29th Sep 2010 07:00
Andrews Sykes Group plc
29 September 2010
Interim Financial Statements for the six months to 30 June 2010
Summary of Results
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|
6 months ended 30 June 2010
£'000 |
6 months ended 30 June 2009
£'000 |
|
Revenue from continuing operations |
27,573 |
28,766 |
|
Normalised EBITDA* from continuing operations |
8,851 |
8,763 |
|
Normalised operating profit ** |
6,816 |
6,609 |
|
Profit for the financial period |
5,225 |
4,619 |
|
Net funds / (debt) |
2,762 |
(12,070) |
* Earnings Before Interest, Taxation, Depreciation Amortisation and non-recurring costs.
** Operating profit before non-recurring items as reconciled on the consolidated income statement
Chairman's Statement
Overview
The group's revenue for the six months ended 30 June 2010 was £27.6 million compared with £28.8 million in the first half of 2009, a decrease of 4.1%. Despite this reduction in revenue, through careful cost control and efficiency savings, the group's normalised operating profit * has increased by £0.2 million, or 3.1%, from £6.6 million in the first half of 2009 to £6.8 million in the current period.
The group continues to generate strong cash flows. As at 30 June 2010 the group has net funds of £2.8 million compared with a net debt position of £12.1 million at 30 June 2009 - an overall reduction in net debt of £14.9 million in a 12 month period. This clearly demonstrates the group's positive cash flow ability.
Management have achieved the above improvements in operating profit and positive cash flows by continuing to follow the policies outlined in the last year's annual report - namely cost control, efficiency initiatives, cash and working capital management. The operational structure of the business has been safeguarded and the group remains in a strong position ready to take advantage of any business opportunities whenever they arise.
Operations review
Our main hire and sales business in the UK and Northern Europe benefited from a long and cold end to the 2009 winter although, conversely, the second quarter of 2010 was abnormally dry. Fortunately our ongoing strategy of diversification, particularly into less weather dependent specialist hire sectors, again proved beneficial.
Our UK installation business continued to show some trading improvements, albeit relatively modest in comparison with the overall group's results.
As predicted in the 2009 annual report, trading in the Middle East proved to be difficult throughout the first half of 2010 and we were unable to maintain the level of profitability achieved last year. Debt collection and credit control continue to be the focus of management attention and the directors consider that adequate bad debt provisions have been made in these interim results.
Share buyback programme
As previously announced, the board continues to believe that shareholder value will be optimised by the purchase by the company, when appropriate, of its own shares.
During the period under review a total of 909,930 ordinary shares were purchased for cancellation for a total consideration of £1,053,000. Subsequently a further 5,000 have been purchased for a total consideration of £6,000 bringing the aggregate for the year to date to 914,930 ordinary shares representing approximately 2.07% of shares in issue at the beginning of the financial year.
The directors confirm that they intend to actively continue to pursue this policy and any shareholder who is considering taking advantage of the share buyback programme is invited to contact their stockbroker, bank manager, solicitor, accountant or other independent financial advisor authorised under the Financial Services and Markets Act 2000, in order to contact Brewin Dolphin Limited who are operating the buyback programme on behalf of the company.
Prospects
In a similar vein to last year, there was a short hot spell in the UK and Northern Europe at the beginning of July following which the summer has been mixed with only average temperatures. Therefore we expect our all important air conditioning hire business to return a satisfactory performance.
The UK pumping division has faced adverse conditions throughout the summer with dry weather and lack of construction activity combining to make trading difficult. Whilst the effects have been partially offset by the development of non-weather related business it has not been possible to compensate completely for these factors.
Our business in the Middle East continues to suffer from the economic downturn in the region and we expect this to continue for the remainder of 2010.
Our specialist hire divisions continue to perform well and our ongoing strategy of careful investment in our traditional core products and services, increasing our non-seasonal business and investment in new technically advanced and environmentally friendly products will continue to be followed.
Overall, the board is cautiously anticipating a reasonable performance for the rest of 2010.
