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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 | 00:00:00 |
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 : 2574K
Volvere PLC
20 September 2016
-Press Release 20 September 2016
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2016
Volvere plc (AIM: VLE), the growth and turnaround investment company, announces its unaudited Interim Results for the six months ended 30 June 2016.
Highlights
GBP million except where stated As at As at As at 31 30 June 30 June 2015 December 2016 2015 Consolidated net assets per share (excluding non-controlling interests)(1) GBP5.76 GBP4.32 GBP5.69 Group net assets 24.7 18.9 24.3 Cash and marketable securities 18.5 11.7 16.3 Six months ended Year ended 30 June 30 June 31 December 2016 2015 2015 (re-presented)(2) Group revenue from continuing businesses 14.5 10.5 27.9 Group profit before tax from continuing operations 0.25 0.46 1.34
Note
1 Based on the net assets attributable to owners of the parent company and the respective period end shares in issue (which was 4,085,958 for all periods).
2 The results for the six months ended 30 June 2015 have been re-presented to remove the results of JMP Consultants Limited, which was sold in December 2015 and has been treated as discontinued operations.
-- Further growth achieved in net assets per share -- Shire Foods' performance was satisfactory -- Impetus Automotive, acquired in March 2015, delivered an encouraging performance -- Balance sheet remains strong with high liquidity
-- Continued close management of existing businesses to seek to maximise performance; increased deal-flow in recent months is presenting additional opportunities for the Group which continues its policy of selective investment.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
Volvere plc Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707 www.volvere.co.uk Tel: + 44 (0) 20 7496 3000 N+1 Singer Aubrey Powell/Liz Yong
Chairman's Statement
Once again I am delighted to be able to report a pleasing performance in the first half of the year. Net assets per share have risen again, to GBP5.76 (31 December 2015: GBP5.69), reflecting satisfactory trading in all our businesses. Following its acquisition in 2015, Impetus Automotive has made a positive contribution to the Group.
We are looking forward to continued progress in 2016.
David Buchler
Chairman
20 September 2016
*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 10.
Chief Executive's Statement
I am pleased to report a positive set of results for the first half of 2016. Having sold JMP Consultants, our transport planning and engineering business, in December 2015, this period's results include only Impetus Automotive, Shire Foods and SDS. The performance of each of the Group's segments is set out below.
Food manufacturing
This segment comprises Shire Foods Limited ("Shire"), the Group's 80%-owned frozen pie and pasty manufacturing business, which was acquired in 2011.
We reported in our preliminary results in June that we expected profits would be lower in 2016 and that was the case in the period. However, in spite of lower volumes with one customer, Shire achieved impressive first-half revenues of GBP6.19 million and a profit before tax and intra-Group management and interest charges of GBP0.13 million (30 June 2015: GBP6.49 million and GBP0.31 million; 31 December 2015 GBP15.48 million, GBP1.59 million). Shire's revenues are weighted towards the colder winter months and this also affects the timing of profitability.
The weakening of Sterling post the Brexit vote has caused raw material prices to rise and this will undoubtedly reduce margins at least in the short term. We continue to adopt a partnership approach with our customers and believe that by offering innovative products at fair prices we will continue to build a long-term, stable platform upon which to grow. We remain positive about Shire's contribution to the Group and its prospects.
Automotive Consulting
We acquired Impetus Automotive Limited ("Impetus") in March 2015. Impetus provides a range of services and software solutions to automotive manufacturers around the world with a particular focus on improving the effectiveness of vehicle manufacturers' sales and after-sales networks as well as providing research-based industry insight. The company employs more than 200 people and is now 79%-owned by the Group.
For the 6 months to 30 June 2016 revenues and profit before tax and intra-Group interest and management charges were GBP8.16 million and GBP0.52 million respectively (3 months to 30 June 2015: GBP3.88 million, loss before tax GBP0.04 million; 9 months to 31 December 2015: GBP12.08 million, profit before tax GBP0.58 million).
With new car sales at an all-time high in the UK and elsewhere, we believe Impetus's after-sales products and services will remain a requirement for manufacturers for some time to come. Impetus has won several significant pieces of business in the period of our ownership. This is testament to the dedication, skill and knowledge of our staff for which we are grateful.
