TIDMSEO
RNS Number : 1519Y
Stanelco PLC
28 August 2009
28 August 2009
Stanelco plc ("Stanelco", "the Company" or "the Group")
Interim Results for the six months ended 30 June 2009
Financial Highlights
* Group revenue up 9% to GBP8.1m (2008: GBP7.4m)
* Loss from operations reduced to GBP1.5m (2008: loss GBP1.6m)
* Loss from operations before share option charges reduced to GBP1.4m (2008: loss
GBP1.9m)
* Loss before tax increased to GBP2.7m (2008: loss GBP1.1m) after partial reversal
of foreign exchange gain on intercompany loan
* Closing Group cash position GBP3.4m (2008: GBP6.2m)
* Investment of GBP1.3m of cash into working capital to meet increased sales and
seasonal stock build ahead of summer production holiday
Business Highlights
* Continued levels of good growth:
* 29% growth in bioplastics sales made directly by the Company as focus on new
products and growth continues; 29% growth in sales in RF Applications as
business broadens into new market areas
* Significant progress made in developing new bioplastics products with major
customers
* Benefitting from working closely with customers to develop products
* Confident in full year outlook
John Standen, Non-Executive Chairman said:
"In the first six months of this year Stanelco has made further significant
progress in the development and delivery of its product range for the plastics
market which will meet the needs of the 'sustainable' agenda. This is being
delivered both from the intellectual property (IP), cash and other resources in
place in 2007, when a more professional and appropriate approach was adopted by
the Company, and from the impetus brought by well qualified and experienced
personnel.
In the BioPlastics division, the R&D team have begun the commercial testing of
new products based on novel IP built over the last 18 months. We have also begun
material shipment in advance of a substantive product launch in the second half
for one of our target markets of personal care. In the Radio Frequency division,
a widening of the technology base is also beginning to deliver growth in a
variety of markets.
Your Board believes that the growing evidence of success in these endeavours is
the key to proving Stanelco's ability to build a cash generating business for
the future. We will continue to work closely with our customers to deliver
further revenue growth, while we assess acquisition opportunities that we
believe would provide us with the size and scale to improve shareholder value."
- Ends -
For further information please contact:
+-----------------------------------------+------------------------------+
| Paul Mines, Chief Executive, Stanelco | Tel: +44 (0) 2380 867100 |
| plc | |
| Sue Bygrave, Group Finance Director, | |
| Stanelco plc | |
| | |
+-----------------------------------------+------------------------------+
| Jonathon Brill/Caroline Stewart, | Tel: +44 (0) 20 7831 3113 |
| Financial Dynamics | |
+-----------------------------------------+------------------------------+
Chairman's Statement
In the first half of this year we have continued to grow and improve the
profitability of the Company despite turbulent macro conditions. It is pleasing
to see that the sustainable agenda is still being supported through current
economic times, and that we are achieving good levels of growth.
We are already seeing the benefits of employing experienced executives to run
our BioPlastics and RF Applications divisions following recent appointments. In
BioPlastics, the R&D team has made significant progress in improving the
functionality of our bioplastics products and we are working closely with a
number of blue chip customers to bring these new products to market. In the RF
Applications division, the new management and sales staff have reinvigorated the
business, introducing new products, driving support services and filling the new
sales pipeline.
Group Results
Group revenues increased from GBP7.4m to GBP8.1m in the six months ended 30 June
2009, an increase of 9% compared with the six months ended 30 June 2008. This
reflected a 29% increase in bioplastics sales made directly by the Company, a
29% increase in sales in RF Applications and a 5% increase in third party sales
from our joint venture, Biotec.
The Group's loss from operations for the six months ended 30 June 2009 reduced
to GBP1.5m from GBP1.6m in the same period last year. This year's loss from
operations, however, was after a charge of GBP58,000 in respect of the Group's
share option scheme whereas the period last year benefitted from a share option
credit of GBP237,000. Before share option charges, the loss from operations
reduced to GBP1.4m compared with GBP1.9m in the same period last year.