JG Murray
Chairman
28 September 2010
* Operating profit before non-recurring items as reconciled on the consolidated income statement
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Andrews Sykes Group plc Consolidated Income Statement For the 6 months ended 30 June 2010 (unaudited) |
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6 months ended 30 June 2010 £'000 |
|
6 months ended 30 June 2009 £'000 |
|
12 months ended 31 December 2009 £'000 |
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Continuing operations |
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|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
27,573 |
|
28,766 |
|
54,358 |
|
Cost of sales |
(11,883) |
|
(12,766) |
|
(23,218) |
|
Gross profit |
15,690 |
|
16,000 |
|
31,140 |
|
|
|
|
|
|
|
|
Distribution costs |
(4,518) |
|
(5,001) |
|
(9,367) |
|
|
|
|
|
|
|
|
Administrative expenses: - Recurring |
(4,356) |
|
(4,390) |
|
(8,836) |
|
- Non-recurring |
164 |
|
- |
|
273 |
|
- Total |
(4,192) |
|
(4,390) |
|
(8,563) |
|
|
|
|
|
|
|
|
Operating profit |
6,980 |
|
6,609 |
|
13,210 |
|
|
|
|
|
|
|
Normalised EBITDA* |
8,851 |
|
8,763 |
|
17,368 |
|
Depreciation and impairment losses |
(2,281) |
|
(2,518) |
|
(4,964) |
|
Profit on the sale of plant and equipment |
246 |
|
364 |
|
533 |
Normalised operating profit |
6,816 |
|
6,609 |
|
12,937 |
|
Profit on the sale of property |
164 |
|
- |
|
273 |
Operating profit |
6,980 |
|
6,609 |
|
13,210 |
|
|
|
|
|
|
|
|
Income from other participating interests |
- |
|
- |
|
980 |
|
Finance income |
843 |
|
817 |
|
1,584 |
|
Finance costs |
(1,103) |
|
(1,797) |
|
(2,843) |
|
Inter company foreign exchange gains and losses |
395 |
|
873 |
|
360 |
|
|
|
|
|
|
|
|
Profit before taxation |
7,115 |
|
6,502 |
|
13,291 |
|
|
|
|
|
|
|
|
Taxation |
(1,890) |
|
(1,883) |
|
(1,648) |
|
|
|
|
|
|
|
Profit for the financial period |
5,225 |
|
4,619 |
|
11,643 |
|
|
|
|
|
|
|
|
There were no discontinued operations in any of the above periods. |
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|
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Earnings per share from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (pence) |
11.83 p |
|
10.43 p |
|
26.30 p |
|
Diluted (pence) |
11.83 p |
|
10.43 p |
|
26.30 p |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per equity share (pence) |
0.00 p |
|
0.00 p |
|
0.00 p |
* Earnings Before Interest, Taxation, Depreciation, Amortisation and non-recurring costs.