Security solutions
Sira Defence and Security Limited ("SDS"), our security solutions business once again delivered a good performance, with revenue of GBP0.17 million (30 June 2015: GBP0.14 million, 31 December 2015: GBP0.31 million). Profit before tax and intra-Group management and interest charges was GBP0.06 million (30 June 2015: GBP0.05 million, 31 December 2015: GBP0.12 million). Encouragingly, SDS sold its first network licence to a foreign police force in the period.
Further segmental information is set out in the financial review below and in note 2.
Purchase of own shares
During the period the Group did not acquire any further shares for treasury. The aggregate cost of shares purchased as of 30 June 2016 totals GBP5.94 million.
Acquisitions and future strategy
We continue to manage our existing businesses closely with a view to ensuring their performance is maximised. We have seen an increase in deal-flow in recent months and the economic uncertainty created by the impending withdrawal of the UK from the European Union may well present further opportunities.
Jonathan Lander
Chief Executive
20 September 2016
Financial Review
This financial review covers the Group's performance during the period ended 30 June 2016. It should be read in conjunction with the Chairman's and Chief Executive's Statements.
Overview
The Group's revenue from continuing operations for the period was GBP14.54 million compared to GBP10.51 million for the period to 30 June 2015. The increase in the first half of 2016 is due to the inclusion of Impetus Automotive Limited ("Impetus") for the entire period; the 2015 comparative period only included Impetus for approximately 3 months after its acquisition in March. The 2015 results of JMP Consultants Limited, which was sold in December 2015, have been reclassified as discontinued operations.
Group profit before tax from continuing operations was GBP0.25 million (30 June 2015: GBP0.46 million, 31 December 2015: GBP1.34 million). The reduction compared to the same period last year principally reflects lower realised gains on treasury investments (a reduction of GBP0.43 million) offset partly by a full period contribution this year from Impetus. Encouragingly, Group operating profit was higher than the prior year at GBP0.19 million (30 June 2015: GBP0.02 million, 31 December 2015: GBP0.87 million), again reflecting the contribution from Impetus.
Further comment on each segment is set out below and detailed information about the Group's segments is set out in note 2 to these interim results, which should be read in conjunction with this financial review.
Automotive Consulting
Impetus has been a member of the Group since March 2015. A summary of its recent financial performance is set out in Table A below.
Table A 6 months 6 months to to Year ended 30 June 30 June 31 December 2016 2015(1) 2015(2) GBP000 GBP000 GBP000 Revenue 8,164 3,880 12,077 Profit/(loss) before tax and Group interest and management charges 522 (43) 583 ========= ========= =============
(1) Reflects the period from acquisition on 25 March 2015 to 30 June 2015
(2) Reflects the period from acquisition on 25 March 2015 to 31 December 2015
A clearer management structure has been created in Impetus to ensure that client programme delivery is visible throughout the business, with greater accountability for performance. We have continued to monitor overhead costs whilst investing in internal business systems and client-facing IT solutions. This will deliver both operational benefits for our in-field staff and our clients.
During the period the Group charged Impetus GBP132,000 for management services and interest of GBP57,000 on Group loans. At the period end loans outstanding to the Group (which include the funding at the time of the original acquisition to enable a GBP1.08 million bank debt repayment) amounted to GBP1.27 million (30 June 2015: GBP1.79 million, 31 December 2015: GBP1.1 million). At the date of this report, loans outstanding to the Group were GBP1.09 million.
Security solutions
The performance of SDS was broadly in line with the prior comparable period, with revenue up slightly at GBP0.17 million (30 June 2015: GBP0.14 million, 31 December 2015: GBP0.31 million). Profit before tax was GBP0.06 million (30 June 2015: GBP0.05 million, 31 December 2015: GBP0.12 million). No Group loans were outstanding at the period end (30 June 2015: GBP0.03 million, 31 December 2015: nil).
Food manufacturing
A summary of Shire's recent financial performance is set out in Table B below.
