31st Jan 2012 07:00
Pochin's PLC
(the "Group")
Half year report for the six months to 30 November 2011
Headlines
·; Revenue from continuing operations £30.7m (2010: £37.0m)
·; Profit after tax from continuing operations £0.49m (2010: £0.03m)
·; Net loss (including discontinued operations) £0.33m (2010: £0.49m loss)
Chairman's Statement
The results for the 6 months ended 30 November 2011 show a profit after tax from continuing activities of £0.485m (2010: £0.027m) and a loss from discontinued activities of £0.817m (2010: £0.516m loss), which combine in an overall loss for the period of £0.332m (2010: £0.489m loss). Revenue for the period from continuing activities was £30.722m; the comparable figure for 2010 was £37.035m, which included a c£11m property disposal. No interim dividend is proposed.
Concrete Pumping
The decision to dispose of the loss making concrete pumping business was announced with the results for the year ending 31 May 2011. This division, whose activities are now classified as discontinued, have benefited from improved cost control and operational efficiencies, and a reasonably mild winter, with the result that the level of ongoing losses has been contained, albeit with additional provision made for costs of disposal. Meanwhile the disposal process is at an advanced stage, with completion expected shortly.
Construction
This division has performed well in testing market conditions with improved results compared to the corresponding period last year. While it remains particularly difficult to win new work in a fiercely competitive market, highly valued established clients continue to provide good opportunities which should enable this division to maintain its improved performance in the second half of the year.
Property
Rental income from the core investment portfolio has remained strong. The regional commercial property market shows signs of renewed weakness which may have a further impact on values during 2012. These conditions are adversely affecting development land values in particular, and they inhibit the Group's planned disposals of non-core assets.
Group
During this period, the Group put into effect the agreement to reduce substantially its guarantee commitments to joint venture companies. While this did not affect the profit, it did give rise to a £5m increase in net indebtedness. Other than in this respect, the Group is maintaining a stable cash position and is entering discussions with its principal banker, The Royal Bank of Scotland, over suitable facilities to take effect following its withdrawal from the concrete pumping activity.
In summary, the Group's property rental income and ongoing construction activities have performed creditably in difficult market conditions. Prospects for commercial property values remain a concern, as do those for an early return to profitable development activity. The second half of the year should see the disposal of the concrete pumping business, leaving the remaining divisions seeking to benefit from their established position in the challenging regional market.
Richard Fildes
Chairman
Enquiries:
Pochin's PLC
John Moss, Chief Executive 01606 833 333
John Edwards, Finance Director
Charles Stanley Securities 020 7149 6000
Russell Cook
Carl Holmes
Consolidated income statement
6 months ended 30 November 2011
£'000 | 6 months ended 30 November 2010 (re-presented) £'000 | 12 months ended 31 May 2011
£'000 | |||||
Revenue | 30,722 | 37,035 | 59,283 | ||||
Cost of sales | (29,066) | (33,489) | (52,580) | ||||
Gross profit | 1,656 | 3,546 | 6,703 | ||||
Operating expenses | (2,444) | (4,000) | (8,501) | ||||
Other operating income | 1,641 | 1,341 | 2,891 | ||||
Gains on revaluation of investment properties | - | - | (135) | ||||
Operating profit | 853 | 887 | 958 | ||||
Share of profit/(loss) after taxation in joint ventures | 206 | (315) | 587 | ||||
Share of profit after taxation in associates | - | 32 | 87 | ||||
Finance income | 655 | 682 | 1,115 | ||||
