22nd Apr 2015 07:00
DENSITRON TECHNOLOGIES PLC
PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014
Densitron Technologies plc ("Densitron" or the "Company" or the "Group"), the designer, developer and distributor of electronic displays announces its preliminary unaudited results for the year ended 31 December 2014. |
Ø Revenues increased by 3.5% to £20.7 million (2013: £20.0 million). | ||||||||
Ø Orders booked increased 10.6% to £24.1 million (2013: £21.8 million). | ||||||||
Ø Orderbook increased 23.6% to £13.1 million (2013: £10.6 million). | ||||||||
Ø Earnings per share 0.23p compared with a loss per share of 1.02p in 2013. | ||||||||
Jan G Holmstrom, Chairman of Densitron, commented:
"In 2014 the business progressed significantly delivering a substantial improvement over the result in the previous year. With the increase in the orderbook at the end of the year the business is in a good position to continue to grow in the coming year."
Enquiries:
Densitron Grahame Falconer / Tim Pearson Tel: 0207 648 4200 | Westhouse Securities Martin Davison Tel: 020 7601 6100 |
Chairman's statement
I am pleased to be able to report that the business has made significant progress during the year achieving a profit before tax broadly in line with market expectations. Business from existing customers has grown, a number of new projects have been won and several projects that were being worked on during the previous year entered their mass production phases.
TRADING RESULTS
Revenues from the operating business for the year increased to £20.7m from £20.0m in 2013. This is despite the movement in exchange rates which impacted the Group revenues. Had the exchange rate been the same as the corresponding exchange rates used in 2013 the revenues reported would have been £21.6m for 2014.
Although there was a fall in gross margin, gross profit increased to £5.6m in 2014 from £5.5m in 2013. Together with a reduction in administrative expenses the business generated a profit from operations of £0.4m compared with a loss of £0.5m in 2013.
As a consequence of the disappointing result in 2013 the Board reviewed its strategy for the business and concluded that it remained sound in the medium to long term. However, in the short term it was considered that a review of the way in which the business is structured should be carried out and the cost structure of the business should be reviewed further. This was undertaken at the end of 2013 and beginning of 2014 and the necessary changes were implemented. These have had a positive impact on the results in the current year and will continue to help the business in 2015.
The core business performed well during 2014 and largely managed to cover the shortfall in business from the internally developed products and services. Unfortunately Ripdraw, Bonding and ePaper have taken considerably longer to develop and market than had been anticipated and consequently did not deliver the returns that we had expected during the year. Each has now developed a good pipeline of opportunities underpinning the decision to invest in them and it will be a key area of focus to convert these opportunities into sales revenue in 2015.
LAND AT BLACKHEATH
The Group owns a piece of land at Blackheath, London which is a legacy from a larger sports ground previously owned and sold to Greenwich Council in 2006. The land is designated as Metropolitan Open Land which precludes development. However, the Council is undertaking a review of its Core Strategy in relation to all open spaces under its designation and as part of this process we have been working to re-designate the land to make future development possible. The progress of the review continues to be protracted but is likely to be concluded over the next 12 months. In the meantime the Board continues to investigate other options to enhance the value of the land.
NEWCASTLE PROPERTY
As previously communicated we have actively tried to find a long term solution for the lease commitment that we have had in Newcastle since we reached an out of court agreement in 2013. We concluded that the building was inefficient for our business needs so the decision was taken to underlet the property. However, that proved to be more complicated than we anticipated primarily due to the requirement to underlet the property at the current market rent and the Landlord not permitting a change of use status. The former prevented the Company from mitigating the cost of the lease by discounting the rent and the latter precluded an opportunity to underlet the property to an interested party in the leisure industry. However, in March 2015 the Directors reached an agreement with the Landlord to surrender the lease for a final payment of £400,000.
The annual cost to the Company of the property (including rent, rates, insurance and ancillary costs) was approximately £240,000. Consequently, the settlement figure represented the total cost of the building to the Company over a period of approximately 22 months. With the lease due to expire on 31 December 2022 a further 7 years and 9 months, this represented a significant discount on the overall exposure. The overall cost to the Company for this situation has been approximately £1.3m.
The surrender was financed by a loan at market terms from the Company's largest shareholder, Mr P Gyllenhammar. The independent directors took advice from the Company's Nomad, Westhouse Securities Limited, concluding that the settlement was fair and reasonable insofar as the Company's shareholders are concerned.
