31st Jan 2013 07:00
Pochin's PLC (the "Group")
Half year report for the six months to 30 November 2012
Headlines
·; Revenue from continuing operations £43.3m (2011: £30.7m)
·; Profit after tax from continuing operations £0.50m (2011: £0.49m)
·; Net profit (including discontinued operations) £0.27m (2011: £0.33m loss)
Chairman's Statement
The results for the 6 months ended 30 November 2012 show a profit after tax on continuing activities of £0.50m (2011: £0.49m) and a loss from discontinued activities of £0.23m (2011: £0.82m) which combine in an overall profit for the period of £0.27m (2011: £0.33m loss).
Revenue for the period from continuing activities was £43.3m. The comparable figure for 2011 was £30.7m. No interim dividend is being proposed by the board.
Group
The disposal of the Concrete Pumping business was completed on 31 July 2012 and the Group now comprises two divisions, namely those of Construction and Property. In the latter, further progress has been made in reducing the Group's involvement in joint ventures with the result that the Group is now a more focused business. This will lead to a simplification of the Group structure and a corresponding reduction in overheads. During the period, the Group's bank facilities were renewed to 31 October 2014 and its indebtedness continued to be reduced.
Construction
The division increased turnover by 30 per cent over the same period last year whilst maintaining its operating margins. During the period, the division has successfully completed projects for Nestlé and Rolls Royce and has a forward order book in excess of £70m.
Property
The division's investment portfolio continues to provide steady rental income with largely maintained levels of occupancy. A number of non-speculative development schemes have been undertaken, including the successful completion of a new head office for TATA Chemicals Europe Limited in Northwich. Progress in disposing of non-core holdings remains slow, reflecting the illiquid market in regional secondary property.
Summary
With the elimination of concrete pumping trading losses, the Group is in a position to benefit from its core activities of construction and property investment and development. The strong turnover performance in construction is a reflection of the division's established reputation for quality and reliability. This continues to prove of great value in sustaining the Group during the difficult conditions which persist in the regional commercial property market.
Finance Director
As previously announced, the Group's Finance Director, John Edwards, has given notice to terminate his employment with the Group. I am therefore pleased to confirm the appointment of Nigel Rawlings as Group Finance Director with effect from 1 February 2013. This is the subject of a separate announcement released today.
Richard Fildes
Chairman
Enquiries:
Pochin's PLC
John Moss, Chief Executive
John Edwards, Finance Director
Nigel Rawlings, Finance Director Designate 01606 833 333
Charles Stanley Securities
Russell Cook / Carl Holmes 0207 149 6000
Consolidated income statement
6 months ended 30 November 2012 £'000 | 6 months ended 30 November 2011 £'000 | 12 months ended 31 May 2012 £'000 | |||
Revenue | 43,305 | 30,722 | 71,601 | ||
Cost of sales | (41,028) | (29,066) | (67,956) | ||
Gross profit | 2,277 | 1,656 | 3,645 | ||
Operating expenses | (2,714) | (2,444) | (6,530) | ||
Other operating income | 1,512 | 1,641 | 3,327 | ||
Losses on revaluation of investment properties | - | - | (1,099) | ||
Operating profit/(loss) | 1,075 | 853 | (657) | ||
Share of profit after taxation in joint ventures | 23 | 206 | 439 | ||
Finance income | 536 | 655 | 1,335 | ||
Finance cost | (1,032) | (1,203) | (2,225) | ||
Profit/(loss) before taxation | 602 | 511 | (1,108) | ||
Taxation | (100) | (26) | (167) | ||
Profit/(loss) for the period from continuing operations | 502 | 485 | (1,275) | ||
Discontinued operations | |||||
Loss for the period from discontinued operations | (234) | (817) | (1,987) | ||
Profit/(loss) for the period | 268 | (332) | (3,262) | ||
Attributable to: | |||||
Equity holders of the company | 253 | (351) | (3,299) | ||
