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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Volvere Plc | LSE:VLE | London | Ordinary Share | GB0032302688 | ORD 0.00001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,225.00 | 1,150.00 | 1,300.00 | 1,225.00 | 1,225.00 | 1,225.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 41.56M | -537k | -0.2292 | -53.45 | 28.71M |
TIDMVLE
RNS Number : 7013N
Volvere PLC
26 September 2019
- 26 September 2019
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2019
Volvere plc (AIM: VLE), the growth and turnaround investment company, announces its unaudited Interim Results for the six months ended 30 June 2019.
Highlights
GBP million except where stated Six months ended Year ended 30 June 30 June 31 December 2019 2018 2018 (as restated) (as restated) Group revenue 10.10 7.25 18.34 Group loss before tax from continuing (0.62) (0.65) (2.49) operations 2.45 0.91 21.10 Group profit for the period (including discontinued operations) As at As at As at 31 30 June 30 June December 2019 2018 2018 Consolidated net assets per share (excluding non-controlling interests)(1) GBP13.56 GBP6.75 GBP12.50 Group net assets 26.36 26.89 40.42 Cash and marketable securities 19.65 20.42 34.14
-- The Group's historical results have been restated to exclude the results of Impetus Automotive (disposed of in October 2018) and Sira Defence & Security (disposed of in May 2019). The sole remaining trading business is Shire Foods.
-- Shire Foods' revenues grew to a record level, with improved underlying profitability. -- Record net assets per share(1) of GBP13.56.
-- Balance sheet remains strong with high liquidity. Cash and marketable securities were lower than the prior year end, but broadly similar to the prior comparable period, at GBP19.6 million. The Group undertook two share buy-backs in June 2019, for a total consideration of GBP16.6 million. Cumulative share-buy backs to date now total GBP32.1 million.
Forward-looking statements:
This report may contain certain statements about the future outlook for Volvere plc. Although the directors believe their expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.
Notes
1 Based on the net assets attributable to owners of the parent company and the respective period end shares in issue (excluding treasury shares), which were 1,834,182 at 30 June 2019, 3,668,363 at 30 June 2018 and 3,118,109 at 31 December 2018.
2 Profit before intra-group management and interest charges is considered to be a relevant and useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the Group. Further information is included in the Chief Executive's statement and Financial Review.
For further information:
Volvere plc Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707 www.volvere.co.uk Cairn Financial Advisers LLP Sandy Jamieson/James Lewis Tel: + 44 (0) 20 7213 0880
Chairman's Statement
I'm pleased to report another encouraging set of results for the first half of 2019. The disposal of our security solutions business was completed successfully and our remaining trading business, Shire Foods Limited, performed ahead of the same period last year.
Net assets per share have reached a new record of GBP13.56* (30 June 2018: GBP6.75, 31 December 2018: GBP12.50). We remain positive about the outlook for our business and believe that the current economic and political uncertainty will provide further investment opportunities.
David Buchler
Chairman
26 September 2019
*Net assets attributable to owners of the parent company divided by total number of ordinary shares outstanding at the reporting date
(less those held in treasury) - see note 8.
Chief Executive's Statement
Following the sale of the Group's automotive consultancy, Impetus Automotive Limited ("Impetus"), in October 2018, we entered 2019 with two trading subsidiaries: Shire Foods Limited ("Shire"), our food manufacturing business and Sira Defence & Security Limited ("Sira"), our CCTV-viewing software business.
Sira was sold for GBP3.0 million on 23 May 2019 and the comparative results for 2018 have therefore been restated to exclude the trading operations of both Impetus and Sira. As a result, our trading operations now comprise solely Shire along with our central head office functions.
Shire performed better than the comparable period in 2018, but the payment of performance-related bonuses on the successful sale of Sira offset the effects of Shire's improved results. The performance of each of the Group's segments is set out below.
Food manufacturing
This segment comprises Shire, the Group's 80%-owned frozen pie and pasty manufacturing business, which was acquired in 2011. The company employs approximately 150 people and is based in Leamington Spa, United Kingdom.
