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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Veris | LSE:VERI | London | Ordinary Share | IE00B0JT3T79 | ORD EUR0.002 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVERI RNS Number : 0169A Veris PLC 01 October 2009 ? Veris plc Unaudited interim results for the 6 months ended 30 June 2009 30th September 2009 Highlights Veris plc ("Veris" or the "Group"), a leading provider of Integrated Support Services, today announces its financial results for the 6 months ended 30 June 2009. Financial highlights for the 6 months ended 30 June 2009 are as follows: +--------------------------+--------------+--------------+----------------+ | | | | Change | | 6 months ended 30 June | 2009 | 2008 | | | | Unaudited | Unaudited | | +--------------------------+--------------+--------------+----------------+ | | EUR'000 | EUR'000 | | +--------------------------+--------------+--------------+----------------+ | Revenue | 31,689 | 41,782 | -24% | +--------------------------+--------------+--------------+----------------+ | Divisional operating | 3,181 | 4,873 | -35% | | profit* | | | | +--------------------------+--------------+--------------+----------------+ | Operating | (9,413) | 3,153 | (399%) | | (loss)/profit** | | | | +--------------------------+--------------+--------------+----------------+ | (Loss)/Profit before tax | (10,248) | 1,983 | (617%) | +--------------------------+--------------+--------------+----------------+ | Diluted earnings per | (40.6c) | 6.0c | (777%) | | share | | | | +--------------------------+--------------+--------------+----------------+ | Adjusted diluted | 6.6c | 9.2c | (28%) | | earnings per share*** | | | | +--------------------------+--------------+--------------+----------------+ * Divisional operating profit is operating profit before intangible amortisation, goodwill impairment charge,loss on disposal of
Moving and Storage division, share based payment charges and Head Office costs. ** The operating loss for 2009 includes EUR12.0m comprising goodwill impairment charge on FM/PM Division andlosses associated with
the disposal of the Moving and Storage Division. *** The adjusted diluted eps calculation is based on profit attributable to ordinary shareholders adjusted foramortisation of intangible
assets, goodwill impairment charge, loss on disposal of the Moving and Storagedivision and share based payment charges.
For further information please contact +------------------------+------------------------+ | Veris plc | | +------------------------+------------------------+ | Niall McFadden, | +353 1 294 7080 | | Executive Chairman | | +------------------------+------------------------+ | | | +------------------------+------------------------+ | Davy Corporate Finance | | +------------------------+------------------------+ | Des Carville, Director | +353 1 679 6363 | +------------------------+------------------------+ Executive Chairman's Report I am pleased to present the results of Veris plc to its shareholders for the half year ended 30 June 2009. The financial performance for the six months ended 30 June 2009 has not been as strong as prior year with adjusted diluted EPS declining by 28%. This reflects lower revenue and profitability within our FM and PM divisions year on year. We have encountered a difficult trading environment in UK and Ireland where there has been a curtailment of client spending and some contract losses have occurred. The loss before taxation of EUR10.2m includes: oloss on disposal of M&S division of EUR2.9m ogoodwill impairment charge of EUR9.1m against the FM/PM division based on directors review at 30 June2009
Strategic Review Update Veris announced in March 2009 that it would embark on a strategic review of its businesses. The purpose of the strategic review is to ensure that Veris pursues a strategy which maximises shareholder value over the medium term. A further announcement will be made in due course. Organisation/Personnel The strategic review announced in March incorporated a full review of the cost structure of the Group and considered the necessity for certain head office costs in an environment where the Group is focusing solely on its FM/PM business which has a stand alone management team. A number of organisational changes have resulted from this review. Bernard Farrell resigned as Group CEO on 31 July 2009 in order to pursue a number of private investment opportunities. Declan Cassidy has replaced John O'Donoghue as Company Secretary. However, John will remain on as Group CFO until 30 October 2009 after which he is leaving to pursue an opportunity in the Venture Capital sector. Niall McFadden has assumed the role of Executive Chairman. The Group head office in Sandyford will be closed in due course. Divisional Performance Revenue and profits in the FM Division have declined year on year. This is driven largely by contractions in capital expenditure by clients and some contract losses. The sales pipeline is quite strong but delays in decision making by potential clients