Non controlling interests | 15 | 19 | 37 | ||
268 | (332) | (3,262) | |||
Basic and diluted earnings/(loss) per share | |||||
from continuing operations | 2.5p | 2.4p | (6.3p) | ||
from discontinued operations | (1.2p) | (4.0p) | (9.7p) | ||
Total | 1.3p | (1.6p) | (16.0p) | ||
Consolidated statement of comprehensive income
6 months ended 30 November 2012 £'000 | 6 months ended 30 November 2011 £'000 | 12 months ended 31 May 2012 £'000 | ||||
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Profit/(loss) for the period | 268 | (332) | (3,262) |
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Other comprehensive income |
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Actuarial losses | (2) | (1,003) | (2,177) |
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Deferred taxation on actuarial losses | - | 261 | 501 |
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Cash flow hedging: |
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Current year fair value movement | - | (223) | (300) |
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Reclassification to profit or loss | - | - | 880 |
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Deferred taxation on cash flow hedging | - | 58 | (151) |
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Realisation of revaluation reserve on disposal | (38) | - | (20) |
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Total comprehensive income for the period | 228 | (1,239) | (4,529) |
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Attributable to non controlling interests | 15 | 19 | 37 |
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Attributable to owners of the parent | 213 | (1,258) | (4,566) |
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228 | (1,239) | (4,529) |
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Consolidated statement of changes in equity
Share capital £'000 |
Own shares £'000 |
Revaluation reserve £'000 |
Hedge reserve £'000
|
Retained earnings £'000 | Total attributable to owners of the parent £'000 |
Non-controlling Interest £'000 |
Total £'000 | ||
At 1 June 2012 | 5,200 | (745) | 2,245 | - | 12,304 | 19,004 | 197 | 19,201 | |
Equity dividend | - | - | - | - | - | - | (14) | (14) | |
Transactions with owners | - | - | - | - | - | - | (14) | (14) | |
Profit for the period | - | - | - | - | 253 | 253 | 15 | 268 | |
Other comprehensive income | |||||||||
Actuarial losses | - | - | - | - | (2) | (2) | - | (2) | |
deferred tax on actuarial losses | - | - | - | - | - | - | - | - | |
Realisation of revaluation reserve on disposal | - | - | (38) | - | - | (38) | - | (38) | |
Total comprehensive income for the period | - | - | (38) | - | 251 | 213 | 15 | 228 | |
At 30 November 2012 | 5,200 | (745) | 2,207 | - | 12,555 | 19,217 | 198 | 19,415 | |
Share capital £'000 |
Own shares £'000 |
Revaluation reserve £'000 |
Hedge reserve £'000
|
Retained earnings £'000 | Total attributable to owners of the parent £'000 |
Non-controlling Interest £'000 |
Total £'000 | ||
At 1 June 2011 | 5,200 | (745) | 2,265 | (580) | 17,428 | 23,568 | 216 | 23,784 | |
Equity dividend | - | - | - | - | - | - | (38) | (38) | |
Transactions with owners | - | - | - | - | - | - | (38) | (38) | |
Loss for the period | - | - | - | - | (351) | (351) | 19 | (332) | |
Other comprehensive income | |||||||||
Actuarial losses | - | - | - | - | (1,003) | (1,003) | - | (1,003) | |
Deferred tax on actuarial losses | - | - | - | - | 261 | 261 | - | 261 | |
Cash flow hedging: | |||||||||
current period fair value movements | - | - | - | (223) | - | (223) | - | (223) | |
deferred tax on cash flow hedging | - | - | - | - | 58 | 58 | - | 58 | |
Total comprehensive income for the period | - | - | - | (223) | (1,035) | (1,258) | 19 | (1,239) | |
At 30 November 2011 | 5,200 | (745) | 2,265 | (803) | 16,393 | 22,310 | 197 | 22,507 | |
Share capital £'000 |
Own shares £'000 |
Revaluation reserve £'000 |
Hedge reserve £'000
|
Retained earnings £'000 | Total attributable to owners of the parent £'000 |
Non-controlling Interest £'000 |
Total £'000 | ||
At 1 June 2011 | 5,200 | (745) | 2,265 | (580) | 17,428 | 23,568 | 216 | 23,784 | |