Revenue grew by 39% to reach GBP10.10 million (30 June 2018: GBP7.25 million). This growth led to improved financial performance with a profit before tax and intra-Group management and interest charges** of GBP0.24 million, compared to a loss of GBP0.17 million for the six months to 30 June 2018 (31 December 2018: profit GBP0.85 million). Whilst this is pleasing, the pressure on margins from raw material cost increases and wage inflation remains ever-present.
We are actively responding to the increased demand for vegan products and have agreed several new products with retail customers. In addition, we have launched our own brand - Naughty Vegan - into the foodservice market.
In line with previous years, we expect that Shire's performance will be stronger in the second half of the year given the weighting of sales towards the winter months. We have continued to invest in Shire throughout 2019 and the additional investments have facilitated the revenue growth by increasing capacity. This will enable further opportunities to be sought in 2020.
Investing and management services
This segment represents our central functions covering Group management, finance and IT services. The loss before tax and intra-Group management and interest charges** for the period was GBP0.86 million (30 June 2018: loss GBP0.47 million, 31 December 2018: loss GBP3.35 million). The principal reason for the increased costs in 2019 is Group management and staff bonuses in relation to the sale of Sira.
Further segmental information is set out in the financial review below and in note 3.
Acquisitions and future strategy
Our strategy throughout 2019 remains as before - to deliver shareholder value through improving trading performance of our existing portfolio, identifying new opportunities, and investment realisations. The level of deal opportunities has increased since 2018 and we remain optimistic that we will identify new businesses in which to invest.
Jonathan Lander
Chief Executive
26 September 2019
**Profit before intra-Group management and interest charges is considered to be a relevant and useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the Group.
Financial Review
This financial review covers the Group's performance during the period ended 30 June 2019. It should be read in conjunction with the Chairman's and Chief Executive's Statements.
Overview
The disposal of Impetus in October 2018 and Sira in May 2019 has necessitated the restatement of the Group's previously published results for the periods ending 30 June 2018 and 31 December 2018. This enables improved comparability with the current period. The results of Impetus and Sira are included on the income statement as part of profit from discontinued operations.
Group revenue for the period grew to GBP10.10 million from GBP7.25 million in the prior comparable period (31 December 2018: GBP18.34 million). The increase arose from growth in Shire Foods, now the Group's sole trading subsidiary.
Group loss before tax on continuing operations was GBP0.62 million (30 June 2018: GBP0.65 million, year to 31 December 2018: GBP2.49 million). This included one-off incentive costs, relating to the disposal of Sira, amounting to GBP0.34 million.
The Group profit from discontinued operations was GBP3.08 million, reflecting the disposal of Sira (30 June 2018: GBP1.56 million, year to 31 December 2018: GBP23.2 million). The comparative figures for 2018 have been adjusted to reflect the disposals of both Sira and Impetus.
Further comment on each segment is set out below and detailed information about the Group's segments is set out in note 3 to these interim results, which should be read in conjunction with this financial review.
Food manufacturing
A summary of Shire's recent financial performance is set out in Table A below.
Table A Year ended 31 Year ended 31 Year ended 31 6 months to 6 months to December December December 30 June 30 June 2018 2017 2016 2019 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 10,095 7,252 18,344 15,869 15,190 Profit/(loss) before tax, intra-group management and interest charges 237 (173) 854 635 1,149 Intra-group management and interest charges (75) (15) (200) (200) (240) Profit/(loss) before tax 162 (188) 654 435 909 ============== ============== ====================== ====================== ==================
Shire's revenue grew by GBP2.84 million compared to the comparable period in 2018 and gross margin was improved. However, the effect of this additional contribution was partly offset by higher distribution and overheads necessary to support the revenue growth.
Investment in plant and machinery has continued in 2019, with in excess of GBP1 million already committed and being commissioned. The majority of this is being funded through external financing. There were no Group loans outstanding at 30 June 2019.