Finance related costs, including foreign exchange losses, totalled GBP1.2m for
the six months ended 30 June 2009 compared with income of GBP0.5m in the six
months ended 30 June 2009. These costs included a GBP0.9m loss relating to the
retranslation of an intercompany loan between Stanelco and Biotec which partly
reversed the GBP1.9m gain on the loan recorded in the year ended 31 December
2008. The gain on the loan in the six months ended 30 June 2008 was GBP0.4m.
After the impact of the foreign exchange loss, the loss before taxation was
GBP2.7m (2008: GBP1.1m), delivering a loss per share of 0.087 pence (2008: 0.032
pence).
Our cash position at 30 June 2009 was GBP3.4m reflecting the loss for the period
and the absorption of GBP1.3m of cash into working capital owing to increased
sales and the usual build up of stocks ahead of the summer production holiday.
With close working capital management and a return of stock balances to more
usual levels after the holiday period, some of this movement should reverse in
the second half of the year, as happened in the second half of last year.
Stanelco BioPlastics
The BioPlastics business has continued to make progress with the Company's
direct sales of bioplastics up 29% to GBP1.0m for the six months ended 30 June
2009 and total sales up 8% to GBP7.6m.
The Biotec subsidiary in Germany continues to perform as required. The
leadership of the business has been changed in the period and the unit has
continued its transformation to low-cost manufacturing hub.
The new product flow from our pilot/development at our HQ in Southampton has
been particularly encouraging. As a result of the development work over the last
18 months a number of new products with novel properties are in the later stages
of trials with customers. The process of industrialising these products is now
underway with larger scale manufacturing trials being undertaken at Biotec in
Germany.
Work continues in the product development area to both improve the functional
capability of our bioplastics and to reduce raw material costs.
Stanelco RF Applications
The RF Applications division has made good progress in the period with revenues
increasing to GBP0.5m in the six months ended 30 June 2009 compared with GBP0.4m
in the six months ended 30 June 2008 and with a strong order book going into the
second half of the year.
The work put into broadening the product offering into areas such as induction
heating has yielded rapid success. Enquiries and orders in this area have been
building and our professional approach is yielding a number of repeat customers.
The business has recently launched a new range of high frequency induction
generators covering the range 35-400kHz. These new modular generators extend
Stanelco's range into new areas of the industrial market.
In the period, the business won the largest order for RF furnaces since 2001. At
over GBP0.3m this contract will be delivered over the next 6 months and is
indicative of the continued strength of the fibre optic cable market and
Stanelco's product capability in this area.
We are particularly pleased to note the division's improving performance during
a period that has seen considerable turbulence and general reductions in the
wider market for capital goods.
Biotec Litigation
Novamont S.p.A's proceedings against Biotec Biologische Naturverpackungen GmbH &
Co KG, Germany ("Biotec") remain ongoing. Biotec continues to defend these
claims robustly and Stanelco and Biotec continue to take professional and
technical advice with regard to this litigation, and are confident of a
successful outcome.
Outlook
We believe we are focussed on the right priorities to build value for
shareholders and we remain confident of a satisfactory outcome for the full
year.
We continue to work closely with a number of customers with the potential
to deliver further substantial increases in revenue, while considering
acquisition opportunities and other paths that would allow us to significantly
increase the scale of the business and improve shareholder value.