Finance cost | (1,203) | (1,239) | (2,103) | ||||
Profit before taxation | 511 | 47 | 644 | ||||
Taxation | (26) | (20) | 289 | ||||
Profit for the period from continuing operations | 485 | 27 | 933 | ||||
Discontinued operations | |||||||
Loss for the period from discontinued operations | (817) | (516) | (4,372) | ||||
Loss for the period | (332) | (489) | (3,439) | ||||
Attributable to: | |||||||
Equity holders of the company | (351) | (508) | (3,477) | ||||
Minority interest | 19 | 19 | 38 | ||||
(332) | (489) | (3,439) | |||||
Basic and diluted earnings/(loss) per share | |||||||
from continuing operations | 2.4p | 0.1p | 4.6p | ||||
from discontinued operations | (4.0p) | (2.5p) | (21.5p) | ||||
Total | (1.6p) | (2.4p) | (16.9p) | ||||
Consolidated statement of comprehensive income
6 months ended 30 November 2011 £'000 | 6 months ended 30 November 2010 £'000 | 12 months ended 31 May 2011 £'000 | |||
Loss for the period | (332) | (489) | (3,439) | ||
Actuarial (losses) /gains | (1,003) | 206 | 1,521 | ||
Deferred tax on actuarial gains and losses | 261 | (58) | (449) | ||
Cash flow hedging: | |||||
Current period fair value movement | (223) | 282 | 1,662 | ||
Reclassification to profit or loss | - | - | (1,013) | ||
Deferred taxation on cash flow hedging | 58 | (236) | (350) | ||
Total comprehensive income for the period | (1,239) | (295) | (2,068) | ||
Attributable to non controlling interests | 19 | 19 | 38 | ||
Attributable to owners of the parent | (1,258) | (314) | (2,106) | ||
(1,239) | (295) | (2,068) | |||
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 | |
At 1 June 2011 | 5,200 | (745) | 2,265 | (580) | 17,428 | 23,568 | 216 |
Equity dividend | - | - | - | - | - | - | (38) |
Transactions with owners | - | - | - | - | - | - | (38) |
Loss for the period | - | - | - | - | (351) | (351) | 19 |
Other comprehensive income | |||||||
Actuarial losses | - | - | - | - | (1,003) | (1,003) | - |
Deferred tax on pension scheme deficit | - | - | - | - | 261 | 261 | - |
Cash flow hedging: | |||||||
current period fair value movements | - | - | - | (223) | - | (223) | - |
Deferred tax on cash flow hedging | - | - | - | - | 58 | 58 | - |
Total comprehensive income for the period | - | - | - | (223) | (1,035) | (1,258) | 19 |
At 30 November 2011 | 5,200 | (745) | 2,265 | (803) | 16,393 | 22,310 | 197 |
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 | |
At 1 June 2010 | 5,200 | (745) | 2,265 | (1,229) | 20,202 | 25,693 | 219 |
Equity dividend | - | - | - | - | - | - | (41) |
Transactions with owners | - | - | - | - | - | - | (41) |
Loss for the period | - | - | - | - | (508) | (508) | 19 |
Other comprehensive income | |||||||
Actuarial gains | - | - | - | - | 206 | 206 | - |
Deferred tax on pension scheme deficit | - | - | - | - | (58) | (58) | - |
Cash flow hedging: | |||||||
current period fair value movements | - | - | - | 282 | - | 282 | - |
Deferred tax on cash flow hedging | - | - | - | - | (236) | (236) | - |
Total comprehensive income for the period | - | - | - | 282 | (596) | (314) | 19 |
At 30 November 2010 | 5,200 | (745) | 2,265 | (947) | 19,606 | 25,379 | 197 |
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 | ||
At 1 June 2010 | 5,200 | (745) | 2,265 | (1,229) | 20,202 | 25,693 | 219 | |
Cost of share based payments | - | - | - | - | (19) | (19) | - | |
Equity dividend | - | - | - | - | - | - | (41) | |
Transactions with owners | - | - | - | - | (19) | (19) | (41) | |
Loss for the period | - | - | - | - | (3,477) | (3,477) | 38 | |
Other comprehensive income | ||||||||
Actuarial gains | - | - | - | - | 1,521 | 1,521 | - | |
Deferred tax on pension scheme deficit | - | - | - | - | (449) | (449) | - | |
Cash flow hedging: | ||||||||
current period fair value movements | - | - | - | 1,662 | - | 1,662 | - | |
reclassification adjustment-disposal of cash flow hedge | - | - | - | (1,013) | - | (1,013) | - | |
Deferred tax on cash flow hedging | - | - | - | - | (350) | (350) | - | |
