 was unqualified and did not contain any statements under Section 498 (2) or (3) of the Companies Act 2006.
The annual financial statements of Mountfield Group Plc for the year ended 31 December 2014 will be prepared in accordance with International Financial Reporting Standards as adopted for use in the EU ("IFRS"). Accordingly, these interim financial statements have been prepared using accounting policies consistent with those which will be adopted by the Group in the financial statements and in compliance with IAS 34 "Interim financial reporting".
The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in theannual financial statements for the year ended 31 December 2013.
Basis of consolidation
The Group financial information consolidates that of the company and its subsidiaries.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
2. Segmental reporting
Segment information is presented in respect of the Group's business segments, which are based on the Group's management and internal reporting structure.
The chief operating decision-maker has been identified as the Board of Directors (the Board). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. Management have determined the operating segments based on these reports and on the internal report's structure.
Segment performance is evaluated by the Board based on revenue and profit before tax ("PBT"). Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis, such as centrally managed costs relating to individual segments and costs relating to land used in more than one individual segment.
Given that income taxes and certain corporate costs are managed on a centralised basis, these items are not allocated between operating segments for the purposes of the information presented to the Board and are accordingly omitted from the analysis below.
The Group comprises the following segments:
Mountfield
Direct contracting and trade contracting services to bothmain contractors and corporate end users.
Connaught
Providing raised flooring systems to bothmain contractors and corporateend users.
Land sourcing
Sourcing land and enhancing value.
Segmental operating performance
Six months to 30 Six months to Twelve months to June 2014 30 June 2013 31 December 2013 Segmental PBT Segmental PBT Segmental PBT revenue revenue revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- ------------------ ---------- -------- Construction 2,244 (413) 2,606 14 6,681 (15) Fit -out 3,371 546 2,714 359 5,791 365 Land sourcing - - - - - - -------------------- ------------------ ---------- -------- ---------- -------- 5,320 373 12,472 350 Inter-segmental revenue and unallocated costs (7) (129) (93) (138) (160) 415 -------------------- ------------------ ---------- -------- ---------- -------- 5,608 4 5,227 236 12,312 765 ==================== ================== ========== ======== ========== ========
Business segments assets and liabilities
Six months to Six months to Twelve months 30 June 2014 30 June 2013 to 31 December 2013 Segment Segment Segment Segment Segment Segment assets liabilities assets liabilities assets liabilities GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- ------------- Construction 1,764 3,681 1,456 3,935 2,388 4,195 Fit-out 2,151 1,385 2,311 1,543 1,764 1,059 Land sourcing - 2 - 2 - 2 -------- ------------- -------- ------------- -------- ------------- 3,915 5,068 3,767 5,480 4,152 5,254 Goodwill - Construction 5,914 - 5,914 - 5,914 - Goodwill - Fit-out 4,874 - 4,874 - 4,874 - Goodwill - Land - - - - sourcing - - Other unallocated assets & liabilities 72 3,844 81 4,048 30 3,862 14,775 8,912 14,636 9,528 14,970 9,116 ======== ============= ======== ============= ======== =============
Unallocated assets consist of deferred tax, trade and other receivables and cash held by the Parent Company. Unallocated liabilities consist of trade and other payables and interest bearing loans owed by the Parent Company.
Revenue by geographical destination
6 months 6 months 12 months to to 30 June to 30 June 31 December 2014 2013 2013 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 United Kingdom 5,431 3,624 9,092 Other EU 177 1,603 3,220 ------------ ------------ ------------- 5,608 5,227 12,312 ============ ============ =============
Total assets including property, plant and equipment and intangible assets are all held in the UK.
3. Income tax (expense)/credit (continuing operations) 6 months 6 months 12 months to to 30 June to 30 June 31 December 2014 2013 2013 (unaudited) (unaudited) (audited) GBP GBP GBP Current tax on income for the period (7,481) (57,756) (91,350) Deferred tax (expense)/credit - - (171,229) -------------------------- ---------------------- ------------- Income tax (expense)/credit in the income statement (7,481) (57,756) (262,579) ========================== ====================== ============= 4. Earnings per share
The basic earnings per share is calculated by dividing the earnings attributable to equity shareholders by theweighted average number of shares in issue. In calculating the diluted earnings per share, share options outstanding have been taken into account where the impact of these is dilutive.
The weighted average number of shares in the period was:
6 months 6 Months 12 months to 30 June to 30 June to 31 December 2014 2013 2013 (unaudited) (unaudited) (audited) number number number Basic ordinary shares of 0.1p each 254,244,454 216,744,454 231,169,112 Dilutive ordinary shares from - - - warrants & options ------------ ------------ ---------------- Total diluted 254,244,454 216,744,454 231,169,112 ------------ ------------ ----------------
In the six months to 30 June 2014, the exercise price of the options and warrants exceeded the average market price of ordinary shares in the period, thus there is no dilutive effect on the weighted average number of ordinary shares or the diluted earnings per share.
Earning attributable to equity shareholders of the parent
6 months 6 Months 12 months to 30 June to 30 June to 31 December 2014 2013 2013 (unaudited) (unaudited) (audited) Continuing operations Basic earnings / (loss) per share (0.001)p 0.08p 0.22p Diluted earnings / (loss) per share (0.001)p 0.08p 0.22p
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFEDASIAFIS
1 Year U.k. Spac Chart |
1 Month U.k. Spac 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