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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Widney | LSE:WDNY | London | Ordinary Share | GB0009665778 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 4609V
Widney PLC
29 May 2008
Widney plc
Interim results for the six months ended 31 March 2008
Widney plc ("the Company") is the holding company for Widney UK and Widney Pressings.
Widney UK designs and manufactures window systems for specialist vehicles and telescopic slides. Widney Pressings produces pressed
components and metal assemblies for the automotive original equipment and after-market sectors.
* Profit before tax £105,000 (2007: loss £3,359,000)
* Gross profit as a percentage of sales 32.0% (2007: 26.1%)
* Dividend 0.5p (2007: 0.5p)
* Continued investment in design, training and manufacturing facilities
* Substantial new business won
* Fabrication and paint operation established at Northampton
Commenting on prospects, Joe Grimmond, Chairman, said:
"It has been a steady start to the year with good operational performance and reassuring signs for potential growth. However, the
current market conditions are difficult so we are actively managing our cost base to bring it into line with levels of demand."
29 May 2007
Enquiries:
Widney plc 020 7457 2020 (today)
Joe Grimmond, Chairman 0121 327 5500 (thereafter)
Graham Errington, Finance Director
FinnCap 020 7600 1658
Clive Carver
College Hill 020 7457 2020
Richard Pearson
Chairman's Statement
Results
Revenue on continuing operations was £15,352,000 (2007: £17,439,000). Operating Profit on continuing operations was £283,000 after
operating costs of developing the Northampton fabrication and paint operation of £300,000. The profit before taxation was £105,000 (2007:
loss, £3,359,000).
Dividend
The Board proposes paying an interim dividend of 0.5p per share (2007: 0.5p) on 11 July 2008 to shareholders on the register on 6 June
2008.
Operations
The half year was a period of continuing consolidation with considerable effort focused on developing existing customer and supplier
relationships which remain strong despite the impact of Widney Cabs being placed into administration. Throughout the period we have
maintained our reputation for the quality of our product and people and continued to invest in design, training and manufacturing
facilities.
We believe our performance during these past months has greatly reassured our customers and suppliers, evidenced by the substantial new
business awarded since the start of this year. This equates to an annualised turnover of approximately £6 million, although long project
lead times mean that the benefit from the new business will only come through in the last quarter of this financial year and be realised
fully in the next.
Although we are reassured by this order intake we are conscious of the current economic conditions and the impact that they may have on
both current and new business. To ensure that our operational focus is maintained through this period we appointed Andrew Wingfield as Group
Operations Director on 16th April 2008.
Widney UK performed well and maintained a high level of export sales despite the strength of sterling. The Company continues to research
new market sectors and to introduce new products whilst at the same time developing new customers for its current product range. Widney
Pressings also performed well over the period and has been the recipient of most of the new business that has been awarded. During the
period Pressings successfully introduced the Jaguar S Type aftermarket project and commissioned a new roller hemming facility. The Company
is now firmly established as the leading provider of automotive aftermarket solutions in the UK.
During the period we re-established a painting and fabrication facility in Northampton. Turnover during the period was £1.1m and the
current run rate is around £3 million pa. The last six months has been a period of investment and we expect the facility to be profitable
next year.
It has been a steady start to the year with good operational performance and reassuring signs for potential growth. However the current
market conditions are difficult and we therefore remain cautious and will actively manage our cost base to keep it in line with demand.