Table B 6 months 6 months to to Year ended Year ended Year ended 30 June 30 June 31 December 31 December 31 December 2016 2015 2015 2014 2013 GBP000 GBP000 GBP000 GBP000 GBP000 Revenue 6,192 6,487 15,476 12,134 8,531 Profit/(loss) before tax, Group interest and management charges 129 307 1,588 1,651 117 Pro-forma adjustment: Exceptional credit relating - - - (852) - to company voluntary arrangement Loss on sale of tangible fixed asset 61 12 12 - - Underlying profit before tax, Group interest and management charges 190 319 1,600 799 117 --------- --------- ------------- ------------- -------------
Shire's revenue and profitability were lower than 2015 due to one retail customer bringing manufacturing in-house. In spite of this, Shire's underlying profit was satisfactory for the period. The loss on tangible fixed assets reflects the disposal of refrigeration plant that was replaced with a more efficient and reliable system.
At 30 June 2016 Shire's remaining Group loans had all been repaid. This compares with 30 June 2015 and 31 December 2015 when GBP1 million was outstanding at each date. Since the period end, the Group has made further loans to Shire to meet its seasonal stock-build for the winter period. At the date of this report GBP0.3 million remains outstanding. The equity investment and related intellectual property investments made of GBP0.53 million and GBP0.44 million respectively, brings the Group's total amount invested (excluding loans) to GBP0.97 million.
Shire's unaudited net assets at the period end, stated before deducting the Group loans referred to above, amounted to GBP4.97 million (30 June 2015: GBP5.29 million; 31 December 2015: GBP5.88 million), of which 20% is attributable to non-controlling interests.
Investment revenues and other gains and losses
The Group held available-for-sale investments during the period as part of its treasury management policy, which generated investment income of GBP0.1 million (30 June 2015: GBP0.07 million; 31 December 2015: GBP0.16 million). No investments were disposed of in the period; in the comparable period to 30 June 2015 (and similarly to 31 December 2015), the sale of investments realised gains on sale of GBP0.43 million (of which GBP0.32 million was reclassified to profit).
Statement of financial position
Cash
Cash at the period end was GBP13.99 million (30 June 2015: GBP7.13 million, 31 December 2015: GBP11.97 million). The increase in cash compared to the end of 2015 principally reflects a seasonal reduction in trade debtors in Shire Foods. Details of cash movements are shown in the consolidated statement of cash flows.
Available-for-sale investments
At the period end the Group had available-for-sale investments with a market value of GBP4.50 million (30 June 2015: GBP4.56 million, 31 December 2015: GBP4.31 million); the base cost of these investments was GBP4.92 million (30 June 2015: GBP4.92 million; 31 December 2015: GBP4.92 million).
In line with the Group's treasury management policies and pending investment in other acquisitions, the Group continues to consider short term investments where there is the opportunity for attractive returns.
Earnings per share and share capital
Basic and diluted earnings per ordinary share from continuing operations were 2.4 pence (30 June 2015: 9.8 pence; 31 December 2015: 20.3 pence). Total basic and diluted earnings per ordinary share were 2.4 pence (30 June 2015: 15.9 pence; 31 December 2015: 158.8 pence). Total earnings per share in 2015 reflect the profits arising from the sale of JMP Consultants in December 2015.
Hedging
It is not the Group's policy to enter into derivative instruments to hedge interest rate risk.
Risk factors
The Company and Group face a number of specific business risks that could affect the Company's or Group's success. The Company 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 businesses are principally engaged in the provision of services that are dependent on the continued employment of the Group's employees and availability of suitable, profitable workload. Also, in the automotive consulting and food manufacturing segments, there is a dependency on a small number of customers and a reduction in the volume or range of products or services supplied to those customers or the loss of any one of them could impact the Group materially.
In addition, the food manufacturing segment is exposed to raw material and commodity cost increases and is dependent on the availability of credit facilities on appropriate terms from lenders and suppliers as well as being dependent on the reliability and performance of the plant and equipment used in the business. Failure or unreliability of key plant or equipment could be material in terms of lost production output or other losses arising from non-supply of products and there is the risk that any or all of the costs, timescales or the non-availability of funding required to enable rectification, would render the segment unviable, with a material effect on the Group.
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 and disclosed in note 2.
Internally, management uses a variety of non-financial KPIs as follows: in respect of the food manufacturing segment order intake, manufacturing output and sales are monitored weekly and reported monthly; order intake is reported monthly in respect of the security solutions segment; revenue and contribution by business area are monitored in the Automotive Consulting segment.