Cost of share based payments | - | - | - | - | 2 | 2 | - | 2 | |
Equity dividend | - | - | - | - | - | - | (56) | (56) | |
Transactions with owners | - | - | - | - | 2 | 2 | (56) | (54) | |
Loss for the period | - | - | - | - | (3,299) | (3,299) | 37 | (3,262) | |
Other comprehensive income | |||||||||
Actuarial losses | - | - | - | - | (2,177) | (2,177) | - | (2,177) | |
Deferred tax on actuarial losses | - | - | - | - | 501 | 501 | - | 501 | |
Revaluation of property, plant & equipment | - | - | (20) | - | - | (20) | - | (20) | |
Cash flow hedging: | |||||||||
current period fair value movements | - | - | - | (300) | - | (300) | - | (300) | |
reclassification adjustment-discontinued cash flow hedge | - | - | - | 880 | - | 880 | - | 880 | |
deferred tax on cash flow hedging | - | - | - | - | (151) | (151) | - | (151) | |
Total comprehensive income for the period | - | - | (20) | 580 | (5,126) | (4,566) | 37 | (4,529) | |
At 31 May 2012 | 5,200 | (745) | 2,245 | - | 12,304 | 19,004 | 197 | 19,201 | |
Consolidated balance sheet
As at 30 November 2012 £'000 | As at 30 November 2011 £'000 | As at 31 May 2012 £'000 | |||
Non current assets | |||||
Property, plant and equipment | 1,583 | 3,749 | 3,773 | ||
Investment properties | 33,655 | 32,980 | 32,231 | ||
Investments | |||||
Joint ventures | 3,838 | 4,653 | 3,632 | ||
Available for sale | - | 960 | - | ||
Deferred tax assets | 1,939 | 2,174 | 1,939 | ||
Total non current assets | 41,015 | 44,516 | 41,575 | ||
Current assets | |||||
Inventories | 16,846 | 23,138 | 19,286 | ||
Trade and other receivables | 13,070 | 12,877 | 12,085 | ||
Cash and cash equivalents | 1,978 | 1,216 | 1,765 | ||
Corporation tax recoverable | 184 | 319 | 330 | ||
Total current assets | 32,078 | 37,550 | 33,466 | ||
Assets classified as held-for-sale | - | 4,205 | 1,965 | ||
Total assets | 73,093 | 86,271 | 77,006 | ||
Current liabilities | |||||
Trade and other payables | 22,459 | 27,420 | 20,612 | ||
Bank loans | 754 | 8,805 | 6,465 | ||
Bank overdrafts | - | 20,666 | 20,741 | ||
Total current liabilities | 23,213 | 56,891 | 47,818 | ||
Liabilities classified as held-for-sale | 1,456 | 2,451 | 2,730 | ||
Net current liabilities | 7,409 | (17,587) | (15,117) | ||
Non current liabilities | |||||
Bank loans | 23,140 | 1,535 | 1,186 | ||
Retirement benefit obligation | 2,980 | 1,944 | 3,008 | ||
Provisions | 2,000 | - | 2,176 | ||
Other payables | 889 | 943 | 887 | ||
Total non current liabilities | 29,009 | 4,422 | 7,257 | ||
Total liabilities | 53,678 | 63,764 | 57,805 | ||
Net assets | 19,415 | 22,507 | 19,201 | ||
Shareholders' equity | |||||
Share capital | 5,200 | 5,200 | 5,200 | ||
Own shares | (745) | (745) | (745) | ||
Revaluation reserve | 2,207 | 2,265 | 2,245 | ||
Hedge reserve | - | (803) | - | ||
Retained earnings | 12,555 | 16,393 | 12,304 | ||
Equity shareholders' funds | 19,217 | 22,310 | 19,004 | ||
Minority interest | 198 | 197 | 197 | ||
Total equity | 19,415 | 22,507 | 19,201 | ||
Consolidated cash flow statement
6 months ended 30 November 2012 | 6 months ended 30 November 2011
| 12 months ended 31 May 2012 | ||||||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||
Net cash from operating activities | ||||||||
Profit/(loss) for the period | 268 | (332) | (3,262) | |||||
Loss for the period from discontinued operations | 234 | 817 | 1,987 | |||||
Income tax | 100 | 26 | 167 | |||||
Finance income | (536) | (655) | (1,335) | |||||
Finance cost | 1,032 | 1,203 | 2,225 | |||||
Share of results of joint ventures | (23) | (206) | (439) | |||||
Cash flow hedge movement in joint ventures | - | 165 | - | |||||
Depreciation charge | 49 | 59 | 120 | |||||
Goodwill written off | - | - | 10 | |||||
Credit in respect of share based payments | - | - | 2 | |||||
Profit on sale of property, plant and equipment | (2) | - | - | |||||
Profit on sale of investment properties | - | - | (145) | |||||
Losses on revaluation of investment properties | - | - | 1,099 | |||||
Loss on disposal of joint ventures and associates | - | - | 142 | |||||
Loss on disposal of available for sale financial assets | - | - | 84 | |||||
Provision against investments in joint ventures | 149 | 10 | 1,022 | |||||