Joe Grimmond
29 May 2008
Consolidated Income Statement
6 months to 6 months to Year to
31.03.08 31.03.07 30.09.07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Continuing operations
Revenue 15,352 17,439 32,838
Cost of sales (10,440) (11,753) (24,270)
Gross profit 4,912 5,686 8,568
Distribution expenses (502) (490) (1,018)
Administration expenses (4,127) (8,277) (12,789)
Result from operating 283 (3,081) (5,239)
activities
Profit on sale of fixed assets - - 513
Profit/(loss) before financing 283 (3,081) (4,726)
costs
Financial income (note 2) 115 115 228
Financial expense (note 2) (293) (393) (684)
Profit/(loss) before tax 105 (3,359) (5,182)
Income tax credit/(expense) 149 19 (106)
(note 3)
Profit/(loss) for the period
from
continuing operations 254 (3,340) (5,228)
Discontinued operations
Profit from discontinued - 851 851
operations
Profit on sale of fixed assets - - -
(note 4)
Profit/(loss) for the period 254 (2,489) (4,437)
Basic earnings/(loss) per 0.98p (9.64p) (17.18p)
share (note 5)
Diluted earnings/(loss) per 0.98p (9.64p) (17.18p)
share (note 5)
Average number of ordinary
shares in
issue ('000) (note 5) 25,827 25,827 25,827
Consolidated Balance Sheet as at 31 March 2008
31.03.08 31.03.07 30.09.07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Non-current assets
Intangible assets - 973 -
Property, plant & equipment 2,045 3,152 2,195
Deferred tax assets 339 420 305
2,384 4,545 2,500
Current Assets
Assets held for sale - 6,463 -
Inventories 2,683 2,455 2,490
Trade & other receivables 6,768 6,924 7,171
Current tax assets - - -
9,451 15,842 9,661
Current Liabilities
Bank overdraft (1,653) (2,273) (1,141)
Interest bearing loans & (552) (1,120) (520)
borrowings
Trade & other payables (5,101) (7,192) (5,710)
Income tax payable (2) - (134)
(7,308) (10,585) (7,505)
Net current assets 2,143 5,257 2,156
Non current liabilities
Interest bearing loans & (584) (3,436) (671)
borrowings
Employee benefits (185) (845) (517)
Deferred tax liabilities - (93) (37)
(769) (4,374) (1,225)
Net assets 3,758 5,428 3,431
Equity
Issued capital 258 258 258
Share premium 2,092 2,092 2,092
Reserves 501 501 501
Retained earnings 907 2,577 580
3,758 5,428 3,431
Consolidated Cash Flow Statement
6 months to 6 months to Year to
31.03.08 31.03.07 30.09.07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Cash flows from operating
activities
Profit/(loss) for the year 254 (2,489) (4,437)
Adjustments for depreciation 334 577 899
charges
Impairment of intangible and - - 973
tangible assets
(Profit)/Loss on disposal of - - (513)
fixed assets
Finance expenses 178 278 456
Profit on administration of - (2,021) (2,021)
discontinued
operations
Income tax credit/(expense) (149) (19) 106
Operating profit/(loss) before 617 (3,674) (4,537)
changes
in working capital
(Increase)/decrease in (193) 244 209
inventories
Decrease in receivables 403 3,273 2,230
(Decrease)/increase in (687) 1,219 358
payables
Cash generated from operations 140 1,062 (1,740)
Income taxes paid (134) - -
Net cash from operating 6 1,062 (1,740)
activities
Cash flows from investing
activities
Interest paid (150) (250) (408)
Proceeds from sale of 164 1,257 8,937
property, plant & equipment
Acquisition of property, plant (124) (397) (501)
& equipment
Net cash used in investing (110) 610 8,028
activities
Cash flows from financing
activities
Repayment of borrowings (52) (1,219) (4,282)
Payment of finance lease (227) (143) (306)
liabilities
Dividends paid (129) - (258)
Net cash (used in) finance (408) (1,362) (4,846)
activities
Net (decrease)/increase in
cash and
cash equivalents (512) 310 1,442
Consolidated statement of recognised income and expense
6 months to 6 months to Year to
31.03.08 31.03.07 30.09.07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Defined benefit plan actuarial 281 (51) 219
gains/(losses)
Deferred tax on income and (79) 0 (61)
expense recognised directly
in equity
Income and expense recognised 202 (51) 158
directly in equity
Profit/(loss) for the period 254 (2,489) (4,437)
Total recognised income and 456 (2,540) (4,279)
expense for the period
Notes
1. The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's statement of IFRS
accounting policies adopted from 1 October 2006.
These interim financial statements have been prepared applying the recognition and measurement requirements of IFRSs as adopted by the
EU. IFRS 1 will be applied in the financial statements for the year ending 30 September 2008.
The financial information for the half year ended 31 March 2008 and 31 March 2007 have not been audited, although the auditor has
carried out a review as set out on page 10 of this statement. The information set out herein does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. The accounts for the year to 30 September 2007, prepared under UK GAAP, have been reported
on by the Company's auditors and delivered to the Registrar of Companies.
On 22 January 2007 Widney Cabs Limited was placed into Administration. The financial statements at 31 March 2007 and 30 September 2007
represent the consolidated results for Widney plc including Widney Cabs Limited up to the point the Administrators were appointed.
As the directors of the Company had limited access to the accounting records of Widney Cabs Limited since the date it was placed into
Administration, in preparing financial statements they included amounts extracted from the Widney Cabs Limited management accounts for the
period to 31 December 2006, the period end closest to the point at which Widney Cabs Limited was put into Administration (namely 22 January
2007). Its net liabilities were eliminated from the consolidation. With this exception, the consolidated financial information was based on
financial statements which are coterminous with those of the parent company.