Andrews Sykes Group plc
Consolidated Balance Sheet
As at 30 June 2010 (unaudited)
|
|
30 June 2010 |
|
30 June 2009 |
|
31 December 2009 |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
Non-current assets Property, plant and equipment Lease prepayments Trade investments Deferred tax asset Other financial assets - cash held on deposit |
12,543 58 164 1,238 - |
|
14,556 86 164 - - |
|
13,697 59 164 1,042 3,000 |
|
|
14,003 |
|
14,806 |
|
17,962 |
|
Current assets Stocks Trade and other receivables Other financial assets - cash held on deposit Cash and cash equivalents Assets held for sale |
4,117 13,723 - 23,716 213 |
|
6,561 14,265 - 17,974 405 |
|
4,865 13,295 6,000 18,150 238 |
|
|
41,769 |
|
39,205 |
|
42,548 |
|
|
|
|
|
|
|
|
Current liabilities Trade and other payables Current tax liabilities Bank loans Obligations under finance leases Provisions Derivative financial instruments |
(7,521) (1,980) (6,000) (261) (13) - |
|
(7,818) (1,504) (6,000) (206) - - |
|
( 7,408) (1,670) (6,000) (203) (13) (23) |
|
|
(15,775) |
|
(15,528) |
|
(15,317) |
|
|
|
|
|
|
|
|
Net current assets |
25,994 |
|
23,677 |
|
27,231 |
|
|
|
|
|
|
|
Total assets less current liabilities |
39,997 |
|
38,483 |
|
45,193 |
|
|
|
|
|
|
|
|
Non-current liabilities Bank loans Obligations under finance leases Provisions Retirement benefit obligations Deferred tax liability Derivative financial instruments |
(14,000) (628) (53) - - (65) |
|
(23,000) (770) - (1,026) (340) (68)
|
|
(23,000) (700) (60) - - (32) |
|
|
(14,746) |
|
(25,204) |
|
(23,792) |
|
|
|
|
|
|
|
|
Net assets |
25,251 |
|
13,279 |
|
21,401 |
|
|
|
|
|
|
|
|
Equity Called-up share capital Retained earnings Translation reserve Other reserves |
434 21,988 2,585 234 |
|
443 10,545 2,056 225 |
|
443 17,828 2,895 225 |
|
|
|
|
|
|
|
|
Surplus attributable to equity holders of the parent |
25,241 |
|
13,269 |
|
21,391 |
|
|
|
|
|
|
|
|
Minority interest |
10 |
|
10 |
|
10 |
|
|
|
|
|
|
|
Total Equity |
25,251 |
|
13,279 |
|
21,401 |
Andrews Sykes Group plcConsolidated Cash Flow Statement For the 6 months ended 30 June 2010 (unaudited)
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|
|
|
|
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|
|
6 months ended 30 June 2010
£'000 |
|
6 months ended 30 June 2009
£'000 |
|
12 months ended 31 December 2009
£'000 |
|
Cash flows from operating activities Cash generated from operations Interest paid Net UK corporation tax paid Net withholding tax paid Overseas tax paid
|
8,856 (292) (843) - (862)
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|
9,288 (1,284) (746) - (243)
|
|
18,081 (1,653) (1,586) (329) (179)
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|
Net cash inflow from operating activities |
6,859 |
|
7,015 |
|
14,334 |
|
|
|
|
|
|
|
|
Investing activities Dividends received from participating interests (trade investments) Movements in ring fenced bank deposit accounts Sale of assets held for sale Sale of plant and equipment Purchase of property, plant & equipment Interest received |
- 9,000 390 344 (1,014) 73 |
|
- - - 568 (1,549) 118
|
|
980 (9,000) 439 813 (1,661) 208 |
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Net cash inflow / (outflow) from investing activities |
8,793 |
|
(863) |
|
(8,221) |
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|
|
|
|
|
|
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Financing activities Loan repayments Finance lease capital repayments Purchase of own shares
|
(9,000) (130) (1,053) |
|
(5,000) (77) -
|
|
(5,000) (150) -
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Net cash outflow from financing activities |
(10,183) |
|
(5,077) |
|
(5,150) |
|
|
|
|
|
|
|
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Net increase in cash and cash equivalents |
5,469 |
|
1,075 |
|
963 |
|
|
|
|
|
|
|
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Cash and cash equivalents at beginning of period Effect of foreign exchange rate changes
|
18,150 97 |
|
18,233 (1,334) |
|
18,233 (1,046) |
|
Cash and cash equivalents at end of period |
23,716 |
|
17,974 |
|
18,150 |
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
5,469
|
|
1,075
|
|
963
|
|
Cash outflow from decrease in debt
|
9,130
|
|
5,077
|
|
5,150
|
|
Movements in ring fenced bank deposit accounts
|
(9,000)
|
|
-
|
|
9,000
|
|
Non cash movements re finance leases
|
(116)
|
|
-
|
|
-
|
|
Non cash movements in the fair value of derivative instruments
|
(10)
|
|
40
|
|
53
|
|
Movement in net debt during the period
|
5,473
|
|
6,192
|
|
15,166
|
|
Opening net debt at the beginning of period
|
(2,808)
|
|
(16,928)
|
|
(16,928)
|
|
Effect of foreign exchange rate changes
|
97
|
|
(1,334)
|
|
(1,046)
|
|
Closing net funds / (debt) at the end of period
|
2,762
|
|
(12,070)
|
|
(2,808)
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Andrews Sykes Group plc Consolidated Statement Of Comprehensive Total Income (CSOCTI) For the 6 months ended 30 June 2010 (unaudited)
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6 months ended 30 June 2010 £'000 |
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6 months ended 30 June 2009 £'000 |
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12 months ended 31 December 2009 £'000 |
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Profit for the financial period
Other comprehensive income:
Currency translation differences on foreign currency net investments Defined benefit plan actuarial gains and losses Deferred tax on other comprehensive income |
5,225