Total comprehensive income for the period | - | - | - | 649 | (2,755) | (2,106) | 38 | |
At 31 May 2011 | 5,200 | (745) | 2,265 | (580) | 17,428 | 23,568 | 216 | |
Consolidated balance sheet
As at 30 November 2011 £'000 | As at 30 November 2010 £'000 | As at 31 May 2011 £'000 | |||
Non current assets | |||||
Property, plant and equipment | 3,749 | 5,039 | 3,808 | ||
Investment properties | 32,980 | 29,116 | 32,980 | ||
Investments | |||||
Joint ventures | 4,653 | 4,505 | 4,544 | ||
Associates | - | 1,426 | 500 | ||
Available for sale | 960 | 2,567 | 1,244 | ||
Deferred tax assets | 2,174 | 1,618 | 1,939 | ||
Total non current assets | 44,516 | 44,271 | 45,015 | ||
Current assets | |||||
Inventories | 23,138 | 18,392 | 17,825 | ||
Trade and other receivables | 12,877 | 13,832 | 12,107 | ||
Cash and cash equivalents | 1,216 | 8,810 | 6,320 | ||
Corporation tax recoverable | 319 | 381 | 319 | ||
Total current assets | 37,550 | 41,415 | 36,571 | ||
Assets classified as held-for-sale | 4,205 | - | 4,554 | ||
Total assets | 86,271 | 85,686 | 86,140 | ||
Current liabilities | |||||
Trade and other payables | 27,420 | 27,901 | 28,960 | ||
Bank loans | 8,805 | 11,234 | 9,277 | ||
Bank overdrafts | 20,666 | 16,982 | 18,499 | ||
Financial derivatives | - | 315 | - | ||
Total current liabilities | 56,891 | 56,432 | 56,736 | ||
Liabilities classified as held-for-sale | 2,451 | - | 2,071 | ||
Net current liabilities | (17,587) | (15,017) | (17,682) | ||
Non current liabilities | |||||
Bank loans | 1,535 | - | 1,565 | ||
Retirement benefit obligation | 1,944 | 2,430 | 1,041 | ||
Other payables | 943 | 1,248 | 943 | ||
Total non current liabilities | 4,422 | 3,678 | 3,549 | ||
Total liabilities | 63,764 | 60,110 | 62,356 | ||
Net assets | 22,507 | 25,576 | 23,784 | ||
Shareholders' equity | |||||
Share capital | 5,200 | 5,200 | 5,200 | ||
Own shares | (745) | (745) | (745) | ||
Revaluation reserve | 2,265 | 2,265 | 2,265 | ||
Hedge reserve | (803) | (947) | (580) | ||
Retained earnings | 16,393 | 19,606 | 17,428 | ||
Equity shareholders' funds | 22,310 | 25,379 | 23,568 | ||
Minority interest | 197 | 197 | 216 | ||
Total equity | 22,507 | 25,576 | 23,784 | ||
Consolidated cash flow statement
6 months ended 30 November 2011 | 6 months ended 30 November 2010 (re-presented) | 12 months ended 31 May 2011 | ||||||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||
Net cash from operating activities | ||||||||
Loss for the period | (332) | (489) | (3,439) | |||||
Loss for the period from discontinued operations | 817 | 516 | 4,372 | |||||
Income tax | 26 | 20 | (289) | |||||
Finance income | (655) | (682) | (1,115) | |||||
Finance cost | 1,203 | 1,239 | 2,103 | |||||
Share of results of joint ventures and associates | (206) | 283 | (674) | |||||
Cash flow hedge movement in joint ventures | 165 | 10 | (15) | |||||
Depreciation charge | 59 | 70 | 289 | |||||
Release of gain on bargain purchase | - | - | (1,175) | |||||
Credit in respect of share based payments | - | - | (19) | |||||
Profit on sale of property, plant and equipment | - | - | (12) | |||||
Profit on sale of investment properties | - | - | (57) | |||||
Gains on revaluation of investment properties | - | - | 135 | |||||
Provision against investments in joint ventures | 10 | - | 1,537 | |||||
Provision against investment in available for sale investments | 284 | - | 1,478 | |||||
Net movement on disposal of joint ventures | 500 | 4,106 | - | |||||
Income from joint ventures and associates | 17 | 270 | 298 | |||||
Operating profit before changes in working capital | 1,888 | 5,343 | 3,417 | |||||
(Increase)/decrease in inventories | (5,313) | 2,461 | 3,796 | |||||
Increase in receivables | (770) | (1,214) | (1,997) | |||||
(Decrease)/increase in payables | (1,884) | 1,897 | 11,543 | |||||
Cash flows (used in)/from operating activities (discontinued) | (275) | 304 | (5,437) | |||||
(6,354) | 8,791 | 11,322 | ||||||
Interest paid | (596) | (605) | (1,036) | |||||
Income taxes paid | - | (75) | (123) | |||||