Nick Lander
Chief Financial & Operating Officer
20 September 2016
Consolidated income statement
6 months 6 months Year ended to to 31 30 June 30 June December Note 2016 2015 2015 GBP'000 GBP'000 GBP'000 (re-presented) Continuing operations Revenue 14,544 10,506 27,864 Cost of sales (11,499) (8,778) (21,540) --------- ---------------- ----------- Gross profit 3,045 1,728 6,324 Distribution costs (389) (395) (893) ----------------------------------------------------------- ------- --------- ---------------- ----------- Administrative expenses * Before amortisation of intangibles and share based payments (2,436) (1,306) (4,469) * Amortisation (16) (8) (89) (10) - * Share-based payment expense - Administrative expenses (2,462) (1,314) (4,558) Operating profit 194 19 873
Investment revenues 95 66 163 Other gains and losses 3 - 428 429 Finance expense 4 (70) (76) (172) Finance income 4 28 25 50 Profit before tax 247 462 1,343 Income tax expense (82) - (335) --------- ---------------- ----------- Profit for the period from continuing operations 165 462 1,008 Discontinued operations Profit for the period from discontinued operations after tax 7 - 332 5,667 Profit for the period 165 794 6,675 ========= ================ =========== Attributable to: - Equity holders of the parent 99 652 6,499 - Non-controlling interests 9 66 142 176 --------- ---------------- ----------- 165 794 6,675 ========= ================ =========== Earnings per share 5 Continuing operations - Basic 2.4p 9.8p 20.3p - Diluted 2.4p 9.8p 20.3p Discontinued operations - Basic - 6.1p 138.5p - Diluted - 6.1p 138.5p Total - Basic 2.4p 15.9p 158.8p - Diluted 2.4p 15.9p 158.8p ========= ================ ===========
Consolidated statement of comprehensive income
6 months 6 months Year ended to to 31 30 June 30 June December 2016 2015 2015 GBP'000 GBP'000 GBP'000 Profit for the period 165 794 6,675 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) 188 (370) (611) - reclassified to profit and loss - (318) (318) Other comprehensive income 188 (688) (929) --------- --------- ----------- Total comprehensive income for the period 353 106 5,746 ========= ========= =========== Attributable to: Equity holders of the parent 287 (36) 5,570 Non-controlling interests 66 142 176 --------- --------- ----------- 353 106 5,746 ========= ========= ===========
Consolidated statement of changes in equity
Share Share Share Revaluation option Retained Non-controlling Six months to 30 June capital premium reserve reserve earnings Total interests Total 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other comprehensive income - - 188 - - 188 - 188 Transfer to profit and loss on disposal - - - - - - - - Profit for the period - - - - 99 99 66 165 -------- -------- ------------- -------- --------- -------- ---------------- -------- Total comprehensive income for the period - - 188 - 99 287 66 353 Balance at 1 January 50 3,640 (617) - 20,175 23,248 1,046 24,294 Foreign exchange revaluation of opening reserves - - - - 20 20 6 26 Transactions with owners: Increase in non-controlling interest - - - - - - 15 15 Purchase of own shares - - - - - - - - Total transactions with owners - - - - - - 15 15 -------- -------- ------------- -------- --------- -------- ---------------- -------- Balance at 30 June 50 3,640 (429) - 20,294 23,555 1,133 24,688 ======== ======== ============= ======== ========= ======== ================ ======== Share Share Share Revaluation option Retained Non-controlling Six months to 30 June capital premium reserve reserve earnings Total interests Total 2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other comprehensive income - - (370) - - (370) - (370) Transfer to profit and loss on disposal - - (318) - - (318) - (318) Profit for the period - - - - 652 652 142 794 -------- -------- ------------- -------- --------- -------- ---------------- -------- Total comprehensive income for the period - - (688) - 652 (36) 142 106 Balance at 1 January 50 3,640 312 - 13,856 17,858 1,141 18,999 Transactions with owners: Purchase of own shares - - - - (180) (180) - (180) Total transactions with owners - - - - (180) (180) - (180) -------- -------- ------------- -------- --------- -------- ---------------- -------- Balance at 30 June 50 3,640 (376) - 14,328 17,642 1,283 18,925 ======== ======== ============= ======== ========= ======== ================ ======== Share Year ended 31 Share Share Revaluation option Retained Non-controlling December capital premium reserve reserve earnings Total interests Total 2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Other comprehensive income - - (611) - - (611) - (611) Transfer to profit and loss on disposal - - (318) - - (318) - (318) Profit for the year - - - - 6,499 6,499 176 6,675 ------- ------- ------------ ------- -------- -------- --------------- -------- Total comprehensive income for the year - - (929) - 6,499 5,570 176 5,746 Balance at 1 January 50 3,640 312 - 13,856 17,858 1,141 18,999 Transactions with owners: Decrease in non-controlling interest - - - - - - (271) (271) Purchase of own shares - - - - (180) (180) - (180) Total transactions with owners - - - - (180) (180) (271) (451) Balance at 31 December 50 3,640 (617) - 20,175 23,248 1,046 24,294