(306) (14) 4
|
|
4,619
(2,441) (1,668) 467
|
|
11,643
(1,602) (1,308) 366
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Other comprehensive income for the period net of tax |
(316) |
|
(3,642) |
|
(2,544) |
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Total comprehensive income for the period |
4,909 |
|
977 |
|
9,099 |
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Andrews Sykes Group plc Notes to the consolidated interim financial statements For the 6 months ended 30 June 2010 (unaudited)
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1. General information
Basis of preparation
These interim financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2009 does not constitute the group's statutory accounts for 2009 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2009 have been delivered to the Registrar of Companies. The Auditor's report on those accounts was unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These interim financial statements, which were approved by the Board of Directors on 28 September 2010, have not been audited or reviewed by the auditors.
The interim financial statement has been prepared using the historical cost basis of accounting except for:
i) Properties held at the date of transition to IFRS which are stated at deemed cost;
ii) Assets held for sale which are stated at the lower of fair value less anticipated disposal costs and carrying value and
iii) Derivative financial instruments (including embedded derivatives) which are valued at fair value.
Functional and presentational currency
The financial statements are presented in pounds Sterling because that is the functional currency of the primary economic environment in which the group operates.
2. Accounting policies
These interim financial statements have been prepared on a consistent basis and in accordance with the accounting policies set out in the group's Annual Report and Financial Statements 2009.
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3 |
Revenue
An analysis of the group's revenue is as follows: |
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6 months ended 30 June 2010 £'000 |
|
6 months ended 30 June 2009 £'000 |
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12 months ended 31 December 2009 £'000 |
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Continuing operationsHire Sales Installations |
22,566 3,048 1,959 |
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22,515 4,437 1,814 |
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42,934 7,708 3,716 |
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Group consolidated revenue from the sale of goods and provision of services |
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|
|
|
|
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|
27,573 |
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28,766 |
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54,358 |
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|
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|
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4 |
Taxation |
|
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|
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|
|
6 months ended 30 June 2010 £'000 |
|
6 months ended 30 June 2009 £'000 |
|
12 months ended 31 December 2009 £'000 |
|
|
Current tax UK corporation tax Adjustments in respect of prior periods |
1,691 2 |
|
890 (12) |
|
1,735 (146) |
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Overseas tax Adjustments to overseas tax in respect of prior periods Withholding tax |
1,693 320 68 - |
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878 288 - - |
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1,589 506 (10) 329 |
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Total current tax charge |
2,081 |
|
1,166 |
|
2,414 |
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Deferred taxDeferred tax on the origination and reversal of temporary differences Adjustments in respect of prior periods |
(191) - |
|
717 - |
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(837) 71 |
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Total deferred tax charge |
(191) |
|
717 |
|
(766) |
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Total tax charge for the financial period |
1,890 |
|
1,883 |
|
1,648 |
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The tax charge for the financial period can be reconciled to the profit before tax per the income statement multiplied by the standard effective corporation tax rate in the UK of 28% (June 2009 and December 2009: 28%) as follows:
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6 months ended 30 June 2010 £'000 |
|
6 months ended 30 June 2009 £'000 |
|
12 months ended 31 December 2009 £'000 |
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Profit before taxation from continuing and total operations |
7,115 |
|
6,502 |
|
13,291 |
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Tax at the UK effective corporation tax rate of 28% (June 2009 and December 2009: 28%) Effects of: Expenses not deductible for tax purposes Capital gain sheltered by capital losses and indexation allowance Effects of different tax rates of subsidiaries operating abroad Withholding tax Non-taxable income from other participating interests Release of deferred tax provision following enactment of FA 2009 Adjustments to tax charge in respect of previous periods
|
1,992
44 (25) (191) - - - 70 |
|
1,821
43 - 31 - - -
(12) |