Net cash (used in)/from operating activities | (6,950) | 8,111 | 10,163 | |||||
Investing activities | ||||||||
Interest received | 1 | 37 | 26 | |||||
Purchase of investment properties | - | - | (3,896) | |||||
Purchase of property, plant and equipment | - | (19) | (26) | |||||
Proceeds from sale of investment properties | - | - | 264 | |||||
Proceeds from sale of property, plant and equipment | - | - | 144 | |||||
Purchase of subsidiary undertakings | - | - | (50) | |||||
(Increase)/decrease in interest in joint ventures and associates | (95) | 288 | 10 | |||||
Increase in interest in available for sale investments | - | (377) | (532) | |||||
Cash flows used in investing activities (discontinued) | - | (500) | (1,005) | |||||
Net cash used in investing activities | (94) | (571) | (5,065) | |||||
Financing activities | ||||||||
Repayment of loans | (502) | (1,670) | (3,915) | |||||
Cash flows from financing activities (discontinued) | - | - | 858 | |||||
Net cash used in financing activities | (502) | (1,670) | (3,057) | |||||
Net (decrease)/increase in cash and cash equivalents | (7,546) | 5,870 | 2,041 | |||||
Cash and cash equivalents at beginning of period | (12,001) | (14,042) | (14,042) | |||||
Cash and cash equivalents at end of period | (19,547) | (8,172) | (12,001) | |||||
Cash and cash equivalents at end of period (continuing) | (19,450) | (8,128) | (12,179) | |||||
Cash and cash equivalents at end of period (discontinued) | (97) | (44) | 178 | |||||
Total | (19,547) | (8,172) | (12,001) | |||||
1. The interim report was approved by the board on 27 January 2012.
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 2011. 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 2011.
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 2011.
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 2011.
5. Going concern
After making enquiries, which include a detailed review of the Group's working capital requirements and an assessment of the likelihood of obtaining continuing support from the Group's bankers and renewal of facilities in the forthcoming year, the directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
6. Business combination
On 9 June 2011 the Group acquired 100% of the issued share capital and voting rights of UKLP (BrynCegin) Limited, a company based in the United Kingdom that operates within the property segment, for a non-cash consideration. There is no material effect on the balance sheet.
7. Segmental information
During the period, the Group was organised into three operating business segments based on the different services provided by each division: Construction, Property and Residential. The residential segment has been transferred to the construction division during the period for operational purposes. The Concrete Pumping segment has been classified as discontinued during the period and comparatives re-presented.
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.
Segmental information
6 months ended 30 November 2011
Construction
£'000 | Property
£'000 | Residential
£'000 | Group Management
£'000 | Total continuing operations £'000 | Discontinued Operations
£'000 | |||||||
Revenue | ||||||||||||
External Sales | 29,325 | 371 | 1,026 | - | 30,722 | 4,907 | ||||||
Inter-segment sales | 155 | - | - | - | 155 | 27 | ||||||
Eliminations | (155) | - | - | - | (155) | (27) | ||||||
Total revenue | 29,325 | 371 | 1,026 | - | 30,722 | 4,907 | ||||||
Segment result | ||||||||||||
Operating profit/(loss) | (58) | 1,709 | (58) | (740) | 853 | (287) | ||||||
Loss on remeasurement and cost of disposal | - | - | - | - | - | (490) | ||||||
Share of results of joint ventures and associates | - | 206 | - | - | 206 | - | ||||||
Net finance cost | 38 | (575) | (16) | 5 | (548) | (40) | ||||||
Profit/(loss) before taxation | (20) | 1,340 | (74) | (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 customers that individually account for more than 10 per cent of the entity's revenues. These are also considered to be major customers.