Shire's unaudited net assets at the period end amounted to GBP7.06 million (30 June 2018: GBP5.99 million; 31 December 2018: GBP6.88 million), of which 20% is attributable to non-controlling interests.
Investment revenues and other gains and losses and finance income and expense
The Group did not hold or dispose of available-for-sale investments during the period and as a result investment revenues and other gains and losses were lower than in prior periods.
The Group's net finance income was GBP0.05 million (30 June 2018: net expense GBP0.02 million, 31 December 2018: net income GBP0.06 million). In line with previous years, individual Group trading companies utilise leverage where appropriate, and without recourse to the remainder of the Group.
Statement of financial position
Cash
Cash at the period end was GBP19.65 million (30 June 2018: GBP17.43 million, 31 December 2018: GBP34.13 million). The reduction in cash compared to the end of 2018 resulted principally from the two share buy-backs in 2019, costing GBP16.57 million. Details of cash movements are shown in the consolidated statement of cash flows.
Earnings per share and share capital
Total basic and diluted earnings per ordinary share were 81.1 pence (30 June 2018: 19.3 pence; year ended 31 December 2018: 586.2 pence).
Purchase of own shares
The Company acquired 1,283,927 of its own ordinary shares during the period for a total consideration of GBP16.57 million (30 June 2018: Nil and 31 December 2018: 550,254 shares for GBP6.09 million). As of 30 June 2019, since the start of its buyback programme, the Group has returned GBP32.06 million to shareholders.
Hedging
It is not the Group's policy to enter into derivative instruments to hedge interest rate or foreign exchange risk.
Key performance indicators (KPIs)
The Group uses key performance indicators suitable for the nature and size of the Group's businesses. The key financial performance indicators are revenue and profit before tax. The performance of the Group and the individual trading businesses against these KPIs is outlined above, in the Chief Executive's statement and disclosed in note 3.
Internally, management uses a variety of non-financial KPIs in respect of the food manufacturing segment, including order intake, manufacturing output and sales, all of which are monitored weekly and reported monthly.
Principal risk factors
The Company and Group face a number of specific business risks that could affect the Company's or Group's success. These are set out more fully in the Group's Annual Report. The Company and Group invests in distressed businesses and securities, which by their nature often carry a higher degree of risk than those that are not distressed. The Group's trading business is principally engaged in the provision of products that are dependent on the continued employment of the Group's employees and availability of suitable, profitable workload. There is a dependency on a small number of customers and a reduction in the volume or range of products supplied to those customers or the loss of any one of them could impact the Group materially.
These risks are managed by the Board in conjunction with the management of the Group's businesses.
Nick Lander
Chief Financial & Operating Officer
26 September 2019
Consolidated income statement
Year ended 6 months to 31 6 months to 30 June December 30 June 2018 2018 Note 2019 (as restated) (as restated) GBP'000 GBP'000 GBP'000 Continuing operations Revenue 3 10,095 7,252 18,344 Cost of sales (8,831) (6,596) (15,700) --------- --------------- --------------- Gross profit 1,264 656 2,644 Distribution costs (543) (469) (1,095) Administrative expenses (1,394) (863) (4,589) Operating loss (673) (676) (3,040) Investment revenues 4 - 76 115 Other gains and losses 4 - (23) 374 Finance expense 4 (67) (52) (47) Finance income 4 116 29 106 Loss before tax (624) (646) (2,492) Income tax credit/(expense) - - 370 Loss for the period from continuing operations (624) (646) (2,122) Profit for the period from discontinued operations 5 3,078 1,555 23,218 Profit for the period 2,454 909 21,096 ========= =============== =============== Attributable to: - Equity holders of the parent 2,422 706 20,956 - Non-controlling interests 8 32 203 140 --------- --------------- --------------- 2,454 909 21,096 Earnings per share 6 Basic and Diluted - loss from continuing operations (22.0)p (16.6)p (63.3)p - earnings from discontinued operations 103.1p 35.9p 649.5p --------- --------------- --------------- Total 81.1p 19.3p 586.2p ========= =============== ===============