|
3,721
179 (75) (925) 329 (274) (1,222) (85) |
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Total tax charge for the financial period |
1,890 |
|
1,883 |
|
1,648 |
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The total effective tax charge for the financial period represents the best estimate of the weighted average annual effective tax rate expected for the full financial year. In accordance with IAS 12 no account has been taken in these interim financial statements of the announcement in the emergency budget on 22 June 2010 that the UK corporation tax rate will reduce from 28% to 24% over a period of 4 years from 2011. The first reduction in the UK corporation tax rate from 28% to 27% was substantively enacted on 20 July 2010 and will be effective from 1 April 2011. This will reduce the group's future current tax rate accordingly. If the rate change from 28% to 27% had been substantively enacted on or before the balance sheet date it would have had the effect of reducing the deferred tax asset recognised at that date by approximately £40,000. It has not yet been possible to quantify the full anticipated effect of the announced further 3% reduction, although this will further reduce the group's future current tax charge and the group's deferred tax asset accordingly.
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5 |
Earnings per share |
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Basic earnings per share
The basic figures have been calculated by reference to the weighted average number of ordinary shares in issue and the earnings as set out below. There are no discontinued operations in any period.
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6 months ended 30 June 2010 |
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Continuing earnings £'000 |
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Number of shares
|
|
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Basic earnings/weighted average number of shares |
5,225 |
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44,156,707 |
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Basic earnings per ordinary share (pence) |
11.83p |
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|
6 months ended 30 June 2009 |
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Continuing earnings £'000 |
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Number of shares
|
|
|
Basic earnings/weighted average number of shares
|
4,619 |
|
44,268,365
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Basic earnings per ordinary share (pence) |
10.43p |
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|
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12 months ended 31 December 2009 |
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Continuing earnings £'000 |
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Number of shares
|
|
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Basic earnings/weighted average number of shares
|
11,643 |
|
44,268,365
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Basic earnings per ordinary share (pence) |
26.30p |
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Diluted earnings per share
The calculation of the diluted earnings per ordinary share in the current period is based on the profits and shares as set out in the table below. The options have an antidilutive effect in both the previous periods and therefore there is no change to the basic earnings per share as disclosed above. There are no discontinued operations in any period.
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6 months ended 30 June 2010 |
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Continuing earnings £'000 |
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Number of shares
|
|
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Basic earnings/weighted average number of shares Weighted average number of shares under option Number of shares that would have been issued at fair value to satisfy the above options
|
5,225 |
|
44,156,707 15,000
(12,853)
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Earnings / diluted weighted average number of shares |
5,225 |
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44,158,854 |
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Diluted earnings per ordinary share (pence) |
11.83p |
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6 |
Dividend payments
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The directors have not declared any interim dividends in respect of the period under review or either of the two previous periods.
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7 |
Retirement benefit obligations - Defined benefit pension scheme
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The group closed the UK group defined benefit pension scheme to future accrual as at 29 December 2002. The assets of the defined benefit pension scheme continue to be held in a separate trustee administered fund.
The group are making additional contributions to remove the funding deficit in the group pension scheme. These contributions include both one-off and regular monthly payments, currently £10,000 per month, and are agreed in advance with the trustees of the pension scheme. Assumptions used to calculate the scheme deficit
The last full actuarial valuation was carried out as at 31 December 2007. A qualified independent actuary has updated the results of this valuation to calculate the position as disclosed below.