SHAREHOLDERS AND DIVIDENDS
The Directors remain committed to delivering a return to Shareholders by both increasing shareholder value and by paying dividends. However, despite the improvement in trading during the year, the impact from the remaining ongoing lease liability and the final settlement of the lease has inevitably had a detrimental impact on the liquidity of the Group. In these circumstances the board does not consider that it is appropriate to pay a dividend for the year, so do not recommend the payment of a final dividend.
OUTLOOK
Business that has already been booked and is due for delivery in 2015 is encouraging having increased to £13.1 million at the beginning of 2015 from £10.6 million at the beginning of 2014. This provides confidence that the core business can continue to grow during 2015 and this together with the prospect that the business will begin to derive revenues from its internally developed products and services gives rise for optimism about the business in both the short and medium term. With the Newcastle property distraction finally behind us, we are now able to focus entirely on our business activities.
I would like to thank the Directors and staff throughout the Group for their continued hard work and dedication during the year.
Finally I would like to thank the Company's Shareholders for their continued support.
JAN G HOLMSTROM
Chairman
Densitron Technologies plc Consolidated income statement For the year ended 31 December 2014
| ||||||||
2014 | 2013 | |||||||
£000 | £000 | |||||||
Revenue | 20,678 | 20,047 | ||||||
Cost of sales | (15,122) | (14,584) | ||||||
Gross profit | 5,556 | 5,463 | ||||||
Other operating income | - | 3 | ||||||
Distribution costs | (47) | (53) | ||||||
Administrative expenses | (5,090) | (5,271) | ||||||
Exceptional costs in respect of lease settlement | - | (593) | ||||||
(5,090) | (5,864) | |||||||
Profit/(loss) from operations | 419 | (451) | ||||||
Financial expenses | (79) | (69) | ||||||
Profit/(loss) before tax | 340 | (520) | ||||||
Income tax expenses | (185) | (199) | ||||||
Profit/(loss) for the year | 155 | (719) | ||||||
Attributable to: | ||||||||
Equity holders of the parent | 159 | (705) | ||||||
Non-controlling interests | (4) | (14) | ||||||
155 | (719) | |||||||
Basic and diluted earnings/(loss) per share | 0.23p | (1.02)p | ||||||
Densitron Technologies plc Consolidated statement of comprehensive income For the year ended 31 December 2014
| |||||||||
2014 | 2013 |
| |||||||
£000 | £000 |
| |||||||
| |||||||||
Profit/(loss) for the year | 155 | (719) |
| ||||||
| |||||||||
Other comprehensive income/(expense) |
| ||||||||
Items that may be reclassified subsequently to profit or loss |
| ||||||||
Exchange losses on translation of foreign operations | (37) | (358) |
| ||||||
| |||||||||
Total other comprehensive expense | (37) | (358) |
| ||||||
| |||||||||
Total comprehensive income/(expense) for the year | 118 | (1,077) |
| ||||||
| |||||||||
| |||||||||
Total comprehensive income/(expense) attributable to: |
| ||||||||
Owners of the parent | 123 | (1,062) |
| ||||||
Non-controlling interests | (5) | (15) |
| ||||||
118 | (1,077) |
| |||||||
| |||||||||
Densitron Technologies plc Consolidated Statement of Financial Position At 31 December 2014
| |||||||||
2014 | 2013 |
| |||||||
£000 | £000 |
| |||||||
Non current assets |
| ||||||||
Property, plant and equipment | 173 | 265 |
| ||||||
Investment property | 500 | 500 |
| ||||||
Goodwill | 143 | 143 |
| ||||||
Other intangible assets | 770 | 582 |
| ||||||
Deferred tax assets | 86 | 7 |
| ||||||
1,672 | 1,497 |
| |||||||
| |||||||||
Current assets |
| ||||||||
Inventories | 1,931 | 1,424 |
| ||||||
Trade and other receivables | 5,129 | 3,895 |
| ||||||
Income tax recoverable | 57 | 125 |
| ||||||
Cash and cash equivalents | 948 | 848 |
| ||||||
8,065 | 6,292 |
| |||||||
| |||||||||
Total assets | 9,737 | 7,789 |
| ||||||
| |||||||||
Current liabilities |
| ||||||||
Borrowings and overdrafts | 2,380 | 1,764 |
| ||||||
Trade and other payables | 4,348 | 3,121 |
| ||||||
Current tax payable | 59 | 34 |
| ||||||
Provisions | 9 | 9 |
| ||||||
6,796 | 4,928 |