John Standen
Chairman
+-----------------------------------------+------+-----------+-----------+----------+
| CONSOLIDATED STATEMENT | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| OF COMPREHENSIVE INCOME | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| For the period ended 30 June 2009 | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 6 | 6 | Year |
| | | Months | Months | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | ended | ended | ended |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------------------+------+-----------+-----------+----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| REVENUE |4a - | 8,058 | 7,411 | 14,803 |
| | 4c | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Cost of sales | | (6,135) | (5,832) | (11,976) |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| GROSS PROFIT | | 1,923 | 1,579 | 2,827 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Recurring administrative expenses | | (3,397) | (3,218) | (5,628) |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| LOSS FROM OPERATIONS |4a - | (1,474) | (1,639) | (2,801) |
| | 4c | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Investment revenue | | 25 | 265 | 371 |
+-----------------------------------------+------+-----------+-----------+----------+
| Finance charges | | (87) | (135) | (242) |
+-----------------------------------------+------+-----------+-----------+----------+
| Foreign exchange (loss)/ gain | | (1,142) | 360 | 2,205 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| LOSS BEFORE TAXATION | | (2,678) | (1,149) | (467) |
+-----------------------------------------+------+-----------+-----------+----------+
| Taxation | | (3) | 165 | 169 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| LOSS FOR THE PERIOD | | (2,681) | (984) | (298) |
+-----------------------------------------+------+-----------+-----------+----------+
| Other comprehensive income: | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Exchange differences on translating | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| foreign operations | | (828) | 578 | 1,742 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| TOTAL COMPREHENSIVE INCOME FOR THE | | (3,509) | (406) | 1,444 |
| PERIOD | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Loss for the period attributable to: | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Equity holders of the parent | | (2,504) | (850) | 139 |
+-----------------------------------------+------+-----------+-----------+----------+
| Minority interest | | (177) | (134) | (437) |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| LOSS FOR THE PERIOD | | (2,681) | (984) | (298) |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Total comprehensive income for the | | | | |
| period attributable to: | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Equity holders of the parent | | (2,847) | (547) | 1,482 |
+-----------------------------------------+------+-----------+-----------+----------+
| Minority interest | | (662) | 141 | (38) |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| TOTAL COMPREHENSIVE INCOME FOR THE | | (3,509) | (406) | 1,444 |
| PERIOD | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Basic and diluted loss per share - | 6 | (0.087) | (0.032) | (0.010) |
| pence | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
+-----------------------------------------+------+-----------+-----------+----------+
| CONSOLIDATED STATEMENT | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| OF FINANCIAL POSITION | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| As at 30 June 2009 | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | At | At | At |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 2009 | 2008 | 2008 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | Unaudited | Unaudited | Audited |
+-----------------------------------------+------+-----------+-----------+----------+
| |Note | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| NON-CURRENT ASSETS | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Goodwill | 7 | 14,809 | 13,682 | 16,746 |
+-----------------------------------------+------+-----------+-----------+----------+
| Other intangible assets | 8 | 652 | 202 | 501 |
+-----------------------------------------+------+-----------+-----------+----------+
| Property, plant and equipment | 9 | 4,238 | 4,445 | 5,120 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 19,699 | 18,329 | 22,367 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| CURRENT ASSETS | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Inventories | | 4,245 | 4,665 | 2,502 |
+-----------------------------------------+------+-----------+-----------+----------+
| Trade and other receivables | | 2,951 | 3,293 | 2,157 |
+-----------------------------------------+------+-----------+-----------+----------+
| Cash and cash equivalents | | 3,439 | 6,204 | 6,381 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 10,635 | 14,162 | 11,040 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| TOTAL ASSETS | | 30,334 | 32,491 | 33,407 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| CURRENT LIABILITIES | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Trade and other payables | | 3,296 | 3,744 | 1,816 |
+-----------------------------------------+------+-----------+-----------+----------+
| Promissory notes | 10 | 6,710 | 6,205 | 7,543 |
+-----------------------------------------+------+-----------+-----------+----------+
| Obligations under finance lease | | 271 | 212 | 294 |
+-----------------------------------------+------+-----------+-----------+----------+
| Short term provisions | | - | 387 | - |
+-----------------------------------------+------+-----------+-----------+----------+
| | | 10,277 | 10,548 | 9,653 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| NON-CURRENT LIABILITIES | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Obligations under finance lease | | 653 | 794 | 899 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| TOTAL LIABILITIES | | 10,930 | 11,342 | 10,552 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| NET ASSETS | | 19,404 | 21,149 | 22,855 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| EQUITY | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Share capital | | 3,078 | 3,078 | 3,078 |
+-----------------------------------------+------+-----------+-----------+----------+
| Share premium account | | 38,623 | 38,615 | 38,623 |
+-----------------------------------------+------+-----------+-----------+----------+
| Share options reserve | | 552 | 646 | 494 |
+-----------------------------------------+------+-----------+-----------+----------+
| Translation reserve | | 1,102 | 405 | 1,445 |
+-----------------------------------------+------+-----------+-----------+----------+
| Retained losses | | (27,421) | (25,906) | (24,917) |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| EQUITY ATTRIBUTABLE TO EQUITY HOLDERS | | 15,934 | 16,838 | 18,723 |
| OF THE PARENT | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| Minority interest | | 3,470 | 4,311 | 4,132 |
+-----------------------------------------+------+-----------+-----------+----------+
| | | | | |
+-----------------------------------------+------+-----------+-----------+----------+
| TOTAL EQUITY | | 19,404 | 21,149 | 22,855 |
+-----------------------------------------+------+-----------+-----------+----------+
The interim statements were approved by the Board on 27 August 2009.