Provision against investment in available for sale investments | - | 284 | 284 | |||||
Net movement on disposal of joint ventures | - | 500 | - | |||||
Income from joint ventures | 23 | 17 | 35 | |||||
Operating profit before changes in working capital | 1,294 | 1,888 | 1,996 | |||||
Decrease/(increase) in inventories | 3,165 | (5,313) | (2,186) | |||||
(Increase)/decrease in receivables | (985) | (770) | 22 | |||||
Increase/(decrease) in payables | 2,603 | (1,884) | 1,256 | |||||
Cash flows used in operating activities (discontinued) | (559) | (275) | (1,246) | |||||
5,518 | (6,354) | (158) | ||||||
Interest paid | (465) | (596) | (1,006) | |||||
Income taxes received/(paid) | 46 | - | (46) | |||||
Net cash from/(used in) operating activities | 5,099 | (6,950) | (1,210) | |||||
Investing activities | ||||||||
Interest received | 4 | 1 | 23 | |||||
Purchase of property, plant and equipment | (9) | - | (105) | |||||
Proceeds from sale of investment properties | - | - | 520 | |||||
Proceeds from sale of property, plant and equipment | 3 | - | - | |||||
Proceeds from disposal of joint ventures and associates | - | - | 837 | |||||
Proceeds from disposal of available for sale financial assets | - | - | 876 | |||||
(Increase)/decrease in interest in joint ventures and associates | (355) | (95) | 244 | |||||
Settlement of guarantee liabilities in joint ventures | - | - | (5,000) | |||||
Net cash used in investing activities | (357) | (94) | (2,605) | |||||
Financing activities | ||||||||
Proceeds from new loans | 18,862 | - | 925 | |||||
Repayment of loans | (2,619) | (502) | (4,116) | |||||
Net cash from/(used in) financing activities | 16,243 | (502) | (3,191) | |||||
Net increase/(decrease) in cash and cash equivalents | 20,985 | (7,546) | (7,006) | |||||
Cash and cash equivalents at beginning of period | (19,007) | (12,001) | (12,001) | |||||
Cash and cash equivalents at end of period | 1,978 | (19,547) | (19,007) | |||||
Cash and cash equivalents at end of period (continuing) | 1,978 | (19,450) | (18,976) | |||||
Cash and cash equivalents at end of period (discontinued) | - | (97) | (31) | |||||
Total | 1,978 | (19,547) | (19,007) | |||||
1. The interim report was approved by the board on 29 January 2013.
2. General information and basis of preparation
The interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 May 2012. They do not include all of the information required in annual financial statements in accordance with IFRS, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 May 2012.
3. Significant accounting policies
The interim financial statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 May 2012.
4. Estimates
When preparing the interim financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
The judgements, estimates and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty were the same as those applied in the Group's last annual financial statements for the year ended 31 May 2012.
5. Going concern
Since the year end, and following the disposal of Pochin Concrete Pumping Limited, the group successfully renegotiated its borrowing facilities with Royal Bank of Scotland plc to 31 October 2014.
As part of the refinancing process, the directors prepared a business plan together with forecasts to May 2015. These forecasts take account of reasonable changes in trading performance, the satisfaction of remaining parent company guarantee arrangements and other potential liabilities and show that the Group should be able to operate within the level of its revised facilities.On this basis and after making enquires, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future, develop its property portfolio and advance its agreed business plan. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
6. Segmental information
Operating segments have been determined based on the reports regularly reviewed by the group board and which are used to make strategic and operational decisions. The Group board, excluding non-executive directors, is considered to be the Chief Operating Decision Maker and reviews the segments based on the nature of the services provided.