| |||||||
| |||||||||
Non current liabilities |
| ||||||||
Borrowings | 41 | 83 |
| ||||||
Trade and other payables | - | 81 |
| ||||||
Provisions | 108 | 111 |
| ||||||
Deferred tax liabilities | 125 | 37 |
| ||||||
274 | 312 |
| |||||||
| |||||||||
Total liabilities | 7,070 | 5,240 |
| ||||||
| |||||||||
2,667 | 2,549 |
| |||||||
| |||||||||
Equity |
| ||||||||
Share Capital | 697 | 697 |
| ||||||
Retained earnings | 2,086 | 1,917 |
| ||||||
Special reserve | 77 | 87 |
| ||||||
Revaluation reserve | 450 | 450 |
| ||||||
Translation reserve | (653) | (617) |
| ||||||
Equity attributable to shareholders of Densitron | 2,657 | 2,534 |
| ||||||
Non-controlling interests | 10 | 15 |
| ||||||
| |||||||||
Total equity | 2,667 | 2,549 |
| ||||||
Densitron Technologies plc Consolidated Cash Flow Statement For the year ended 31 December 2014
| |||||||||
2014 | 2013 |
| |||||||
£000 | £000 |
| |||||||
Cash flows from operating activities |
| ||||||||
Profit/(loss) before taxation | 340 | (520) |
| ||||||
| |||||||||
Adjustments for: |
| ||||||||
Depreciation | 142 | 117 |
| ||||||
Amortisation | 85 | 79 |
| ||||||
Net finance expense | 79 | 68 |
| ||||||
646 | (256) |
| |||||||
Change in inventories | (497) | (187) |
| ||||||
Change in trade and other receivables | (1,220) | 988 |
| ||||||
Change in trade and other payables | 1,111 | (20) |
| ||||||
Change in provisions | (3) | - |
| ||||||
37 | 525 |
| |||||||
Income tax paid | (93) | (218) |
| ||||||
Net cash (used in)/from operating activities | (56) | 307 |
| ||||||
| |||||||||
Cash flows from investing activities |
| ||||||||
Payment for intangible asset | (260) | (276) |
| ||||||
Acquisition of property, plant and equipment | (49) | (50) |
| ||||||
Net cash used in investing activities | (309) | (326) |
| ||||||
| |||||||||
Cash flows from financing activities |
| ||||||||
Inception of new loans | 322 | - |
| ||||||
Repayment of borrowings | (216) | (169) |
| ||||||
Interest paid | (80) | (69) |
| ||||||
Change in invoice discounting creditor | 503 | 261 |
| ||||||
Change in short term borrowings | 231 | (626) |
| ||||||
Dividend paid to the owners of the Company | - | (138) |
| ||||||
Net cash from/(used in) financing activities | 760 | (741) |
| ||||||
| |||||||||
Net increase/(decrease) in cash and cash equivalents | 395 | (760) |
| ||||||
Cash and cash equivalents at 1st January | 111 | 961 |
| ||||||
Effect of exchange rate fluctuations on cash held | (22) | (90) |
| ||||||
Cash and cash equivalents at 31st December | 484 | 111 |
| ||||||
| |||||||||
| |||||||||
Densitron Technologies plc Statement of Changes in Shareholder's Equity For the year ended 31 December 2014
|
Share Capital | Translation reserve | Special reserve | Revaluation reserve | Retained earnings | Total attributable to equity holders of parent | Non-controlling interest | Total Equity | ||
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||
Balance at 1st January 2013 |
697 |
(260) |
97 |
450 |
2,750 |
3,734 |
30 |
3,764 | |
Profit/(loss) for the year |
- |
- |
- |
- |
(705) |
(705) |
(14) |
(719) | |
Other total comprehensive income |
- |
(357) |
- |
- |
- |
(357) |
(1) |
(358) | |
Payment of dividends |
- |
- |
- |
- |
(138) |
(138) |
- |
(138) | |
Transfer from special reserve |
- |
- |
(10) |
- |
10 |
- |
- |
- | |
Balance at 31st December 2013 |
697 |
(617) |
87 |
450 |
1,917 |
2,534 |
15 |
2,549 | |
Balance at 1st January 2014 |
697 |
(617) |
87 |
450 |
1,917 |
2,534 |
15 |
2,549 | |
Profit/(loss) for the year |
- |
- |
- |
- |
159 |
159 |
(4) |
155 | |
Other total comprehensive income |
- |
(36) |
- |
- |
- |
(36) |
(1) |
(37) | |
Transfer from special reserve |
- |
- |
(10) |
- |
10 |
- |
- |
- | |
Balance at 31st December 2014 |
697 |
(653) |
77 |
450 |
2,086 |
2,657 |
10 |
2,667 | |
Densitron Technologies plc Notes to the Consolidated Financial Statements For the year ended 31 December 2014
| ||||||||
1. Basis of preparation The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs) issued by the International Accounting Standards Board (IASB) as adopted by the European Union (Adopted IFRSs) and are in accordance with IFRS as issued by the IASB.