Signed on behalf of the Board of Directors
Paul R Mines (Chief Executive)
Susan J Bygrave (Group Finance Director)
27 August 2009
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| CONSOLIDATED STATEMENT |
+-----------------------------------------------------------------------------------------------------------------+
| OF CHANGES IN EQUITY | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| As at 30 June 2009 | | | | | | | |
+--------------------------------+---------+---------+-------------+----------+--------------+----------+---------+
| | Share | Share | Share | Translation | Retained | Attributable | Minority | TOTAL |
| | capital | premium | options | reserves | losses | to equity | interest | EQUITY |
| | | account | reserve | | | holders of | | |
| | | | | | | the parent | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Unaudited | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Balance at 1 January | 3,078 | 38,623 | 494 | 1,445 | (24,917) | 18,723 | 4,132 | 22,855 |
| 2009 | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Share options issued | - | - | 58 | - | - | 58 | - | 58 |
| in share based | | | | | | | | |
| payments | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Transactions with | - | - | 58 | - | - | 58 | - | 58 |
| owners | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Loss for the period | - | - | - | - | (2,504) | (2,504) | (177) | (2,681) |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Other comprehensive | | | | | | | | |
| income: | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Exchange differences | - | - | - | (343) | - | (343) | (485) | (828) |
| on translation of | | | | | | | | |
| foreign operations | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Total comprehensive | - | - | - | (343) | (2,504) | (2,847) | (662) | (3,509) |
| income for the | | | | | | | | |
| period | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Balance 30 June 2009 | 3,078 | 38,623 | 552 | 1,102 | (27,421) | 15,934 | 3,470 | 19,404 |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Unaudited | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Balance at 1 January | 3,012 | 38,199 | 883 | 102 | (25,056) | 17,140 | 4,170 | 21,310 |
| 2008 | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Share options issued | - | - | (237) | - | - | (237) | - | (237) |
| in share based | | | | | | | | |
| payments | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Issue of share | 66 | 416 | - | - | - | 482 | - | 482 |
| capital | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Transactions with | 66 | 416 | (237) | - | - | 245 | - | 245 |
| owners | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Loss for the period | - | - | - | - | (850) | (850) | (134) | (984) |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Other comprehensive | | | | | | | | |
| income: | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Exchange differences | - | - | - | 303 | - | 303 | 275 | 578 |
| on translation of | | | | | | | | |
| foreign operations | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Total comprehensive | - | - | - | 303 | (850) | (547) | 141 | (406) |
| income for the | | | | | | | | |
| period | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| | | | | | | | | |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
| Balance 30 June 2009 | 3,078 | 38,615 | 646 | 405 | (25,906) | 16,838 | 4,311 | 21,149 |
+----------------------+---------+---------+---------+-------------+----------+--------------+----------+---------+
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Audited | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Balance at 1 January | 3,012 | 38,199 | 883 | 102 | (25,056) | 17,140 | 4,170 | 21,310 |
| 2008 | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Share options issued | - | - | (389) | - | - | (389) | - | (389) |
| in share based | | | | | | | | |
| payments | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Issue of share capital | 66 | 424 | - | - | - | 490 | - | 490 |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Transactions with | 66 | 424 | (389) | - | - | 101 | - | 101 |
| owners | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Loss for the year | - | - | - | - | 139 | 139 | (437) | (298) |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Other comprehensive | | | | | | | | |
| income: | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Exchange differences | - | - | - | 1,343 | - | 1,343 | 399 | 1,742 |
| on translation of | | | | | | | | |