======= ======= ============ ======= ======== ======== =============== ========
Consolidated statement of financial position
30 June 30 June 31 December 2016 2015 2015 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Goodwill 8 380 307 380 Other intangible assets 55 57 71 Property, plant & equipment 5,549 5,264 5,773 Total non-current assets 5,984 5,628 6,224 Current assets Inventories 1,808 1,588 1,106 Trade and other receivables 5,548 9,007 8,073 Cash and cash equivalents 13,986 7,129 11,967 Available for sale investments 4,501 4,555 4,313 -------- -------- ------------ Total current assets 25,843 22,279 25,459 -------- -------- ------------ Total assets 31,827 27,907 31,683 -------- -------- ------------ Liabilities Current liabilities Loans and other borrowings (369) (1,038) (787) Finance leases (104) (50) (104) Trade and other payables (4,333) (6,167) (4,058) Total current liabilities (4,806) (7,255) (4,949) Non-current liabilities Loans and other borrowings (1,497) (1,583) (1,541) Finance leases (398) (144) (450) Trade and other payables - - - -------- -------- ------------ Total non-current liabilities (1,895) (1,727) (1,991) Total liabilities (6,701) (8,982) (6,940) Provisions - deferred tax (329) - (335) Provisions - lease incentive (109) - (114) NET ASSETS 24,688 18,925 24,294 ======== ======== ============ Equity Share capital 50 50 50 Share premium account 3,640 3,640 3,640 Revaluation reserve (429) (376) (617) Retained earnings 20,294 14,328 20,175 -------- -------- ------------ Capital and reserves attributable to equity holders of the Company 23,555 17,642 23,248 Non-controlling interests 9 1,133 1,283 1,046 -------- -------- ------------ TOTAL EQUITY 24,688 18,925 24,294 ======== ======== ============
Consolidated statement of cash flows
6 months 6 months 6 months 6 months Year Year to 30 to 30 to 30 to 30 ended ended June June June June 31 December 31 December 2016 2016 2015 2015 2015 2015 Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 (re-presented) (re-presented) Profit for the period from continuing operations 165 462 1,008 Adjustments for: Investment revenues (95) (66) (163) Other gains and losses 3 - (428) (429) Finance expense 4 70 76 172 Finance income 4 (28) (25) (50) Depreciation 220 171 370 Amortisation of intangible assets 16 8 89 Foreign exchange differences - - 14 Loss on disposal of property, plant and equipment 61 12 12 Share-based payment expense 6 10 - - Income tax expense 82 - 335 ----------- --------------- ------------- 336 (252) 350 Operating cash flows before movements in working capital 501 210 1,358 Decrease/(increase) in trade and other receivables 2,183 244 (1,015) Increase in trade and other payables 112 455 166 Increase in inventories (702) (686) (169) ----------- --------------- ------------- Cash generated from continuing operations 2,094 223 340 Net cash generated from discontinued operations - 6 652 Net cash generated from operations 2,094 229 992 Investing activities Proceeds from sale of discontinued operations net of cash sold 385 - 4,860 Acquisition of business 8 - (1,013) (1,013) Purchase of available-for-sale investments - (8,734) (8,733) Income from available-for-sale investments 95 66 163 Disposal of available-for-sale investments - 4,840 4,840 Purchase of property, plant and equipment (81) (77) (955) Disposal of property, plant and equipment 25 4 4 Interest received 28 25 50 ----------- --------------- ------------- Net cash generated from/(used by) investing activities 452 (4,889) (784) Financing activities Interest paid (70) (76) (172) Purchase of own shares (treasury shares) 10 - (180) (180) Net repayment of borrowings (519) (170) (104) ----------- --------------- ------------- Net cash used by financing activities (589) (426) (456) ----------- --------------- ------------- Net increase/(decrease) in cash 1,957 (5,086) (248) Cash at beginning of period 11,967 12,215 12,215 Foreign exchange revaluation of opening cash 62 - - ----------- --------------- ------------- Cash at end of period 13,986 7,129 11,967 =========== =============== =============
Volvere plc
Notes forming part of the unaudited interim results for the period ended 30 June 2016
1 Financial information
The financial information for the period ended 30 June 2016 and the comparative figures for the period ended 30 June 2015 have not been reviewed or audited by the Group's auditors and have been prepared on the basis of the accounting policies adopted by the Group under IFRS. The same accounting policies and methods of computation are followed in the interim financial report as published by the Company on 26 May 2016 in its annual financial statements, which are available on the Company's website at www.volvere.co.uk.