The accounting policies applied are consistent with those set out in the financial statements of Densitron Technologies plc for the year ended 31 December 2013. The financial information in the announcement is unaudited and does not constitute the company's statutory accounts for the years ended 31 December 2014 or 2013. The financial information for the year ended 31 December 2013 is derived from the statutory accounts for that year, which were prepared under IFRSs as adopted by the EU, which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and did not contain statements under the Companies Act 2006. The statutory accounts for the year ended 31 December 2014, prepared in accordance with IFRSs as adopted by the EU, will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting.
| ||||||||
2. Exceptional item | ||||||||
The exceptional item in 2013 relates to costs associated with the settlement of a writ relating to a property in Newcastle previously occupied by a former subsidiary of the Company. As part of the settlement it was agreed that the details of the settlement would remain confidential but the exceptional item incorporates all costs incurred relating to the settlement of the claim. | ||||||||
3. Financial expense | ||||||||
2014 | 2013 | |||||||
£000 | £000 | |||||||
Financial expenses | ||||||||
Bank borrowings | 64 | 54 | ||||||
Invoice discounting charge | 15 | 15 | ||||||
79 | 69 | |||||||
4. Business and geographical segments | ||||||||
The chief operating decision maker in the organization is made up of an Executive Committee comprising the Executive Directors and Chairman, they have determined the operating segments detailed within this report and on which the business is managed.
The Group is managed by the geographical location of its subsidiaries and resources are allocated as required on this basis: Ø Europe - The European market, being so diverse, is serviced by subsidiaries based in four locations: Ø UK - the UK is responsible for business conducted in the UK, management of the Group's distribution network and sales into other locations where the Group does not have a physical presence. The UK business contributed 26% (2013: 23%) to Group revenues. Ø France - the subsidiary in France is responsible for business conducted in France and with French customers whose manufacturing operations may be located elsewhere in the world. The French business contributed 13% (2013: 10%) to Group revenues. Ø Nordic - Densitron Nordic is the Group's subsidiary located in Finland and servicing business locally along with Sweden and customers located in the Baltic region. The Finnish business contributed 2% (2013: 1%) to Group revenues. Ø Germany - Densitron Deutschland is the Group's subsidiary based in Germany. It is responsible for business conducted in Germany, Switzerland and Austria and through the Group's distributor based in Germany. The German business contributed 8% (2013: 9%) to Group revenues.
In total the European region represented the largest part of the business contributing 49% (2013: 43%) to Group revenues.
Ø US - the US segment is responsible for business conducted in the US, Canada and Central and South America. It represents 39% (2013: 41%) of the Group total revenues. Ø Asia - The Asian segment is made up of subsidiaries located in Japan and Taiwan. Ø Japan - Densitron Japan is responsible for sales into Japan. It contributed 10% (2013: 14%) to Group revenues. Ø Taiwan - Densitron Asia is the Group's subsidiary located in Taiwan. It is primarily a facilitating function for the rest of the Group managing suppliers located in Taiwan and China. It contributed 2% (2013: 2%) to Group revenues.