| foreign operations | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Total comprehensive | - | - | - | 1,343 | 139 | 1,482 | (38) | 1,444 |
| income for the year | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
| Balance 31 December | 3,078 | 38,623 | 494 | 1,445 | (24,917) | 18,723 | 4,132 | 22,855 |
| 2008 | | | | | | | | |
+------------------------+--------+---------+-------+--------+----------+----------+--------+---------+
+--------------------------------------------+-----------+-----------+-----------+
| CONSOLIDATED STATEMENT | | | |
+--------------------------------------------+-----------+-----------+-----------+
| OF CASH FLOWS | | | |
+--------------------------------------------+-----------+-----------+-----------+
| For the period ended 30 June 2009 | | | |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| | 6 Months | 6 Months | Year |
+--------------------------------------------+-----------+-----------+-----------+
| | ended | ended | ended |
+--------------------------------------------+-----------+-----------+-----------+
| | 30 June | 30 June | 31 |
| | | | December |
+--------------------------------------------+-----------+-----------+-----------+
| | 2009 | 2008 | 2008 |
+--------------------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
+--------------------------------------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Loss from operations | (1,474) | (1,639) | (2,801) |
+--------------------------------------------+-----------+-----------+-----------+
| Adjustment for: | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Amortisation and impairment of intangible | 36 | 21 | 148 |
| assets | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Depreciation of property, plant and | 350 | 188 | 681 |
| equipment | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Share based payments | 58 | (236) | (389) |
+--------------------------------------------+-----------+-----------+-----------+
| (Profit)/loss on disposal of | (2) | (2) | 2 |
| property,plant and equipment | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Increase/(decrease) in provisions | - | 361 | (441) |
+--------------------------------------------+-----------+-----------+-----------+
| Foreign exchange | (93) | 359 | 81 |
+--------------------------------------------+-----------+-----------+-----------+
| Operating cash flows before movement of | (1,125) | (948) | (2,719) |
| working capital | | | |
+--------------------------------------------+-----------+-----------+-----------+
| (Increase)/decrease in inventories | (1,939) | 1,432 | 4,956 |
+--------------------------------------------+-----------+-----------+-----------+
| (Increase)/decrease in receivables | (928) | (1,675) | 12 |
+--------------------------------------------+-----------+-----------+-----------+
| Increase/(decrease) in payables | 1,575 | (922) | (3,612) |
+--------------------------------------------+-----------+-----------+-----------+
| Cash utilised by operations | (2,417) | (2,113) | (1,363) |
+--------------------------------------------+-----------+-----------+-----------+
| Corporation tax received | - | 165 | 169 |
+--------------------------------------------+-----------+-----------+-----------+
| Interest paid | (55) | (54) | (160) |
+--------------------------------------------+-----------+-----------+-----------+
| Net cash outflow from operating activities | (2,472) | (2,002) | (1,354) |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Cash flows from investing activities | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Interest received | 25 | 265 | 371 |
+--------------------------------------------+-----------+-----------+-----------+
| Proceeds on disposal of property, plant | 2 | - | 2 |
| and equipment | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Investment in intangible assets | (196) | (4) | (416) |
+--------------------------------------------+-----------+-----------+-----------+
| Purchase of property, plant and equipment | (17) | (117) | (307) |
+--------------------------------------------+-----------+-----------+-----------+
| Settlement of deferred consideration | - | (487) | (487) |
+--------------------------------------------+-----------+-----------+-----------+
| Net cash used in investing activities | (186) | (343) | (837) |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Financing activities | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Repayment of obligations under finance | (126) | (134) | (219) |
| lease | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Proceeds from the issue of shares | - | 483 | 482 |