in the current economic climate is affecting performance. Operating profit has declined due to margin pressure. However, strong cost management is helping to mitigate this and maintain profitability levels. The PM Division has also seen pressure on revenue and profits year on year. The operating profit decline is due largely to one contract loss. However, as in the FM Division, strong cost management is having a positive effect on profitability levels. Our challenge going forward is to focus on client retention in an increasingly competitive environment. The M&S division was sold in March. Revenue from this division of EUR1.2m and an operating loss of (EUR0.4m) are included in the Group's half year 2009 results. The M&S result for the comparative period in the prior year was revenue of EUR5.1m and an operating loss of (EUR0.5m). The performance of the Group has benefitted at an earnings level as a consequence of this disposal. Balance Sheet Net Debt increased by EUR0.8m from 31 December 2008 to 30 June 2009 and now stands at EUR29.9m. This increase was largely due to a negative movement in the sterling exchange rate in the period which inflated the sterling loan by EUR1.4m. The Group had a cash balance of EUR6.6m at the period end. Outlook The first half of 2009 has seen a decline in revenue and profitability. We remain confident of maintaining the Group's market position in a tough environment. The Group performed in line with our expectations for the first six months of 2009. However, we are seeing a trend of customers reducing their property management and facilities management expenditure. This reduction in spend in conjunction with some delays in awarding contracts is impacting revenue and profits. We are also seeing larger customers placing increased importance on strength of balance sheet - particularly for multi-year and multi-location tenders. We expect these trends to continue and accelerate into the second half of 2009 and accordingly we believe that 2009 will be a year of lower revenue and profitability than 2008. We are hopeful that these trends will over time decelerate and ultimately reverse in due course and that the integration of the FM/PM division and disposal of the loss making M&S division positions the company well for the future. Niall McFadden Executive Chairman Veris plc financial results CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2009 +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | 6 months | 6 months | 6 months | 6 months | 6 months | 6 months | | | | ended | ended | ended | ended | ended | ended | | | | 30-Jun-09 | 30-Jun-09 | 30-Jun-09 | 30-Jun-08 | 30-Jun-08 | 30-Jun-08 | | | Notes | EUR000s | Dis-continued | EUR000s | EUR000s | Dis-continued | EUR000s | | | | Continuing | | Total | Continuing | | Total | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Revenue | | 30,489 | 1,200 | 31,689 | 36,691 | 5,091 | 41,782 | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Cost of sales | | (22,914) | (656) | (23,570) | (26,765) | (2,494) | (29,259) | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Gross profit | | 7,575 | 544 | 8,119 | 9,926 | 2,597 | 12,523 | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Operating costs | | (4,313) | (944) | (5,257) | (5,452) | (3,060) | (8,512) | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Operating profit before | 2 | 3,262 | (400) | 2,862 | 4,474 | (463) | 4,011 | | intangible amortisation, | | | | | | | | | impairment charges and | | | | | | | | | share based payments | | | | | | | | | expense | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Share based payments | | 74 | - | 74 | (329) | - | (329) | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Goodwill impairment charge | | (9,129) | - | (9,129) | - | - | - | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Intangible amortisation | | (279) | - | (279) | (446) | (83) | (529) | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Operating (loss)/profit | | | | | | | | | before | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | loss on disposal of | | (6,072) | (400) | (6,472) | 3,699 | (546) | 3,153 | | subsidiary | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Loss on disposal of | | - | (2,941) | (2,941) | - | - | - | | subsidiary | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Operating (loss)/profit | | (6,072) | (3,341) | (9,413) | 3,699 | (546) | 3,153 | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Finance income | | 102 | - | 102 | 541 | - | 541 | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Finance costs | | (937) | - | (937) | (1,695) | (16) | (1,711) | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | (Loss)/profit before | | (6,907) | (3,341) | (10,248) | 2,545 | (562) | 1,983 | | taxation | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Income tax expense | | (304) | - | (304) | (454) | 60 | (394) | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | (Loss)/profit for the | | | | (10,552) | | | 1,589 | | financial period | | (7,211) | (3,341) | | 2,091 | (502) | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | (Loss)/earnings per share - | 3 | (27.7) | (12.8) | (40.6) | 8.1 | (1.9) | 6.2 | | basic (cent) | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Diluted (Loss)/earnings per | 3 | (27.7) | (12.8) | (40.6) | 7.9 | (1.9) | 6.0 | | share (cent) | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Adjusted earnings per share | 3 | 8.2 | (1.5) | 6.6 | 11.1 | (1.6) | 9.5 | | - basic (cent) | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | Adjusted diluted earnings | 3 | 8.1 | (1.5) | 6.6 | 10.8 | (1.6) | 9.2 | | per share (cent) | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ | | | | | | | | | +-----------------------------+--------+--------------+---------------+--------------+--------------+---------------+------------+ CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 JUNE 2009 +------------------------------------------+--+-----------+-----------+ | | | 6 months | 6 months | | | | ended | ended | | | | 30-Jun-09 | 30-Jun-08 | | | | EUR000's | EUR000's | +------------------------------------------+--+-----------+-----------+ | Items of income and expense recognised | | | | | directly in equity | | | | +------------------------------------------+--+-----------+-----------+ | | | | | +------------------------------------------+--+-----------+-----------+ | Foreign exchange translation adjustment | | (1,235) | 931 | +------------------------------------------+--+-----------+-----------+ | Actuarial gain on defined benefit | | 119 | - | | pension | | | | +------------------------------------------+--+-----------+-----------+ | Deferred tax effect of actuarial gain | | (15) | - | +------------------------------------------+--+-----------+-----------+ | (Loss) on cashflow hedge reserve | | (17) | - | +------------------------------------------+--+-----------+-----------+ | | | | | +------------------------------------------+--+-----------+-----------+ | Net income recognised directly in equity | | (1,148) | 931 | +------------------------------------------+--+-----------+-----------+ | | | | | +------------------------------------------+--+-----------+-----------+ | (Loss)/profit for the period | | (10,552) | 1,589 | +------------------------------------------+--+-----------+-----------+ | Total recognised income and expense for | | (11,700) | 2,520 | | the period, all attributable to equity | | | | | shareholders | | | | +------------------------------------------+--+-----------+-----------+ Veris plc +--------------------------------------------+-----------+-----------+-----------+-----------+ | CONDENSED CONSOLIDATED STATEMENT OF | Notes | 30-Jun-09 | 30-Jun-08 | 31-Dec-08 | | FINANCIAL POSITION AS AT 30 JUNE 2009 | | EUR000's | EUR000's | EUR000's | +--------------------------------------------+-----------+-----------+-----------+-----------+ | ASSETS | | Unaudited | Unaudited | Audited | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Non-current assets | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Goodwill | 4 | 49,074 | 67,178 | 58,203 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Intangible assets | | 4,491 | 9,096 | 4,770 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Property, plant and equipment | | 795 | 2,580 | 844 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Deferred tax assets | | 97 | 130 | 203 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total non-current assets | | 54,457 | 78,984 | 64,020 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Current assets | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Inventories | | 297 | 398 | 163 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Trade and other receivables | | 13,112 | 16,790 | 13,257 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Other financial assets | | 23,633 | 32,356 | 25,367 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Cash and cash equivalents | | 6,632 | 6,135 | 8,489 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | | | 43,674 | 55,679 | 47,276 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Assets classified as held for sale | | - | - | 4,010 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total current assets | | 43,674 | 55,679 | 51,286 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total assets | | 98,131 | 134,663 | 115,306 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | EQUITY | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Share capital | | 52 | 52 | 52 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Capital redemption reserve fund | | 1 | - | - | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Share premium | | 23,186 | 23,186 | 23,186 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Cashflow hedge reserve | | (641) | - | (624) | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Share based payment reserve | | 416 | 1,483 | 1,015 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Foreign currency translation reserve | | 1,192 | 890 | 2,427 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Retained earnings | | (7,679) | 