Inter-segment transfer pricing is based on the level of work carried out and the risk encountered by each party in order to make a third party sale. | ||||||||
UK | France | Finland | Germany | US | Japan | Taiwan | Total | |||||||||
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |||||||||
2014 | ||||||||||||||||
Revenue | ||||||||||||||||
Total | 5,770 | 2,658 | 375 | 1,709 | 8,167 | 2,159 | 6,059 | 26,897 | ||||||||
Intercompany | (350) | (85) | (64) | - | (95) | (7) | (5,618) | (6,219) | ||||||||
Revenue from external customers |
5,420 |
2,573 |
311 |
1,709 |
8,072 |
2,152 |
441 |
20,678 | ||||||||
Profit/(loss) before tax |
39 |
209 |
(21) |
69 |
664 |
90 |
(31) |
1,019 | ||||||||
Balance Sheet | ||||||||||||||||
Assets | 3,181 | 919 | 98 | 140 | 2,881 | 1,005 | 778 | 9,002 | ||||||||
Liabilities | (2,192) | (414) | (42) | (9) | (1,778) | (224) | (1,411) | (6,070) | ||||||||
Net assets | 989 | 505 | 56 | 131 | 1,103 | 781 | (633) | 2,932 | ||||||||
Other | ||||||||||||||||
Interest payable |
54 |
1 |
- |
- |
9 |
1 |
- |
65 | ||||||||
Capital expenditure | ||||||||||||||||
- Property, plant and equipment |
- |
31 |
- |
1 |
7 |
6 |
- |
45 | ||||||||
- Depreciation | - | 11 | - | - | 92 | 12 | 22 | 137 | ||||||||
- Capitalised development expenditure |
109 |
-
|
- |
- |
117 |
- |
33 |
259 | ||||||||
- Amortisation | 73 | - | - | - | - | - | 11 | 84 | ||||||||
UK | France | Finland | Germany | US | Japan | Taiwan | Total | |||||||||
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |||||||||
2013 | ||||||||||||||||
Revenue | ||||||||||||||||
Total | 5,963 | 2,042 | 352 | 1,733 | 8,351 | 2,796 | 4,785 | 26,022 | ||||||||
Intercompany | (1,473) | (57) | (54) | - | (64) | - | (4,327) | (5,975) | ||||||||
Revenue from external customers |
4,490 |
1,985 |
298 |
1,733 |
8,287 |
2,796 |
458 |
20,047 | ||||||||
Profit/(loss) before tax |
(61) |
26 |
(70) |
55 |
660 |
136 |
(282) |
464 | ||||||||
Balance Sheet | ||||||||||||||||
Assets | 1,700 | 729 | 87 | 642 | 2,494 | 1,047 | 420 | 7,119 | ||||||||
Liabilities | (1,369) | (225) | (19) | (38) | (1,207) | (195) | (809) | (3,862) | ||||||||
Net assets | 331 | 504 | 68 | 604 | 1,287 | 852 | (389) | 3,257 | ||||||||
Other | ||||||||||||||||
Interest payable |
37 |
3 |
- |
- |
9 |
1 |
- |
50 | ||||||||
Capital expenditure | ||||||||||||||||
- Property, plant and equipment |
- |
17 |
1 |
- |
14 |
8 |
9 |
49 | ||||||||
- Depreciation | 1 | 9 | 1 | 1 | 67 | 12 | 23 | 114 | ||||||||
- Capitalised development expenditure |
128 |
-
|
- |
62 |
64 |
- |
22 |
276 | ||||||||
- Amortisation | 32 | - | - | 4 | 36 | - | 2 | 74 |
Reconciliation of reportable segments, profit and loss, assets and liabilities to the Group's corresponding amounts: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
£000 | £000 | ||||||||||||||||
Profit/(loss) after income tax expense | |||||||||||||||||
Total profit for reporting segments | 1,019 | 464 | |||||||||||||||
Costs associated with head office | (679) | (391) | |||||||||||||||
Exceptional items | - | (593) | |||||||||||||||
Income tax expenses | (185) | (199) | |||||||||||||||
Profit/(loss) after income tax expense | 155 | (719) | |||||||||||||||
2014 | 2013 | ||||||||||||||||
£000 | £000 | ||||||||||||||||
Assets | |||||||||||||||||
Total assets for reportable segments | 9,002 | 7,119 | |||||||||||||||
Assets attributable to Head Office | 236 | 171 | |||||||||||||||
Land at Blackheath | 499 | 499 | |||||||||||||||
Group assets | 9,737 | 7,789 | |||||||||||||||
Liabilities | |||||||||||||||||
Total liabilities for reportable segments | 6,070 | 3,862 | |||||||||||||||