The major assumptions used in this valuation to determine the present value of the scheme's defined benefit obligation were as follows:
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30 June 2010 |
30 June 2009 |
31 December 2009 |
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Rate of increase in pensionable salaries Rate of increase in pensions in payment Discount rate applied to scheme liabilities Inflation assumption |
N/A 3.05% 5.35% 3.15% |
N/A 3.50% 6.20% 3.50% |
N/A 3.40% 5.80% 3.60% |
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Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The current mortality table used is PA92YOBMC+2 at all the above period ends.
The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows:
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30 June 2010 |
30 June 2009 |
31 December 2009 |
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Male, current age 45 Female, current age 45 |
21.3 years 24.1 years |
21.3 years 24.0 years |
21.3 years 24.1 years |
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Valuations
The fair value of the scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities which are derived from cash flow projections over long periods and are inherently uncertain, were as follows:
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30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
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Total fair value of plan assets Present value of defined benefit funded obligation calculated in accordance with stated assumptions |
28,926
(28,904) |
25,981
(27,007) |
28,936
(28,862) |
||
|
|
Surplus / (deficit) in the scheme calculated in accordance with stated assumptions Net pension asset not recognised |
22 (22) |
(1,026) - |
74 (74) |
||
|
|
Pension liability recognised in the balance sheet |
- |
(1,026) |
- |
||
|
|
|||||
|
|
The movement in the fair value of the scheme's assets over the reporting period are as follows:
|
||||
|
|
|
30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
|
|
|
Fair value of plan assets at the start of the period Expected return on plan assets Actuarial (losses) / gains recognised in the CSOCTI Employer contributions - normal Benefits paid |
28,936 770 (221) 60 (619) |
26,440 662 (1,444) 750 (427) |
26,440 1,338 992 1,500 (1,334) |
|
|
|
Fair value of plan assets at the end of the period |
28,926 |
25,981 |
28,936 |
|
|
|
|
|
|
|
|
|
|
The movement in the present value of the defined benefit obligation during the period was as follows:
|
||||
|
|
|
30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
|
|
|
Opening present value of defined benefit funded obligation calculated in accordance with stated assumptions Interest on defined benefit obligation Actuarial gain / (loss) recognised in the CSOCTI calculated in accordance with stated assumptions Benefits paid |
(28,862) (816)
155 619 |
(26,165) (770)
(499) 427 |
(26,165) (1,530)
(2,501) 1,334 |
|
|
|
Closing present value of defined benefit funded obligation calculated in accordance with stated assumptions Net pension asset not recognised |
(28,904) (22) |
(27,007) - |
(28,862) (74) |
|
|
|
Present value of defined benefit funded obligation at the end of the period |
(28,926) |
(27,007) |
(28,936) |
|
|
|
Amounts recognised in the income statement
The amounts credited / (charged) in the income statement were:
|
|
|
|
|
|
|
|
30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
|
|
|
Expected return on pension scheme assets credited within finance income Interest on pension scheme liabilities charged within finance costs |
770
(816) |
662
(770) |
1,338
(1,530) |
|
|
|
Net pension interest charge Settlements and curtailments |
(46) - |
(108) - |
(192) - |
|
|
|
Net pension charge in the income statement |
(46) |
(108) |
(192) |
|
|
|
||||||||
|
|
Actuarial gains and losses recognised in the consolidated statement of comprehensive total income (CSOCTI)
The amounts (charged) / credited in the CSOCTI were:
|
|||||||
|
|
|
30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
||||
|
|
Actual return less expected return on scheme assets Experience gains and losses arising on plan obligation Changes in demographic and financial assumptions underlying the present value of plan obligations |
(221) 772
(617) |
(1,444) -
(499) |
992 (421)
(2,080) |
||||
|
|
Actuarial loss calculated in accordance with stated assumptions |
(66) |
(1,943) |
(1,509) |
||||
|
|
Pension asset not recognised Reverse provision re non recognition of pension scheme asset |
(22)
74 |
-
275 |
(74)
275 |
||||
|
|
Actuarial loss recognised in the CSOCTI |
(14) |
(1,668) |
(1,308) |
||||
|
|
Cumulative actuarial loss recognised in the CSOCTI |
(4,464) |
(4,810) |
(4,450) |
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
8 |
Called-up share capital |
|
|
|
||||
|
|
|
30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
||||
|
|
Issued and fully paid: 43,358,435 ordinary shares of one pence each (June 2009 and December 2009: 44,268,365 ordinary shares of one pence each) |
434 |
443 |
443 |
||||
|
|
|
|
|
|
||||
|
|
During the period the company bought back 909,930 shares for cancellation for a total consideration of £1,052,976 (June 2009 and December 2009: Nil shares bought back).