+--------------------------------------------+-----------+-----------+-----------+
| Net cash from financing activities | (126) | 349 | 263 |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Net decrease in cash and cash equivalents | (2,784) | (1,996) | (1,928) |
+--------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at beginning of | 6,381 | 8,059 | 8,059 |
| period | | | |
+--------------------------------------------+-----------+-----------+-----------+
| Effect of foreign exchange rate changes | (158) | 141 | 250 |
+--------------------------------------------+-----------+-----------+-----------+
| Cash and cash equivalents at end of period | 3,439 | 6,204 | 6,381 |
+--------------------------------------------+-----------+-----------+-----------+
NOTES TO THE INTERIM CONSOLIDATED FINANCAL STATEMENTS
For the period ended 30 June 2009
1. CORPORATE INFORMATION
The financial information for the year ended 31 December 2008 set out in this
interim report does not constitute statutory accounts as defined in Section 240
of the Companies Act 1985. The Group's statutory financial statements for the
year ended 31 December 2008 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain statements under Section 237 (2) or Section 237 (3) of the Companies Act
1985. The interim results are unaudited. Stanelco plc is a public limited
company incorporated and domiciled in England & Wales. The company's shares are
publicly traded on the London Stock Exchange.
2. BASIS OF PREPARATION
These interim consolidated financial statements are for the six months ended 30
June 2009. They have been prepared in accordance with IAS 34 Interim Financial
Reporting. They do not include all of the information required for full annual
financial statements, and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 December 2008.
These interim consolidated financial statements have been prepared under the
historical cost convention.
These interim consolidated financial statements (the interim financial
statements) have been prepared in accordance with the accounting policies
adopted in the last annual financial statements for the year to 31 December 2008
except for the adoption of IAS 1 Presentation of Financial Statements (Revised
2007) and IFRS 8 Operating Segments.
The adoption of IAS 1 (Revised 2007) does not affect the financial position or
profits of the Group, but gives rise to additional disclosures. The measurement
and recognition of the Group's assets, liabilities, income and expenses is
unchanged, however, some items that were recognised directly in equity are now
recognised in other comprehensive income, for example exchange differences on
translating foreign operations. IAS 1 (Revised 2007) affects the presentation of
owner changes in equity and introduces a 'Statement of comprehensive income'.
Further, a 'Statement of changes in equity' is now presented.
The adoption of IFRS 8 has not changed the segments that are disclosed in the
interim financial statements. In the previous annual and interim financial
statements, segments were identified by reference to the dominant source and
nature of the Group's risks and returns. Under IFRS 8 the accounting policy for
identifying segments is now based on internal management reporting information
that is regularly reviewed by the chief operating decision maker. These are the
same for the Group.
The accounting policies have been applied consistently throughout the Group for
the purposes of preparation of these interim consolidated financial statements.
3. BASIS OF CONSOLIDATION
The Group interim financial statements consolidate the results of the Company
and all of its subsidiary undertakings drawn up to 30 June 2009. Subsidiaries
are entities over which the Group has the power to control the financial and
operating policies so as to obtain benefits from its activities. The Group
obtains and exercises control through voting rights. At 30 June 2009 the
subsidiary undertakings were Stanelco RF Technologies Limited, InGel
Technologies Limited, Adept Polymers Limited, Aquasol Limited, Stanelco Inc,
Biotec Holding GmbH Group, Biotec Biologische Naturverpackungen GmbH & Co KG and
Biotec Biologische Naturverpackungen Forschungs-und Entwicklungs GmbH.
The Group's shareholding in Biotec is 50 per cent. However the Group is party to
an agreement giving it a casting vote over all material decisions and so Biotec
is accounted for as a subsidiary on the basis of control. The casting vote
expires on 31 December 2009. After this date Biotec will cease to be fully
consolidated.