Liabilities attributable to Head Office | 1,000 | 1,378 | |||||||||||||||
Group liabilities | 7,070 | 5,240 | |||||||||||||||
The analysis of the Group's segmental information by geographical location is:
External revenue by location of customers | Non current assets by location of asset | Capital expenditure by location of assets | ||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||
£000 | £000 | £000 | £000 | £000 | £000 | |||||||
Total operations | ||||||||||||
UK | 2,469 | 2,197 | 952 | 708 | 114 | 129 | ||||||
France | 2,338 | 1,650 | 40 | 32 | 31 | 17 | ||||||
Finland | 206 | 185 | 3 | 8 | - | 1 | ||||||
Germany | 1,309 | 1,242 | - | 177 | 1 | 62 | ||||||
Italy | 224 | 362 | - | - | - | - | ||||||
Poland | 855 | 199 | ||||||||||
Netherlands | 239 | 243 | ||||||||||
Other European | 699 | 568 | - | - | - | - | ||||||
USA | 5,828 | 6,347 | 587 | 446 | 124 | 78 | ||||||
Canada | 871 | 925 | - | - | - | - | ||||||
Other Americas | 114 | 88 | - | - | - | - | ||||||
Japan | 1,718 | 1,768 | 20 | 27 | 6 | 8 | ||||||
Taiwan | 349 | 399 | 70 | 99 | 33 | 31 | ||||||
Malaysia | 186 | 380 | - | - | - | - | ||||||
China | 1,827 | 1,784 | - | - | - | - | ||||||
India | 800 | 392 | ||||||||||
Singapore | 341 | 647 | ||||||||||
Korea | - | 340 | ||||||||||
Vietnam | 226 | 272 | ||||||||||
Other Rest of the world | 79 | 59 | - | - | - | - | ||||||
20,678 | 20,047 | 1,672 | 1,497 | 309 | 326 | |||||||
5. Tax expense | ||||||||
2014 | 2013 | |||||||
£000 | £000 | |||||||
Current tax expense | ||||||||
UK corporation tax and income tax of overseas operations on profits for the year | 153 | 175 | ||||||
Adjustments for under provisions in prior periods | 22 | 20 | ||||||
175 | 195 | |||||||
Deferred tax expense | ||||||||
Origination and reversal of temporary differences | 10 | 4 | ||||||
Total tax charge | 185 | 199 | ||||||
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the UK applied to profits for the year are as follows: | ||||||||
2014 | 2013 | |||||||
£000 | £000 | |||||||
Profit/(loss) before tax | 340 | (520) | ||||||
Expected tax charge based on the standard rate of corporation tax in the UK of 21% (2013: 23%) |
71 |
(120) | ||||||
Losses carried forward | 82 | 214 | ||||||
Disallowed expenses | 5 | 10 | ||||||
Non taxable income | (13) | (2) | ||||||
Movement in unprovided deferred tax assets | (6) | 14 | ||||||
Utilisation of tax losses brought forward | (42) | (13) | ||||||
Adjustments for overseas rate | 66 | 76 | ||||||
Adjustment to prior years tax charge | 22 | 20 | ||||||
185 | 199 | |||||||
6. Earnings per share | |||||||||||
The earnings and weighted average number of ordinary shares used in the calculation of earnings per share are as follows. | |||||||||||
2014 | 2013 | ||||||||||
£000 | £000 | ||||||||||
Profit attributable to ordinary shareholders | 159 | (705) | |||||||||
2014 | 2013 | ||||||||||
Number | Number | ||||||||||
Weighted average number of ordinary shares | |||||||||||
Issued ordinary shares at 1st January | 69,669,106 | 69,669,106 | |||||||||
Effect of purchase of Treasury shares on 23 October 2008 | (500,000) | (500,000) | |||||||||
Weighted average number of ordinary shares at 31 December | 69,169,106 | 69,169,106 | |||||||||
7. Notes supporting the cash flow statement | ||||||||
Cash and cash equivalents for the purposes of the cash flow statement comprises: | ||||||||
2014 | 2013 | |||||||
£000 | £000 | |||||||
Cash at bank and in hand | 948 | 848 | ||||||
Bank overdrafts | (464) | (737) | ||||||
Cash and cash equivalents at 31 December 2014 | 484 | 111 | ||||||
Related Shares:
DSN.L