| Construction
£'000 | Property
£'000 | Residential
£'000 | Elimination of inter-company balances £'000 | Total continuing operations £'000 | Discontinued Operations
£'000 | |||||
Assets and liabilities | |||||||||||
Segment assets | 27,631 | 81,045 | 3,067 | (34,330) | 77,413 | 4,205 | |||||
Investment in equity accounted joint ventures and associates | - | 4,653 | - | - | 4,653 | - | |||||
Total assets | 27,631 | 85,698 | 3,067 | (34,330) | 82,066 | 4,205 | |||||
Segment liabilities | 22,177 | 72,425 | 1,041 | (34,330) | 61,313 | 2,451 | |||||
Net assets | 5,454 | 13,273 | 2,026 | - | 20,753 | 1,754 | |||||
Other information | |||||||||||
Depreciation | 27 | 32 | - | - | 59 | 149 | |||||
Provision against investment in joint ventures, associates and other investments | - | 294 | - | - | 294 | - | |||||
Segmental information
6 months ended 30 November 2010
Construction
£'000 | Property
£'000 | Residential
£'000 | Group Management
£'000 | Total continuing operations £'000 | Discontinued Operations
£'000 | ||||||
Revenue | |||||||||||
External Sales | 21,626 | 13,560 | 1,849 | - | 37,035 | 4,759 | |||||
Inter-segment sales | 678 | - | - | - | 678 | 712 | |||||
Eliminations | (678) | - | - | - | (678) | (712) | |||||
Total revenue | 21,626 | 13,560 | 1,849 | - | 37,035 | 4,759 | |||||
Segment result | |||||||||||
Operating profit/(loss) | (86) | 1,678 | 36 | (741) | 887 | (499) | |||||
Share of results of joint ventures and associates | - | (283) | - | - | (283) | - | |||||
Net finance income | 8 | (552) | (14) | 1 | (557) | (17) | |||||
Profit/(loss) before taxation | (78) | 843 | 22 | (740) | 47 | (516) | |||||
Taxation | (20) | - | |||||||||
Profit/(loss) for the period | 27 | (516) | |||||||||
Within the Construction segment, external sales of £11,973,000 arise from three customers that individually account for more than 10 per cent of the entity's revenues. These are also considered to be major customers.
Construction
£'000 | Property
£'000 | Residential
£'000 | Elimination of inter-company balances £'000 | Total continuing operations £'000 | Discontinued Operations
£'000 | ||||||
Assets and liabilities | |||||||||||
Segment assets | 20,961 | 60,815 | 5,078 | (11,068) | 75,786 | 3,969 | |||||
Investment in equity accounted joint ventures and associates | - | 5,931 | - | - | 5,931 | - | |||||
Total assets | 20,961 | 66,746 | 5,078 | (11,068) | 81,717 | 3,969 | |||||
Segment liabilities | 15,441 | 49,334 | 2,576 | (11,068) | 56,283 | 3,827 | |||||
Net assets | 5,520 | 17,412 | 2,502 | - | 25,434 | 142 | |||||
Other information | |||||||||||
Capital expenditure | 19 | - | - | - | 19 | 561 | |||||
Depreciation | 34 | 36 | - | - | 70 | 58 | |||||
Impairment of inventories | - | 498 | - | - | 498 | - | |||||
Segmental information
12 months ended 31 May 2011
Construction
£'000 | Property
£'000 | Residential
£'000 | Group Management
£'000 | Total continuing operations £'000 | Discontinued Operations
£'000 | |||||||
Revenue |
| |||||||||||
External Sales | 41,569 | 14,679 | 3,035 | - | 59,283 | 8,821 | ||||||
Inter-segment sales | 1,006 | 310 | - | - | 1,316 | 67 | ||||||
Eliminations | (1,006) | (310) | - | - | (1,316) | (67) | ||||||
Total revenue | 41,569 | 14,679 | 3,035 | - | 59,283 | 8,821 | ||||||
Segment result | ||||||||||||
Operating profit/(loss) | 12 | 3,129 | (403) | (1,780) | 958 | (1,170) | ||||||
Loss on remeasurement and cost of disposal | - | - | - | - | - | (3,569) | ||||||
Share of results of joint ventures and associates | - | 674 | - | - | 674 | - | ||||||
Net finance income | 18 | (1,008) | - | 2 | (988) | (26) | ||||||
Profit/(loss) before taxation | 30 | 2,795 | (403) | (1,778) | 644 | (4,765) | ||||||
Taxation | 289 | 393 | ||||||||||
Profit/(loss) for the year | 933 | (4,372) | ||||||||||
Within the Construction segment, external sales of £18,250,000 arise from three customers that individually account for more than 10 per cent of the entity's revenues. These are also considered to be major customers.