In the prior year, the Group was reorganised into two operating business segments based on the different services provided by each division: Construction and Property development and investment. The residential development segment was transferred to the property division during the prior year and comparative figures have been restated. The concrete pumping segment was classified as discontinued in the previous year.
As operations are carried out entirely within the UK, there is no further consideration of information on geographical areas in determining the Group's operating segments. The measurement policies used for segment reporting reflect those used for internal reporting and for the Group's financial statements. Inter-segmental pricing is done on an arms length open market basis.
6 months ended 30 November 2012
Construction |
Property development & investment |
Group management |
Total continuing operations |
Discontinued operations | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | |||||
External sales | 38,311 | 4,994 | - | 43,305 | 1,392 |
Inter-segment sales | 932 | - | - | 932 | - |
Eliminations | (932) | - | - | (932) | - |
Total revenue | 38,311 | 4,994 | - | 43,305 | 1,392 |
Segment result | |||||
Operating profit/(loss) | 334 | 1,339 | (599) | 1,074 | (221) |
Share of profit after taxation in joint ventures | - | 23 | - | 23 | - |
Net finance cost | (29) | (463) | (3) | (495) | (13) |
Profit/(loss) before taxation | 305 | 899 | (602) | 602 | (234) |
Taxation | (100) | - | |||
Profit/(loss) for the period | 502 | (234) |
Within the construction segment, external sales of £15,513,000 arise from two major customers that individually
account for more than 10 per cent of the entity's revenues. Customer A £11,658,000 and Customer B £3,855,000.
|
Construction | Property development & investment | Elimination of inter-segment items | Total continuing operations |
Discontinued operations |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Assets and liabilities | |||||
Segment assets | 27,230 | 111,407 | (69,382) | 69,255 | - |
Investment in equity accounted joint ventures and associates | - | 3,838 | - | 3,838 | - |
Total assets | 27,230 | 115,245 | (69,382) | 73,093 | - |
Segment liabilities | 21,994 | 99,610 | (69,382) | 52,222 | 1,456 |
Net assets/(liabilities) | 5,236 | 15,635 | - | 20,871 | (1,456) |
Other information | |||||
Capital expenditure | 9 | - | - | 9 | - |
Depreciation | 33 | 16 | - | 49 | - |
Provision against investment in joint ventures | - | 149 | - | 149 | - |
6 months ended 30 November 2011
Construction | Property development & investment |
Group management | Total continuing operations |
Discontinued operations | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Revenue | |||||
External sales | 29,325 | 1,397 | - | 30,722 | 4,907 |
Inter-segment sales | 155 | - | - | 155 | 27 |
Eliminations | (155) | - | - | (155) | (27) |
Total revenue | 29,325 | 1,397 | - | 30,722 | 4,907 |
Segment result | |||||
Operating profit/(loss) | (58) | 1,651 | (740) | 853 | (287) |
Loss on remeasurement and cost of disposal | - | - | - | - | (490) |
Share of profit after taxation of joint ventures | - | 206 | - | 206 | - |
Net finance income/(cost) | 38 | (591) | 5 | (548) | (40) |
Profit/(loss) before taxation | (20) | 1,266 | (735) | 511 | (817) |
Taxation | (26) | - | |||
Profit/(loss) for the period | 485 | (817) |
Within the construction segment, external sales of £18,631,000 arise from five major customers that individually account for more than 10 per cent of the entity's revenues. Customer A £5,941,000, Customer B £3,449,000, Customer C £3,288,000, Customer D £3,020,000 and Customer E £2,933,000.