11,353 | 2,437 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total Equity | | 16,527 | 36,964 | 28,493 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | LIABILITIES | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Non-current liabilities | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Interest-bearing liabilities | | 32,612 | 37,635 | 33,309 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Earn-out obligations | | - | 784 | - | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Deferred tax | | 1,251 | 2,035 | 1,342 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Retirement benefit obligations | | 1,177 | 261 | 1,296 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Derivative liability | | 276 | - | 292 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total non-current liabilities | | 35,316 | 40,715 | 36,239 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Current liabilities | | | | | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Interest-bearing liabilities | | 3,955 | 4,213 | 3,817 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Service obligations | | 23,633 | 32,356 | 25,367 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Trade and other payables | | 17,639 | 19,363 | 18,550 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Current tax liabilities | | 696 | 941 | 472 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Earn-out obligations | | - | 111 | - | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Derivative liability | | 365 | - | 332 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | | | 46,288 | 56,984 | 48,538 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Liabilities classified as held for sale | | - | - | 2,036 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total current liabilities | | 46,288 | 56,984 | 50,574 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total liabilities | | 81,604 | 97,699 | 86,813 | +--------------------------------------------+-----------+-----------+-----------+-----------+ | Total equity and liabilities | | 98,131 | 134,663 | 115,306 | +--------------------------------------------+-----------+-----------+-----------+-----------+ Veris plc CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2009 +----------------------------------------------+---------------+----------------+ | | 6 months | 6 months | | | ended | ended | | | 30-Jun-09 | 30-Jun-08 | | | EUR000's | EUR000's | +----------------------------------------------+---------------+----------------+ | | Unaudited | Unaudited | +----------------------------------------------+---------------+----------------+ | | | | +----------------------------------------------+---------------+----------------+ | Cash flows from operating activities | | | +----------------------------------------------+---------------+----------------+ | (Loss)/profit for the financial period | (10,552) | 1,589 | +----------------------------------------------+---------------+----------------+ | Adjustments for: | | | +----------------------------------------------+---------------+----------------+ | Depreciation of property, plant & equipment | 248 | 420 | +----------------------------------------------+---------------+----------------+ | (Profit) on disposal of property, plant and | (2) | (40) | | equipment | | | +----------------------------------------------+---------------+----------------+ | Loss on disposal of subsidiary | 2,941 | - | +----------------------------------------------+---------------+----------------+ | Goodwill impairment charge | 9,129 | - | +----------------------------------------------+---------------+----------------+ | Amortisation of intangible assets | 279 | 529 | +----------------------------------------------+---------------+----------------+ | Finance income | (102) | (541) | +----------------------------------------------+---------------+----------------+ | Finance expenses | 937 | 1,711 | +----------------------------------------------+---------------+----------------+ | Income tax expense | 304 | 394 | +----------------------------------------------+---------------+----------------+ | Pension charge | 264 | 232 | +----------------------------------------------+---------------+----------------+ | Pension contributions made | (264) | (240) | +----------------------------------------------+---------------+----------------+ | (Credit)/charge in respect of share awards | (74) | 329 | +----------------------------------------------+---------------+----------------+ | Cash flows from operating activities | | | +----------------------------------------------+---------------+----------------+ | before charges in working capital | 3,108 | 4,383 | +----------------------------------------------+---------------+----------------+ | Movement in receivables | 255 | 1,333 | +----------------------------------------------+---------------+----------------+ | Movement in inventories | (110) | 233 | +----------------------------------------------+---------------+----------------+ | Movement in payables | (1,452) | 282 | +----------------------------------------------+---------------+----------------+ | Cash generated from operations | 1,801 | 6,231 | +----------------------------------------------+---------------+----------------+ | Income taxes (paid)/recovered | (80) | 143 | +----------------------------------------------+---------------+----------------+ | Net cash inflow from operating activities | 1,721 | 6,374 | +----------------------------------------------+---------------+----------------+ | | | | +----------------------------------------------+---------------+----------------+ | Cash flows from investing activities | | | +----------------------------------------------+---------------+----------------+ | Interest received | 102 | 541 | +----------------------------------------------+---------------+----------------+ | (Sale)/acquisition of subsidiaries, net of | (608) | 443 | | cash acquired | | | +----------------------------------------------+---------------+----------------+ | Purchase of property, plant and equipment | (47) | (266) | +----------------------------------------------+---------------+----------------+ | Net cash (outflow)/inflow from investing | (553) | 718 | | activities | | | +----------------------------------------------+---------------+----------------+ | | | | +----------------------------------------------+---------------+----------------+ | Cash flows from financing activities | | | +----------------------------------------------+---------------+----------------+ | Repayment of interest-bearing loans | (1,931) | (2,356) | +----------------------------------------------+---------------+----------------+ | Interest paid | (900) | (2,386) | +----------------------------------------------+---------------+----------------+ | Finance lease payments | (76) | (138) | +----------------------------------------------+---------------+----------------+ | Share buyback | (118) | - | +----------------------------------------------+---------------+----------------+ | Proceeds from exercise of share options | - | 2 | +----------------------------------------------+---------------+----------------+ | Net cash (outflow) from financing activities | (3,025) | (4,878) | +----------------------------------------------+---------------+----------------+ | Net (decrease)/increase in cash and cash | (1,857) | 2,214 | | equivalents | | | +----------------------------------------------+---------------+----------------+ | Cash & cash equivalents at beginning of | 8,489 | 3,921 | | period | | | +----------------------------------------------+---------------+----------------+ | | | | +----------------------------------------------+---------------+----------------+ | Cash & cash equivalents at end of period | 6,632 | 6,135 | +----------------------------------------------+---------------+----------------+ Veris plc CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2009 +-------------------------------+---------+------------+----------+-------------+----------+---------------------------------+------------+------------+----------+ | | Share | Share | Share | Foreign | Cashflow hedge reserve EUR000s | Capital | Retained | Total | | | capital | premium | based | currency | | redemption | earnings | | | | | | payment | translation | | reserve | | | | | EUR000s | EUR000s | reserve | reserve | | Fund | EUR000s | EUR000s | | | | | EUR000s | EUR000s | | EUR000s | | | +-------------------------------+---------+------------+----------+-------------+--------------------------------------------+------------+------------+----------+ | Balance at 1 January 2009 | 52 | 23,186 | 1,015 | 2,427 | (624) | - | 2,437 | 28,493 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Shares issued | 1 | - | - | - | - | - | - | 1 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Redemption of shares | (1) | - | - | - | - | 1 | (193) | (193) | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Share based payments credit | - | - | (74) | - | - | - | - | (74) | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Transfer on exercise of share | - | - | (525) | - | - | - | 525 | - | | options | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Actuarial gain on defined | - | - | - | - | - | - | 119 | 119 | | benefit pension schemes | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Related deferred tax | - | - | - | - | - | - | (15) | (15) | | (liability) | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | (Loss) for the financial | - | - | - | - | - | - | (10,552) | (10,552) | | period | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Translation adjustments | - | - | - | (1,235) | - | - | - | (1,235) | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Loss on hedged derivatives | - | - | - | - | (17) | - | - | (17) | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Balance at 30 June 2009 | 52 | 23,186 | 416 | 1,192 | (641) | 1 | (7,679) | 16,527 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | | Share | Share | Share | Foreign | Cashflow | Capital redemption reserve Fund | Retained | Total | | | capital | premium | based | currency | hedge | EUR000s | earnings | | | | | | payment | translation | reserve | | | | | | EUR000s | EUR000s | reserve | reserve | EUR000s | | EUR000s | EUR000s | | | | | EUR000s | EUR000s | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Balance at 1 January 2008 | 52 | 23,118 | 1,154 | (41) | - | - | 9,764 | 34,047 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Shares issued | - | 68 | - | - | - | - | - | 68 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Share based payments charge | - | - | 329 | - | - | - | - | 329 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Profit for the financial | - | - | - | - | - | - | 1,589 | 1,589 | | period | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Translation adjustments | - | - | - | 931 | - | - | - | 931 | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | | | | | | | | | | +-------------------------------+---------+------------+----------+-------------+----------+----------------------------------------------+------------+----------+ | Balance at 30 June 2008 | 52 | 23,186 | 1,483 | 890 | - | - | 11,353 | 36,964 | +-------------------------------+---------+------------+----------+-------------+----------+---------------------------------+------------+------------+----------+ Veris plc Notes supporting financial information for the 6 months ended 30 June 2009 1. Basis of preparation and accounting policies The information in this document does not include all the disclosures required by International Financial Reporting Standards in full annual statutory accounts and it should be read in conjunction with the Group's annual accounts for the year ended 31 December 2008. The interim financial information has been prepared in accordance with recognition and measurement requirements of International Financial Reporting Standards (IFRS) as endorsed by the European Commission. The accounting policies and methods of computation adopted in the preparation of the financial information are, except as noted below, consistent with those set out in the Group's consolidated accounts for the year ended 31 December 2008 which were prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU Commission. The preparation of the interim financial information requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of certain assets, liabilities, revenues and expenses together with disclosure of contingent assets and liabilities. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The interim financial information for both the six months ended 30 June 2009 and the comparative six months ended 30 June 2008 are unaudited. The financial information for the year ended 31 December 2008 represents an abbreviated version of the Group's statutory accounts for that year. Those accounts contained an unqualified audit report and are available on the company website www.verisplc.ie Changes in accounting policies A number of changes in accounting policies arise in the current period from the adoption of new or revised International Financial Reporting Standards as follows: * IFRS 8, Operating segments, which became effective on 1 January 2009, sets out the requirements for disclosure of financial and descriptive information about an entity's operating segments, its products and services, the geographical areas in which it operates and its major customers. The adoption of this standard has not had a significant impact on the Group's financial reporting. * IAS 23, Borrowing costs, has been revised with effect from 1 January 2009. Consequently, the Group is now required to capitalise borrowing costs, to the extent that they are directly attributable to the acquisition, production and construction of a qualifying asset, as part of the cost of that asset. This change in accounting policy has had no impact on the Group's financial reporting to date as the Group currently has no qualifying borrowings. * IAS 1, Presentation of financial statements, has been revised with effect from 1 January 2009. The standard introduces a "statement of comprehensive income" and effectively replaces the statement of recognised income and expense. The Group has adopted the "two separate statements" approach of presenting income and expense within an income statement as before and components of other comprehensive income within a statement of comprehensive income. The Group also now presents a statement of changes in equity as a primary statement. The financial information is presented in euro, rounded to the nearest thousand. 