Consolidated statement of comprehensive income
Year ended 6 months to 31 6 months to 30 June December 30 June 2018 2018 2019 (as restated) (as restated) GBP'000 GBP'000 GBP'000 Profit for the period 2,454 909 21,096 Other comprehensive income (items that will be reclassified to profit or loss) Fair value gains and losses on available-for-sale financial assets - current period gains/(losses) - 75 - - reclassified to profit - and loss - (188) Other comprehensive income - (113) - --------- --------------- --------------- Total comprehensive income
for the period 2,454 796 21,096 ========= =============== =============== Attributable to: Equity holders of the parent 2,422 593 20,956 Non-controlling interests 32 203 140 --------- --------------- --------------- 2,454 796 21,096 ========= =============== ===============
Consolidated statement of changes in equity
Share Share Revaluation Retained Non-controlling Six months to 30 June capital premium reserves earnings Total interests Total 2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other comprehensive income - - - - - - - Profit for the period - - - 2,422 2,422 32 2,454 -------- -------- ------------- --------- -------- --------------- -------- Total comprehensive income for the period - - - 2,422 2,422 32 2,454 Balance at 1 January 50 3,640 100 35,180 38,970 1,447 40,417 Transactions with owners: Purchase of own shares - - - (16,512) (16,512) - (16,512) Total transactions with owners - - - (16,512) (16,512) - (16,512) -------- -------- ------------- --------- -------- --------------- -------- Balance at 30 June 50 3,640 100 21,090 24,880 1,479 26,359 ======== ======== ============= ========= ======== =============== ======== Share Share Revaluation Retained Non-controlling Six months to 30 June capital premium reserves earnings Total interests Total 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other comprehensive income - - (113) - (113) - (113) Profit for the period - - - 706 706 203 909 -------- -------- ------------- --------- -------- ---------------- -------- Total comprehensive income for the period - - (113) 706 593 203 796 Balance at 1 January 50 3,640 177 20,319 24,186 1,958 26,144 Transactions with owners: Dividend paid by subsidiary - - - - - (50) (50) Total transactions with owners - - - - - (50) (50) -------- -------- ------------- --------- -------- ---------------- -------- Balance at 30 June 50 3,640 64 21,025 24,779 2,111 26,890 ======== ======== ============= ========= ======== ================ ======== Share Share Revaluation Retained Non-controlling Year ended 31 December capital premium reserves earnings Total interests Total 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other comprehensive income - - - - - - - Profit for the year - - - 20,956 20,956 140 21,096 -------- -------- ------------- --------- -------- --------------- -------- Total comprehensive income for the year - - - 20,956 20,956 140 21,096 Balance at 1 January 50 3,640 177 20,319 24,186 1,958 26,144 Transactions with owners: Purchase of own shares - - - (6,095) (6,095) - (6,095) Total transactions with owners - - - (6,095) (6,095) - (6,095) Eliminated on disposal - - (77) - (77) (651) (728) Balance at 31 December 50 3,640 100 35,180 38,970 1,447 40,417 ======== ======== ============= ========= ======== =============== ========
Consolidated statement of financial position
30 June 30 June 31 December 2019 2018 2018 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Goodwill - 380 - Property, plant & equipment 6,085 5,296 6,062 Total non-current assets 6,085 5,676 6,062 Current assets Inventories 2,424 2,291 1,774 Trade and other receivables 4,432 8,176 4,447 Cash and cash equivalents 19,649 17,430 34,137 Available-for-sale investments - 2,994 - -------- -------- ------------ Total current assets 26,505 30,891 40,358 -------- -------- ------------ Total assets 32,590 36,567 46,420 -------- -------- ------------ Liabilities Current liabilities Loans and other borrowings (709) (96) (708) Finance leases (324) (192) (314) Trade and other payables (3,184) (6,888) (2,776) Tax payable - (386) - Total current liabilities (4,217) (7,562) (3,798) Non-current liabilities Loans and other borrowings (1,205) (1,306) (1,254) Finance leases (674) (221) (816) Total non-current liabilities (1,879) (1,527) (2,070) Total liabilities (6,096) (9,089) (5,868) Provisions - deferred tax (135) (514) (135) Provisions - lease incentive - (74) - NET ASSETS 26,359 26,890 40,417 ======== ======== ============ Equity Share capital 50 50 50 Share premium account 3,640 3,640 3,640 Revaluation reserves 100 64 100 Retained earnings 21,090 21,025 35,180 -------- -------- ------------ Capital and reserves attributable to equity holders of the Company 24,880 24,779 38,970 Non-controlling interests 7 1,479 2,111 1,447 -------- -------- ------------ TOTAL EQUITY 26,359 26,890 40,417 ======== ======== ============
Consolidated statement of cash flows
6 months 6 months Year Year to 30 to 30 ended ended June June 31 December 31 December 2018 2018 2018 2018 6 months 6 months (as restated) (as restated) to 30 to 30 June June 2019 2019 (as restated) (as restated) Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Profit for the period 2,454 909 21,096 Adjustments for: Investment revenues - (76) (115) Other gains and losses 4 - 23 (374) Finance expense 5 67 70 47
Finance income 5 (116) (29) (106) Profit from discontinued operations (3,078) (1,549) (23,218) Depreciation 288 225 457 Income tax (credit)/expense - - (370) --------- --------------- --------------- (2,839) (1,336) (23,679) Operating cash flows before movements in working capital (385) (427) (2,583) Decrease/(increase) in trade and other receivables 37 1,181 (350) Increase in trade and other payables 750 886 1,109 (Increase)/decrease in inventories (650) (825) (308) Tax paid (50) - (100) Cash (used by)/generated from continuing operations (298) 815 (2,232) Operating cash flows from discontinued operations (316) 2,656 1,839 Net cash (used by)/generated from operating activities (614) 3,471 (393) Investing activities Proceeds from sale of discontinued operations net of cash sold 3,138 - 22,537 Investing cash flows from discontinued operations - (460) - Purchase of available-for-sale investments - - - Income from available-for-sale investments - 76 115 Disposal of available-for-sale investments - 3,205 6,632 Purchase of property, plant and equipment (307) (101) (429) Disposal of property, plant and equipment - - - Interest received 116 29 106 --------- --------------- --------------- Net cash generated from/(used by) investing activities 2,947 2,749 28,961 Financing activities Interest paid (67) (51) (47) Purchase of own shares (treasury shares) 8 (16,571) - (6,094) Dividend paid by subsidiary - (49) (49) Net repayment of borrowings (183) (828) (375) Net cash used by financing activities (16,821) (928) (6,565) --------- --------------- --------------- Net (decrease)/ increase in cash (14,488) 5,292 22,003 Cash at beginning of period 34,137 12,119 12,119 Foreign exchange revaluation of opening cash - 19 15 --------- --------------- --------------- Cash at end of period 19,649 17,430 34,137 ========= =============== ===============
Volvere plc
Notes forming part of the unaudited interim results for the period ended 30 June 2019
1 Financial information and basis of accounting
These interim financial statements have been prepared using accounting policies consistent with IFRSs as adopted by the European Union.
These interim financial statements should be read in accordance with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2018. They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. AIM-listed companies are not required to comply with IAS 34 Interim Financial Reporting and accordingly the Group has taken advantage of this exemption.
The comparative figures for the year ended 31 December 2018 have been prepared under IFRS. They do not constitute statutory accounts as defined by the Companies Act 2006. The accounts for the 12 months ended 31 December 2018 received an unmodified auditor's report and have been filed with the Registrar of Companies.
Copies of this statement will be available to members of the public at the Company's registered office: Warnford Court, 29 Throgmorton Street, London EC2N 2AT and on its website www.volvere.co.uk.
2 Significant accounting policies
Except as noted below, the accounting policies applied in these interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2018.