Construction £'000 |
Property development & investment £'000 |
Elimination of inter-segment items £'000 | Total continuing operations £'000 |
Discontinued operations £'000 | |||
Asset and liabilities | |||||||
Segment assets | 27,631 | 84,112 | (34,330) | 77,413 | 4,205 | ||
Investment in equity accounted joint ventures and associates | - | 4,653 | - | 4,653 | - | ||
Total assets | 27,631 | 88,765 | (34,330) | 82,066 | 4,205 | ||
Segment liabilities | 22,177 | 73,466 | (34,330) | 61,313 | 2,451 | ||
Net assets/(liabilities) | 5,454 | 15,299 | - | 20,753 | 1,754 | ||
Other information | |||||||
Capital expenditure | 9 | - | - | 9 | - | ||
Depreciation | 27 | 32 | - | 59 | 149 | ||
Provision against investment in joint ventures and available for sale financial assets | - | 294 | - | 294 | - | ||
12 months ended 31 May 2012
Construction£'000 | Property development & investment £'000 | Group management £'000 | Total continuing operations £'000 | Discontinued operations £'000 | |
Revenue | |||||
External sales | 66,663 | 4,938 | - | 71,601 | 8,929 |
Inter-segment sales | 1,727 | - | - | 1,727 | 90 |
Eliminations | (1,727) | - | - | (1,727) | (90) |
Total revenue | 66,663 | 4,938 | - | 71,601 | 8,929 |
Segment result | |||||
Operating profit/(loss) | 277 | 386 | (1,320) | (657) | (1,235) |
Loss on remeasurement and cost of disposal | - | - | - | - | (671) |
Share of profit after taxation in joint ventures | - | 439 | - | 439 | - |
Net finance income/(cost) | 78 | (977) | 9 | (890) | (81) |
Profit/(loss) before taxation | 355 | (152) | (1,311) | (1,108) | (1,987) |
Taxation | (167) | - | |||
Loss for the year | (1,275) | (1,987) |
Within the construction segment, external sales of £28,360,000 arise from three major customers that individually
account for more than 10 per cent of the entity's revenues. Customer A £6,900,000, Customer B £7,800,000 and Customer C £13,660,000.
Construction£'000 | Property development & investment £'000 | Elimination of inter-segment items £'000 | Total continuing operations £'000 | Discontinued operations £'000 | |
Assets and liabilities | |||||
Segment assets | 25,822 | 91,063 | (45,476) | 71,409 | 1,965 |
Investment in equity accounted joint ventures and associates | - | 3,632 | - | 3,632 | - |
Total assets | 25,822 | 94,695 | (45,476) | 75,041 | 1,965 |
Segment liabilities | 20,842 | 79,709 | (45,476) | 55,075 | 2,730 |
Net assets/(liabilities) | 4,980 | 14,986 | - | 19,966 | (765) |
Other information | |||||
Capital expenditure | 105 | - | - | 105 | - |
Depreciation | 57 | 63 | - | 120 | - |
Provision against investment in joint ventures and available for sale financial assets | - | 877 | - | 877 | - |
Impairment of inventories | - | 686 | - | 686 | - |
7. Taxation
The taxation charge is calculated with reference to a prior year tax settlement.
8. Dividends
The directors are not proposing an interim dividend in respect of the 6 months ended 30 November 2012.
10. Earnings per share
The calculation of earnings per share (basic and diluted) is based on Group profit after taxation and non-controlling interests of £268,000 (2011: £332,000 loss) and the 20,800,000 ordinary shares of 25p in issue at 30 November 2012 and 30 November 2011. The number of shares in the calculation has been reduced at 30 November 2012 for the 440,500 (2011: 440,500) shares held in the Employee Share Trust. The assumed conversion of dilutive options has no impact on the number of shares and so diluted earnings per share is equal to basic earnings per share.