2. Operating (loss)/profit +-----------------------------------------+--------------+--------------+ | | 6 months | 6 months | | | ended | ended | | | 30-Jun 09 | 30-Jun-08 | | | EUR000's | EUR000's | +-----------------------------------------+--------------+--------------+ | | Unaudited | Unaudited | +-----------------------------------------+--------------+--------------+ | Operating (loss)/profit for the period | | | | is stated after charging : | | | +-----------------------------------------+--------------+--------------+ | | | | +-----------------------------------------+--------------+--------------+ | Goodwill impairment charge | 9,129 | - | +-----------------------------------------+--------------+--------------+ | Amortisation of intangible assets | 279 | 529 | +-----------------------------------------+--------------+--------------+ | Share based payment (credit)/charge | (74) | 329 | +-----------------------------------------+--------------+--------------+ | Loss on disposal of subsidiary | 2,941 | - | +-----------------------------------------+--------------+--------------+ | Depreciation | 248 | 420 | +-----------------------------------------+--------------+--------------+ 3. Earnings per Share +--------------------------------------+--+--------------+--------------+ | | | 6 months | 6 months | | | | ended | ended | | | | 30-Jun-09 | 30-Jun-08 | | | | EUR000's | EUR000's | +--------------------------------------+--+--------------+--------------+ | | | Unaudited | Unaudited | +--------------------------------------+--+--------------+--------------+ | (Loss)/profit attributable to | | (10,552) | 1,589 | | ordinary shareholders | | | | +--------------------------------------+--+--------------+--------------+ | Weighted average number of ordinary | | 26,010,081 | 25,829,258 | | shares in issue during the period | | | | +--------------------------------------+--+--------------+--------------+ | | | | | +--------------------------------------+--+--------------+--------------+ | Dilutive effect of share options | | 180,489 | 664,543 | +--------------------------------------+--+--------------+--------------+ | Weighted average number of ordinary | | 26,190,570 | 26,493,801 | | shares used for calculation of | | | | | diluted earnings per share | | | | +--------------------------------------+--+--------------+--------------+ | | | | | +--------------------------------------+--+--------------+--------------+ | Adjusted earnings per share is | | | | | calculated using the number of | | | | | shares as set out above and using | | | | | the following profit after tax: | | | | +--------------------------------------+--+--------------+--------------+ | | | 6 months | 6 months | | | | ended | ended | | | | 30-Jun-09 | 30-Jun-08 | | | | EUR000's | EUR000's | +--------------------------------------+--+--------------+--------------+ | | | Unaudited | Unaudited | +--------------------------------------+--+--------------+--------------+ | (Loss)/profit attributable to | | (10,552) | 1,589 | | ordinary shareholders | | | | +--------------------------------------+--+--------------+--------------+ | | | | | +--------------------------------------+--+--------------+--------------+ | Goodwill impairment charge | | 9,129 | - | +--------------------------------------+--+--------------+--------------+ | Amortisation of intangible assets | | 279 | 529 | +--------------------------------------+--+--------------+--------------+ | Share based payment (credit)/charge | | (74) | 329 | +--------------------------------------+--+--------------+--------------+ | Loss on disposal of subsidiary | | 2,941 | - | +--------------------------------------+--+--------------+--------------+ | Adjusted profit after tax | | 1,723 | 2,447 | +--------------------------------------+--+--------------+--------------+ | | | | | +--------------------------------------+--+--------------+--------------+ | (Loss)/earnings per share - basic | | (40.6) | 6.2 | | (cent) | | | | +--------------------------------------+--+--------------+--------------+ | Diluted (loss)/earnings per share | | (40.6) | 6.0 | | (cent) | | | | +--------------------------------------+--+--------------+--------------+ | Adjusted earnings per share - basic | | 6.6 | 9.5 | | (cent) | | | | +--------------------------------------+--+--------------+--------------+ | Adjusted diluted earnings per share | | 6.6 | 9.2 | | (cent) | | | | +--------------------------------------+--+--------------+--------------+ (i) Basic (loss)/earnings per share is calculated by dividing the profit after tax attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. (ii) Diluted earnings per ordinary share is calculated by dividing the profit after tax attributable to ordinary shareholders by the diluted weighted average number of ordinary shares. (iii) Adjusted basic earnings per share is calculated by dividing the adjusted profit after tax attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period. (iv) Adjusted diluted earnings per ordinary share is calculated by dividing the adjusted profit after tax attributable to ordinary shareholders by the diluted weighted average number of ordinary shares. 4. Goodwill Goodwill has been adjusted to reflect an impairment charge on the FM/PM division of EUR9,129,000 taken in the period. This reduces Goodwill from EUR58,203,000 at 31st December 2008 to EUR49,074,000 at 30th June 2009. This information is provided by RNS The company news service from the London Stock Exchange END IR IFFFVATIIVIA
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