The comparative figures for the year ended 31 December 2015 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 2015 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 Operating segments
Analysis by business segment (excluding intra-Group interest and management charges and balances):
Analysis by business segment:
Investing and management services Period ended 30 June 2016 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Revenue 8,164 168 20 6,192 14,544 - 14,544 Profit/(loss) before tax(1) 521 55 (458) 129 247 (-) 247 Investing and management services Period ended 30 June 2015 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing (re-presented) GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Revenue 3,880 139 - 6,487 10,506 6,389 16,895 Profit/(loss) before tax(1) (43) 51 147 307 462 332 794 Investing and management services Year ended 31 December 2015 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Revenue 12,077 311 - 15,476 27,864 12,823 40,687 Profit/(loss) before tax(1) 583 118 (946) 1,588 1,343 5,667(2) 7,010 Investing and management services As at 30 June 2016 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Assets 4,388 242 18,272 8,925 31,827 - 31,827 Liabilities/provisions (2,746) (202) (236) (3,955) (7,139) - (7,139) Net assets(3) 1,642 40 18,036 4,970 24,688 - 24,688 Investing and management services As at 30 June 2015 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Assets 3,953 76 10,916 8,904 23,849 4,058 27,907 Liabilities/provisions (2,446) (128) (142) (3,611) (6,327) (2,655) (8,982) Net assets(3) 1,507 (52) 10,774 5,293 17,522 1,403 18,925 Investing and management services As at 31 December 2015 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Assets 5,095 148 16,277 10,163 31,683 - 31,683 Liabilities/provisions (2,600) (163) (339) (4,287) (7,389) - (7,389) Net assets(3) 2,495 (15) 15,938 5,876 24,294 - 24,294 (1) stated before intra-Group interest and management charges (2) discontinued segment result stated after tax (3) assets and liabilities stated excluding intra-Group balances Investing and management services Six months to 30 June 2016 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Capital spend 24 - - 57 81 - 81 Depreciation 21 - 1 198 220 - 220 Amortisation/ Impairment 16 - - - 16 - 16 Interest income (non-Group) - - 28 - 28 - 28 Interest expense (non-Group) 17 - - 53 70 - 70 Tax expense 82 - - - 82 - 82 Investing and management services
Six months to 30 June 2015 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing (re-presented) GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Capital spend 2 - - 53 55 22 77 Depreciation 7 - - 164 171 45 216 Amortisation/ Impairment 8 - - - 8 - 8 Interest income (non-Group) - - 25 - 25 - 25 Interest expense (non-Group) 11 - - 65 76 - 76 Tax expense - - - - - - - Investing and management services Year ended 31 December 2015 Automotive consulting Security solutions GBP'000 Food manufacturing Total continuing GBP'000 GBP'000 GBP'000 GBP'000 Discontinued Total GBP'000 GBP'000 Capital spend 25 1 1 821 848 108 956 Depreciation 26 - 1 343 370 91 461 Amortisation/ Impairment 89 - - - 89 - 89 Interest income (non-Group) - - 50 - 50 - 50 Interest expense (non-Group) 38 - - 134 172 - 172 Tax expense 58 - - 277 335 250(4) 585
(4) included in profit from discontinued operations after tax
Geographical analysis:
External revenue by location Non-current assets by of customers location of assets 6 months 6 months Year ended to to 31 December 30 June 30 June 31 December 30 June 30 June 2015 2016 2015 2015 2016 2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 (re-presented) (re-presented) UK 12,718 9,444 25,039 5,984 5,420 6,224 Rest of Europe 1,106 852 1,761 - - - Other 720 210 1,064 - - - --------- ---------------- ------------- ---------- ---------------- -------------- 14,544 10,506 27,864 5,984 5,420 6,224 ========= ================ ============= ========== ================ ============== 3 Other gains and losses
The Company's unrealised treasury investment losses of GBP611,000 (as at 31 December 2015) were partly reversed during the period as the underlying investment values recovered. The gain of GBP188,000 in the period has been dealt with through reserves. In the prior period the Company realised profits of GBP428,000 on its investment portfolio (of which GBP318,000 had been recognised through revaluation prior to the start of the period and which were then reclassified to profit, as set out in the consolidated statement of comprehensive income).
