TIDMPCH
RNS Number : 4210W
Pochin's PLC
31 January 2012
Pochin's PLC
(the "Group")
Half year report for the six months to 30 November 2011
Headlines
-- Revenue from continuing operations GBP30.7m (2010: GBP37.0m)
-- Profit after tax from continuing operations GBP0.49m (2010: GBP0.03m)
-- Net loss (including discontinued operations) GBP0.33m (2010: GBP0.49m loss)
Chairman's Statement
The results for the 6 months ended 30 November 2011 show a
profit after tax from continuing activities of GBP0.485m (2010:
GBP0.027m) and a loss from discontinued activities of GBP0.817m
(2010: GBP0.516m loss), which combine in an overall loss for the
period of GBP0.332m (2010: GBP0.489m loss). Revenue for the period
from continuing activities was GBP30.722m; the comparable figure
for 2010 was GBP37.035m, which included a cGBP11m 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 GBP5m 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 6 months 12 months
ended ended ended
30 November 30 November 31 May
2011 2010 2011
(re-presented)
GBP'000 GBP'000 GBP'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 6 months 12 months
ended ended ended
30 November 30 November 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'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 Own Revaluation Hedge Retained Total Non-controlling
capital shares reserve reserve earnings attributable Interest
to owners
of the GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent
GBP'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 Own Revaluation Hedge Retained Total Non-controlling
capital shares reserve reserve earnings attributable Interest
to owners
of the GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent
GBP'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 Own Revaluation Hedge Retained Total Non-controlling
capital shares reserve reserve earnings attributable Interest
to owners
of the GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 parent
GBP'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 As at As at
30 November 30 November 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'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 6 months 12 months
ended ended ended
30 November 30 November 31 May
2011 2010 2011
(re-presented)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 Property Residential Group Total Discontinued
Management continuing Operations
operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 GBP18,631,000
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 Property Residential Elimination Total Discontinued
of inter-company continuing Operations
balances operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 Property Residential Group Total Discontinued
Management continuing Operations
operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 GBP11,973,000
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 Property Residential Elimination Total Discontinued
of inter-company continuing Operations
balances operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 Property Residential Group Total Discontinued
Management continuing Operations
operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 GBP18,250,000
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 Property Residential Elimination Total Discontinued
of inter-company continuing Operations
balances operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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
GBP332,000 (2010: GBP489,000) 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 6 months ended 12 months
ended
30 November 30 November 31 May 2011
2011 2010
(re-presented)
Weighted Weighted
average average Weighted
no. no. average
of Per of Per Earnings no. Per
Earnings shares share Earnings shares share GBP'000 of share
Continuing GBP'000 '000 p GBP'000 '000 p shares p
operations '000
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 6 months ended 12 months ended
30 November 30 November 31 May 2011
2011 2010
(re-presented)
Weighted Weighted
average average Weighted
no. no. average
of Per of Per Earnings no. Per
Earnings shares share Earnings shares share GBP'000 of share
Discontinued GBP'000 '000 p GBP'000 '000 p shares p
operations '000
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 6 months ended 12 months
ended
30 November 30 November 31 May 2011
2011 2010
(re-presented)
Weighted Weighted
average average Weighted
no. no. average
of Per of Per Earnings no. Per
Earnings shares share Earnings shares share GBP'000 of share
Total GBP'000 '000 p GBP'000 '000 p shares p
operations '000
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 6 months 12 months
ended ended ended
30 November 30 November 31 May
2011 2010 2011
GBP'000 GBP'000 GBP'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
GBP950,000. The estimate of the restructuring provision was
increased by GBP490,000 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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