6 months ended 30 November 2012 | 6 months ended 30 November 2011 | 12 months ended 31 May 2012 | ||||||||||||||||||||||||||
|
Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p | |||||||||||||||||||
Continuing | ||||||||||||||||||||||||||||
operations | ||||||||||||||||||||||||||||
Basic EPS | 502 | 20,360 | 2.5 | 485 | 20,360 | 2.4 | (1,275) | 20,360 | (6.3) | |||||||||||||||||||
Effect of share options | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Diluted EPS | 502 | 20,360 | 2.5 | 485 | 20,360 | 2.4 | (1,275) | 20,360 | (6.3) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
6 months ended 30 November 2012 | 6 months ended 30 November 2011 | 12 months ended 31 May 2012 | ||||||||||||||||||||||||||
|
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p | |||||||||||||||||||
Discontinued | ||||||||||||||||||||||||||||
operations | ||||||||||||||||||||||||||||
Basic EPS | (234) | 20,360 | (1.2) | (817) | 20,360 | (4.0) | (1,987) | 20,360 | (9.7) | |||||||||||||||||||
Effect of share options | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Diluted EPS | (234) | 20,360 | (1.2) | (817) | 20,360 | (4.0) | (1,987) | 20,360 | (9.7) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
6 months ended 30 November 2012 | 6 months ended 30 November 2011 | 12 months ended 31 May 2012 | ||||||||||||||||||||||||||
|
Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 | Weighted average no. of shares '000 |
Per share p |
Earnings £'000 |
Weighted average no. of shares '000 |
Per share p | |||||||||||||||||||
Total operations | ||||||||||||||||||||||||||||
Basic EPS | 268 | 20,360 | 1.3 | (332) | 20,360 | (1.6) | (3,262) | 20,360 | (16.0) | |||||||||||||||||||
Effect of share options | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Diluted EPS | 268 | 20,360 | 1.3 | (332) | 20,360 | (1.6) | (3,262) | 20,360 | (16.0) | |||||||||||||||||||
10. Disposal group classified as held for sale
Pochin Concrete Pumping Limited was treated as a discontinued operation until its sale as a going concern which was
completed on 31 July 2012. The results of the operation are summarised below (with all amounts attributable to owners of
the parent):
6 months ended 30 November 2012 £'000 | 6 months ended 30 November 2011 £'000 | 12 months ended 31 May 2012 £'000 | ||||
Revenue | 1,392 | 4,907 | 8,929 | |||
Cost of sales | (1,182) | (4,172) | (7,893) | |||
Gross profit | 210 | 735 | 1,036 | |||
Operating expenses | (242) | (1,022) | (2,271) | |||
Operating loss | (32) | (287) | (1,235) | |||
Finance cost | (13) | (40) | (81) | |||
Loss from discontinued operations before taxation | (45) | (327) | (1,316) | |||
Tax | - | - | - | |||
Net operating result from discontinued operations | (45) | (327) | (1,316) | |||
Remeasurement and disposal of assets held for sale | ||||||
Loss on remeasurement and cost of disposal | (189) | (490) | (671) | |||
Loss for the period from discontinued operations | (234) | (817) | (1,987) | |||
Net cash flows used in discontinued operations | ||||||
Net cash flow used in operating activities | (559) | (275) | (1,246) | |||
(559) | (275) | (1,246) | ||||
Net cash flow used in discontinued operating activities | ||||||
Loss for the period | (234) | (817) | (1,987) | |||
Finance cost | 13 | 40 | 81 | |||
Depreciation charge | - | 149 | - | |||
Operating cash flow before movement in working capital | (221) | (628) | (1,906) | |||
Increase in inventories | - | (5) | - | |||
Decrease in receivables | 1,965 | 27 | 20 | |||
(Decrease)/Increase in payables | (2,290) | 361 | 566 | |||
Increase in provisions | - | - | 155 | |||
Interest paid | (13) | (30) | (81) | |||
(559) | (275) | (1,246) | ||||
Assets of disposal group classified as held for sale | ||||||
Property, plant and equipment | - | 1,445 | - | |||
Inventories | - | 223 | - | |||
Trade and other receivables | - | 2,537 | 1,965 | |||
- | 4,205 | 1,965 | ||||
Liabilities of disposal group classified as held for sale | ||||||
Trade and other payables | 351 | 2,149 | 794 | |||
Obligations under hire purchase agreements | - | - | 595 | |||
Bank overdrafts | - | 97 | 31 | |||
Deferred tax liabilities | - | 205 | 205 | |||
Provisions | 1,105 | - | 1,105 | |||
1,456 | 2,451 | 2,730 | ||||
11. Provisions
Provisions include a liability in anticipation of a settlement of a parent company guarantee for a joint venture that could crystallise within 12 months following discussions with third parties. In addition, provisions also include other claims provisions that arise from the normal course of contractual relationships which could crystallise within 12 months.
12. The comparative figures for the year ended 31 May 2012 do not constitute statutory accounts for the purposes prescribed by the Companies Act 2006. A copy of the statutory accounts for the year ended 31 May 2012, which were prepared under International Financial Reporting Standards and which the auditors gave an unqualified report in accordance with the Companies Act 2006, have been filed with the Registrar of Companies.
13. This interim report is available on the Group's website (www.pochins.plc.uk).
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