The assets and liabilities of the Stanelco plc Employee Benefit Trust ("EBT")
are included within the consolidated statement of financial position on the
basis that the Group has the ability to exercise control over the EBT.
4a. SEGMENTAL INFORMATION FOR 6 MONTHS ENDED 30 JUNE 2009
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | Bioplastics | | RF | | Central | | Total |
| | | | | | Applications | | Costs | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 6 Months | | 6 Months | | 6 Months | | 6 Months |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | ended | | ended | | ended | | ended |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 30 June | | 30 June | | 30 June | | 30 June |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 2009 | | 2009 | | 2009 | | 2009 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Unaudited | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Revenue from external | | | 7,554 | | 504 | | - | | 8,058 |
| customers | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| PROFIT/(LOSS) FROM | | | (530) | | 1 | | (945) | | (1,474) |
| OPERATIONS | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Investment revenue | | | | | | | | | 25 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Finance charges | | | | | | | | | (87) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Foreign exchange loss | | | | | | | | | (1,142) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| LOSS BEFORE TAXATION | | | | | | | | | (2,678) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| TOTAL ASSETS | | | 25,672 | | 1,515 | | 3,147 | | 30,334 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
4b. SEGMENTAL INFORMATION FOR 6 MONTHS ENDED 30 JUNE 2008
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | Bioplastics | | RF | | Central | | Total |
| | | | | | Applications | | Costs | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 6 Months | | 6 Months | | 6 Months | | 6 Months |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | ended | | ended | | ended | | ended |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 30 June | | 30 June | | 30 June | | 30 June |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 2008 | | 2008 | | 2008 | | 2008 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Unaudited | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Revenue from external | | | 7,021 | | 390 | | - | | 7,411 |
| customers | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| LOSS FROM OPERATIONS | | | (71) | | (119) | | (1,449) | | (1,639) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Investment revenue | | | | | | | | | 265 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Finance charges | | | | | | | | | (135) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Foreign exchange loss | | | | | | | | | 360 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| LOSS BEFORE TAXATION | | | | | | | | | (1,149) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| TOTAL ASSETS | | | 22,814 | | 973 | | 8,704 | | 32,491 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
4c. SEGMENTAL INFORMATION FOR YEAR ENDED 31 DECEMBER 2008
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | Bioplastics | | RF | | Central | | Total |
| | | | | | Applications | | Costs | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | Year | | Year | | Year | | Year |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | ended | | ended | | ended | | ended |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 31 | | 31 | | 31 | | 31 |
| | | | December | | December | | December | | December |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | 2008 | | 2008 | | 2008 | | 2008 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Audited | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Revenue from external | | | 13,728 | | 1,075 | | - | | 14,803 |
| customers | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| LOSS FROM OPERATIONS | | | (844) | | (15) | | (1,942) | | (2,801) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Investment revenue | | | | | | | | | 371 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Finance charges | | | | | | | | | (242) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| Foreign exchange loss | | | | | | | | | 2,205 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| LOSS BEFORE TAXATION | | | | | | | | | (467) |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| | | | | | | | | | |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
| TOTAL ASSETS | | | 27,087 | | 1,075 | | 5,245 | | 33,407 |
+-------------------------+-+--+-------------+-+--------------+-+----------+-+----------+
5. TAXATION
The Group's policy is to recognise tax credits resulting from tax R&D claims on
a cash received basis. A claim has been submitted in respect of the year ended
31 December 2008 but has not yet been settled. A tax credit has not, therefore,
been recognised in these accounts in respect of that claim.
6. EARNINGS PER SHARE
The calculation of earnings per share is based on the loss after tax for the six
months of GBP2,680,711 (2008: GBP984,154) and a weighted average of
3,078,340,917 (2008: 3,021,403,333) ordinary shares in issue.
7. GOODWILL
The decrease in goodwill since 31 December 2008 is due to the depreciation of
the Euro during the reporting period. This increase will reverse should the Euro
appreciate in future periods.