Explanation of significant areas for adjustment
Prior to the disposal of the automotive and security solutions segments, the potential significant area for adjustment related to the recognition of revenue on fixed price consulting contracts where the final deliverable is the performance obligation. Previously, revenue would have been recognised in line with the stage of completion. All businesses affected have been sold and treated as discontinued operations.
IFRS 16 Leases had not been adopted in 2018 but has been with effect from 1 January 2019. The effects on the presentation of the Group's results arising from the adoption of IFRS 16 is not material.
3 Operating segments
An analysis of key financial data by business segment (excluding intra-Group interest and management charges and balances) is provided below. During 2018 the Group's automotive consulting segment was sold and during 2019 the Group's security solutions segment was sold. The comparable results for 2018 have been restated for both these disposals and the respective results included within Profit from discontinued operations.
Analysis by business segment:
Period ended 30 June Investing and 2019 Food Management manufacturing services Total GBP'000 GBP'000 GBP'000 Revenue 10,095 - 10,095 ----------------- ----------------- ---------------- Profit/(loss) before tax from continuing operations(1) 237 (861) (624) ================= ================= ================ Period ended 30 June Investing and 2018 (as restated) Food Management manufacturing services Total GBP'000 GBP'000 GBP'000 Revenue 7,252 - 7,252 ----------------- ----------------- ---------------- (Loss) before tax from continuing operations (1) (173) (473) (646) ================= ================= ================ Year ended 31 December Investing and 2018 (as restated) Food management
manufacturing services Total GBP'000 GBP'000 GBP'000 Revenue 18,344 - 18,344 ----------------- ----------------- ---------------- Profit/(loss) before tax from continuing operations (1) 854 (3,346) (2,492) ================= ================= ================ As at 30 June 2019 Investing and management Food services Total manufacturing GBP'000 continuing Discontinued(2) Total GBP'000 GBP'000 GBP'000 GBP'000 Assets Liabilities/provisions 13,365 19,225 32,590 - 32,590 (6,303) 72 (6,231) - (6,231) ----------------- -------------- ----------------- ----------------- ---------------- Net assets(3) 7,062 19,296 26,359 - 26,359 ================= ============== ================= ================= ================ As at 30 June 2018 Investing and management Food services Total manufacturing GBP'000 continuing Discontinued(2) Total GBP'000 GBP'000 GBP'000 GBP'000 Assets 10,383 16,257 26,640 9,927 36,567 Liabilities/provisions (4,393) (192) (4,585) (5,092) (9,677) ----------------- -------------- ----------------- ----------------- ---------------- Net assets(3) 5,990 16,065 22,055 4,835 26,890 ================= ============== ================= ================= ================ As at 31 December 2018 Investing and management Food services Total manufacturing GBP'000 continuing Discontinued(2) Total GBP'000 GBP'000 GBP'000 GBP'000 Assets 12,311 33,690 46,001 419 46,420 Liabilities/provisions (5,427) (217) (5,644) (359) (6,003) ----------------- -------------- ----------------- ----------------- ---------------- Net assets(3) 6,884 33,473 40,357 60 40,417 ================= ============== ================= ================= ================ Six months to 30 June Investing and Total 2019 Food management (as restated) manufacturing services GBP'000 GBP'000 GBP'000 Capital spend 310 2 312 Depreciation 287 - 287 Interest income (non-Group) - 116 116 Interest expense (non-Group) (67) - (67) Tax credit - - - ================= ================= ================== Six months to 30 June 2018 (as restated) Investing and Total Food management (as restated) manufacturing services GBP'000 GBP'000 GBP'000 Capital spend 101 - 101 Depreciation 224 1 225 Amortisation/Impairment - - - Interest income (non-Group) - 29 29 Interest expense (non-Group) 52 - 52 Tax expense - - - ================= ================= ================== Year ended 31 December Investing and Total 2018 (as restated) Food management (as restated) manufacturing services GBP'000 GBP'000 GBP'000 Capital spend 1,253 - 1,253 Depreciation 457 - 457 Amortisation/Impairment - - - Interest income - 106 - (non-Group) Interest expense (non-Group) 47 - 47 Tax credit (52) (318) (52) ================= ================= ==================