2. Financial income and expense
Financial income and expense comprise:
6 months to 6 months to Year to
31/03/08 31/03/07 30/9/07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Financial income
Expected return on pension plan assets 115 115 228
Financial expenses
Interest on pension plan obligations (142) (143) (276)
Interest on bank loans, overdrafts, (144) (243) (394)
finance leases and hire purchase
obligations
Shares classified as liabilities (7) (7) (14)
(293) (393) (684)
3. Taxation
Current Tax
Current tax expense for the interim periods presented is the expected tax payable on the taxable income for the period, calculated as
the estimated average annual effective income tax rate applied to the pre-tax income of the interim period.
Current tax for current and prior periods is classified as a current liability to the extent that it is unpaid. Amounts paid in excess
of amounts owed are classified as a current asset.
Deferred tax
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using the estimated annual effective income tax rate for the interim periods presented.
The primary components of the entity's recognised deferred tax assets include temporary differences related to employee benefits,
temporary differences relating to property, plant and equipment and provisions and other items.
The primary components of the entity's deferred tax liabilities include temporary differences related to property, plant and equipment.
Deferred tax expense arises from the origination and reversal of temporary differences, the effects of changes in tax rates and the
benefit of tax losses recognised.
Total deferred tax recognised directly in equity was £79k for the six months ended 31 March 2008 (six months ended 31 March 2007: nil).
4. Discontinued operations - profit on sale of fixed assets
6 months to 6 months to Year to
31/03/08 31/03/07 30/09/07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Proceeds from sale of fixed assets 315 - -
Less net book value of assets (157) - -
158 - -
Less attributable costs of disposal (158) - -
- - -
5. The earnings per share calculation is as follows:
Basic earnings per share
The calculation of basic earnings per share for the six months ended 31 March 2008 is based on the profit or loss attributable to
ordinary shareholders and the weighted average number of ordinary shares outstanding during the six months ended 31 March 2008.
Diluted earnings per share
The calculation of diluted earnings per share for the six months ended 31 March 2008 is determined by adjusting the profit or loss
attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive
potential ordinary shares, which comprise share options granted to employees.
6 months to 6 months to Year to
31/03/08 31/03/07 30/09/07
(Unaudited) (Unaudited) (Unaudited)
£'000 £'000 £'000
Profit/(loss) for the period 254 (2,489) (4,437)
Average number of shares in
issue
(000's) 25,827 25,827 25,827
Basic profit/(loss) per share 0.98p (9.64p) (17.18p)
Diluted profit/(loss) per 0.98p (9.64p) (17.18p)
share
6. Copies of this statement are being sent to all shareholders. A copy will be placed on the Company's website. Further copies are
available from the Company's registered office at Plume Street, Aston, Birmingham, B6 7SA.
Independent review report to Widney plc
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly report for the six months
ended 31 March 2008 which comprises the consolidated income statement, consolidated balance sheet, consolidated statement of cash flows,
consolidated statement of recognised income and expense and the related explanatory notes. We have read the other information contained in
the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the
condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we
might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for
the conclusions we have reached.
Directors' responsibilities
The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing
the half-yearly report in accordance with the AIM Rules.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The
condensed set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and
measurement requirements of IFRSs as adopted by the EU.
As disclosed in note 1, the next annual financial statements of the group will be prepared in accordance with IFRSs as adopted by the
EU.
The accounting policies that have been adopted in preparing the condensed set of financial statements are consistent with those that the
directors currently intend to use in the next annual financial statements. There is, however, a possibility that the directors may determine
that some changes to these policies are necessary when preparing the full annual financial statements for the first time in accordance with
IFRSs as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly report
based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK except
that the scope of our work was limited as explained below. A review of interim financial information consists of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Limitation of scope
Included in the derivation of cash flows from operating activities in the cash-flow statement for the comparative full year ending 30
September 2007 and comparative six months period ending 31 March 2007 is a non-cash amount of £2,021,000 described as the profit on
administration of discontinued operations. The evidence available to us regarding the amounts included in the consolidated financial
statements and interim financial information of those periods was limited because, due to the appointment of administrators to the group's
subsidiary, Widney Cabs Limited, we were unable to obtain access to its accounting records as part of our review procedures. This matter
also affected our audit procedures on the financial statements for the year ended 30 September 2007 and review procedures of the six months
ended 31 March 2007.Therefore we were unable to review the analysis of the cash flows in respect of Widney Cabs Limited reflected in those
comparative periods.
Qualified conclusion
Except for the adjustments to the cash flow statements for the comparative periods ending on 31 March 2007 and 30 September 2007 that we
might have become aware of if it had not been for the situation described above, based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 31 March 2008 is not
prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the
AIM Rules.
KPMG Audit Plc
Chartered Accountants, Altius House, 1 North Fourth Street, Milton Keynes, MK9 1NE
29 May 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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