The company has one class of ordinary shares which carry no right to fixed income.
At 30 June 2010 cash options to subscribe for ordinary shares under the executive share option scheme were held as follows:
|
|
||||||
|
|
|
|
Number of one pence ordinary shares |
|||||
|
|
Date of Grant |
Date normally exercisable |
Subscription price per share |
30 June 2010 |
30 June 2009 |
31 December 2009 |
||
|
|
November 2001 |
November 2004 to October 2011 |
89.5 pence |
15,000 |
15,000 |
15,000 |
||
No share options were granted, forfeited or expired during either the current or previous financial periods.
No share options were exercised during the period (June 2009 and December 2009: Nil options).
|
|
||||||
|
9 |
Cash generated from operations |
|||||
|
|
|
6 months ended 30 June 2010
£'000 |
6 months ended 30 June 2009
£'000 |
12 months ended 31 December 2009
£'000 |
||
|
|
Profit for the period attributable to equity shareholders Adjustments for: Taxation charge Finance costs Finance income Inter-company foreign exchange gains and losses Income from other participating interests Profit on the sale of property, plant and equipment Depreciation Excess of normal pension contributions compared with service cost |
5,225
1,890 1,103 (843) (395) - (410) 2,281
(60)
|
4,619
1,883 1,797 (817) (873) - (364) 2,518
(750)
|
11,643
1,648 2,843 (1,584) (360) (980) (806) 4,964
(1,500)
|
||
|
|
Cash generated from operations before movements in working capital
|
8,791 |
8,013 |
15,868 |
||
|
|
Decrease in stocks (Increase) / decrease in trade and other receivables Increase / (decrease) in trade and other payables (Decrease) / increase in provisions
|
374 (428) 126 (7) |
1,432 3,499 (3,656) - |
1,904 4,318 (4,082) 73 |
||
|
|
Cash generated from operations |
8,856 |
9,288 |
18,081 |
||
|
|
|
|
||||
|
10 |
Analysis of net funds / (debt) |
|
||||
|
|
|
30 June 2010 £'000 |
30 June 2009 £'000 |
31 December 2009 £'000 |
||
|
|
Cash and cash equivalents per cash flow statement |
23,716 |
17,974 |
18,150 |
||
|
|
Other financial assets - cash held on deposit |
- |
- |
9,000 |
||
|
|
Financial assets |
23,716 |
17,974 |
27,150 |
||
|
|
Bank loans Obligations under finance leases Derivative financial instruments |
(20,000) (889) (65) |
(29,000) (976) (68) |
(29,000) (903) (55) |
||
|
|
Gross debt |
(20,954) |
(30,044) |
(29,958) |
||
|
|
|
|
|
|
||
|
|
Net funds / (debt) |
2,762 |
(12,070) |
(2,808) |
||
|
11 |
Distribution of interim financial statements
Following a change in regulations in 2008, the company is no longer required to circulate this half year report to shareholders. This enables us to reduce costs associated with printing and mailing and to minimise the impact of these activities on the environment. A copy of the interim financial statements is available on the company's website, www.andrews-sykes.com |
|
||||
For further information, please contact:
Andrews Sykes Group plc
Jean Christophe Pillois 01902 328700
Brewin Dolphin
Sandy Fraser/Iain Marlow 0845 213 4730
Related Shares:
Andrew Sykes