Construction
£'000 | Property
£'000 | Residential
£'000 | Elimination of inter-company balances £'000 | Total continuing operations £'000 | Discontinued Operations
£'000 | ||||||
Assets and liabilities | |||||||||||
Segment assets | 20,932 | 83,455 | 2,998 | (30,843) | 76,542 | 4,554 | |||||
Investment in equity accounted joint ventures and associates | - | 5,044 | - | - | 5,044 | - | |||||
Total assets | 20,932 | 88,499 | 2,998 | (30,843) | 81,586 | 4,554 | |||||
Segment liabilities | 14,781 | 75,074 | 1,273 | (30,843) | 60,285 | 2,071 | |||||
Net assets | 6,151 | 13,425 | 1,725 | - | 21,301 | 2,483 | |||||
Other information | |||||||||||
Capital expenditure | 26 | - | - | - | 26 | 1,149 | |||||
Depreciation | 67 | 63 | - | - | 130 | 158 | |||||
Provision against investment in joint ventures, associates and other investments | - | 3,015 | - | - | 3,015 | - | |||||
Impairment of inventories | - | 393 | 400 | - | 793 | - | |||||
8. Taxation
The taxation charge is calculated by applying the estimated effective annual tax rate to the profit for the period.
9. Dividends
The directors are not proposing an interim dividend in respect of the 6 months ended 30 November 2011.
10. Earnings per share
The calculation of earnings per share (basic and diluted) is based on Group loss after taxation and minority interests of £332,000 (2010: £489,000) and the 20,800,000 ordinary shares of 25p in issue at 30 November 2011 and 30 November 2010. The number of shares in the calculation has been reduced at 30 November 2011 for the 440,500 (2010: 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 2011 | 6 months ended 30 November 2010 (re-presented) | 12 months ended 31 May 2011 | ||||||||||||||||||||||||||
Continuing operations |
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 | |||||||||||||||||||
Basic EPS | 485 | 20,360 | 2.4 | 27 | 20,360 | 0.1 | 933 | 20,360 | 4.6 | |||||||||||||||||||
Effect of share options | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Diluted EPS | 485 | 20,360 | 2.4 | 27 | 20,360 | 0.1 | 933 | 20,360 | 4.6 | |||||||||||||||||||
| ||||||||||||||||||||||||||||
6 months ended 30 November 2011 | 6 months ended 30 November 2010 (re-presented) | 12 months ended 31 May 2011 | ||||||||||||||||||||||||||
Discontinued operations |
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 | |||||||||||||||||||
Basic EPS | (817) | 20,360 | (4.0) | (516) | 20,360 | (2.5) | (4,372) | 20,360 | (21.5) | |||||||||||||||||||
Effect of share options | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Diluted EPS | (817) | 20,360 | (4.0) | (516) | 20,360 | (2.5) | (4,372) | 20,360 | (21.5) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
6 months ended 30 November 2011 | 6 months ended 30 November 2010 (re-presented) | 12 months ended 31 May 2011 | ||||||||||||||||||||||||||
Total operations |
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 | |||||||||||||||||||
Basic EPS | (332) | 20,360 | (1.6) | (489) | 20,360 | (2.4) | (3,439) | 20,360 | (16.9) | |||||||||||||||||||
Effect of share options | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Diluted EPS | (332) | 20,360 | (1.6) | (489) | 20,360 | (2.4) | (3,439) | 20,360 | (16.9) | |||||||||||||||||||
11. Disposal group classified as held for sale
Pochin Concrete Pumping Limited has been treated as a discontinued operation as the business is being sold as a going concern expected to complete 29 February 2012. The results of the operation are summarised below:
All below amounts are attributable to owners of the parent.