4 Finance expense/income
The Group's finance expense relates to the debt servicing costs in the Group's subsidiaries, Shire Foods Limited and Impetus Automotive Limited, offset by interest earned on the Group's cash deposits.
5 Earnings per share
The calculation of the basic and diluted loss per share is based on the following data:
6 months 6 months Year ended to to 31 December 30 June 30 June 2015 2016 2015 GBP'000 GBP'000 GBP'000 Earnings for the purposes of earnings per share: From continuing operations 99 400 832 From discontinued operations - 252 5,667 ---------- ---------- ------------- Total 99 652 6,499 ========== ========== ============= No. No. No. Weighted average number of ordinary shares for the purposes of earnings per share: Weighted average number of ordinary shares in issue 4,085,958 4,097,229 4,091,547 Dilutive effect of potential ordinary - - - shares ---------- ---------- ------------- Weighted average number of ordinary shares for diluted EPS 4,085,958 4,097,229 4,091,547 ========== ========== =============
There were no outstanding share options in issue at the period end (30 June 2015: NIL; 31 December 2015: NIL).
6 Share-based payment
During the period the Group's subsidiary, Impetus Automotive Limited, issued shares to certain management of that business. An independent valuation of the shares issued was undertaken and the share-based payment charge reflects that valuation. The issue of shares in Impetus has resulted in an increase in non-controlling interests, as set out in note 9.
7 Profit from discontinued operations
The Group's interest in JMP Consultants Limited was sold in December 2015 and all profits arising in respect of the prior year are included in discontinued operations. The comparative period to 30 June 2015 has been restated to show the results of JMP as discontinued operations.
8 Business combination
As reported last year, the Group acquired Impetus Automotive Limited in March 2015 for net cash consideration of GBP1,013,000. Goodwill arising on the acquisition was GBP380,000.
9 Non-controlling interests
The non-controlling interests of GBP1,133,000 relate to the net assets attributable to the shares not held by the Group at 30 June 2016 in the following subsidiary undertakings:
30 June 30 June 31 December 2016 2015 2015 GBP'000 GBP'000 GBP'000 NMT Group Limited 74 75 74 Shire Foods Limited 992 857 972 JMP Consultants Limited - 351 - Impetus Automotive Limited 67 - - 1,133 1,283 1,046 ========= ========= ============
The increase in Impetus Automotive Limited reflects the issue of new shares (subject to vesting conditions) in the company to certain management of Impetus during the period and their share of profits since then (on the assumption that vesting occurs in full). Following this and assuming full vesting, the Group now owns 79% of Impetus. As noted above, JMP Consultants Limited was sold in December 2015 and the non-controlling interest has reduced accordingly.
10 Purchase of own shares
The Company did not acquire any of its own Ordinary shares during the period (30 June and 31 December 2015: 60,000 for a total consideration of GBP180,000). For reference, the total number of Ordinary shares held in treasury is 2,121,116 and the number of shares in issue, excluding treasury shares, at the period end was 4,085,958.
11 Dividend
The Board is not recommending the payment of an interim dividend for the period ended 30 June 2016.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BIGDCGUBBGLC
(END) Dow Jones Newswires
September 20, 2016 02:01 ET (06:01 GMT)
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