Geographical analysis:
External revenue by location Non-current assets by of customers location of assets 6 months Year ended to 6 months 30 June 31 December to 2018 30 June 2018 (as restated) 30 June 30 June 31 December 2018 2019 (as restated) 2019 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 UK 9,902 7,013 17,746 6,085 5,676 6,062 Rest of Europe 193 239 598 - - - Other - - - - - - ---------- --------------- --------------- --------- --------- ------------- 10,095 7,252 18,344 6,085 5,676 6,062 ========== =============== =============== ========= ========= =============
Notes:
(1) stated before intra-group management and interest charges (2) discontinued relates to the former segments of Automotive consulting and Security solutions (3) assets and liabilities stated excluding intra-group balances 4 Investment revenues, other gains and losses and finance income and expense
Investment revenues and other gains and losses represent respectively interest and dividends receivable from, and the gains arising upon disposal of, investments made pursuant to the Group's investing and treasury management policies.
5 Profit for the period from discontinued operations
On 4 October 2018, the Group disposed of its share in its subsidiary undertaking, Impetus Automotive Limited for a total of GBP26.1 million in cash. On 23 May 2019, the Group disposed of its wholly-owned subsidiary Sira Defence & Security Limited for GBP3.0 million in cash.
6 months Year ended to 6 months 30 June 31 December to 30 June 2018 2018 2019 (as restated) (as restated) GBP'000 GBP'000 GBP'000 Profit for the period relating to Impetus Automotive Limited - 1,543 23,126 Profit for the period relating to Sira Defence & Security Limited 3,078 12 92 ---------- --------------- --------------- Total profit from discontinued operations 3,078 1,555 23,218 ========== =============== =============== 6 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
6 months Year ended to 6 months 30 June 31 December to 30 June 2018 2018 2019 (as restated) (as restated) GBP'000 GBP'000 GBP'000 Earnings for the purposes of earnings per share: From continuing operations (656) (609) (2,262) From discontinued operations 3,078 1,315 23,218 ------------ --------------- --------------- Total 2,422 706 20,956 ============ =============== =============== No. No. No. Weighted average number of ordinary shares for the purposes of earnings per share: Weighted average number of ordinary shares in issue 2,986,829 3,668,363 3,574,895 Dilutive effect of potential ordinary - - - shares ------------ --------------- --------------- Weighted average number of ordinary shares for diluted EPS 2,986,829 3,668,363 3,574,895 ============ =============== ===============
There were no share options (or other dilutive instruments) in issue during the period in respect of the parent company's shares (30 June 2018: nil; 31 December 2018: nil).
7 Non-controlling interests
The non-controlling interests of GBP1.48 million relate to the net assets attributable to the shares not held by the Group at 30 June 2019 in the following subsidiaries:
30 June 30 June 31 December 2019 2018 2018 GBP'000 GBP'000 GBP'000 NMT Group Limited 71 71 71 Shire Foods Limited 1,408 1,196 1,376 Impetus Automotive Limited - 844 - 1,479 2,111 1,447 ========= ========= ============
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
8 Purchase of own shares
The Company acquired 1,283,927 of its own ordinary shares during the period for a total consideration of GBP16.57 million (30 June 2018: Nil and 31 December 2018: 550,254 shares for GBP6.09 million). For reference, the total number of ordinary shares held in treasury is 4,372,892 and the number of shares in issue, excluding treasury shares, at the period end was 1,834,182 (30 June 2018: 3,668,363 and 31 December 2018: 3,118,109).
9 Dividend
The Board is not recommending the payment of an interim dividend for the period ended 30 June 2019.
- Ends -
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR FMGZLNKKGLZM
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September 26, 2019 02:01 ET (06:01 GMT)
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