6 months ended 30 November 2011 £'000 | 6 months ended 30 November 2010 £'000 | 12 months ended 31 May 2011 £'000 | ||||
Revenue | 4,907 | 4,759 | 8,821 | |||
Cost of sales | (4,172) | (4,258) | (8,007) | |||
Gross profit | 735 | 501 | 814 | |||
Operating expenses | (1,022) | (1,000) | (1,996) | |||
Other operating income | - | - | 12 | |||
Operating loss | (287) | (499) | (1,170) | |||
Finance income | - | - | 192 | |||
Finance cost | (40) | (17) | (218) | |||
Loss from discontinued operations before taxation | (327) | (516) | (1,196) | |||
Tax credit | - | - | 393 | |||
Net operating result from discontinued operations | (327) | (516) | (803) | |||
Remeasurement and disposal of assets held for sale | ||||||
Loss on remeasurement and cost of disposal | (490) | - | (3,569) | |||
Loss for the period from discontinued operations | (817) | (516) | (4,372) | |||
Net cash flows from discontinued operations | ||||||
Net cash flow from operating activities | (275) | 304 | (5,437) | |||
Net cash flow from investing activities | - | (500) | (1,005) | |||
Net cash flow from financing activities | - | - | 858 | |||
(275) | (196) | (5,584) | ||||
Net cash flow from discontinued operating activities | ||||||
Loss for the period | (817) | (516) | (4,372) | |||
Income tax | - | - | (393) | |||
Finance Income | - | - | (192) | |||
Finance cost | 40 | 17 | 218 | |||
Depreciation charge | 149 | 58 | 158 | |||
Profit on sale of property, plant and equipment | - | - | (12) | |||
Operating cash flow before movement in working capital | (628) | (441) | (4,593) | |||
(Increase)/decrease in inventories | (5) | - | 52 | |||
Decrease/(increase) in receivables | 27 | 1,038 | (55) | |||
Increase/(decrease) in payables | 361 | (274) | (811) | |||
Interest paid | (30) | (19) | (30) | |||
(275) | 304 | (5,437) | ||||
Assets of disposal group classified as held for sale | ||||||
Property, plant and equipment | 1,445 | 1,178 | 1,594 | |||
Inventories | 223 | 270 | 218 | |||
Trade and other receivables | 2,537 | 2,557 | 2,564 | |||
Deferred tax liabilities | - | (36) | - | |||
Cash and cash equivalents | - | - | 178 | |||
4,205 | 3,969 | 4,554 | ||||
Liabilities of disposal group classified as held for sale | ||||||
Trade and other payables | 2,149 | 3,384 | 904 | |||
Bank overdrafts | 97 | 44 | - | |||
Obligations under hire purchase agreements | - | - | 962 | |||
Retirement benefit obligation | - | 399 | - | |||
Deferred tax liabilities | 205 | - | 205 | |||
2,451 | 3,827 | 2,071 | ||||
12. Provisions
A restructuring provision was recognised by the Group in its annual financial statements as at 31 May 2011 in relation to the disposal of Pochin Concrete Pumping Limited amounting to £950,000. The estimate of the restructuring provision was increased by £490,000 in the 6 months ended 30 November 2011.
13. The comparative figures for the year ended 31 May 2011 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 2011, 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.
14. This interim report is available on the Group's website (www.pochins.plc.uk).
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