8. OTHER INTANGIBLE ASSETS
Other intangible assets increased in the period as a result of the
capitalisation of GBP196,000 of product development costs. The amortisation
charge for the period was GBP36,000.
9. PROPERTY, PLANT AND EQUIPMENT
There were no significant additions to property, plant and equipment during the
reporting period. The decrease in property, plant and equipment in the reporting
period reflected the depreciation of the Euro and the depreciation charge for
the period.
10. PROMISSORY NOTES
Promissory notes are amounts due from members of Biotec Holding GmbH Group to
the 50 per cent shareholder, SPhere. Amounts due represent the principal loans
plus unpaid interest. Interest is calculated at one per cent per annum on the
outstanding loans. The promissory notes are repayable on demand. On this basis
the notes are included on the balance sheet at the face value which is
equivalent to fair value. The promissory notes are not subject to interest rate
risk as interest is fixed at 1% and are repayable on demand. During the period
between 31 December 2008 and 30 June 2009 the depreciation of the Euro resulted
in a loss of GBP897,000 in the value of the promissory notes.
11. CONTINGENT LIABILITIES
Novamont S.p.A's ("Novamont's") proceedings against Biotec Biologische
Naturverpackungen GmbH & Co KG, Germany ("Biotec") claiming infringement of the
French and Italian designations of Novamont's European Patent Numbers EP 0 327
505, EP 0 947 559 and EP 0 937 120 remain ongoing.
Biotec is defending these claims robustly. The proceedings are continuing and a
judgment is not expected for up to 18 months in either the French or Italian
proceedings. Stanelco and Biotec continue to take professional and technical
advice with regard to this litigation and are confident of a successful outcome.
12. RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business activities of the
Group are detailed in the Directors' Report which can be found on pages 9-14 of
the Annual Report and Financial Statements for the year ended 31 December 2008
("the Annual Report"). A copy of the Annual Report and
Financial Statements is available on the Company's website at
www.stanelcoplc.com
The risks affecting the business remain the same as in the Annual Report. In
summary, these risks
include:
* changes in the regulatory environments in which the Group operates
* fluctuations in exchange rates, particularly Euro
* volatility in raw material prices
* breach of intellectual property rights
* competitors developing more attractive products
* failure to commercialise products
* financial risks including exchange rate risk, liquidity risk, interest rate risk
and credit risk.
Further details of how these risks impact the business and how the directors
attempt to mitigate
the risks can be found in the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors confirm that to the best of their knowledge:
* this condensed set of financial statements has been prepared in accordance with
IAS 34 "Interim Financial Reporting" as adopted by the European Union;
* the interim management report includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8, namely:
*
* An indication of important events that have occurred during the six months ended
30 June 2009 and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining six
months of the financial year; and
*
* Material related party transactions in the six months ended 30 June 2009 and any
material changes in the related party transactions described in the last annual
report.
By order of the Board:
Paul R Mines (Chief Executive)
Susan J Bygrave (Group Finance Director)
27 August 2009
INDEPENDENT REVIEW REPORT FOR STANELCO PLC
Introduction
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 June
2009 which comprises the consolidated statement of comprehensive income,
consolidated statement of financial position, consolidated statement of cash
flow, consolidated statement of changes in equity and the related notes 1 to 12.
We have read the other information contained in the half yearly financial report
which comprises only the Chairman's Statement and considered whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
This report is made solely to the company in accordance with guidance contained
in ISRE (UK and Ireland) 2410, 'Review of Interim Financial Information
performed by the Independent Auditor of the Entity'. Our review work has been
undertaken so that we might state to the company those matters we are required
to state to them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the company, for our review work, for this report, or for the
conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
As disclosed in Note 2, the annual financial statements of the group are
prepared in accordance with IFRS, as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting,' as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 June 2009 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Services Authority.
GRANT THORNTON UK LLP
Southampton
27 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FGGZRVNFGLZM
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